Camden National (CAC) investor relations material

Executive summary

• Achieved record third-quarter net income of $21.2 million and diluted EPS of $1.25, both up 51% sequentially, driven by successful Northway Financial integration, organic growth, and cost synergies.

• Return on average assets was 1.21%, return on average equity 12.75%, and return on average tangible equity reached 19.14%.

• Tangible book value increased 6% to $28.42 per share, and book value per share rose 4% to $39.97.

• Net interest margin expanded by 10 basis points to 3.16%, with net interest income up 4% to $51.3 million.

• Robust annualized loan growth of 4%, with commercial real estate and home equity portfolios up 4% and 5% respectively.

Financial highlights

• Net income of $21.2 million and diluted EPS of $1.25, both up 51% from Q2 2025.

• Pre-tax, pre-provision income of $29.5 million, up 19% sequentially.

• Non-interest income reached $14.1 million, up 8% from Q2, with gains from property sales and strong fee income growth.

• Non-interest expense decreased 4% to $35.9 million, reflecting lower M&A costs and realized synergies.

• Deposits declined 2% to $5.4 billion, but average core deposits (excluding brokered) grew 2% due to seasonal inflows.

Outlook and guidance

• Expecting Q4 non-interest expense of $36–$36.5 million, with annual expense growth of 3–4% projected for 2026.

• Margin expansion of 5–10 basis points anticipated in Q4, mainly from lower funding costs.

• Loan growth guidance for Q4 is flat to up 2%, with mid-single-digit growth targeted for 2026.

• Fee income momentum expected to continue, especially in brokerage and wealth management.

• Management expects continued growth and value creation following the Northway acquisition, with a focus on core franchise strength.