Camden National (CAC) investor relations material

Executive summary

• Net income for Q1 2026 was $21.9 million, with diluted EPS of $1.29, up 199% year-over-year and reflecting strong operating performance, benefits from the Northway acquisition, and disciplined expense management.

• Adjusted net income and diluted EPS rose 39% year-over-year, driven by improved net interest margin, cost synergies from Northway, and organic improvements.

• Return on average assets was 1.28%, return on average equity 12.58%, and return on average tangible equity 18.17%.

• Asset quality remained strong, with annualized net charge-offs at 0.04% of average loans and past-due loans at 0.06% of total loans.

• Strategic focus remains on franchise growth, disciplined operations, and enhanced customer service.

Financial highlights

• Net interest income for Q1 2026 was $52.4 million, up 7% year-over-year, with net interest margin at 3.24%, up 20 bps year-over-year but down 5 bps sequentially; core NIM stable at 2.92%.

• Non-interest income was $12.0 million, up 7% year-over-year but down 15% sequentially, with AUA in wealth and brokerage flat at $2.4B.

• Non-interest expense was $35.7 million, down 3% from prior quarter and 20% year-over-year, reflecting cost synergies and absence of merger costs.

• Efficiency ratio improved to 55.5% (GAAP) and 53.2% (non-GAAP).

• Tangible book value per share grew to $30.58, up from $29.69 at year-end.

Outlook and guidance

• Management expects core net interest margin to expand 2–5 bps in Q2, with gradual improvement through 2026.

• Non-interest income projected to rebound to ~$13M in Q2; non-interest expense expected to normalize at ~$37.5M.

• Loan growth outlook is low to mid-single digits for the full year, with pipelines building into spring and summer.

• Fee income growth of mid-single digits year-over-year is considered achievable.

• Effective tax rate for 2026 is estimated at 22.5%, up from 17.2% in 2025.