# CAMDEN NATIONAL CORP (CAC) Informational only - not investment advice. CIK: 0000750686 SIC: 6021 National Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/) Latest 10-K filed: 2026-03-06 SEC page: https://www.sec.gov/edgar/browse/?CIK=750686 Filing source: https://www.sec.gov/Archives/edgar/data/750686/000075068626000010/cac-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 320655000 | USD | 2025 | 2026-03-06 | | Net income | 65160000 | USD | 2025 | 2026-03-06 | | Assets | 6974584000 | USD | 2025 | 2026-03-06 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000750686.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 129,626,000 | 136,104,000 | 151,377,000 | 168,518,000 | 157,200,000 | 148,484,000 | 172,788,000 | 226,246,000 | 249,557,000 | 320,655,000 | | Net income | 40,067,000 | 28,476,000 | 53,071,000 | 57,203,000 | 59,486,000 | 69,014,000 | 61,439,000 | 43,383,000 | 53,004,000 | 65,160,000 | | Diluted EPS | 2.57 | 1.82 | 3.39 | 3.69 | 3.95 | 4.60 | 4.17 | 2.97 | 3.62 | 3.84 | | Operating cash flow | 57,418,000 | 58,334,000 | 64,334,000 | 32,871,000 | 18,230,000 | 142,716,000 | 105,183,000 | 67,508,000 | 60,933,000 | 63,912,000 | | Capital expenditures | 1,671,000 | 2,844,000 | 5,021,000 | 4,267,000 | 2,926,000 | 1,852,000 | 2,183,000 | 2,622,000 | 5,576,000 | 5,708,000 | | Dividends paid | 12,394,000 | 14,323,000 | 17,170,000 | 18,572,000 | 19,842,000 | 21,081,000 | 23,512,000 | 24,536,000 | 24,558,000 | 28,472,000 | | Share buybacks | 0.00 | 0.00 | 27,000 | 20,795,000 | 9,689,000 | 10,090,000 | 10,240,000 | 2,000,000 | 1,609,000 | 0.00 | | Assets | 3,864,230,000 | 4,065,398,000 | 4,297,435,000 | 4,429,521,000 | 4,898,745,000 | 5,500,356,000 | 5,671,850,000 | 5,714,506,000 | 5,805,138,000 | 6,974,584,000 | | Liabilities | 3,472,683,000 | 3,661,985,000 | 3,861,610,000 | 3,956,106,000 | 4,369,431,000 | 4,959,062,000 | 5,220,572,000 | 5,219,442,000 | 5,273,907,000 | 6,278,026,000 | | Stockholders' equity | 391,547,000 | 403,413,000 | 435,825,000 | 473,415,000 | 529,314,000 | 541,294,000 | 451,278,000 | 495,064,000 | 531,231,000 | 696,558,000 | | Free cash flow | 55,747,000 | 55,490,000 | 59,313,000 | 28,604,000 | 15,304,000 | 140,864,000 | 103,000,000 | 64,886,000 | 55,357,000 | 58,204,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 30.91% | 20.92% | 35.06% | 33.94% | 37.84% | 46.48% | 35.56% | 19.18% | 21.24% | 20.32% | | Return on equity | 10.23% | 7.06% | 12.18% | 12.08% | 11.24% | 12.75% | 13.61% | 8.76% | 9.98% | 9.35% | | Return on assets | 1.04% | 0.70% | 1.23% | 1.29% | 1.21% | 1.25% | 1.08% | 0.76% | 0.91% | 0.93% | | Liabilities / equity | 8.87 | 9.08 | 8.86 | 8.36 | 8.25 | 9.16 | 11.57 | 10.54 | 9.93 | 9.01 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000750686.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 1.02 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.97 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.87 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 56,055,000 | 12,389,000 | 0.85 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 57,669,000 | 9,787,000 | 0.67 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 59,797,000 | 8,480,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 60,183,000 | 13,272,000 | 0.91 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 62,162,000 | 11,993,000 | 0.81 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 63,721,000 | 13,073,000 | 0.90 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 63,491,000 | 14,666,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 78,395,000 | 7,326,000 | 0.43 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 79,323,000 | 14,081,000 | 0.83 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 80,894,000 | 21,194,000 | 1.25 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 82,043,000 | 22,559,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 78,371,000 | 21,883,000 | 1.29 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/750686/000075068626000026/cac-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-07 Report date: 2026-03-31 ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS The discussions set forth below and in the documents we incorporate by reference herein contain certain statements that may be considered forward-looking statements under the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “plan,” “target,” “potential” or “goal” or future or conditional verbs such as “will,” “may,” “might,” “should,” “could” and other expressions which predict or indicate future events or trends and which do not relate to historical matters. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult for the Company to predict. The actual results, performance or achievements of the Company may differ materially from what is reflected in such forward-looking statements. Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements. The following factors, among others, could cause the Company’s financial performance to differ materially from the Company’s goals, plans, objectives, intentions, expectations and other forward-looking statements: •weakness in the United States economy in general and the regional and local economies within the Northern New England region, which could result in a deterioration of credit quality, an increase in the allowance for credit losses or a reduced demand for the Company’s credit or fee-based products and services; •changes in trade, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the imposition of tariffs or retaliatory tariffs; •inflation, interest rate, market, and monetary fluctuations; •ongoing competition in the labor markets and increased employee turnover; •the adequacy of succession planning for key executives or other personnel, and the Company’s ability to transition effectively to new members of the senior executive team; •competitive pressures, including continued industry consolidation and the increased financial services provided by non-banks; •deterioration in the value of the Company's investment securities; •commercial real estate vacancies and their impact on the ability of borrowers to repay their loans; •volatility in the securities markets that could adversely affect the value or credit quality of the Company’s assets, impairment of goodwill, or the availability and terms of funding necessary to meet the Company’s liquidity needs; •changes in information technology and other operational risks, including cybersecurity and artificial intelligence, that require increased capital spending and introduce additional risk; •changes in consumer spending and savings habits; •changes in tax, banking, securities and insurance laws and regulations; •the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; •changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board (“FASB”), and other accounting standard setters; •the effects of climate change on the Company and its customers, borrowers or service providers; •the effects of civil unrest, international hostilities, including hostilities in Iran, or other geopolitical events; •the effects of epidemics and pandemics; •turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository 40 institutions, which could affect the ability of depository institutions, including Camden National Bank, to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; •actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; •increases in deposit insurance assessments due to bank failures; •changes to regulatory capital requirements; and •questions about the soundness of one or more financial institutions with which the Company does business. In addition, statements regarding the potential effects of notable national and global current events, including hostilities in Iran and recent rulings on the permissibility of certain tariffs, on the Company’s business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control. You should carefully review all of these factors, and be aware that there may be other factors that could cause differences, including the risk factors listed in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's quarterly reports on Form 10-Q, including this report, and other filings with the Securities and Exchange Commission. Readers should carefully review the risk factors described therein and should not place undue reliance on our forward-looking statements. These forward-looking statements were based on information, plans and estimates at the date of this report, and we undertake no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except to the extent required by applicable law or regulation. 41 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP In addition to evaluating the Company’s results of operations in accordance with GAAP, management supplements this evaluation with an analysis of certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income and adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; net interest margin and core net interest margin (both on a fully-taxable equivalent basis); tangible book value per share; core deposits and average core deposits. We utilize these non-GAAP financial measures for purposes of measuring performance against the Company's peer group and other financial institutions, as well as for analyzing its internal performance. The Company also believes these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allows for better performance comparisons to other banks. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity. The following table provides a reconciliation of net income, diluted EPS, return on average assets and return on average equity to adjusted net income, adjusted diluted EPS, adjusted return on average assets and adjusted return on average equity. Certain non-recurring transactions have been excluded to calculate adjusted net income, adjusted diluted EPS, adjusted return on average assets and adjusted return on average equity. We believe the following adjusted financial information and metrics assist users of our financial statements with their financial analysis period-over-period as it adjusts for certain non-recurring items. 42 Three Months Ended March 31, (In thousands, except number of shares, per share data and ratios) 2026 2025 Adjusted Net Income: Net income, as presented $ 21,883  $ 7,326  Adjustments before taxes: Provision for non-PCD acquired loans —  6,294  Provision for acquired unfunded commitments —  249  Merger and acquisition costs —  7,525  Total adjustments before taxes —  14,068  Tax impact of above adjustments(1) —  (3,205) Adjustment for deferred tax valuation adjustment(2) —  (2,421) Adjusted net income $ 21,883  $ 15,768  Adjusted Diluted Earnings per Share: Diluted earnings per share, as presented $ 1.29  $ 0.43  Adjustments before taxes: Provision for non-PCD acquired loans —  0.37  Provision for acquired unfunded commitments —  0.01  Merger and acquisition costs —  0.45  Total adjustments before taxes —  0.83  Tax impact of above adjustments(1) —  (0.19) Adjustment for deferred tax valuation adjustment(2) —  (0.14) Adjusted diluted earnings per share $ 1.29  $ 0.93  Adjusted Return on Average Assets: Return on average assets, as presented 1.28  % 0.43  % Adjustments before taxes: Provision for non-PCD acquired loans —  % 0.37  % Provision for acquired unfunded commitments —  % 0.01  % Merger and acquisition costs —  % 0.44  % Total adjustments before taxes —  % 0.82  % Tax impact of above adjustments(1) —  % (0.19) % Adjustment for deferred tax valuation adjustment(2) —  % (0.14) % Adjusted return on average assets 1.28  % 0.92  % Adjusted Return on Average Equity: Return on average equity, as presented 12.58  % 4.75  % Adjustments before taxes: Provision for non-PCD acquired loans —  % 4.08  % Provision for acquired unfunded commitments —  % 0.16  % Merger and acquisition costs —  % 4.88  % Total adjustments before taxes —  % 9.12  % Tax impact of above adjustments(1) —  % (2.08) % Adjustment for deferred tax valuation adjustment(2) —  % (1.57) % Adjusted return on average equity 12.58  % 10.22  % (1)    Calculated using an estimated combined marginal income tax rate of 23%. (2)     A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway acquisition. 43 Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income. Pre-tax, pre-provision income is a supplemental measure of operating earnings and performance. Pre-tax, pre-provision income is calculated as net income before provision for credit losses and income tax expense. This supplemental measure has become more widely used by financial institutions as a measure of financial performance for comparability across financial institutions. Adjusted pre-tax, pre-provision income is a supplemental measure with certain non-recurring expenses excluded. We believe the following adjusted financial information and metrics assist users of our financial statements with their financial analysis period-over-period as it adjusts for certain non-recurring items. Three Months Ended March 31, (Dollars in thousands) 2026 2025 Net income, as presented $ 21,883  $ 7,326  Adjustment for provision for credit losses 553  9,429  Adjustment for income tax expense (benefit) 6,194  (1,152) Pre-tax, pre-provision income $ 28,630  $ 15,603  Adjustment for merger and [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The discussion below focuses on the factors affecting our consolidated results of operations and financial condition at and for the year ended December 31, 2025, and where appropriate, factors that may affect our future financial performance, unless stated otherwise. This discussion should be read in conjunction with the consolidated financial statements, notes to the consolidated financial statements and selected consolidated financial data. Refer to the Company’s 2024 annual report on Form 10-K filed with the SEC on March 7, 2025 for the discussion of results of operations and financial condition at and for the year ended December 31, 2024. 34 ACRONYMS AND ABBREVIATIONS The acronyms and abbreviations identified below are used throughout Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations.” The following is provided to aid the reader and provide a reference page when reviewing this section of the Form 10-K: Acronym Description Acronym Description AFS: Available-for-sale GDP: Gross domestic product ALCO: Asset/Liability Committee HTM: Held-to-maturity ACL: Allowance for credit losses LGD: Loss given default AOCI: Accumulated other comprehensive income (loss) LIBOR: London Interbank Offered Rate ASC: Accounting Standards Codification LTIP: Long-Term Performance Share Plan ASU: Accounting Standards Update Management ALCO: Management Asset/Liability Committee Bank: Camden National Bank, a wholly-owned subsidiary of Camden National Corporation MBS: Mortgage-backed security BOLI: Bank-owned life insurance MSPP: Management Stock Purchase Plan Board ALCO: Board of Directors' Asset/Liability Committee N/A: Not applicable BTFP: Bank Term Funding Program, introduced by the Federal Reserve Bank in March 2023 NCT III: Northway Capital Trust III, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025 CCTA: Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation NCT IV: Northway Capital Trust IV, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025 CD: Certificate of deposits Northway Northway Financial, Inc., acquired by the Company on January 2, 2025 CDI: Core deposit intangible Northway Bank Wholly-owned subsidiary bank of Northway Financial, Inc., which merged into Camden National Bank on January 2, 2025 CECL: Current Expected Credit Losses N.M.: Not meaningful Company: Camden National Corporation OBBBA: One Big Beautiful Bill Act CMO: Collateralized mortgage obligation OCC: Office of the Comptroller of the Currency CPR: Conditional prepayment rate OCI: Other comprehensive income (loss) CUSIP: Committee on Uniform Securities Identification Procedures OREO: Other real estate owned DCRP: Defined Contribution Retirement Plan PCD: Purchase Credit Deteriorated EPS: Earnings per share PD: Probability of default FASB: Financial Accounting Standards Board ROU: Right-of-use FDIC: Federal Deposit Insurance Corporation SBA: U.S. Small Business Administration FHLBB: Federal Home Loan Bank of Boston SERP: Supplemental executive retirement plans FRB: Federal Reserve System Board of Governors SOFR: Secured Overnight Financing Rate FRBB: Federal Reserve Bank of Boston UBCT: Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation GAAP: Generally accepted accounting principles in the United States U.S.: United States of America 35 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP In addition to evaluating the Company’s results of operations in accordance with GAAP, management supplements this evaluation with an analysis of certain non-GAAP financial measures, such as adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income and adjusted pre-tax, pre-provision income; the efficiency ratio; return on average tangible equity and adjusted return on average tangible equity; tangible book value per share and tangible common equity ratio; net interest income (fully-taxable equivalent); core net interest margin (fully taxable equivalent); and core deposits and average core deposits. We utilize these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company’s operating performance and trends and allow for better performance comparisons to other banks. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity. Adjusted net income, adjusted diluted earnings per share, adjusted return on average assets and adjusted return on average equity are each supplemental measures that exclude certain transactions as outlined and calculated in the table below. Each item reconciles to reported net income, diluted earnings per share, return on average assets and return on average equity. The Company believes these adjusted financial metrics assist users of its financial statements with their financial analysis period-over-period as they are adjusted for certain non-recurring items. For the Year Ended December 31, (In thousands, except number of shares, per share data and ratios) 2025 2024 2023 Adjusted Net Income: Net income, as presented $ 65,160  $ 53,004  $ 43,383  Adjustments before taxes: Provision for non-PCD acquired loans 6,294  —  —  Provision for acquired unfunded commitments 249  —  —  Merger and acquisition costs 9,286  1,159  —  Gain on sale of premises and equipment, net (675) —  —  Net loss on sale of securities —  —  10,310  Signature Bank bond (recovery) write-off —  (910) 1,838  Total adjustments before taxes 15,154  249  12,148  Tax impact of above adjustments, as applicable(1) (3,454) 179  (2,551) Adjustment for deferred tax valuation adjustment(2) (2,421) —  —  Adjusted net income $ 74,439  $ 53,432  $ 52,980  Adjusted Diluted Earnings per Share: Diluted earnings per share, as presented $ 3.84  $ 3.62  $ 2.97  Adjustments before taxes: Provision for non-PCD acquired loans 0.37  —  —  Provision for acquired unfunded commitments 0.01  —  —  Merger and acquisition costs 0.55  0.08  —  Gain on sale of premises and equipment, net (0.04) —  —  Net loss on sale of securities —  —  0.71  Signature Bank bond (recovery) write-off —  (0.06) 0.13  Total adjustments before taxes 0.89  0.02  0.84  Tax impact of above adjustments, as applicable(1) (0.20) 0.01  (0.18) Adjustment for deferred tax valuation adjustment(2) (0.14) —  —  Adjusted diluted earnings per share $ 4.39  $ 3.65  $ 3.63  (1)     Calculated using an estimated combined marginal income tax rate of 23% for the year ended December 31, 2025 and 21% for the years ended December 31, 2024 and 2023. (2)     A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway acquisition. 36 For the Year Ended December 31, (In thousands, except number of shares, per share data and ratios) 2025 2024 2023 Adjusted Return on Average Assets: Return on average assets, as presented 0.94  % 0.92  % 0.76  % Adjustments before taxes: Provision for non-PCD acquired loans 0.09  % —  % —  % Provision for acquired unfunded commitments 0.01  % —  % —  % Merger and acquisition costs 0.13  % 0.02  % —  % Gain on sale of premises and equipment, net (0.01) % —  % —  % Net loss on sale of securities —  % —  % 0.18  % Signature Bank bond (recovery) write-off —  % (0.02) % 0.03  % Total adjustments before taxes 0.22  % —  % 0.21  % Tax impact of above adjustments, as applicable(1) (0.05) % —  % (0.04) % Adjustment for deferred tax valuation adjustment(2) (0.04) % —  % —  % Adjusted return on average assets 1.07  % 0.92  % 0.93  % Adjusted Return on Average Equity: Return on average equity, as presented 9.96  % 10.36  % 9.30  % Adjustments before taxes: Provision for non-PCD acquired loans 0.96  % —  % —  % Provision for acquired unfunded commitments 0.04  % —  % —  % Merger and acquisition costs 1.42  % 0.23  % —  % Gain on sale of premises and equipment, net (0.10) % —  % —  % Net loss on sale of securities —  % —  % 2.21  % Signature Bank bond (recovery) write-off —  % (0.18) % 0.39  % Total adjustments before taxes 2.32  % 0.05  % 2.60  % Tax impact of above adjustments, as applicable(1) (0.53) % 0.04  % (0.55) % Adjustment for deferred tax valuation adjustment(2) (0.37) % —  % —  % Adjusted return on average equity 11.38  % 10.45  % 11.35  % (1)     Calculated using an estimated combined marginal income tax rate of 23% for the year ended December 31, 2025 and 21% for the years ended December 31, 2024 and 2023. (2)     A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway acquisition. 37 Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income. Pre-tax, pre-provision income is a supplemental measure of operating earnings and performance. Pre-tax, pre-provision income is calculated as net income before adjustment for provision (credit) for credit losses and adjustment for income tax expense. This supplemental measure became widely used by financial institutions as a measure of financial performance for comparability across financial institutions. Adjusted pre-tax, pre-provision income is a supplemental measure with certain non-recurring expenses excluded. We believe the following adjusted financial information and metrics assist users of our financial statements with their financial analysis period-over-period as it adjusts for certain non-recurring items. For the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Net income, as presented $ 65,160  $ 53,004  $ 43,383  Adjustment for provision (credit) for credit losses 22,290  (404) 2,100  Adjustment for income tax expense 13,495  12,456  10,453  Pre-tax, pre-provision income $ 100,945  $ 65,056  $ 55,936  Adjustment for merger and acquisition costs $ 9,286  $ 1,159  $ —  Adjustment for gain on sale of premises and equipment, net (675) —  —  Adjustment for net loss on sale of securities —  —  10,310  Adjusted pre-tax, pre-provision income $ 109,556  $ 66,215  $ 66,246  Efficiency Ratio. The efficiency ratio represents an approximate measure of the cost required for the Company to generate a dollar of revenue. This is a common measure used by financial institutions and is a key ratio for evaluating Company performance. The efficiency ratio is calculated as the ratio of (i) total non-interest expense, adjusted for certain operating expenses, as necessary, to (ii) net interest income on a tax equivalent basis plus total non-interest income, adjusted for certain other income items, as necessary. For the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Non-interest expense, as presented $ 154,834  $ 111,936  $ 107,361  Adjustment for merger and acquisition costs (9,286) (1,159) —  Adjustment for amortization of CDI assets (5,893) (556) (592) Adjusted non-interest expense $ 139,655  $ 110,221  $ 106,769  Net interest income, as presented $ 203,257  $ 132,453  $ 132,263  Adjustment for the effect of tax-exempt income(1) 1,314  637  901  Adjusted net interest income 204,571  133,090  133,164  Non-interest income, as presented 52,522  44,539  31,034  Adjustment for gain on sale of premises and equipment, net (675) —  —  Adjustment for net loss on sale of securities —  —  10,310  Adjusted non-interest income 51,847  44,539  41,344  Adjusted net interest income plus adjusted non-interest income $ 256,418  $ 177,629  $ 174,508  Ratio of non-interest expense to total revenues(2) 60.53  % 63.24  % 65.75  % Non-GAAP efficiency ratio 54.46  % 62.05  % 61.18  % (1)    Reported on a tax-equivalent basis using a 21% income tax rate. (2)    Revenue is the sum of net interest income and non-interest income. Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity. Return on average tangible equity is the ratio of (i) net income, adjusted for tax effected amortization of CDI assets and other adjustments, as necessary, to (ii) average shareholders' equity, adjusted for average goodwill and CDI assets. This adjusted financial ratio reflects a shareholders' return on tangible capital deployed in our business and is a common performance measure within the financial services industry. 38 Adjusted return on average tangible equity is calculated the same as return on average tangible equity but uses adjusted net income which excludes certain transactions as shown in the table above. The Company believes this adjusted metric assists users of its financial statements with their period-over-period financial analysis as it is adjusted for certain non-recurring items. For the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Return on Average Tangible Equity: Net income, as presented $ 65,160  $ 53,004  $ 43,383  Adjustment for amortization of CDI assets 5,893  556  592  Tax impact of above adjustment(1) (1,355) (117) (124) Net income, adjusted for amortization of CDI assets $ 69,698  $ 53,443  $ 43,851  Average equity, as presented $ 654,477  $ 511,813  $ 466,717  Adjustment for average goodwill and CDI assets (197,247) (95,389) (95,962) Average tangible equity $ 457,230  $ 416,424  $ 370,755  Return on average equity 9.96  % 10.36  % 9.30  % Return on average tangible equity 15.24  % 12.83  % 11.83  % Adjusted Return on Average Tangible Equity: Adjusted net income (Adjusted net income (refer to the "Adjusted Net Income" non-GAAP reconciliation table) $ 74,439  $ 53,432  $ 52,980  Adjustment for amortization of CDI assets 5,893  556  592  Tax impact of above adjustment(1) (1,355) (117) (124) Adjusted net income, adjusted for amortization of CDI assets $ 78,977  $ 53,871  $ 53,448  Adjusted return on average tangible equity 17.27  % 12.94  % 14.42  % (1)     Calculated using an estimated combined marginal income tax rate of 23% for the year ended December 31, 2025 and 21% for the years ended December 31, 2024 and 2023. Tangible Book Value per Share and Tangible Common Equity Ratio.  Tangible book value per share is the ratio of (i) shareholders’ equity less goodwill, and CDI assets to (ii) total common shares outstanding at period end. Tangible book value per share is a common measure within our industry when assessing the value of a company as it removes goodwill and other intangible assets generated within purchase accounting upon a business combination. Tangible common equity is the ratio of (i) shareholders’ equity less goodwill and CDI assets to (ii) total assets less goodwill and CDI assets. This ratio is a measure used within our industry to assess whether or not a company is highly leveraged. (In thousands, except number of shares and per share data) December 31, 2025 2024 Tangible Book Value Per Share: Shareholders' equity, as presented $ 696,558 $ 531,231 Adjustment for goodwill and CDI assets (194,085) (95,112) Tangible shareholders' equity $ 502,473 $ 436,119 Shares outstanding at period end 16,924,310 14,579,339 Book value per share $ 41.16  $ 36.44  Tangible book value per share 29.69  29.91  Tangible Common Equity Ratio: Total assets $ 6,974,584 $ 5,805,138 Adjustment for goodwill and CDI assets (194,085) (95,112) Tangible assets $ 6,780,499 $ 5,710,026 Common equity ratio 9.99  % 9.15  % Tangible common equity ratio 7.41  % 7.64  % 39 Net Interest Income (Fully-Taxable Equivalent). Net interest income on a fully-taxable equivalent basis is net interest income plus the taxes that would have been paid had tax-exempt securities been taxable. This number attempts to enhance the comparability of the performance of assets that have different tax liabilities. This is a common measure with the financial services industry and is used within the calculation of net interest margin on a fully-taxable equivalent basis. For the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Net interest income, as presented $ 203,257  $ 132,453  $ 132,263  Adjustment for the effect of tax-exempt income(1) 1,314  637  901  Net interest income, tax equivalent $ 204,571  $ 133,090  $ 133,164  (1)     Reported on a tax-equivalent basis using a 21% income tax rate. Core Net Interest Margin (fully-taxable equivalent). The following table provides a reconciliation of net interest margin (fully-taxable equivalent) to core net interest margin (fully-taxable equivalent). Certain non-recurring transactions have been excluded to calculate core net interest margin (fully-taxable equivalent). We believe the following adjusted financial information and metrics assist users of our financial statements with their financial analysis period-over-period as it adjusts for certain non-recurring items. For the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Net interest margin (fully-taxable equivalent), as presented 3.17  % 2.46  % 2.46  % Net accretion income on loans from purchase accounting(1) (0.30) % —  % —  % Net accretion income on investments from purchase accounting(2) (0.07) % —  % —  % Net amortization on time deposits and borrowings from purchase accounting(3) 0.01  % —  % —  % Core net interest margin (fully-taxable equivalent) 2.81  % 2.46  % 2.46  % (1)    Recognized $17.0 million of net accretion income on loans from purchase accounting for the year ended December 31, 2025. (2)    Recognized $3.5 million of net accretion income on investments from purchase accounting for the year ended December 31, 2025. (3)    Recognized $525,000 of amortization expense on time deposits and borrowings from purchase accounting for the year ended December 31, 2025. Core Deposits. Core deposits are used by management to measure the portion of the Company's total deposits that management believes to be more stable and lower cost. The Company calculates core deposits as total deposits less CDs and brokered deposits. Management believes core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. December 31, (Dollars in thousands) 2025 2024 Total deposits, as presented $ 5,537,781  $ 4,633,167  Adjustment for certificates of deposit (679,087) (532,424) Adjustment for brokered deposits (130,565) (179,994) Core deposits $ 4,728,129  $ 3,920,749  Average Core Deposits. Average core deposits are used by management to measure the portion of the Company's total deposits that management believes to be more stable and at a lower interest rate cost. The Company calculates average core deposits as total deposits less CDs. Management believes core deposits is a useful measure to assess the Company's deposit base, including its potential volatility. 40 For the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Total average deposits, as presented(1) $ 5,338,625  $ 4,385,401  $ 4,481,322  Adjustment for average certificates of deposit (699,740) (567,182) (453,723) Average core deposits $ 4,638,885  $ 3,818,219  $ 4,027,599  (1)     Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table. CRITICAL ACCOUNTING ESTIMATES Critical accounting estimates are defined as those that are reflective of significant judgments and uncertainties, and could potentially result in materially different results under different assumptions and conditions. In preparing the Company’s consolidated financial statements, management is required to make significant estimates and assumptions that affect assets, liabilities, revenues, and expenses reported. Actual results could materially differ from our current estimates, as a result of changing conditions and future events. Estimates particularly critical and susceptible to significant near-term change, include (i) the ACL on loans, (ii) fair value of loans acquired in business combinations and (iii) goodwill. Refer to Note 1 of the consolidated financial statements for additional details of the Company's accounting policies, including new accounting standards recently adopted. Allowance for Credit Losses (“ACL”).  The ACL is calculated using the current expected credit loss accounting model, often referred to as “CECL.” Under CECL, the ACL at each reporting period serves as our best estimate of projected credit losses over the contractual life of certain assets, adjusted for expected prepayments, given an expectation of economic conditions and forecasts as of the valuation date. The recorded ACL on loans is determined based on the amortized cost basis of the assets and may be determined at various levels, including homogeneous loan pools and individual credits with unique risk factors. We use a discounted cash flow approach to calculate the ACL for each loan segment. Within the discounted cash flow model, a probability of default (“PD”) and loss given default (“LGD”) assumption is applied to calculate the expected loss for each loan segment. PD is the probability the asset will default within a given timeframe and LGD is the percentage of the assets not expected to be collected due to default. PD and LGD data may be derived using (1) internal historical default and loss experience, as well as from (2) external data if there are not statistically meaningful loss events or our own internal loss data does not span a full economic cycle for a given loan segment. CECL may create more volatility in our ACL and particularly in our ACL on loans. Under CECL, our ACL may increase or decrease period-to-period based on many assumptions, including, but not limited to: (i) macroeconomic forecasts and conditions; (ii) a change in the forecast period; (iii) a change in the reversion speed; (iv) a change in the prepayment speed assumption; (v) various qualitative factors outlined in ASU 2016-13. ACL on Loans. We consider the ACL on loans to be a critical accounting estimate given the uncertainty in evaluating the allowance required to cover management’s estimate of all expected credit losses over the expected contractual life of the loans in its portfolio. Determining the appropriateness of the allowance is a key management function that requires significant judgment and estimate by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the current loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance in future periods. While our current evaluation indicates that the ACL on loans at December 31, 2025 and 2024 was appropriate, the allowance may need to be increased under adversely different conditions or assumptions. The significant key assumptions used with the ACL on loans calculation at December 31, 2025 and 2024 using the CECL methodology, included: •Macroeconomic factors (loss drivers): Macroeconomic factors are used within our discounted cash flow model to forecast the PD over the forecast period. As macroeconomic factor conditions worsen, the PD increases, and the corresponding LGD increases, resulting in an increase in the ACL on loans. To identify the most appropriate loss drivers for each portfolio segment, we evaluate a broad set of economic indicators and perform correlation and back‑testing analyses to determine which variables demonstrate the strongest and most stable relationship to historical loss experience. We monitor and assess Maine unemployment, changes in National GDP, changes in National Retail Sales, and changes in Maine's Housing Price Index at least annually to determine if these macroeconomic factors 41 continue to be the most predictive indicator of losses within our loan portfolio. Macroeconomic factors used in the calculation of the ACL on loans may change from time to time and in times of greater uncertainty, we may consider a range of possible forecasts and evaluate the probability of each scenario. We reassessed our loss factors in the first quarter of 2025 and removed change in Maine GDP and added change in National Retail Sales to be used within the discounted cash flow model. •Forecast period and reversion speed: The company uses a reasonable and supportable forecast period in developing the ACL, which represents the time period that management believes it can reasonably forecast the identified loss drivers. Generally, the forecast period management believes to be reasonable and supportable is set annually and validated through an assessment of economic leading indicators. In periods of greater volatility and uncertainty, such as that seen across the global markets and economies, including the U.S., we are likely to use a shorter forecast period, whereas when markets, economies and various other factors are considered more stable and certain, we are likely to use a longer forecast period. Generally, we expect our forecast period to range from one to three years. Once the reasonable and supportable forecast period is determined, the company reverts its loss expectations to the long-run historical mean for the remainder of the contract life of the asset, adjusted for prepayments. In determining the length of time over which the reversion will take place (i.e. “reversion speed”), we consider such factors such as, but not limited to, historical loan loss experience over previous economic cycles, as well as where we believe we are within the current economic cycle. At December 31, 2025 and 2024, we used a two-year forecast period and a two-year reversion period for each loan segment to measure the ACL on loans as we believe this methodology aligns the economic forecasted data used to calculate the ACL with the Company’s internal views of the future economic state. •Prepayment speeds: Prepayment speeds are determined for each loan segment utilizing our own historical loan data, as well as consideration of current environmental factors. The prepayment speed assumption is utilized with the discounted cash flow model (i.e. the CECL model) to forecast expected cash flows over the contractual life of the loan, adjusted for expected prepayments. A higher prepayment speed assumption will drive a lower ACL, and vice versa. •Qualitative factors: Companies are required to consider various qualitative factors that may impact expected credit losses. We continue to consider qualitative factors in determining and arriving at our ACL on loans each reporting period. In 2025, we provided for an additional qualitative factor for the loans acquired in the Northway acquisition. As of December 31, 2025 and 2024, the recorded ACL on loans was $45.3 and $35.7 million, respectively, and represented our best estimate of expected credit losses within our loan portfolio as of each date. However, we may adjust our assumptions to account for differences between expected and actual losses each period. A future change of our assumptions will likely alter the level of allowance required and may have a material impact on future results of operations and financial condition. The ACL is reviewed periodically within a calendar quarter to assess trends in the aforementioned key assumptions, as well as asset quality within our loan portfolio, and we consider the impact of these trends on the ACL and the Company's financial condition, if any. The ACL on loans is reviewed and approved on a quarterly basis by the Company's Audit Committee, and later reviewed and ratified by the Bank's Board of Directors. Refer to “—Results of Operations—Provision for Credit Losses,” “—Financial Condition—Asset Quality,” and Note 4 of the consolidated financial statements for further discussion. Fair Value of Loans Acquired in Business Combinations. The loans acquired as part of the Northway acquisition were accounted for at fair value on January 2, 2025 (“Acquisition Date”). The fair value for these acquired loans was determined using a discounted cash flow approach that incorporated expected credit and prepayment-adjusted cash flows, discounted at market-based rates. This analysis considered factors such as loan type and collateral, interest rate structure, remaining term, credit quality indicators, and amortization status. Loans with similar risk characteristics were pooled for valuation purposes. Discount rates for loans were developed using a “build-up” approach, which considered the cost of funds, capital charges, servicing costs, liquidity premiums, and risk premiums. The discount rate and prepayment speeds were the most significant assumptions within in the acquired loan portfolio valuation. Changes in these inputs would have a material effect on the fair value measurement, in particular: •Discount rate: Increases or decreases in the discount rate would result in a significant change in the estimated fair value of the acquired loan portfolio due to the sensitivity of discounted cash flows to market‑based yield assumptions. •Prepayment speed: Variations in expected prepayment speeds, whether higher or lower, would result in a meaningful change in the fair value estimate because prepayment behavior directly affects projected cash flows and expected loan duration. 42 Additional information regarding these accounting policies is included in Note 1, Significant Accounting Policies, and Note 2, Business Combinations, to the Company’s audited consolidated financial statements in Item 8 of this Form 10-K. Goodwill. We record all acquired assets and liabilities at fair value, which is an estimate determined by the use of internal and external valuation techniques. As part of purchase accounting, we typically acquire goodwill as part of the purchase price, which is subject to ongoing periodic impairment tests. Goodwill impairment evaluations are required to be performed at least annually, but may be required more frequently if certain conditions indicate a potential impairment may exist. Our policy is to perform the goodwill impairment analysis annually as of November 30th, or more frequently as warranted. The goodwill impairment evaluation is required to be performed at the reporting unit level. Goodwill impairment is measured by the amount the book value of the reporting unit exceeds its fair value, and an impairment charge is recorded for the lesser of this amount or the amount to write-down goodwill to zero. We elected to use the quantitative analysis to perform the annual goodwill impairment assessment as of November 30, 2025 and 2024 and concluded that goodwill was not impaired. We may use a qualitative analysis to evaluate goodwill for impairment when it is believed that it is not more-likely-than-not that the fair value of the reporting unit is below its book value, or if a quantitative analysis was recently used to estimate the fair value of the reporting unit, and there are not any indications of events that would suggest such conclusions for impairment have changed. The Company did not recognize any impairment of goodwill in 2025, 2024 or 2023. Refer to “—Financial Condition—Goodwill and Core Deposit Intangible Assets” and Note 5 of the consolidated financial statements for further discussion. EXECUTIVE OVERVIEW Strategic Overview. Our long-term strategy is anchored in three clear priorities: Running the Bank, Evolving the Bank, and Growing the Bank. Together, these priorities guide our actions, align our investments, and position the Company to deliver sustainable performance and long-term shareholder value. •Running the Bank is about delivering consistent, reliable results by building on our core strengths and disciplined foundation. As we pursue change and growth, maintaining a strong operating framework remains paramount. This includes investing in and strengthening our corporate culture; driving toward top-quartile employee engagement and exceptional customer experiences through our “One Bank” approach; honoring our commitment to the communities we serve; and maintaining balance-sheet strength across interest rate risk, liquidity, asset quality, and capital. This focus provides the stability and resilience necessary to support our strategic ambitions. •Evolving the Bank enables us to respond to a dynamic marketplace with agility and innovation. We are advancing our digital agenda across both customer and employee experiences to increase adoption, productivity, and efficiency. At the same time, we are repositioning our retail franchise to meet changing customer needs and expectations. Central to this evolution is the development of a high-touch, team-based operating model that leverages specialized expertise and places the customer at the center of every interaction. •Grow the Bank focuses on expanding our customer base and deepening relationships by leveraging technology, scalable capabilities, and local market expertise. We pursue both organic and inorganic growth opportunities across our footprint. Organically, we see significant opportunity to scale our commercial franchise in our Southern Maine and New Hampshire growth markets through targeted hiring and the development of internal talent. Inorganically, we continue to evaluate merger and acquisition opportunities that offer compelling strategic and financial benefits, as demonstrated by our acquisition of Northway Financial, Inc., the holding company of Northway Bank, completed on January 2, 2025. 2025 Overview. On January 2, 2025, we completed our acquisition of Northway, which significantly increased our presence in New Hampshire by adding 17 branches and over 100 new employees. In mid-March 2025, we completed the full integration of the two banks and began realizing the combined organization’s full financial potential through the execution of synergies across employees, technology, software and vendor contracts. The integration of operations, systems, and teams enabled us to leverage the strengths of both institutions more effectively, resulting in meaningful improvements in scale, operating efficiency, and revenue‑generating capacity. As our post‑merger performance began to reflect the benefits of a larger balance sheet, a broader customer base, and an expanded geographic footprint, we delivered annual net income of $65.2 million and diluted EPS of $3.84 for 2025, compared to $53.0 million and $3.62, respectively, in 2024. On a non-GAAP basis, we 43 reported annual adjusted net income of $74.4 million and diluted EPS of $4.39 for December 31, 2025, an increase of 39% and 20%, respectively, over 2024. Throughout 2025, we executed several initiatives to improve our net interest margin. These actions, together with the Federal Reserve’s 75‑basis‑point reduction in the federal funds rate during the second half of the year, contributed to a meaningful increase in our net interest margin, from 3.04% for the first quarter of 2025 to 3.29% for the fourth quarter of 2025. Excluding the impact of purchase accounting accretion income, our non-GAAP, core net interest margin also increased significantly from 2.68% for the first quarter of 2025 to 2.92% for the fourth quarter of 2025. The steady improvement in our net interest margin throughout 2025, resulted in a net interest margin of 3.17% for the year ended December 31, 2025, compared to 2.46% for the year ended December 31, 2024. The completion of the Northway acquisition and successful execution of our cost take-out strategies, as well as an improving net interest margin throughout 2025, drove significant improvement in the Company’s profitability metrics compared to 2024. We believe the Company is well-positioned for 2026, highlighted by the strength of its reported fourth quarter financial metrics, which included a return on average assets of 1.28%, a return on average equity of 13.01%, and a non-GAAP return on average tangible equity of 19.06%. 2025 Highlights. Our highlights for 2025 include: Completed Northway Acquisition and Integration - Successfully completed the acquisition of Northway on January 2, 2025. Following the integration in mid-March 2025 and the realization of cost synergies across the combined organization, the Company delivered record quarterly net income in both the third and fourth quarters of 2025. Improving Profitability – In 2025, total revenues (sum of net interest income and non-interest income) reached $255.8 million, an increase of 45% over 2024, while non-interest expense for 2025 was $154.8 million, an increase of 38% over 2024. The Company’s 2025 performance resulted in strong operating leverage generation and improvement in each of our profitability metrics, which can be seen in the financial highlights table on the following page. Strong Asset Quality – Key credit quality metrics in both commercial and consumer portfolios remained resilient throughout 2025, headlined by non-performing assets of 0.10% of total assets and past due loans of 0.16% of total loans at December 31, 2025. Net charge-offs increased to 0.31% to average loans for 2025, compared to 0.03% for 2024, driven by two charge-offs in our commercial portfolio. The Company considers the two charge-offs in 2025 to be isolated incidents and does not believe they represent a systematic trend within the commercial portfolio. Strong Capital Position – At December 31, 2025, all of our regulatory capital ratios were well in excess of regulatory capital requirements. Our capital and loan reserve levels, along with our strong credit quality position us for continued success. Customer Experience Strength– We use net promoter score (“NPS”) to continuously measure and improve customer experience across our retail franchise. Our 2025 aggregate consumer NPS of 68 across Maine remained consistent with prior year and underscores strong customer advocacy relative to industry benchmarks. Strong Employee Engagement – We measure employee engagement annually through a global, independent third party survey. In 2025, 92% of our employees participated in the confidential survey, reflecting strong engagement across the organization. The Company’s overall engagement score ranked in the 73rd percentile relative to the third-party’s global benchmark, further underscoring the strength of our culture and employee commitment. Continued Commitment to our Communities – In 2025, we marked Camden National Bank’s 150th anniversary, reflecting a long-standing commitment to the communities we serve. Across our Maine and New Hampshire markets, we continue to support local communities through lending activities, deposit products designed to meet community needs, direct charitable contributions and active employee volunteerism, reinforcing our role as a trusted financial partner and community steward. 44 Financial Highlights As of or For The Year ended December 31, (In thousands, except per share data and ratios) 2025 2024 Change Earnings and Profitability Net income $ 65,160  $ 53,004  23  % Diluted EPS $ 3.84  $ 3.62  6  % Adjusted net income (non-GAAP) $ 74,439  $ 53,432  39  % Adjusted diluted EPS (non-GAAP) $ 4.39  $ 3.65  20  % Return on average assets 0.94  % 0.92  % 0.02  % Adjusted return on average assets (non-GAAP) 1.07  % 0.92  % 0.15  % Return on average equity 9.96  % 10.36  % (0.40) % Adjusted return on average equity (non-GAAP) 11.38  % 10.45  % 0.93  % Adjusted return on average tangible equity (non-GAAP) 17.27  % 12.94  % 4.33  % Efficiency ratio (non-GAAP) 54.46  % 62.05  % (7.59) % Balance Sheet and Liquidity Loans $ 4,965,138  $ 4,115,259  21  % Deposits $ 5,537,781  $ 4,633,167  20  % Cash dividends declared per share $ 1.68  $ 1.68  —  % Uninsured and uncollateralized deposits to total deposits 14.96  % 16.42  % (1.46) % Available liquidity sources to uninsured and uncollateralized deposits 218.79  % 210.61  % 8.18  % Credit Quality and Capital Non-performing assets to total assets 0.10  % 0.08  % 0.02  % Loans 30-89 days past due to total loans 0.16  % 0.05  % 0.11  % Allowance for credit losses on loans to total loans 0.91  % 0.87  % 0.04  % Total risk-based capital ratio 13.95  % 15.11  % (1.16) % Tangible common equity ratio (non-GAAP) 7.41  % 7.64  % (0.23) % 45 RESULTS OF OPERATIONS Net Interest Income and Net Interest Margin Net interest income is the interest earned on our lending activities, investment securities and other interest-earning assets, less the interest paid on interest-bearing deposits and borrowings (i.e. our primary business activities). Net interest income, which is our largest source of revenue, accounted for 79%, 75% and 81% of total revenues for the years ended 2025, 2024 and 2023, respectively. Net interest income is affected by factors including, but not limited to, changes in interest rates, loan and deposit pricing strategies and competitive conditions, loan prepayment speeds, the volume and mix of interest-earning assets and interest-bearing liabilities, and the level of non-performing assets. Net Interest Income. Net interest income on a fully-taxable equivalent basis for the year ended December 31, 2025 was $204.6 million, an increase of 54% from 2024. Interest income on a fully-taxable equivalent basis for 2025 totaled $322.0 million, representing an increase of $71.8 million, or 29%, compared to 2024, primarily driven by interest-earning assets yield expansion of 37 basis points to 4.99% for the year ended December 31, 2025, and an increase in average interest-earning assets of $1.0 billion, or 19% as of December 31, 2025, which was driven by the Northway acquisition on January 2, 2025. As part of the Northway acquisition, the Company acquired total loans of $775.7 million and investments of $230.0 million. For the year ended December 31, 2025, the Company recognized net fair value mark accretion from the purchase accounting of $20.5 million within interest income, which was made up of $17.0 million of fair value mark accretion on loans and $3.5 million of fair value mark accretion on investments. Additionally, between periods the Company’s yield on interest-earning assets continued to improve organically, contributing to the growth in net interest income, due to the continued reinvestment of cash flows from lower yielding interest-earning assets into new loan originations and investments at prevailing market interest rates. Interest expense for 2025 increased $294,000, or less than 1%, compared to 2024, despite the increase in average funding liabilities of $1.0 billion, or 20%, which was driven by the Northway acquisition, due to the decrease in our average cost of funds between periods of 38 basis points to 1.90% for the year ended December 31, 2025. The decrease in our average cost of funds between periods reflects the change in the interest rate environment and our ability to lower deposit costs as the Federal Reserve lowered its Federal Funds Rate, and the benefit of adding Northway’s low-cost deposit franchise to the Company’s balance sheet. Net Interest Margin. Net interest margin is calculated as net interest income on a fully-taxable equivalent basis as a percentage of average interest-earning assets. Our net interest margin on a fully-taxable equivalent basis was 3.17% for the year ended December 31, 2025, compared to 2.46% for 2024. On a non-GAAP basis, adjusted for fair value market accretion income recognized from purchase accounting, our core net interest margin was 2.82% for the year ended December 31, 2025, compared to 2.46% for 2024. The following table presents, for the periods noted, average balances, interest income, interest expense, and the corresponding average yields earned and rates paid, as well as net interest income, net interest rate spread and net interest margin: 46 Average Balance, Interest and Yield/Rate Analysis For the Year Ended December 31, 2025 2024 2023 (Dollars in thousands) Average Balance(1) Interest Yield/Rate Average Balance(1) Interest Yield/Rate Average Balance(1) Interest Yield/Rate ASSETS Interest-earning assets: Interest-bearing deposits in other banks and other interest-earning assets $ 52,109  $ 2,320  4.45  % $ 68,633  $ 3,336  4.86  % $ 33,676  $ 1,851  5.50  % Investments – taxable 1,386,590  43,372  3.13  % 1,159,910  29,722  2.56  % 1,203,445  26,088  2.17  % Investments – nontaxable(2) 61,455  2,322  3.78  % 61,992  2,340  3.78  % 100,614  3,706  3.68  % Loans(3): Commercial real estate 2,112,281  122,693  5.81  % 1,699,655  89,918  5.29  % 1,659,078  80,182  4.83  % Commercial(2) 396,783  25,295  6.38  % 378,257  24,378  6.44  % 398,948  23,886  5.99  % Municipal(2) 91,044  4,606  5.06  % 15,859  783  4.94  % 16,702  674  4.04  % Residential real estate 2,034,170  98,066  4.82  % 1,773,149  79,199  4.47  % 1,748,076  71,566  4.09  % Home equity 300,686  21,580  7.18  % 245,634  18,951  7.71  % 234,358  17,497  7.47  % Consumer 18,631  1,715  9.21  % 16,617  1,567  9.43  % 19,519  1,697  8.69  % Total loans 4,953,595  273,955  5.53  % 4,129,171  214,796  5.20  % 4,076,681  195,502  4.80  % Total interest-earning assets 6,453,749  321,969  4.99  % 5,419,706  250,194  4.62  % 5,414,416  227,147  4.19  % Cash and due from banks 71,363  65,990  65,396  Other assets 450,558  285,137  264,479  Less: ACL (47,457) (35,792) (36,965) Total assets $ 6,928,213  $ 5,735,041  $ 5,707,326  LIABILITIES & SHAREHOLDERS’ EQUITY Deposits: Non-interest checking $ 1,137,343  $ —  —  % $ 929,443  $ —  —  % $ 1,020,045  $ —  —  % Interest checking 1,659,215  30,022  1.81  % 1,464,651  36,265  2.48  % 1,614,598  37,205  2.30  % Savings 982,210  12,070  1.23  % 657,529  4,669  0.71  % 675,478  788  0.12  % Money market 860,117  22,446  2.61  % 766,596  25,390  3.31  % 717,478  19,210  2.68  % Certificates of deposit 699,740  24,796  3.54  % 567,182  21,559  3.80  % 453,723  12,927  2.85  % Total deposits 5,338,625  89,334  1.67  % 4,385,401  87,883  2.00  % 4,481,322  70,130  1.56  % Borrowings: Brokered deposits 177,089  7,953  4.49  % 152,918  7,923  5.18  % 184,709  8,754  4.74  % Customer repurchase agreements 245,748  2,954  1.20  % 185,299  3,210  1.73  % 191,646  2,847  1.49  % Junior subordinated debentures 61,373  3,567  5.81  % 44,331  2,132  4.81  % 44,331  2,150  4.85  % Other borrowings 359,625  13,590  3.78  % 365,989  15,956  4.36  % 246,058  10,102  4.11  % Total borrowings 843,835  28,064  3.33  % 748,537  29,221  3.90  % 666,744  23,853  3.58  % Total funding liabilities 6,182,460  117,398  1.90  % 5,133,938  117,104  2.28  % 5,148,066  93,983  1.83  % Other liabilities 91,276  89,290  92,543  Shareholders’ equity 654,477  511,813  466,717  Total liabilities & shareholders’ equity $ 6,928,213  $ 5,735,041  $ 5,707,326  Net interest income (fully-taxable equivalent) 204,571  133,090  133,164  Less: fully-taxable equivalent adjustment (1,314) (637) (901)   Net interest income $ 203,257  $ 132,453  $ 132,263  Net interest rate spread (fully-taxable equivalent) 3.09  % 2.34  % 2.36  % Net interest margin (fully-taxable equivalent) 3.17  % 2.46  % 2.46  % Core net interest margin (fully-taxable equivalent)(4) 2.82  % 2.46  % 2.46  % (1)    Reported average balances are calculated on a daily basis. (2)    Reported on a tax-equivalent basis calculated using a 21% tax rate, including certain commercial loans. (3)    Non-accrual loans and loans held for sale are included in total average loans. (4)    This is a non-GAAP measure. Please see "Non-GAAP Financial Measures and Reconciliation to GAAP” for additional information. 47 The following table presents certain information on a fully-taxable equivalent basis regarding changes in interest income and interest expense for the periods indicated. For each category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes attributable to rate and volume. The (a) changes in volume (change in volume multiplied by prior year's rate), (b) changes in rates (change in rate multiplied by current year's volume), and (c) changes in rate/volume (change in rate multiplied by the change in volume), which is allocated to the change due to rate column. For the Year Ended December 31, 2025 vs. December 31, 2024 For the Year Ended December 31, 2024 vs. December 31, 2023 Increase (Decrease) Due to: Net Increase (Decrease) Increase (Decrease) Due to: Net Increase (Decrease) (In thousands) Volume Rate Volume Rate Interest-earning assets: Interest-bearing deposits in other banks and other interest-earning assets $ (803) $ (213) $ (1,016) $ 1,923  $ (438) $ 1,485  Investments – taxable 5,803  7,847  13,650  (945) 4,579  3,634  Investments – nontaxable (20) 2  (18) (1,421) 55  (1,366) Commercial real estate 21,828  10,947  32,775  1,960  7,777  9,737  Commercial 1,193  (276) 917  (1,239) 1,730  491  Municipal 3,714  109  3,823  (34) 143  109  Residential real estate 11,668  7,199  18,867  1,025  6,608  7,633  Home equity 4,245  (1,616) 2,629  842  612  1,454  Consumer 190  (42) 148  (252) 122  (130) Total interest income 47,818  23,957  71,775  1,859  21,188  23,047  Interest-bearing liabilities: Interest checking 4,825  (11,068) (6,243) (3,449) 2,509  (940) Savings 2,305  5,096  7,401  (22) 3,903  3,881  Money market 3,096  (6,040) (2,944) 1,316  4,864  6,180  Certificates of deposit 5,037  (1,800) 3,237  3,234  5,398  8,632  Brokered deposits 1,252  (1,222) 30  (1,507) 676  (831) Customer repurchase agreements 1,046  (1,302) (256) (95) 458  363  Junior subordinated debentures 820  615  1,435  —  (18) (18) Other borrowings (277) (2,089) (2,366) 4,929  925  5,854  Total interest expense 18,104  (17,810) 294  4,406  18,715  23,121  Net interest income (fully-taxable equivalent) $ 29,714  $ 41,767  $ 71,481  $ (2,547) $ 2,473  $ (74) 48 Net interest income included the following for the periods indicated: Income Statement Location For the Year Ended December 31, (In thousands) 2025 2024 2023 Net fair value mark accretion from purchase accounting - Loans Interest income $ 16,992  $ 107  $ 145  Net fair value mark accretion from purchase accounting - Investments Interest income 3,488  —  —  Interest income from residential real estate derivatives Interest income 2,333  5,457  4,682  Net loan origination fees Interest income 1,891  587  340  Recoveries on previously charged-off acquired loans Interest income 113  488  88  Net fair value mark accretion from purchase accounting - Certificates of deposit Interest expense (226) —  —  Net fair value mark accretion from purchase accounting - Junior subordinated debentures Interest expense (300) —  —  Total $ 24,291  $ 6,639  $ 5,255  The Company's consolidated financial statements and the notes to the consolidated financial statements presented within have been prepared in accordance with GAAP, which requires the measurement of the financial position and operating results in terms of historical dollars and, in some cases, current fair values without considering changes in the relative purchasing power of money over time due to inflation. Unlike many industrial companies, substantially all of our assets and virtually all of our liabilities are monetary in nature. As a result, interest rates have a more significant impact on our performance than the general level of inflation. Over short periods of time, interest rates and the yield curve may not necessarily move in the same direction or in the same magnitude as inflation. Provision (Credit) for Credit Losses The provision (credit) for credit losses was made up of the following components for the periods indicated: For the Year Ended December 31, Change from 2025 to 2024 2025 2024 2023 $ % Provision for loan losses $ 22,032  $ 53  $ 1,174  $ 21,979  N.M. Provision (credit) for credit losses on off-balance sheet credit exposures 258  453  (912) (195) (43) % (Credit) provision for credit losses - HTM debt securities —  (910) 1,838  910  N.M. Provision (credit) for credit losses $ 22,290  $ (404) $ 2,100  $ 22,694  N.M. Provision for loan losses. For the year ended December 31, 2025, the Company recorded a provision for loan losses of $22.0 million. The provision primarily reflects the impact of net charge‑offs totaling $16.1 million during the period, driven principally by a $10.7 million partial charge‑off on a syndicated commercial loan participation and a $3.0 million partial charge‑off on a non‑owner‑occupied commercial real estate loan. The recognition of these charge‑offs required the Company to record an incremental $12.7 million in provision for loan loss expense during the year. In addition, in connection with the acquisition of Northway, the Company recorded a $6.3 million provision for loan losses and ACL on loans for the acquired loans that did not meet the criteria to be classified as purchased credit deteriorated (“PCD”) during 2025. Provision for credit losses on off-balance credit exposures. At December 31, 2025, the ACL on off-balance sheet credit exposures was $3.1 million, as compared to $2.8 million as of December 31, 2024. The Company recorded a provision for credit losses on off-balance sheet credit exposures of $258,000. The 2025 provision was driven by the increase in unfunded credit lines of $43.2 million and the increase in the residential and commercial pipelines of $47.7 million between periods, primarily due to the acquisition of Northway in 2025. Provision for HTM debt securities: For the year ended December 31, 2025 the Company did not record any provision on HTM debt securities. In the first quarter of 2024, the Company sold a corporate bond issued by Signature Bank that the Company wrote off in 2023 and recovered proceeds of $910,000. 49 Non-Interest Income The following table sets forth information regarding non-interest income for the periods indicated: For the Year Ended December 31, Change from 2025 to 2024 (Dollars in thousands) 2025 2024 2023 $ % Debit card income $ 15,272  $ 12,657  $ 12,613  $ 2,615  21  % Service charges on deposit accounts 9,851  8,444  7,839  1,407  17  % Income from fiduciary services 7,630  7,270  6,669  360  5  % Brokerage and insurance commissions 7,015  5,535  4,650  1,480  27  % Mortgage banking income, net 3,523  3,230  2,921  293  9  % Bank-owned life insurance 3,440  2,806  2,349  634  23  % Net loss on sale of securities —  —  (10,310) —  —  % Other income 5,791  4,597  4,303  1,194  26  % Total non-interest income $ 52,522  $ 44,539  $ 31,034  $ 7,983  18  % Non-interest income as a percentage of total revenues(1) 21  % 25  % 19  % (1)     Revenue is the sum of net interest income and non-interest income. Debit card income represents the interchange fees earned from debit card transactions of our business and consumer checking account customers, and the annual incentive bonus received from our network provider. The increase in 2025, compared to 2024, was primarily driven by the Northway acquisition, and the resulting addition of approximately 28,000 new debit card customers. Service charges on deposit accounts represents the fees earned from providing various services to deposit customers, including overdraft, normal fees for servicing deposit accounts, and cash management fees for business customers. The increase in 2025, compared to 2024, was primarily driven by the Northway acquisition, and the resulting addition of approximately 50,000 customer accounts. Income from fiduciary services represents the fees earned for investment advisory and trust services provided by Camden National Wealth Management. The fees earned are primarily a percentage of our clients' assets under management. Assets under management increased 9% during 2025 to $1.3 billion as of December 31, 2025. Brokerage and insurance commissions represent the fees earned for brokerage services, investment advisory and insurance services provided by the Bank, doing business as Camden Financial Consultants. Assets under administration grew 22% during 2025 to $1.1 billion as of December 31, 2025, driven by overall market performance and the addition of a new team member. Mortgage banking income, net is generated through the sale of residential mortgage loans to secondary market investors and also includes income recognized upon the sale of residential mortgages in which we maintain the servicing rights creating a mortgage servicing asset, net of related amortization of the capitalized mortgage servicing asset. Our practice has been to sell the servicing rights for residential mortgages originated, except for certain third party relationships that require the Company to service the loan. The increase in mortgage banking income, net for the year ended December 31, 2025 compared to 2024, was driven by the increase in net gains recognized on residential mortgage loan sales during the period. For the year ended December 31, 2025, we sold $242.4 million of our originated residential mortgages, compared to $221.9 million sold during the same period in 2024. Bank-owned life insurance represents the change in cash surrender value of the Company's various BOLI policies in place for certain current and former officers of the Company and Bank. The change in cash surrender value reflects the performance of the underlying investments of the policies. The increase in 2025, compared to 2024, was driven by market performance of the underlying investments. BOLI policies for 2025 included the addition of one policy as part of the Northway acquisition. The underlying investments on the acquired policy are tied to the equity markets and are more susceptible to market volatility than policies with more conservative underlying investments. 50 Net loss on sale of securities represents the net loss recognized upon the sale of investment securities. We did not sell any investment securities during 2025 or 2024. Other Income includes third party merchant and credit card commissions, customer loan swap fees and other miscellaneous fees and net gains on equity securities. Non-Interest Expense The following table sets forth information regarding non-interest expense for the periods indicated: For the Year Ended December 31, Change from 2025 to 2024 (Dollars in thousands) 2025 2024 2023 $ % Salaries and employee benefits $ 79,801 $ 64,073 $ 60,009 $ 15,728  25  % Furniture, equipment and data processing 17,769 14,364 13,377 3,405  24  % Net occupancy costs 11,187 7,912 7,674 3,275  41  % Merger and acquisition costs 9,286 1,159 — 8,127  —  % Debit card expense 6,813 5,287 5,126 1,526  29  % Amortization of CDI assets 5,893 556 592 5,337  960  % Consulting and professional fees 4,617 3,583 4,520 1,034  29  % Regulatory assessments 4,279 3,258 3,413 1,021  31  % OREO and collection costs, net 270 201 42 69  34  % Other expenses 14,919 11,543 12,608 3,376  29  % Total non-interest expense $ 154,834 $ 111,936 $ 107,361 $ 42,898  38  % Ratio of non-interest expense to total revenues 60.53  % 63.24  % 65.75  % Efficiency ratio (non-GAAP) 54.46  % 62.05  % 61.18  % Salaries and employee benefits includes employee wages, commissions, incentives, equity compensation, employer-related taxes, insurance benefits, and certain other employee-related costs, net of direct employee-related costs incurred for loan originations. The increase in salaries and employee benefits expense for 2025 compared to 2024 was driven by the Northway acquisition, which added approximately 100 new employees, and an increase in performance incentive accruals of $1.7 million between periods due to Company financial performance. Furniture, equipment and data processing includes depreciation expense of capitalized furniture, equipment and data-related costs, and ongoing system and other data processing costs, including outsourced solutions. The increase in furniture, equipment and data processing expense for 2025 compared to 2024 was due to the Northway acquisition, and our continued investment in customer‑facing digital technology platforms during 2025. These investments included enhancements to our digital suite of products offered to customers and upgrades to information security and resiliency systems. Net occupancy costs include building and property costs associated with the operation of our branches, loan production offices and service centers, including, but not limited to, rent, depreciation, maintenance and related taxes, net of rental income earned from the lease of office space. The increase in net occupancy costs for 2025 compared to 2024 was primarily driven by the Northway acquisition. At December 31, 2025, the Company had 72 branches, compared to 56 as of December 31, 2024. Merger and acquisition costs include transaction‑related expenses such as personnel termination costs, consulting and other professional fees, contract termination and system conversion costs, and other direct acquisition‑related charges. For the years ended December 31, 2025 and 2024, the Company incurred $9.3 million and $1.2 million, respectively, in costs associated with the Northway acquisition. 51 The following table summarizes Merger-related costs incurred for the year ended December 31, 2025 and 2024: (Dollars in thousands) 2025 2024 Personnel termination-related costs $ 4,992  $ —  Consulting, legal and accounting-related costs 1,926  1,041  Contract termination and conversion-related costs 1,018  —  Other acquisition costs 1,350  118  Total $ 9,286  $ 1,159  Debit card expense is the cost incurred for the generation of debit card income, including third party switch network provider fees and related data transmission costs, and plastic card costs for the generation of debit cards for checking account customers. The increase in debit card expense for 2025 compared to 2024 was primarily driven by the Northway acquisition and the resulting addition of approximately 28,000 new debit card customers. Amortization of CDI assets represents the periodic amortization of the Company’s CDI assets arising from the Northway acquisition. The CDI assets recorded in connection with the Northway acquisition totaled $48.1 million, and we estimate the useful life of these CDI assets to be ten years. Refer to Notes 2 and 5 of the consolidated financial statements for additional information. Consulting and professional fees include third-party consulting services and other professional fees, such as audit and tax services, legal services, and Company and Bank director fees. The increase in consulting and professional fees for 2025 compared to 2024 resulted from the increase in director fees for, and increases due to increases from the Northway acquisition. Regulatory assessments are the costs incurred and paid to various regulatory agencies, including the FDIC and OCC. Regulatory assessment fees are based on a number of factors, including but not limited to, asset growth, regulator risk assessment and positive or negative trends specific to the financial institution. The increase in regulatory assessment fees for 2025 compared to 2024 was driven by the Northway acquisition and increase in the Company’s total assets. OREO and collection costs, net include the costs associated with OREO, collection and foreclosure efforts for the Company's loans. Other expenses include employee-related costs, such as certain SERP and other postretirement benefits expenses; hiring, training, education, meeting and business travel costs; donations and marketing costs; postage, freight and courier costs; and other expenses. The increase in other expenses for 2025 compared to 2024 was primarily attributable to the Northway acquisition and an increase in marketing costs as we support new markets in New Hampshire, costs associated with a former Northway employee’s supplemental retirement plan, and increases in various operating expenses driven by the increased number of locations, customers and employees following the acquisition. Income Tax Expense Income tax expense for the years ended December 31, 2025 and 2024 was $13.5 million and $12.5 million, respectively, and our effective income tax rate was 17.2% for 2025 and 19.0% for 2024. The decrease in the Company's effective income tax rate between years was primarily driven by a one-time $2.4 million decrease in income tax expense associated with the remeasurement of the Company’s deferred tax assets and liabilities upon completion of the Northway acquisition, which increased our tax exposure in Massachusetts and New Hampshire. The remeasurement resulted in an increase to the Company’s deferred tax rate in 2025 to 22.8% from 21.5% in 2024. The Company's deferred tax assets were $51.1 million and $40.0 million at December 31, 2025 and 2024, respectively. The increase in deferred tax assets during 2025 was primarily driven by the net deferred tax assets that were created through purchase accounting as a result of the Northway acquisition, and the aforementioned $2.4 million increase associated with the remeasurement of Company’s deferred tax assets and liabilities. Although not anticipated as of December 31, 2025, should the Company realize a loss on these investments, the loss would be characterized as an ordinary loss for income tax purposes and not as a capital loss, and thus would not carry restrictions on use of any such loss. 52 We continuously monitor and assess the need for a valuation allowance on our deferred tax assets, and we determined that no valuation allowance was necessary as of December 31, 2025 or December 31, 2024. Refer to “—Financial Condition—Investments,” and Note 3 of the consolidated financial statements for further discussion of investments. Refer to Note 20 of the consolidated financial statements for further discussion of income taxes and related deferred tax assets and liabilities. 2024 Operating Results as Compared to 2023 Operating Results Results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s 2024 annual report on Form 10-K filed with the SEC on March 7, 2025. 53 FINANCIAL CONDITION Cash and Cash Equivalents Total cash and cash equivalents were $97.5 million as of December 31, 2025, compared to $215.0 million at December 31, 2024. As part of the Northway acquisition, the Company acquired $48.3 million of cash, which was utilized to prepay all $45.0 million of Federal Home Loan Bank of Boston (“FHLBB”) borrowings assumed from Northway, largely offsetting the cash obtained through the acquisition. The Company continues to actively manage its cash balances. Refer to Note 2 of the consolidated financial statements for additional information on the assets and liabilities acquired from Northway. Included within the Company’s cash and cash equivalents balances at December 31, 2025 and 2024, was cash held in escrow by the FHLBB as collateral posted by the counterparties for our derivatives in a net asset position at each reporting date totaling $7.2 million and $13.2 million, respectively. We and the counterparty manage these cash accounts daily. Refer to Notes 13 and 14 of the consolidated financial statements for additional detail on the Company’s derivatives and collateral. Investments The Company utilizes the investment portfolio to manage liquidity, interest rate risk, and regulatory capital, as well as to take advantage of market conditions to generate returns without undue risk. At December 31, 2025 and 2024, the Company’s investment portfolio generally consisted of MBS, CMO, municipal and corporate debt securities, FHLBB and FRB common stock, and mutual funds held in a rabbi trust for purposes of Company executive and director nonqualified retirement plans. We designate our debt securities as AFS or HTM based on our intent and investment strategy and they are carried at fair value and amortized cost, respectively. Our FHLBB and FRB common stock is carried at cost, and our mutual fund investments are carried at fair value. At December 31, 2025 and 2024, total investments were 21% and 20%, respectively, of total assets. In 2022, we transferred securities from AFS to HTM to help manage our capital position in a rising interest rate environment. The securities were reclassified at fair value at the time of the transfer, which was a non-cash transaction. At December 31, 2025, the net unrealized losses on the transferred securities reported within AOCI were $36.7 million, net of a deferred tax asset of $10.6 million, and the weighted-average life on these securities was 7.3 years. At December 31, 2024, the net unrealized losses on the transferred securities reported within AOCI were $41.8 million, net of a deferred tax asset of $11.4 million and the weighted-average of these securities was 7.9 years. At December 31, 2025 and 2024, the Company's investments portfolio totaled $1.4 billion and $1.1 billion, respectively, representing an increase of $308.7 million, or 27%, during 2025. The increase was driven by the addition of $230.0 million of investments, net of purchase accounting adjustments, from the Northway acquisition on January 2, 2025, and included debt securities totaling $227.4 million that were designated as AFS and $2.5 million of FHLBB and other corresponding banking relationship common stock. The other drivers for the net change in total investments during 2025 were: •The sale of $56.4 million of acquired Northway debt securities shortly after the acquisition date to restructure the combined investment portfolio. These debt securities were sold at fair value, and, thus, no gain or loss was recognized upon sale; •The purchase of $236.7 million of debt securities that we designated as AFS, and the purchase of $5.0 million of subordinated corporate debt securities of another regional financial institution that we designated as HTM; •Pay downs, calls and maturities of $152.7 million; •Net amortization and accretion of $8.4 million; and •The change in the fair value of the Company’s AFS debt securities of $37.0 million. Our AFS debt securities portfolio, which comprised 64% and 52% of our investment portfolio at December 31, 2025 and 2024, respectively, was carried at fair value using level 2 valuation techniques. Refer to Notes 1 and 22 of the consolidated financial statements for further details on the Company's fair value techniques. The AFS and HTM debt securities portfolio has limited credit risk due to its composition, which includes securities backed by the U.S. government and government-sponsored agencies, and corporate and municipal bonds that are highly rated by nationally recognized rating agencies. At December 31, 2025 and 2024, the book value of U.S. government and government-sponsored agencies represented approximately 93% and 91%, respectively, of the AFS and HTM debt securities portfolio. The book value of corporate and municipal bonds carrying a credit rating of “AA” or higher at each of December 31, 2025 and 2024 and was 4% and 5%, respectively, of the AFS and HTM debt securities. 54 Our other investments on the consolidated statements of condition consist of FHLBB, FRB and other correspondent bank common stock. These investments are carried at cost. We are required to maintain a certain level of investment in FHLBB stock based on our level of FHLBB advances, and maintain a certain level of investment in FRB common stock based on the Bank's capital levels. As of December 31, 2025 and 2024, our investment in FHLBB stock totaled $17.7 million and $17.1 million, respectively, and our investment in FRB stock was $8.7 million and $5.4 million, respectively. Our investments in mutual funds are designated as trading securities and carried at fair value. These investments are held within a rabbi trust and will be used for future payments associated with the Company’s Executive and Director Deferred Compensation Plan. These investments are carried at fair value using level 1 valuation techniques. The following table sets forth the carrying value of the Company’s investments portfolio along with the percentage distribution as of the dates indicated: December 31, 2025 2024 (Dollars in thousands) Carrying Value Percent of Total Investments Carrying Value Percent of Total Investments Trading Securities (carried at fair value): Mutual funds $ 5,747  —  % $ 5,243  —  % Total trading securities 5,747  —  % 5,243  —  % AFS Debt Investments (carried at fair value): Obligations of states and political subdivisions 5,275  —  % 5,289  —  % MBS issued or guaranteed by U.S. government-sponsored enterprises 684,389  48  % 424,956  37  % CMO issued or guaranteed by U.S. government-sponsored enterprises 224,373  15  % 147,479  13  % Subordinated corporate bonds 16,364  1  % 16,025  1  % Total AFS debt investments 930,401  64  % 593,749  51  % HTM Debt Investments (carried at amortized cost): Obligations of U.S. government-sponsored enterprises 7,865  1  % 7,729  1  % Obligations of states and political subdivisions 55,802  4  % 56,047  5  % MBS issued or guaranteed by U.S. government-sponsored enterprises 271,168  19  % 292,170  26  % CMO issued or guaranteed by U.S. government-sponsored enterprises 128,966  9  % 142,467  13  % Subordinated corporate bonds 21,491  1  % 19,365  2  % Total HTM debt investments 485,292  34  % 517,778  47  % Other Investments (carried at cost): FHLBB stock 17,735  1  % 17,140  2  % FRB stock 8,692  1  % 5,374  —  % Other correspondent bank stock 70  —  % —  —  % Total other investments 26,497  2  % 22,514  2  % Total $ 1,447,937  100  % $ 1,139,284  100  % We continuously monitor and evaluate our investment securities portfolio to identify and assess risks within our portfolio, including, but not limited to, the impact of the current rate environment and the related prepayment risk, and credit ratings. The overall mix of debt securities at December 31, 2025 compared to December 31, 2024 remains relatively unchanged and well positioned to provide a stable source of cash flow. The duration of our debt investment securities portfolio at December 31, 2025 was 4.9 years, compared to 5.2 years at December 31, 2024. The weighted average life of our debt securities portfolio at December 31, 2025 was 6.7 years, compared to 7.0 years at December 31, 2024. The Company’s AFS debt securities that are in an unrealized loss position are assessed to determine if an allowance should be recorded or if a write-down is required. As of and for the years ended December 31, 2025, 2024 and 2023, we did not record 55 any allowances or write-down any of our AFS debt securities in an unrealized loss position. Refer to Note 1 of the consolidated financial statements for further discussion of our practices and policies, and refer to Note 3 of the consolidated financial statements for additional details of our assessment of the allowance for AFS investments as of December 31, 2025 and 2024. We assess our HTM debt securities each reporting period to determine if an allowance should be recorded or if a write-down is required. In the first quarter of 2023, we wrote-off a $1.8 million corporate bond issued by Signature Bank due to Signature Bank's failure through provision expense on the consolidated statements of income. This corporate bond was designated as HTM and previously carried no ACL. In January 2024, we sold the Signature Bank security and recovered $910,000. We completed a review of our HTM investment portfolio as of December 31, 2025 and 2024, and concluded that no ACL was warranted on any bonds at this time. Refer to Note 1 of the consolidated financial statements for further discussion of our practices and policies, and refer to Note 3 of the consolidated financial statements for additional details of our assessment of the allowance for HTM investments as of December 31, 2025 and 2024. The fair value and book value of the Company's corporate bonds and municipal securities as of December 31, 2025 and 2024 was as follows: December 31, 2025 December 31, 2024 (Dollars in thousands) # of Securities Fair Value Book Value Net Unrealized Gain (Loss) # of Securities Fair Value Book Value Net Unrealized Loss Municipal bonds 53  $ 60,167  $ 61,105  $ (938) 54  $ 59,560  $ 61,469  $ (1,909) Corporate bonds 18  38,812  38,212  600  18  35,436  37,048  (1,612) Total 71  $ 98,979  $ 99,317  $ (338) 72  $ 94,996  $ 98,517  $ (3,521) At December 31, 2025 and 2024, municipal bonds were 4% and 5%, respectively, of the book value of the total bond portfolio. At December 31, 2025 and 2024, all municipal bonds carried an investment-grade credit rating. At December 31, 2025 and 2024, corporate bonds were 3% of the book value of the total bond portfolio. At December 31, 2025 and 2024, corporate bonds with a book value of $26.0 million and $25.9 million, or 68% and 70% of the corporate bond portfolio, carried an investment-grade credit rating. The remaining corporate bonds with a book value of $12.2 million and $11.2 million at December 31, 2025 and 2024, respectively, were non-rated corporate bonds of community banks within our markets. As of December 31, 2025, the corporate bond portfolio was made up of 17 different companies, which included 15 different banks. The banks in the portfolio range from the largest U.S. banks to community banks, with 34% of our exposure as of December 31, 2025, being to global systemically important banks, or "G-SIBs." We continue to monitor and analyze the performance of our corporate bond portfolio. 56 The following table presents the book value and fully-taxable equivalent weighted-average yields of debt investments by contractual maturity and the carrying value of other investments, for the periods indicated. Actual maturities of debt investments may differ from contractual maturities because borrowers may have the right to call or prepay. December 31, 2025 2024 (Dollars in thousands) Due in 1 year or less Due in 1 – 5 years Due in 5 – 10 years Due in over 10 years Amortized Cost Amortized Cost Debt investments: Obligations of U.S. government-sponsored enterprises $ —  $ —  $ 7,865  $ —  $ 7,865  $ 7,729  Obligations of states and political subdivisions 355  7,429  12,805  40,517  61,106  61,470  MBS issued or guaranteed by U.S. government-sponsored enterprises —  81,441  130,038  780,324  991,803  785,936  CMO issued or guaranteed by U.S. government-sponsored enterprises —  52,329  49,121  257,544  358,994  298,598  Subordinated corporate bonds —  14,002  24,210  —  38,212  37,048  Total debt investments $ 355  $ 155,201  $ 224,039  $ 1,078,385  $ 1,457,980  $ 1,190,781  Weighted-average yield on debt securities(1) 3.31  % 3.67  % 3.95  % 3.36  % 3.48  % 3.03  % (1)    Weighted average is calculated by dividing the book value by the book value times tax yield. Loans The following table sets forth the composition of our loan portfolio at the dates indicated, as well as the change during                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2025: December 31, 2025 2024 Change (Dollars in thousands) $ % of Total Loan Portfolio $ % of Total Loan Portfolio $ % Commercial real estate - non-owner-occupied $ 1,778,985  36  % $ 1,387,252  34  % $ 391,733  28  % Commercial real estate - owner-occupied 406,120  8  % 324,712  8  % 81,408  25  % Commercial 417,439  8  % 382,785  9  % 34,654  9  % Total commercial loan portfolio 2,602,544  52  % 2,094,749  51  % 507,795  24  % Residential real estate 2,012,922  41  % 1,752,249  43  % 260,673  15  % Home equity 332,256  7  % 253,251  6  % 79,005  31  % Consumer 17,416  —  % 15,010  —  % 2,406  16  % Total retail loan portfolio $ 2,362,594  48  % $ 2,020,510  49  % $ 342,084  17  % Total loans $ 4,965,138  100  % $ 4,115,259  100  % $ 849,879  21  % At December 31, 2025 and 2024, 38% and 36% of the consumer loan portfolio was unsecured, respectively. At December 31, 2025 and 2024, 57% and 55% of the home equity portfolio, respectively, was secured by junior lien positions, of which approximately 30% and 32% were loans for which we also held the first‑lien mortgage. 57 The increase in loan balances at December 31, 2025, compared to 2024, was driven by the Northway acquisition in which the Company acquired $775.7 million of loans, net of purchase accounting adjustments. The table below details the organic change in loans for the year ended December 31, 2025: (A) (B) (C) (D) = (A) - (B) - (C)           (In thousands) December 31, 2025 December 31, 2024 Northway Acquisition Purchase Accounting(1) For the Year Ended December 31, 2025 Organic Growth (Decline) Loans: Commercial real estate $ 2,185,105  $ 1,711,964  $ 360,272  $ 112,869  7  % Commercial 417,439  382,785  106,487  (71,833) (19) % Residential real estate 2,012,922  1,752,249  273,349  (12,676) (1) % Home equity 332,256  253,251  34,304  44,701  18  % Consumer 17,416  15,010  1,251  1,155  8  %     Total loans $ 4,965,138  $ 4,115,259  $ 775,663  $ 74,216  2  % (1)    Represents fair value of as of the acquisition date, January 2, 2025. The organic loan growth of $74.2 million for the year ended December 31, 2025 was primarily driven by increases in our commercial real estate and home equity segments. The $112.9 million increase in our commercial real estate segment was driven by a few larger deals specifically in the New Hampshire market after the acquisition, and the $44.7 million increase in home equity was due to the strategic shift in 2025 to grow our home equity portfolio. These increases were offset by the decrease in the commercial segment of $71.8 million, which was primarily due to the early payoffs on large municipal relationships during the year. Refer to Note 4 of the consolidated financial statements for additional details on our loan segmentation and risks as of December 31, 2025 and 2024. Portfolio Concentrations The Company provides loans primarily to customers located within our geographic market area. As of December 31, 2025, our primary markets were Maine, New Hampshire, and Massachusetts, making up 57%, 25% and 16%, respectively, of our loan portfolio, compared to 68%, 11% and 16%, respectively, at December 31, 2024. The shift in our loan distribution across our geographic market areas shifted during 2025 with the acquisition of Northway on January 2, 2025. As of December 31, 2025, our distribution channels throughout Northern New England included 56 branches in Maine and 16 branches in New Hampshire. At December 31, 2025, the lessors of residential buildings industry (lessors of buildings used as residences, such as single-family homes, apartments and town houses) and the non-residential building operators' industry (operators of commercial and industrial buildings, retail establishments, theaters, banks and insurance buildings) concentrations were 28% and 29%, respectively, of our total commercial real estate portfolio and both were 12% and 13%, respectively, of total loans. At December 31, 2024, the non-residential building operators’ industry and lessors of residential building industry concentrations were 32% and 21%, respectively, of total commercial real estate portfolio and were both 13% of total loans. At December 31, 2025, there were no other industry concentrations within our loan portfolio that exceeded 10% of total loans. 58 The table below summarizes the industry concentrations of the commercial loan portfolio at the dates indicated: December 31, 2025 2024 Change (Dollars in thousands) $ % of Commercial Loan Portfolio $ % of Commercial Loan Portfolio $ % Real estate investment(1) $ 1,335,058  51  % $ 1,056,180  50  % $ 278,878  26  % Lodging 306,182  12  % 220,943  11  % 85,239  39  % Retail trade 158,397  6  % 141,157  7  % 17,240  12  % Health care 152,887  6  % 104,865  5  % 48,022  46  % Construction 82,397  3  % 74,075  4  % 8,322  11  % Wholesale trade 77,787  3  % 66,086  3  % 11,701  18  % Manufacturing 65,495  3  % 60,671  3  % 4,824  8  % Finance and insurance 61,236  2  % 62,005  3  % (769) (1) % Other (each 3%) 363,105  14  % 308,767  14  % 54,338  18  % Total $ 2,602,544  100  % $ 2,094,749  100  % $ 507,795  24  % Commercial loan portfolio mix: Commercial real estate - non-owner-occupied $ 1,778,985  68  % $ 1,387,252  66  % 391,733  28  % Commercial real estate - owner-occupied 406,120  16  % 324,712  16  % 81,408  25  % Commercial 417,439  16  % 382,785  18  % 34,654  9  % Total $ 2,602,544  100  % $ 2,094,749  100  % $ 507,795  24  % (1)     The following table summarizes the real estate investment loan portfolio, by property type as of the dates indicated: December 31, 2025 2024 Change (Dollars in thousands) $ % of Real Estate Investment Portfolio % of Total Loan Portfolio $ % of Real Estate Investment Portfolio % of Total Loan Portfolio $ % Multi-family (5+ units)(a) $ 445,583  33  % 9  % $ 325,050  31  % 8  % $ 120,533  37  % Retail 203,011  15  % 4  % 157,483  15  % 4  % 45,528  29  % Office(b) 182,651  14  % 4  % 166,189  16  % 4  % 16,462  10  % Industrial 180,099  13  % 4  % 169,763  16  % 4  % 10,336  6  % Multi-family (1-4 units)(c) 144,074  11  % 3  % 122,474  11  % 3  % 21,600  18  % Other(d) 179,640  14  % 3  % 115,221  11  % 3  % 64,419  56  % Total $ 1,335,058  100  % 27  % $ 1,056,180  100  % 26  % $ 278,878  26  % (a)     Multi-family (5+ units) loans are primarily located in non-urban locations. Of our multi-family (5+ units) loans, 50% are located in Maine, 37% located in New Hampshire, and 11% located in Massachusetts at December 31, 2025. (b)     Office loans are nearly all located in non-urban locations. Of our office loans, 46% are located in Maine, 39% located in New Hampshire, and 15% located in Massachusetts at December 31, 2025. (c)     Represents multi-family (1-4 units) that are used for commercial purposes. (d)     Other includes multiple property types that individually are less than 5% of the real estate investment portfolio and individually are 1% or less of the total loan portfolio. 59 Related Party Transactions The Bank is permitted, in its normal course of business, to make loans to certain officers and directors of the Company and Bank under terms that are consistent with the Bank’s lending policies and regulatory requirements. In addition to extending loans to certain officers and directors of the Company and Bank on terms consistent with the Bank’s lending policies, federal banking regulations also require training, audit and examination of the adherence to this policy (also known as “Regulation O” requirements). Note 4 and Note 9 of the consolidated financial statements provide information on related party lending and deposit transactions, respectively. We have not entered into significant related party transactions. Asset Quality Asset quality is of the upmost importance to the Company, and continues to be of great focus given current market conditions. Our practice is to manage the Company's loan portfolio proactively so that we are able to effectively identify problem credits and trends early, assess and implement effective work-out strategies, and take charge-offs as promptly as practical. In addition, the Company continuously reassesses its underwriting standards in response to credit risk posed by changes in economic conditions. The Company continues to dedicate significant resources to monitor and manage credit risk throughout our loan portfolio and includes management and board-level oversight as follows: •The Credit Risk team, Collection and Special Assets team and the Credit Risk Policy Committee, which is an internal management committee comprised of various executives and senior managers across business lines, including Accounting and Finance, Credit Underwriting, Collections and Special Assets, Risk, and Commercial and Retail Banking, oversee the Company's systems and procedures to monitor the credit quality of its loan portfolio, conduct a loan review program, and maintain the integrity of the loan rating system. •The adequacy of the ACL is overseen by the Management Provision Committee, which is an internal management committee. The Management Provision Committee is comprised of the Company’s chief executive officer, chief financial officer, chief credit officer and certain members of senior management within Accounting, Credit Risk, and Collections and Special Assets. The Management Provision Committee supports the oversight efforts of the Audit Committee of the Board of Directors. •The Directors' Credit Committee of the Board of Directors reviews large credit exposures, monitors external loan review reports, reviews the lending authority for individual loan officers when required, and has approval authority and responsibility for all matters regarding the loan policy and other credit-related policies, including reviewing and monitoring asset quality trends, and concentration levels. •The Audit Committee of the Board of Directors has approval authority and oversight responsibility for the ACL adequacy and methodology. 60 Non-Performing Assets.  Non-performing assets include non-accrual loans, accruing loans 90 days or more past due, and property acquired through foreclosure or repossession. The following table sets forth the composition and amount of our non-performing loans as of the dates indicated: December 31, (Dollars in thousands) 2025 2024 Non-accrual loans: Commercial real estate - non-owner-occupied $ 429  $ 129  Commercial real estate - owner-occupied 210  430  Commercial 3,042  1,927  Residential real estate 2,667  1,891  Home equity 672  434  Consumer 3  18  Total non-accrual loans 7,023  4,829  Accruing loans past due 90 days —  —  Total non-performing loans 7,023  4,829  Other real estate owned —  —  Total non-performing assets $ 7,023  $ 4,829  Total loans, excluding loans held for sale $ 4,965,138  $ 4,115,259  Total assets $ 6,974,584  $ 5,805,138  ACL on loans $ 45,276  $ 35,728  ACL on loans to non-accrual loans 644.68  % 739.86  % Non-accrual loans to total loans 0.14  % 0.12  % Non-performing loans to total loans 0.14  % 0.12  % Non-performing assets to total assets 0.10  % 0.08  % Generally, a loan is classified as non-accrual when interest and/or principal payments are 90 days past due or when management believes collecting all principal and interest owed is in doubt. All previously accrued but unpaid interest on non-accrual loans is reversed from interest income in the current period. Interest payments received on non-accrual loans are applied as a reduction of principal. A loan remains on non-accrual status until all principal and interest amounts contractually due are brought current, all future principal and interest payments are reasonably assured, and a consistent repayment record, generally six consecutive payments, has been demonstrated. At that time, we may reclassify the loan to performing. The following table highlights the interest income that would have been recognized if loans on non-accrual status had been current in accordance with their original terms (i.e., “foregone interest income”) for the periods indicated: For the Year Ended December 31, (In thousands) 2025 2024 2023 Foregone interest income $ 421  $ 190  $ 131  Potential Problem Loans.  Potential problem loans consist of classified accruing commercial and commercial real estate loans that were 30-89 days past due. Such loans are characterized by weaknesses in the financial condition of our borrowers or collateral deficiencies. Based on historical experience, the credit quality of some of these loans may improve due to the financial condition of the borrowers or changes in collateral values, while the credit quality of other loans may deteriorate, resulting in some amount of loss. These loans are not included in the above analysis of non-accrual loans. At December 31, 2025 and 2024, potential problem loans totaled $4.6 million and $96,000, respectively. 61 Past Due Loans.  Past due loans consist of accruing loans that were 30-89 days past due. The following table presents the recorded investment of past due loans at the dates indicated: December 31, (Dollars in thousands) 2025 2024 Loans 30-89 days past due: Commercial real estate - non-owner-occupied $ 4,698  $ 59  Commercial real estate - owner-occupied 586  630  Commercial 541  393  Residential real estate 1,565  558  Home equity 713  552  Consumer 59  69  Total loans 30-89 days past due $ 8,162  $ 2,261  Total loans $ 4,965,138  $ 4,115,259  Loans 30-89 days past due to total loans 0.16  % 0.05  % ACL. The following table sets forth information concerning the components of our ACL for the periods indicated: At or For the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 ACL on loans, beginning of period $ 35,728  $ 36,935  $ 36,922  ACL on acquired PCD loans 3,071  —  —  Components of provision for credit losses on loans: Provision for acquired non-PCD loans 6,293  —  —  General provision for loan losses 15,738  53  1,174  Total provision for credit losses on loans 22,031  53  1,174  Net charge-offs (recoveries)(1): Commercial real estate 3,151  (10) 39  Commercial 12,231  1,329  1,089  Residential real estate (21) (26) (26) Home equity 20  (97) 60  Consumer 173  64  (1) Total net charge-offs 15,554  1,260  1,161  ACL on loans, end of the period $ 45,276  $ 35,728  $ 36,935  Components of ACL: ACL on loans $ 45,276  $ 35,728  $ 36,935  ACL on off-balance sheet credit exposures 3,064  2,805  2,353  ACL, end of period $ 48,340  $ 38,533  $ 39,288  Total loans, excluding loans held for sale $ 4,965,138  $ 4,115,259  $ 4,098,094  Average loans $ 4,953,595  $ 4,129,171  $ 4,076,681  Net charge-offs to average loans 0.31  % 0.03  % 0.03  % Provision for loan losses to average loans 0.44  % —  % 0.03  % ACL on loans to total loans 0.91  % 0.87  % 0.90  % 62 (1)    Additional information related to provision for loan losses and net (charge-offs) recoveries is presented in the following table for the periods indicated: For the Year Ended December 31, (Dollars in thousands) Total Charge-offs Total Recoveries Net Charge-Offs (Recoveries) Average Loans Ratio of Net Charge-Offs (Recoveries) to Average Loans 2025: Commercial real estate $ 3,220  $ 69  $ 3,151  $ 2,112,281  0.15  % Commercial 12,659  428  12,231  487,827  2.51  % Residential real estate 4  25  (21) 2,034,170  —  % Home equity 21  1  20  300,686  0.01  % Consumer 185  12  173  18,631  0.93  % Total $ 16,089  $ 535  $ 15,554  $ 4,953,595  0.31  % 2024: Commercial real estate $ —  $ 10  $ (10) $ 1,699,655  —  % Commercial 1,784  455  1,329  394,116  0.34  % Residential real estate —  26  (26) 1,773,149  —  % Home equity 1  98  (97) 245,634  (0.04) % Consumer 98  34  64  16,617  0.39  % Total $ 1,883  $ 623  $ 1,260  $ 4,129,171  0.03  % 2023: Commercial real estate $ 58  $ 19  $ 39  $ 1,659,078  —  % Commercial 1,560  471  1,089  415,650  0.26  % Residential real estate 18  44  (26) 1,748,076  —  % Home equity —  1  (1) 234,358  —  % Consumer 91  31  60  19,519  0.31  % Total $ 1,727  $ 566  $ 1,161  $ 4,076,681  0.03  % The following table sets forth information concerning the allocation of the ACL on loans by loan categories at the dates indicated: December 31, 2025 2024 (Dollars in thousands) ACL on Loans Percent of Loans in Each Category to Total Loans ACL on Loans Percent of Loans in Each Category to Total Loans Commercial real estate - non-owner-occupied $ 18,304  40  % $ 14,897  42  % Commercial real estate - owner-occupied 4,328  10  % 2,481  7  % Commercial 5,718  13  % 5,856  16  % Residential real estate 12,832  28  % 9,979  28  % Home equity 3,950  9  % 2,397  7  % Consumer 144  —  % 118  —  % Total $ 45,276  100  % $ 35,728  100  % Refer to “—Critical Accounting Estimates” and Note 1 of the consolidated financial statements for further details of our CECL model macroeconomic factors (i.e. loss drivers), and refer to Note 4 of the consolidated financial statements for discussion of the risk characteristics for each portfolio segment considered when evaluating the ACL, as well as factors driving the change in the ACL on loans at December 31, 2025 compared to December 31, 2024. 63 Goodwill and Core Deposit Intangible Assets Upon completion of an acquisition the Company likely will generate goodwill and other intangible assets. Goodwill represents the price paid in excess of the fair value of acquired assets and liabilities. Through the acquisition of other financial institutions, CDI assets are recognized at the estimated fair value of the acquired non-maturity deposit customer relationships. Goodwill is reviewed for impairment as of November 30th annually, or more frequently as determined by management, and CDI assets are reviewed when a triggering event suggests such a review necessary. On January 2, 2025, the Company completed its acquisition of Northway, and, after applying provisional purchase accounting entries, it generated $56.8 million of goodwill. At December 31, 2025, goodwill totaled $151.5 million, compared to $94.7 million as of December 31, 2024. Through our annual impairment analysis performed as of November 30, 2025 and 2024, we determined goodwill was not impaired. Refer to “—Critical Accounting Estimates” and Note 5 of the consolidated financial statements for further details of the testing performed. Through the Northway acquisition, the Company created CDI assets of $48.1 million, or 6% of core deposits acquired. At December 31, 2025 and 2024, net CDI assets totaled $42.6 and $415,000, respectively, and the related amortization was $5.9 million, $556,000, and $592,000 for the years ended 2025, 2024 and 2023, respectively. There were no indications of potential risk of impairment of CDI assets for any of the aforementioned years. Refer to Notes 2 and 5 of the consolidated financial statements for additional information Investment in BOLI BOLI is presented in the consolidated statements of condition at its cash surrender value. Increases in BOLI’s cash surrender value are reported as a component of non-interest income in the consolidated statements of income. BOLI was $112.1 million and $104.3 million at December 31, 2025 and 2024, respectively. The increase year-over-year was primarily due to acquiring one BOLI policy as part of the Northway acquisition, as well as the increase in the cash surrender value of the Company’s BOLI policies. BOLI provides a means to mitigate increasing employee benefit costs. We expect to benefit from the BOLI contracts as a result of the tax-free growth in cash surrender value and death benefits that are expected to be generated over time. The largest risk to the BOLI program is credit risk of the insurance carriers. At December 31, 2025, we had one stable value account (that is subject to a wrapper) and that totals 9% of the BOLI portfolio, and one variable universal life insurance policy invested in a range of underlying fund options that totals 4% of the portfolio, while the remaining amounts of the BOLI portfolio are in general accounts. To mitigate risk, annual financial condition reviews are completed on all carriers and we impose internal policy limits so that no one carrier exceed 10% of Tier 1 capital plus the allowable ACL (as defined for regulatory purposes). BOLI is invested in the “general account” of quality insurance companies or in separate account products; 94% of our balances are with insurance carriers that had an A.M. Best rating of “A” or better at December 31, 2025. Deposits The Company receives checking, savings and time deposits primarily from customers located within our markets. Other forms of deposits include brokered deposits and deposits with the Certificate of Deposit Account Registry System. The table below details the Company’s deposits, and change between periods, as of each date indicated: December 31, Change (Dollars in thousands) 2025 2024 $ % Non-interest checking $ 1,113,450  $ 925,571  $ 187,879  20  % Interest checking 1,703,971  1,483,589  220,382  15  % Savings 1,087,664  751,159  336,505  45  % Money market(1) 823,044  760,430  62,614  8  % Core deposits (non-GAAP) 4,728,129  3,920,749  807,380  21  % Certificates of deposit 679,087  532,424  146,663  28  % Brokered deposits(2) 130,565  179,994  (49,429) (27) % Total deposits $ 5,537,781  $ 4,633,167  $ 904,614  20  % 64 (1)    Includes $91.1 million and $89.1 million of deposits from Camden National Wealth Management as of December 31, 2025 and 2024, respectively, which represent client funds. These deposits fluctuate with changes in the portfolios of the clients of Camden National Wealth Management. (2)    At December 31, 2025 and 2024, brokered deposits consisted of $130.6 million and $105.2 million, respectively, of brokered money market balances, and $0 and $74.8 million, respectively, of brokered certificates of deposit (“CD”) balances. The significant increase in deposit balances was driven by the Northway acquisition in which the Company acquired $971.7 million of deposits, net of purchase accounting adjustments. Of the total deposits acquired, $799.1 million, or 82%, were core deposits (non-GAAP). The table below details the organic change in deposits for the year ended December 31, 2025: (A) (B) (C) (D) = (A) - (B) - (C) (In thousands) December 31, 2025 December 31, 2024 Northway Acquisition Purchase Accounting(1) For the Year Ended December 31, 2025 Organic Growth (Decline) Deposits: Non-interest checking $ 1,113,450  $ 925,571  $ 197,320  $ (9,441) (1) % Interest checking 1,703,971  1,483,589  315,891  (95,509) (6) % Savings and money market 1,910,708  1,511,589  285,889  113,230  7  % Certificates of deposit 679,087  532,424  172,573  (25,910) (5) % Brokered deposits 130,565  179,994  —  (49,429) (27) % Total deposits $ 5,537,781  $ 4,633,167  $ 971,673  $ (67,059) (1) % (1)    Represents fair value of as of January 2, 2025 (acquisition date). At December 31, 2025, the Company had no customer relationships that exceeded 10% of total deposits. Uninsured and Uncollateralized Deposits. Total deposits that exceeded the FDIC deposit insurance limit of $250,000 were $1.3 billion, or 23% of total deposits, as of December 31, 2025, and $1.1 billion, or 23% of total deposits, as of December 31, 2024. Total uninsured and uncollateralized deposits that exceeded the FDIC deposit insurance limit of $250,000 and that were not secured by pledged assets or any other guarantee of the Company, totaled $828.3 million, or 15%, of total deposits as of December 31, 2025, and $760.8 million, or 16%, of total deposits as of December 31, 2024. Borrowings and Advances We utilize a variety of funding sources to manage our borrowings, including, but not limited to, FHLBB and correspondent bank overnight borrowings, FHLBB advances, customer and wholesale repurchase agreements, the Bank Term Funding Program (under which the Federal Reserve no longer allowed for additional borrowings from financial institutions as of March 11, 2024), and junior subordinated debentures. We proactively monitor our borrowings through Management and Board ALCO as part of prudent balance sheet, earnings, and liquidity management. As part of our liquidity management, we use internal designations of “short-term” and “long-term” borrowings, and manage our borrowings within each designation: •Short-term borrowings include, but are not limited to, FHLBB and correspondent bank overnight borrowings, FHLBB advances with maturity within one year of origination, customer repurchase agreements; and •Long-term borrowings may include, but are not limited to, FHLBB advances with maturity greater than one year, wholesale repurchase agreements, and junior subordinated debentures. At December 31, 2025, short-term borrowings were $581.8 million, representing an increase of $81.2 million, or 16%, during 2025 to fund our balance sheet growth. 65 Short-Term Borrowings. The following table below provides certain information on our short-term borrowings at and for the period ended: December 31, (Dollars in thousands) 2025 2024 2023 FHLBB and correspondent bank overnight borrowings: Balance outstanding at end of year $ 2,000  $ —  $ 24,950  Average daily balance outstanding $ 34,711  $ 9,313  $ 141,318  Maximum balance outstanding at any month end $ 168,500  $ 81,000  $ 189,400  Weighted average interest rate for the year 4.55  % 5.65  % 4.82  % Weighted average interest rate at end of year 3.87  % —  % 5.56  % FHLBB advances (less than one year): Balance outstanding at end of year $ 325,000  $ 325,000  $ 125,000  Average daily balance outstanding $ 323,685  $ 233,060  $ 104,740  Maximum balance outstanding at any month end $ 325,000  $ 325,000  $ 140,000  Weighted average interest rate for the year 3.71  % 4.09  % 3.14  % Weighted average interest rate at end of year 3.90  % 4.62  % 5.53  % BTFP: Balance outstanding at end of year $ —  $ —  $ 135,000  Average daily balance outstanding $ —  $ 123,617  $ 89,510  Maximum balance outstanding at any month end $ —  $ 225,000  $ 135,000  Weighted average interest rate for the year —  % 4.77  % 4.70  % Weighted average interest rate at end of year —  % —  % 4.70  % Customer repurchase agreements: Balance outstanding at end of year $ 254,780  $ 175,621  $ 200,657  Average daily balance outstanding $ 245,748  $ 185,299  $ 191,646  Maximum balance outstanding at any month end $ 270,923  $ 204,456  $ 210,140  Weighted average interest rate for the year 1.20  % 1.73  % 1.49  % Weighted average interest rate at end of year 0.99  % 1.64  % 1.56  % Junior Subordinated Debentures. We had outstanding at December 31, 2025 and 2024, junior subordinated debentures totaling $61.5 million and $44.3 million, respectively. FHLBB Collateral. FHLBB short-term and long-term borrowings are collateralized by a blanket lien on qualified collateral consisting primarily of loans with first mortgages secured by one- to four-family properties, certain commercial real estate loans, certain pledged investment securities and other qualified assets. The carrying value of residential real estate and commercial loans pledged as collateral was $2.3 billion and $1.9 billion for December 31, 2025 and 2024, respectively. The carrying value of securities pledged as collateral at the FHLBB was $0 and $4.0 million at December 31, 2025 and 2024, respectively. Shareholders’ Equity Total shareholders’ equity at December 31, 2025 was $696.6 million, which was an increase of $165.3 million, or 31%, since December 31, 2024. The increase was primarily driven by: •An increase of $96.5 million related to shares issued in connection with the Northway acquisition; •An increase in retained earnings of $35.7 million, reflecting net income of $65.2 million, partially offset by cash dividends declared of $29.5 million for 2025; and •An increase in AOCI of $30.3 million, driven by the decrease in unrealized losses on the fair value of the Company’s debt securities and interest rate swaps, net of tax. 66 At December 31, 2025 and 2024, the Company and the Bank exceeded all regulatory capital requirements, and the Bank met the capital ratios necessary to be considered “well capitalized” under the prompt corrective action framework. There were no changes to the Company’s or the Bank's capital ratios that occurred subsequent to December 31, 2025 that would change the Company or Bank's regulatory capital categorization. In January 2026, the Company's Board of Directors authorized the repurchase of up to 850,000 shares of the Company's common stock, representing approximately 5.0% of the Company's issued and outstanding shares of common stock as of December 31, 2025. Refer to “—Capital Resources” and Note 15 of the consolidated financial statements for further discussion of the Company's capital position. The following table presents certain information regarding shareholders’ equity for the periods indicated: As of and For the Year Ended December 31, 2025 2024 2023 Financial Ratios Average equity to average assets 9.44  % 8.92  % 8.18  % Common equity ratio 9.99  % 9.15  % 8.66  % Tangible common equity ratio (non-GAAP) 7.41  % 7.64  % 7.11  % Dividend payout ratio 45.21  % 46.28  % 56.38  % Per Share Data Book value per share $ 41.16  $ 36.44  $ 33.99  Tangible book value per share (non-GAAP) $ 29.69  $ 29.91  $ 27.42  Dividends declared per share $ 1.68  $ 1.68  $ 1.68  LIQUIDITY Our liquidity needs require the availability of cash to meet the withdrawal demands of depositors and credit commitments to borrowers. Liquidity is defined as our ability to maintain availability of funds to meet customer needs, as well as to support our asset base. The primary objective of liquidity management is to maintain a balance between sources and uses of funds to meet our cash flow needs in the most economical and expedient manner. Due to the potential for unexpected fluctuations in both deposits and loans, active management of liquidity is necessary. We maintain various sources of funding and levels of liquid assets and monitor liquidity in accordance with internal guidelines and all applicable regulatory requirements. At December 31, 2025 and 2024, the Company's liquidity level exceeded its target. We believe that we currently have appropriate liquidity available to respond to demands. Sources of funds that we utilize consist of deposits; borrowings from the FHLBB and other sources; cash flows from loans and investments; and cash flows from operations, including other contractual obligations and commitments. As of December 31, 2025, our primary liquidity sources available were as follows: (Dollars in thousands) Amount Excess cash $ 22,352  Unpledged investment securities 444,231  Over collateralized securities pledging position 186,019  FHLBB 914,373  FRB Discount Window 150,307  Unsecured borrowing lines 94,872  Total available primary liquidity $ 1,812,154  Deposits. Deposits continue to represent our primary source of funds. As of December 31, 2025, total deposits were $5.5 billion, an increase of 20% over December 31, 2024. Refer to “—Financial Condition—Deposits” for additional discussion on the Company’s deposit mix and changes in deposit balances during 2025. 67 The following is a summary of the scheduled maturities of CDs as of December 31, 2025: (In thousands) CDs 1 year or less $ 647,672  1 year 31,415  Total $ 679,087  At December 31, 2025, the Company’s brokered deposits totaled $130.6 million and was fully comprised of brokered money market accounts. The Company has established an internal policy limiting brokered deposits to 20% of the Bank’s assets and had $1.3 billion of brokered deposit capacity as of December 31, 2025. Our internal brokered deposit limit falls within the Bank’s total borrowed funds limit that cannot exceed 50% of the Bank’s assets. Borrowings. Borrowings are used to supplement deposits as a source of liquidity. Our primary sources of borrowings are with the FHLBB, federal funds and customer repurchase agreements, but may also include alternative sources such as various forms of subordinated debentures. At December 31, 2025, total borrowings were $644.3 million. Our practice is to secure borrowings from the FHLBB with qualified commercial and residential real estate loans, home equity loans and certain investment securities. At December 31, 2025, our total borrowing capacity with FHLBB was $924.2 million. Customer repurchase agreements are secured by mortgage-backed securities and government-sponsored enterprises. Through the Bank, we also have available lines of credit with the FHLBB of $9.9 million, with correspondent banks of $85.0 million, and with the FRB Discount Window of $150.3 million as of December 31, 2025. We also believe that we have additional untapped access to the brokered deposit market and wholesale reverse repurchase transaction market. These sources are considered as liquidity alternatives in our contingent liquidity plan. The following is a summary of the scheduled maturities of borrowings as of December 31, 2025: (In thousands) FHLBB Advances Customer Repurchase Agreements Subordinated Debentures Total 1 year or less $ 327,000  $ 254,780  $ —  $ 581,780  1 year 1,000  —  61,515  62,515  Total $ 328,000  $ 254,780  $ 61,515  $ 644,295  68 Loans. Contractual loan repayments also affect our liquidity position. Actual speed and timing of repayment may differ materially from contract terms due to prepayments or nonpayment. The Company's residential mortgage loan portfolio is also a significant source of contingent liquidity for the Company that could be accessed in a reasonable time period through the sale of loans on the secondary market, as needed. As of December 31, 2025, qualifying loans with a book value of $2.3 billion were pledged as collateral. The following table presents the contractual maturities of loans at the date indicated: December 31, 2025 (Dollars in thousands) Due in 1 Year or Less Due after 1 Year Through 5 Years Due After 5 Years Through 15 Years Due in More than 15 Years Total Percent of Total Loans Maturity Distribution(1): Fixed Rate: Commercial real estate(2) $ 45,497  $ 442,496  $ 484,780  $ 2,627  $ 975,400  20  % Commercial 24,193  123,313  68,609  8,109  224,224  4  % Residential real estate 214  9,430  117,416  1,374,707  1,501,767  30  % Home equity 52  133  13,819  267,317  281,321  6  % Consumer 1,908  12,355  3,066  87  17,416  —  % Total fixed rate 71,864  587,727  687,690  1,652,847  3,000,128  60  % Variable Rate: Commercial real estate(2) 108,836  416,266  444,305  240,298  1,209,705  25  % Commercial 53,638  73,272  59,671  6,634  193,215  4  % Residential real estate 26  1,341  32,461  477,327  511,155  10  % Home equity 36  2,754  14,566  33,579  50,935  1  % Total variable rate 162,536  493,633  551,003  757,838  1,965,010  40  % Total loans $ 234,400  $ 1,081,360  $ 1,238,693  $ 2,410,685  $ 4,965,138  100  % (1)    Scheduled repayments are reported in the maturity category in which payment is due. Demand loans, loans having no stated schedule of repayments and no stated maturity, and overdrafts are reported as due in one year or less. (2)    Commercial real estate loans includes non-owner-occupied and owner-occupied properties. Additionally, we have active relationships with various secondary market investors that purchase residential mortgage loans we originate. In addition to managing our interest rate risk position and earnings through the sale of these loans, we also manage our liquidity position through timely sales of residential mortgage loans to the secondary market. For the year ended December 31, 2025, we sold 52%, or $242.4 million, of our residential mortgage loan originations to the secondary market. Investments. We generally invest in amortizing MBS and CMO debt securities that return cash flow at an accelerated rate in comparison to other types of debt securities that are of a bullet structure. MBS and CMO debt security cash flow will vary depending on the interest rate environment because borrowers may have the right to call or prepay obligations with or without prepayment penalties. As of December 31, 2025 and 2024, the Company's MBS and CMO debt securities portfolio totaled 92% and 91%, respectively, of the Company's investment portfolio. The investment portfolio is also a significant source of contingent liquidity for the Company that could be accessed in a reasonable time period through the sale of investments on the secondary market, if needed. As of December 31, 2025 and 2024, $303.6 million and $334.8 million of the MBS and CMO debt securities portfolio, or 33% and 56%, respectively, were designated as AFS and not pledged as collateral. As of December 31, 2025 and 2024, $188.3 million and $305.7 million, or 39% and 59%, respectively, were designated as HTM and not pledged as collateral. 69 The following is a summary of the scheduled cash flows from our debt securities portfolio, including investments designated as AFS and HTM, as of December 31, 2025: (In thousands) Contractual Cash Flows(1) 1 year or less $ 153,550  1 year 1,262,143  Total $ 1,415,693  (1)    Expected contractual cash flows could differ as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Other Liquidity Requirements. The Company generates cash flows from earnings through its normal course of business from earnings and, although not contractual, the Company has a history of paying a quarterly cash dividend to its shareholders and repurchasing its shares of common stock. For the year ended December 31, 2025, the Company reported $65.2 million of net income, paid cash dividends of $29.5 million to shareholders, and did not repurchase any shares of its common stock. Also through its normal operations, the Company is party to several other contractual obligations not previously discussed, such as various lease agreements on a number of its branches. Renewal options within the various lease contracts, as applicable, were considered to determine the lease term and estimate the contractual obligation and commitment for the Company's operating and finance leases. Furthermore, certain lease contracts of the Company contain language that subject its rent payment to variability, such as those tied to an index or change in an index. As a result, the future contractual obligation and commitment may differ materially from that estimated and disclosed within the table below. At December 31, 2025, we had the following lease and other contractual obligations to make future payments under each of these contracts as follows: Total Amount Committed Payments Due Per Period (In thousands) 1 Year or Less 1 Year Operating leases $ 18,281  $ 2,105  $ 16,176  Finance leases 8,859  396  8,463  Other contractual obligations 4,937  4,937  —  Total $ 32,077  $ 7,438  $ 24,639  The Company's estimated lease liability for its various operating and finance leases was reported within other liabilities on our consolidated statements of condition. Please refer to Notes 1 and 7 of the consolidated financial statements for discussion and details of our leases. In the normal course of business, we are a party to credit related financial instruments with off-balance sheet risk, which are not reflected in the consolidated statements of condition. These financial instruments include commitments to extend credit and standby letters of credit. Many of the commitments will expire without being drawn upon, and thus, the total amount does not necessarily represent future cash requirements. Refer to Note 12 of the consolidated financial statements for additional details. We use derivative financial instruments for risk management purposes (primarily interest rate risk) and not for trading or speculative purposes. These contracts with our various counterparties may subject the Company to various cash flow requirements, which may include posting of cash as collateral (or other assets) for arrangements that the Company is in a liability position (i.e. “underwater”). Refer to Note 13 of the consolidated financial statements for further discussion of our derivatives and hedge instruments. 70 CAPITAL RESOURCES As part of our goal to operate a safe, sound and profitable financial organization, we are committed to maintaining a strong capital base. Shareholders’ equity totaled $696.6 million and $531.2 million at December 31, 2025 and December 31, 2024, respectively, which amounted to 10% and 9%, respectively of total assets. Refer to “—Financial Condition—Shareholders' Equity” for discussion regarding changes in shareholders' equity since December 31, 2024. Our principal cash requirement is the payment of dividends on our common stock, as and when declared by the Company's Board of Directors. We declared dividends to shareholders in the aggregate amount of $29.5 million, or $1.68 per share, $24.6 million, or $1.68 per share, and $24.5 million, or $1.68 per share, for the years ended December 31, 2025, 2024 and 2023, respectively. The Company's Board of Directors approves cash dividends on a quarterly basis after careful analysis and consideration of various factors, including the following: (i) capital position relative to total assets, (ii) risk-based assets, (iii) total classified assets, (iv) economic conditions, (v) growth rates for total assets and total liabilities, (vi) earnings performance and projections and (vii) strategic initiatives and related capital requirements. All dividends declared and distributed by the Company will be in compliance with applicable regulatory requirements and state corporate law. We are primarily dependent upon the payment of cash dividends by the Bank, our wholly-owned subsidiary, to service our commitments. We, as the sole shareholder of the Bank, are entitled to dividends, when and as declared by the Bank's Board of Directors from legally available funds. For the years ended December 31, 2025, 2024, and 2023, the Bank declared dividends payable to the Company in the amount of $25.4 million, $30.1 million, and $22.5 million, respectively. Under OCC regulations, the Bank generally may not declare a dividend in excess of the Bank’s undivided profits or, absent OCC approval, if the total amount of dividends declared by the Bank in any calendar year exceeds the total of the Bank's retained net income for the current year plus its retained net income for the prior two years. If we are required to use dividends from the Bank to service unforeseen commitments in the future, we may be required to reduce the dividends paid to our shareholders going forward. Please refer to Note 15 of the consolidated financial statements for discussion and details of the Company and Bank's capital regulatory requirements. At December 31, 2025 and 2024, the Company and Bank met all regulatory capital requirements and the Bank continues to be classified as “well capitalized” under prompt corrective action provisions. 71 RISK MANAGEMENT The Company’s Board of Directors and management have identified significant risk categories which affect the Company. The risk categories include: credit; liquidity; market; interest rate; capital; operational; technology, including cybersecurity; vendor and third party; people and compensation; compliance and legal; and strategic alignment and reputation. The Board of Directors has approved an Enterprise Risk Management (“ERM”) Policy that addresses each category of risk. The direct oversight and responsibility for the Company's risk management program has been delegated to the Company's Executive Vice President, Chief Risk Officer, who is a member of the Executive Committee and reports directly to the Chief Executive Officer. The Company is, and may become, subject to other risks. Refer to Item 1A. Risk Factors for further description of the Company's material risks. Credit Risk. Credit risk is the current and prospective risk to earnings or capital arising from an obligor's failure to meet the terms of any contract with the Company or otherwise to perform as agreed. It is found in all activities in which success depends on counterparty, issuer or borrower performance. It arises any time funds are extended, committed, invested or otherwise exposed through actual or implied contractual agreements, whether reflected on or off the Company's balance sheet. The Company makes various assumptions and judgments about the collectability of its loan portfolio, including the creditworthiness of its borrowers and counterparties and the value of the real estate and other assets serving as collateral for the repayment of loans. For further discussion regarding credit risk and the credit quality of the Company’s loan portfolio, refer to “—Financial Condition—Asset Quality,” and Note 4 of the consolidated financial statements. Liquidity Risk. Liquidity risk is the current and prospective risk to earnings or capital arising from the Company’s inability to meet its obligations when they come due, without incurring unacceptable losses. Liquidity risk includes the inability to manage unplanned decreases or changes in funding sources. Liquidity risk also arises from the failure to recognize or address changes in market conditions that affect the ability to liquidate assets quickly and with minimal loss in value. For further discussion regarding the Company's management of liquidity risk, refer to the “—Liquidity” section. Market Risk. Market risk is the risk of loss in a financial instrument arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates, commodity prices and equity prices. Our primary market risk exposure is interest rate risk. The ongoing monitoring and management of this risk is an important component of our asset and liability management process, which is governed by policies established by the Bank’s Board of Directors that are reviewed and approved annually. The Board ALCO delegates responsibility for carrying out the asset/liability management policies to Management ALCO. In this capacity, Management ALCO develops guidelines and strategies impacting our asset/liability management-related activities based upon estimated market risk sensitivity, policy limits and overall market interest rate levels and trends. Board ALCO meets on a quarterly basis to review strategies, policies, economic conditions and various activities as part of the management of these risks. Certain of the Company's revenues are asset-based and determined as a percentage of the value of a client's assets under management. Such values are affected by changes in financial markets, such as interest rate risk, equity prices, and foreign exchange rates, and, accordingly, declines in the financial market may negatively impact its revenue. As of December 31, 2025, client assets under management by Camden National Wealth Management were $1.3 billion. It is estimated that a 1% increase or decrease in client assets under management would result in a de minimis impact to our consolidated financial results. Interest Rate Risk. Interest rate risk represents the sensitivity of earnings to changes in market interest rates. As interest rates change, the interest income and expense streams associated with our financial instruments also change, thereby impacting net interest income, the primary component of our earnings. Board ALCO and Management ALCO utilize the results of a detailed and dynamic simulation model to quantify the estimated exposure of net interest income to sustained interest rate changes. While Board ALCO and Management ALCO routinely monitor simulated net interest income sensitivity over a rolling two-year horizon, they also utilize additional tools to monitor potential longer-term interest rate risk. The simulation model captures the impact of changing interest rates on the interest income received and interest expense paid on all interest-earning assets and interest-bearing liabilities reflected on our consolidated statements of condition, as well as for derivative financial instruments. This sensitivity analysis is compared to internal ALCO policy limits, which specify a maximum tolerance level for net interest income exposure over a one- and two-year horizon, assuming no balance sheet growth or change in composition, given a 200 basis point upward and downward shift in interest rates. In the down 200 basis points scenario, Federal Funds and Treasury yields are floored at 0.01% while Prime is floored at 3.00%. All other market rates are floored at the lesser of current levels or 0.25%. 72 As of December 31, 2025, 2024 and 2023, our net interest income sensitivity analysis reflected the following changes to net interest income assuming no balance sheet growth or change in composition, and a parallel shift in interest rates. All rate changes were “ramped” over the first 12-month period and then maintained at those levels over the remainder of the ALCO simulation horizon. Estimated Changes in Net Interest Income As of December 31, Rate Change from Year 1 – Base 2025 2024 2023 Year 1  +200 basis points (2.1) % (1.6) % (0.6) %  -200 basis points 3.1  % 3.0  % —  % Year 2  +200 basis points 5.2  % 5.2  % 11.4  %  -200 basis points 7.7  % 14.4  % 11.5  % The preceding sensitivity analysis does not represent a forecast and should not be relied upon as being indicative of expected operating results. These hypothetical estimates are based upon numerous assumptions including, among others, the nature and timing of interest rate levels, yield curve shape, prepayments on loans and securities, decay rates, pricing decisions on loans and deposits, including loan and deposit betas, and reinvestment/replacement of asset and liability cash flows. While assumptions are developed based upon current economic and local market conditions, we cannot make any assurances as to the predictive nature of these assumptions, including how customer preferences or competitor influences might change. Based upon the net interest income simulation models, in Year 1 of a rising interest rate environment the Company is slightly liability sensitive as our funding will reprice faster than assets as market rates rise over the first year and result in lower net interest income. Cash flows from investments and loans are redeployed into current market rates at higher yields than our existing portfolio, however funding cost pressures continue in the higher current rate environment and outpace asset yield expansion. In Year 2, funding cost pressures subside and asset yields continue to improve, resulting in improved net interest income compared to our Year 1 base scenario. In Year 1 of a falling interest rate environment, net interest income is expected to improve as the decrease in funding costs outpaces the decrease in asset yields from accelerated loan and investment prepayments. In Year 2, net interest income is expected to further increase compared to our Year 1 base scenario as asset yields are supported by fixed rates and floors while cost of funds reductions continue. Periodically, if deemed appropriate, we use interest rate swaps, floors and caps, which are common derivative financial instruments, to hedge our interest rate risk position. The Board of Directors has approved hedging policy statements governing the use of these instruments. As of December 31, 2025, we had interest rate swap agreements with a total notional of $63.0 million related to our junior subordinated debentures, $25.0 million of notional interest rate swap agreements on variable rate deposits to mitigate exposure to rising rates, $325.0 million of notional interest rate swap agreements on short-term fixed-rate rolling funding to mitigate exposure to rising rates, and $475.0 million of notional interest rate swap agreements to hedge fixed-rate residential mortgages using the “portfolio layer” method, and $403.8 million of notional interest rate swap agreements related to commercial loan level derivative program with both our commercial customers and a corresponding swap dealer. The Board and Management ALCO monitor derivative activities relative to their expectations and our hedging policies. Refer to Note 13 of the consolidated financial statements for further discussion of our derivatives instruments. Capital Risk. Capital risk is the risk that an investor may lose all or part of the principal amount invested. The Company faces this risk as it manages its balance sheet and has investments or loans that may lose all or part of the principal amount the Company has invested, which can have an impact on shareholders' equity. The Company also faces capital risk in that the entity may lose value on components of its shareholders' equity. The regulatory environment mandates the Company and Bank maintain certain levels of capital. These capital levels can change based upon regulatory changes, which can then impact what the Company is able to accomplish from a strategic perspective. For further discussion regarding capital risk and management of this risk, refer to “—Capital Resources,” and Note 15 of the consolidated financial statements. Operational Risk. Operational risk is the current and prospective risk to earnings and capital arising from fraud, error and the inability to deliver products or services, maintain a competitive position and manage information. Risk is inherent in efforts to gain strategic advantage and in the failure to keep pace with changes in the financial services marketplace. Operational risk is evident in each product and service offered by the Company and encompasses product development and delivery, transaction processing, systems development, change management, complexity of products and services, human resource elements and the 73 internal control environment. The risk that transactions may not be processed on time or correctly can have significant impact on the Bank’s reputation, which can result in compliance violations and fines, and/or other financial risks. The Company manages operational risk through a series of internal programs, as well as through the assistance of third parties. These programs include various internal and external audit programs, internal committees to oversee compliance with programs and remedial actions, if necessary, and various documented policies, procedures and framework for addressing such risks. Technology Risk, including Cybersecurity. Technology Risk, including risk relating to artificial intelligence and other emerging or developing technologies, is the risk of financial loss, disruption or damage to the reputation of an organization resulting from the failure of its information technology systems, weak computing infrastructure, or a breach of information technology systems. Technology and cybersecurity risk could materialize in a variety of ways, such as unpatched or vulnerable computing systems, deliberate and unauthorized breaches of security to gain access to information systems, unintentional or accidental breaches of security, operational information technology risks due to factors such as poor system integrity, weak computing infrastructure and/or a weak Cybersecurity protection program. Poorly managed technology and cybersecurity risk can leave an institution exposed to a variety of cybercrimes, with consequences ranging from data disruption to economic destitution. Damage to our brand due to a technology and/or cybersecurity event can be significant to overcome depending on the severity of the event. The Company manages technology and cybersecurity risks through its internal programs, as well as through the assistance of third parties. Refer to Item 1C. Cybersecurity for further information. Vendor and Third Party Risk. Vendor and third party risk represents the risk related to outsourced activities and in certain situations includes reliance on vendors to deliver services on our behalf. The Company has many service partners and an increasing reliance on outsourced services, which places greater risk on the Company through these many partners. These relationships are controlled by contracts and service level agreements, but represent increasing risk to the Company. The Company manages vendor and third party risk through its vendor management program, which includes robust due diligence and risk assessment prior to engaging a new vendor, annual review of certain vendors depending on the services provided by the vendor, and an evaluation of the risk the vendor may present to the Company through our reliance on its services. People and Compensation Risk. People and compensation risk includes: (1) the risk of employee dishonesty, incompetence or error; (2) the risk of not having individuals with adequate training and experience to properly discharge their responsibilities; (3) the risk of not having sufficient depth of personnel to provide back up for critical functions; (4) the risk of lawsuit by employees alleging improper actions by or on behalf of the Company; (5) succession planning; and (6) compensation risk, which includes having compensation plans that effectively allow the Company to hire and keep the right talent, and properly designed compensation and incentive programs to promote ethical behavior and assure that excessive risk is not encouraged. The Company manages people and compensation risk through annual risk assessments of various compensation and incentive plans, oversight by the Compensation Committee of the Board of Directors, the use of third party compensation consultants, and various insurance programs. Compliance and Legal Risk. Compliance and legal risk is the current and prospective risk to earnings or capital arising from violations of, or nonconformance with, laws, rules, regulations, prescribed practices, internal policies and procedures, or ethical standards, as well as judicial, regulatory, governmental, arbitration and other proceedings or investigations concerning matters or disputes arising from the conduct of the Company’s business activities. This risk exposes the Company to fines, civil money penalties, payment of damages, legal fees, and the voiding of contracts. Compliance risk can lead to diminished reputation, reduced franchise value, limited business opportunities, reduced expansion potential, and an inability to enforce contracts. Legal risk exists in generally all activity of the Company where there is any possibility that the Company will become subject to liability. The outcomes of legal actions are unpredictable and subject to significant uncertainties. The Company’s judgment in establishing accruals for any possible losses is influenced by information currently available related to the potential outcome of actions, including input and advice from external counsel. These matters may be in various stages of investigation, discovery, or proceedings. The Company manages compliance and legal risk through various internal and external audit programs, use of third parties for consulting and legal support, ongoing compliance risk assessments, the ERM Committee and various insurance programs. 74 Strategic Alignment Risk. Strategic alignment risk is the current and prospective impact on earnings or capital arising from adverse business decisions, improper implementation of decisions, or lack of responsiveness to industry changes. This risk is a function of the compatibility of the Company's strategic goals, the business strategies developed to achieve those goals, the resources deployed against these goals, and the quality of implementation. Brand Risk. Brand risk is the current and prospective impact on earnings and capital arising from negative public opinion. The reputation of financial services companies can be based on brand and trust, and the loss of brand or trust can negatively impact the Company's operations and financial results. Brand risk exposure is present throughout the organization and our interactions with our various stakeholders, including, but not limited to, our customers, communities and investors. The Company manages its strategic alignment and brand risk through various internal policies and programs, including, but not limited to, the Company's core values, code of ethics policy, financial code of ethics policy, Audit Committee complaint policy, employee handbook, and other policies and programs, as well as through strategic planning and oversight by the Board of Directors. RECENT ACCOUNTING PRONOUNCEMENTS See Note 1 of the consolidated financial statements for details of recently issued accounting pronouncements and their expected impact on the consolidated financial statements.