Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 29, 2024

Camden National Corporation

(Exact name of registrant as specified in its charter)

Maine			01-28190						01-0413282
(State or other jurisdiction of incorporation)			(Commission File Number)						(IRS Employer Identification No.)
Two Elm Street			Camden			Maine			04843
(Address of principal executive offices)									(Zip Code)

Registrant's telephone number, including area code: [phone]

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, without par value			CAC			The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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Item 2.02			Results of Operations and Financial Condition.

 

Camden National Corporation (the “Company” or “Camden”) issued a press release on October 29, 2024 announcing earnings for the fiscal quarter ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1. This information is being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01			Financial Statements and Exhibits.

(d)    The following exhibits are filed with this Report:

 

Exhibit No.			Description
99.1			Press Release Announcing Earnings for the Fiscal Quarter Ended September 30, 2024.
101			Cover Page Interactive Data - the cover page XBRL tags are embedded within the Inline XBRL document.
104			Cover Page Interactive Data File - Included in Exhibit 101.

Forward-Looking Statements

This Current Report on Form 8-K and the exhibits filed herewith may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about Camden’s beliefs, plans, strategies, predictions, forecasts, objectives, intentions, assumptions or expectations are not historical facts and may be forward-looking. These include, but are not limited to, statements regarding the proposed transaction, revenues, earnings, loan production, asset quality, and capital levels, among other matters; Camden’s estimates of future costs and benefits of the actions it may take; Camden’s assessments of probable losses on loans; Camden’s assessments of interest rate and other market risks; Camden’s ability to achieve its financial and other strategic goals; the expected timing of completion of the proposed transaction with Northway Financial, Inc. (“Northway”); the expected cost savings, synergies and other anticipated benefits from the proposed transaction; and other statements that are not historical facts.

Forward-looking statements are often, but not always, identified by such words as “believe,” “expect,” “anticipate,” “can,” “could,” “may,” “predict,” “potential,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” “will,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which may change over time.

 

Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Camden and Northway. Such statements are based upon the current beliefs and expectations of the management of Camden and Northway and are subject to significant risks and uncertainties outside of the control of the parties. Caution should be exercised against placing undue reliance on forward-looking statements. The factors that could cause actual results to differ materially include the following: the reaction to the transaction of the companies’ customers, employees and counterparties; customer disintermediation; inflation; expected synergies, cost savings and other financial benefits of the proposed transaction might not be realized within the expected timeframes or might be less than projected; the requisite stockholder and regulatory approvals for the proposed transaction might not be obtained; credit and interest rate risks associated with Camden’s and Northway’s respective businesses, customers, borrowings, repayment, investment, and deposit practices; general economic conditions, either nationally or in the market areas in which Camden and Northway operate or anticipate doing business, are less favorable than expected; new regulatory or legal requirements or obligations; and other risks. Certain risks and important factors that could affect Camden’s future results are identified in its Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed with the Securities and Exchange Commission, including among other things under the heading “Risk Factors” in such Annual Report on Form 10-K. These risks and uncertainties are not exhaustive. Other sections of such reports describe additional factors that could affect Camden’s business and financial performance. Any forward-looking statement speaks only as of the date on which it is made, and Camden undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.

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Additional Information and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Camden and Northway. Camden filed a registration statement on Form S-4 with the SEC, which includes a preliminary proxy statement of Northway and a preliminary prospectus of Camden, each subject to completion or amendment, and Camden will file other documents regarding the proposed transaction with the SEC. The registration statement has not yet become effective. A definitive proxy statement/prospectus will be sent to Northway stockholders seeking the required stockholder approval of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF NORTHWAY ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The documents filed by Camden with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by Camden may be obtained free of charge under the “Investor Relations” section of Camden’s website at http://www.camdennational.bank. Alternatively, these documents, when available, can be obtained free of charge from Camden upon written request to Camden National Corporation, Attn: Corporate Secretary, 2 Elm Street, Camden, Maine 04843.

Participants in Solicitation

Camden, Northway, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding Camden’s directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 5, 2024, and certain other documents filed by Camden with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials when filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: October 29, 2024

 

			CAMDEN NATIONAL CORPORATION (Registrant)
			By:			/s/ MICHAEL R. ARCHER
						Michael R. Archer Chief Financial Officer and Principal Financial & Accounting Officer

 

CONTACT:                                

Michael Archer

Executive Vice President

Chief Financial Officer

Camden National Corporation

[phone]

[e-mail]

FOR IMMEDIATE RELEASE

Camden National Corporation Reports Third Quarter 2024 Earnings of $13.1 Million and Diluted EPS of $0.90

Net Interest Margin Expansion and Robust Asset Quality Drive a Strong Quarter

CAMDEN, Maine, October 29, 2024/PRNewswire/--Camden National Corporation (NASDAQ: CAC; “Camden National” or the “Company”) today reported earnings for the quarter ended September 30, 2024 of $13.1 million and diluted earnings per share ("EPS") of $0.90, an increase of 9% and 11%, respectively, over the second quarter of 2024.

The release of the Company’s quarterly financial results follows its September 10, 2024, announcement of the pending merger with Northway Financial, Inc. (“Northway”), the parent company of Northway Bank, which is subject to Northway shareholder and customary regulatory approvals. The merger will create a combined franchise with 74 branches serving attractive markets throughout a contiguous footprint in New Hampshire and Maine, with approximately $7.0 billion in assets, $5.1 billion in loans, $5.5 billion in deposits, and $2.0 billion of Assets Under Administration (AUA) as of June 30, 2024. On a combined basis, the merger is expected to be approximately 19.9% accretive to Camden National’s 2025 earnings per share and 32.7% accretive to Camden National’s 2026 earnings per share.

Excluding merger and acquisition costs incurred through September 30, 2024, on a non-GAAP basis, net income for the third quarter of 2024 was $13.6 million, and core EPS was $0.94, an increase of 14% and 16%, respectively, over the second quarter of 2024.

“The pending merger we announced just last month marks an important step in our journey to expand in a contiguous market with a bank that shares a similar culture, consistent credit and risk profiles, and a deep commitment to our communities,” said Simon Griffiths, president and chief executive officer of Camden National Corporation.

Regarding the Company’s third-quarter financial results, Griffiths commented, “Our outstanding results are driven by strong momentum, complemented by our continued exceptional credit and risk management and robust capital positions. We are confident that our strategic investments in talent, technology, products, and services will continue to benefit us as macroeconomic conditions improve.”

For the nine months ended September 30, 2024, the Company reported net income of $38.3 million and diluted EPS of $2.62, compared to $34.9 million and $2.39, respectively, for the nine months ended September 30, 2023.

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On a non-GAAP basis, core net income for the nine months ended September 30, 2024 was $38.2 million and core EPS was $2.61, compared to $40.6 million and $2.77, respectively, for the same period in 2023.

THIRD QUARTER 2024 HIGHLIGHTS

•Our net interest margin for the third quarter of 2024 was 2.46%, an increase of 10 basis points over the second quarter of 2024.

•For the third quarter of 2024, our return on average assets was 0.91%, our return on average equity was 10.04% and, on a non-GAAP basis, our return on average tangible equity was 12.40%. Excluding merger and acquisition costs, on a non-GAAP basis, our core return on average assets was 0.95% and core return on average tangible equity was 12.94%.

•Our asset quality continues to be very strong, highlighted by loans 30-89 days past due improving since June 30, 2024, by 2 basis points to 0.03% of total loans, and non-performing loans improving by 6 basis points in the third quarter to 0.17% of total loans at September 30, 2024.

•Our capital position remained strong with regulatory capital ratios well in excess of required regulatory levels. As of September 30, 2024, our common equity ratio was 9.22% and, on a non-GAAP basis, our tangible common equity ratio was 7.69%, an increase of 34 basis points and 35 basis points, respectively, since June 30, 2024.

FINANCIAL CONDITION

As of September 30, 2024 and June 30, 2024, total assets were $5.7 billion.

Investments totaled $1.2 billion on September 30, 2024, an increase of 2% since June 30, 2024. Our strategy throughout the year has been primarily to redeploy investment cash flows to fund loan growth at current market interest rates to maximize our earning-asset yield and support net interest margin expansion. In the third quarter of 2024, the increase in investment balances was driven by the change in the interest rate environment that resulted in a $22.4 million increase in the fair value of our available-for-sale (“AFS”) investment portfolio. As of September 30, 2024 and June 30, 2024, the duration of the Company's securities was 5.3 years and 5.5 years, respectively, and specifically, the AFS investment portfolio duration at September 30, 2024 and June 30, 2024 was 4.3 years and 4.5 years, respectively.

Loans totaled $4.1 billion on September 30, 2024, a decrease of $22.6 million since June 30, 2024. The decrease in loan balances for the third quarter of 2024 was driven by a 7% decrease in our commercial loans due to a few larger loan payoffs. In the third quarter of 2024, we sold 64% of our residential mortgage production, an increase from 52% in the second quarter of 2024. Overall, our loan pipelines continue to be solid and see activity within our markets across both retail and commercial customers. As of September 30, 2024, our committed loan pipeline totaled $109.3 million.

Asset quality continues to be a strength of the Company’s financial position. We continue to review our loan portfolio for any potential concerns and, to-date, we have not identified any signs of systemic stress or increased risks as of September 30, 2024. On September 30, 2024, loans 30-89 days past due were 0.03% of total loans, a decrease of 2 basis points from June 30, 2024. Annualized net charge-offs for the third quarter of 2024 decreased by 1 basis point from the second quarter of 2024 to 0.03% of average loans. The Company’s allowance for credit losses ("ACL") on loans was 0.86% as of September 30, 2024 and June 30, 2024. On September 30, 2024, the ACL was 5.1 times the total non-performing loans, compared to 3.7 times as of June 30, 2024.

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Deposits totaled $4.6 billion on September 30, 2024, an increase of 1% since June 30, 2024. During the third quarter of 2024, on a non-GAAP basis, core deposits grew 2% as we benefited from normal seasonal deposit inflows during the summer months within our markets, as well as benefited from 8% savings deposits growth primarily due to the introduction of a high-yield savings product earlier in 2024.

On September 30, 2024, uninsured and uncollateralized1 deposits accounted for 15.3% of total deposits, and available liquidity sources were 2.0 times uninsured and uncollateralized deposits.

In August 2024, we prepaid our remaining Bank Term Funding Program ("BTFP") borrowings of $170.0 million and entered into two interest rate swaps on $150.0 million of borrowings to reduce borrowing costs and extend the term of our borrowings. In doing so, we refinanced borrowings and lowered the rate from 4.76% to 4.09%.

As of September 30, 2024, the Company's regulatory capital ratios were each well in excess of regulatory capital requirements. The Company's common equity ratio was 9.22%, and, on a non-GAAP basis, its tangible common equity ratio was 7.69%, compared to 8.88% and 7.34%, respectively, at June 30, 2024.

The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 4.07%, based on the Company's closing share price of $41.32 as reported by NASDAQ on September 30, 2024, payable on October 31, 2024, to shareholders of record on October 15, 2024.

The Company did not repurchase any shares of its common stock during the third quarter of 2024. Through the nine months ended September 30, 2024, it repurchased 50,000 shares of its common stock at an average price of $32.19 per share.

FINANCIAL OPERATING RESULTS (Q3 2024 vs. Q2 2024)

Net income for the third quarter of 2024 was $13.1 million, an increase of $1.1 million, or 9%, compared to the second quarter of 2024. The increase was driven by the increase in net interest income of 4% between periods. Excluding merger and acquisition costs associated with the announced acquisition of Northway in September 2024, on a non-GAAP basis, core net income for the third quarter of 2024 increased $1.7 million, or 14%, over the second quarter of 2024.

Net interest income for the third quarter of 2024 was $33.6 million, an increase of $1.4 million, or 4%, compared to the second quarter of 2024. The increase was driven by the 10 basis point margin expansion between periods to 2.46% for the third quarter of 2024.

Provision expense of $239,000 was recorded for the third quarter of 2024, consisting of provision for loan losses of $283,000 and a credit for unfunded commitments of $44,000. The Company maintained an ACL to loans coverage ratio of 0.86% for the third quarter of 2024, consistent with the second quarter of 2024.

Non-interest income for the third quarter of 2024 was $11.4 million, an increase of $761,000, or 7%, over the second quarter of 2024. The increase between periods was driven by (1) an increase in mortgage banking income of $457,000 as the Company sold $62.4 million of residential mortgages in the third quarter of 2024, an increase of 17%, and the positive change in fair value on loans held for sale and loan pipelines; (2) an increase in back-to-back loan swap fee income of $133,000; and (3) an increase in debit card income of $100,000.

Non-interest expense for the third quarter of 2024 was $28.9 million, an increase of $1.6 million, or 6%, compared to the second quarter of 2024. The primary drivers for the increase were: (1) an increase in salaries and employee benefits of $944,000, which was driven by an increase in headcount due to seasonal and strategic hires, an increase in incentive accruals, and a one-time increase in employer-related taxes; and (2) merger and acquisition costs associated with the announced acquisition of Northway in September 2024 of $727,000. The increases were

1 Uncollateralized deposits are customer deposits for which the Company has not pledged any of its assets, including investment securities, or provided any other type of guarantee

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partially offset by lower consulting and professional fees of $361,000, driven by the timing of annual director equity grants in the second quarter of each year. Our GAAP efficiency ratio for the third quarter of 2024 was 64.23% and non-GAAP efficiency ratio was 62.39%, compared to 63.77% and 63.53% for the second quarter of 2024, respectively.

Q3 2024 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 3:00 p.m., Eastern Time, on Tuesday, October 29, 2024 to discuss its third quarter 2024 financial results and outlook. Participants should dial into the call 10 - 15 minutes before it begins. Information about the conference call is as follows:

Live dial-in (Domestic):            [phone]

Live dial-in (All other locations):        [phone]

Participant access code:            504894

Live webcast:                https://events.q4inc.com/attendee/685424551

A link to the live webcast will be available on Camden National's website under "About — Investor Relations" at CamdenNational.bank prior to the meeting, and a replay of the webcast will be available on Camden National’s website following the conference call. The transcript of the conference call will also be available on Camden National's website approximately two days after the conference call.

ABOUT CAMDEN NATIONAL CORPORATION

Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $5.7 billion in assets. Founded in 1875, Camden National Bank has 57 branches in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.

Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National's investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National's ability 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; changes to regulatory capital requirements in response to recent developments affecting the banking sector; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by other filings with the Securities and Exchange Commission ("SEC"). Further, statements regarding the potential

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effects of the war in Ukraine, conflict in the Middle East and other notable and global current events 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, possible 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. Camden National does not have any obligation to update forward-looking statements.

USE OF NON-GAAP MEASURES

In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as: core net income; core diluted earnings per share; core return on average assets; core return on average equity; pre-tax, pre-provision income; return on average tangible equity and core return on average tangible equity; the efficiency and tangible common equity ratios; tangible book value per share; core deposits and average core deposits. Management utilizes 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 financial institutions. 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. Reconciliations to the comparable GAAP financial measures can be found in this document.

ANNUALIZED DATA

Certain returns, yields and performance ratios are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.

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Selected Financial Data

(unaudited)

						At or For The Three Months Ended																		At or For The Nine Months Ended
(In thousands, except number of shares and per share data)						September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Financial Condition Data
Loans						$	4,116,729					$	4,139,361					$	4,058,413					$	4,116,729					$	4,058,413
Total assets						5,745,180						5,724,380						5,779,675						5,745,180						5,779,675
Deposits						4,575,226						4,514,020						4,678,406						4,575,226						4,678,406
Shareholders' equity						529,900						508,286						463,298						529,900						463,298
Operating Data and Per Share Data
Net income						$	13,073					$	11,993					$	9,787					$	38,338					$	34,903
Core net income (non-GAAP)(1)						13,647						11,993						14,002						38,193						40,570
Pre-tax, pre-provision income (non-GAAP)(1)						16,093						15,519						11,449						45,845						45,087
Diluted EPS						0.90						0.81						0.67						2.62						2.39
Core diluted EPS (non-GAAP)(1)						0.94						0.81						0.96						2.61						2.77
Profitability Ratios
Return on average assets						0.91		%				0.84		%				0.68		%				0.89		%				0.82		%
Core return on average assets (non-GAAP)(1)						0.95		%				0.84		%				0.97		%				0.89		%				0.95		%
Return on average equity						10.04		%				9.60		%				8.25		%				10.13		%				10.00		%
Core return on average equity (non-GAAP)(1)						10.48		%				9.60		%				11.80		%				10.09		%				11.63		%
Return on average tangible equity (non-GAAP)(1)						12.40		%				11.96		%				10.48		%				12.60		%				12.72		%
Core return on average tangible equity (non-GAAP)(1)						12.94		%				11.96		%				14.94		%				12.55		%				14.77		%
GAAP efficiency ratio						64.23		%				63.77		%				69.60		%				64.58		%				63.82		%
Efficiency ratio (non-GAAP)(1)						62.39		%				63.53		%				60.63		%				63.78		%				60.87		%
Net interest margin (fully-taxable equivalent)						2.46		%				2.36		%				2.39		%				2.37		%				2.44		%
Asset Quality Ratios
ACL on loans to total loans						0.86		%				0.86		%				0.90		%				0.86		%				0.90		%
Non-performing loans to total loans						0.17		%				0.23		%				0.16		%				0.17		%				0.16		%
Loans 30-89 days past due to total loans						0.03		%				0.05		%				0.09		%				0.03		%				0.09		%
Annualized net charge-offs to average loans						0.03		%				0.04		%				0.01		%				0.03		%				0.03		%
Capital Ratios
Common equity ratio						9.22		%				8.88		%				8.02		%				9.22		%				8.02		%
Tangible common equity ratio (non-GAAP)(1)						7.69		%				7.34		%				6.47		%				7.69		%				6.47		%
Tier 1 leverage capital ratio						9.84		%				9.64		%				9.35		%				9.84		%				9.35		%
Total risk-based capital ratio						14.85		%				14.46		%				14.19		%				14.85		%				14.19		%

(1) This is a non-GAAP measure, please see "Reconciliation of non-GAAP to GAAP Financial Measures (unaudited).

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Consolidated Statements of Condition Data

(unaudited)

(In thousands)						September 30, 2024						June 30, 2024						September 30, 2023						% Change Sep 2024 vs. Jun 2024						% Change Sep 2024 vs. Sep 2023
ASSETS
Cash, cash equivalents and restricted cash						$	139,512					$	105,560					$	211,514					32		%				(34)		%
Investments:
Trading securities						5,141						4,959						4,195						4		%				23		%
Available-for-sale securities, at fair value						603,211						579,534						589,003						4		%				2		%
Held-to-maturity securities, at amortized cost						526,251						533,600						549,961						(1)		%				(4)		%
Other investments						22,513						17,105						14,459						32		%				56		%
Total investments						1,157,116						1,135,198						1,157,618						2		%				—		%
Loans held for sale, at fair value						11,706						14,321						11,187						(18)		%				5		%
Loans:
Commercial real estate						1,707,923						1,697,979						1,653,288						1		%				3		%
Commercial						382,507						409,682						400,031						(7)		%				(4)		%
Residential real estate						1,762,395						1,768,357						1,752,401						—		%				1		%
Consumer and home equity						263,904						263,343						252,693						—		%				4		%
Total loans						4,116,729						4,139,361						4,058,413						(1)		%				1		%
Less: allowance for credit losses on loans						(35,414)						(35,412)						(36,407)						—		%				(3)		%
Net loans						4,081,315						4,103,949						4,022,006						(1)		%				1		%
Goodwill and core deposit intangible assets						95,251						95,390						95,816						—		%				(1)		%
Other assets						260,280						269,962						281,534						(4)		%				(8)		%
Total assets						$	5,745,180					$	5,724,380					$	5,779,675					—		%				(1)		%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits:
Non-interest checking						$	940,702					$	921,605					$	1,023,239					2		%				(8)		%
Interest checking						1,445,828						1,465,560						1,579,991						(1)		%				(8)		%
Savings and money market						1,466,541						1,399,464						1,389,180						5		%				6		%
Certificates of deposit						553,481						576,563						552,111						(4)		%				—		%
Brokered deposits						168,674						150,828						133,885						12		%				26		%
Total deposits						4,575,226						4,514,020						4,678,406						1		%				(2)		%
Short-term borrowings						516,336						552,606						470,140						(7)		%				10		%
Junior subordinated debentures						44,331						44,331						44,331						—		%				—		%
Accrued interest and other liabilities						79,387						105,137						123,500						(24)		%				(36)		%
Total liabilities						5,215,280						5,216,094						5,316,377						—		%				(2)		%
Commitments and Contingencies
Shareholders’ Equity
Common stock, no par value						116,072						115,543						114,842						—		%				1		%
Retained earnings						500,927						493,974						478,664						1		%				5		%
Accumulated other comprehensive loss:
Net unrealized loss on debt securities, net of tax						(91,349)						(110,308)						(139,228)						(17)		%				(34)		%
Net unrealized gain on cash flow hedging derivative instruments, net of tax						4,506						9,327						9,343						(52)		%				(52)		%
Net unrecognized loss on postretirement plans, net of tax						(256)						(250)						(323)						2		%				(21)		%
Total accumulated other comprehensive loss						(87,099)						(101,231)						(130,208)						(14)		%				(33)		%
Total shareholders’ equity						529,900						508,286						463,298						4		%				14		%
Total liabilities and shareholders’ equity						$	5,745,180					$	5,724,380					$	5,779,675					—		%				(1)		%

---

Consolidated Statements of Income Data

(unaudited)

						For The Three Months Ended
(In thousands, except per share data)						September 30, 2024						June 30, 2024						September 30, 2023						% Change Sep 2024 vs. Jun 2024						% Change Sep 2024 vs. Sep 2023
Interest Income
Interest and fees on loans						$	55,484					$	53,422					$	50,115					4		%				11		%
Taxable interest on investments						6,622						6,807						5,814						(3)		%				14		%
Nontaxable interest on investments						462						461						748						—		%				(38)		%
Dividend income						389						521						302						(25)		%				29		%
Other interest income						764						951						690						(20)		%				11		%
Total interest income						63,721						62,162						57,669						3		%				10		%
Interest Expense
Interest on deposits						25,051						24,169						20,969						4		%				19		%
Interest on borrowings						4,549						5,285						3,577						(14)		%				27		%
Interest on junior subordinated debentures						534						524						539						2		%				(1)		%
Total interest expense						30,134						29,978						25,085						1		%				20		%
Net interest income						33,587						32,184						32,584						4		%				3		%
Provision (credit) for credit losses						239						650						(574)						(63)		%				(142)		%
Net interest income after provision (credit) for credit losses						33,348						31,534						33,158						6		%				1		%
Non-Interest Income
Debit card income						3,169						3,069						3,130						3		%				1		%
Service charges on deposit accounts						2,168						2,113						2,040						3		%				6		%
Income from fiduciary services						1,817						1,870						1,641						(3)		%				11		%
Brokerage and insurance commissions						1,414						1,441						1,217						(2)		%				16		%
Mortgage banking income, net						973						516						583						89		%				67		%
Bank-owned life insurance						709						694						644						2		%				10		%
Net loss on sale of securities						—						—						(5,335)						—		%				N.M.
Other income						1,156						942						1,152						23		%				—		%
Total non-interest income						11,406						10,645						5,072						7		%				125		%
Non-Interest Expense
Salaries and employee benefits						16,545						15,601						14,744						6		%				12		%
Furniture, equipment and data processing						3,578						3,497						3,382						2		%				6		%
Net occupancy costs						1,890						1,981						1,804						(5)		%				5		%
Debit card expense						1,368						1,311						1,318						4		%				4		%
Consulting and professional fees						788						1,149						897						(31)		%				(12)		%
Regulatory assessments						784						813						861						(4)		%				(9)		%
Merger and acquisition costs						727						—						—						N.M.						N.M.
Amortization of core deposit intangible assets						139						139						148						—		%				(6)		%
Other real estate owned and collection costs, net						94						47						(34)						100		%				(376)		%
Other expenses						2,987						2,772						3,087						8		%				(3)		%
Total non-interest expense						28,900						27,310						26,207						6		%				10		%
Income before income tax expense						15,854						14,869						12,023						7		%				32		%
Income Tax Expense						2,781						2,876						2,236						(3)		%				24		%
Net Income						$	13,073					$	11,993					$	9,787					9		%				34		%
Per Share Data
Basic earnings per share						$	0.90					$	0.82					$	0.67					10		%				34		%
Diluted earnings per share						$	0.90					$	0.81					$	0.67					11		%				34		%

N.M. = Not meaningful

---

Consolidated Statements of Income Data

(unaudited)

						For the Nine Months Ended												% Change Sep 2024 vs. Sep 2023
(In thousands, except per share data)						September 30, 2024						September 30, 2023
Interest Income
Interest and fees on loans						$	160,615					$	144,092					11		%
Taxable interest on investments						20,456						17,629						16		%
Nontaxable interest on investments						1,388						2,273						(39)		%
Dividend income						1,222						788						55		%
Other interest income						2,385						1,667						43		%
Total interest income						186,066						166,449						12		%
Interest Expense
Interest on deposits						72,398						56,046						29		%
Interest on borrowings						15,032						9,249						63		%
Interest on junior subordinated debentures						1,592						1,600						(1)		%
Total interest expense						89,022						66,895						33		%
Net interest income						97,044						99,554						(3)		%
(Credit) provision for credit losses						(1,213)						1,531						(179)		%
Net interest income after (credit) provision for credit losses						98,257						98,023						—		%
Non-Interest Income
Debit card income						9,104						9,147						—		%
Service charges on deposit accounts						6,308						5,737						10		%
Income from fiduciary services						5,436						5,016						8		%
Brokerage and insurance commissions						4,094						3,462						18		%
Mortgage banking income, net						2,297						1,889						22		%
Bank-owned life insurance						2,086						1,849						13		%
Net loss on sale of securities						—						(5,335)						N.M.
Other income						3,048						3,283						(7)		%
Total non-interest income						32,373						25,048						29		%
Non-Interest Expense
Salaries and employee benefits						48,100						44,605						8		%
Furniture, equipment and data processing						10,704						9,772						10		%
Net occupancy costs						5,941						5,735						4		%
Debit card expense						3,943						3,781						4		%
Consulting and professional fees						2,797						3,327						(16)		%
Regulatory assessments						2,454						2,574						(5)		%
Merger and acquisition costs						727						—						N.M.
Amortization of core deposit intangible assets						417						444						(6)		%
Other real estate owned and collection costs, net						151						(25)						(704)		%
Other expenses						8,338						9,302						(10)		%
Total non-interest expense						83,572						79,515						5		%
Income before income tax expense						47,058						43,556						8		%
Income Tax Expense						8,720						8,653						1		%
Net Income						$	38,338					$	34,903					10		%
Per Share Data
Basic earnings per share						$	2.63					$	2.39					10		%
Diluted earnings per share						$	2.62					$	2.39					10		%

N.M. = Not meaningful

---

Quarterly Average Balance and Yield/Rate Analysis

(unaudited)

						Average Balance																					Yield/Rate
						For The Three Months Ended																					For The Three Months Ended
(Dollars in thousands)						September 30, 2024						June 30, 2024						September 30, 2023									September 30, 2024						June 30, 2024									September 30, 2023
Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets						$	48,914					$	50,266					$	48,401								4.66		%				6.06		%							4.04		%
Investments - taxable						1,138,979						1,162,941						1,177,367									2.53		%				2.58		%							2.14		%
Investments - nontaxable(1)						61,864						61,794						102,872									3.78		%				3.78		%							3.68		%
Loans(2):
Commercial real estate						1,706,509						1,701,431						1,658,125									5.41		%				5.09		%							4.84		%
Commercial(1)						375,944						387,337						391,491									6.51		%				6.51		%							6.08		%
Municipal(1)						17,186						16,351						18,888									5.17		%				4.84		%							4.41		%
Residential real estate						1,780,665						1,772,707						1,762,860									4.53		%				4.48		%							4.18		%
Consumer and home equity						264,178						260,384						252,357									7.96		%				7.93		%							7.74		%
Total loans						4,144,482						4,138,210						4,083,721									5.29		%				5.14		%							4.85		%
Total interest-earning assets						5,394,239						5,413,211						5,412,361									4.69		%				4.58		%							4.23		%
Other assets						317,319						323,065						304,439
Total assets						$	5,711,558					$	5,736,276					$	5,716,800
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking						$	934,403					$	901,774					$	1,019,450								—		%				—		%							—		%
Interest checking						1,440,374						1,479,201						1,584,314									2.56		%				2.52		%							2.42		%
Savings						679,118						624,034						661,126									0.95		%				0.52		%							0.14		%
Money market						760,977						760,844						721,423									3.46		%				3.41		%							2.85		%
Certificates of deposit						565,063						583,282						497,301									3.85		%				3.90		%							3.05		%
Total deposits						4,379,935						4,349,135						4,483,614									2.09		%				2.05		%							1.67		%
Borrowings:
Brokered deposits						156,618						150,799						161,623									5.25		%				5.28		%							5.07		%
Customer repurchase agreements						190,936						185,729						193,297									1.92		%				1.81		%							1.69		%
Junior subordinated debentures						44,331						44,331						44,331									4.79		%				4.75		%							4.83		%
Other borrowings						336,899						401,144						263,705									4.28		%				4.46		%							4.14		%
Total borrowings						728,784						782,003						662,956									3.90		%				4.00		%							3.70		%
Total funding liabilities						5,108,719						5,131,138						5,146,570									2.35		%				2.35		%							1.93		%
Other liabilities						84,617						102,658						99,480
Shareholders' equity						518,222						502,480						470,750
Total liabilities & shareholders' equity						$	5,711,558					$	5,736,276					$	5,716,800
Net interest rate spread (fully-taxable equivalent)																								2.34		%				2.23		%							2.30		%
Net interest margin (fully-taxable equivalent)																								2.46		%				2.36		%							2.39		%

(1) Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

(2) Non-accrual loans and loans held for sale are included in total average loans.

---

Year-to-Date Average Balance and Yield/Rate Analysis

(unaudited)

						Average Balance												Yield/Rate
						For The Nine Months Ended												For The Nine Months Ended
(Dollars in thousands)						September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets						$	47,893					$	30,002					5.05		%				4.78		%
Investments - taxable						1,163,118						1,209,000						2.55		%				2.09		%
Investments - nontaxable(1)						62,014						104,518						3.78		%				3.67		%
Loans(2):
Commercial real estate						1,696,882						1,658,188						5.15		%				4.73		%
Commercial(1)						384,402						402,331						6.35		%				5.80		%
Municipal(1)						16,067						17,467						4.82		%				4.01		%
Residential real estate						1,775,502						1,742,340						4.47		%				4.01		%
Consumer and home equity						260,635						253,137						7.93		%				7.46		%
Total loans						4,133,488						4,073,463						5.15		%				4.69		%
Total interest-earning assets						5,406,513						5,416,983						4.57		%				4.09		%
Other assets						315,387						288,783
Total assets						$	5,721,900					$	5,705,766
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking						$	923,207					$	1,031,700					—		%				—		%
Interest checking						1,469,812						1,637,231						2.54		%				2.23		%
Savings						634,478						693,468						0.57		%				0.10		%
Money market						762,131						704,360						3.39		%				2.51		%
Certificates of deposit						577,007						409,909						3.84		%				2.54		%
Total deposits						4,366,635						4,476,668						2.04		%				1.46		%
Borrowings:
Brokered deposits						146,969						206,206						5.28		%				4.64		%
Customer repurchase agreements						186,401						189,532						1.78		%				1.42		%
Junior subordinated debentures						44,331						44,331						4.80		%				4.83		%
Other borrowings						379,751						237,546						4.41		%				4.07		%
Total borrowings						757,452						677,615						3.96		%				3.55		%
Total funding liabilities						5,124,087						5,154,283						2.32		%				1.74		%
Other liabilities						92,361						84,920
Shareholders' equity						505,452						466,563
Total liabilities & shareholders' equity						$	5,721,900					$	5,705,766
Net interest rate spread (fully-taxable equivalent)																		2.25		%				2.35		%
Net interest margin (fully-taxable equivalent)																		2.37		%				2.44		%

(1) Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

(2) Non-accrual loans and loans held for sale are included in total average loans.

---

Asset Quality Data

(unaudited)

(In thousands)						At or for the Nine Months Ended September 30, 2024						At or for the Six Months Ended June 30, 2024						At or for the Three Months Ended March 31, 2024						At or for the Year Ended December 31, 2023						At or for the Nine Months Ended September 30, 2023
Non-accrual loans:
Residential real estate						$	2,497					$	2,497					$	2,473					$	2,539					$	2,775
Commercial real estate						130						79						205						386						92
Commercial						2,057						4,409						1,980						1,725						1,083
Consumer and home equity						666						810						1,000						798						674
Total non-accrual loans						5,350						7,795						5,658						5,448						4,624
Accruing troubled-debt restructured loans prior to adoption of ASU 2022-02						1,645						1,846						1,973						1,990						1,997
Total non-performing loans						6,995						9,641						7,631						7,438						6,621
Other real estate owned						—						—						—						—						—
Total non-performing assets						$	6,995					$	9,641					$	7,631					$	7,438					$	6,621
Loans 30-89 days past due:
Residential real estate						$	216					$	400					$	797					$	1,290					$	751
Commercial real estate						239						678						92						740						188
Commercial						578						539						537						2,007						2,260
Consumer and home equity						358						628						618						922						603
Total loans 30-89 days past due						$	1,391					$	2,245					$	2,044					$	4,959					$	3,802
ACL on loans at the beginning of the period						$	36,935					$	36,935					$	36,935					$	36,922					$	36,922
(Credit) provision for loan losses						(693)						(976)						(1,164)						1,174						288
Charge-offs:
Residential real estate						—						—						—						18						18
Commercial real estate						—						—						—						58						58
Commercial						1,157						763						309						1,560						1,101
Consumer and home equity						83						55						36						91						63
Total charge-offs						1,240						818						345						1,727						1,240
Total recoveries						(412)						(271)						(187)						(566)						(437)
Net charge-offs						828						547						158						1,161						803
ACL on loans at the end of the period						$	35,414					$	35,412					$	35,613					$	36,935					$	36,407
Components of ACL:
ACL on loans						$	35,414					$	35,412					$	35,613					$	36,935					$	36,407
ACL on off-balance sheet credit exposures(1)						2,743						2,787						2,325						2,353						2,670
ACL, end of period						$	38,157					$	38,199					$	37,938					$	39,288					$	39,077
Ratios:
Non-performing loans to total loans						0.17		%				0.23		%				0.19		%				0.18		%				0.16		%
Non-performing assets to total assets						0.12		%				0.17		%				0.13		%				0.13		%				0.11		%
ACL on loans to total loans						0.86		%				0.86		%				0.86		%				0.90		%				0.90		%
Net charge-offs to average loans (annualized):
Quarter-to-date						0.03		%				0.04		%				0.02		%				0.04		%				0.01		%
Year-to-date						0.03		%				0.03		%				0.02		%				0.03		%				0.03		%
ACL on loans to non-performing loans						506.28		%				367.31		%				466.69		%				496.57		%				549.87		%
Loans 30-89 days past due to total loans						0.03		%				0.05		%				0.05		%				0.12		%				0.09		%

(1) Presented within accrued interest and other liabilities on the consolidated statements of condition.

---

Reconciliation of non-GAAP to GAAP Financial Measures

(unaudited)

Core Net Income; Core Diluted Earnings per Share; Core Return on Average Assets; and Core Return on Average Equity:
						For the Three Months Ended																		For the Nine Months Ended
(In thousands, except number of shares, per share data and ratios)						September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Core Net Income:
Net income, as presented						$	13,073					$	11,993					$	9,787					$	38,338					$	34,903
Adjustment for net loss on sale of securities						—						—						5,335						—						5,335
Adjustment for Signature Bank bond (recovery) write-off						—						—						—						(910)						1,838
Adjustment for merger and acquisition costs						727						—						—						727						—
Tax impact of above adjustments(1)						(153)						—						(1,120)						38						(1,506)
Core net income						$	13,647					$	11,993					$	14,002					$	38,193					$	40,570
Core Diluted Earnings per Share:
Diluted earnings per share, as presented						$	0.90					$	0.81					$	0.67					$	2.62					$	2.39
Adjustment for net loss on sale of securities						—						—						0.37						—						0.37
Adjustment for Signature Bank bond (recovery) write-off						—						—						—						(0.06)						0.13
Adjustment for merger and acquisition costs						0.05						—						—						0.05						—
Tax impact of above adjustments(1)						(0.01)						—						(0.08)						—						(0.12)
Core diluted earnings per share						$	0.94					$	0.81					$	0.96					$	2.61					$	2.77
Core Return on Average Assets:
Return on average assets, as presented						0.91		%				0.84		%				0.68		%				0.89		%				0.82		%
Adjustment for net loss on sale of securities						—		%				—		%				0.37		%				—		%				0.13		%
Adjustment for Signature Bank bond (recovery) write-off						—		%				—		%				—		%				(0.02)		%				0.04		%
Adjustment for merger and acquisition costs						0.05		%				—		%				—		%				0.02		%				—		%
Tax impact of above adjustments(1)						(0.01)		%				—		%				(0.08)		%				—		%				(0.04)		%
Core return on average assets						0.95		%				0.84		%				0.97		%				0.89		%				0.95		%
Core Return on Average Equity:
Return on average equity, as presented						10.04		%				9.60		%				8.25		%				10.13		%				10.00		%
Adjustment for net loss on sale of securities						—		%				—		%				4.50		%				—		%				1.53		%
Adjustment for Signature Bank bond (recovery) write-off						—		%				—		%				—		%				(0.24)		%				0.53		%
Adjustment for merger and acquisition costs						0.56		%				—		%				—		%				0.19		%				—		%
Tax impact of above adjustments(1)						(0.12)		%				—		%				(0.95)		%				0.01		%				(0.43)		%
Core return on average equity						10.48		%				9.60		%				11.80		%				10.09		%				11.63		%

(1) Assumed a 21% tax rate.

Pre-Tax, Pre-Provision Income:
						For the Three Months Ended																		For the Nine Months Ended
(In thousands)						September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Net income, as presented						$	13,073					$	11,993					$	9,787					$	38,338					$	34,903
Adjustment for provision (credit) for credit losses						239						650						(574)						(1,213)						1,531
Adjustment for income tax expense						2,781						2,876						2,236						8,720						8,653
Pre-tax, pre-provision income						$	16,093					$	15,519					$	11,449					$	45,845					$	45,087

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Efficiency Ratio:
						For the Three Months Ended																		For the Nine Months Ended
(Dollars in thousands)						September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Non-interest expense, as presented						$	28,900					$	27,310					$	26,207					$	83,572					$	79,515
Adjustment for merger and acquisition costs						727						—						—						727						—
Adjusted non-interest expense						$	28,173					$	27,310					$	26,207					$	82,845					$	79,515
Net interest income, as presented						$	33,587					$	32,184					$	32,584					$	97,044					$	99,554
Adjustment for the effect of tax-exempt income(1)						165						159						237						475						701
Non-interest income, as presented						11,406						10,645						5,072						32,373						25,048
Adjustment for net loss on sale of securities						—						—						5,335						—						5,335
Core net interest income plus non-interest income						$	45,158					$	42,988					$	43,228					$	129,892					$	130,638
GAAP efficiency ratio						64.23		%				63.77		%				69.60		%				64.58		%				63.82		%
Non-GAAP efficiency ratio						62.39		%				63.53		%				60.63		%				63.78		%				60.87		%

(1) Assumed a 21% tax rate.

Return on Average Tangible Equity and Core Return on Average Tangible Equity:
						For the Three Months Ended																		For the Nine Months Ended
(Dollars in thousands)						September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Return on Average Tangible Equity:
Net income, as presented						$	13,073					$	11,993					$	9,787					$	38,338					$	34,903
Adjustment for amortization of core deposit intangible assets						139						139						148						417						444
Tax impact of above adjustment(1)						(29)						(29)						(31)						(88)						(93)
Net income, adjusted for amortization of core deposit intangible assets						$	13,183					$	12,103					$	9,904					$	38,667					$	35,254
Average equity, as presented						$	518,222					$	502,480					$	470,750					$	505,452					$	466,563
Adjustment for average goodwill and core deposit intangible assets						(95,319)						(95,458)						(95,888)						(95,460)						(96,037)
Average tangible equity						$	422,903					$	407,022					$	374,862					$	409,992					$	370,526
Return on average equity						10.04		%				9.60		%				8.25		%				10.13		%				10.00		%
Return on average tangible equity						12.40		%				11.96		%				10.48		%				12.60		%				12.72		%
Core Return on Average Tangible Equity:
Core net income (see "Core Net Income" table above)						$	13,647					$	11,993					$	14,002					$	38,193					$	40,570
Adjustment for amortization of core deposit intangible assets						139						139						148						417						444
Tax impact of above adjustment(1)						(29)						(29)						(31)						(88)						(93)
Core net income, adjusted for amortization of core deposit intangible assets						$	13,757					$	12,103					$	14,119					$	38,522					$	40,921
Core return on average tangible equity						12.94		%				11.96		%				14.94		%				12.55		%				14.77		%

(1) Assumed a 21% tax rate.

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Tangible Book Value Per Share and Tangible Common Equity Ratio:
(In thousands, except number of shares, per share data and ratios)						September 30, 2024						June 30, 2024						September 30, 2023
Tangible Book Value Per Share:
Shareholders' equity, as presented						$	529,900					$	508,286					$	463,298
Adjustment for goodwill and core deposit intangible assets						(95,251)						(95,390)						(95,816)
Tangible shareholders' equity						$	434,649					$	412,896					$	367,482
Shares outstanding at period end						14,577,218						14,569,262						14,558,137
Book value per share						$	36.35					$	34.89					$	31.82
Tangible book value per share						29.82						28.34						25.24
Tangible Common Equity Ratio:
Total assets						$	5,745,180					$	5,724,380					$	5,779,675
Adjustment for goodwill and core deposit intangible assets						(95,251)						(95,390)						(95,816)
Tangible assets						$	5,649,929					$	5,628,990					$	5,683,859
Common equity ratio						9.22		%				8.88		%				8.02		%
Tangible common equity ratio						7.69		%				7.34		%				6.47		%

Core Deposits:
(In thousands)						September 30, 2024						June 30, 2024						September 30, 2023
Total deposits						$	4,575,226					$	4,514,020					$	4,678,406
Adjustment for certificates of deposit						(553,481)						(576,563)						(552,111)
Adjustment for brokered deposits						(168,674)						(150,828)						(133,885)
Core deposits						$	3,853,071					$	3,786,629					$	3,992,410

Average Core Deposits:
						For the Three Months Ended																		For the Nine Months Ended
(In thousands)						September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Total average deposits, as presented(1)						$	4,379,935					$	4,349,135					$	4,483,614					$	4,366,635					$	4,476,668
Adjustment for average certificates of deposit						(565,063)						(583,282)						(497,301)						(577,007)						(409,909)
Average core deposits						$	3,814,872					$	3,765,853					$	3,986,313					$	3,789,628					$	4,066,759

(1) Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table.

Document and Entity Information Document	Oct. 29, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 29, 2024
Entity Registrant Name	Camden National Corp
Entity Central Index Key	0000750686
Amendment Flag	false
Entity Incorporation, State or Country Code	ME
Entity File Number	01-28190
Entity Tax Identification Number	01-0413282
Entity Address, Address Line One	Two Elm Street
Entity Address, City or Town	Camden
Entity Address, State or Province	ME
Entity Address, Postal Zip Code	04843
City Area Code	207
Local Phone Number	236-8821
Written Communications	true
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	CAC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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