CAMDEN NATIONAL CORP
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
CAC$58.02+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0000750686-25-000306
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000750686-26-000026
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 236 previous paragraphs and 204 current paragraphs.
114 unchanged; 61 reworded; 26 added; 55 removed; 6 previous and 3 current paragraphs rearranged.
Tables are not compared: 35 previous and 31 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
(1) Calculated using an estimated combined marginal income tax rate of 23%.
Current report
(1) Reported on a tax-equivalent basis using a 21% income tax rate.
Current report
(1) Calculated using an estimated combined marginal income tax rate of 23%.
Current report
Net income totaled $21.9 million and diluted EPS was $1.29 for the first quarter of 2026, compared to $7.3 million and $0.43, respectively, in the first quarter of 2025. For the same periods, adjusted net income and adjusted diluted EPS (which exclude certain non-recurring items, primarily related to the Northway acquisition in 2025) increased 39%, reflecting strong operating performance and our successful acquisition of Northway. Net interest margin improvement of 20 basis points between periods to 3.24% for the first quarter of 2026 was a large driver in the improvement of operating performance. With our solid financial performance for the first quarter of 2026, we reported a return on average assets of 1.28%, a return on average equity of 12.58%, and a return on average tangible equity (non-GAAP) of 18.17% for the quarter, which were all favorable improvements over the same period of 2025.
Current report
The Company’s financial condition continues to be on solid footing supported by strong asset quality, liquidity and capital positions. Total assets at March 31, 2026, were $7.0 billion and were relatively flat compared to December 31, 2025, while deposits grew 1% during the first quarter, driven by growth in non‑maturity deposits, which enabled the Company to reduce higher‑cost short‑term borrowings by $68.3 million during the period. At March 31, 2026, our loan-to-deposit ratio was 89% and, combined with the normal cash flow from our investment portfolio, we believe we are well positioned to fund expected loan growth throughout the year and continue to drive net interest margin expansion in 2026.
Current report
Asset quality for the first quarter of 2026 was strong, highlighted by annualized net charge‑offs of 0.04% of average loans and past‑due loans totaling just 0.06% of total loans at March 31, 2026. Our ACL on loans at March 31, 2026, was 0.92% of total loans and 4.2 times non-performing loans, compared to 0.91% and 6.5 times at December 31, 2025, respectively.
Current report
At March 31, 2026, our capital levels were well in excess of regulatory requirements and they continue to build. The strength of our capital continues to support disciplined growth and investment in the franchise, while we also continue to return capital to our shareholders. During the first quarter of 2026, we returned $8.6 million of capital to our shareholders through a combination of cash dividends and repurchases of the Company’s common stock. We will continue to balance our capital deployment in a manner that allows us to remain open and to attractive organic and inorganic growth opportunities that may arise.
Current report
Net Interest Income (Fully-Taxable Equivalent) for the Three Months Ended March 31, 2026 and 2025. On a fully-taxable equivalent basis, net interest income for the three months ended March 31, 2026 was $52.6 million, an increase of $3.4 million, or 7%, compared to the same period in 2025. The increase between periods was driven primarily by a decrease in interest expense of $3.5 million, or 12%, and partially offset by a decrease in interest income, on a fully-taxable equivalent basis, of $125,000, or less than 1%.
Current report
Average interest‑earning assets totaled $6.5 billion for the first quarter of 2026, an increase of $31.3 million, or 1%, compared to the first quarter of 2025. The decrease in interest income between periods of $125,000 was primarily attributable to a reduction in the recognition of net fair value mark accretion from purchase accounting, which declined by $727,000 between periods to $4.3 million in the first quarter of 2026. Fair value mark accretion recognized during the quarter consisted of $3.7 million related to loans and $759,000 related to investments, decreases of $655,000 and $72,000, respectively, between periods.
Current report
Provision for Credit Losses
Current report
(1)Provision for loan losses: The Company recorded provision expense of $806,000 for the first quarter of 2026, primarily driven by the annual update to significant model inputs and assumptions within the allowance for credit losses framework, which resulted in higher modeled loss expectations within the commercial and residential loan portfolios. Refer to Note 4 of the consolidated financial statements for further details.
Current report
The provision for credit losses recorded in the first quarter of 2025 totaled $8.9 million and was primarily driven by the acquisition of Northway on January 2, 2025, including the required establishment of the allowance on acquired non‑PCD loans at closing totaling $6.3 million.
Current report
(1)Income from fiduciary services: The increase between periods was driven by the increase in assets under management of $120.3 million, or 10%, to $1.3 billion at March 31, 2026.
Current report
(3)Bank-owned life insurance: The increase between periods was driven by the proceeds received from a death benefit on one of our BOLI policies during the first three months ended March 31, 2026.
Current report
(1)Salaries and employee benefits: The decrease between periods was primarily driven by the reduction in number of employees following the acquisition of Northway on January 2, 2025, and completion of our integration in mid-March 2025 as we achieved our expected merger synergies.
Current report
(2)Consulting and professional fees: The decrease between periods was primarily driven by the discontinuance of a number of legacy Northway consulting arrangements that were no longer required following the acquisition of Northway on January 2, 2025, and completion of integration activities in mid-March 2025 as we achieved our expected merger synergies.
Current report
(3)Merger and acquisition costs: The merger and acquisition costs occurred in the first quarter of 2025 were related to the Northway acquisition. The Company did not incur similar costs during the first quarter of 2026.
Current report
(4)Other expenses: The increase between periods was primarily driven by higher marketing expenses of $254,000 and increased customer‑related costs, including fraud, of $87,000.
Current report
The Company recorded income tax expense of $6.2 million for the three months ended March 31, 2026, compared to an income tax benefit of $1.2 million for the same period in 2025. The income tax benefit recognized for the three months ended March 31, 2025, was driven by lower pre-tax income driven by merger and acquisition costs of $7.5 million and remeasurement of our deferred tax assets that resulted in a reduction to income tax expense of $2.6 million, each were driven by the Company’s acquisition of Northway on January 2, 2025.
Current report
The Company’s estimated effective tax rate for 2026, before any discrete period items, is 22.5%, compared to our reported effective tax rate for 2025 of 17.2%. The increase in our estimated effective tax rate is driven by the aforementioned income tax benefit from the deferred tax asset remeasurement, lower forecasted tax-exempt income from municipal bonds, lower income tax credits and lower BOLI income as a percentage of pre-tax income.
Current report
Total cash and cash equivalents as of March 31, 2026, were $133.7 million, compared to $97.5 million at December 31, 2025. The increase in cash and cash equivalents was driven by temporary deposit and investment cash flows. The Company continues to actively manage its cash balances.
Current report
Our HTM debt securities are carried at amortized cost on our consolidated statements of financial condition and comprised 34% of our investment portfolio as of both March 31, 2026 and December 31, 2025.
Current report
Deposits. Deposits totaled $5.6 billion and $5.5 billion at March 31, 2026 and December 31, 2025, respectively. The 1% increase during the first quarter of 2026 was driven by an increase in core deposits of $86.3 million, or 2%, to $4.8 billion at March 31, 2026. Savings and interest checking deposit balances grew 5% and 4%, respectively, during the first quarter of 2026, offsetting the decrease in non-interest checking, CDs, and brokered deposits of 3%, 4% and 9%, respectively, during the same period.
Current report
Borrowings. As of March 31, 2026, total borrowings were $576.0 million, a decrease of $68.3 million, or 11%, since December 31, 2025. The decrease in borrowings during the first quarter of 2026 was driven by a $75.0 million, or 23%, decrease in FHLBB advances as the Company was able to replace its funding with lower cost core deposit growth.
Current report
Shareholders' equity as of March 31, 2026, totaled $710.0 million, an increase of $13.4 million, or 2%, since December 31, 2025.
Current report
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% of the Company’s issued and outstanding shares of common stock as of December 31, 2025. During the three months ended March 31, 2026, the Company repurchased 33,131 shares of its common stock at a weighted average price of $44.85 per share totaling $1.5 million.
Removed paragraphs (55)
Previous report
•impacts of political events, including government shutdowns;
Previous report
Statements relating to the Company’s acquisition of Northway may also be forward-looking statements. Factors that could cause actual result to differ materially from the forward-looking statements include:
Previous report
•the reaction to the transaction of the companies’ customers, employees and counterparties;
Previous report
•customer disintermediation;
Previous report
•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; and
Previous report
•credit and interest rate risks associated with Camden's and Northway's respective businesses, customers, borrowings, repayment, investment and deposit practices.
Previous report
Net income for the three and nine months ended September 30, 2025, was $21.2 million and $42.6 million, respectively, an increase of 62% and 11%, compared to the same periods in 2024. Diluted EPS for the three and nine months ended September 30, 2025, was $1.25 and $2.51, respectively, an increase of 39% and a decrease of 4%, compared to the same periods in 2024. The Company's financial results for the three and nine months ended September 30, 2025, were materially impacted by the acquisition of Northway Financial, Inc. (“Northway”), which closed on January 2, 2025. Further details on the Northway acquisition can be found in Note 3 of the consolidated financial statements.
Previous report
Our third quarter 2025 net income of $21.2 million set a new highwater mark for the Company. Momentum following the Northway acquisition earlier this year positions the Company well for strong earnings moving forward. Total revenues, which is measured as the sum of net interest income and non-interest income, for the third quarter of 2025 was $65.4 million, an increase of 45% over the same period in 2024. At the same time, we have benefited from the cost synergies achieved through the acquisition as non-interest expenses were $35.9 million. Excluding merger-related costs and core deposit intangible amortization, non-interest expenses were $34.2 million for the third quarter of 2025, an increase of 22% compared to the third quarter of 2024.
Previous report
The Company’s asset quality at September 30, 2025, continued to be strong. Non-performing assets were just 12 basis points of total assets and past due loans were just 16 basis points of total loans at September 30, 2025. Net charge-offs for the third quarter of 2025 were elevated at 0.89% of average loans, on an annualized basis, due to a $10.7 million partial charge-off of one syndicated commercial loan; however, the charge-off was not indicative of broader issues within our loan portfolio as evidenced by our other credit quality metrics. The Company’s loan syndication portfolio represented 2% of total loans at September 30, 2025.
Previous report
The Company’s capital position continues to rebuild following the Northway acquisition earlier this year. At September 30, 2025, the Company’s regulatory capital ratios were well in excess of capital requirements, and its common equity ratio was 9.69% and tangible common equity ratio was 7.09%, compared to 9.15% and 7.64%, respectively, at December 31, 2024.
Previous report
Net Interest Income (Fully-Taxable Equivalent) for the Three Months Ended September 30, 2025 and 2024. Net interest income on a fully-taxable equivalent basis for the quarter ended September 30, 2025 was $51.6 million, an increase of $17.9 million, or 53%, compared to the third quarter of 2024. The increase between periods consisted of an increase in interest income on a fully-taxable equivalent basis of $17.4 million, or 27%, along with the decrease in interest expense of $512,000, or 2%.
Previous report
•Average interest-earning assets totaled $6.5 billion for the third quarter of 2025, which was an increase of $1.1 billion, or 20%, compared to the third quarter of 2024. The increase between periods was primarily driven by the Northway acquisition on January 2, 2025. As part of the acquisition, the Company acquired total loans of $775.7 million and investments of $230.0 million. In the third quarter of 2025, the Company recognized net fair value mark accretion from the purchase accounting associated with the acquisition of Northway of $4.8 million within interest income, which was made up of $3.9 million of fair value mark accretion on loans and $937,000 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. This was driven by the strategic reinvestment of cash flows from lower yielding interest-earning assets into new loan originations and investments at prevailing market interest rates.
Previous report
Net Interest Margin (Fully-Taxable Equivalent) for the Three Months Ended September 30, 2025 and 2024. 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 increased 70 basis points over the third quarter of 2024 to 3.16% for the third quarter of 2025. Refer to the discussion above for the drivers for the change between periods. Adjusting for the impact of purchase accounting, which contributed $4.6 million to net interest income for the third quarter of 2025, the Company reported non-GAAP, core net interest margin of 2.82%, an increase of 36 basis points over the third quarter of 2024.
Previous report
Net Interest Income (Fully-Taxable Equivalent) for the Nine Months Ended September 30, 2025 and 2024. For the nine months ended September 30, 2025, the Company's net interest income on a fully-taxable equivalent basis was $150.3 million, an increase of $52.8 million, or 54%, compared to the same period in 2024.
Previous report
•Interest income on a fully-taxable equivalent basis increased $53.1 million, or 28%, between periods primarily driven by interest-earning assets yield expansion of 37 basis points to 4.94% for the nine months ended September 30, 2025 and increase in average earning assets of $1.0 billion, or 19%, due to the acquisition of Northway on January 2, 2025 (as described above).
Previous report
•Interest expense increased $251,000, or less than 1%, primarily driven by the increase in average funding liabilities of $1.0 billion, or 20%, between periods due to the acquisition of Northway in the first quarter (as described above). Despite the significant increase in average funding liabilities between periods, the increase in interest expense between periods was muted due to the decrease in our average cost of funds of 38 basis points to 1.94% for the nine months ended September 30, 2025. The decrease in our average cost of funds between periods reflects the change in the interest rate environment noted above and the addition of Northway’s low-cost deposit franchise with the acquisition on January 2, 2025.
Previous report
Quarterly Average Balance, Interest and Yield/Rate Analysis
Previous report
Year-to-Date Average Balance, Interest and Yield/Rate Analysis
Previous report
Provision (Credit) for Credit Losses
Previous report
(1)Provision (credit) for loan losses: The Company recorded provision expense of $3.5 million for the third quarter of 2025, primarily driven by additional provision expense of $4.7 million during the quarter, associated with the partial charge-off for a syndicated commercial loan in which the Company participated and for which the Company previously established a specific loan loss reserve of $6.0 million at June 30, 2025. The increase in provision from this loan was partially offset by the improvement of the forecasted macroeconomic outlook at September 30, 2025.
Previous report
For the nine months ended September 30, 2025, the increase in provision for loan losses of $19.7 million over the same period of 2024 was primarily the result of: (i) the Northway acquisition on January 2, 2025, for which we designated 88% of the acquired loan portfolio as non-PCD and, as such, recorded an associated provision for credit losses on these loans (and established an associated ACL on loans) of $6.3 million, and (ii) the additional provision required for the aforementioned syndicated commercial loan that was partially charged-off during the third quarter of 2025.
Previous report
(3)Credit for HTM debt securities: During the nine months September 30, 2024, the Company sold its Signature Bank corporate bond that it had previously written off and recovered proceeds of $910,000.
Previous report
(1)The increase for the three and nine months ended September 30, 2025, across these various income categories, compared to the same periods of 2024, was primarily the result of the Northway acquisition on January 2, 2025. As part of the acquisition the Company added approximately 50,000 customer accounts, 28,000 new debit card customers, and one BOLI policy, whereby the underlying investment is tied to the equity market and subject to normal market volatility.
Previous report
(2)Brokerage and insurance commissions: The increase for the three and nine months ended September 30, 2025 compared to the same periods in 2024, was driven by an increase in assets under management of $183.1 million, or 20%, to $1.1 billion as of September 30, 2025.
Previous report
(1)The increase for the three and nine months ended September 30, 2025, across these various expense categories, compared to the same periods of 2024, was primarily the result of the Northway acquisition on January 2, 2025. In the third quarter of 2025, the Company continued to optimize and achieve its targeted cost savings as a combined organization, primarily through the elimination of redundancies across its personnel, information systems, technologies and services.
Previous report
(2)Merger and acquisition costs: For the three and nine months ended September 30, 2025, the Company incurred costs associated with the Northway acquisition totaling $315,000 and $9.2 million, respectively. Through September 30, 2025, the Company had incurred total acquisition-related costs, including those incurred by Northway prior to the closing on January 2, 2025, of $12.2 million. We anticipate any remaining acquisition-related costs will be insignificant.
Previous report
The acquisition-related costs incurred during the three and nine months ended September 30, 2025 include:
Previous report
(3)Amortization of core deposit intangible assets: The increase for the three and nine months ended September 30, 2025 compared to the same periods in 2024, was the result of Northway acquisition on January 2, 2025. Our provisional estimate for CDI assets created during the acquisition totaled $48.1 million, of which we estimate the useful life of the definite-lived intangible asset to be ten years. Refer to Note 3 and Note 6 of the consolidated financial statements for additional information.
Previous report
The Company recorded income tax expense of $5.3 million and $7.8 million, respectively, for the three and nine months ended September 30, 2025, compared to $2.8 million and $8.7 million, respectively, for the same periods in 2024. The Company’s estimated normalized effective tax rate is currently estimated at 20.6%, however, given the Northway acquisition and the change in the apportionment of income across the states in which the Company primarily operates, the Company changed its estimated deferred tax rate, increasing it from 21.5% to 22.8% in the first quarter of 2025. This change in the estimated deferred tax rate resulted in a one-time revaluation of the Company’s legacy deferred tax assets and the recognition of a one-time income tax benefit of $2.4 million in the first quarter of 2025. Refer to Note 3 of the consolidated financial statements for further discussion.
Previous report
On July 4, 2025, the OBBBA was signed into law and does not have a material impact on the Company’s consolidated financial statements.
Previous report
Total cash and cash equivalents as of September 30, 2025, were $98.8 million, compared to $215.0 million at December 31, 2024. As part of the Northway acquisition on January 2, 2025, the Company acquired $48.3 million of cash which it leveraged to prepay all of the FHLBB borrowings assumed from Northway, totaling $45.0 million, offsetting the cash obtained through the acquisition. Additionally, during the nine months ended September 30, 2025, we utilized cash to support loan growth. The Company continues to actively manage its cash balances. Refer to Note 3 of the consolidated financial statements for further details on acquired assets and liabilities from Northway.
Previous report
•Investments acquired as part of the Northway acquisition on January 2, 2025 totaling $230.0 million, net of purchase accounting adjustments, which included: (i) investment debt securities of $227.4 million, net of purchase accounting adjustments, all of which we designated as AFS and (ii) FHLBB and other corresponding banking relationship common stock totaling $2.5 million.
Previous report
•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.
Previous report
•The Purchase of $166.5 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.
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•Pay downs, calls, and maturities of $107.3 million.
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•An increase in the fair value of the Company’s AFS debt securities of $33.4 million due to the decrease in interest rates across the mid- and long-end of the yield curve between periods.
Previous report
On January 2, 2025, the Company completed its acquisition of Northway, which included $775.7 million of loans held for investment, net of purchase accounting adjustments. Refer to Note 3 of the consolidated financial statements for further discussion of the Company’s accounting for the acquisition of Northway.
Previous report
From time to time, the Company participates in select commercial syndication loans alongside other financial institutions to diversify its commercial loan portfolio. As of September 30, 2025 and December 31, 2024, the Company’s syndicated loan portfolio consisted of seven and eight borrowers, respectively, across a range of industries, with total outstanding loan balances of $89.0 million and $102.4 million. As of each date, these balances represented 2% of the Company’s total loan portfolio and were shared national credits.
Previous report
During the second quarter of 2025, a commercial borrower under a syndicated loan in which the Company participated entered bankruptcy. As a result, we placed this loan on non-accrual status and downgraded its risk rating from “passing” to “doubtful” in the second quarter of 2025. In the third quarter of 2025, we charged-off $10.7 million of the Company’s total $12.2 million participation in the syndicated loan. The remaining balance is expected to be collected as part of the bankruptcy settlement in the fourth quarter of 2025. As of September 30, 2025, there were no other indications of credit deterioration within the syndicated loan portfolio.
Previous report
Goodwill and CDI Assets
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Reworded paragraphs (61)
Previous wording
•changes in information technology and other operational risks, including cybersecurity, that require increased capital spending;
Current wording
•changes in information technology and other operational risks, including cybersecurity and artificial intelligence, that require increased capital spending and introduce additional risk;
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•the effects of civil unrest, international hostilities, including the war in Ukraine and conflict in the Middle East, or other geopolitical events;
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•the effects of civil unrest, international hostilities, including hostilities in Iran, or other geopolitical events;
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•changes to regulatory capital requirements in response to recent developments affecting the banking sector; and
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•changes to regulatory capital requirements; and
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In addition, statements regarding the potential effects of notable national 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, 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.
Current wording
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.
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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 income 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.
Current wording
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.
Previous wording
(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 merger.
Current wording
(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.
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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.
Current wording
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.
Previous wording
Return on Average Tangible Equity. Return on average tangible equity is the ratio of (i) net income, adjusted for (a) amortization of core deposit intangible assets and the tax impact of the adjustment and (b) goodwill impairment, as necessary, to (ii) average shareholders' equity, adjusted for average goodwill and core deposit intangible assets. This adjusted financial ratio reflects a shareholder's return on tangible capital deployed in our business and is a common measure within the financial services industry.
Current wording
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 (a) amortization of CDI assets and the tax impact of the adjustment and (b) goodwill impairment, as necessary, to (ii) average shareholders' equity, adjusted for average goodwill and CDI assets. This adjusted financial ratio reflects a shareholder's return on tangible capital deployed in our business and is a common measure within the financial services industry.
Previous wording
Adjusted Return on Average Tangible Equity. Adjusted return on average tangible equity is the ratio of (i) core net income (as defined in the table above) adjusted for (a) amortization of core deposit intangible assets and the tax impact of the adjustment and (b) goodwill impairment, as necessary, to (ii) average shareholders' equity, adjusted for average goodwill and core deposit intangible assets.
Current wording
Adjusted return on average tangible equity is the ratio of (i) core net income (as defined in the table above) adjusted for (a) amortization of CDI assets and the tax impact of the adjustment and (b) goodwill impairment, as necessary, to (ii) average shareholders' equity, adjusted for average goodwill and CDI assets.
Previous wording
(1) Recognized $3.8 million and $12.4 million of net accretion income on loans from purchase accounting for the three and nine months ended September 30, 2025, respectively.
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(1) Recognized $3.7 million and $4.3 million of net accretion income on loans from purchase accounting for the three months ended March 31, 2026 and 2025, respectively.
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(2) Recognized $937,000 and $2.6 million of net accretion income on investments from purchase accounting for the three and nine months ended September 30, 2025, respectively.
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(2) Recognized $759,000 and $831,000 of net accretion income on investments from purchase accounting for the three months ended March 31, 2026 and 2025, respectively.
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(3) Recognized $132,000 and $394,000 million of amortization expense on time deposits and borrowings from purchase accounting for the three and nine months ended September 30, 2025, respectively.
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(3) Recognized $75,000 of amortization expense on borrowings from purchase accounting for the three months ended March 31, 2026 and $131,000 of amortization expense on time deposits and borrowings from purchase accounting for the three months ended March 31, 2025.
Previous wording
Tangible Book Value per Share. Tangible book value per share is the ratio of (i) shareholders’ equity less goodwill and other intangibles to (ii) total common shares outstanding at period end. Tangible book value per share is a common measure within the financial services industry to assess the value of a company, as it removes goodwill and other intangible assets generated within purchase accounting upon a business combination.
Current wording
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 other intangibles to (ii) total common shares outstanding at period end. Tangible book value per share is a common measure within the financial services industry to assess the value of a company, as it removes goodwill and other intangible assets generated within purchase accounting upon a business combination.
Previous wording
Tangible Common Equity Ratio. Tangible common equity is the ratio of (i) shareholders’ equity less goodwill and other intangible assets to (ii) total assets less goodwill and other intangible assets. This ratio is a measure used within the financial services industry to assess a company's capital adequacy.
Current wording
Tangible common equity is the ratio of (i) shareholders’ equity less goodwill and other intangible assets to (ii) total assets less goodwill and other intangible assets. This ratio is a measure used within the financial services industry to assess a company's capital adequacy.
Previous wording
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 differ materially 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 and (ii) accounting for acquisitions and the subsequent review of goodwill and intangible assets generated in an acquisition for impairment.
Current wording
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 differ materially 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.
Previous wording
The Company operates throughout Maine, with its primary markets and presence being throughout coastal and central Maine and New Hampshire. The Company and the Bank generally have effectively competed with other financial institutions by emphasizing customer service, highlighted by local decision-making, establishing long-term customer relationships, building customer loyalty and providing products and services designed to meet the needs of customers.
Current wording
The Company operates throughout Maine and New Hampshire. The Company and the Bank generally have effectively competed with other financial institutions by emphasizing customer service, highlighted by local decision-making, establishing long-term customer relationships, building customer loyalty and providing products and services designed to meet the needs of customers.
Previous wording
Net interest income is the interest earned on loans, securities, and other interest-earning assets, adjusted for net loan fees, origination costs, and accretion or amortization of fair value marks on loans, investments, time deposits and/or borrowings created in purchase accounting, less the interest paid on interest-bearing deposits and borrowings. Net interest income is our largest source of revenue ("revenue" is defined as the sum of net interest income and non-interest income). For the quarter ended September 30, 2025, net interest income was 78% of total revenues, compared to 75% for the same period in 2024. For the nine months ended September 30, 2025, net interest income was 80% of total revenues, compared to 75% for the same period of 2024. 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.
Current wording
Net interest income represents the interest earned on loans, securities, and other interest‑earning assets, adjusted for net loan fees, origination costs, and the accretion or amortization of fair value marks on loans, investments, time deposits and/or borrowings recorded in purchase accounting, less interest paid on interest‑bearing deposits and borrowings. Net interest income is the Company’s largest source of revenue, with revenue defined as the sum of net interest income and non‑interest income.
Previous wording
•Average funding liabilities totaled $6.2 billion for the third quarter of 2025, which was an increase of $1.1 billion, or 21%, compared to the third quarter of 2024. The increase between periods was primarily driven by the acquisition of Northway on January 2, 2025. As part of the acquisition, the Company acquired total deposits of $971.7 million and borrowings of $45.0 million. Despite the significant increase in average funding liabilities between periods, interest expense for the third quarter of 2025 decreased $512,000 due to the decrease in our average cost of funds of 45 basis points to 1.90% for the third quarter of 2025. The decrease in our average cost of funds between periods reflects the change in the interest rate environment. The Federal Funds Effective Rate for the third quarter of 2025 was 4.30%, which was 97 basis points lower than the same period of 2024. The other driver for the decrease in our average cost of funds between periods was the low-cost deposit franchise the Company acquired through the Northway acquisition.
Current wording
Average funding liabilities totaled $6.1 billion for the first quarter of 2026, a decrease of $34.8 million, or 1%, compared to the first quarter of 2025. Interest expense for the first quarter of 2026 decreased $3.5 million, primarily due to a reduction in the average cost of funds of 22 basis points to 1.72%. The decrease in the average cost of funds reflects changes in the interest rate environment, as well as a reduction in average high‑cost brokered deposits of $67.3 million between periods. The Federal Funds Effective Rate for the first quarter of 2026 was 3.64%, which was 69 basis points lower than the same period of 2025.
Previous wording
Net Interest Margin (Fully-Taxable Equivalent) for the Nine Months Ended September 30, 2025 and 2024. Our net interest margin on a fully-taxable equivalent basis increased 72 basis points over the nine months ended September 30, 2024 to 3.09% for the nine months ended September 30, 2025. Refer to the discussion above for the drivers of the change between periods. Adjusting for the impact of purchase accounting, which contributed $14.6 million to net interest income for the first nine months of 2025, the Company reported non-GAAP, core net interest margin of 2.73%, an increase of 36 basis points over the nine months ended September 30, 2024.
Current wording
Net Interest Margin (Fully-Taxable Equivalent) for the Three Months Ended March 31, 2026 and 2025. Net interest margin, on a fully-taxable equivalent basis, for the three months ended March 31, 2026 was 3.24%, an increase of 20 basis points over the three months ended March 31, 2025. Refer to the discussion above for a description of the factors contributing to the change between periods. Adjusting for the impact of net fair value market accretion income from purchase accounting, which contributed $4.3 million and $5.0 million to net interest income for the first quarter of 2026 and 2025, respectively, the Company reported non-GAAP, core net interest margin of 2.92% for the three months ended March 31, 2026, an increase of 24 basis points over the same period of 2025.
Previous wording
(1) Reported on tax-equivalent basis calculated using a 21% tax rate, including certain commercial loans.
Current wording
(1) Reported on tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.
Previous wording
The provision (credit) for credit losses was made up of the following components for the periods indicated:
Current wording
The provision for credit losses was made up of the following components for the periods indicated:
Previous wording
(2)Provision for credit losses on off-balance sheet credit exposures: At September 30, 2025, the ACL on off-balance sheet credit exposures was $3.1 million, as compared to $3.7 million as of June 30, 2025 and $2.8 million as of September 30, 2024. As part of the Northway acquisition, the Company acquired unfunded commitments totaling $115.6 million at closing, for which we accounted for within the provision for credit losses on off-balance sheet credit exposures during the nine months ended September 30, 2025. The decrease in unfunded commitments during the third quarter of 2025 was driven by the decrease in the Company committed loan pipeline decreasing from $149.5 million at June 30, 2025, to $116.5 million at September 30, 2025.
Current wording
(2)Provision for credit losses on off-balance sheet credit exposures: At March 31, 2026, the ACL on off-balance sheet credit exposures was $2.8 million, as compared to $3.4 million as of March 31, 2025.
Previous wording
(3)Mortgage banking income, net: The increase for the three and nine months ended September 30, 2025 compared to the same periods in 2024, was driven by the increase in the gain from the sale of loans during both periods. During the three and nine months ended September 30, 2025, the Company sold $80.3 million and $170.3 million, or 62% and 52%, respectively, of its residential mortgage production, compared to $62.4 million and $157.3 million, or 63% and 57%, respectively, for the same periods of 2024.
Current wording
(2)Mortgage banking income, net: The increase between periods was driven by the increase in the gain from the sale of residential mortgage loans. During the three months ended March 31, 2026, the Company sold $61.0 million, or 52% of its residential mortgage production, compared to $41.8 million or 55% for the same period of 2025.
Previous wording
Included within the Company’s cash and cash equivalents’ balances at September 30, 2025 and December 31, 2024, was cash held in escrow by the FHLBB as collateral posted by the counterparties for our derivatives in a net asset position totaling $8.7 million and $13.2 million, respectively. We and the counterparty manage these cash accounts daily. Refer to Notes 10 and 11 of the consolidated financial statements for additional detail on the Company’s derivatives and collateral.
Current wording
Included within the Company’s cash and cash equivalents’ balances at March 31, 2026 and December 31, 2025, was cash held in escrow by the FHLBB as collateral posted by the counterparties for our derivatives in a net asset position totaling $7.5 million and $7.2 million, respectively. We and the counterparty manage these cash accounts daily. Refer to Notes 8 and 9 of the consolidated financial statements for additional detail on the Company’s derivatives and collateral.
Previous wording
As of September 30, 2025, the reported value of the Company's total investments portfolio was $1.4 billion, an increase of $282.3 million, or 25%, since December 31, 2024. The change between periods was driven by the following:
Current wording
As of March 31, 2026, the reported value of the Company’s total investments portfolio was $1.4 billion, a decrease of $45.3 million, or 3%, since December 31, 2025, driven by normal paydowns, calls and maturities.
Previous wording
Our AFS debt securities portfolio, which comprised 63% and 52% of our investment portfolio as of September 30, 2025 and December 31, 2024, respectively, was carried at fair value using Level 2 valuation techniques. Refer to Note 17 of the consolidated financial statements for further details on the Company's fair value techniques. Our HTM debt securities are carried at amortized cost and comprised 35% and 45% of our investment portfolio as of September 30, 2025 and December 31, 2024, respectively.
Current wording
Our AFS debt securities portfolio, which comprised 64% of our investment portfolio as of both March 31, 2026 and December 31, 2025, was carried at fair value on our consolidated statements of financial condition using Level 2 valuation techniques. Refer to Note 14 of the consolidated financial statements for further details on the Company's fair value techniques.
Previous wording
The book value of our debt securities as of September 30, 2025 was $1.4 billion, compared to $1.2 billion as of December 31, 2024. Our 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 highly rated subordinated corporate and municipal bonds by nationally recognized rating agencies. At September 30, 2025 and December 31, 2024, the book value of U.S. government and government-sponsored agencies represented approximately 93% and 91%, respectively, of our debt securities portfolio.
Current wording
The book value of our debt securities was $1.4 billion as of both March 31, 2026 and December 31, 2025. Our 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 highly rated subordinated corporate and municipal bonds by nationally recognized rating agencies. At March 31, 2026 and December 31, 2025, the book value of U.S. government and government‑sponsored agencies represented approximately 93% of our debt securities portfolio.
Previous wording
The following table details the composition of the Company's investment portfolio as of September 30, 2025 and December 31, 2024, based on the book value of each security type as a percentage of total book value of the Company's debt securities:
Current wording
The following table details the composition of the Company's investment portfolio, based on the book value of each security type as a percentage of total book value of the Company's debt securities, as of the dates indicated:
Previous wording
We continually monitor and evaluate our investment portfolio to identify and assess risks within our portfolio, including but not limited to, the impact of the current interest rate environment and the related prepayment risk, and the review of credit ratings. The overall mix of debt securities as of September 30, 2025, compared to December 31, 2024, remains consistent and is believed to be well-positioned to provide a stable source of cash flow. As of September 30, 2025 and December 31, 2024, the duration of our debt investment securities portfolio, adjusting for calls when appropriate and consensus prepayment speeds, was 5.1 years and 5.2 years, respectively.
Current wording
We continually monitor and evaluate our investment portfolio to identify and assess risks within our portfolio, including but not limited to, the impact of the current interest rate environment and the related prepayment risk, and the review of credit ratings. The overall mix of debt securities as of March 31, 2026, compared to December 31, 2025, remains consistent and is believed to be well-positioned to provide a stable source of cash flow. As of March 31, 2026 and December 31, 2025, the duration of our debt investment securities portfolio, adjusting for calls when appropriate and consensus prepayment speeds, was 4.8 years and 4.9 years, respectively.
Previous wording
The fair value and book value of the Company's subordinated corporate bonds and municipal securities as of September 30, 2025 and December 31, 2024 was as follows:
Current wording
The following table presents the fair value and book value of the Company's subordinated corporate bonds and municipal securities, as of the dates indicated:
Previous wording
At September 30, 2025 and December 31, 2024, municipal bonds were 4% and 5%, respectively, of the book value of the total bond portfolio at each date and all municipal bonds carried an investment-grade credit rating.
Current wording
At March 31, 2026 and December 31, 2025, municipal bonds represented 4% of the book value of the total bond portfolio, and all of our municipal bonds carried an investment‑grade credit rating.
Previous wording
At September 30, 2025 and December 31, 2024, subordinated corporate bonds were 3% of the book value of the total bond portfolio at each date. At September 30, 2025 and December 31, 2024, subordinated corporate bonds with a book value of $26.0 and $25.9 million at each period, or 62% and 70%, respectively, of the subordinated corporate bond portfolio, carried an investment-grade credit rating. The remaining $16.2 million and $11.2 million, respectively, of book value, or 38% and 30%, respectively, of the subordinated corporate bond portfolio, were non-rated subordinated corporate bonds of community banks within our markets. As of September 30, 2025, the subordinated 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 31% of our exposure as of September 30, 2025, being to global systemically important banks, or "G-SIBs." We continue to monitor and analyze the performance of our subordinated corporate bond portfolio.
Current wording
At March 31, 2026 and December 31, 2025, subordinated corporate bonds represented 3% of the book value of the total bond portfolio, of which $26.0 million, or 68%, carried an investment‑grade credit rating, and $12.2 million, or 32%, consisted of non‑rated subordinated corporate bonds of community banks within our markets. As of March 31, 2026, the subordinated corporate bond portfolio was made up of 15 different companies, which included 13 different banks. The banks in the portfolio range from the largest U.S. banks to community banks, with 34% of our exposure as of March 31, 2026, being to global systemically important banks, or "G-SIBs". We continue to monitor and analyze the performance of our subordinated corporate bond portfolio.
Previous wording
Other Investments. Our other investments on the consolidated statements of condition is primarily made up of FHLBB and FRB 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 September 30, 2025 and December 31, 2024, our investment in FHLBB stock totaled $22.4 million and $17.1 million, respectively, and our investment in FRB stock was $8.7 million and $5.4 million, respectively.
Current wording
Other Investments. Our other investments on the consolidated statements of condition is primarily made up of FHLBB and FRB 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 March 31, 2026 and December 31, 2025, our investment in FHLBB common stock totaled $14.6 million and $17.7 million, respectively, while our investment in FRB common stock totaled $8.7 million at both dates.
Previous wording
Portfolio Concentrations. Our primary geographical markets are Maine, New Hampshire and Massachusetts, making up 56%, 26%, and 13%, respectively, of the loan portfolio as of September 30, 2025, compared to 68%, 11%, and 16%, respectively, as of December 31, 2024. The increases between periods in our loan exposure to New Hampshire and Massachusetts was driven by the Northway acquisition. As of September 30, 2025, our distribution channels, including branches acquired in the Northway merger, included 55 branches in Maine, 17 branches in New Hampshire, and an online residential mortgage and small business digital loan platform.
Current wording
Portfolio Concentrations. Our primary geographical markets are Maine, New Hampshire and Massachusetts, making up 57%, 25%, and 13%, respectively, of the loan portfolio as of March 31, 2026, compared to 57%, 25% and 12%, respectively, as of December 31, 2025. As of March 31, 2026, our distribution channels included 56 branches in Maine and 16 branches in New Hampshire, and an online residential mortgage and small business digital loan platform.
Previous wording
As of September 30, 2025, the non-residential building operators' industry (operators of commercial and industrial buildings, retail establishments, theaters, banks and insurance buildings) and lessors of residential buildings industry (lessors of buildings used as residences, such as single-family homes, apartments and town houses) concentrations were 30% and 29%, respectively, of our total commercial real estate portfolio and were 13% and 12% of total loans, respectively. As of September 30, 2025, there were no other industry concentrations within our loan portfolio that exceeded 10% of total loans.
Current wording
As of March 31, 2026, the (i) non-residential building operators’ industry (operators of commercial and industrial buildings, retail establishments, theaters, banks and insurance buildings) and (ii) lessors of residential buildings industry (lessors of buildings used as residences, such as single-family homes, apartments and town houses) concentrations were both 28% of our total commercial real estate portfolio and 12% of total loans, respectively. As of March 31, 2026, there were no other industry concentrations within our loan portfolio that exceeded 10% of total loans.
Previous wording
(a) Multi-family (5+ units) loans are primarily located in non-urban locations, including 52% in Maine, 37% in New Hampshire, and 10% in Massachusetts as of September 30, 2025, compared to 68%, 23%, and 7%, respectively, as of December 31, 2024.
Current wording
(a) Multi-family (5+ units) loans are primarily located in non-urban locations, including 51% in Maine, 35% in New Hampshire, and 13% in Massachusetts as of March 31, 2026, compared to 50%, 37%, and 11%, respectively, as of December 31, 2025.
Previous wording
(b) Office loans are primarily located in non-urban locations, including 42% in Maine, 36% in New Hampshire, and 21% in Massachusetts as of September 30, 2025, compared to 52%, 26%, and 23%, respectively, as of December 31, 2024.
Current wording
(b) Office loans are primarily located in non-urban locations, including 45% in Maine, 39% in New Hampshire, and 15% in Massachusetts as of March 31, 2026, compared to 46%, 39%, and 15%, respectively, as of December 31, 2025.
Previous wording
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 continually 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:
Current wording
Asset quality is of the utmost 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:
Previous wording
•The Credit Risk and Special Assets teams and the Credit Risk Policy Committee, which is an internal management committee comprised of the Company’s president and chief executive officer and other various executives and senior managers across business lines, including Accounting and Finance, Credit Underwriting, Credit Risk 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 ratings system.
Current wording
•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, along with the Credit Risk and Special Assets teams, oversees 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.
Previous wording
•The adequacy of the ACL is overseen by the Management Provision Committee, which is an internal management committee As of January 1, 2025, 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.
Current wording
•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.
Showing the first 40 of 61 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
For the quarter ended March 31, 2026, net interest income totaled $52.4 million, representing approximately 81% of total revenues, compared to $48.8 million, or 81% of total revenues, for the same period in 2025. 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.
Current report — wording carried from elsewhere
Our principal cash requirement is the payment of dividends on our common stock, as and when declared by the Company’s
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
(1) Reported on tax-equivalent basis calculated using a 21% tax rate, including certain commercial loans.
Previous report — wording carried elsewhere
(2) Non-accrual loans and loans held for sale are included in total average loans.
Previous report — wording carried elsewhere
(3) This is a non-GAAP measure. Please see "Non-GAAP Financial Measures and Reconciliation to GAAP” for additional information.
Previous report — wording carried elsewhere
Refer to “—Provision for Credit Losses” and Note 5 of the consolidated financial statements for other factors impacting the change in ACL on loans during the nine months ended September 30, 2025.
Previous report — wording carried elsewhere
Refer to Note 3 of the consolidated financial statements for additional information.
Previous report — wording carried elsewhere
Refer to Note 3 of the consolidated financial statements for additional information.