Camden National Corporation

05/07/2026 | Press release | Distributed by Public on 05/07/2026 08:25

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
The discussions set forth below and in the documents we incorporate by reference herein contain certain statements that may be considered forward-looking statements under the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "plan," "target," "potential" or "goal" or future or conditional verbs such as "will," "may," "might," "should," "could" and other expressions which predict or indicate future events or trends and which do not relate to historical matters. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult for the Company to predict. The actual results, performance or achievements of the Company may differ materially from what is reflected in such forward-looking statements.
Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company's financial performance to differ materially from the Company's goals, plans, objectives, intentions, expectations and other forward-looking statements:
•weakness in the United States economy in general and the regional and local economies within the Northern New England region, which could result in a deterioration of credit quality, an increase in the allowance for credit losses or a reduced demand for the Company's credit or fee-based products and services;
•changes in trade, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the imposition of tariffs or retaliatory tariffs;
•inflation, interest rate, market, and monetary fluctuations;
•ongoing competition in the labor markets and increased employee turnover;
•the adequacy of succession planning for key executives or other personnel, and the Company's ability to transition effectively to new members of the senior executive team;
•competitive pressures, including continued industry consolidation and the increased financial services provided by non-banks;
•deterioration in the value of the Company's investment securities;
•commercial real estate vacancies and their impact on the ability of borrowers to repay their loans;
•volatility in the securities markets that could adversely affect the value or credit quality of the Company's assets, impairment of goodwill, or the availability and terms of funding necessary to meet the Company's liquidity needs;
•changes in information technology and other operational risks, including cybersecurity and artificial intelligence, that require increased capital spending and introduce additional risk;
•changes in consumer spending and savings habits;
•changes in tax, banking, securities and insurance laws and regulations;
•the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters;
•changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board ("FASB"), and other accounting standard setters;
•the effects of climate change on the Company and its customers, borrowers or service providers;
•the effects of civil unrest, international hostilities, including hostilities in Iran, or other geopolitical events;
•the effects of epidemics and pandemics;
•turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository
institutions, which could affect the ability of depository institutions, including Camden National Bank, to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital;
•actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;
•increases in deposit insurance assessments due to bank failures;
•changes to regulatory capital requirements; and
•questions about the soundness of one or more financial institutions with which the Company does business.
In addition, statements regarding the potential effects of notable national and global current events, including hostilities in Iran and recent rulings on the permissibility of certain tariffs, on the Company's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company's control.
You should carefully review all of these factors, and be aware that there may be other factors that could cause differences, including the risk factors listed in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's quarterly reports on Form 10-Q, including this report, and other filings with the Securities and Exchange Commission. Readers should carefully review the risk factors described therein and should not place undue reliance on our forward-looking statements.
These forward-looking statements were based on information, plans and estimates at the date of this report, and we undertake no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except to the extent required by applicable law or regulation.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP
In addition to evaluating the Company's results of operations in accordance with GAAP, management supplements this evaluation with an analysis of certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income and adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; net interest margin and core net interest margin (both on a fully-taxable equivalent basis); tangible book value per share; core deposits and average core deposits. We utilize these non-GAAP financial measures for purposes of measuring performance against the Company's peer group and other financial institutions, as well as for analyzing its internal performance. The Company also believes these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allows for better performance comparisons to other banks. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions.
Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity. The following table provides a reconciliation of net income, diluted EPS, return on average assets and return on average equity to adjusted net income, adjusted diluted EPS, adjusted return on average assets and adjusted return on average equity. Certain non-recurring transactions have been excluded to calculate adjusted net income, adjusted diluted EPS, adjusted return on average assets and adjusted return on average equity. We believe the following adjusted financial information and metrics assist users of our financial statements with their financial analysis period-over-period as it adjusts for certain non-recurring items.
Three Months Ended
March 31,
(In thousands, except number of shares, per share data and ratios) 2026 2025
Adjusted Net Income:
Net income, as presented $ 21,883 $ 7,326
Adjustments before taxes:
Provision for non-PCD acquired loans - 6,294
Provision for acquired unfunded commitments - 249
Merger and acquisition costs - 7,525
Total adjustments before taxes - 14,068
Tax impact of above adjustments(1)
- (3,205)
Adjustment for deferred tax valuation adjustment(2)
- (2,421)
Adjusted net income $ 21,883 $ 15,768
Adjusted Diluted Earnings per Share:
Diluted earnings per share, as presented $ 1.29 $ 0.43
Adjustments before taxes:
Provision for non-PCD acquired loans - 0.37
Provision for acquired unfunded commitments - 0.01
Merger and acquisition costs - 0.45
Total adjustments before taxes - 0.83
Tax impact of above adjustments(1)
- (0.19)
Adjustment for deferred tax valuation adjustment(2)
- (0.14)
Adjusted diluted earnings per share $ 1.29 $ 0.93
Adjusted Return on Average Assets:
Return on average assets, as presented 1.28 % 0.43 %
Adjustments before taxes:
Provision for non-PCD acquired loans - % 0.37 %
Provision for acquired unfunded commitments - % 0.01 %
Merger and acquisition costs - % 0.44 %
Total adjustments before taxes - % 0.82 %
Tax impact of above adjustments(1)
- % (0.19) %
Adjustment for deferred tax valuation adjustment(2)
- % (0.14) %
Adjusted return on average assets 1.28 % 0.92 %
Adjusted Return on Average Equity:
Return on average equity, as presented 12.58 % 4.75 %
Adjustments before taxes:
Provision for non-PCD acquired loans - % 4.08 %
Provision for acquired unfunded commitments - % 0.16 %
Merger and acquisition costs - % 4.88 %
Total adjustments before taxes - % 9.12 %
Tax impact of above adjustments(1)
- % (2.08) %
Adjustment for deferred tax valuation adjustment(2)
- % (1.57) %
Adjusted return on average equity 12.58 % 10.22 %
(1) Calculated using an estimated combined marginal income tax rate of 23%.
(2) A one-time deferred tax valuation adjustment of $2.4 million resulted from a change in the apportionment of state income taxes due to the Northway acquisition.
Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income. Pre-tax, pre-provision income is a supplemental measure of operating earnings and performance. Pre-tax, pre-provision income is calculated as net income before provision for credit losses and income tax expense. This supplemental measure has become more widely used by financial institutions as a measure of financial performance for comparability across financial institutions.
Adjusted pre-tax, pre-provision income is a supplemental measure with certain non-recurring expenses excluded. We believe the following adjusted financial information and metrics assist users of our financial statements with their financial analysis period-over-period as it adjusts for certain non-recurring items.
Three Months Ended
March 31,
(Dollars in thousands) 2026 2025
Net income, as presented $ 21,883 $ 7,326
Adjustment for provision for credit losses
553 9,429
Adjustment for income tax expense (benefit)
6,194 (1,152)
Pre-tax, pre-provision income $ 28,630 $ 15,603
Adjustment for merger and acquisition costs - 7,525
Adjusted pre-tax, pre-provision income $ 28,630 $ 23,128
Efficiency Ratio. The efficiency ratio represents an approximate measure of the cost required for the Company to generate a dollar of revenue. This is a common measure within the financial services industry and is a key ratio for evaluating Company performance. The efficiency ratio is calculated as the ratio of (i) total non-interest expense, adjusted for certain operating expenses, as necessary, to (ii) net interest income on a tax equivalent basis plus total non-interest income, adjusted for certain other income items, as necessary.
Three Months Ended
March 31,
(Dollars in thousands) 2026 2025
Non-interest expense, as presented $ 35,708 $ 44,451
Adjustment for merger and acquisition costs - (7,525)
Adjustment for amortization of CDI assets
(1,354) (1,473)
Adjusted non-interest expense $ 34,354 $ 35,453
Net interest income, as presented $ 52,358 $ 48,858
Adjustment for the effect of tax-exempt income(1)
225 326
Non-interest income, as presented 11,980 11,196
Adjusted net interest income plus non-interest income
$ 64,563 $ 60,380
GAAP efficiency ratio 55.50 % 74.02 %
Non-GAAP efficiency ratio 53.21 % 58.72 %
(1) Reported on a tax-equivalent basis using a 21% income tax rate.
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.
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.
Three Months Ended
March 31,
(Dollars in thousands) 2026 2025
Return on Average Tangible Equity:
Net income, as presented $ 21,883 $ 7,326
Adjustment for amortization of CDI assets
1,354 1,473
Tax impact of above adjustment(1)
(311) (339)
Net income, adjusted for amortization of CDI assets
$ 22,926 $ 8,460
Average equity, as presented $ 705,336 $ 625,789
Adjustment for average goodwill and CDI assets
(193,554) (200,125)
Average tangible equity $ 511,782 $ 425,664
Return on average equity 12.58 % 4.75 %
Return on average tangible equity 18.17 % 8.06 %
Adjusted Return on Average Tangible Equity:
Adjusted net income (see "Adjusted Net Income" table above)
$ 21,883 $ 15,768
Adjustment for amortization of CDI assets
1,354 1,473
Tax impact of above adjustment(1)
(311) (339)
Adjusted net income, adjusted for amortization of CDI assets
$ 22,926 $ 16,902
Adjusted return on average tangible equity 18.17 % 16.10 %
(1) Calculated using an estimated combined marginal income tax rate of 23%.
Core Net Interest Margin (fully-taxable equivalent). The following table provides a reconciliation of net interest margin (fully-taxable equivalent) to core net interest margin (fully-taxable equivalent). Certain non-recurring transactions have been excluded to calculate core net interest margin (fully-taxable equivalent). We believe the following adjusted financial information and metrics assist users of our financial statements with their financial analysis period-over-period as it adjusts for certain non-recurring items.
Three Months Ended
March 31,
(Dollars in thousands) 2026 2025
Net interest margin (fully-taxable equivalent), as presented 3.24 % 3.04 %
Net accretion income on loans from purchase accounting(1)
(0.26) % (0.30) %
Net accretion income on investments from purchase accounting(2)
(0.06) % (0.07) %
Net amortization on time deposits and borrowings from purchase accounting(3)
- % 0.01 %
Core net interest margin (fully-taxable equivalent) 2.92 % 2.68 %
(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.
(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.
(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.
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.
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.
(Dollars in thousands, except number of shares, per share data and ratios) March 31,
2026 		December 31,
2025
Tangible Book Value Per Share:
Shareholders' equity, as presented $ 710,007 $ 696,558
Adjustment for goodwill and CDI assets
(192,731) (194,085)
Tangible shareholders' equity $ 517,276 $ 502,473
Shares outstanding at period end 16,914,371 16,924,310
Book value per share $ 41.98 $ 41.16
Tangible book value per share $ 30.58 $ 29.69
Tangible Common Equity Ratio:
Total assets $ 6,961,581 $ 6,974,584
Adjustment for goodwill and CDI assets
(192,731) (194,085)
Tangible assets $ 6,768,850 $ 6,780,499
Common equity ratio 10.20 % 9.99 %
Tangible common equity ratio 7.64 % 7.41 %
Core Deposits. Core deposits are used by management to measure the portion of the Company's total deposits that management believes to be more stable and at a lower interest rate cost. The Company calculates core deposits as total deposits (as reported on the consolidated statements of condition) less certificates of deposit and brokered deposits. Management believes core deposits is a useful measure to assess the Company's deposit base, including its potential volatility.
(Dollars in thousands) March 31,
2026 		December 31,
2025
Total deposits $ 5,585,352 $ 5,537,781
Adjustment for certificates of deposit (652,002) (679,087)
Adjustment for brokered deposits (118,883) (130,565)
Core deposits $ 4,814,467 $ 4,728,129
Average Core Deposits. Average core deposits are used by management to measure the portion of the Company's total deposits that management believes to be more stable and at a lower interest rate cost. The Company calculates average core deposits as total average deposits (excluding average brokered deposits, as disclosed on the Average Balance, Interest and Yield/Rate Analysis tables) less average certificates of deposit. Management believes core deposits is a useful measure to assess the Company's deposit base, including its potential volatility.
Three Months Ended
March 31,
(Dollars in thousands) 2026 2025
Total average deposits, as presented(1)
$ 5,366,368 $ 5,330,745
Adjustment average certificates of deposit (665,552) (706,851)
Average core deposits $ 4,700,816 $ 4,623,894
(1) Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table.
CRITICAL ACCOUNTING ESTIMATES
Critical accounting estimates are defined as those that are reflective of significant judgments and uncertainties, and could potentially result in materially different results under different assumptions and conditions. In preparing the Company's consolidated financial statements, management is required to make significant estimates and assumptions that affect assets, liabilities, revenues, and expenses reported. Actual results could 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.
There have been no material changes to the Company's critical accounting policies from those disclosed within its Annual Report on Form 10-K for the year ended December 31, 2025. Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, for discussion of the Company's critical accounting policies.
Refer to Note 2 of the consolidated financial statements for discussion of accounting pronouncements issued but yet to be adopted and implemented.
GENERAL OVERVIEW
Camden National Corporation (hereafter referred to as "we," "our," "us," or the "Company") is a publicly-held bank holding company, with $7.0 billion in assets as of March 31, 2026, incorporated under the laws of the State of Maine and headquartered in Camden, Maine. Camden National Bank (the "Bank"), a wholly-owned subsidiary of the Company, was founded in 1875. The Company was founded in 1984, went public in 1997 and is registered with NASDAQ Global Market ("NASDAQ") under the ticker symbol "CAC."
The primary business of the Company and the Bank is to attract deposits from, and to extend loans to, consumer, institutional, municipal, non-profit and commercial customers. The Company, through the Bank, provides a broad array of banking and other financial services, including wealth management and trust services, brokerage, investment advisory and insurance services, to consumer, business, non-profit and municipal customers.
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.
EXECUTIVE OVERVIEW
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.
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.
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.
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.
RESULTS OF OPERATIONS
Net Interest Income and Net Interest Margin
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.
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.
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%.
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.
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.
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.
The following tables present, for the periods noted, average balances, interest income, interest expense, and the corresponding average yields earned and rates paid, as well as net interest income, net interest rate spread and net interest margin:
Quarterly Average Balance, Interest and Yield/Rate Analysis
Three Months Ended
March 31, 2026 March 31, 2025
(Dollars in thousands) Average Balance Interest Yield/Rate Average Balance Interest Yield/Rate
Assets
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets $ 32,360 $ 380 4.70 % $ 84,211 $ 936 4.44 %
Investments - taxable 1,395,629 10,857 3.11 % 1,375,818 10,442 3.04 %
Investments - nontaxable(1)
61,137 576 3.77 % 62,485 592 3.79 %
Loans(2):
Commercial real estate 2,183,289 30,605 5.61 % 2,065,534 29,377 5.69 %
Commercial(1)
360,451 5,513 6.12 % 409,037 6,514 6.37 %
Municipal(1)
51,070 653 5.18 % 90,554 1,378 6.17 %
Residential real estate 2,018,838 24,089 4.77 % 2,034,024 23,960 4.71 %
Home equity
336,593 5,533 6.67 % 283,516 5,080 7.27 %
Consumer
16,769 390 9.43 % 19,631 442 9.13 %
Total loans 4,967,010 66,783 5.39 % 4,902,296 66,751 5.45 %
Total interest-earning assets 6,456,136 78,596 4.88 % 6,424,810 78,721 4.91 %
Cash and due from banks 64,370 77,740
Other assets 458,688 444,714
Less: ACL (45,558) (44,898)
Total assets $ 6,933,636 $ 6,902,366
Liabilities & Shareholders' Equity
Deposits:
Non-interest checking $ 1,088,115 $ - - % $ 1,107,398 $ - - %
Interest checking 1,682,848 6,637 1.60 % 1,703,056 7,778 1.85 %
Savings 1,114,741 3,866 1.41 % 894,803 2,156 0.98 %
Money market 815,112 4,671 2.32 % 918,637 5,956 2.63 %
Certificates of deposit 665,552 5,203 3.17 % 706,851 6,490 3.72 %
Total deposits 5,366,368 20,377 1.54 % 5,330,745 22,380 1.70 %
Borrowings:
Brokered deposits 129,178 1,271 3.99 % 196,510 2,241 4.62 %
Customer repurchase agreements 256,619 590 0.93 % 236,437 751 1.29 %
Junior subordinated debentures
61,545 888 5.85 % 61,282 898 5.94 %
Other borrowings 324,853 2,887 3.60 % 348,402 3,267 3.80 %
Total borrowings 772,195 5,636 2.96 % 842,631 7,157 3.44 %
Total funding liabilities 6,138,563 26,013 1.72 % 6,173,376 29,537 1.94 %
Other liabilities 89,737 103,201
Shareholders' equity 705,336 625,789
Total liabilities & shareholders' equity $ 6,933,636 $ 6,902,366
Net interest income (fully-taxable equivalent) 52,583 49,184
Less: fully-taxable equivalent adjustment (225) (326)
Net interest income $ 52,358 $ 48,858
Net interest rate spread (fully-taxable equivalent) 3.16 % 2.97 %
Net interest margin (fully-taxable equivalent) 3.24 % 3.04 %
Core net interest margin (fully-taxable equivalent)(3)
2.92 % 2.68 %
(1) Reported on 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.
(3) This is a non-GAAP measure. Please see "Non-GAAP Financial Measures and Reconciliation to GAAP" for additional information.
The following table presents certain information on a fully-taxable equivalent basis regarding changes in interest income and interest expense for the periods indicated. For each category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes attributable to rate and volume. The (a) changes in volume (change in volume multiplied by prior period's rate), (b) changes in rates (change in rate multiplied prior period's volume), and (c) changes in rate/volume (change in rate multiplied by the change in volume), which is allocated to the change due to rate column:
Three Months Ended
March 31, 2026 vs. March 31, 2025
Increase (Decrease) Due to: Net Increase (Decrease)
(In thousands) Volume Rate
Interest-earning assets:
Interest-bearing deposits in other banks and other interest-earning assets $ (576) $ 20 $ (556)
Investments - taxable 151 264 415
Investments - nontaxable (13) (3) (16)
Commercial real estate 1,675 (447) 1,228
Commercial (774) (227) (1,001)
Municipal (601) (124) (725)
Residential real estate (179) 308 129
Home equity
951 (498) 453
Consumer
(64) 12 (52)
Total interest income (fully-taxable equivalent) 570 (695) (125)
Interest-bearing liabilities:
Interest checking (92) (1,049) (1,141)
Savings 531 1,179 1,710
Money market (671) (614) (1,285)
Certificates of deposit (379) (908) (1,287)
Brokered deposits (767) (203) (970)
Customer repurchase agreements 64 (225) (161)
Junior subordinated debentures 4 (14) (10)
Other borrowings (221) (159) (380)
Total interest expense (1,531) (1,993) (3,524)
Net interest income (fully-taxable equivalent) $ 2,101 $ 1,298 $ 3,399
Net interest income on a fully-taxable equivalent basis included the following for the periods indicated:
Income Statement Location Three Months Ended
March 31,
(In thousands) 2026 2025
Net fair value mark accretion income from purchase accounting
Interest income and interest expense
$ 4,345 $ 5,016
Net loan origination fees
Interest income 451 494
Recoveries on previously charged-off acquired loans
Interest income 39 23
Interest income from residential real estate derivatives
Interest income (14) 588
Total $ 4,821 $ 6,121
Provision for Credit Losses
The provision for credit losses was made up of the following components for the periods indicated:
Three Months Ended March 31, Change
(Dollars in thousands) 2026 2025 $ %
Provision for loan losses(1)
$ 806 $ 8,873 $ (8,067) (91) %
(Credit) provision for credit losses on off-balance sheet credit exposures(2)
(253) 556 (809) (146) %
Provision for credit losses
$ 553 $ 9,429 $ (8,876) (94) %
(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.
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.
(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.
Non-Interest Income
The following table presents the components of non-interest income for the periods indicated:
Three Months Ended
March 31, 		Change
(Dollars in thousands) 2026 2025 $ %
Debit card income
$ 3,422 $ 3,233 $ 189 6 %
Service charges on deposit accounts
2,158 2,318 (160) (7) %
Income from fiduciary services(1)
2,014 1,838 176 10 %
Brokerage and insurance commissions
1,735 1,697 38 2 %
Mortgage banking income, net(2)
828 508 320 63 %
Bank-owned life insurance(3)
791 660 131 20 %
Other income
1,032 942 90 10 %
Total non-interest income $ 11,980 $ 11,196 $ 784 7 %
Non-interest income as a percentage of total revenues 19% 19%
(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.
(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.
(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.
Non-Interest Expense
The following table presents the components of non-interest expense for the periods indicated:
Three Months Ended
March 31, 		Change
(Dollars in thousands) 2026 2025 $ %
Salaries and employee benefits(1)
$ 19,615 $ 20,243 $ (628) (3) %
Furniture, equipment and data processing
4,644 4,731 (87) (2) %
Net occupancy costs
3,059 3,033 26 1 %
Debit card expense
1,616 1,690 (74) (4) %
Amortization of CDI assets
1,354 1,473 (119) (8) %
Consulting and professional fees(2)
921 1,498 (577) (39) %
Regulatory assessments
907 986 (79) (8) %
OREO and collection costs, net
6 90 (84) (93) %
Merger and acquisition costs(3)
- 7,525 (7,525) (100) %
Other expenses(4)
3,586 3,182 404 13 %
Total non-interest expense
$ 35,708 $ 44,451 $ (8,743) (20) %
Ratio of non-interest expense to total revenues 55.50% 74.02 %
Efficiency ratio (non-GAAP) 53.21% 58.72 %
(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.
(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.
(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.
(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.
Income Tax Expense
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.
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.
FINANCIAL CONDITION
Cash and Cash Equivalents
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.
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.
Investments
The Company utilizes the investment portfolio to manage liquidity, interest rate risk, and regulatory capital, as well as to take advantage of market conditions to generate returns without undue risk. As of March 31, 2026 and December 31, 2025, our investment portfolio consisted of MBS, CMO, municipal and subordinated corporate debt securities; FHLBB, FRB and other correspondent bank relationship common stock; and mutual funds held in a rabbi trust for the executive and director nonqualified retirement plans.
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.
AFS and HTM Debt Securities. We designate our debt securities as AFS or HTM based on our intent and investment strategy and they are carried at fair value and amortized cost, respectively.
Our 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.
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.
The book value of our debt securities was $1.4 billion as of both March 31, 2026 and December 31, 2025. Our debt securities portfolio has limited credit risk due to its composition, which includes securities backed by the U.S. government and government-sponsored agencies, and highly rated subordinated corporate and municipal bonds by nationally recognized rating agencies. At March 31, 2026 and December 31, 2025, the book value of U.S. government and government-sponsored agencies represented approximately 93% of our debt securities portfolio.
The following table details the composition of the Company's investment portfolio, based on the book value of each security type as a percentage of total book value of the Company's debt securities, as of the dates indicated:
March 31, 2026 December 31, 2025
(Dollars in thousands)
($)
% of Total Debt Securities
($)
% of Total Debt Securities
MBS - Agency-backed $ 967,593 68 % $ 991,803 68 %
CMO - Agency-backed 345,166 24 % 358,994 24 %
Municipal 60,822 4 % 61,106 4 %
Subordinated corporate bonds
38,246 3 % 38,212 3 %
Other - Agency-backed 7,899 1 % 7,865 1 %
Total $ 1,419,726 100 % $ 1,457,980 100 %
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.
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:
March 31, 2026 December 31, 2025
(Dollars in thousands) # of Securities Fair Value Book Value Net Unrealized (Loss) Gain # of Securities Fair Value Book Value Net Unrealized (Loss) Gain
Municipal bonds 52 $ 59,227 $ 60,822 $ (1,595) 53 $ 60,167 $ 61,105 $ (938)
Subordinated corporate bonds 16 38,719 38,246 473 18 38,812 38,212 600
Total 68 $ 97,946 $ 99,068 $ (1,122) 71 $ 98,979 $ 99,317 $ (338)
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.
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.
We completed a review of our HTM and AFS investment portfolio as of March 31, 2026, and concluded that no ACL was warranted on any of our bonds at this time.
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.
Trading Securities. Our investments in mutual funds are designated as trading securities and carried at fair value. These investments are held within a rabbi trust and will be used for future payments associated with the Company's Executive and Director Deferred Compensation Plan. These investments are carried at fair value using Level 1 valuation techniques. Refer to Note 14 of the consolidated financial statements for further details on fair value.
Loans
The following table sets forth the composition of our loan portfolio as of the dates indicated:
Change
(Dollars in thousands) March 31,
2026 		December 31,
2025 		$ %
Commercial real estate - non-owner-occupied $ 1,780,079 $ 1,778,985 $ 1,094 - %
Commercial real estate - owner-occupied 415,662 406,120 9,542 2 %
Commercial 414,694 417,439 (2,745) (1) %
Residential real estate 1,993,435 2,012,922 (19,487) (1) %
Home equity
342,874 332,256 10,618 3 %
Consumer
16,273 17,416 (1,143) (7) %
Total loans $ 4,963,017 $ 4,965,138 $ (2,121) - %
Commercial Loan Portfolio $ 2,610,435 $ 2,602,544 $ 7,891 - %
Retail Loan Portfolio $ 2,352,582 $ 2,362,594 $ (10,012) - %
Commercial Portfolio Mix 53 % 52 %
Retail Portfolio Mix 47 % 48 %
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.
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.
The table below summarizes the significant industries within the Company's commercial loan portfolio at the dates indicated:
March 31, 2026 December 31, 2025 Change
(Dollars in thousands) $ % of Commercial Loan Portfolio % of Total Loan Portfolio $ % of Commercial Loan Portfolio % of Total Loan Portfolio $
%
Real estate investment(1)
$ 1,337,737 51 % 27 % $ 1,335,058 51 % 27 % $ 2,679 - %
Lodging 317,849 12 % 6 % 306,182 12 % 6 % 11,667 4 %
Retail trade 169,564 7 % 3 % 158,397 6 % 3 % 11,167 7 %
Health care 152,733 6 % 3 % 152,887 6 % 3 % (154) - %
Construction 84,292 3 % 2 % 82,397 3 % 2 % 1,895 2 %
Wholesale trade 77,573 3 % 2 % 77,787 3 % 2 % (214) - %
Manufacturing 70,485 3 % 1 % 65,495 3 % 1 % 4,990 8 %
Finance and insurance 59,278 2 % 1 % 61,236 2 % 1 % (1,958) (3) %
Other (each < 2%)
340,924 13 % 8 % 363,105 14 % 7 % (22,181) (6) %
Total $ 2,610,435 100 % 53 % $ 2,602,544 100 % 52 % $ 7,891 - %
Commercial loan portfolio mix:
Commercial real estate - non-owner-occupied $ 1,780,079 66 % 37 % $ 1,778,985 68 % 36 % 1,094 - %
Commercial real estate - owner-occupied 415,662 15 % 8 % 406,120 16 % 8 % 9,542 2 %
Commercial 414,694 19 % 8 % 417,439 16 % 8 % (2,745) (1) %
Total $ 2,610,435 100 % 53 % $ 2,602,544 100 % 52 % $ 7,891 - %
(1) The following table summarizes the real estate investment loan portfolio, by property type as of the dates indicated:
March 31, 2026 December 31, 2025 Change
(Dollars in thousands) $ % of Real Estate Investment Portfolio % of Total Loan Portfolio $ % of Real Estate Investment Portfolio % of Total Loan Portfolio $
%
Multi-family (5+ units)(a)
$ 453,596 34 % 9 % $ 445,583 33 % 9 % $ 8,013 2 %
Retail 195,644 15 % 4 % 203,011 15 % 4 % (7,367) (4) %
Office(b)
179,422 13 % 4 % 182,651 14 % 4 % (3,229) (2) %
Industrial 177,227 13 % 3 % 180,099 13 % 4 % (2,872) (2) %
Multi-family (1-4 units)(c)
142,778 11 % 3 % 144,074 11 % 3 % (1,296) (1) %
Other(d)
189,070 14 % 4 % 179,640 14 % 3 % 9,430 5 %
Total $ 1,337,737 100 % 27 % $ 1,335,058 100 % 27 % $ 2,679 - %
(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.
(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.
(c) Represents multi-family (1-4 units) that are used for commercial purposes.
(d) Includes multiple property types that individually are less than 5% of the real estate investment portfolio and individually are 1% or less of the total loan portfolio.
Related Party Transactions. The Bank is permitted, in its normal course of business, to make loans to certain officers and directors of the Company and Bank under terms that are consistent with the Bank's lending policies and regulatory requirements. In addition to extending loans to certain officers and directors of the Company and Bank on terms consistent with the Bank's lending policies, federal banking regulations also require training, audit and examination of the adherence to this policy (also known as "Regulation O" requirements). Note 4 of the consolidated financial statements provides information on related party lending transactions. We have not entered into significant related party transactions.
Asset Quality
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:
•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.
•The adequacy of the ACL is overseen by the Management Provision Committee, which is an internal management committee. The Management Provision Committee is comprised of the Company's chief executive officer, chief financial officer, chief credit officer and certain members of senior management within Accounting, Credit Risk, and Collections and Special Assets. The Management Provision Committee supports the oversight efforts of the Audit Committee of the Board of Directors.
•The Directors' Credit Committee of the Board of Directors reviews large credit exposures, monitors external loan review reports, reviews the lending authority for individual loan officers when required, and has approval authority and responsibility for all matters regarding the loan policy and other credit-related policies, including reviewing and monitoring asset quality trends, and concentration levels.
•The Audit Committee of the Board of Directors has approval authority and oversight responsibility for the ACL adequacy and methodology.
Non-Performing Assets. Non-performing assets include non-accrual loans, accruing loans 90 days or more past due, and property acquired through foreclosure or repossession. The following table sets forth the composition and amounts of our non-performing loans as of the dates indicated:
(Dollars in thousands) March 31,
2026 		December 31,
2025
Non-accrual loans:
Commercial real estate - non-owner-occupied $ 5,017 $ 429
Commercial real estate - owner-occupied 403 210
Commercial 2,689 3,042
Residential real estate 2,252 2,667
Home equity
596 672
Consumer
2 3
Total non-accrual loans 10,959 7,023
Other real estate owned - -
Total non-performing assets $ 10,959 $ 7,023
Total loans, excluding loans held for sale $ 4,963,017 $ 4,965,138
Total assets $ 6,961,581 $ 6,974,584
ACL on loans $ 45,576 $ 45,276
ACL on loans to non-accrual loans 415.88 % 644.68 %
Non-accrual loans to total loans 0.22 % 0.14 %
Non-performing loans to total loans 0.22 % 0.14 %
Non-performing assets to total assets 0.16 % 0.10 %
Potential Problem Loans. Potential problem loans consist of classified accruing commercial and commercial real estate loans that were 30-89 days past due. Such loans are characterized by weaknesses in the financial condition of borrowers or collateral deficiencies. Based on historical experience, the credit quality of some of these loans may improve due to changes in collateral values or the financial condition of the borrowers, while the credit quality of other loans may deteriorate, resulting in a loss. These loans are not included in the above analysis of non-accrual loans. As of March 31, 2026 and December 31, 2025, loans classified as potential problem loans totaled $381,000 and $4.6 million, respectively.
Past Due Loans. Past due loans consist of accruing loans that were 30-89 days past due. The following table presents the recorded investment of past due loans as of the dates indicated:
(Dollars in thousands) March 31,
2026 		December 31,
2025
Accruing loans 30-89 days past due:
Commercial real estate - non-owner-occupied $ 569 $ 4,698
Commercial real estate - owner-occupied - 586
Commercial 1,350 541
Residential real estate 772 1,565
Home equity
328 713
Consumer
58 59
Total $ 3,077 $ 8,162
Total loans $ 4,963,017 $ 4,965,138
Accruing loans 30-89 days past due to total loans 0.06 % 0.16 %
ACL. The following table sets forth information concerning the components of our ACL for the periods indicated:
As of or For The
Three Months Ended
March 31,
As of or For The
Year Ended
December 31, 2025
(Dollars in thousands) 2026 2025
ACL on loans at the beginning of the period $ 45,276 $ 35,728 $ 35,728
ACL on acquired PCD loans - 3,071 3,071
Components of Provision for Credit Losses on Loans:
Provision for acquired non-PCD loans - 6,293 6,293
General provision for loan losses
806 2,580 15,738
Total provision for credit losses on loans
806 8,873 22,031
Net charge-offs (recoveries)(1):
Commercial real estate (4) 139 3,151
Commercial 475 786 12,231
Residential real estate (6) (2) (21)
Home equity
- 3 20
Consumer
41 23 173
Total net charge-offs 506 949 15,554
ACL on loans at the end of the period $ 45,576 $ 46,723 $ 45,276
Components of ACL:
ACL on loans $ 45,576 $ 46,723 $ 45,276
ACL on off-balance sheet credit exposures 2,810 3,362 3,064
ACL at end of the period $ 48,386 $ 50,085 $ 48,340
Total loans, excluding loans held for sale
$ 4,963,017 $ 4,885,086 $ 4,965,138
Average loans $ 4,967,010 $ 4,902,296 $ 4,953,595
Net charge-offs to average loans
0.04 % 0.08 % 0.31 %
Provision for loan losses to average loans
0.02 % 0.18 % 0.44 %
ACL on loans to total loans 0.92 % 0.96 % 0.91 %
(1) Additional information related to net charge-offs (recoveries) is presented in the following table for the periods indicated:
For The Three Months Ended
March 31,
(Dollars in thousands) Total
Charge-offs 		Total
Recoveries 		Net
Charge-Offs (Recoveries) 		Average
Loans 		Ratio of Net Charge-Offs (Recoveries) to Average Loans
2026:
Commercial real estate $ - $ 4 $ (4) 2,183,289 - %
Commercial 627 152 475 411,521 0.12 %
Residential real estate - 6 (6) 2,018,838 - %
Home equity - - - 336,593 - %
Consumer
43 2 41 16,769 0.24 %
Total $ 670 $ 164 $ 506 $ 4,967,010 0.04 %
2025:
Commercial real estate $ 191 $ 52 $ 139 $ 2,065,534 0.01 %
Commercial 896 110 786 499,591 0.16 %
Residential real estate 4 6 (2) 2,034,024 - %
Home equity
3 - 3 283,516 - %
Consumer
26 3 23 19,631 0.12 %
Total $ 1,120 $ 171 $ 949 $ 4,902,296 0.02 %
For the Year Ended
December 31,
2025:
Commercial real estate $ 3,220 $ 69 $ 3,151 $ 2,112,281 0.15 %
Commercial 12,659 428 12,231 487,827 2.51 %
Residential real estate 4 25 (21) 2,034,170 - %
Home equity
21 1 20 300,686 0.01 %
Consumer
185 12 173 18,631 0.93 %
Total $ 16,089 $ 535 $ 15,554 $ 4,953,595 0.31 %
ACL on Loans. During the first quarter of 2026, we completed our annual review and assessment of significant model inputs and assumptions within the discounted cash flow analysis used for estimating the Company's ACL on loans, and we determined there were no material changes to our methodology or key loss drivers. The significant key assumptions used with the ACL on loans calculation as of March 31, 2026 and December 31, 2025, included: (i) Company-specific key loss drivers (i.e., macroeconomic factors), (ii) our forecast period and reversion speed, (iii) prepayment speeds, and (iv) various qualitative factors.
As of March 31, 2026 and December 31, 2025, the recorded ACL on loans was $45.5 million, or 0.92% to total loans, and $45.2 million, or 0.91% of total loans, respectively, and represented our best estimate. Our ACL on loans estimate as of each date incorporated the ongoing risk of a recession over the next 12 to 24 months using multiple scenarios and probability weighting each scenario. The ACL on loans as of March 31, 2026 and December 31, 2025, incorporated a similar weighting for the probability of a recession over the next 12 to 24 months based on our forecasted macroeconomic outlook as of each date. Refer to "-Provision for Credit Losses" and Note 4 of the consolidated financial statements for other factors impacting the change in ACL on loans during the three months ended March 31, 2026.
We may adjust our assumptions to account for differences between expected and actual losses from period to period. A future change of our assumptions likely will alter the level of allowance required and may have a material impact on future results of operations and financial condition. The ACL on loans is reviewed periodically within a calendar quarter to assess trends in CECL ("Current Expected Credit Losses") key assumptions and asset quality, and their effects on the Company's financial condition.
ACL on Off-Balance Sheet Credit Exposures. The ACL on off-balance sheet credit exposures as of March 31, 2026 and December 31, 2025 was $2.8 million and $3.1 million, respectively. During the three months ended March 31, 2026, there were
no significant changes in our model methodology to determine the ACL on off-balance sheet credit exposures The model uses the credit loss factors for each segment calculated within the ACL on loans model described above.
The ACL on off-balance sheet credit exposures was presented within accrued interest and other liabilities on the consolidated statements of condition. Increases (decreases) to the ACL on off-balance sheet credit exposures were presented within provision for credit losses on the consolidated statements of income.
We may adjust our assumptions to account for differences between expected and actual losses from period to period. A future change to our assumptions will likely alter the level of allowance required and may have a material impact on future results of operations and financial condition.
ACL on HTM Securities. As of March 31, 2026 and December 31, 2025, we evaluated our HTM debt securities for any credit concerns and none were identified. As of March 31, 2026 and December 31, 2025, we did not carry an ACL recorded on the Company's HTM investments. Refer to "-Investments" and Note 3 of the consolidated financial statements for further discussion.
Liabilities
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.
The Company's loan-to-deposit ratio was 89% at March 31, 2026 compared to 90% at December 31, 2025.
As of March 31, 2026, the Company had no customer relationships that exceeded 10% of total deposits.
Uninsured and Uncollateralized Deposits. Total deposits that exceeded the FDIC deposit insurance limit of $250,000 were $1.3 billion, or 24% of total deposits, as of March 31, 2026, and $1.3 billion, or 23% of total deposits, as of December 31, 2025.
Total uninsured and uncollateralized deposits that exceeded the FDIC deposit insurance limit of $250,000 and were not secured by pledged assets or any other guarantee of the Company totaled $837.0 million, or 15% of total deposits, as of March 31, 2026, and $828.3 million, or 15% of total deposits, as of December 31, 2025.
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.
Shareholders' Equity
Shareholders' equity as of March 31, 2026, totaled $710.0 million, an increase of $13.4 million, or 2%, since December 31, 2025.
On March 31, 2026, the Company announced a quarterly cash dividend to shareholders of $0.42 per share totaling $7.1 million, payable on April 30, 2026 to shareholders of record as of April 15, 2026. As of March 31, 2026, the Company's annualized dividend yield was 3.54% based on Camden National's closing share price of $47.45, as reported by NASDAQ on March 31, 2026.
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.
The following table presents certain information regarding shareholders' equity as of and for the periods indicated:
As of or For The
Three Months Ended
March 31,
As of or For The
Year Ended
December 31,
2025
2026 2025
Financial Ratios
Average equity to average assets
10.17 % 9.07 % 9.44 %
Common equity ratio
10.20 % 9.19 % 9.99 %
Tangible common equity ratio (non-GAAP) 7.64 % 6.49 % 7.41 %
Dividend payout ratio
32.56 % 97.67 % 45.21 %
Per Share Data
Book value per share
$ 41.98 $ 37.91 $ 41.16
Tangible book value per share (non-GAAP) $ 30.58 $ 26.02 $ 29.69
Dividends declared per share
$ 0.42 $ 0.42 $ 1.68
Refer to "-Capital Resources" and Note 10 of the consolidated financial statements for further discussion of the Company and Bank's capital resources and regulatory capital requirements.
LIQUIDITY
Our liquidity needs require the availability of cash to meet the withdrawal demands of depositors and credit commitments to borrowers. Liquidity is defined as our ability to maintain availability of funds to meet customer needs, as well as to support our asset base. The primary objective of liquidity management is to maintain a balance between sources and uses of funds to meet our cash flow needs in the most economical and expedient manner. Due to the potential for unexpected fluctuations in both deposits and loans, active management of liquidity is necessary. We maintain various sources of funding and levels of liquid assets and monitor liquidity in accordance with internal guidelines and all applicable regulatory requirements. Sources of funds that we utilize consist of deposits; borrowings from the FHLBB and other sources; cash flows from loans and investments; and cash flows from operations, including other contractual obligations and commitments.
As of March 31, 2026, our primary liquidity sources available were as follows:
(Dollars in thousands) Amount
Excess cash(1)
$ 65,986
Unpledged investment securities 410,120
Over collateralized securities pledging position 102,389
FHLBB 998,724
Fed Discount Window 145,146
Unsecured borrowing lines 94,872
Total available primary liquidity $ 1,817,237
(1) Excess cash represents cash held at the FRB that is above the minimum reserve requirement. As of March 31, 2026, the minimum reserve requirement remains at zero.
Total available primary liquidity of $1.8 billion was 2.2 times uninsured and uncollateralized deposits as of March 31, 2026. Refer to "-Financial Condition-Liabilities-Uninsured and Uncollateralized Deposits" for further details.
In addition to the available primary liquidity noted above, as of March 31, 2026, we may access an additional $1.3 billion in funding through brokered deposits.
Although we believe that our level of liquidity is sufficient to meet current and future funding requirements, changes in current economic conditions, including consumer saving habits and the availability or access to the brokered deposit and wholesale repurchase markets, could significantly affect our liquidity position.
Deposits. Deposits continue to represent our primary source of funds. As of March 31, 2026 and December 31, 2025, total deposits, including brokered deposits, were $5.6 billion and $5.5 billion, respectively. Refer to "-Financial Condition-Liabilities-Deposits" for further discussion on deposits.
The following is a summary of the scheduled maturities of CDs as of March 31, 2026:
(Dollars in thousands) CDs
1 year or less $ 609,404
> 1 year 42,598
Total $ 652,002
Borrowings. Borrowings are used to supplement deposits as a source of liquidity. Our primary sources of borrowings are the FHLBB, FRB, other federal funds and customer repurchase agreements. As of March 31, 2026, total borrowings were $576.0 million, compared to $644.3 million as of December 31, 2025. We secure borrowings from the FHLBB with qualified residential real estate loans, certain investment securities and certain other assets available to be pledged. As of March 31, 2026, the Company had $998.7 million in borrowing capacity from the FHLBB.
Customer repurchase agreements are secured by MBS and government-sponsored enterprises investment securities. Through the Bank, as of March 31, 2026, we have available lines of credit of $9.9 million with the FHLBB, $85.0 million with two correspondent banks, and $145.1 million with the FRB Discount Window. We also have access to the brokered deposit market and wholesale reverse repurchase transactions market. These sources are considered as liquidity alternatives in our contingent liquidity plan.
The following is a summary of the scheduled maturities of borrowings as of March 31, 2026:
(Dollars in thousands) FHLBB Advances Customer Repurchase Agreements Junior Subordinated Debentures Total
1 year or less $ 250,000 $ 263,429 $ - $ 513,429
> 1 year 1,000 - 61,590 62,590
Total $ 251,000 $ 263,429 $ 61,590 $ 576,019
Loans. Contractual loan repayments also affect our liquidity position. Actual speed and timing of repayment may differ materially from contract terms due to prepayments or nonpayment.
The Company's unpledged residential mortgage loan portfolio is also a source of contingent liquidity as it could be sold in a reasonable time period, at fair value, on the secondary market. As of March 31, 2026, qualifying residential mortgage loans with a book value of $2.0 billion were pledged as collateral to the FHLBB.
The following table presents the contractual maturities of loans at the date indicated:
March 31, 2026
(Dollars in thousands) Due in 1 Year or Less Due after 1 Year Through 5 Years Due After 5 Years Through 15 Years Due in More than 15 Years Total
% of Total Loans
Maturity Distribution(1):
Fixed Rate:
Commercial real estate(2)
$ 66,535 $ 442,987 $ 447,060 $ 2,514 $ 959,096 19 %
Commercial 15,093 131,762 56,494 8,106 211,455 4 %
Residential real estate 645 8,944 112,852 1,349,431 1,471,872 30 %
Home equity
46 117 13,043 281,103 294,309 6 %
Consumer
1,761 11,453 2,972 87 16,273 - %
Total fixed rate 84,080 595,263 632,421 1,641,241 2,953,005 59 %
Adjustable/Variable Rate:
Commercial real estate(2)
105,072 449,369 443,158 239,046 1,236,645 25 %
Commercial 57,250 79,480 59,944 6,565 203,239 4 %
Residential real estate 16 1,306 32,990 487,251 521,563 11 %
Home equity
34 2,630 13,616 32,285 48,565 1 %
Total adjustable/variable rate 162,372 532,785 549,708 765,147 2,010,012 41 %
Total loans $ 246,452 $ 1,128,048 $ 1,182,129 $ 2,406,388 $ 4,963,017 100 %
(1) Scheduled repayments are reported in the maturity category in which payment is due. Demand loans, loans having no stated schedule of repayments and no stated maturity, and overdrafts are reported as due in one year or less.
(2) Commercial real estate loans include non-owner-occupied and owner-occupied properties.
Additionally, we have active relationships with various secondary market investors that purchase residential mortgage loans we originate. In addition to managing our interest rate risk position and earnings through the sale of these loans, we are also able to manage our liquidity position through timely sales of residential mortgage loans to the secondary market.
Investments. We generally invest in amortizing MBS and CMO debt securities that return cash flow at an accelerated rate in comparison to other types of debt securities that are of a bullet structure. MBS and CMO debt security cash flow will vary depending on the interest rate environment because borrowers may have the right to call or prepay obligations with or without prepayment penalties. Interest rates have remained elevated during 2025, which has continued to result in slowing cash flows. As of March 31, 2026 and December 31, 2025, the Company's MBS and CMO debt securities portfolio totaled 92% of its total investment portfolio.
The Company's unpledged AFS investment portfolio is also a source of contingent liquidity, as it could be sold in a
reasonable time period on the secondary market, at fair value, which was $278.6 million as of March 31, 2026.
The following is a summary of the scheduled cash flows from our debt securities portfolio, including investments designated as AFS and HTM, as of March 31, 2026:
(Dollars in thousands)
Contractual
Cash Flows(1)
1 year or less $ 145,516
> 1 year 1,229,358
Total $ 1,374,874
(1) Expected contractual cash flows could differ as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Other Liquidity Requirements. The Company generates cash flows from earnings through its normal course of business from earnings and, although not contractual, the Company has a history of paying a quarterly cash dividend to its shareholders and repurchasing its shares of common stock. For the three months ended March 31, 2026, the Company reported net income of $21.9 million and paid cash dividends of $7.1 million to shareholders.
In addition, in the course of its normal operations, the Company is party to several other contractual obligations not previously discussed, such as various lease agreements on a number of its branches. Renewal options within the various lease contracts, as applicable, were considered to determine the lease term and estimate the contractual obligation and commitment for the Company's operating and finance leases. Furthermore, certain lease contracts of the Company contain language that subject its rent payment to variability, such as those tied to an index or change in an index. As a result, the future contractual obligation and commitment may materially differ from that estimated and disclosed within the table below. As of March 31, 2026, we had the following lease and other contractual obligations to make future payments under each of these contracts as follows:
(Dollars in thousands) Total Amount Payments Due per Period
Contractual obligations and commitments Committed 1 Year or Less > 1 Year
Operating leases
$ 17,761 $ 1,579 $ 16,182
Finance leases
8,946 244 8,702
Other contractual obligations
4,937 4,937 -
Total
$ 31,644 $ 6,760 $ 24,884
The Company's estimated lease liability for its various operating and finance leases was reported within other liabilities on our consolidated statements of condition.
In the normal course of business, we are a party to credit related financial instruments with off-balance sheet risk, which are not reflected in the consolidated statements of condition. These financial instruments include commitments to extend credit and standby letters of credit. Many of the commitments will expire without being drawn upon, and thus, the total amount does not necessarily represent future cash requirements. Refer to Note 7 of the consolidated financial statements for additional details.
We use derivative financial instruments for risk management purposes (primarily interest rate risk) and not for trading or speculative purposes. These contracts with our various counterparties may subject the Company to various cash flow requirements, which may include posting of cash as collateral (or other assets) for arrangements that the Company is in a liability position (i.e. "underwater"). Refer to Note 8 of the consolidated financial statements for further discussion of our derivatives and hedge instruments.
CAPITAL RESOURCES
As part of our goal to operate a safe, sound and profitable financial organization, we are committed to maintaining a strong capital base. Shareholders' equity totaled $710.0 million as of March 31, 2026 and $696.6 million as of December 31, 2025, which amounted to 10% of total assets. Refer to "-Financial Condition-Shareholders' Equity" for further discussion on shareholders' equity for the three months ended March 31, 2026.
Our principal cash requirement is the payment of dividends on our common stock, as and when declared by the Company's
Board of Directors. We declared dividends to shareholders in the aggregate amount of $7.1 million the three months ended March 31, 2026 and 2025. The Company's Board of Directors approves cash dividends on a quarterly basis after careful analysis and consideration of various factors, including the following: (i) capital position relative to total assets, (ii) risk-based assets, (iii) total classified assets, (iv) economic conditions, (v) growth rates for total assets and total liabilities, (vi) earnings performance and projections and (vii) strategic initiatives and related capital requirements. All dividends declared and distributed by the Company will be in compliance with applicable state corporate law and regulatory requirements.
We are primarily dependent upon the payment of cash dividends by the Bank, our wholly-owned subsidiary, to service our commitments. We, as the sole shareholder of the Bank, are entitled to dividends, when and as declared by the Bank's Board of Directors from legally available funds. The Bank declared dividends payable to the Company in the amount of $11.4 million during the first quarter of 2026. The Bank did not declare any dividends during the first quarter of 2025. Under regulations prescribed by the OCC, the Bank may not declare dividends in excess of the Bank's net income for the current year plus its retained net income for the prior two years without prior approval from the OCC. If we are required to use dividends from the Bank to service unforeseen commitments in the future, we may be required to reduce the dividends paid to our shareholders going forward.
Please refer to Note 10 of the consolidated financial statements for discussion and details of the Company and Bank's regulatory capital requirements. As of March 31, 2026 and December 31, 2025, the Company and Bank exceeded all regulatory capital requirements, and the Bank continues to meet the capital requirements to be classified as "well capitalized" under applicable prompt corrective action provisions.
RISK MANAGEMENT
The Company's Board of Directors and management have identified significant risk categories which affect the Company. The risk categories include: credit; liquidity; market; interest rate; capital; operational; technology, including cybersecurity; vendor and third party; people and compensation; compliance and legal; strategic alignment; and reputation. The Board of Directors has approved an Enterprise Risk Management ("ERM") Policy that addresses each category of risk. The direct oversight and responsibility for the Company's risk management program has been delegated to the Company's Executive Vice President, Chief Risk Officer, who is a member of the Executive Committee and reports directly to the Chief Executive Officer.
There have been no material changes to the Company's risk categories and risk management policies as described in Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Please refer to Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for further details regarding the Company's risk management.
Interest rate risk
Interest rate risk represents the sensitivity of earnings to changes in market interest rates. As interest rates change, the interest income and expense streams associated with our financial instruments also change, thereby impacting net interest income, the primary component of our earnings. Board ALCO and Management ALCO utilize the results of a detailed and dynamic simulation model to quantify the estimated exposure of net interest income to sustained interest rate changes. While Board ALCO and Management ALCO routinely monitor simulated net interest income sensitivity over a rolling two-year horizon, they also utilize additional tools to monitor potential longer-term interest rate risk.
The simulation model captures the impact of changing interest rates on the interest income received and interest expense paid on all interest-earning assets and interest-bearing liabilities reflected on our consolidated statements of condition, as well as for derivative financial instruments. This sensitivity analysis is compared to ALCO policy limits, which specify a maximum tolerance level for net interest income exposure over a one- and two-year horizon, assuming a static balance sheet, given a 200 basis point upward and downward shift in interest rates. A parallel and pro rata shift in rates over a 12-month period is assumed. Using this approach, we are able to produce simulation results that illustrate the effect that both a gradual change of rates and a "rate shock" have on earnings expectations. In the down 200 basis points scenario, Federal Funds and Treasury yields are floored at 0.01% while Prime is floored at 3.00%. All other market rates are floored at the lesser of current levels or 0.25%.
The sensitivity analysis below does not represent a forecast and should not be relied upon as being indicative of expected operating results. These hypothetical estimates are based upon numerous assumptions including, among others, the nature and timing of interest rate levels, yield curve shape, prepayments on loans and securities, deposit decay rates, pricing decisions on loans and deposits and reinvestment/replacement of asset and liability cash flows. While assumptions are developed based upon current economic and local market conditions, we cannot make any assurances as to the predictive nature of these assumptions, including how customer preferences or competitor influences might change.
As of March 31, 2026 and 2025, our net interest income sensitivity analysis reflected the following changes to net interest income, as compared to our modeled Year 1 Base net interest income, assuming no balance sheet growth and a parallel shift in interest rates. All rate changes were "ramped" over the first 12-month period and then maintained at those levels over the remainder of the ALCO simulation horizon.
Estimated Changes In
Net Interest Income
Rate Change from Year 1 - Base March 31,
2026 		March 31,
2025
Year 1
+200 basis points (2.4) % (1.7) %
-200 basis points 3.3 % 3.1 %
Year 2
+200 basis points 3.8 % 5.7 %
Rates unchanged
5.1 % 8.0 %
-200 basis points 7.3 % 11.4 %
If rates remain at or near current levels, net interest income is projected to increase in year two of the simulation. Asset cash flows reprice and replace into the current rate environment at rates above current portfolio averages and funding costs
decline due to maturing CDs renewing into lower current market rates, causing balance sheet spread to expand. If deposit pricing increased from current levels without any changes to market rates or if unfavorable funding mix changes occurred, it would negatively impact net interest income projections.
If rates increase 200 basis points, net interest income is projected to decrease in the first year of the simulation as the funding base adjusts into the higher rate environment to a greater degree than asset yields increase. In the second year, net interest income is projected to increase as loan and investment yields continue to reprice/reset into higher yields and funding cost increases slow.
If rates decrease 200 basis points, net interest income is projected to improve in the first year of the simulation as reductions in funding costs are able to more than offset near-term asset yield deterioration. In the second year, net interest income is projected to further increase as asset yields are supported by fixed rates and floors while cost of funds reductions continue, albeit at a slower pace.
In addition to using our investments portfolio to manage liquidity risk, we also use it to manage our interest rate risk and provide a natural hedge to our interest risk exposure created by loans, deposits and borrowings. Refer to "-Financial Condition-Investments" for further details of the Company's investment portfolio, including the duration of the bond portfolio as of March 31, 2026 and December 31, 2025.
Periodically, if deemed appropriate, we use back-to-back loan swaps, interest rate swaps, floors and caps, which are common derivative financial instruments, to hedge our interest rate risk position. The Board of Directors has approved hedging policy statements governing the use of these instruments. The Board and Management ALCO monitor derivative activities relative to their expectations and our hedging policies. Refer to Note 8 of the consolidated financial statements for further discussion of these derivative instruments.
Camden National Corporation published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 07, 2026 at 14:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]