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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-13227

CAMDEN NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)


Maine			01-0413282
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)

2 ELM STREET	CAMDEN	ME	04843
(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code: (207) 236-8821

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


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date:

Outstanding at April 30, 2026: Common stock (no par value) 16,914,680 shares.

CAMDEN NATIONAL CORPORATION

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS OF INFORMATION REQUIRED IN REPORT


		PAGE
PART I. FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

	Consolidated Statements of Condition (unaudited) - March 31, 2026 and December 31, 2025	3

	Consolidated Statements of Income (unaudited) - Three Months Ended March 31, 2026 and 2025	4

	Consolidated Statements of Comprehensive Income (unaudited) - Three Months Ended March 31, 2026 and 2025	5

	Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - Three Months Ended March 31, 2026 and 2025	6

	Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2026 and 2025	7

	Notes to the Unaudited Consolidated Financial Statements	8

ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	40

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	69

ITEM 4.	CONTROLS AND PROCEDURES	70

PART II. OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	71

ITEM 1A.	RISK FACTORS	71

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	71

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	71

ITEM 4.	MINE SAFETY DISCLOSURES	71

ITEM 5.	OTHER INFORMATION	71

ITEM 6.	EXHIBITS	72

SIGNATURES		73

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CONDITION

(unaudited)


(In thousands, except number of shares)	March 31, 2026		December 31, 2025
ASSETS
Cash and due from banks	$	62,459	$	71,503
Interest-bearing deposits in other banks (including restricted cash)	71,277		25,989
Total cash, cash equivalents and restricted cash	133,736		97,492
Investments:
Trading securities	4,383		5,747
Available-for-sale securities, at fair value (amortized cost of $946,468 and $972,686, respectively)	901,617		930,401
Held-to-maturity securities, at amortized cost (fair value of $444,404 and $457,821, respectively)	473,257		485,292
Other investments	23,411		26,497
Total investments	1,402,668		1,447,937
Loans held for sale, at fair value (book value of $17,694 and $14,965, respectively)	17,618		15,040
Loans	4,963,017		4,965,138
Less: allowance for credit losses on loans	(45,576)		(45,276)
Net loans	4,917,441		4,919,862
Goodwill	151,505		151,505
Core deposit intangible assets	41,226		42,580
Bank-owned life insurance	112,492		112,119
Premises and equipment, net	51,451		51,349
Deferred tax assets	48,533		51,079
Other assets	84,911		85,621
Total assets	$	6,961,581	$	6,974,584
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits:
Non-interest checking	$	1,077,696	$	1,113,450
Interest checking	1,770,622		1,703,971
Savings and money market	1,966,149		1,910,708
Certificates of deposit	652,002		679,087
Brokered deposits	118,883		130,565
Total deposits	5,585,352		5,537,781
Short-term borrowings	513,429		581,780
Long-term borrowings	1,000		1,000
Junior subordinated debentures	61,590		61,515
Accrued interest and other liabilities	90,203		95,950
Total liabilities	6,251,574		6,278,026
Commitments and Contingencies (Note 7)
Shareholders’ Equity
Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 16,914,371 and 16,924,310 on March 31, 2026 and December 31, 2025, respectively	214,693		215,797
Retained earnings	559,885		545,149




Accumulated other comprehensive loss	(64,571)		(64,388)
Total shareholders’ equity	710,007		696,558
Total liabilities and shareholders’ equity	$	6,961,581	$	6,974,584

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


	Three Months Ended March 31,
(In thousands, except number of shares and per share data)	2026		2025
Interest Income
Interest and fees on loans	$	66,679	$	66,549
Taxable interest on investments	10,296		9,772
Nontaxable interest on investments	455		468
Dividend income	413		520
Other interest income	528		1,086
Total interest income	78,371		78,395
Interest Expense
Interest on deposits	21,648		24,621
Interest on borrowings	3,476		4,018
Interest on junior subordinated debentures	889		898
Total interest expense	26,013		29,537
Net interest income	52,358		48,858
Provision for credit losses	553		9,429
Net interest income after provision for credit losses	51,805		39,429
Non-Interest Income
Debit card income	3,422		3,233
Service charges on deposit accounts	2,158		2,318
Income from fiduciary services	2,014		1,838
Brokerage and insurance commissions	1,735		1,697
Mortgage banking income, net	828		508
Bank-owned life insurance	791		660


Other income	1,032		942
Total non-interest income	11,980		11,196
Non-Interest Expense
Salaries and employee benefits	19,615		20,243
Furniture, equipment and data processing	4,644		4,731
Net occupancy costs	3,059		3,033
Debit card expense	1,616		1,690
Amortization of core deposit intangible assets	1,354		1,473
Consulting and professional fees	921		1,498
Regulatory assessments	907		986
Other real estate owned and collection costs, net	6		90
Merger and acquisition costs	—		7,525
Other expenses	3,586		3,182
Total non-interest expense	35,708		44,451
Income before income tax expense (benefit)	28,077		6,174
Income Tax Expense (Benefit)	6,194		(1,152)
Net Income	$	21,883	$	7,326
Per Share Data
Basic earnings per share	$	1.29	$	0.43
Diluted earnings per share	$	1.29	$	0.43
Cash dividends declared per share	$	0.42	$	0.42
Weighted average number of common shares outstanding	16,924,182		16,844,827
Diluted weighted average number of common shares outstanding	17,023,959		16,929,815

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	Three Months Ended March 31,
(In thousands)	2026		2025
Net Income	$	21,883	$	7,326
Other comprehensive (loss) income:
Net change in fair value of debt securities, net of tax	(736)		14,402
Net change in fair value of cash flow hedging derivatives, net of tax	564		(2,005)
Net change in other comprehensive income for supplemental executive retirement plan and other postretirement benefit plan, net of tax	(11)		(6)
Other comprehensive (loss) income	(183)		12,391
Comprehensive Income	$	21,700	$	19,717

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended
	Common Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
(In thousands, except number of shares and per share data)	Shares Outstanding	Amount
Balance at December 31, 2024	14,579,339	$	116,425	$	509,452	$	(94,646)	$	531,231
Net income	—	—		7,326		—		7,326
Other comprehensive income, net of tax	—	—		—		12,391		12,391
Stock-based compensation expense	—	827		—		—		827
Issuance of vested share awards, net of repurchase for tax withholdings	22,450	(153)		—		—		(153)
Common stock issued for acquisition of Northway Financial, Inc.	2,283,782	96,490		—		—		96,490

Cash dividends declared ($0.42 per share)	—	—		(8,058)		—		(8,058)
Balance at March 31, 2025	16,885,571	$	213,589	$	508,720	$	(82,255)	$	640,054
Balance at December 31, 2025	16,924,310	$	215,797	$	545,149	$	(64,388)	$	696,558
Net income	—	—		21,883		—		21,883
Other comprehensive income, net of tax	—	—		—		(183)		(183)
Stock-based compensation expense	—	730		—		—		730
Issuance of vested share awards, net of repurchase for tax withholdings	23,192	(348)		—		—		(348)

Common stock repurchased	(33,131)	(1,486)		—		—		(1,486)

Cash dividends declared ($0.42 per share)	—	—		(7,147)		—		(7,147)
Balance at March 31, 2026	16,914,371	$	214,693	$	559,885	$	(64,571)	$	710,007

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
(In thousands)	2026		2025
Operating Activities
Net Income	$	21,883	$	7,326
Adjustments to reconcile net income to net cash provided by operating activities:
Originations of mortgage loans held for sale	(63,035)		(41,934)
Proceeds from the sale of mortgage loans	61,010		42,320
Gain on sale of mortgage loans, net of origination costs	(704)		(497)
Provision for credit losses	553		9,429
Depreciation and amortization expense	1,265		1,512
Investment securities amortization and accretion, net	262		248
Stock-based compensation expense	730		827
Amortization of core deposit intangible assets	1,354		1,473
Purchase accounting accretion, net	(4,345)		(5,016)

Net increase (decrease) in derivative collateral received from counterparties	360		(1,340)




Deferred income tax expense (benefit)	2,102		(678)
Decrease (increase) in other assets	3,306		(537)
Decrease in other liabilities	(4,735)		(12,099)
Net cash provided by operating activities	20,006		1,034
Investing Activities
Cash received in acquisition of Northway Financial, Inc.	—		48,261
Proceeds from maturities of available-for-sale debt securities	30,312		22,025
Proceeds from sales of available-for-sale debt securities	—		56,432
Purchase of available-for-sale debt securities	(3,518)		(75,582)
Proceeds from maturities and recoveries of held-to-maturity securities	13,392		7,442
Purchase of held-to-maturity securities	—		(5,000)
Net decrease in loans	4,106		11,163
Proceeds from BOLI death benefit	419		—
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock	(5,012)		(10,623)
Proceeds from sale of Federal Home Loan Bank stock	8,098		9,438
Purchase of premises and equipment	(1,776)		(1,761)


Recoveries of previously charged-off loans	164		171

Net cash provided by investing activities	46,185		61,966
Financing Activities
Net increase (decrease) in deposits	47,571		(7,418)
Net (repayments) proceeds from borrowings less than 90 days	(68,350)		1,316


Proceeds from Federal Home Loan Bank long-term advances	—		(45,000)




Common stock repurchases	(1,486)		—
Issuance of restricted stock, net of repurchase for tax withholdings	(348)		(153)
Cash dividends paid on common stock	(7,131)		(7,097)
Finance lease payments	(203)		(197)
Net cash used in financing activities	(29,947)		(58,549)
Net increase in cash, cash equivalents and restricted cash	36,244		4,451
Cash, cash equivalents, and restricted cash at beginning of period	97,492		214,963
Cash, cash equivalents and restricted cash at end of period	$	133,736	$	219,414
Supplemental information
Interest paid	$	26,350	$	29,476
Income taxes paid	226		126


Cash dividends declared, not paid	7,147		7,097
Change in fair value hedges presented within residential real estate loans and other assets	(1,184)		2,131
Assets acquired in Northway Financial, Inc. acquisition, excluding cash received	—		1,108,194
Liabilities assumed in Northway Financial, Inc. acquisition	—		1,116,773
Common stock issued for Northway Financial, Inc. acquisition	—		96,490

The accompanying notes are an integral part of these consolidated financial statements.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited consolidated interim financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated statements of condition of Camden National Corporation (the “Company”) as of March 31, 2026 and December 31, 2025, the consolidated statements of income for the three months ended March 31, 2026 and 2025, the consolidated statements of comprehensive income for the three months ended March 31, 2026 and 2025, the consolidated statements of changes in shareholders' equity for the three months ended March 31, 2026 and 2025, and the consolidated statements of cash flows for the three months ended March 31, 2026 and 2025. The consolidated financial statements include the accounts of the Company and Camden National Bank (the “Bank”), a wholly-owned subsidiary of the Company (which includes the consolidated accounts of Healthcare Professional Funding Corporation (“HPFC”) and Property A, Inc.). All intercompany accounts and transactions have been eliminated in consolidation. Assets held by the Bank in a fiduciary capacity, through Camden National Wealth Management, a division of the Bank, are not assets of the Company and, therefore, are not included in the consolidated statements of condition. The Company also owns 100% of the common stock of Camden Capital Trust A (“CCTA”), Union Bankshares Capital Trust I (“UBCT”), Northway Capital Trust III (“NCT III”) and Northway Capital Trust IV (“NCT IV”). These entities are unconsolidated subsidiaries of the Company. Certain reclassifications may have been made to prior period amounts to conform to the current period presentation. Any such reclassifications did not impact net income or shareholders' equity as previously reported. Net income reported for the three months ended March 31, 2026, is not necessarily indicative of the results that may be expected for the full year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Part I. “Financial Information” and Part II. “Management's Discussion and Analysis of Financial Condition and Results of Operations.” The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.

Acronym

Description

Acronym

Description

AFS:

Available-For-Sale

GDP:

Gross Domestic Product

ACL:

Allowance for Credit Losses

HTM:

Held-To-Maturity

ALCO:

Asset/Liability Committee

LIBOR:

London Interbank Offered Rate

AOCI:

Accumulated Other Comprehensive Income (Loss)

Management ALCO:

Management Asset/Liability Committee

ASC:

Accounting Standards Codification

MBS:

Mortgage-Backed Security

ASU:

Accounting Standards Update

N/A:

Not Applicable

Bank:

Camden National Bank, a wholly-owned subsidiary of Camden National Corporation

NCT III:

Northway Capital Trust III, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025

BOLI:

Bank-owned life insurance

NCT IV:

Northway Capital Trust IV, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025

Board ALCO:

Board of Directors' Asset/Liability Committee

Northway:

Northway Financial, Inc., the bank holding company of Northway Bank, acquired by the Company on January 2, 2025

CCTA:

Camden Capital Trust A, an unconsolidated entity formed by the Company

N.M.:

Not Meaningful

CD:

Certificate of Deposits

OBBBA:

One Big Beautiful Bill Act

CDI:

Core deposit intangible

OCC:

Office of the Comptroller of the Currency

Company:

Camden National Corporation

OCI:

Other Comprehensive Income (Loss)

CMO:

Collateralized Mortgage Obligation

OREO:

Other Real Estate Owned

EPS:

Earnings Per Share

PCD:

Purchase Credit Deteriorated

FASB:

Financial Accounting Standards Board

PD:

Probability of Default

FDIC:

Federal Deposit Insurance Corporation

SERP:

Supplemental Executive Retirement Plans

FHLBB:

Federal Home Loan Bank of Boston

SOFR:

Secured Overnight Financing Rate

FRB:

Federal Reserve System Board of Governors

UBCT:

Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by the Company

GAAP:

Generally Accepted Accounting Principles in the United States

U.S.:

United States of America

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

The following provides a brief description of recently issued accounting pronouncements that have yet to be adopted by the Company:

ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The FASB issued ASU 2024-03 to improve disclosures about a public business entity’s expenses and to address requests from investors for more detailed information about certain types of expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods, with early adoption permitted. The Company does not expect ASU 2024-03 to have a material impact to the disclosures in its consolidated financial statements.

ASU No. 2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The FASB issued ASU 2025-06 to modernize the accounting for software costs related to internal-use software. ASU 2025-06 removes all references to project stages and clarifies when an entity is required to start capitalizing software costs. ASU 2025-06 is to be applied on either a prospective basis, modified transition approach or a retrospective transition approach and is effective for annual reporting periods beginning after December 15, 2027 with early adoption permitted. The Company does not expect ASU 2025-06 to have a material impact to the Company’s consolidated financial statements.

ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”). The FASB issued ASU 2025-09 to clarify certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The FASB believes this update will more closely align hedge accounting with the economics of an entity’s risk management activities as it 1) amends the guidance to allow for different risks to be pooled in the same portfolio for cash flow hedging where applicable and 2) provides greater flexibility and expands eligibility for hedge accounting. ASU 2025-09 is effective for annual reporting periods beginning after December 15, 2026 on a prospective basis for all hedging relationships, with early adoption permitted. The Company does not expect ASU 2025-09 to have a material impact to its consolidated financial statements.

NOTE 3 – INVESTMENTS

Trading Securities

Trading securities are reported on the Company’s consolidated statements of condition at fair value. As of March 31, 2026 and December 31, 2025, the fair value of the Company’s trading securities was $4.4 million and $5.7 million, respectively. These securities are held in a rabbi trust account and invested in mutual funds. The trading securities will be used for future payments associated with the Company’s deferred compensation plan for eligible employees and directors.

AFS Debt Securities

AFS debt securities are reported on the Company’s consolidated statements of condition at fair value. The following table summarizes the amortized cost, estimated fair value, and unrealized gains (losses) of AFS debt securities, as of the dates indicated:


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2026
Obligations of states and political subdivisions	$	5,303	$	1	$	(50)	$	5,254
MBS issued or guaranteed by U.S. government-sponsored enterprises	704,818		6,053		(44,361)		666,510
CMO issued or guaranteed by U.S. government-sponsored enterprises	219,617		695		(6,870)		213,442
Subordinated corporate bonds	16,730		118		(437)		16,411
Total AFS debt securities	$	946,468	$	6,867	$	(51,718)	$	901,617
December 31, 2025

Obligations of states and political subdivisions	$	5,303	$	1	$	(29)	$	5,275
MBS issued or guaranteed by U.S. government-sponsored enterprises	720,634		7,540		(43,785)		684,389
CMO issued or guaranteed by U.S. government-sponsored enterprises	230,028		1,141		(6,796)		224,373
Subordinated corporate bonds	16,721		16		(373)		16,364
Total AFS debt securities	$	972,686	$	8,698	$	(50,983)	$	930,401

As of March 31, 2026 and December 31, 2025, there was no allowance carried on AFS debt securities.

The Company previously transferred debt securities from AFS to HTM in 2022. Unrealized losses associated with these securities at the time of transfer were recorded in AOCI and are being amortized over the remaining life of the securities as an adjustment yield. As of March 31, 2026, net unrealized losses related to the transferred securities remaining in AOCI were $35.4 million, net of a deferred tax asset of $10.3 million, and as of December 31, 2025 were $36.7 million, net of a deferred tax asset of $10.6 million.

The net unrealized losses on AFS debt securities recorded in AOCI (excluding the aforementioned securities transferred from AFS to HTM) as of March 31, 2026 were $35.7 million, net of a deferred tax asset of $10.2 million, and as of December 31, 2025 were $33.7 million, net of a deferred tax asset of $9.6 million.

The following table details the Company’s sales of AFS debt securities for the periods indicated below:


	Three Months Ended March 31,
(In thousands)	2026		2025
Proceeds from sales(1)	$	—	$	56,432
Gross realized gains	—		—
Gross realized losses	—		—

(1) Shortly after closing the Northway acquisition, the Company sold certain acquired AFS debt securities at fair value, and, therefore, no gain or loss was recognized on the sale.

The following table presents the Company’s AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, segregated by the length of time the securities have been in a continuous loss position, as of the dates indicated:


		Less Than 12 Months				12 Months or More				Total
(In thousands, except number of holdings)	Number of Holdings	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2026
Obligations of states and political subdivisions	7	$	3,287	$	(37)	$	386	$	(13)	$	3,673	$	(50)
MBS issued or guaranteed by U.S. government-sponsored enterprises	149	77,294		(686)		329,675		(43,675)		406,969		(44,361)
CMO issued or guaranteed by U.S. government-sponsored enterprises	57	54,376		(534)		63,093		(6,336)		117,469		(6,870)
Subordinated corporate bonds	7	948		(52)		12,114		(385)		13,062		(437)
Total AFS debt securities	220	$	135,905	$	(1,309)	$	405,268	$	(50,409)	$	541,173	$	(51,718)



December 31, 2025

Obligations of states and political subdivisions	7	$	547	$	(3)	$	3,147	$	(26)	$	3,694	$	(29)
MBS issued or guaranteed by U.S. government-sponsored enterprises	152	79,930		(379)		332,788		(43,406)		412,718		(43,785)
CMO issued or guaranteed by U.S. government-sponsored enterprises	55	46,678		(332)		66,255		(6,464)		112,933		(6,796)
Subordinated corporate bonds	6	—		—		12,129		(373)		12,129		(373)
Total AFS debt securities	220	$	127,155	$	(714)	$	414,319	$	(50,269)	$	541,474	$	(50,983)

For the three months ended March 31, 2026 and 2025, the unrealized losses on the Company’s AFS debt securities have not been recognized into income because management does not intend to sell, and it is not more-likely-than-not it will be required to sell, any of the AFS debt securities before recovery of its amortized cost basis. Furthermore, the unrealized losses were due to changes in interest rates and other market conditions and were not reflective of credit events. Agency-backed and government-sponsored enterprise securities have a long history of no credit losses, including during times of severe stress. The principal and interest payments on agency guaranteed debt is backed by the U.S. government. Government-sponsored enterprises similarly guarantee principal and interest payments and securities backed by government-sponsored enterprises carry an implicit guarantee from the U.S. Department of the Treasury. Additionally, government-sponsored enterprise securities are exceptionally liquid, readily marketable, and provide a substantial amount of price transparency and price parity, indicating a perception of zero credit losses. Municipal debt holdings are comprised of high credit quality (rated A- or higher) state and municipal obligations. High credit quality state and municipal obligations have a history of zero to near-zero credit loss. Subordinated corporate bonds are primarily comprised of investment grade senior notes and senior subordinated notes of other financial institutions.

As of March 31, 2026 and December 31, 2025, total accrued interest receivable on AFS debt securities, which has been excluded from reported amortized cost basis on AFS debt securities, was $2.5 million and $2.6 million, respectively, and was reported within other assets on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date.

The amortized cost and estimated fair values of the Company’s AFS debt securities by contractual maturity as of March 31, 2026, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-related securities are shown in total, as their maturities are highly variable.


(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	1,498	$	1,478
Due after one year through five years	14,305		14,024
Due after five years through ten years	6,230		6,163
Due after ten years	—		—
Subtotal	22,033		21,665
Mortgage-related securities	924,435		879,952
Total	$	946,468	$	901,617

HTM Debt Securities

HTM debt securities are reported on the Company’s consolidated statements of condition at amortized cost. The following table summarizes the amortized cost, estimated fair value and unrealized gains (losses) of HTM debt securities as of the dates indicated:


(In thousands)	Amortized Cost(1)		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2026
Obligations of U.S. government-sponsored enterprises	$	7,899	$	—	$	(345)	$	7,554
Obligations of states and political subdivisions	55,519		45		(1,591)		53,973
MBS issued or guaranteed by U.S. government-sponsored enterprises	262,774		—		(17,358)		245,416
CMO issued or guaranteed by U.S. government-sponsored enterprises	125,549		52		(10,448)		115,153
Subordinated corporate bonds	21,516		928		(136)		22,308
Total HTM debt securities	$	473,257	$	1,025	$	(29,878)	$	444,404
December 31, 2025
Obligations of U.S. government-sponsored enterprises	$	7,865	$	—	$	(278)	$	7,587
Obligations of states and political subdivisions	55,802		167		(1,077)		54,892
MBS issued or guaranteed by U.S. government-sponsored enterprises	271,168		—		(16,933)		254,235
CMO issued or guaranteed by U.S. government-sponsored enterprises	128,966		84		(10,391)		118,659
Subordinated corporate bonds	21,491		1,120		(163)		22,448
Total HTM debt securities	$	485,292	$	1,371	$	(28,842)	$	457,821

(1)Amortized cost presented above includes unamortized unrealized losses from the aforementioned transfer from AFS to HTM securities that occurred in 2022. As of March 31, 2026 and December 31, 2025, the unamortized, unrealized losses on the 2022 transfer included within amortized cost were as follows: (1) $686,000 and $720,000 in obligations of U.S. government-sponsored enterprises, (2) $4.5 million and $4.6 million in obligations of state and political subdivisions, (3) $25.9 million and $26.8 million in MBS, (4) $13.9 million and $14.4 million in CMO, and (5) $16,000 and $23,000 in subordinated corporate bonds, respectively.

The Company evaluated its HTM debt securities with an amortized cost as of March 31, 2026 and December 31, 2025, and determined that the expected credit loss on its HTM portfolio was immaterial, and therefore it did not carry an ACL on the HTM portfolio at either date. Additionally, there were no charge-offs, recoveries or provision recorded during the three months ended March 31, 2026 or 2025.

The HTM debt securities portfolio is comprised of the same types of securities as the AFS debt securities portfolio. Refer to the discussion above for considerations of credit risk.

As of March 31, 2026 and December 31, 2025, none of the Company’s HTM debt securities were past due or on non-accrual status; therefore, the Company did not recognize any interest income on non-accrual HTM debt securities during the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, total accrued interest receivable on HTM debt securities was $1.5 million and $1.6 million, respectively, and no allowance was provided for. Accrued interest on HTM debt securities is reported within other assets on the consolidated statements of condition and excluded from reported amortized cost.

The amortized cost and estimated fair values of HTM debt securities by contractual maturity as of March 31, 2026 are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-related securities are shown in total, as their maturities are highly variable.


(In thousands)	Amortized Cost		Fair Value






Due in one year or less	$	1,018	$	1,029
Due after one year through five years	9,755		9,504
Due after five years through ten years	35,093		35,528
Due after ten years	39,068		37,774
Subtotal	84,934		83,835
Mortgage-related securities	388,323		360,569
Total	$	473,257	$	444,404

AFS and HTM Debt Securities Pledged

As of March 31, 2026 and December 31, 2025, AFS and HTM debt securities with an amortized cost of $947.8 million and $952.7 million and estimated fair values of $896.4 million and $904.3 million, respectively, were pledged to secure FHLBB advances, FRB advances, public deposits, and securities sold under agreements to repurchase and for other purposes required or permitted by law.

Other Investments

The Company’s FHLBB, FRB and other correspondent bank common stock are each reported at cost within other investments on the consolidated statements of condition. The Company evaluates these investments for impairment based on the ultimate recoverability of the par value. The Company did not record any impairment on its other investments for the three months ended March 31, 2026 and 2025.

The following table summarizes the Company’s other investments as presented on the consolidated statements of condition, as of the dates indicated:


(In thousands)	March 31, 2026		December 31, 2025
FHLBB	$	14,649	$	17,735
FRB	8,692		8,692
Other	70		70
Total other investments	$	23,411	$	26,497

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

Loans

The composition of the Company’s loan portfolio, excluding residential loans held for sale, was as follows for the dates indicated:


(In thousands)	March 31, 2026		December 31, 2025
Commercial Loans:
Commercial real estate - non-owner-occupied	$	1,780,079	$	1,778,985
Commercial real estate - owner-occupied	415,662		406,120
Commercial	414,694		417,439

Total commercial loans	2,610,435		2,602,544
Retail Loans:
Residential real estate	1,993,435		2,012,922
Home equity	342,874		332,256
Consumer	16,273		17,416
Total retail loans	2,352,582		2,362,594
Total loans	$	4,963,017	$	4,965,138

The loan balances for each portfolio segment presented above are net of their respective unamortized fair value mark discount on acquired loans and net of unamortized loan origination costs for the dates indicated:


(In thousands)	March 31, 2026		December 31, 2025
Net unamortized fair value mark discount on acquired loans	$	(75,908)	$	(79,747)
Net unamortized loan origination costs	7,031		7,022
Total	$	(68,877)	$	(72,725)

The Company’s lending activities are primarily conducted in Maine, Massachusetts and New Hampshire. The Company originates single- and multi-family residential loans, commercial real estate loans, business loans, municipal loans and a variety of consumer loans. In addition, the Company makes loans for the construction of residential homes, multi-family properties and commercial real estate properties. The ability and willingness of borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the geographic area and the general economy.

Related Party Loans. In the normal course of business, the Company makes loans to certain officers, directors and their associated companies, under terms that are consistent with the Company’s lending policies and regulatory requirements and that do not involve more than the normal risk of collectability or present other unfavorable features. As of March 31, 2026 and December 31, 2025, outstanding loans to certain officers, directors and their associated companies were less than 5% of the Company's shareholders’ equity.

Loan Sales

For the three months ended March 31, 2026 and 2025, the Company sold $61.0 million and $42.3 million, respectively, of residential mortgage loans on the secondary market, which resulted in gains on the sale of loans (net of costs) of $704,000 and $497,000, respectively.

As of March 31, 2026 and December 31, 2025, the Company had certain residential mortgage loans with a principal balance of $17.6 million and $15.0 million, respectively, designated as held for sale. The Company has elected the fair value option of accounting for its loans held for sale, and as of March 31, 2026 and December 31, 2025, it had recorded unrealized (losses) gains of $(76,000) and $75,000, respectively. For the three months ended March 31, 2026 and 2025, the Company recorded the change in unrealized losses on loans held for sale within mortgage banking income, net, on the Company’s consolidated statements of income of $151,000 and $102,000, respectively.

The Company has forward delivery commitments with a secondary market investor on each of its loans held for sale as of

March 31, 2026 and December 31, 2025. Refer to Note 8 for further discussion of the Company's forward delivery commitments.

ACL on Loans

The Company manages its loan portfolio proactively to effectively identify problem credits and assess trends early, 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 monitors and manages credit risk through the following governance structure:

•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.

Segmentation. For purposes of determining the ACL on loans, the Company disaggregates its loans into portfolio segments. Each portfolio segment possesses unique risk characteristics that are considered when determining the appropriate level of allowance. As of March 31, 2026 and December 31, 2025, the Company’s loan portfolio segments, as determined based on the unique risk characteristics of each, include the following:

Commercial Real Estate - Non-Owner-Occupied. Non-owner occupied commercial real estate loans are, in substance, all commercial real estate loans that are not categorized by the Company as owner-occupied commercial real estate loans. Non owner-occupied commercial real estate loans are investment properties in which the primary source for repayment of the loan by the borrower is derived from rental income associated with the property or the proceeds of the sale, refinancing, or permanent refinancing of the property. Non-owner-occupied commercial real estate loans consist of mortgage loans to finance investments in real property that may include, but are not limited to, multi-family residential, commercial/retail office space, industrial/warehouse space, hotels, assisted living facilities and other specific use properties. Also included within the non-owner-occupied commercial real estate loan segment are construction projects until they are completed. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines.

Commercial Real Estate - Owner-Occupied. Generally, owner-occupied commercial real estate loans are properties that are owned and operated by the borrower, and the primary source for repayment is the cash flow from the ongoing operations and activities conducted by the borrower's business. Owner-occupied commercial real estate loans consist of mortgage loans to finance investments in real property that may include, but are not limited to, commercial/retail office space, restaurants, educational and medical practice facilities and other specific use properties. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines.

Commercial. Commercial loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate, if applicable. Commercial loans are primarily paid by the operating cash flow of the borrower. Commercial loans may be secured

or unsecured. The commercial loan portfolio also includes participations in shared national credits and other syndicated lending arrangements in which the Company acts as a participant rather than the lead lender. Syndicated loans are underwritten in accordance with the lead bank’s credit standards and are subject to the Company’s independent credit review, ongoing monitoring, and risk rating assessment. As of March 31, 2026 and December 31, 2025, the Company had $79.1 million and $74.8 million, respectively, of syndicated commercial loans outstanding.

Residential Real Estate. Residential real estate loans held in the Company's loan portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines. Collateral consists of mortgage liens on one- to four-family residences, including for investment purposes.

Home Equity. Home equity loans and lines of credit are made to qualified individuals and are secured by senior or junior mortgage liens on owner-occupied one- to four-family homes, condominiums, or vacation homes. The home equity loan has a fixed rate and is billed as equal payments comprised of principal and interest. The home equity line of credit has a variable rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines. At March 31, 2026 and December 31, 2025, 57% of the home equity loan portfolio was secured by junior lien positions in both periods.

Consumer. Consumer loan products including personal lines of credit and amortizing loans made to qualified individuals for various purposes such as education, auto loans, debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines, as applicable. Consumer loans may be secured or unsecured.

The following table presents the activity in the ACL on loans for the periods indicated:


	Commercial Real Estate
(In thousands)	Non-Owner-Occupied		Owner- Occupied		Commercial		Residential Real Estate		Home Equity		Consumer		Total
As of or for the Three Months Ended March 31, 2026
Beginning balance, December 31, 2025	$	18,304	$	4,328	$	5,718	$	12,832	$	3,950	$	144	$	45,276
Charge-offs	—		—		(627)		—		—		(43)		(670)
Recoveries	—		4		152		6		—		2		164
Provision (credit) for loan losses	96		(284)		845		283		(140)		6		806
Ending balance, March 31, 2026	$	18,400	$	4,048	$	6,088	$	13,121	$	3,810	$	109	$	45,576










As of or for the Three Months Ended March 31, 2025
Beginning balance, December 31, 2024	$	14,897	$	2,481	$	5,856	$	9,979	$	2,397	$	118	$	35,728
Charge-offs	—		(191)		(896)		(4)		(3)		(26)		(1,120)
Recoveries	1		51		110		6		—		3		171
Acquired PCD loans	1,659		340		575		305		165		27		3,071
Provision for loans losses:
Provision for acquired non-PCD loans	2,335		840		816		1,979		268		55		6,293
General provision (credit) for loan losses	60		671		(326)		1,607		589		(21)		2,580
Total provision for loan losses	2,395		1,511		490		3,586		857		34		8,873
Ending balance, March 31, 2025	$	18,952	$	4,192	$	6,135	$	13,872	$	3,416	$	156	$	46,723






As of or for the Year Ended December 31, 2025
Beginning balance, December 31, 2024	$	14,897	$	2,481	$	5,856	$	9,979	$	2,397	$	118	$	35,728
Charge-offs	(3,029)		(191)		(12,659)		(4)		(21)		(185)		(16,089)
Recoveries	9		60		428		25		1		12		535
Acquired PCD loans	1,659		340		575		305		165		27		3,071
Provision for loans losses:
Provision for acquired non-PCD loans	2,335		840		816		1,979		268		55		6,293
General provision for loan losses	2,433		798		10,702		548		1,140		117		15,738
Total provision for loan losses	4,768		1,638		11,518		2,527		1,408		172		22,031
Ending balance, December 31, 2025	$	18,304	$	4,328	$	5,718	$	12,832	$	3,950	$	144	$	45,276

During the first quarter of 2026, the Company completed its annual review of the significant model inputs and assumptions within its discounted cash flow analysis used for estimating its ACL on loans and determined there were no material changes to its methodology. As of March 31, 2026, the following loss drivers for each loan segment were used to calculate the expected PD over the forecast and reversion period: (i) the commercial real estate – non-owner-occupied loan segment used Maine Unemployment and change in National GDP; (ii) the commercial real estate – owner-occupied loan segment used Maine Unemployment and change in National GDP; (iii) the commercial loan segment used Maine Unemployment and change in National GDP; (iv) the residential real estate loan segment used Maine Unemployment and change in Maine House Price Index; (v) the home equity loan segment used Maine Unemployment and change in Maine House Price Index; and (vi) the consumer loan segment used Maine Unemployment and change in National Retail Sales. These updates resulted in higher modeled loss expectations within the commercial and residential loan portfolios and were a primary driver of the increase in the provision for credit losses and ACL recorded during the first quarter of 2026.

As of March 31, 2026 and December 31, 2025, total accrued interest receivable on loans, which has been excluded from reported amortized cost basis on loans, was $16.0 million and $15.8 million, respectively, and reported within other assets on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date.

Credit Concentrations

The Company focuses on maintaining a well-balanced and diversified loan portfolio and imposes internal credit concentration limits that includes consideration of regulatory requirements, which are reviewed quarterly by the Credit Risk Policy Committee. Despite such efforts, it is recognized that credit concentrations may occasionally emerge as a result of economic conditions, changes in local demand, natural loan growth and runoff. To identify credit concentrations effectively, all commercial and commercial real estate loans are assigned Standard Industrial Classification codes, North American Industry Classification System codes, and state and county codes. Shifts in portfolio concentrations are monitored. As of March 31,

2026, the Company’s total exposure to (1) the lessors of nonresidential buildings’ industry (operators of commercial and industrial buildings, retail establishments, theaters, banks and insurance buildings) and (2) the lessors of residential buildings’ industry (lessors of buildings used as residences, such as single-family homes, apartments and town houses) were 12% of total loans and 28% of total commercial real estate loans. There were no other industry exposures exceeding 10% of the Company’s total loan portfolio as of March 31, 2026.

Credit Quality Indicators

To further identify loans with similar risk profiles, the Company categorizes each portfolio segment into classes by credit risk characteristic and applies a credit quality indicator to each portfolio segment. The indicators for commercial real estate - non-owner-occupied and owner-occupied, commercial and residential real estate portfolio segments are represented by Grades 1 through 10 as outlined below. In general, risk ratings are adjusted periodically throughout the year as updated analysis and review warrants. This process may include, but is not limited to, annual credit and loan reviews, periodic reviews of loan performance metrics, such as delinquency rates, and quarterly reviews of adversely risk rated loans. The Company uses the following definitions when assessing grades for the purpose of evaluating the risk and adequacy of the ACL on loans:

•Grade 1 through 6 — Grades 1 through 6 represent groups of loans that are not subject to adverse criticism as defined in regulatory guidance. Loans in these groups exhibit characteristics that represent low to moderate risks, which is measured using a variety of credit risk criteria, such as cash flow coverage, debt service coverage, balance sheet leverage, liquidity, management experience, industry position, prevailing economic conditions, support from secondary sources of repayment and other credit factors that may be relevant to a specific loan. In general, these loans are supported by properly margined collateral and guarantees of principal parties.

•Grade 7 — Loans with potential weakness (Special Mention). Loans in this category are currently protected based on collateral and repayment capacity and do not constitute undesirable credit risk, but have potential weakness that may result in deterioration of the repayment process at some future date. This classification is used if a negative trend is evident in the obligor’s financial situation. Special mention loans do not sufficiently expose the Company to warrant adverse classification.

•Grade 8 — Loans with definite weakness (Substandard). Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or by collateral pledged. Borrowers experience difficulty in meeting debt repayment requirements. Deterioration is sufficient to cause the Company to look to the sale of collateral.

•Grade 9 — Loans with potential loss (Doubtful). Loans classified as doubtful have all the weaknesses inherent in the substandard grade with the added characteristic that the weaknesses make collection or liquidation of the loan in full highly questionable and improbable. The possibility of some loss is extremely high, but because of specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined.

•Grade 10 — Loans with definite loss (Loss). Loans classified as loss are considered uncollectible. The loss classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset because recovery and collection time may be protracted.

The Company periodically reassesses asset quality indicators to reflect appropriately the risk composition of the Company’s loan portfolio. Home equity and consumer loans are not individually risk rated, but rather analyzed as groups taking into account delinquency rates and other economic conditions which may affect the ability of borrowers to meet debt service requirements, including interest rates and energy costs. Performing loans include loans that are current and loans that are past due less than 90 days. Loans that are past due over 90 days and non-accrual loans, are considered non-performing.

Based on the most recent analysis performed, the risk category of loans by portfolio segment by vintage was as follows as of and for the dates indicated:


													Revolving Loans
(In thousands)	2026		2025		2024		2023		2022		Prior		Amortized Cost Basis		Converted to Term		Total
As of and for the period ended March 31, 2026
Commercial real estate - non-owner-occupied
Risk rating:
Pass (Grades 1-6)	$	29,370	$	196,730	$	118,939	$	104,985	$	336,009	$	884,090	$	—	$	—	$	1,670,123
Special mention (Grade 7)	—		—		—		—		—		543		—		—		543
Substandard (Grade 8)	—		—		301		5,738		46,971		56,403		—		—		109,413
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total commercial real estate - non-owner-occupied	$	29,370	$	196,730	$	119,240	$	110,723	$	382,980	$	941,036	$	—	$	—	$	1,780,079
Gross charge-offs for the three months ended	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate - owner-occupied
Risk rating:
Pass (Grades 1-6)	$	21,246	$	57,687	$	51,851	$	32,455	$	42,329	$	186,381	$	—	$	—	$	391,949
Special mention (Grade 7)	—		—		—		—		—		212		—		—		212
Substandard (Grade 8)	—		—		402		1,909		6,094		15,096		—		—		23,501
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total commercial real estate - owner occupied	$	21,246	$	57,687	$	52,253	$	34,364	$	48,423	$	201,689	$	—	$	—	$	415,662
Gross charge-offs for the three months ended	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial
Risk rating:
Pass (Grades 1-6)	$	18,495	$	37,893	$	72,288	$	21,400	$	24,715	$	76,407	$	131,607	$	26,031	$	408,836
Special mention (Grade 7)	—		—		832		—		—		4		118		—		954
Substandard (Grade 8)	—		—		—		455		1,047		505		327		2,570		4,904
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total commercial	$	18,495	$	37,893	$	73,120	$	21,855	$	25,762	$	76,916	$	132,052	$	28,601	$	414,694
Gross charge-offs for the three months ended	$	—	$	—	$	100	$	—	$	—	$	240	$	279	$	8	$	627
Residential Real Estate
Risk rating:
Pass (Grades 1-6)	$	42,193	$	189,852	$	105,420	$	119,154	$	533,241	$	998,203	$	457	$	1,665	$	1,990,185
Special mention (Grade 7)	—		—		—		—		729		2,521		—		—		3,250
Substandard (Grade 8)	—		—		—		—		—		—		—		—		—
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total residential real estate	$	42,193	$	189,852	$	105,420	$	119,154	$	533,970	$	1,000,724	$	457	$	1,665	$	1,993,435
Gross charge-offs for the three months ended	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity
Risk rating:
Performing	$	106	$	2,958	$	3,444	$	13,057	$	17,925	$	11,379	$	276,652	$	16,757	$	342,278
Non-performing	—		—		—		—		—		31		346		219		596
Total home equity	$	106	$	2,958	$	3,444	$	13,057	$	17,925	$	11,410	$	276,998	$	16,976	$	342,874
Gross charge-offs for the three months ended	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer
Risk rating:
Performing	$	2,103	$	3,633	$	2,412	$	2,638	$	1,472	$	1,023	$	2,990	$	—	$	16,271
Non-performing	—		—		—		2		—		—		—		—		2
Total consumer	$	2,103	$	3,633	$	2,412	$	2,640	$	1,472	$	1,023	$	2,990	$	—	$	16,273
Gross charge-offs for the three months ended	$	—	$	—	$	5	$	13	$	9	$	—	$	16	$	—	$	43


													Revolving Loans
(In thousands)	2025		2024		2023		2022		2021		Prior		Amortized Cost Basis		Converted to Term		Total
As of and for the year ended December 31, 2025
Commercial real estate - non-owner-occupied
Risk rating:
Pass (Grades 1-6)	$	195,567	$	115,477	$	105,941	$	365,087	$	301,695	$	622,183	$	—	$	—	$	1,705,950
Special mention (Grade 7)	—		—		2,930		21,809		3,820		3,360		—		—		31,919
Substandard (Grade 8)	—		163		2,759		1,828		9,240		27,126		—		—		41,116
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total commercial real estate - non-owner-occupied	$	195,567	$	115,640	$	111,630	$	388,724	$	314,755	$	652,669	$	—	$	—	$	1,778,985
Gross charge-offs for the year ended	$	—	$	—	$	—	$	3,002	$	—	$	27	$	—	$	—	$	3,029
Commercial real estate - owner-occupied
Risk rating:
Pass (Grades 1-6)	$	57,560	$	52,520	$	33,877	$	44,121	$	81,853	$	114,789	$	—	$	—	$	384,720
Special mention (Grade 7)	—		—		1,917		802		7		362		—		—		3,088
Substandard (Grade 8)	—		406		—		6,168		1,640		10,098		—		—		18,312
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total commercial real estate - owner-occupied	$	57,560	$	52,926	$	35,794	$	51,091	$	83,500	$	125,249	$	—	$	—	$	406,120
Gross charge-offs for the year ended	$	—	$	—	$	—	$	185	$	—	$	6	$	—	$	—	$	191
Commercial
Risk rating:
Pass (Grades 1-6)	$	44,856	$	75,863	$	23,409	$	27,740	$	20,248	$	56,358	$	132,366	$	30,888	$	411,728
Special mention (Grade 7)	—		490		—		—		—		—		239		199		928
Substandard (Grade 8)	—		101		542		1,013		285		242		1,501		1,099		4,783
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total commercial	$	44,856	$	76,454	$	23,951	$	28,753	$	20,533	$	56,600	$	134,106	$	32,186	$	417,439
Gross charge-offs for the year ended	$	69	$	2,536	$	7,070	$	76	$	18	$	1,041	$	211	$	1,638	$	12,659
Residential Real Estate
Risk rating:
Pass (Grades 1-6)	$	190,648	$	123,858	$	130,316	$	544,724	$	547,965	$	469,671	$	447	$	1,673	$	2,009,302
Special mention (Grade 7)	—		—		—		—		—		—		—		—		—
Substandard (Grade 8)	—		—		—		819		792		2,009		—		—		3,620
Doubtful (Grade 9)	—		—		—		—		—		—		—		—		—
Total residential real estate	$	190,648	$	123,858	$	130,316	$	545,543	$	548,757	$	471,680	$	447	$	1,673	$	2,012,922
Gross charge-offs for the year ended	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—	$	4
Home equity
Risk rating:
Performing	$	2,945	$	3,660	$	14,036	$	18,609	$	400	$	11,475	$	263,240	$	17,219	$	331,584
Non-performing	—		—		—		—		—		35		393		244		672
Total home equity	$	2,945	$	3,660	$	14,036	$	18,609	$	400	$	11,510	$	263,633	$	17,463	$	332,256
Gross charge-offs for the year ended	$	—	$	—	$	—	$	—	$	—	$	—	$	18	$	3	$	21
Consumer
Risk rating:
Performing	$	4,203	$	2,761	$	3,174	$	1,781	$	465	$	2,085	$	2,944	$	—	$	17,413
Non-performing	—		—		3		—		—		—		—		—		3
Total consumer	$	4,203	$	2,761	$	3,177	$	1,781	$	465	$	2,085	$	2,944	$	—	$	17,416
Gross charge-offs for the year ended	$	5	$	34	$	51	$	6	$	1	$	56	$	32	$	—	$	185

Past Due and Non-Accrual Loans

The Company closely monitors the performance of its loan portfolio. A loan is placed on non-accrual status when the financial condition of the borrower is deteriorating, payment in full of both principal and interest is not expected as scheduled, or principal or interest has been in default for 90 days or more. Exceptions may be made if the asset is secured by collateral sufficient to satisfy both the principal and accrued interest in full and collection is reasonably assured. When one loan to a borrower is placed on non-accrual status, all other loans to the borrower are re-evaluated to determine if they should also be placed on non-accrual status. All previously accrued and unpaid interest is reversed at this time. A loan will return to accrual status when collection of principal and interest is assured and the borrower has demonstrated timely payments of principal and interest for a reasonable period, generally at least six months. Unsecured loans, however, are not normally placed on non-accrual status because they are generally charged-off once their collectability is in doubt.

The following is a loan aging analysis by portfolio segment (including loans past due over 90 days and non-accrual loans) and loans past due over 90 days and accruing as of the following dates:


(In thousands)	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due		Total Past Due		Current		Total Loans Outstanding		Loans > 90 Days Past Due and Accruing
March 31, 2026
Commercial real estate - non-owner-occupied	$	406	$	393	$	4,665	$	5,464	$	1,774,615	$	1,780,079	$	—
Commercial real estate - owner-occupied	—		—		20		20		415,642		415,662		—
Commercial	986		550		2,190		3,726		410,968		414,694		—
Residential real estate	872		48		652		1,572		1,991,863		1,993,435		—
Home equity	250		159		338		747		342,127		342,874		—
Consumer	51		7		—		58		16,215		16,273		—
Total	$	2,565	$	1,157	$	7,865	$	11,587	$	4,951,430	$	4,963,017	$	—
December 31, 2025
Commercial real estate - non-owner-occupied	$	4,698	$	—	$	3	$	4,701	$	1,774,284	$	1,778,985	$	—
Commercial real estate - owner-occupied	586		210		—		796		405,324		406,120		—
Commercial	1,462		66		1,915		3,443		413,996		417,439		—
Residential real estate	1,448		312		1,380		3,140		2,009,782		2,012,922		—
Home equity	779		30		444		1,253		331,003		332,256		—
Consumer	42		17		—		59		17,357		17,416		—
Total	$	9,015	$	635	$	3,742	$	13,392	$	4,951,746	$	4,965,138	$	—

The following table presents the amortized cost basis of loans on non-accrual status by portfolio segment as of the dates indicated:


	March 31, 2026						December 31, 2025
(In thousands)	Non-Accrual Loans With an Allowance		Non-Accrual Loans Without an Allowance		Total Non-Accrual Loans		Non-Accrual Loans With an Allowance		Non-Accrual Loans Without an Allowance		Total Non-Accrual Loans
Commercial real estate - non-owner-occupied	$	5,017	$	—	$	5,017	$	429	$	—	$	429
Commercial real estate - owner-occupied	403		—		403		210		—		210
Commercial	2,689		—		2,689		3,003		39		3,042
Residential real estate	2,252		—		2,252		2,667		—		2,667
Home equity	596		—		596		672		—		672
Consumer	2		—		2		3		—		3
Total	$	10,959	$	—	$	10,959	$	6,984	$	39	$	7,023

The Company's policy is to reverse previously recorded accrued interest income when a loan is placed on non-accrual, as such, the Company did not record any interest income on its non-accrual loans for the three months ended March 31, 2026 and 2025.

Interest income that would have been recognized if loans on non-accrual status had been current in accordance with their original terms, including accrued interest reversed during the period when loans were placed on non‑accrual, is estimated to have been $263,000 and $73,000 for the three months ended March 31, 2026 and 2025, respectively.

Collateral-dependent loans are loans for which repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. The following table presents the amortized cost basis of collateral-dependent loans by portfolio segment and collateral type, as of the dates indicated:


	March 31, 2026							December 31, 2025
	Collateral Type				Total Collateral -Dependent Non-Accrual Loans			Collateral Type			Total Collateral -Dependent Non-Accrual Loans
(In thousands)	Real Estate		Other Assets						Real Estate				Other Assets
Commercial real estate - non-owner occupied	$	4,524	$	—		$	4,524		$	—	$	—		$	—
Commercial	—		880			880			—		39			39
Residential real estate	—		—			—			597		—			597


Total	$	4,524	$	880		$	5,404		$	597	$	39		$	636

Loan Modifications for Borrowers Experiencing Financial Difficulty

The Company offers several types of loan and receivables modification programs to borrowers experiencing financial difficulty, primarily interest rate reductions and term extensions. In such instances, the Company may modify loans and receivables with the intention to minimize future losses and improve collectability, while providing customers with temporary or permanent financial relief. For the three months ended March 31, 2026 and 2025, the Company had no material modified loans to borrowers that were experiencing financial difficulty.

The Company closely monitors the performance of loans that were previously modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts and relevant factors are considered while assessing the adequacy of the ACL. During the three months ended March 31, 2026 and 2025, there were no defaults of previously modified loans to borrowers experiencing financial difficulty.

In-Process Foreclosure Proceedings

As of March 31, 2026 and December 31, 2025, the Company had $669,000 and $709,000, respectively, of consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings were in process.

FHLBB Advances

FHLBB advances are those borrowings from the FHLBB greater than 90 days. FHLBB advances are collateralized by a blanket lien on qualified collateral consisting primarily of loans with first mortgages secured by one-to-four family properties, certain commercial real estate loans, certain pledged investment securities and other qualified assets. As of March 31, 2026 and December 31, 2025, the combined carrying value of residential real estate and commercial loans pledged as collateral was $2.3 billion.

Refer to Notes 3 and 6 of the consolidated financial statements for discussion of securities pledged as collateral.

NOTE 5 – BORROWINGS

The following summarizes the Company's borrowings as presented on the consolidated statements of condition as of the dates indicated:


(In thousands)	March 31, 2026		December 31, 2025
Short-term borrowings:
FHLBB borrowings(1)	$	250,000	$	327,000


Customer repurchase agreements	263,429		254,780

Total short-term borrowings	$	513,429	$	581,780
Long-term borrowings:
FHLBB borrowings	$	1,000	$	1,000
Total long-term borrowings	$	1,000	$	1,000
Junior subordinated debentures:
CCTA(1)	$	36,083	$	36,083
UBCT(1)	8,248		8,248
NCT III(1)	8,630		8,592
NCT IV(1)	8,629		8,592
Total junior subordinated debentures	$	61,590	$	61,515

(1) The Company has interest rate swap contracts on certain borrowings and junior subordinated debentures. Refer to Note 8 for further discussion of derivative instruments.

NOTE 6 – REPURCHASE AGREEMENTS

The Company can raise additional liquidity by entering into repurchase agreements at its discretion. In a security repurchase agreement transaction, the Company generally will sell a security, agreeing to repurchase either the same or a substantially identical security on a specified later date, at a greater price than the original sales price. The difference between the sale price and purchase price is the cost of the proceeds, which is recorded within interest on borrowings on the consolidated statements of income. The securities underlying the agreements are delivered to counterparties as collateral for the repurchase obligations. Because the securities are treated as collateral and the agreement does not qualify for a full transfer of effective control, the transactions do not meet the criteria to be classified as sales and are therefore considered secured borrowing transactions for accounting purposes. Payments on such borrowings are interest only until the scheduled repurchase date. In a repurchase agreement the Company is subject to the risk that the purchaser may default at maturity and not return the securities underlying the agreements. In order to minimize this potential risk, the Company either deals with established firms when

entering into these transactions, or with customers whose agreements stipulate that the securities underlying the agreement are not delivered to the customer and instead are held in segregated safekeeping accounts by the Company's safekeeping agents.

The table below sets forth information regarding the Company’s repurchase agreements accounted for as secured borrowings and types of collateral as of the dates indicated:


(In thousands)	March 31, 2026		December 31, 2025
MBS issued or guaranteed by U.S. government-sponsored enterprises	$	207,333	$	218,774
CMO issued or guaranteed by U.S. government-sponsored enterprises	56,096		36,006

Total(1)(2)	$	263,429	$	254,780

(1) Presented within short-term borrowings on the consolidated statements of condition.

(2) All customer repurchase agreements mature continuously or overnight for the dates indicated.

As of March 31, 2026 and December 31, 2025, certain customers held CDs totaling $141,000 and $206,000, respectively, that were collateralized by MBS and CMO securities that were overnight repurchase agreements.

Certain counterparties monitor collateral and may request additional collateral to be posted from time to time.

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of business, the Company is a party to both on- and off-balance sheet financial instruments involving, to varying degrees, elements of credit risk and interest rate risk in addition to the amounts recognized in the consolidated statements of condition.

The following is a summary of the Company's contractual off-balance sheet commitments as of the dates indicated:


(In thousands)	March 31, 2026		December 31, 2025
Commitments to extend credit	$	898,158	$	880,176
Standby letters of credit	4,657		4,691
Total	$	902,815	$	884,867

The Company’s commitments to extend credit from its lending activities do not necessarily represent future cash requirements since certain of these instruments may expire without being funded and others may not be fully drawn upon. These commitments are subject to the Company’s credit approval process, including an evaluation of the customer’s creditworthiness and related collateral requirements. Commitments generally have fixed expiration dates or other termination clauses.

Standby letters of credit are conditional commitments issued to guarantee the performance of a borrower to a third party. In the event of nonperformance by the borrower, the Company would be required to fund the commitment and would be entitled to the underlying collateral, if applicable, which generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate. The maximum potential future payments are limited to the contractual amount of the commitment.

The Company establishes an ACL on off-balance sheet credit exposures on its contractual off-balance sheet commitments, except those that are unconditionally cancellable by the Company. As of March 31, 2026 and December 31, 2025, the ACL on off-balance sheet credit exposures was $2.8 million and $3.1 million, respectively. The ACL on off-balance sheet credit exposure was presented within accrued interest and other liabilities on the consolidated statements of condition.

For the three months ended March 31, 2026 and 2025, the (credit) provision for credit losses on off-balance sheet credit exposures recorded in provision for credit losses on the consolidated statements of income was ($254,000) and $556,000, respectively.

Legal Contingencies

In the normal course of business, the Company and its subsidiaries are subject to pending and threatened litigation, claims, investigations and legal and administrative cases and proceedings. Although the Company is not able to predict the outcome of such actions, after reviewing pending and threatened actions with counsel, management believes that, based on the information currently available, the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the Company’s consolidated financial statements.

Reserves are established for legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. Assessments of litigation exposure are difficult because they involve inherently unpredictable factors including, but not limited to: whether the proceeding is in the early stages; whether damages are unspecified, unsupported, or uncertain; whether there is a potential for punitive or other pecuniary damages; whether the matter involves legal uncertainties, including novel issues of law; whether the matter involves multiple parties and/or jurisdictions; whether discovery has begun or is not complete; whether meaningful settlement discussions have commenced; and whether the lawsuit involves class allegations. In many lawsuits and arbitrations, it is not possible to determine whether a liability has been incurred or to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case a reserve will not be recognized until that time. Assessments of class action litigation, which generally is more complex than other types of litigation, are particularly difficult, especially in the early stages of the proceeding when it is not known whether a class will be certified or how a potential class, if certified, will be defined. As a result, the Company may be unable to estimate reasonably possible losses with respect to every litigation matter it faces.

The Company did not have any material loss contingencies that were provided for and/or that are required to be disclosed as of March 31, 2026 and December 31, 2025, respectively.

NOTE 8 – DERIVATIVES AND HEDGING

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s credit derivatives result from loan participation arrangements, and therefore are not used to manage interest rate risk in the Company’s assets or liabilities.

Derivatives Designated as Hedging Instruments - Hedges of Interest Rate Risk

Interest Rate Contracts - Cash Flow Hedges. The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed rate payments or the receipt of fixed rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. For the three months ended March 31, 2026 and 2025, such derivatives were used to hedge the variable cash flows associated with existing variable-rate assets or liabilities or forecasted issuances of debt.

For derivatives designated, and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently is reclassified into interest expense or interest income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense or interest income as interest payments are made or received on the Company’s variable-rate liabilities or assets. The Company estimates that over the next 12 months, an additional $1.8 million will be reclassified as a decrease to interest expense.

Interest Rate Contracts - Fair Value Hedges. Derivatives designated as fair value hedges are utilized to mitigate the risk of changes in the fair values of recognized assets and liabilities. The Company uses interest rate contracts in this manner to manage its exposure to changes in the fair value of hedged items caused by changes in interest rates.

Changes in the fair value of the derivatives and changes in the fair value of the hedged item due to changes in the hedged risk are recognized in earnings in the same line item. If a hedge is terminated, but the hedged item was not derecognized, all

remaining adjustments to the carrying amount of the hedged item are amortized over a period that is consistent with the amortization of other discounts or premiums associated with the hedged item.

Derivatives not Designated as Hedges

Customer Loan Swaps. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings.

Fixed Rate Mortgage Interest Rate Lock Commitments. As part of the origination process of a residential loan, the Company may enter into rate lock agreements with its borrower, which is considered an interest rate lock commitment. If the Company intends to sell the loan upon origination, it will account for the interest rate lock commitment as a derivative.

Forward Delivery Commitments. The Company typically enters into a forward delivery commitment with a secondary market investor, which has been approved by the Company within its normal governance process, at the onset of the loan origination process. The Company may enter into these arrangements with the secondary market investors on a “best effort” or “mandatory delivery” basis. The Company's normal practice is typically to enter into these arrangements on a “best effort” basis. The Company enters into these arrangements with the secondary market investors to manage its interest rate exposure. The Company accounts for the forward delivery commitment as a derivative upon origination of a loan identified as held for sale.

Risk Participation Agreements. The Company’s existing credit derivatives result from participations in or out of interest rate swaps provided by or to external lenders as part of loan participation arrangements, therefore, they are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans.

The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated statements of condition as of the dates indicated:


	Derivative Assets					Derivative Liabilities
(In thousands)	Notional Amount		Location	Fair Value		Notional Amount		Location	Fair Value
March 31, 2026
Derivatives designated as hedging instruments:
Interest rate contracts(1)	$	60,000	Other Assets	$	8,336	$	603,000	Accrued interest and other liabilities	$	1,004
Total derivatives designated as hedging instruments	$	60,000		$	8,336	$	603,000		$	1,004
Derivatives not designated as hedging instruments:
Customer loan swaps(1)	$	452,466	Other assets	$	8,864	$	452,466	Accrued interest and other liabilities	$	8,898
Risk participation agreements	55,667		Other assets	—		64,462		Accrued interest and other liabilities	—
Fixed rate mortgage interest rate lock commitments	9,010		Other assets	75		15,141		Accrued interest and other liabilities	106
Forward delivery commitments	15,112		Other assets	290		2,582		Accrued interest and other liabilities	29
Total derivatives not designated as hedging instruments	$	532,255		$	9,229	$	534,651		$	9,033
December 31, 2025
Derivatives designated as hedging instruments:
Interest rate contracts(1)	$	60,000	Other assets	$	8,381	$	828,000	Accrued interest and other liabilities	$	2,923
Total derivatives designated as hedging instruments	$	60,000		$	8,381	$	828,000		$	2,923
Derivatives not designated as hedging instruments:
Customer loan swaps(1)	$	442,062	Other assets	$	9,087	$	442,062	Accrued interest and other liabilities	$	9,127
Risk participation agreements	48,434		Other assets	—		64,873		Accrued interest and other liabilities	—
Fixed rate mortgage interest rate lock commitments	11,366		Other assets	100		6,701		Accrued interest and other liabilities	20
Forward delivery commitments	9,569		Other assets	134		5,396		Accrued interest and other liabilities	44
Total derivatives not designated as hedging instruments	$	511,431		$	9,321	$	519,032		$	9,191

(1) Reported fair values include accrued interest receivable and payable.

The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:


Location in Consolidated Statements of Condition	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Fair Value Hedging Adjustment in the Carrying Amount of the Hedged Assets/(Liabilities)
(In thousands)	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Loans(1)	$	325,119	$	476,303	$	119	$	1,303
Total	$	325,119	$	476,303	$	119	$	1,303

(1) These amounts include the amortized cost basis of residential real estate loans that were used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of March 31, 2026 and December 31, 2025, the amortized cost basis of the residential real estate loans used in these hedging relationships was $692.0 million and $701.9 million, respectively, and the amount of

the designated hedged residential loans was $325.0 million and $475.0 million, respectively.

The table below presents the effect of cash flow hedge accounting, before tax, on AOCI for the periods indicated:


(In thousands)	Amount of Gain (Loss) Recognized in OCI on Derivative		Amount of Gain (Loss) Recognized in OCI Included Component		Amount of Gain (Loss) Recognized in OCI Excluded Component		Location of Gain (Loss) Recognized from AOCI into Income	Amount of Gain Reclassified from AOCI into Income		Amount of Gain Reclassified from AOCI into Income Included Component		Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
For the Three Months Ended March 31, 2026


Interest rate contracts	$	610	$	610	$	—	Interest on borrowings	$	244	$	244	$	—
Interest rate contracts	347		347		—		Interest on junior subordinated debentures	38		38		—
Total	$	957	$	957	$	—		$	282	$	282	$	—








For the Three Months Ended March 31, 2025

Interest rate contracts	$	(851)	$	(851)	$	—	Interest on borrowings	$	620	$	620	$	—
Interest rate contracts	(679)		(679)		—		Interest on junior subordinated debentures	116		116		—
Total	$	(1,530)	$	(1,530)	$	—		$	736	$	736	$	—

The table below presents the effect of fair value and cash flow hedge accounting on the consolidated statements of income for the periods indicated:


	Location and Amount of Gain (Loss) Recognized in Income
	Three Months Ended March 31,
	2026						2025
(In thousands)	Interest and fees on loans		Interest on borrowings		Interest on junior subordinated debentures			Interest and fees on loans		Interest on borrowings		Interest on junior subordinated debentures
Total presented on the consolidated statements of income in which the effects of cash flow and fair value hedges are recorded	$	66,679	$	3,476	$	889		$	66,549	$	4,018	$	898
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items	$	(1,184)	$	—	$	—		$	(3,939)	$	—	$	—
Derivatives designated as hedging instruments	$	1,181	$	—	$	—		$	4,856	$	—	$	—
Gain (loss) on cash flow hedging relationships
Interest rate contracts:

CAMDEN NATIONAL CORP 10-Q