CAMDEN NATIONAL CORP

Previous wording

(1) Recognized $3.3 million and $6.9 million of net accretion income on loans from purchase accounting for the three and six months ended June 30, 2026, respectively, and $4.3 million and $8.6 million for the three and six months ended June 30, 2025, respectively.

Current wording

(1) Recognized $3.4 million and $10.4 million of net accretion income on loans from purchase accounting for the three and nine months ended September 30, 2026, respectively, and $3.8 million and $12.4 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

(2) Recognized $818,000 and $1.6 million of net accretion income on investments from purchase accounting for the three and six months ended June 30, 2026, respectively, and $863,000 and $1.7 million for the three and six months ended June 30, 2025, respectively.

Current wording

(2) Recognized $875,000 and $2.5 million of net accretion income on investments from purchase accounting for the three and nine months ended September 30, 2026, respectively, and $937,000 and $2.6 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

(3) Recognized $75,000 and $150,000 of amortization expense on borrowings from purchase accounting for the three and six months ended June 30, 2026, respectively and $131,000 and $262,000 of amortization expense on time deposits and borrowings from purchase accounting for the three and six months ended June 30, 2025, respectively.

Current wording

(3) Recognized $75,000 and $225,000 of amortization expense on borrowings from purchase accounting for the three and nine months ended September 30, 2026, respectively and $132,000 and $394,000 of amortization expense on time deposits and borrowings from purchase accounting for the three and nine months ended September 30, 2025, respectively.

Previous wording

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 June 30, 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.”

Current wording

Camden National Corporation (hereafter referred to as “we,” “our,” “us,” or the “Company”) is a publicly-held bank holding company, with $7.1 billion in assets as of September 30, 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.”

Previous wording

The Company operates throughout Maine and New Hampshire. The Company and the Bank generally have effectively competed with other financial institutions by emphasizing customer service, highlighted by local decision-making, establishing long-term customer relationships, building customer loyalty and providing products and services designed to meet the needs of customers.

Current wording

The Company operates primarily in Maine and New Hampshire. The Company and the Bank generally have effectively competed with other financial institutions by emphasizing customer service, highlighted by local decision-making, establishing long-term customer relationships, building customer loyalty and providing products and services designed to meet the needs of customers.

Previous wording

The Company's loan-to-deposit ratio was 90% at June 30, 2026 and December 31, 2025.

Current wording

The Company's financial condition remained strong at September 30, 2026. Total deposits increased $294 million, or 5%, during the third quarter of 2026, driven primarily by growth in non-interest-bearing and interest-bearing core deposit transaction accounts. Core deposits grew 7% during the quarter and represented 88% of total deposits at September 30, 2026. Strong core deposit growth enabled the Company to reduce higher-cost funding, including certificates of deposit, brokered deposits and wholesale borrowings. The Company's loan-to-deposit ratio was 86% at September 30, 2026, compared to 90% at June 30, 2026. Total loans were $5.0 billion and remained relatively unchanged from the prior quarter, as growth in home equity and residential mortgage loans was offset by decreases in commercial real estate and commercial loans.

Previous wording

Asset quality remained strong during the second quarter of 2026, supported by annualized net charge-offs of only 0.04% of average loans, reflecting the continued strength of the Company's loan portfolio. Loans 30 to 89 days past due represented 0.15% of total loans and non-performing loans totaled 0.24% of total loans at June 30, 2026. The allowance for credit losses remained solid at 0.91% of total loans, and the Company believes the allowance provides appropriate coverage for credit risks inherent in the portfolio.

Current wording

Asset quality remained strong during the third quarter of 2026. Non-performing loans and loans 30 to 89 days past due represented 0.16% and 0.14% of total loans, respectively, at September 30, 2026. The allowance for credit losses on loans was 0.92% of total loans, compared to 0.91% at June 30, 2026, and provided coverage of 5.8 times non-performing loans at September 30, 2026. Annualized net charge-offs remained low at 0.07% of average loans for the third quarter of 2026.

Previous wording

The Company's capital position remained well above regulatory requirements at June 30, 2026, supporting strategic growth initiatives and shareholder returns. Management remains focused on disciplined capital deployment while maintaining financial flexibility to support long-term growth and shareholder value creation.

Current wording

The Company's capital position remained well above regulatory requirements at September 30, 2026, including a Common Equity Tier 1 ratio of 12.53%, Tier 1 risk-based capital ratio of 13.83%, total risk-based capital ratio of 14.82%, and Tier 1 leverage ratio of 9.92%. Management remains focused on disciplined capital deployment while maintaining financial flexibility to support long-term growth and shareholder value creation. The tangible common equity ratio and tangible book value per share were 7.73% and $31.40, respectively, at September 30, 2026, compared to 7.91% and $31.64, respectively, at June 30, 2026. The decreases primarily reflected a $25.1 million net-of-tax increase in accumulated other comprehensive loss due to higher unrealized losses on the available-for-sale investment portfolio as market interest rates increased during the quarter.

Previous wording

For the quarter ended June 30, 2026, net interest income totaled $52.9 million, representing approximately 79% of total revenues, compared to $49.2 million, or 79% of total revenues, for the same period in 2025. Net interest income is affected by factors including, but not limited to, changes in interest rates, loan and deposit pricing strategies and competitive conditions, loan prepayment speeds, the volume and mix of interest‑earning assets and interest‑bearing liabilities, and the level of non‑performing assets.

Current wording

For the quarter ended September 30, 2026, net interest income totaled $55.4 million, representing approximately 81% of total revenues, compared to $51.3 million, or 78% 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.

Previous wording

Net Interest Income (Fully-Taxable Equivalent) for the Three Months Ended June 30, 2026 and 2025. On a fully-taxable equivalent basis, net interest income for the three months ended June 30, 2026 was $53.2 million, an increase of $3.6 million, or 7%, compared to the same period in 2025. The increase between periods was driven primarily by a decrease in interest expense of $4.1 million, or 13%, partially offset by a decrease in interest income, on a fully-taxable equivalent basis, of $415,000, or 1%.

Current wording

Net Interest Income (Fully-Taxable Equivalent) for the Three Months Ended September 30, 2026 and 2025. On a fully-taxable equivalent basis, net interest income for the three months ended September 30, 2026 was $55.7 million, an increase of $4.0 million, or 8%, compared to the same period in 2025. The increase between periods was driven primarily by a $4.5 million, or 15%, decrease in interest expense, partially offset by a $477,000, or less than 1%, decrease in interest income on a fully-taxable equivalent basis.

Previous wording

Net Interest Margin (Fully-Taxable Equivalent) for the Three Months Ended June 30, 2026 and 2025. Net interest margin, on a fully-taxable equivalent basis, for the three months ended June 30, 2026 was 3.26%, an increase of 20 basis points over the three months ended June 30, 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 mark accretion income from purchase accounting, which contributed $4.0 million and $4.9 million to net interest income on a fully-taxable equivalent basis for the second quarter of 2026 and 2025, respectively, the Company reported non-GAAP, core net interest margin of 2.97% for the three months ended June 30, 2026, an increase of 27 basis points over the same period of 2025.

Current wording

Net Interest Margin (Fully-Taxable Equivalent) for the Three Months Ended September 30, 2026 and 2025. Net interest margin, on a fully-taxable equivalent basis, for the three months ended September 30, 2026 was 3.41%, an increase of 25 basis points over the three months ended September 30, 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 mark accretion income from purchase accounting, which contributed $4.2 million and $4.7 million to net interest income on a fully-taxable equivalent basis for the third quarter of 2026 and 2025, respectively, the Company reported non-GAAP, core net interest margin of 3.10% for the three months ended September 30, 2026, an increase of 28 basis points over the same period of 2025.

Previous wording

Net Interest Income (Fully-Taxable Equivalent) for the Six Months Ended June 30, 2026 and 2025. For the six months ended June 30, 2026, the Company's net interest income on a fully-taxable equivalent basis was $105.8 million, an increase of $7.0 million, or 7%, compared to the same period in 2025.

Current wording

Net Interest Income (Fully-Taxable Equivalent) for the Nine Months Ended September 30, 2026 and 2025. For the nine months ended September 30, 2026, the Company's net interest income on a fully-taxable equivalent basis was $161.4 million, an increase of $11.1 million, or 7%, compared to the same period in 2025.

Previous wording

Average funding liabilities totaled $6.1 billion for the first six months of 2026, a decrease of $25.6 million, or less than 1%, compared to the same period in 2025. For the first six months of 2026, interest expense totaled $52.1 million, a decrease of 13% between periods, primarily attributable to a reduction in the average cost of funds of 24 basis points to 1.71%. The decrease in our average cost of funds was driven by changes in the interest rate environment, as well as an improvement in our overall funding mix between periods, as average total deposits increased to $5.4 billion, or 2%, and average borrowings (including brokered deposits) decreased to $737.7 million, or 15%.

Current wording

Average funding liabilities totaled $6.1 billion for the first nine months of 2026, a decrease of $40.4 million, or 1%, compared to the same period in 2025. Interest expense totaled $77.2 million, a decrease of $12.1 million, or 14%, between periods, primarily attributable to a 26 basis point reduction in the average cost of funds to 1.68%. The lower cost of funds reflected an improvement in the Company's funding mix during 2026, as deposit growth and cash flows from the investment portfolio reduced reliance on higher-cost borrowings. Average deposits increased $155.9 million, or 3%, and average borrowings decreased $196.3 million, or 23%, between periods.

Previous wording

Net Interest Margin (Fully-Taxable Equivalent) for the Six Months Ended June 30, 2026 and 2025. Our net interest margin on a fully-taxable equivalent basis increased 20 basis points to 3.25% for the six months ended June 30, 2026, compared to the same period in 2025. Refer to the discussion above for the drivers of the change between periods. Adjusting for the impact of purchase accounting, which contributed $8.4 million to net interest income on a fully-taxable equivalent basis for the first half of 2026, the Company reported non-GAAP, core net interest margin of 2.94%, an increase of 25 basis points compared to the first half of 2025.

Current wording

Net Interest Margin (Fully-Taxable Equivalent) for the Nine Months Ended September 30, 2026 and 2025. The Company’s net interest margin on a fully-taxable equivalent basis increased 21 basis points to 3.30% for the nine months ended September 30, 2026, compared to the same period in 2025. Refer to the discussion above for the drivers of the change between periods. Adjusting for the impact of purchase accounting, which contributed $12.6 million and $14.7 million to net interest income on a fully-taxable equivalent basis for the first nine months of 2026 and 2025, respectively, the Company reported non-GAAP, core net interest margin of 3.00%, an increase of 27 basis points compared to the nine months of 2025.

Previous wording

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:

Current wording

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 by 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:

Previous wording

(1)Provision for loan losses: The Company recorded provision expense of $468,000 for the second quarter of 2026, primarily attributable to loan growth during the quarter and the maintenance of reserves to reflect the uncertain economic outlook. Credit quality remained strong during the second quarter of 2026, as further discussed in “—Financial Condition—Asset Quality”. The decrease in provision expense from the prior-year quarter was primarily due to the absence of the $6.0 million reserve the Company established in the second quarter of 2025 related to its participation in a syndicated loan to a borrower that filed bankruptcy during the same period.

Current wording

(1)Provision for loan losses: The Company recorded provision expense of $1.5 million for the third quarter of 2026, primarily reflecting management's consideration of economic uncertainty within the allowance for credit losses framework. Credit quality remained strong during the third quarter of 2026, as further discussed in “—Financial Condition—Asset Quality.” The decrease in provision expense from the prior-year quarter was primarily due to the absence of additional reserves held during the third quarter of 2025 related to the Company's participation in a syndicated loan to a commercial borrower that filed for bankruptcy earlier in 2025.

Previous wording

For the six months ended June 30, 2026, the decrease in provision for loan losses of $14.2 million compared to the same period in 2025 was primarily the result of: (i) the Northway acquisition on January 2, 2025, for which we recorded provision for credit losses of $6.3 million and established a corresponding ACL on loans, and (ii) the additional reserve required for the aforementioned commercial borrower that entered bankruptcy during the second quarter of 2025.

Current wording

For the nine months ended September 30, 2026, the decrease in provision for loan losses of $16.2 million compared to the same period in 2025 was primarily attributable to (i) provision for credit losses of $6.3 million recorded in connection with the Northway acquisition in January 2025, which established a corresponding ACL on acquired loans, and (ii) the additional reserve established in 2025 related to the aforementioned commercial borrower that filed for bankruptcy.

Previous wording

(1)Income from fiduciary services: The increase for the three and six months ended June 30, 2026, compared to the same periods in 2025, was driven by an increase in assets under management of $119.8 million, or 10%, to $1.4 billion at June 30, 2026.

Current wording

(1)Income from fiduciary services: The increase for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was driven by an increase in assets under management of $89.4 million, or 7%, to $1.4 billion as of September 30, 2026.

Previous wording

(2)Brokerage and insurance commissions: The increase for the three and six months ended June 30, 2026, compared to the same periods in 2025, was driven by an increase in assets under administration of $182.2 million, or 17%, to $1.2 billion as of June 30, 2026.

Current wording

(2)Brokerage and insurance commissions: The increase for the three and nine months ended September 30, 2026, compared to the same periods in 2025, was driven by an increase in assets under administration of $158.2 million, or 15%, to $1.2 billion as of September 30, 2026.

Previous wording

(3)Bank-owned life insurance (“BOLI”): The increase for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily driven by favorable performance of the underlying equity investments and death benefit proceeds received from two BOLI policies during 2026, including one benefit recognized in each quarter. The death benefits recognized within BOLI income for the three months and six months ended June 30, 2026 was $34,000 and $209,000, respectively. The Company did not recognize any death benefits during these same periods in 2025.

Current wording

(3)Bank-owned life insurance (“BOLI”): The decrease for the three months ended September 30, 2026, compared to the same period in 2025, primarily reflected unfavorable performance of the underlying equity investments during the third quarter of 2026. The increase for the nine months ended September 30, 2026, compared to the same period in 2025, was primarily attributable to death benefit proceeds received from three BOLI policies during 2026. Death benefit income totaled $73,000 and $283,000 for the three and nine months ended September 30, 2026, respectively, compared to no death benefit income during the comparable periods in 2025.

Previous wording

(4)Mortgage banking income, net: The increase for the three and six months ended June 30, 2026 compared to the same periods in 2025, was driven by higher gains on the sale of residential mortgage loans. During the three and six months ended June 30, 2026, the Company sold $68.7 million and $129.0 million, or 47% and 48%, respectively, of its residential mortgage production, compared to $48.4 million and $90.3 million, or 39% and 45%, respectively, for the same periods in 2025.

Current wording

(4)Mortgage banking income, net: The decrease for the three months ended September 30, 2026, compared to the same period in 2025, was driven by lower gains on the sale of residential mortgage loans and a $116,000 decrease in fair value adjustments on residential mortgage loans held for sale. During the three months ended September 30, 2026, the Company sold $54.1 million, or 40%, of its residential mortgage production, compared to $80.3 million or 62% for the same period in 2025 due to the current interest rate environment and consideration of local market factors.

Previous wording

(1)Furniture, equipment and data processing: The increase for the three and six months ended June 30, 2026, compared to the same periods in 2025, was driven by our continued investment in customer‑facing digital technology platforms during 2026.

Current wording

(2)Furniture, equipment and data processing: The increase for the three and nine months ended September 30, 2026, compared to the same periods in 2025, reflected higher costs associated with the Company's continued investment in customer-facing digital technology, including its new account opening platform and improvements to its online banking and bill pay services.

Previous wording

(2)Consulting and professional fees: The decrease for the six months ended June 30, 2026, compared to the same period in 2025, was driven by the discontinuance of a number of legacy Northway consulting arrangements that were no longer necessary following the acquisition of Northway on January 2, 2025, and the completion of integration activities in mid-March 2025, as we realized our expected merger synergies.

Current wording

(3)Consulting and professional fees: The decrease for the nine months ended September 30, 2026, compared to the same period in 2025, was driven by the discontinuance of certain legacy Northway consulting arrangements following the acquisition of Northway on January 2, 2025, and the completion of integration activities in mid-March 2025, as the Company realized expected merger synergies.

Previous wording

(3)Merger and acquisition costs: The merger and acquisition costs incurred for the three and six months ended June 30, 2025, were related to the Northway acquisition, which closed on January 2, 2025 . The Company did not incur similar costs during the same periods in 2026.

Current wording

(4)Merger and acquisition costs: The merger and acquisition costs incurred for the three and nine months ended September 30, 2025, were related to the Northway acquisition, which closed on January 2, 2025. The Company did not incur similar costs during the same periods in 2026.

Previous wording

(4)Other expenses: The increases for the three and six month periods ended June 30, 2026, compared to the same periods in 2025, were primarily driven by higher marketing expenses of $283,000 and $376,000, respectively, and increased customer‑related costs, including fraud-related losses, of $83,000 and $145,000, respectively.

Current wording

(5)Other expenses: The increases for the three and nine months ended September 30, 2026, compared to the same periods in 2025, were primarily driven by higher hiring expenses of $257,000 and $301,000, respectively, including costs associated with key strategic hires to support the Company’s growth initiatives, increased customer-related costs, including fraud-related losses, of $79,000 and $234,000, respectively, and increased marketing expenses of $60,000 and $239,000, respectively.

Previous wording

Income tax expense increased to $6.3 million and $12.5 million for the three and six months ended June 30, 2026, respectively, from $3.7 million and $2.5 million for the same periods in 2025. The increase for the three months ended June 30, 2026, was primarily due to higher pre-tax income. The increase for the six months ended June 30, 2026 was also driven by higher pre-tax income, reflecting the absence of $8.9 million of merger and acquisition expenses recognized in the first half of 2025, as well as a $2.6 million deferred tax asset remeasurement benefit recognized during the same period, in connection with the Northway acquisition.

Current wording

Income tax expense increased to $6.5 million and $19.0 million for the three and nine months ended September 30, 2026, respectively, from $5.3 million and $7.8 million for the same periods in 2025. The increase for the three months ended September 30, 2026, compared with the same period in 2025, was primarily due to higher pre-tax income. The increase for the nine months ended September 30, 2026, compared to the same period in 2025, was also driven by higher pre-tax income, reflecting the absence of $9.2 million of merger and acquisition expenses recognized in the first nine months of 2025, as well as a $2.6 million deferred tax asset remeasurement benefit recognized during the same period, in connection with the Northway acquisition.

Previous wording

Total cash and cash equivalents as of June 30, 2026, were $99.9 million, compared to $97.5 million at December 31, 2025. The Company continues to actively manage its cash balances.

Current wording

Total cash and cash equivalents as of September 30, 2026, were $248.6 million, compared to $97.5 million at December 31, 2025. The increase as of September 30, 2026, was driven by seasonal deposit flows within our markets, continued customer acquisition success, and certain large commercial customer deposit flows. The Company continues to actively manage its cash balances.

Previous wording

Included within the Company’s cash and cash equivalents’ balances at June 30, 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 $13.5 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.

Current wording

Included within the Company’s cash and cash equivalents’ balances at September 30, 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 $15.5 million and $7.2 million, respectively. We and the counterparty manage these cash accounts daily. Refer to Notes 8 and 9 of the consolidated financial statements for additional detail on the Company’s derivatives and collateral.

Previous wording

As of June 30, 2026, the reported value of the Company's total investment portfolio was $1.4 billion, a decrease of $64.1 million, or 4%, from December 31, 2025. The net change between periods was primarily driven by the following:

Current wording

As of September 30, 2026, the reported value of the Company's total investment portfolio was $1.3 billion, a decrease of $115 million, or 8%, from December 31, 2025. The net change between periods was primarily driven by the following:

Previous wording

•Increase from purchases of available-for-sale debt securities of $27.4 million

Current wording

•Increase from purchases of available-for-sale debt securities of $76.6 million

Previous wording

•Increase from amortization and accretion of $3.9 million

Current wording

•Increase from amortization and accretion of $6.3 million

Previous wording

•Decrease due to paydowns, calls, and maturities of $88.9 million

Current wording

•Decrease due to paydowns, calls, and maturities of $150.8 million

Previous wording

•Decrease in FHLBB stock and other investments of $3.1 million

Current wording

•Decrease in FHLBB stock and other investments of $11.2 million

Previous wording

Our AFS debt securities portfolio, which comprised 64% of our investment portfolio as of both June 30, 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.

Current wording

Our AFS debt securities portfolio, which comprised 65% of our investment portfolio as of September 30, 2026 and 64% as of December 31, 2025, was carried at fair value on our consolidated statements of financial condition using Level 2 valuation techniques. Refer to Note 14 of the consolidated financial statements for further details on the Company's fair value techniques.

Previous wording

The book value of our debt securities was $1.4 billion as of both June 30, 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 June 30, 2026 and December 31, 2025, the book value of U.S. government and government‑sponsored agencies represented 93% of our debt securities portfolio.

Current wording

The book value of our debt securities was $1.3 billion as of September 30, 2026 and $1.4 billion as of 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 September 30, 2026 and December 31, 2025, the book value of U.S. government and government‑sponsored agencies represented 93% of our debt securities portfolio at both dates.

Previous wording

We continually monitor and evaluate our investment portfolio to identify and assess risks within our portfolio, including but not limited to, the impact of the current interest rate environment and the related prepayment risk, and the review of credit ratings. The overall mix of debt securities as of June 30, 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 June 30, 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, and the weighted average life was 6.4 years and 6.7 years, respectively.

Current wording

We continually monitor and evaluate our investment portfolio to identify and assess risks within our portfolio, including but not limited to, the impact of the current interest rate environment and the related prepayment risk, and the review of credit ratings. The overall mix of debt securities as of September 30, 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 September 30, 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, and the weighted average life was 6.3 years and 6.7 years, respectively.

Previous wording

At June 30, 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.

Current wording

At September 30, 2026 and December 31, 2025, municipal bonds represented 4% of the book value of the total bond portfolio in each period, and all of our municipal bonds carried an investment‑grade credit rating.

Previous wording

At June 30, 2026 and December 31, 2025, subordinated corporate bonds represented 3% of the book value of the total bond portfolio, of which $23.0 million, or 65%, carried an investment‑grade credit rating, and $12.2 million, or 35%, consisted of non‑rated subordinated corporate bonds of community banks within our markets. As of June 30, 2026, the subordinated corporate bond portfolio was made up of 14 different companies, which included 12 different banks. The banks in the portfolio range from the largest U.S. banks to community banks, with 37% of our exposure as of June 30, 2026, being to global systemically important banks, or “G-SIBs”. We continue to monitor and analyze the performance of our subordinated corporate bond portfolio.

Current wording

At September 30, 2026 and December 31, 2025, subordinated corporate bonds represented 2% and 3% of the book value of the total bond portfolio, respectively, of which $18.6 million, or 63%, carried an investment‑grade credit rating, and $10.8 million, or 37%, consisted of non‑rated subordinated corporate bonds of community banks within our markets. As of September 30, 2026, the subordinated corporate bond portfolio was made up of 11 different companies, which included 9 different banks. The banks in the portfolio range from the largest U.S. banks to community banks, with 30% of our exposure as of September 30, 2026, being to global systemically important banks, or “G-SIBs”. We continue to monitor and analyze the performance of our subordinated corporate bond portfolio.

Previous wording

Other Investments. Our other investments on the consolidated statements of condition is primarily made up of FHLBB and FRB common stock. These investments are carried at cost. We are required to maintain a certain level of investment in FHLBB stock based on our level of FHLBB advances, and maintain a certain level of investment in FRB common stock based on the Bank's capital levels. As of June 30, 2026 and December 31, 2025, our investment in FHLBB common stock totaled $14.7 million and $17.7 million, respectively, while our investment in FRB common stock totaled $8.7 million at both dates.

Current wording

Other Investments. Our other investments on the consolidated statements of condition is primarily made up of FHLBB and FRB common stock. These investments are carried at cost. We are required to maintain a certain level of investment in FHLBB stock based on our level of FHLBB advances, and maintain a certain level of investment in FRB common stock based on the Bank's capital levels. As of September 30, 2026 and December 31, 2025, our investment in FHLBB common stock totaled $6.5 million and $17.7 million, respectively, while our investment in FRB common stock totaled $8.7 million at both dates.

Previous wording

Portfolio Concentrations. Our primary geographical markets are Maine, New Hampshire and Massachusetts, making up 57%, 24%, and 13%, respectively, of the loan portfolio as of June 30, 2026, compared to 57%, 25% and 16%, respectively, as of December 31, 2025. As of June 30, 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.

Current wording

Portfolio Concentrations. Our primary geographical markets are Maine, New Hampshire and Massachusetts, making up 58%, 24%, and 13%, respectively, of the loan portfolio as of September 30, 2026, compared to 57%, 25% and 16%, respectively, as of December 31, 2025. As of September 30, 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.