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 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 September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-28190 CAMDEN NATIONAL CORPORAT ...

Camden National Corporation (NASDAQ:CAC) Q3 2022 Earnings Conference Call October 25, 2022 3:00 PM ET Company Participants Greg Dufour - President and CEO Mike Archer - EVP and CFO Conference Call Participants Damon DelMonte - KBW Matthew Breese - Stephens Inc. Operator Good day, and welcome to Camden National Corporation’s Third Quarter 2022 Earnings Conference Call. My name is Drew and I will be your operator for today’s call. [Operator Instructions] Please note that this presentation contains forward-loo ...

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 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 June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-28190 CAMDEN NATIONAL CORPORATION ( ...

Camden National Corporation (NASDAQ:CAC) Q2 2022 Earnings Conference Call July 26, 2022 3:00 PM ET Company Participants Greg Dufour - President and Chief Executive Officer Mike Archer - Executive Vice President and Chief Financial Officer Conference Call Participants Damon DelMonte - KBW Matthew Breese - Stephens Operator Good day, and welcome to Camden National Corporation's Second Quarter 2022 Earnings Conference Call. My name is Tia, and I will be your operator for today's call [Operator Instructions]. ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements for Camden National Corporation as of and for the three months ended March 31, 2022, including detailed notes on presentation and accounting policies [Consolidated Statements of Condition (Balance Sheet)](index=4&type=section&id=Consolidated%20Statements%20of%20Condition) As of March 31, 2022, total assets decreased slightly to **$5.42 billion** from **$5.50 billion** at year-end 2021, primarily due to a reduction in available-for-sale securities' fair value Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$5,420,415** | **$5,500,356** | **($79,941)** | | Net Loans | $3,502,448 | $3,398,218 | $104,230 | | Total Investments | $1,437,410 | $1,523,485 | ($86,075) | | Total Deposits | $4,576,664 | $4,608,889 | ($32,225) | | **Total Shareholders' Equity** | **$482,446** | **$541,294** | **($58,848)** | - The significant drop in Shareholders' Equity was primarily caused by a large increase in 'Accumulated other comprehensive loss' from **$(6,229) thousand** to **$(75,913) thousand**, driven by unrealized losses on available-for-sale securities[11](index=11&type=chunk) [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) For Q1 2022, net income decreased by **15%** to **$16.8 million** from **$19.7 million** in Q1 2021, mainly due to a **$6.1 million** drop in mortgage banking income, partially offset by increased net interest income Q1 2022 vs Q1 2021 Performance (in thousands, except per share data) | Metric | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $36,365 | $32,364 | +12.4% | | Credit for Credit Losses | ($1,075) | ($1,956) | -45.0% | | Non-Interest Income | $9,825 | $15,215 | -35.4% | | **Net Income** | **$16,795** | **$19,740** | **-14.9%** | | **Diluted EPS** | **$1.13** | **$1.31** | **-13.7%** | - The primary driver for the drop in non-interest income was a significant decrease in mortgage banking income, which fell from **$7.1 million** in Q1 2021 to **$1.0 million** in Q1 2022[14](index=14&type=chunk) - Cash dividends declared per share increased to **$0.40** in Q1 2022 from **$0.36** in Q1 2021[14](index=14&type=chunk) [Notes to the Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial results, covering investment portfolio changes, loan portfolio details, allowance for credit losses, derivative use, and regulatory capital ratios - The company's investment portfolio, primarily Available-for-Sale (AFS) debt securities, had gross unrealized losses of **$95.5 million** as of March 31, 2022, a substantial increase from **$17.7 million** at year-end 2021, primarily due to rising interest rates[35](index=35&type=chunk)[40](index=40&type=chunk) - The Allowance for Credit Losses (ACL) on loans decreased by **$1.5 million** to **$31.8 million** in Q1 2022, mainly due to the release of **$1.9 million** in reserves for hospitality-related loans impacted by the COVID-19 pandemic[76](index=76&type=chunk) - The company uses interest rate swaps and other derivatives to manage interest rate risk, with a notional amount of **$243 million** designated as hedging instruments as of March 31, 2022[118](index=118&type=chunk)[127](index=127&type=chunk) - Both the company and its bank subsidiary exceeded all regulatory capital requirements to be considered 'well capitalized' as of March 31, 2022, despite the negative impact of rising rates on tangible common equity[144](index=144&type=chunk)[146](index=146&type=chunk) [Management's Discussion and Analysis (MD&A)](index=45&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's Q1 2022 financial performance and condition, highlighting a **15%** decrease in net income driven by lower mortgage banking income, strong net interest income growth, stable asset quality, and capital impacts from unrealized investment losses [Executive Overview](index=52&type=section&id=EXECUTIVE%20OVERVIEW) Net income for Q1 2022 was **$16.8 million** (**$1.13** diluted EPS), down **15%** from Q1 2021, primarily due to a **$6.1 million** drop in mortgage banking income, partially offset by **$4.0 million** growth in net interest income - Revenues for Q1 2022 totaled **$46.2 million**, a **3%** decrease from Q1 2021, primarily driven by a **$6.1 million** drop in mortgage banking income as rising rates, competition, and low housing inventory slowed sales[236](index=236&type=chunk) - Net interest income increased by **$4.0 million**, supported by a **43%** increase in average investments and a **7%** increase in average loans year-over-year[236](index=236&type=chunk) - Shareholders' equity and capital ratios decreased due to a sharp rise in interest rates causing unrealized losses on the AFS investment portfolio, with the tangible common equity ratio (non-GAAP) falling to **7.25%** from **8.22%** at year-end[241](index=241&type=chunk) - The company initiated a new share repurchase program for up to **750,000 shares** in Q1 2022 and repurchased **13,086 shares** during the quarter[242](index=242&type=chunk) [Results of Operations](index=53&type=section&id=RESULTS%20OF%20OPERATIONS) Net interest income (FTE) increased **12%** to **$35.6 million** in Q1 2022, while non-interest income fell **35%** to **$9.8 million** due to an **85%** plunge in mortgage banking income, and non-interest expense rose **5%** to **$26.2 million** Key Operating Metrics (Q1 2022 vs Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Interest Income (FTE, non-GAAP) | $35.6M | $31.6M (est.) | | Net Interest Margin (FTE) | 2.87% | 2.88% | | Mortgage Banking Income, net | $1.0M | $7.1M | | Total Non-Interest Expense | $26.2M | $24.9M | - The decrease in mortgage banking income was driven by a significant reduction in residential mortgage sales to the secondary market, with only **23%** of production sold in Q1 2022 compared to **66%** in Q1 2021[258](index=258&type=chunk) - The increase in non-interest expense was primarily due to higher salary costs from merit cycles and an off-cycle increase in October 2021 to address inflation and a competitive labor market[260](index=260&type=chunk) [Financial Condition](index=58&type=section&id=FINANCIAL%20CONDITION) As of March 31, 2022, total assets were **$5.5 billion**, with the investment portfolio decreasing by **$86.1 million** due to fair value adjustments, while total loans grew by **$102.7 million** (**3%**), and asset quality remained very strong - The investment portfolio's fair value decreased by **$92.8 million** in Q1 2022 as the 10-year Treasury yield rose **80 basis points**, causing bond prices to fall[264](index=264&type=chunk) Loan Portfolio Composition Change (Q1 2022) | Loan Category | Change ($) | Change (%) | | :--- | :--- | :--- | | Residential Real Estate | +$85.8M | +7% | | Commercial | +$39.7M | +11% | | SBA PPP | -$29.6M | -82% | | **Total Loans** | **+$102.7M** | **+3%** | Asset Quality Metrics | Metric | March 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Non-performing assets to total assets | 0.12% | 0.13% | | ACL on loans to total loans | 0.90% | 0.97% | | Net charge-offs to average loans (annualized) | 0.03% | N/A (0.02% for FY21) | [Liquidity and Capital Resources](index=67&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains a strong liquidity position, primarily funded by a stable deposit base of **$4.6 billion**, and robust capital resources despite a decrease in shareholders' equity due to AOCI impacts, exceeding all regulatory capital requirements - Primary sources of liquidity include deposits (**$4.6 billion**), borrowings (**$282.0 million**), and cash flows from loans and investments, with available credit lines of **$109.6 million** from the FHLBB and a correspondent bank[314](index=314&type=chunk)[316](index=316&type=chunk)[319](index=319&type=chunk) - Shareholders' equity decreased to **$482.5 million** at March 31, 2022, from **$541.3 million** at year-end 2021, primarily due to the mark-to-market valuation decrease of the AFS securities portfolio[333](index=333&type=chunk) - The company declared a quarterly dividend of **$0.40** per share and repurchased **13,086 shares** in Q1 2022, while the Bank upstreamed **$8.1 million** in dividends to the parent company during the quarter[309](index=309&type=chunk)[334](index=334&type=chunk)[335](index=335&type=chunk) [Quantitative and Qualitative Disclosure about Market Risk](index=73&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) This section incorporates by reference the information on market risk, particularly interest rate risk, detailed in the 'Risk Management' section of the Management's Discussion and Analysis (MD&A) - The required information regarding market risk is provided in the 'Risk Management' section of Item 2, MD&A[353](index=353&type=chunk) Net Interest Income Sensitivity Analysis (as of March 31, 2022) | Rate Change Scenario | Estimated Change in NII (Year 1) | Estimated Change in NII (Year 2) | | :--- | :--- | :--- | | +200 basis points | -0.79% | +6.04% | | -100 basis points | -0.24% | -1.91% | [Controls and Procedures](index=74&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the quarter, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures are effective in ensuring that information is recorded, processed, and reported in a timely manner as required by SEC rules[356](index=356&type=chunk) - No changes occurred during the first quarter of 2022 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[357](index=357&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=75&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is subject to various pending and threatened legal actions in the normal course of business, with management believing outcomes will not have a material adverse effect on its consolidated financial position - In the normal course of business, the Company is subject to legal actions, but management does not expect these to have a material adverse effect on its financial position[360](index=360&type=chunk) [Risk Factors](index=75&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - The report refers to the 'Risk Factors' section in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of risks, indicating no material changes[361](index=361&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities or related use of proceeds during the period - The company reported 'None' for this item[361](index=361&type=chunk) [Exhibits](index=76&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including amendments to bylaws, various equity and compensation plans, forms of award agreements, and CEO/CFO certifications - Exhibits filed include amendments to corporate bylaws, the 2022 Equity and Incentive Plan, various other compensation program documents, and required CEO/CFO certifications[364](index=364&type=chunk)

Camden National Corporation (NASDAQ:CAC) Q1 2022 Earnings Conference Call April 26, 2022 1:00 PM ET Company Participants Greg Dufour - President & Chief Executive Officer Mike Archer - Executive Vice President & Chief Financial Officer Conference Call Participants Damon DelMonte - KBW Matthew Breese - Stephens Operator Good day and welcome to the Camden National Corporation's First Quarter 2022 Earnings Conference Call. My name is Jason and I will be the operator for today's call. All participants will be o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-28190 | --- | --- | |------------------------------------------------------------------------------------------------------------|------------------------------------------| | CAMDEN NAT ...

Camden National Corporation (NASDAQ:CAC) Q4 2021 Earnings Conference Call January 25, 2021 3:00 PM ET Company Participants Greg Dufour - President & CEO Michael Archer - CFO Conference Call Participants Matthew Breese - Stephens William Wallace - Raymond James Operator Good day and welcome to Camden National Corporation's Fourth Quarter 2021 Earnings Conference Call. My name is Brea [ph] and I'll be your operator for today's call. All participants will be in a listen-only mode during today's presentation. F ...

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 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 September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-28190 CAMDEN NATIONAL CORPORAT ...

Financial Data and Key Metrics Changes - The company reported quarterly earnings of $14.6 million for Q3 2021, or $0.97 per diluted share, a decrease of 13% compared to Q3 2020, primarily due to lower gains on sales of residential mortgages [5][13] - Year-to-date earnings reached a record $52.5 million, or $3.49 per diluted share, an increase of 27% and 28% respectively compared to the first nine months of 2020 [6][12] - The provision for credit losses was $939,000, bringing the allowance for credit losses to 0.97% of total loans [7][21] Business Line Data and Key Metrics Changes - Total loans increased by 1% during Q3 2021, with a 2% growth when excluding PPP loans, driven by a 9% increase in the residential real estate portfolio [19] - Non-interest income decreased by $221,000 or 2% compared to the previous quarter, largely due to a decline in mortgage banking income [16] - Operating expenses increased by $673,000 in Q3 2021, with $584,000 attributed to employee and salary benefit costs [17][18] Market Data and Key Metrics Changes - Total assets increased by $351 million or 7% during the quarter, reaching $5.5 billion [19] - Total deposits grew by $311 million or 7% during Q3 2021, with a loan-to-deposit ratio of 72% compared to 77% at the end of Q2 [20] Company Strategy and Development Direction - The company has been recognized as a customer experience leader in retail and small business banking for the fourth consecutive year, indicating the effectiveness of its strategic plan [10] - The company plans to continue focusing on driving down costs and improving employee engagement, with a reported increase in employee engagement scores [11][33] Management's Comments on Operating Environment and Future Outlook - Management noted challenges in attracting and retaining talent due to a competitive job market, leading to wage increases for employees [8][30] - The outlook for loan growth remains positive, with strong pipelines in both residential and commercial sectors [20][24] Other Important Information - The company repurchased 106,502 shares of common stock during the quarter, reflecting a commitment to returning capital to shareholders [12] - The dividend for Q3 was set at $0.36 per share, yielding 3.01% based on the closing price [11] Q&A Session Summary Question: Loan pipeline balances at quarter end for commercial and residential mortgages - The residential including home equity is $222 million and the commercial is $147.1 million [22][23] Question: Outlook for loan growth and provision for reserves - The provision expense was driven by growth in unfunded commitments, and the company expects the allowance for credit losses to trend down over time [24] Question: Wage pressure and its impact on expenses - The company is experiencing wage pressure primarily in banking centers and is addressing it through salary increases and automation [30][32] Question: Trends with new customers from PPP and deposit inflows - Half of the deposit growth year-to-date occurred in Q3, and seasonal inflows are expected to slow in Q4 [42] Question: Capital return strategy and buyback outlook - The company aims to maintain sufficient capital for regulatory reasons while also considering shareholder returns through dividends and buybacks [55]