Camden National Corporation (NASDAQ:CAC) Q3 2023 Earnings Conference Call October 31, 2023 3:00 PM ET Company Participants Greg Dufour - President and CEO Mike Archer - Executive Vice President and CFO Conference Call Participants Steve Moss - Raymond James Damon DelMonte - KBW Operator Good day. And welcome to Camden National Corporation’s Third Quarter 2023 Earnings Conference Call. My name is Hannah, and I will be your operator for today’s call. All participants will be in a listen-only mode during today ...

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 co ...

Camden National Corporation (NASDAQ:CAC) Q2 2023 Earnings Conference Call July 25, 2023 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 Steve Moss - Raymond James Damon DelMonte - KBW Matthew Breese - Stephens Operator Good day and welcome to Camden National Corporation’s Second Quarter 2023 Earnings Conference Call. My name is Emily and I’ll be your operator for today’s call. ...

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Presents the unaudited consolidated financial statements and accompanying notes for the period ended March 31, 2023 [Consolidated Statements of Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Condition) Total assets grew to $5.72 billion, driven by loan growth, while deposits decreased and borrowings increased Consolidated Balance Sheet Highlights (unaudited) | (In thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$5,716,605** | **$5,671,850** | | Net Loans | $4,035,974 | $3,973,431 | | Total Investments | $1,249,882 | $1,259,161 | | **Total Liabilities** | **$5,251,731** | **$5,220,572** | | Total Deposits | $4,642,734 | $4,826,929 | | Short-term borrowings | $486,318 | $265,176 | | **Total Shareholders' Equity** | **$464,874** | **$451,278** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income decreased to $12.7 million due to higher interest expense and a provision for credit losses Quarterly Income Statement Summary (unaudited) | (In thousands, except per share data) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net Interest Income | $34,280 | $36,365 | | Provision (credit) for credit losses | $2,002 | $(1,075) | | Non-Interest Income | $9,866 | $9,825 | | Non-Interest Expense | $26,165 | $26,209 | | **Net Income** | **$12,727** | **$16,795** | | **Diluted EPS** | **$0.87** | **$1.13** | [Notes to the Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) Details significant accounting policies, including new standards, and provides breakdowns of financial instruments - The company adopted **ASU 2022-02** effective January 1, 2023, which eliminates the accounting and disclosure requirements for Troubled Debt Restructurings (TDRs)[112](index=112&type=chunk) - In June 2022, the company transferred securities with a fair value of **$520.3 million** from **Available-for-Sale (AFS)** to **Held-to-Maturity (HTM)** to manage its capital position[90](index=90&type=chunk) - A provision for credit losses of **$1.8 million** was recorded for HTM debt securities in Q1 2023 due to the write-off of a Signature Bank bond following its failure[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=46&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Analyzes Q1 2023 performance, focusing on margin compression, asset quality, liquidity, and capital adequacy [Executive Overview](index=51&type=section&id=Executive%20Overview) Highlights a strong financial position despite a 24% decline in net income due to market volatility - Net income for Q1 2023 was **$12.7 million**, a **24% decrease** from Q1 2022, with diluted EPS falling **23% to $0.87**[346](index=346&type=chunk) - The decrease in net income was driven by a **$2.1 million drop** in net interest income and a **$3.1 million increase** in provision for credit losses, which included a **$1.8 million write-off** of a Signature Bank bond[347](index=347&type=chunk) - The company emphasizes its strong financial footing, with uninsured and uncollateralized deposits at **15% of total deposits** and primary liquidity sources of **$1.3 billion**, covering **1.9 times** these deposits[314](index=314&type=chunk)[394](index=394&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Details the impact of net interest margin compression and credit provisions on quarterly operational results Net Interest Margin Analysis | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Interest Margin (FTE) | 2.54% | 2.87% | | Yield on Interest-Earning Assets | 3.92% | 3.07% | | Cost of Total Funding Liabilities | 1.45% | 0.21% | Provision for Credit Losses Components (in thousands) | Component | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Provision (credit) for loan losses | $439 | $(1,236) | | (Credit) provision for off-balance sheet | $(276) | $161 | | Provision for HTM debt securities | $1,839 | $— | | **Total Provision (credit)** | **$2,002** | **$(1,075)** | - Non-interest income was stable, with a **31% decrease** in mortgage banking income offset by a **40% increase** in other income, driven by higher customer loan swap fees[29](index=29&type=chunk) - Non-interest expense was flat, with a **6% decrease** in salaries and benefits due to lower incentive accruals, offset by increases in other operational expenses[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Financial Condition](index=58&type=section&id=Financial%20Condition) Maintains a strong financial position with $5.7 billion in assets, loan growth, and stable asset quality - The total investment portfolio was **$1.2 billion** at March 31, 2023, a decrease of $9.3 million from year-end 2022, including a **$1.8 million write-off** of a Signature Bank bond[14](index=14&type=chunk)[15](index=15&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2023 | Dec 31, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Commercial Real Estate | $1,666,617 | $1,624,937 | 2.6% | | Commercial | $421,099 | $430,131 | (2.1)% | | Residential Real Estate | $1,733,147 | $1,700,266 | 1.9% | | Consumer and Home Equity | $252,245 | $255,019 | (1.1)% | | **Total Loans** | **$4,073,108** | **$4,010,353** | **1.6%** | Key Asset Quality Ratios | Ratio | March 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Non-performing assets to total assets | 0.09% | 0.09% | | Non-performing loans to total loans | 0.13% | 0.13% | | ACL on loans to total loans | 0.91% | 0.92% | - Deposits totaled **$4.6 billion**, a decrease of **$184.2 million (4%)** from year-end 2022, largely due to a single large municipal deposit outflow[370](index=370&type=chunk)[399](index=399&type=chunk) [Liquidity and Capital Resources](index=66&type=section&id=Liquidity%20and%20Capital%20Resources) Details the company's robust liquidity sources and capital ratios, which exceed regulatory requirements - Total available primary liquidity was approximately **$1.3 billion** as of March 31, 2023, which was **1.9 times** the level of uninsured and uncollateralized deposits[378](index=378&type=chunk)[409](index=409&type=chunk) - Subsequent to quarter-end, the company became eligible to borrow up to **$146.0 million** from the Federal Reserve's Bank Term Funding Program (BTFP)[440](index=440&type=chunk) - The company's **Common Equity Tier 1 (CET1)** risk-based capital ratio was **11.90%**, well above the 7.00% required to be considered well-capitalized[249](index=249&type=chunk)[314](index=314&type=chunk) - A quarterly cash dividend of **$0.42 per share** was declared, payable on April 28, 2023[374](index=374&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=70&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) Analyzes market risk, primarily interest rate risk, using net interest income sensitivity modeling Net Interest Income Sensitivity Analysis (Year 1) | Rate Change from Base | March 31, 2023 | March 31, 2022 | | :--- | :--- | :--- | | +200 basis points | (2.24)% | (0.79)% | | -200 basis points | 1.87% | N/A | - The company's interest rate risk position has improved, with the projected decrease in net interest income from a **+200 bps rate shock** narrowing to **2.24%** from 3.93% at the end of 2022[366](index=366&type=chunk) [Controls and Procedures](index=71&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Confirms the effectiveness of disclosure controls and procedures with no material changes during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are **effective**[470](index=470&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[463](index=463&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=72&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) States that pending legal actions are not expected to have a material adverse effect on financial position - Management does not expect pending legal actions to have a **material adverse effect** on the company's financial position[434](index=434&type=chunk) [Risk Factors](index=72&type=section&id=ITEM%201A.%20RISK%20FACTORS) Refers to the company's 2022 Annual Report on Form 10-K for a detailed discussion of risk factors - The report refers to the Risk Factors section of the **Annual Report on Form 10-K** for the year ended December 31, 2022, for a discussion of potential risks[464](index=464&type=chunk)

Camden National Corporation (NASDAQ:CAC) Q1 2023 Earnings Conference Call April 25, 2023 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 Steve Moss - Raymond James Damon DelMonte - KBW Matthew Breese - Stephens Operator Good day, and welcome to Camden National Corporation’s First Quarter 2023 Earnings Conference Call. My name is Danielle, and I will be your operator for today’s ...

17 Credit Risk and Lending Business Risk Our loans are concentrated in certain areas of Maine and adverse conditions in those markets could adversely af ect our operations. We primarily serve individuals and businesses located in the state of Maine, with 70% of our loan portfolio concentrated among borrowers in Maine as of December 31, 2022, with higher concentrations of exposure in Cumberland, Kennebec, Knox and York counties. Further, because a substantial portion of the loan portfolio is secured by real ...

Camden National Corporation (NASDAQ:CAC) Q4 2022 Results Conference Call January 31, 2023 3:00 PM ET Company Participants Greg Dufour - President and CEO Mike Archer - EVP and CFO Conference Call Participants Steve Moss - Raymond James Damon DelMonte - KBW Matthew Breese - Stephens Inc Operator Good day, and welcome to Camden National Corporation's Fourth Quarter 2022 Earnings Conference Call. My name is [Fouram] and I will be your operator for today's call. [Operator Instructions] Please note that this pr ...

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 ( ...