Camden National (CAC) reported $38.7 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 17.3%. EPS of $0.85 for the same period compares to $1.05 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $42.75 million, representing a surprise of -9.49%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.85.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

Reports Fourth Quarter 2023 Net Income of $8.5 million and Diluted EPS of $0.58;Capital and Asset Quality Remain Strong at Year End CAMDEN, Maine, Jan. 30, 2024 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company"), a $5.7 billion bank holding company headquartered in Camden, Maine, reported net income of $8.5 million and diluted earnings per share ("EPS") of $0.58 for the fourth quarter of 2023, both decreases of 13% compared to the third quarter of 2023. Throughout ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements and related notes for Camden National Corporation as of September 30, 2023 [Consolidated Statements of Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Condition) Total assets increased to **$5.78 billion** as of September 30, 2023, driven by cash growth, while liabilities and shareholders' equity also rose Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$5,779,675** | **$5,671,850** | | Total cash, cash equivalents and restricted cash | $211,514 | $75,427 | | Net loans | $4,022,006 | $3,973,431 | | Total investments | $1,157,618 | $1,259,161 | | **Total Liabilities** | **$5,316,377** | **$5,220,572** | | Total deposits | $4,678,406 | $4,826,929 | | Short-term borrowings | $470,140 | $265,176 | | **Total Shareholders' Equity** | **$463,298** | **$451,278** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income declined for both the third quarter and nine months ended September 30, 2023, primarily due to decreased net interest income and a loss on securities sales Income Statement Summary (in thousands) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $32,584 | $37,813 | $99,554 | $110,712 | | (Credit) Provision for Credit Losses | ($574) | $2,764 | $1,531 | $4,034 | | Total Non-Interest Income | $5,072 | $9,954 | $25,048 | $30,920 | | Total Non-Interest Expense | $26,207 | $27,091 | $79,515 | $79,856 | | **Net Income** | **$9,787** | **$14,267** | **$34,903** | **$46,088** | | **Diluted EPS** | **$0.67** | **$0.97** | **$2.39** | **$3.12** | [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Comprehensive income improved significantly for both the quarter and nine months ended September 30, 2023, driven by reduced unrealized losses on debt securities Comprehensive Income (Loss) Summary (in thousands) | Component | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $9,787 | $14,267 | $34,903 | $46,088 | | Other Comprehensive Loss | ($8,274) | ($21,490) | ($4,253) | ($130,227) | | **Comprehensive Income (Loss)** | **$1,513** | **($7,223)** | **$30,650** | **($84,139)** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased as of September 30, 2023, primarily due to net income, partially offset by dividends and stock repurchases - For the nine months ended September 30, 2023, total shareholders' equity increased to **$463.3 million**. Key drivers included **$34.9 million** in net income, offset by **$18.4 million** in cash dividends and **$2.0 million** in stock repurchases[243](index=243&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased significantly for the nine months ended September 30, 2023, driven by operating, investing, and financing activities, including security sales and borrowings Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $78,805 | $84,715 | | Net Cash from Investing Activities | $21,549 | ($364,404) | | Net Cash from Financing Activities | $35,733 | $141,076 | | **Net Increase (Decrease) in Cash** | **$136,087** | **($138,613)** | [Notes to the Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) This section details accounting policies and financial data, covering recent pronouncements, investments, loans, credit losses, borrowings, derivatives, capital, and fair value measurements - The Company adopted ASU 2022-02 effective January 1, 2023, which eliminated the accounting and disclosure requirements for Troubled Debt Restructurings (TDRs)[223](index=223&type=chunk) - The Company adopted ASU 2022-01 effective January 1, 2023, and used the "portfolio layer" method to hedge fixed-rate residential mortgages with interest rate swaps during the first nine months of 2023[249](index=249&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial performance and condition, highlighting the impact of the inverted yield curve and banking industry turmoil on net interest margin and earnings [Forward-Looking Statements](index=57&type=section&id=Forward-Looking%20Statements) This section contains cautionary language regarding forward-looking statements, listing factors that could cause actual results to differ materially, including economic conditions, interest rates, and industry turmoil - The report identifies several key risks that could impact future performance, including: - Deterioration in the value of investment securities - Weakness in the U.S. and regional economies - Inflation and interest rate fluctuations - Turmoil in the financial services industry, including bank failures and their impact on deposit stability[59](index=59&type=chunk)[417](index=417&type=chunk)[418](index=418&type=chunk) [Non-GAAP Financial Measures](index=60&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES%20AND%20RECONCILIATION%20TO%20GAAP) The company uses non-GAAP financial measures like adjusted net income and tangible common equity ratios to supplement GAAP results, providing reconciliations for comparability and trend analysis - The company utilizes non-GAAP measures like adjusted net income, tangible book value per share, and the efficiency ratio to measure performance against peers and analyze internal trends, removing the impact of unusual items[62](index=62&type=chunk) Non-GAAP Reconciliation: Adjusted Net Income (in thousands) | Description | Q3 2023 | Nine Months 2023 | | :--- | :--- | :--- | | Net income, as presented | $9,787 | $34,903 | | Adjustment for net loss on sale of securities | $5,335 | $5,335 | | Adjustment for Signature Bank bond write-off | — | $1,838 | | Tax impact of above adjustments | ($1,120) | ($1,506) | | **Adjusted net income** | **$14,002** | **$40,570** | Tangible Book Value Per Share | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Book value per share | $31.82 | $30.98 | | **Tangible book value per share (non-GAAP)** | **$25.24** | **$24.37** | [Executive Overview](index=64&type=section&id=EXECUTIVE%20OVERVIEW) The company's performance was affected by the inverted yield curve and banking liquidity concerns, leading to a strategic shift towards deposit and net interest margin optimization while maintaining strong credit quality - The company's short-term priorities have shifted to deposit and net interest margin optimization and maintaining strong credit quality in response to the inverted yield curve and banking industry liquidity crisis in early 2023[101](index=101&type=chunk) Operating Results Summary | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income (GAAP, $M) | $9.8 | $14.3 | $34.9 | $46.1 | | Diluted EPS (GAAP) | $0.67 | $0.97 | $2.39 | $3.12 | | Adjusted Net Income (Non-GAAP, $M) | $14.0 | $14.3 | $40.6 | $46.1 | | Adjusted Diluted EPS (Non-GAAP) | $0.96 | $0.97 | $2.77 | $3.12 | - The company announced the upcoming retirement of President and CEO Gregory Dufour, effective December 31, 2023, to be succeeded by Simon Griffiths[78](index=78&type=chunk) - A cash dividend of **$0.42 per share** was announced, payable on October 31, 2023[77](index=77&type=chunk) [Results of Operations](index=69&type=section&id=RESULTS%20OF%20OPERATIONS) Net interest income decreased due to margin compression, while a credit for loan losses was recorded, and non-interest income was impacted by a loss on securities sales, partially offset by lower non-interest expenses Net Interest Margin (Fully-Taxable Equivalent) | Period | 2023 | 2022 | | :--- | :--- | :--- | | Q3 | 2.39% | 2.88% | | Nine Months | 2.44% | 2.86% | - The decrease in net interest income was driven by a **139 basis point increase** in the average cost of funds to **1.93%** in Q3 2023, reflecting the higher interest rate environment and a shift in deposit mix to higher-cost accounts[108](index=108&type=chunk) - The company executed five pay-fixed, receive-floating interest rate swaps totaling **$375.0 million** notional value to reduce interest rate risk, which generated **$1.4 million** of interest income in Q3 2023[108](index=108&type=chunk) - A credit for loan losses of **$456,000** was recorded in Q3 2023, driven by a **1% decrease** in loans during the quarter and strong asset quality metrics[89](index=89&type=chunk) - Total non-interest income decreased by **49%** in Q3 2023 compared to Q3 2022, primarily due to a **$5.3 million** pre-tax loss on the sale of securities as part of a balance sheet repositioning strategy[90](index=90&type=chunk)[148](index=148&type=chunk) - Total non-interest expense decreased by **3%** in Q3 2023, mainly due to lower salary and employee benefit costs, which were down **7%** year-over-year[149](index=149&type=chunk)[119](index=119&type=chunk) [Financial Condition](index=80&type=section&id=FINANCIAL%20CONDITION) The company's financial condition remains strong, with decreased investments due to strategic sales, a growing loan portfolio with stable asset quality, decreased deposits, and increased borrowings to supplement funding - In Q3 2023, the company sold **$66.7 million** of AFS securities with a **2.31% yield** at a pre-tax loss of **$5.3 million**. **$30.0 million** of the proceeds were reinvested into securities yielding **6.06%**[122](index=122&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | Sep 30, 2023 | Dec 31, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Commercial Real Estate | $1,653,288 | $1,624,937 | 2% | | Commercial | $400,031 | $430,131 | (7)% | | Residential Real Estate | $1,752,401 | $1,700,266 | 3% | | Consumer and Home Equity | $252,693 | $255,019 | (1)% | | **Total Loans** | **$4,058,413** | **$4,010,353** | **1%** | - Asset quality remains strong, with non-performing assets at **0.11%** of total assets and non-performing loans at **0.16%** of total loans as of September 30, 2023[134](index=134&type=chunk) - The Allowance for Credit Losses (ACL) on loans was **$36.4 million**, or **0.90%** of total loans, at September 30, 2023, down from **$36.9 million (0.92%)** at year-end 2022[170](index=170&type=chunk) - Total deposits decreased by **3%** to **$4.7 billion** in the first nine months of 2023, with a notable shift from checking/savings accounts to higher-yielding CDs and money market accounts[185](index=185&type=chunk)[173](index=173&type=chunk) - Total borrowings increased by **66%** to **$514.5 million** since year-end 2022, including **$135.0 million** from the Bank Term Funding Program (BTFP)[146](index=146&type=chunk) [Liquidity](index=92&type=section&id=LIQUIDITY) The company maintains a strong liquidity position, exceeding internal targets with **$1.5 billion** in primary liquidity sources as of September 30, 2023, covering uninsured deposits by **2.1 times** Primary Liquidity Sources as of Sep 30, 2023 (in thousands) | Source | Amount | | :--- | :--- | | Excess cash | $118,805 | | Unpledged investment securities | $470,301 | | FHLBB Borrowing Capacity | $720,009 | | Fed Discount Window | $39,456 | | BTFP | $27,874 | | Unsecured borrowing lines | $104,872 | | **Total available primary liquidity** | **$1,538,975** | - Total available primary liquidity of **$1.5 billion** was approximately **2.1 times** the total uninsured and uncollateralized deposits of **$717.3 million**[484](index=484&type=chunk)[175](index=175&type=chunk) [Capital Resources](index=97&type=section&id=CAPITAL%20RESOURCES) The company and Bank maintain strong capital bases, exceeding all regulatory requirements as of September 30, 2023, with the Bank classified as "well capitalized" - At September 30, 2023, the Company and the Bank exceeded all regulatory capital requirements, with the Bank meeting the criteria to be considered "well capitalized"[450](index=450&type=chunk) Company Capital Ratios - Sep 30, 2023 | Ratio | Actual | Requirement + Buffer | | :--- | :--- | :--- | | Common equity Tier 1 | 12.16% | 7.00% | | Tier 1 risk-based capital | 13.22% | 8.50% | | Total risk-based capital | 14.19% | 10.50% | | Tier 1 leverage | 9.35% | 4.00% | [Risk Management](index=97&type=section&id=RISK%20MANAGEMENT) The company manages various risks through its ERM program, with a focus on interest rate risk, and has completed its transition from LIBOR to alternative reference rates - The company's risk management program covers credit, liquidity, market, interest rate, capital, operational, and other risks, overseen by the Chief Risk Officer and the Board[479](index=479&type=chunk) Net Interest Income Sensitivity Analysis (Year 1) | Rate Change Scenario | Estimated NII Change (Sep 30, 2023) | | :--- | :--- | | +200 basis points | (1.26)% | | -200 basis points | 2.15% | - The company no longer offers new contracts referencing LIBOR and has transitioned all legacy contracts to SOFR-based or other alternative rates in accordance with the LIBOR Act[512](index=512&type=chunk)[455](index=455&type=chunk) [Quantitative and Qualitative Disclosure about Market Risk](index=102&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) This section incorporates by reference the information on market risk, primarily interest rate risk, discussed in the "Risk Management" section of the MD&A - Information required by this item is included in the "Risk Management" section of the MD&A[456](index=456&type=chunk) [Controls and Procedures](index=103&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the period - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures are effective[514](index=514&type=chunk) - No material changes occurred in internal control over financial reporting during the quarter[457](index=457&type=chunk) [PART II. OTHER INFORMATION](index=104&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=104&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is subject to various legal actions in the normal course of business, with management believing outcomes will not have a material adverse effect on its financial position - The company states that pending legal actions are not expected to have a material adverse effect on its financial position[458](index=458&type=chunk) [Risk Factors](index=104&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section refers the reader to the "Risk Factors" discussion in the company's Annual Report on Form 10-K for the year ended December 31, 2022, for a comprehensive list of factors that may adversely affect the business - There are 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, 2022[465](index=465&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=104&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company did not repurchase any stock during Q3 2023, with **684,308 shares** remaining available under the January 2023 repurchase program - The Company did not repurchase any of its stock during the three months ended September 30, 2023[465](index=465&type=chunk)[516](index=516&type=chunk) - In January 2023, the Board authorized a new common stock repurchase program for up to **750,000 shares**[459](index=459&type=chunk) [Defaults Upon Senior Securities](index=104&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) There were no defaults upon senior securities during the period - None[502](index=502&type=chunk) [Mine Safety Disclosures](index=104&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[466](index=466&type=chunk) [Other Information](index=104&type=section&id=ITEM%205.%20OTHER%20INFORMATION) There was no other information to report for this item - None[517](index=517&type=chunk) [Exhibits](index=105&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the report, including CEO and CFO certifications, employment agreements, and iXBRL data files - Exhibits filed include CEO/CFO certifications and iXBRL data[503](index=503&type=chunk)

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 ...