“Over the year, we received accolades for
our financial performance, customer
experience, and service to our communities.
It is rewarding to see our whole team’s hard
work recognized by those we serve in many
different ways.”
– Greg Dufour, President & CEO
Congratulations to the 2019 Horizons 200
class pictured here at their graduation
ceremony in Portland, Maine.
Inspired by
Our Values and Vision
About Us
630+ Employees
61 Banking Centers
$4.4 Billion in Assets
71 ATMs
$1.0 Billion in Assets
Under Management
2 Loan Production Offices
24/7 Live Phone Support
Our Core Values
Honesty and Integrity
above all else
Responsibility
to use our resources for the greater good
Trust
built on fairness
Excellence
through hard work and lifelong learning
Service
that creates remarkable experiences
Investing in learning and development
Through professional growth opportunities, leadership development, and educational
benefits, our employees build rewarding, meaningful careers at Camden National Bank.
In 2019:
31,000+
Hours
Dedicated
to Employee
Training
226
Bank Officers
Attended Our
Leadership
Conferences
24
Employees
Participated in Our
Horizons 100 and 200
Leadership Development
Programs
2019 Awards and
Recognition
Thanks to dedicated service,
teamwork, and commitment to
our core values, we continue to
make a meaningful impact. Our
efforts have been recognized
and rewarded as we continue
to focus on responsible lending,
sustainability, diversity, ethical
governance, and financial
performance.
2019 Financial Highlights
2019 U.S. SMALL
2019 GREENWICH CUSTOMER
BUSINESS ADMINISTRATION
EXPERIENCE (CX) LEADER IN
(SBA) DISTRICT DIRECTOR
AWARD
U.S. RETAIL BANKING
(2 Years in a Row)
$57.2
Million
Record
Net Income
1.30%
Return on Average
Assets
14%
Growth in Average
Deposits
2019 FINANCE AUTHORITY
CAMDEN NATIONAL
OF MAINE (FAME) LENDER AT
CORPORATION WAS NAMED
WORK FOR MAINE AWARD
TO SANDLER O’NEILL SM-ALL
(10 Years)
STARS CLASS OF 2019
9%
Increase in Diluted
Earnings Per Share
12.44%
Return on
Average Equity
8%
Growth in Average
Loans
A record year for Camden National
It is with great pride that we share Camden National
Corporation’s strong financial results for 2019 and
are pleased to report record net income of $57.2
million and earnings per diluted share of $3.69, an
8% and 9% increase, respectively, over 2018.
Our performance is the result of the strategic
investments we have made in our business, as well
as the dedication and teamwork of our valuable
employees. Whether we’re guiding first-time
homebuyers or we’re helping a local business grow,
our caring employees develop trusted relationships
with our customers. Since our founding, we’ve
brought passion and innovation to community
banking, and we have taken a personal approach to
doing business, supporting our customers no matter
where they are on their financial journey.
We are also proud to be a strong corporate partner
who cares deeply for our neighbors and employees,
and we conduct socially responsible business under
the most transparent governance. We maintain our
focus on responsible lending, sustainability, and
diversity. Everything we do, either in the office or
out in the community, is guided and inspired by our
core values, and we continue to make meaningful
progress toward achieving our vision of providing
the best banking experience for every customer.
In 2019, we were recognized by local and national
organizations for our accomplishments. Over
the year, we received accolades for our financial
performance, customer experience, and community
dedication. It is rewarding to see our entire team’s
hard work celebrated by those we serve.
As we reflect on 2019, we want to express our
sincere gratitude to you—our shareholders,
customers, employees, and communities—for your
loyalty and support. Together, we move into the next
decade with much to celebrate and look forward to.
Lawrence J. Sterrs
Chair, Board of Directors
Gregory A. Dufour
President & CEO
Personalizing solutions for
Our Valued Customers
Focusing on customer experience
Seamless service, both in person and online
Our vision unites us around providing the best banking experience, no matter
how customers choose to bank with us—in person, online, or by phone. When a
customer or employee believes we’re doing something well or can improve, we
want to hear about it. Through CamdenCircle, our customer experience program,
we collect opinions, comments, and feedback which shape our personal
approach to doing business. CamdenCircle inspires us to develop new solutions,
improve processes, and better serve our customers each day.
“I love the mobile app and the warm ‘like family’ way I’m
treated as a customer at my local branch. I love the rewards
for using my debit card. I recently recommended Camden
National Bank to a friend, and she opened an account!”
– Lydia, Portland, ME
“From start to finish,
Camden National Bank’s
employees and mortgage
process were outstanding—
friendly, knowledgeable,
efficient, and speedy. I have
done many transactions
and rate this one at the top.”
-Mortgage Customer
9% increase in total outreach
to our 24/7 Customer Care
Team
45% increase in live chats
2,652,000+ total teller
transactions
1,279,000+ total ATM
transactions
8% increase in total debit
card transactions
Continuously enhancing digital banking
41% growth in total digital
banking logins
15% growth in total accounts
with eStatements
18% growth in total mobile
deposit customers
27% growth in person-
to-person payment users
with 93% growth in total
payments made
25% of funded residential
loan applications were
submitted using
MortgageTouchTM
59,457
54,729
247,773
222,375
50,579
47,543
185,578
148,256
2016
2017
2018
2019
2016
2017
2018
2019
TOTAL ACTIVE DIGITAL
BANKING ACCOUNTS
TOTAL MOBILE DEPOSITS
Local guidance and sophisticated
solutions
Robust digital capabilities through
TreasuryLinkTM
Comprehensive wealth management
and investment solutions
Our expert teams build strong relationships with
individuals, families, and businesses to help them
achieve their financial goals. Additionally, we provide
consultation and support for businesses of all sizes,
from start-up ventures to large commercial clients
across New England, fueling their growth and
success.
For businesses with complex cash management
needs, our TreasuryLinkTM online banking platform
provides customizable reports, automated alerts,
and user controls for managing liquidity and
payments. The majority of our TreasuryLinkTM
customers also utilize fraud prevention services,
such as Positive Pay, plus ACH blocks, dual controls,
and multifactor authentication to protect their
transactions and accounts.
Camden National Wealth Management provides
investment management, financial planning, and
trust and estate services tailored for individual and
institutional clients throughout Maine and the United
States. Our team of local, trusted professionals
delivers personalized advice and solutions, created
for each client’s unique objectives.
In 2019, we expanded our Treasury Management team and added
international expertise to support organizations with secure
foreign transaction commerce. We also partnered with SWIFT,
making it easier for customers to receive international payments.
Camden National Wealth
Management assets under
management grew 20% to
$1 billion in 2019.
“Camden National Bank has been
Down East’s partner since the 1980s,
and we’ve always been impressed
by their in-depth knowledge of our
business and needs. They are just the
right size for us: large enough to provide
competitive products and services, yet
small enough for close relationships.”
“Our experience as a customer has been
nothing but exceptional from our first
meeting on. We’re always impressed by
your willingness to go the extra mile.
As our business—and banking product
needs—has grown, you’ve been there
to guide us, answer all of our questions,
and make the process seamless.”
– Bob Fernald
President, Publisher, and CEO,
Down East Magazine
– Annette Goldberg, Operations
Manager, and Melanie Tromblee,
Relationship Manager, Red Door Title
Bringing out the best in our
Employees and Communities
We’re attracting, retaining, and rewarding top
talent, and we’re proud to share that, in 2019, 35%
of open positions were filled by internal candidates.
Recognizing employee achievements
Our employees contribute to our success each day, and
we’re incredibly proud of their accomplishments over
the past year. At our 2019 Employee Appreciation Night,
we celebrated together and awarded 14 employees for
their leadership, innovation, and commitment to our
vision and core values.
Supporting health and wellness
We work to create an energized, engaged culture by empowering our employees in a safe
and welcoming workplace environment with resources for healthy lifestyles and financial
well-being. This includes a robust health benefits package, in addition to special benefits
such as:
Retirement account
contributions
Online financial training
1 in 3 employees completed
lessons in our Financial
Fitness program
Gym and fitness class
reimbursements
More than $30,000 reimbursed
in 2019
Employee Assistance Program
Resources to help employees and their
families cope with life’s unpredictable
challenges
Employee Emergency Fund
Provides confidential funds to help an
employee with a personal or family
emergency need
Workplace enhancements
In 2019, we made significant updates to
offices in Portland, Gardiner, and Rockport
Employees in Rockport, Maine,
celebrate a large employee-raised
donation to Good Shepherd Food Bank.
$480,000+
Donated since 2015 to
local homeless shelters
through Hope@Home
$500,000
Pledged to Pen
Bay Healthcare
and Maine Medical
Center supporting
health and wellness
$150,000
Donated since 2011
to Maine nonprofits
on behalf of 43
Leaders & Luminaries
Awardees
2019 Donations
35% Health & Wellness
20% Youth & Education
19% Hope@Home
10% Community
8% Arts
8% Economic Development & Charities
$17,000
Donated to Big
Brothers Big Sisters
chapters in Maine
$15,000
Multiyear gift pledged
to the Olympia Snowe
Women’s Leadership
Institute
14,000+
Employee
volunteer
hours for local
community
organizations
Rooted in our communities
As we’ve grown over the years, our commitment to social responsibility and giving
back has deepened. In 2019, we donated to a broad cross-section of nonprofits
in our communities. Key areas of focus included support for organizations in the
health and wellness space, as well as those dedicated to youth and education.
Delivering record
Financial Results
Consistently strong financial performance
In 2019, Camden National Corporation reported record net income of $57.2 million
and diluted earnings per share (EPS) of $3.69, as well as strong financial performance
metrics, including a return on average assets of 1.30% and return on average tangible
equity of 15.99%. Our efficiency ratio fell below 56% in 2019, representing an
improvement of nearly 2% over last year as we see the benefits of our investments
in people and technology driving revenue growth of 7% and an operating expense
increase of 4%.
In 2019, we built on our successes from last year, and by working collaboratively across
business lines, we continued expanding our customer base and market presence.
Average deposits grew 14% year over year, driven by checking and money market
growth. According to the FDIC, Camden National Bank increased its deposit market
share for the state of Maine to 11.4% as of June 30, 2019, maintaining our rank of
second in the state and first for community banks. Average loans grew 8% year over
year, and total loans were $3.1 billion at December 31, 2019. In 2019, our loan production
in southern Maine, New Hampshire, and Massachusetts increased 11% over 2018 as we
continued to expand our presence within those markets.
$169.7
$158.6
$57.2
$53.1
$153.9
$152.7
61.13%
$40.1
$28.5
$21.0
$113.9
57.53%
57.71%
57.05%
55.77%
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019
NET INCOME
($ Millions)
REVENUES1
($ Millions)
EFFICIENCY RATIO2
(Non-GAAP)
(1) Revenues is the sum of net interest and non-interest income.
(2) Efficiency ratio is non-interest expense divided by total revenues, each may be adjusted for certain
items. This is a non-GAAP measure.
5 Year Cumulative Total Return
12/31/14 - 12/31/19
98.18%
82.85%
48.49%
Net income grew 8% and diluted
EPS grew 9% over last year.
Source: S&P Global
Market Intelligence
We also reported historically strong asset quality metrics, with nonperforming assets of
just 0.25% of total assets and loans 30-89 days past of 0.17% of total loans at year end.
Our prudent and unwavering approach to lending has served us well in all business
and macro environments, allowing us to focus on growth while delivering consistent
financial returns to our shareholders.
Because of our strong financial position and continued success, we deployed nearly $21
million of capital in 2019 through the repurchase of over 488,000 shares of Camden
National Corporation common stock, while simultaneously increasing our fourth
quarter 2019 cash dividend to shareholders by 10%. Through our collective efforts in
2019 and over the past several years, we delivered a total return of 31.78% on Camden
National Corporation common stock in 2019 and a 98.18% total return over the last five
years.
Camden National Corporation
SNL U.S. Bank $1B-$5B Assets Index
Russell 2000 Index
Common Stock & Analysts
Camden National Corporation’s common stock is listed on the NASDAQ
Global Select Market and is traded under the symbol “CAC”. The following
analysts publish research about Camden National Corporation: Keefe,
Bruyette & Woods, Inc., Raymond James and Associates, and Janney
Montgomery Scott LLC.
Camden National Corporation was one
of 30 publicly traded, top-performing
banks and thrifts named to the
Sandler O’Neil Sm-All Stars Class
of 2019. To earn Sm-All Star status,
companies were required to have a
market capitalization below $2.5 billion
and were selected based on various
financial screening criteria, including
growth, profitability, credit quality, and
capital strength. We were the only
bank headquartered in New England to
be recognized with this award in 2019.
(Dollars in thousands, except per share data)
2019
2018
$ Change
% Change
Operating Data
Net interest income
Provision for credit losses
Non-interest income
Non-interest expense
Pre-tax income
Income tax expense
Net income
Per Share Data
Diluted earnings per share
Cash dividends per share
Book value at end of period
Tangible book value at end of period(1)
Closing stock price (at December 31st)
Balance Sheet at Year End
Assets
Investment securities
Loans and loans held for sale
Deposits
Shareholders’ equity
Financial & Performance Ratios
Return on average assets
Return on average tangible equity(1)
Net interest margin
Efficiency ratio(1)
Tier I leverage capital ratio
Nonperforming assets to total assets
Net charge-offs to average loans
$ 127,630
$ 120,393
2,861
42,113
95,303
71,579
14,376
57,203
$ 3.69
1.23
31.26
24.77
46.06
847
38,176
91,945
65,777
12,706
53,071
$ 3.39
1.15
27.95
21.61
35.97
$ 7,237
2,014
3,937
3,358
5,802
1,670
4,132
$ 0.30
0.08
3.31
3.16
10.09
$ 4,429,521
$ 4,297,435
$ 132,086
933,069
926,678
3,106,877
3,030,625
3,537,743
3,464,474
473,415
435,825
6,391
76,252
73,269
37,590
6%
238%
10%
4%
9%
13%
8%
9%
7%
12%
15%
28%
3%
1%
3%
2%
9%
1.30%
15.99%
3.15%
55.77%
9.55%
0.25%
0.08%
1.28%
17.22%
3.16%
57.71%
9.53%
0.34%
0.01%
(1) This is a non-GAAP measure. Refer
to “Non-GAAP Financial Measures and
Reconciliation to GAAP” in the Company’s
2019 Annual Report on Form 10-K for
a reconciliation of GAAP to non-GAAP
financial measures.
For a complete set of Consolidated Financial
Statements, refer to the Company’s 2019
Annual Report on Form 10-K.
Guidance through
Leadership and Example
Strong corporate governance
Our directors and executive management team are
committed to setting the tone, expectations, and corporate
culture from the top, and we believe in the importance of
sound and effective corporate governance for responsible
growth. Our Board of Directors provides oversight, support,
and guidance to all constituents, and it plays a vital role
in our shared success. Our board directors are customers,
advocates, and advisors, making us a stronger financial
institution and community leader.
In early 2020, we prepared our inaugural environmental,
social, and governance (ESG) report, available on our website
at www.CamdenNationalCorporation.com. Our commitment
to enhancing and showcasing ESG practices reinforces our
focus on building a strong corporate culture across our teams.
Board diversity is vital to our success
We seek to have a board composed of directors
with diverse experience in business and in areas
relevant to the Company. Our directors possess
the highest personal and professional ethics,
integrity, and values, and they are committed
to representing the long-term interests of the
shareholders. The role of Chair of the Board is
held by an independent, non-executive director,
Lawrence J. Sterrs, who has served as chair
since 2017.
40% of directors
are women
90% of directors
are independent
80% of directors
have tenure over
five years
40% of directors
have financial
services expertise
Board of Directors
Lawrence J. Sterrs, Chair
Board Chair, UniTek/UniTel & Chair CEO,
Unity Foundation
Ann W. Bresnahan
Civic Leader
Craig N. Denekas
Trustee, Chairman and CEO, Libra Foundation
Gregory A. Dufour
President & CEO, Camden National
Corporation and Camden National Bank
David C. Flanagan
President, Viking Lumber, Inc.
Robert D. Merrill
President, Merrill Furniture
S. Catherine Longley
EVP and COO, The Jackson Laboratory
James H. Page, Ph.D.
Retired Chancellor, University of Maine System
James L. Markos Jr., Esq.
General Manager, Maine Shellfish Company
Marie J. McCarthy
Chief Operations & People Officer, L.L.Bean
Robin A. Sawyer, CPA
Retired Vice President of Corporate Finance and
Corporate Controller, Wex Inc.
Carl J. Soderberg
President, Soderberg Company, Inc.
Camden National Corporation Camden National Bank
“ We are proud to be a strong
corporate partner who cares deeply
for our neighbors and employees,
and we conduct business in a
socially responsible manner
under the most transparent
governance.”
– Lawrence “Larry” J. Sterrs,
Chair, Board of Directors
Lewiston
Auburn
Greenville
Dover-Foxcroft
Milo
Bingham
Corinth
Old Town
Madison
Newport
Hermon
Hampden
Bangor (2)
Brewer
Waterville (2)
Oakland
Bucksport
Ellsworth (2)
Belfast (2)
Blue Hill
Manchester
Winthrop
Hallowell
Richmond
Camden (2)
Augusta (4)
Randolph
Union
Gardiner
Rockland
Waldoboro Thomaston
Damariscotta
Wiscasset
Bath
Boothbay Harbor
Castine
Bar Harbor
Stonington
Vinalhaven
Calais
Machias
Milbridge
Jonesport
Topsham
Brunswick (2)
Falmouth
Portland
Saco
Kennebunk
York
Manchester
Portsmouth
Camden National Bank
Camden National Wealth Management
Braintree
As announced in January 2020, our Corinth, Hampden and Milo banking centers will close in April 2020.
2 Elm Street | Camden, ME 04843 | CamdenNational.com | For You 24/7: 800-860-8821
Member FDIC | Equal Housing Lender