Strong and stable from the inside out
OUR BUSINESS AT A GLANCE*
1
1
1
1
1
Bangor
1 1
1
1
1
1
Augusta
Lewiston
1
1
1 1
1
1 1
1
1 1
1
Camden
1 1 1
1 1 1 1
1
1
1 1
1
1
1 1
1
1
1
1
1
Ellsworth
1
1
1
1 1
1
1
1
1
Portland
1
1
1
1
1
1
1
Portsmouth
1
1
1
1
1
1
*All data presented as of December 31, 2021.
r
r
Camden National Bank
Camden National Wealth Management
Braintree
1
2021 Recognition & Awards
2021 Customer Experience Leader
in U.S. Retail Banking
Coalition Greenwich
2021 Customer Experience Leader
in U.S. Commercial Small Business
Banking
Coalition Greenwich
2021 List of World’s Best Banks;
Ranked in Top 10 of the 75
U.S. Banks Recognized
Forbes
Best Places to Work in Maine
Best Companies Group
1
MANHME
Strength and Stability From the Inside Out
We know we are only as strong as the communities
we serve. The Board of Directors adopted a
Diversity Statement outlining its commitment to
equality and inclusion across the company and we
formed a Diversity Council, led by Camden National
Bank's president and CEO. In 2021, we renewed our
commitment to charitable giving with a deepened
focus on our most vulnerable and underserved
populations. To the communities we serve, we have
your back.
We continue to take measured steps to manage our
capital, and this year we did so through returning
capital to our shareholders in the form of dividend
increases and repurchases of the company’s common
stock. To our shareholders, we will continue to
actively monitor and manage capital as we focus on
shareholder return.
We look forward to building an even stronger,
more stable future together in 2022.
Lawrence J. Sterrs
Chair, Board of Directors
Gregory A. Dufour
President & CEO
Reflecting back on 2021, the themes of innovation,
adaptation, and resiliency resonated for all of us
at Camden National Corporation and our wholly
owned subsidiary Camden National Bank. While
2021 presented yet another year of unexpected and
unrelenting challenges, it also delivered a renewed
sense of hopefulness that became the foundation for
newfound strength and stability.
As an organization, we reached record earnings of
$69 million for 2021. Our success is a direct reflection
of our outstanding team and our loyal customers. Our
employees stood beside our customers, communities,
and business partners with an unwavering
commitment to continually adapt and provide
remarkable service and innovative solutions during
these challenging times.
Our employees brought new personalized products
to market in order to better meet the evolving needs
of our customers. Our banking centers remained open
to in-person banking, demonstrating our commitment
to our customers and underscoring the dedication
of our incredible employees. Recognizing their hard
work, we provided an out-of-cycle wage adjustment
that increased our starting wage for all employees to
$17.00 per hour and provided a wage increase of 3%
or more to all non-executive employees. To our team,
we thank you.
Our commercial and residential banking
departments each had a record-breaking year, closing
more loans in 2021 than ever before. This milestone
is indicative of our ability to make decisions locally,
close loans quickly, and provide the needed long-
term support for our borrowers. To the customers
who have trusted us, we are always here for you.
2
Strong and stable from the inside out
OUR CUSTOMER EXCELLENCE
We remain fully committed to delivering customer excellence—
no matter how customers choose to bank with us. This past year, our
banking centers remained open to in-person banking, enhancements
were made to our digital banking platforms, and our Customer
Care phone support was available 24/7—no matter how a
customer showed up, we were ready.
Supporting Our Businesses
We closed a record number of commercial loans
in 2021. Our team’s high-tech, high-touch approach
combined with local decision-making has proven to
be a successful formula to strengthening the local
economy, one business at a time.
We continued to participate in the U.S. Small
Business Administration (SBA) Paycheck Protection
Program, successfully processing an additional 1,620
applications in 2021, on top of the previous year’s
3,034 PPP loans. While the PPP program was active
in 2020 and 2021, we assisted 4,654 small businesses,
representing $347.0 million in SBA PPP loans.
“Camden National Bank’s broad range
of products and expertise have allowed
us to build a unique capital structure to
support our business growth plans.”
“My relationship with my banker
continues to be an important reason
why I choose to work with Camden
National Bank.”
—Daniel J. Boehm
President & CEO, Felton Incorporated
Londonderry, NH
—Ryan F O’Donnell
Owner, R.F. O'Donnell Inc.
Waldoboro, ME
Customized Solutions
Sophisticated Guidance
After a thorough review, we introduced four new checking account products
in June 2021. These accounts were designed to support each customer’s unique
financial journey and lifestyle.
We continue to provide customized solutions to support managing, growing, and
protecting our clients’ personal wealth. As a result, assets under administration
grew by 20% in 2021. Together, we helped our clients look at the complexities of
their financial situation and develop a plan tailored to their unique needs.
9
3
Better Home Borrowing Experience
r Residential mortgage volume reached
a record $1 billion+ in 2021
r 3,027 total residential loans closed in 2021
r 38% of funded residential loan applications in
2021 were submitted using our digital lending
platform, MortgageTouchTM
“Having strong partners like Amistad and
Camden National Bank was absolutely critical
in navigating the inevitable twists and turns
that come with this level of complexity for a
community development project and providing
hope to 38 women in recovery.”
—Kevin Bunker
Founder of Developers Collaborative and
Developer of Freedom Place at 66 State
Portland, ME
“It's just so simple to control
my finances with your
outstanding and reliable online
banking. It's rather like
a miracle to have control over
my financial flow in this way.”
—Susan, Belfast, ME
4
Strong and stable from the inside out
OUR COMMUNITY INVESTMENT
It’s our responsibility to give back to the communities we serve, and
we do so wholeheartedly. Our employees, Board of Directors, and
executives are encouraged to select meaningful causes and initiatives
personal to their communities to which we lend our strength and
support. Together, we're making a difference.
Youth &
Education
Hope@Home
2021
DONATIONS
Health &
Wellness
Charities
Economic
Development
Celebrating Volunteerism and Board Leadership
Involved. Our committed employees support their local communities
through volunteer efforts and board leadership. In 2021, our employees
volunteered nearly 7,000 hours at approximately 230 nonprofit
organizations, offering hands-on technical assistance and bringing
important skill sets to nonprofit boards to help advance their missions.
r Approximately 11% of our employees serve on a nonprofit board.
r We donated an additional $50,000 to 87 nonprofit
organizations in honor of our employee volunteer efforts.
Invested. We recognized six nonprofit board directors with a Leaders
& Luminaries Award to shine a light on board members who demonstrate
innovative thinking and outstanding board governance. We provided
a total of $25,000 in grants to these organizations, which focus on
educating our youth about gender bias, increasing the capacity of tribal
communities to respond to domestic and sexual violence, combating
food insecurities, and providing legal resources to low-income families.
r Since 2011, the bank has donated a total of $200,000 to 54
nonprofits in Maine through our Leaders & Luminaries program.
Barbara Wirth, board member of Maine Boys to Men, received a $5,000
grant for her respective nonprofit as a 2021 Leaders & Luminaries Awardee.
5
Building Stronger, Healthier Communities
It’s our earnest hope that our charitable donations provide real help to
the many organizations that work tirelessly to serve those in need and
support the communities we call home.
Making Health & Wellness More Accessible:
Bringing the Arts to Our Communities:
$10,000
$10,000
$7,500
LifeFlight Foundation
Eastern Area Agency on Aging
American Heart Association
$25,000
$10,000
$7,500
Farnsworth Art Museum
Waterville Regional Arts Community Center
Center for Maine Contemporary Art
Investing in Youth & Education:
$27,000
$10,000
Junior Achievement of Maine
Big Brothers Big Sisters, Southern Maine & Mid Maine
Helping Homeless and Domestic Violence Victims:
$82,000
$12,500
Unrestricted funds given to homeless
shelters through our Hope@Home program
Finding Our Voices
Employees and their families volunteered to clean up alongside the Androscoggin River in support of the Androscoggin Land Trust.
On behalf of our employees, we donated $4,000 and 100 board games
to six local YMCAs.
6
Strong and stable from the inside out
OUR COMMITMENT TO EMPLOYEE GROWTH AND WELLNESS
Camden National Bank isn’t just a place to work; it’s a supportive environment to grow a career and perhaps
make some new friends along the way. Employee engagement reached a seven-year high in 2021, and together we
charted successful paths toward achieving personal and professional goals for our 620+ valued employees.
Invested in our employees' wellbeing
r $1.1 million in health savings account contributions
r $1.4 million in 401(k) matches: 90% of eligible employees
are enrolled in our 401(k) plan
r $25,000 in employee wellness reimbursements
7
“As I reflect on my 20 years at Camden National
Bank, I have been given so many opportuni-
ties to grow my career and I am thankful
for the support I have always received.
Beyond my professional development,
Camden National Bank has been the
backdrop to so many of my personal
milestones, from graduating college
to raising two incredible boys and es-
tablishing lifelong friendships. It’s been
quite the ride and I wouldn’t want it any
other way!”
SUZANNE CIFALDO
Officer of the Year
SVP, Retail Operations Manager
Rockport, ME
Dedicated to Growth and Development
r Over the past year, employees
completed more than
14,000 hours of training
and development work.
r 18 high-potential leaders, 56%
of whom identified as female,
participated in our unique
Horizons 100 and 200 leadership
development programs.
r Launched a financial wellness
program, Financially Savvy
Stakeholders.
68%
50%
40%
of our workforce identifies as female
of our executive team identifies as female
of our Board of Directors identifies as female
“When I first started at Camden National Bank,
I knew I was 'home.' Every day is a new day to
grow, teach, earn, and expand in ways I never
thought were possible. They say you can’t
choose your family but I am certain I chose
one here. The thing I value most is we
always come together to support each
other in any situation.”
STEPHANIE ROBBINS
Employee of the Year
Customer Care Expert
Rockport, ME
“In my years at Camden National Bank, I’ve had three
different roles—growing from a part-time teller into
a leadership role within the Finance Department.
The bank truly recognizes hard work and dedication
by providing opportunities for every employee
to advance their careers.”
BRANDON PLOURDE
AVP Financial Planning & Analysis Manager
Camden, ME
8
Strong and stable from the inside out
OUR FINANCIAL STRENGTH & STABILITY
Net income for 2021 reached a new high-water mark
of $69.0 million and diluted earnings per share was
$4.60, each an increase of 16% over the previous year.
Our financial achievements in 2021 stem from the
effective implementation of business strategies, efficient
deployment of technology and excellent credit quality
across our loan portfolio, complemented by our talented
teams throughout the organization.
In 2021, we strengthened our relationships by investing in
our valuable employees, working collaboratively across
all business lines, and expanding our customer base and
market presence. Deposits grew 15% year over year, to
$4.6 billion, driven by checking account growth. Loans
grew 7% (or 10% excluding SBA PPP loans) over the
previous year totaling $3.4 billion by year end.
We also reported very strong asset quality metrics, with
nonperforming assets of just 0.13% of total assets and
loans 30-89 days past due measuring only 0.04% of total
loans at year-end. Our prudent and disciplined approach
to lending continues to serve us well in all business and
macro environments, including within today’s uncertain
environment. This has allowed us to focus on servicing
our customers and growth, while delivering consistent
financial returns to our shareholders.
We shared our financial success with shareholders by
increasing the cash dividend rate to $0.40 per share in
December 2021, representing our second dividend
increase in 2021 and bringing our total cash dividend per
share for the year to $1.48. Additionally, we repurchased
217,931 shares of our outstanding common stock in 2021
at a weighted average price of $46.25. We’ll continue
to actively monitor and manage capital with a focus on
shareholder return.
We’re entering 2022 in great financial standing,
highlighted by strong capital and reserve levels,
a well-positioned balance sheet and significant
momentum fueled by our dedicated team.
.
Executive Management
NET INCOME
($ Millions)
NON PERFORMING ASSETS
TO TOTAL ASSETS
CASH DIVIDENDS
PER SHARE (NASDAQ: CAC)
Gregory A. Dufour
President & CEO, Camden National
Corporation and Camden National Bank
Jennifer L. Mirabile, CFP, CWS
EVP, Managing Director of Camden
National Wealth Management
Ryan A. Smith
EVP, Commercial Banking
Michael R. Archer, CPA
EVP, Chief Financial Officer
Timothy P. Nightingale
EVP, Chief Credit Officer
Renée D. Smyth
EVP, Chief Experience & Marketing Officer
Joanne T. Campbell, CRCM
EVP, Enterprise Risk Management
& Chief Risk Officer
William H. Martel
EVP, Technology & Support Services
9
9
Heather D. Robinson, CPA, SHRM-SCP
EVP, Chief Human Resources Officer
Patricia A. Rose
EVP, Retail & Mortgage Banking
Our Corporate Governance
Our Social Responsibility
Our mission is to remain strong from the inside out
—that starts with responsible corporate governance.
Our Board of Directors is committed to excellence.
To us, that means leading by example, giving back
to our community, and charting a strategic path
to maintain the health and success of our banking
institution.
Our board pledges to put honesty and integrity above
all else, and with that commitment, relationships
emerge that are built on trust.
Honesty. Integrity. Trust. Service. Responsibility.
Excellence. Those powerful words are our values
and they guide us every day. We are committed to
continuously improving the banking experience,
providing needed infrastructure and support for our
communities, and working to improve and enhance
a culture of sustainability and inclusivity across
our footprint. To learn more, please see our 2021
Environmental, Social, and Governance (ESG) Report,
available at CamdenNationalCorporation.com.
“Honesty leads to transparency, and transparency inspires trust.
By following that core belief, our board confidently represents the long-term interest
of the shareholders and the personal success of our employees and customers.”
—Lawrence "Larry" J. Sterrs, Board Chair
Board of Directors
Lawrence J. Sterrs, Board Chair
UniTek/UniTel & Chairman and CEO,
Unity Foundation
rs
Ann W. Bresnahan
Civic Leader
rs
Craig N. Denekas
Trustee, Chairman and CEO,
Libra Foundation
r
Gregory A. Dufour
President & CEO, Camden National
Corporation and Camden National Bank
rs
David C. Flanagan
President, Viking Lumber, Inc.
rs
S. Catherine Longley
EVP and COO, The Jackson Laboratory
r
Marie J. McCarthy
Chief Operations Officer, L.L.Bean
rs
Robert D. Merrill
President, Merrill Furniture
s
James H. Page, Ph.D.
Chancellor Emeritus, The University of Maine
System
r
Robin A. Sawyer, CPA
Retired Vice President of Corporate Finance
and Corporate Controller, Wex Inc.
rs
Carl J. Soderberg
President, Soderberg Company, Inc.
rs
r Camden National Corporation
s Camden National Bank
10
2 Elm Street |
Camden, ME 04843 |
CamdenNational.com |
Member FDIC | Equal Housing Lender
For You 24/7: 800-860-8821