Camden National
Annual Report 2023

Plain-text annual report

ANNUAL REPORT HIGHLIGHTS 2023 Evolving for our customers We strive to provide you with the resources you need today and the guidance that will help you shape your future. We invest in top talent and the latest tools and modern technology to create a secure, convenient banking environment that helps you get where you want to go. Our Camden National Wealth Management clients will enjoy an enhanced digital experience, including improved functionality and features, and a new secure mobile app. “As a small business owner, I find that Camden National Bank’s business services work well for our needs. Camden National Bank is a locally committed bank with staff who greet you by name. Their online services allow easy direct deposits and quick transfers, which save us a lot of time.” TRACIE REED, FOUNDING PRESIDENT, DEXTROUS CREATIVE Read more about how we’re committed to doing better for you and our communities: CamdenNational.bank/corporateresponsibility Prioritizing our people We take good care of the people who take care of you and your business by fostering an inclusive and supportive workplace that encourages growth. Our financial literacy platform, Enrich, was launched in 2023 to provide our employees with an engaging way to further their knowledge. Horizons 200 class attends leadership development meeting. Empowering our communities Employees and their families took part in the Travis Mills 5K. We take our responsibility to give back to our communities seriously. The customers who support us with their business help us fund stronger, safer places for everyone. 33% of our 2023 donations were directed to organizations that promote diversity and social inclusion. 7,500 hours volunteered by our employees at 213 local nonprofits $781,100+ in unrestricted funding to local homeless shelters through our Hope@Home initiative since 2015. Every time someone finances a home with us, we donate $100 to a shelter to help someone without one. Demonstrating strength and resilience Throughout 2023, financial institutions, including Camden National Corporation, faced many challenges due to the macroeconomic and interest rate environments. In response to these dynamics, we prioritized actions designed to maintain long-term shareholder value and positioned ourselves to capitalize on future growth opportunities. Our 2023 actions fortified our balance sheet, optimized our net interest margin, and positioned us for future earnings capacity. As of December 31, 2023, we are proud to report: STRONG ASSET QUALITY. Key credit quality metrics across our portfolios remain resilient. Non-performing assets were 0.13% of total assets and past due loans were 0.12% of total loans. 0.25% Non-Performing Assets to Total Assets 0.22% 0.13% 0.13% 0.09% 2019 2020 2021 2022 2023 Liquidity 14.6% 2.0X coverage 85.4% STRONG CAPITAL POSITION. Our capital combined with healthy loan loss reserves of 0.90% of total loans at December 31, 2023, positioned us well to withstand today’s market conditions, while allowing us to continue to grow and support our customers along their journeys. The strength of our capital allowed us to increase our dividend paid per share to $1.68 for 2023, an increase of 4% over last year. Capital and Credit 8.66% 8.99% 8.22% 7.11% 6.37% Uninsured and uncollateralized deposits Insured and/or collateralized 11.80% 12.45% 12.47% 11.74% 12.31% 2019 2020 2021 2022 2023 Tangible Common Equity Ratio (non-GAAP) Common Equity Tier 1 Risk-Based Capital Ratio 1 STRONG LIQUIDITY. Uninsured and uncollateralized deposits were 14.6% of total deposits and available liquidity sources were 2.0 times uninsured and uncollateralized deposits at December 31, 2023, compared to 16% and 1.9 times, respectively, at December 31, 2022. 1. Uncollateralized deposits are customer deposits for which the company has not pledged any of its assets, including investment securities, or provided any other type of guarantee. “It is an absolute pleasure to join Camden National. Maintaining an award-winning culture and customer experience is a top priority for me, while also seizing growth opportunities to ensure we meet the needs of the communities we serve.” SIMON GRIFFITHS, PRESIDENT AND CEO AS OF JANUARY 1, 2024 2023 Highlights Customers, employees, and resilient communities make us who we are. Together, we’ll continue to make a positive impact on the world around us. 600+ employees 66 ATMs 57 banking centers $544,000 donated to nonprofits in 2023 BANGOR ELLSWORTH AUGUSTA CAMDEN LEWISTON PORTLAND Locations PORTSMOUTH Camden National Bank Camden National Wealth Management Founded in 1875 Headquarters in Camden, ME BRAINTREE $5.7 billion assets $4.6 billion deposits $4.1 billion loans $1.9 billion assets under administration *All data is presented for the year ended or as of December 31, 2023. 2023 RECOGNITION & AWARDS Lender at Work for Maine Award Finance Authority of Maine Best Places to Work in Maine Best Companies Group 2023 World’s Best Banks Ranked in top 15 of the 75 U.S. banks recognized by Forbes 2 Elm Street, Camden, ME 04843 CamdenNational.bank For You 24/7: 800-860-8821 Member FDIC | Equal Housing Lender Our Core Values Honesty & 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 Diversity realized through inclusion and respect 

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