Camden National Corporation
Annual Report 2024

Plain-text annual report

Your Premier Northern New England Community Bank CAMDEN NATIONAL BANK Celebrating years Delivering exceptional tailored advice Neighbors coming together We’re dedicated to deepening relationships by offering products and services you love, and by fostering meaningful conversations that provide personalized financial guidance. By investing in knowledgeable talent, advanced tools, and innovative technology, we strive to create a secure and convenient banking experience that empowers you to achieve your ambitions. Providing a seamless digital experience We’re committed to simplifying your banking, saving you time, and enhancing convenience. Our easy-to-use digital tools and excellent human-backed service are designed to provide you with a secure and comfortable customer experience. Camden National Bank and Northway Bank merged on January 2, 2025. “By joining forces with Northway Bank, we’re set to enhance your banking experience like never before. Our acquisition of Northway allows us to offer an expanded array of banking and wealth management solutions, increased lending limits, and a broader network of banking centers. Our commitment is to provide you with the best possible banking experience, tailored to meet your needs.” SIMON GRIFFITHS, PRESIDENT AND CEO Focusing on nurturing our communities Bank locations are easy to get to, and online banking is easy to navigate. Personnel are friendly and helpful. When I have questions, I get answers. And most importantly, I feel my money is secure.—SUSAN Giving back is a core responsibility that we embrace wholeheartedly as a community bank. Thanks to our amazing customers and employees, we’re creating safer and more vibrant communities backed by investments, donations, and countless volunteer commitments where everyone can flourish and thrive together. Financial strength and stability Number of employee volunteer hours at nearly 290 local nonprofits 7,400 2024 SNAPSHOT SIGNIFICANT MOMENTUM $570,000+ donated to nearly 250 local nonprofit organizations Amount of unrestricted funding to local homeless shelters through our Hope@Home initiative since 2015 $800,000+ Every time someone finances a home with us, we donate $100 to a local shelter to help someone without a home. Employee benefits include New in 2024! 8 hours of paid time off to volunteer at their favorite local nonprofits We delivered strong earnings of $53.0 million for 2024. Our financial performance reflects the successful execution of our long-term business strategies, the positive impact of our investments in people and technology, and the outstanding credit quality of our loan portfolio—all made possible by the dedication and expertise of our talented teams across the organization. Non-Performing Assets to Total Assets 0.09% 2022 2023 0.13% 2024 0.11% Strong Asset Quality Our results continue to reflect our disciplined and thoughtful customer- focused approach. Our key credit quality performance remains resilient despite macroeconomic pressures and a fluctuating interest rate environment. Strong Capital Position With a robust capital base and healthy loan loss reserves of 0.87% of total loans as of December 31, 2024, we are well-equipped to navigate today’s evolving market conditions while continuing to grow and support our customers. We have a strong financial foundation, marked by robust capital and reserve levels, a well-positioned balance sheet, and increased scale and presence with the Northway Bank acquisition. We are confident in our plan to build a premier Northern New England community bank, and our strong 2024 financial performance provides us with a solid foundation to do so. Common Equity Tier 1 Risk-Based Capital Ratio 2024 2022 11.74% 2023 12.31% 6.37% 7.11% 7.64% 13.09% Capital Trends Tangible Common Equity Ratio (non-GAAP) *Stated financial information and metrics represents Camden National Corporation, the parent company of Camden National Bank Who we are *Total assets, employees, and branch data are presented as of January 2, 2025, and reflect the completion of Camden National Corporation’s acquisition of Northway Financial, Inc. *Branch data presented as of January 2, 2025. INDUSTRY–LEADING CUSTOMER SATISFACTION 2024 World’s Best Banks; one of 400 global banks recognized Forbes A TOP EMPLOYER IN ENGAGEMENT 4.38 out of 5 in the Gallup Employee Engagement Survey; ranked in the 72nd percentile Gallup LEADER IN SERVING SMALL BUSINESSES Lender at Work for Maine Award for the 14th year Finance Authority of Maine Founded in 1875, Camden National Bank began as a small community bank, sharing space with the local five and ten cent store in Camden, Maine, to serve individuals and small businesses. From that single location—where our main office still operates today—we have grown to 73 branches across Maine and New Hampshire. For nearly 150 years, we’ve been recognized for building a legacy of trust, innovation, and dedication, driven by a passion for continually evolving to meet the needs of our customers and communities. Celebrating 150 Years 2 Elm Street, Camden, ME 04843 CamdenNational.bank For You 24/7: 800-860-8821 Member FDIC | Equal Housing Lender Read more about how we’re committed to doing better for you and our communities: CamdenNational.bank/corporateresponsibility 700+ employees +14% from FY23 $7.0 billion in assets +23% from FY23 $2.1 billion in assets under administration +11% from FY23 73 banking centers +27% from FY23 Headquartered in Camden, ME Founded in 1875 NASDAQ: CAC RECOGNITION & AWARDS Camden National Bank Camden National Wealth Management & Camden National Bank BANGOR ELLSWORTH CAMDEN AUGUSTA PORTLAND CONCORD MANCHESTER PORTSMOUTH LEWISTON BERLIN

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