Camden National Corporation (CAC) SEC Filings & Earnings Calls

Commercial real estate concentration

“As of June 30, 2026, the Company’s total exposure to (1) the lessors of nonresidential buildings’ industry ... were 12% of total loans and 28% of total commercial real estate loans and (2) the lessors of residential buildings’ industry ... were 12% of total loans and 27% of total commercial real estate loans.” · word for word

Unrealized losses on securities

“Net unrealized losses on AFS debt securities recorded in AOCI ... as of June 30, 2026 were $35.8 million, net of a deferred tax asset of $10.3 million.” · word for word

Deposit decline of 1% QoQ

“Deposits totaled $5.6 billion at June 30, 2026, representing a 1% decrease from March 31, 2026, driven by lower brokered deposits and CDs.”

ACL coverage ratio decreased

“ACL coverage ratio was 3.8 times non-performing loans as of June 30, 2026, compared to 4.2 times as of March 31, 2026.” · word for word

No material risk from executive changes; appointments are internal or experienced hires.

“Brunelle joins from TD Bank with 20 years experience; Smith and Raths are internal promotions.”

Loss of CTO could impact technology strategy and digital transformation initiatives.

“CTO retirement effective July 31, 2026.”

Commercial real estate concentration

“As of March 31, 2026, the Company’s total exposure to (1) the lessors of nonresidential buildings’ industry and (2) the lessors of residential buildings’ industry were 12% of total loans and 28% of total commercial real estate loans.”

Unrealized losses on securities portfolio

“Net unrealized losses on AFS debt securities recorded in AOCI (excluding transferred securities) as of March 31, 2026 were $35.7 million, net of a deferred tax asset of $10.2 million.” · word for word

Loan assignment volumes continue to decline YoY, indicating potential demand softness.

“Consumer Loan assignment unit volume down 4.3% YoY; dollar volume down 4.0% YoY.”

Credit risk from isolated charge-offs

“Net charge-offs increased to 0.31% of average loans for 2025, compared to 0.03% for 2024, driven by two charge-offs considered isolated and not indicative of a systematic trend within the portfolio.” · word for word

Merger integration risk

“Pre-tax merger-related costs for 2025 and 2024 of $9.3 million and $1.2 million, respectively, associated with the acquisition of Northway.” · word for word

Credit Quality Deterioration

“Net charge-offs to average loans 0.31 % 0.03 % 0.03 %” · word for word

Commercial Loan Concentration

“Commercial real estate - non-owner-occupied $ 1,778,985 36 %” · word for word

Interest Rate Sensitivity

“Estimated Changes in Net Interest Income Year 1 +200 basis points (2.1) %”

Large CRE loan charge-off indicates potential credit risk in commercial real estate portfolio, though management proactively exited the asset.

“Provision expense $3.0M; net charge-offs $3.2M including $3.0M from short sale of a large CRE loan that was classified for nearly two years.”

Elevated non-interest expense due to retirement costs, performance accruals, health insurance, and technology investments may pressure margins if revenue growth slows.

“Non-interest expense increased $933,000 on a linked-quarter basis as we recognized certain retirement plan costs for former Northway employees, higher performance incentive accruals, higher health insurance costs, and elevated technology-related costs.” · word for word

Forward-looking statements include risks from interest rate changes, competition, and economic conditions.

“Forward-looking statements caution about interest rate environment, competition, and economic conditions.”

Forward-looking statements cautionary language is boilerplate; no new risks identified.

“Standard risk factor language.”

Credit loss cycle

“Provision for credit losses $2,972 vs $239 for three months ended September 30, 2025 and 2024.”

Credit risk from syndicated loan charge-off of $10.7M; asset quality remains strong with NPAs at 0.12%.

“the Company charged-off $10.7 million of the $12.2 million carrying value of the loan due to developments in the bankruptcy proceedings” · word for word