Camden National Corporation · NASDAQ:CAC
Camden National — Investor Presentation (January 2025)
22 slides from Camden National's investor presentation, Jan 29, 2025
Slide 1: Investor Presentation
Investor Presentation Simon Griffiths | President & Chief Executive Officer Mike Archer | EVP, Chief Financial Officer Renée Smyth | EVP, Chief Experience & Marketing Officer ~~. January 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
2 Forward-Looking Statements and Non-GAAP Financial Measures This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are s
Slide 3: Company Overview
3 Analyst Coverage: KBW (market perform) Janney (market perform) Raymond James (outperform) Stephens (market perform) Company Overview High-Quality Franchise $7.0B Assets $5.0B Loans $5.6B Deposits 700+ Employees 73 Branches $2.1B AUM/A NASDAQ: CAC $739M Market Cap 87,000 Avg. Daily Share Volume As
Slide 4: Deeply engaged, experienced Management Team
4 Deeply engaged, experienced Management Team Simon Griffiths President and CEO • Served as head of core banking at Citizens Bank • Joined 2023 • 25+ years of industry experience Trish Rose EVP, Retail & Mortgage Banking • 25+ years of industry experience Barbara Raths EVP, Commercial Banking • 15+
Slide 5: Key Strategic Priorities
5 Key Strategic Priorities • Integrate recently announced acquisition of Northway Financial, Inc. seamlessly to leverage scale and capabilities, and accelerate market expansion in New Hampshire • Focus on stronger and deeper customer relationships to grow market share • Invest in talent to accelerat
Slide 6: Building a Premier Northern New England Community Bank
6 Building a Premier Northern New England Community Bank On January 2, 2025, Camden National Corporation completed its acquisition of Northway Financial, Inc. in an all- stock transaction. Highlights: • Closed merger within four months of announcement, with core conversion planned for mid-March 2025
Slide 7: Positioned for Growth in Neighboring Attractive Markets
7 $5.6B $5.4B $4.5B $2.9B $2.8B $2.6B $2.4B $2.1B $2.0B $1.6B $1.6B $1.5B $1.3B $1.3B $1.3B $1.1B $1.0B $0.9B Bangor Savings Camden NH Mutual Bancorp Bar Harbor First National Northeast Bank Bank of New Hampshire Machias Savings Kennebunk Savings Mascoma Norway Savings Gorham Savings Androscoggin Sa
Slide 8: Driving Innovation Across our Business
8 *iOS Apple rating Driving greater digital adoption and utilization through expanded self-service capabilities • 6% increase in mobile users YoY • 4.6 out of 5 mobile app rating* • 41% increase in Money Manager adoption YoY • 182% increase in the number of Zelle customers transacting since 4Q21 ado
Slide 9: Well Diversified Loan Portfolio
9 43% 42% 9% 6% Residential Real Estate Commercial Real Estate Commercial Home Equity and Consumer Well Diversified Loan Portfolio • Adding experienced talent in high-growth markets of Southern Maine and New Hampshire • No large commercial credit concentrations • Focused on relationship pricing • #2
Slide 10: Commercial Diversification Positioned for Expansion
10 51% 11% 7% 5% 3% 3% 3% 3% 14% Real Estate Investment Lodging Retail Trade Health Care / Social Asst. Construction Manufacturing Wholesale Trade Finance / Insurance Other (16 Industries <3.0%) Commercial Diversification Positioned for Expansion CRE and Commercial Loans by Industry (as of 12/31/24)
Slide 11: Peer Leading Asset Quality
11 Peer Leading Asset Quality Above peer median asset quality over the past two credit cycles (1) Peer Group defined as component companies of the S&P U.S. SmallCap Banks index with total assets between $2.0 billion and $10.0 billion, excluding merger targets. YTD figures are as of 9/30/24. Source:
Slide 12: Diversified Low-Cost Deposit Base
12 Diversified Low-Cost Deposit Base (1) This is a non-GAAP financial measure. Refer to the non-GAAP reconciliation table in the appendix. (2) Peer Group defined as component companies of the S&P U.S. SmallCap Banks index with total assets between $2.0 billion and $10.0 billion, excluding merger tar
Slide 13: Growing Non-Interest Income
13 Growing Non-Interest Income(1) (1) This is a non-GAAP financial measure. Refer to the non-GAAP reconciliation table in the appendix. • Non-interest income is 25% of total revenue • 8% growth year over year • AUA of $2.1 billion, up 12% year-over-year • Focused on growing Wealth and Brokerage busi
Slide 14: Driving Operating Efficiency and Scale
14 Driving Operating Efficiency and Scale ($ in millions) Efficiency Ratio(1) 63% 66% 64% 62% 59% • 5-year average overhead ratio of 2.00% versus peers of 2.45% (2019 – 2023) • 5-year expense CAGR of 3%, excluding Northway merger related costs of $727,000 and $432,000 excluded from Q3 2024 and Q4 20
Slide 15: Regulatory capital levels well in excess of requirements
15 Regulatory capital levels well in excess of requirements (1) Peer Group defined as component companies of the S&P U.S. SmallCap Banks index with total assets between $2.0 billion and $10.0 billion, excluding merger targets. YTD figures are as of 9/30/24. Source: S&P Global. Total Capital Ratio(1)
Slide 16: Driving Long-Term Shareholder Value
16 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 CAC New England Banks S&P SmallCap Banks Russell2000 146% 144% 86% 129% Driving Long-Term Shareholder Value Source: S&P Global. Return data shown in the above line graph and performance chart represents total return. Tot
Slide 17: Appendix
Appendix me Condon NATIONAL CORPORATION
Slide 18: 4th Quarter 2024 Overview
18 4th Quarter 2024 Overview • Net income for the fourth quarter of 2024 was $14.7 million, an increase of $1.6 million, or 12%, compared to the third quarter of 2024. Over the same period, adjusted net income(1) increased $1.3 million, an increase of 9% • Net interest margin of 2.57% increased 11 b
Slide 19: Balance Sheet Quarter Trend
19 Balance Sheet 5 Quarter Trend $ millions 4Q23 1Q24 2Q24 3Q24 4Q24 Loans $4,098 $4,121 $4,139 $4,117 $4,115 Investment Securities $1,191 $1,163 $1,135 $1,157 $1,139 Total Assets $5,715 $5,795 $5,724 $5,745 $5,805 Deposits $4,597 $4,552 $4,514 $4,575 $4,633 Borrowings $530 $646 $597 $561 $545 Share
Slide 20: Income Statement Quarter Trend
20 Income Statement 5 Quarter Trend $ thousands 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income $32,709 $31,273 $32,184 $33,587 $35,409 Provision for Credit Losses $569 ($2,102) $650 $239 $809 Non-Interest Income $5,986 $10,322 $10,645 $11,406 $12,166 Total Revenue $38,695 $41,595 $42,829 $44,993 $47,5
Slide 21: Investing in talent, technology, and communities
21 Investing in talent, technology, and communities Executing against integrated small business approach with local expertise and solutions “Lender at Work for Maine Award” Finance Authority of Maine, 14th Year Continued focus on developing and acquiring top talent 4.38 out of 5 Gallup Engagement Su
Slide 22: Non-GAAP Reconciliation
22 Non-GAAP Reconciliation (In thousands) December 31, 2024 December 31, 2023 Total deposits, as presented $ 4,633,167 $ 4,597,360 Add: Customer repurchase agreements 175,621 200,657 Less: Brokered deposits 179,994 101,919 Adjusted total deposits $ 4,628,794 $ 4,696,098 1 (In thousands) For the Year
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