Camden National Corporation · NASDAQ:CAC
Camden National — Shareholder Meeting (April 2014)
30 slides from Camden National's shareholder meeting presentation, Apr 29, 2014
Slide 1: Camden National Corporation
@©Camden National Corporation
Slide 2: Welcome to the 2014 Annual Shareholders' Meeting
Welcome to the 2014 Annual Shareholders’ Meeting Karen W. Stanley Chairman of the Board
Slide 3: Agenda
Agenda • Business Meeting • Introductions • Reading of the Minutes • Shareholder Voting • Presentations • Financial Results – Deborah Jordan • Strategic Update – Greg Dufour • Questions and Answers
Slide 4: Camden National Bank Board of Directors
Camden National Bank Board of Directors • Karen Stanley, Chair • Gregory Dufour, President/CEO • Ann Bresnahan • William Dubord • David Flanagan • John Holmes • James Markos, Jr. • Robert Merrill • John Rohman • Rosemary Weymouth
Slide 5: Camden National Corporation Board of Directors
Camden National Corporation Board of Directors • Karen Stanley, Chair • Gregory Dufour, President/CEO • Ann Bresnahan • David Flanagan • Craig Gunderson • John Holmes • Catherine Longley • James Page, Ph.D. • John Rohman • Robin Sawyer, CPA
Slide 6: Acadia Trust Board of Directors
Acadia Trust Board of Directors • Gregory Dufour, Chair • Ann Bresnahan • Karen Stanley • Stephen Tall, President/CEO
Slide 7: Camden National Corporation Senior Management Team
Camden National Corporation Senior Management Team Gregory Dufour, President and CEO Joanne Campbell, EVP ‐ Risk Management Officer Carolyn Crosby, SVP ‐ Human Resources & Development Peter Greene, EVP ‐ Operations & Technology Deborah Jordan, CPA, EVP ‐ Chief Financial Officer Timothy Nightingale,
Slide 8: Meeting Minutes
Meeting Minutes
Slide 9: Judges of Election
Camden National Corporation Judges of Election Paul Gibbons Ann Bixler Orman Goodwin, Jr. Proxies Thomas Jackson Jeffrey Weymouth Alternates Parker Laite, Jr. Arthur Sprowl
Slide 10: Proposals: Election of Directors, Say on Pay, Accountant Ratification
• Proposal 1: Election of Directors • Craig S. Gunderson • John W. Holmes • John M. Rohman • Proposal 2: “Say On Pay” • Proposal 3: Ratification of Registered Public Accountant • Berry, Dunn, McNeil and Parker • Other Business, Matters, or Proposals Proposals
Slide 11: Submission of Proxy Votes
Submission of Proxy Votes
Slide 12: Financial Results for 2013 and First Quarter 2014
Financial Results for 2013 and First Quarter 2014 Deborah Jordan Chief Financial Officer
Slide 13: Safe Harbor Statement
Safe Harbor Statement The information presented may contain forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which ar
Slide 14: 2013 Financial Highlights
2013 Financial Highlights • Net income of $22.8 million and return on equity of 9.74% • Improved credit quality • Repositioning markets/business lines • Full year of 14 new branches and expanded markets • Sale of 5 branches in Franklin County • Acadia Trust goodwill write‐down • Strong capital posit
Slide 15: First Quarter 2014 Financial Results
First Quarter 2014 Financial Results March 31, 2014 2013 Favorable (Unfavorable) (in thousands, except per share) Revenue 24,095$ 25,504$ (1,409)$ Expenses/Provision/Taxes (18,380) (19,842) 1,462 Net Income 5,715$ 5,662$ 53$ Earnings per Share 0.75$ 0.74$ 0.01$ Return on Equity 9.97% 9.81% 0.16%
Slide 16: Loan Growth and Mix
First Quarter 2014 Financial Results Loan Growth and Mix 1,527 1,530 1,520 1,564 1,580 1,620 1,400 1,450 1,500 1,550 1,600 1,650 1,700 2009 2010 2011 2012 2013 1Q 2014 $ ( i n m i l l i o n s ) Total Loans Outstanding Residential 35% Commercial Real Estate 35% Business Loans 12% Home Equity/ Consume
Slide 17: Loan Charge-offs to Average Loans
First Quarter 2014 Financial Results Loan Charge‐offs to Average Loans Proxy Peer – Average of 20 publicly traded commercial and savings banks in the Northeast BHCPR Peer – Average of 344 bank holding companies with consolidated assets between $1 and $3 billion Source: SNL Financial 0.37% 0.28% 0.26
Slide 18: Efficiency Ratio
First Quarter 2014 Financial Results Efficiency Ratio Proxy Peer – Average of 20 publicly traded commercial and savings banks in the Northeast BHCPR Peer – Average of 344 bank holding companies with consolidated assets between $1 and $3 billion Source: SNL Financial. Utilized SNL’s calculation of Ef
Slide 19: Total Risk Based Capital
First Quarter 2014 Financial Results Total Risk Based Capital Proxy Peer – Average of 20 publicly traded commercial and savings banks in the Northeast BHCPR Peer – Average of 344 bank holding companies with consolidated assets between $1 and $3 billion Source: SNL Financial 13.49% 15.05% 15.95% 15.5
Slide 20: Return on Average Equity
Proxy Peer – Average of 20 publicly traded commercial and savings banks in the Northeast BHCPR Peer – Average of 344 bank holding companies with consolidated assets between $1 and $3 billion Source: SNL Financial First Quarter 2014 Financial Results Return on Average Equity 12.81% 12.42% 12.16% 10.3
Slide 21: CEO Comments
Gregory A. Dufour President and Chief Executive Officer CEO Comments
Slide 22: Shareholder Return
Shareholder Return
Slide 23: Shareholder Return: Consistent Performance
• Earnings per share compound annual growth of 5.24% over a 15‐year period • Dividends per share compound annual growth of 4.56% over a 15‐ year period Shareholder Return Consistent Performance $1.38 $1.27 $1.69 $1.89 $2.11 $2.38 $2.53 $2.80 $2.93 $3.09 $2.00 $2.98 $3.23 $3.41 $3.05 $2.97 $0.00 $0.5
Slide 24: Tangible Book Value Growth
Shareholder Return Tangible Book Value Growth Proxy Peer – Average of 20 publicly traded commercial and savings banks in the Northeast SNL U.S. Bank $1B‐$5B – Average of all major exchanges (NYSE, NYSE MKT, NASDAQ) banks in SNL's coverage universe with $1B to $5B in assets Source: SNL Financial $18.
Slide 25: CAC Market Price
Shareholder Return CAC Market Price Source: SNL Financial $30.00 $32.50 $35.00 $37.50 $40.00 $42.50 $45.00
Slide 26: Total Return
Shareholder Return Total Return At 4/25/14 1 Year 3 Year 5 Year Camden National Corporation 24.76% 37.04% 73.63% Proxy Peer Group 10.34% 31.23% 86.17% Russell 2000 Index 21.01% 38.71% 150.92% SNL U.S. Bank $1B-$5B 29.27% 63.81% 66.92% Proxy Peer – Average of 20 publicly traded commercial and savings
Slide 27: Strategic Outlook
Strategic Outlook
Slide 28: Questions and Answers
Questions and Answers
Slide 29: Supplemental Information
Supplemental Information
Slide 30: Proxy Peer Group
Proxy Peer Group Arrow Financial Corporation ‐ NY Bar Harbor Bankshares ‐ME Berkshire Hills Bancorp, Inc. ‐MA Brookline Bancorp, Inc. ‐MA Canandaigua National Corporation ‐ NY Century Bancorp, Inc. ‐MA Enterprise Bancorp, Inc. ‐MA Financial Institutions, Inc. ‐ NY First Bancorp, Inc. ‐ME Hingham Ins