The accompanying unaudited consolidated interim financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated statements of condition of Camden National Corporation (the "Company") as of June 30, 2025 and December 31, 2024, the consolidated statements of income for the three and six months ended June 30, 2025 and 2024, the consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024, the consolidated statements of changes in shareholders' equity for the three and six months ended June 30, 2025 and 2024, and the consolidated statements of cash flows for the six months ended June 30, 2025 and 2024. The consolidated financial statements include the accounts of the Company and Camden National Bank (the "Bank"), a wholly-owned subsidiary of the Company (which includes the consolidated accounts of Healthcare Professional Funding Corporation ("HPFC") and Property A, Inc.). All intercompany accounts and transactions have been eliminated in consolidation. Assets held by the Bank in a fiduciary capacity, through Camden National Wealth Management, a division of the Bank, are not assets of the Company and, therefore, are not included in the consolidated statements of condition. The Company also owns 100% of the common stock of Camden Capital Trust A (“CCTA”), Union Bankshares Capital Trust I (“UBCT”), Northway Capital Trust III (“NCT III”) and Northway Capital Trust IV (“NCT IV”). These entities are unconsolidated subsidiaries of the Company. Certain reclassifications may have been made to prior period amounts to conform to the current period presentation. Any such reclassifications did not impact net income or shareholders' equity as previously reported. Net income reported for the three and six months ended June 30, 2025, is not necessarily indicative of the results that may be expected for the full year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Acronym

Description

Acronym

Description

AFS:

Available-For-Sale

GAAP:

Generally Accepted Accounting Principles in the United States

ALCO:

Asset/Liability Committee

GDP:

Gross Domestic Product

ACL:

Allowance for Credit Losses

HTM:

Held-To-Maturity

AOCI:

Accumulated Other Comprehensive Income (Loss)

Management ALCO:

Management Asset/Liability Committee

ASC:

Accounting Standards Codification

MBS:

Mortgage-Backed Security

ASU:

Accounting Standards Update

N/A:

Not Applicable

Bank:

Camden National Bank, a wholly-owned subsidiary of Camden National Corporation

NCT III:

Northway Capital Trust III, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025

BOLI:

Bank-owned life insurance

NCT IV:

Northway Capital Trust IV, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025

Board ALCO:

Board of Directors' Asset/Liability Committee

Northway:

Northway Financial, Inc., the bank holding company of Northway Bank, acquired by the Company on January 2, 2025

CCTA:

Camden Capital Trust A, an unconsolidated entity formed by the Company

N.M.:

Not Meaningful

BTFP:

Bank Term Funding Program, introduced by the Federal Reserve Bank in March 2023

OCC:

Office of the Comptroller of the Currency

CD:

Certificate of Deposits

OCI:

Other Comprehensive Income (Loss)

Company:

Camden National Corporation

OREO:

Other Real Estate Owned

CMO:

Collateralized Mortgage Obligation

PCD:

Purchase Credit Deteriorated

EPS:

Earnings Per Share

SERP:

Supplemental Executive Retirement Plans

FASB:

Financial Accounting Standards Board

SOFR:

Secured Overnight Financing Rate

FDIC:

Federal Deposit Insurance Corporation

TDR:

Troubled-Debt Restructured Loan

FHLBB:

Federal Home Loan Bank of Boston

UBCT:

Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by the Company

FRB:

Federal Reserve System Board of Governors

U.S.:

United States of America