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BASIS OF PRESENTATION | 9 Months Ended
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Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
BASIS OF PRESENTATION | BASIS OF PRESENTATION 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 September 30, 2022 and December 31, 2021, the consolidated statements of income for the three and nine months ended September 30, 2022 and 2021, the consolidated statements of comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021, the consolidated statements of changes in shareholders' equity for the three and nine months ended September 30, 2022 and 2021, and the consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021. 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. as of and for the three and nine months ended September 30, 2022 and 2021). 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 and Union Bankshares Capital Trust I. 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 nine months ended September 30, 2022, 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, 2021. The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Management's Discussion and Analysis of Financial Condition and Results of Operations." The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.
Acronym |  | Description |  | Acronym |  | Description
AFS: |  | Available-for-sale |  | FRBB: |  | Federal Reserve Bank of Boston
ALCO: |  | Asset/Liability Committee |  | GAAP: |  | Generally accepted accounting principles in the United States
ACL: |  | Allowance for credit losses |  | GDP: |  | Gross domestic product
AOCI: |  | Accumulated other comprehensive income (loss) |  | HPFC: |  | Healthcare Professional Funding Corporation, a wholly-owned subsidiary of Camden National Bank
ASC: |  | Accounting Standards Codification |  | HTM: |  | Held-to-maturity
ASU: |  | Accounting Standards Update |  | IRS: |  | Internal Revenue Service
Bank: |  | Camden National Bank, a wholly-owned subsidiary of Camden National Corporation |  | LGD: |  | Loss given default
BOLI: |  | Bank-owned life insurance |  | LIBOR: |  | London Interbank Offered Rate
Board ALCO: |  | Board of Directors' Asset/Liability Committee |  | LTIP: |  | Long-Term Performance Share Plan
CARES Act: |  | Coronavirus Aid, Relief, and Economic Security Act, signed into law in March 2020 in response to COVID-19 |  | Management ALCO: |  | Management Asset/Liability Committee
CCTA: |  | Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation |  | MBS: |  | Mortgage-backed security
CDs: |  | Certificate of deposits |  | MSPP: |  | Management Stock Purchase Plan
CECL: |  | Current Expected Credit Losses |  | N/A: |  | Not applicable
Company: |  | Camden National Corporation |  | N.M.: |  | Not meaningful
CMO: |  | Collateralized mortgage obligation |  | OCC: |  | Office of the Comptroller of the Currency
CUSIP: |  | Committee on Uniform Securities Identification Procedures |  | OCI: |  | Other comprehensive income (loss)
DCRP: |  | Defined Contribution Retirement Plan |  | OREO: |  | Other real estate owned
EPS: |  | Earnings per share |  | OTTI: |  | Other-than-temporary impairment
FASB: |  | Financial Accounting Standards Board |  | PD: |  | Probability of default
FDIC: |  | Federal Deposit Insurance Corporation |  | SBA: |  | U.S. Small Business Administration
FHLB: |  | Federal Home Loan Bank |  | SBA PPP: |  | U.S. Small Business Administration Paycheck Protection Program
FHLBB: |  | Federal Home Loan Bank of Boston |  | SERP: |  | Supplemental executive retirement plans
FHLMC: |  | Federal Home Loan Mortgage Corporation |  | SOFR: |  | Secured Overnight Financing Rate
FNMA: |  | Federal National Mortgage Association |  | TDR: |  | Troubled-debt restructured loan
FOMC: |  | Federal Open Market Committee |  | UBCT: |  | Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation
FRB: |  | Federal Reserve System Board of Governors |  | U.S.: |  | United States of America

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