XML 22 R9.htm IDEA: XBRL DOCUMENT
v3.23.2

BASIS OF PRESENTATION | 6 Months Ended
--- | ---
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, the consolidated statements of income for the three and six months ended June 30, 2023 and 2022, the consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2023 and 2022, the consolidated statements of changes in shareholders' equity for the three and six months ended June 30, 2023 and 2022, and the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022. 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 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 six months ended June 30, 2023, 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, 2022. 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
BTFP: |  | Bank Term Funding Program, introduced by the Federal Reserve Bank in March 2023 |  | 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 |  | PD: |  | Probability of default
FASB: |  | Financial Accounting Standards Board |  | SBA: |  | U.S. Small Business Administration
FDIC: |  | Federal Deposit Insurance Corporation |  | SBA PPP: |  | U.S. Small Business Administration Paycheck Protection Program
FHLB: |  | Federal Home Loan Bank |  | SERP: |  | Supplemental executive retirement plans
FHLBB: |  | Federal Home Loan Bank of Boston |  | SOFR: |  | Secured Overnight Financing Rate
FHLMC: |  | Federal Home Loan Mortgage Corporation |  | TDR: |  | Troubled-debt restructured loan
FNMA: |  | Federal National Mortgage Association |  | UBCT: |  | Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation
FOMC: |  | Federal Open Market Committee |  | U.S: |  | United States of America
FRB: |  | Board of Governors of the Federal Reserve System |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205/tableOfContent + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration