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BASIS OF PRESENTATION | 9 Months Ended
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Sep. 30, 2024
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, 2024 and December 31, 2023, the consolidated statements of income for the three and nine months ended September 30, 2024 and 2023, the consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023, the consolidated statements of changes in shareholders' equity for the three and nine months ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023. 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 nine months ended September 30, 2024, 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, 2023. 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 |  | FHLBB: |  | Federal Home Loan Bank of Boston
ALCO: |  | Asset/Liability Committee |  | FRB: |  | Board of Governors of the Federal Reserve System
ACL: |  | Allowance for Credit Losses |  | GAAP: |  | Generally Accepted Accounting Principles in the United States
AOCI: |  | Accumulated Other Comprehensive Income (Loss) |  | HTM: |  | Held-To-Maturity
ASC: |  | Accounting Standards Codification |  | Management ALCO: |  | Management Asset/Liability Committee
ASU: |  | Accounting Standards Update |  | MBS: |  | Mortgage-Backed Security
Bank: |  | Camden National Bank, a wholly-owned subsidiary of Camden National Corporation |  | N/A: |  | Not Applicable
Board ALCO: |  | Board of Directors' Asset/Liability Committee |  | NFI |  | Northway Financial, Inc.
BTFP: |  | Bank Term Funding Program, introduced by the Federal Reserve Bank in March 2023 |  | N.M.: |  | Not Meaningful
CDs: |  | Certificate of Deposits |  | OCC: |  | Office of the Comptroller of the Currency
Company: |  | Camden National Corporation |  | OCI: |  | Other Comprehensive Income (Loss)
CMO: |  | Collateralized Mortgage Obligation |  | OREO: |  | Other Real Estate Owned
EPS: |  | Earnings Per Share |  | SBA: |  | U.S. Small Business Administration
FASB: |  | Financial Accounting Standards Board |  | SBA PPP: |  | U.S. Small Business Administration Paycheck Protection Program
FDIC: |  | Federal Deposit Insurance Corporation |  | SERP: |  | Supplemental Executive Retirement Plans
FHLB: |  | Federal Home Loan Bank |  | TDR: |  | Troubled-Debt Restructured Loan
FHLBB: |  | Federal Home Loan Bank of Boston |  | U.S: |  | United States of America

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