XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Subsequent Events | 12 Months Ended
--- | ---
Dec. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS On January 2, 2025, the Company completed its previously announced acquisition of Northway in an all-stock transaction (the “Merger”). Additionally, Northway Bank, a wholly owned subsidiary of Northway Financial, merged with and into Camden National Bank, with Camden National Bank continuing as the surviving bank. The merger qualified as a tax-free reorganization for federal income tax purposes. At the effective time of the Merger, each share of Northway’s common stock was converted into the right to receive 0.83 shares of the Company’s common stock, with cash paid in lieu of any fractional shares. Each share of the Company’s common stock issued and outstanding immediately prior to the effective time of the Merger remained outstanding and was unchanged by the Merger. The total consideration payable by the Company was approximately $96.5 million, based on the Company’s January 2, 2025 closing price of $42.25, as reported by Nasdaq. In total, the Company issued approximately 2.3 million shares of its common stock, representing approximately 14% of the outstanding shares of the Company’s common stock at the time of issuance. The Merger expanded the Company’s presence in New Hampshire by adding 17 branches, and increasing its size and scale. This expansion provides the opportunity to build a greater recognition and awareness of the Company’s brand with its increased presence in New Hampshire. The expanded presence of the Company is expected to drive profitability and shareholder value through opportunities for growth, broader product offerings, higher lending limits and anticipated efficiencies. As of the effective time of the Merger, the combined Company had 73 branches and, approximately $7.0 billion in assets which includes, $4.9 billion in loans and $1.4 billion in investments and approximately $6.4 billion in liabilities which includes, $5.6 billion in deposits and $676,000 in borrowings, prior to any purchase accounting adjustments. The Company will account for the Northway acquisition as a business combination under the acquisition method of accounting and will record the assets acquired and liabilities assumed at their fair values as of the acquisition date. The Company has not yet completed the purchase accounting due to the timing of the Merger, and it continues to evaluate the estimated fair values of the assets acquired and the liabilities assumed. Accordingly, the fair value of the assets and liabilities acquired, including goodwill and other intangible assets, is not yet available. In conjunction with the due diligence and announcement of the Merger, during the year ended December 31, 2024, the Company incurred $1.2 million of certain non-recurring Merger-related expenses including legal and professional fees and other expenses. These non-recurring expenses are presented as merger and acquisition costs within non-interest expense on the consolidated statements of income. In addition, the Company incurred certain equity issuance costs totaling $246,000 related to the registration of additional shares of the Company’s common stock. These costs, a reduction to shareholders’ equity, are presented within equity issuance costs on the consolidated statements of changes in shareholders’ equity. Following the completion of the Merger, the Company sold $56.4 million of debt securities it acquired through the Merger. These debt securities were sold at fair value and therefore no gain or loss was recognized upon the sale.

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

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration