CAC

CAMDEN NATIONAL CORP

NASDAQ · FINANCIALS · NATIONAL COMMERCIAL BANKS

57.84

−0.02 −0.03%

USD · close Oct 23

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MKT CAP $977.3MP/E 11.1DIV YIELD 2.90%FCF YIELD 10.49%REV TTM $42.8M +11.7%NET INCOME $88.7M +80.4%NET CASH $139.6M52W 37.13 – 59.77SEC XBRL · TTM TO Invalid Date

How CAC rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

79%

of sentences unchanged

Added

new sentences

Dropped

sentences removed

Length

−100

words, now 11,170

New in FY2025

Market, liquidity, credit, operational, legal, compliance and strategic risks are inherent in our business.
“Management’s Discussion and Analysis—Risk Management Policies—Interest Rate Risk” for additional information regarding the Company’s asset and liability management policies and practices, as well as its interest rate risk position, including assumptions used in determining such, as of December 31, 2025.
In addition, volatility in interest rates can result in customer deposits flowing away from financial institutions into direct investments, and a prolonged high-interest rate environment may cause the Bank to experience increased deposit migration.
There has been recent significant change to U.S. trade policies, including tariffs affecting numerous countries, as well as the imposition of retaliatory tariffs against the United States, and there continues to be significant discussion regarding other potential changes to U.S. trade policies, treaties and tariffs, including the potential for additional tariffs.
If these regions experience adverse economic, political or business conditions, such as prolonged elevated inflation and interest rates, or if they experience a pandemic or similar event, we likely would have higher rates of loss and delinquency on these loans than if the loans were more geographically diverse.
For example, the COVID-19 pandemic adversely affected, and future pandemics may affect, hospitality, transportation and commercial real estate industries in Maine.
At December 31, 2025, our commercial real estate and commercial loan portfolios comprised 52% of our total loan balances.
Beca use of the risks associated with commercial loans, we may experience higher rates of default, and other risks described above may be more pronounced, than if the portfolio were more heavily weighted toward residential mortgage loans.
For example, a number of fintechs have applied for, and in some cases received, bank, non-depository national bank or industrial loan charters.
Under the current administration, certain U.S. banking regulators have processed charter applications on an accelerated timeline, including applications filed by fintechs.
In July 2025, President Trump signed into law the “Guiding and Establishing National Innovation for U.S.
Stablecoins Act” or the “GENIUS Act.” The GENIUS Act establishes a regulatory framework for “payment stablecoins” and their issuers.
Consumers and businesses may view payment stablecoins as a substitute for traditional bank deposits, which could result in deposit withdrawals and increased competition with the Bank’s deposit products.
The GENIUS Act requires the Treasury Department and federal and state regulators to issue regulations on numerous topics to interpret and implement the statute.
The effect of the GENIUS Act on the Company and the Bank will depend on the final form of any regulations and cannot be predicted at this time.
Failure to comply with any legislation, regulation or policy, including as a result of making good faith interpretations that may differ from those taken by enforcement authorities in relevant jurisdictions, could potentially result in substantial fines, criminal sanctions, damage to the Company’s brand or operational changes.
We may not be able to meet the diverse expectations and demands of all our stakeholders, which could harm our brand, reduce customer demand for our products and services, and subject us to legal and operational risks.
As of December 31, 2025, brokered deposits made up 2% of our total deposits.
Our ability to manage liquidity will be severely constrained if we are unable to maintain access to funding or if adequate financing is not available to accommodate future growth at acceptable costs, or if there are unforeseen outflows of cash or collateral.
Further, as a bank holding company, we are required to inform and consult with FRB supervisory staff prior to declaring and paying a dividend that exceeds earnings for the period for which the dividend is being paid.
Failure to comply with laws, regulations, policies or supervisory guidance could result in enforcement and other legal actions by federal or state authorities, including criminal and civil penalties, the loss of FDIC insurance, revocation of a banking charter, other sanctions by regulatory agencies, civil money penalties, and/or damage to our brand, which could have a material adverse effect on our business, financial condition, and results of operations.
Future actions against us may result in judgments, settlements, fines, penalties or other results adverse to us, which could materially adversely affect our business, financial condition or results of operations, or cause serious harm to our brand.
Although the Company and the Bank have adopted policies and procedures designed to comply with these laws, any failure to comply with these laws and other regulations, or to maintain an adequate compliance program, could result in significant fines, penalties, lawsuits, regulatory sanctions, damage to our brand, or restrictions on our business.
Operational and Business Risk Damage to our brand could significantly harm our business.
Our actual or perceived failure to (i) identify and address potential conflicts of interest, ethical issues, money-laundering, or privacy issues; (ii) meet legal and regulatory requirements applicable to the Bank and to the Company; (iii) maintain the privacy of customer and accompanying personal information; (iv) maintain adequate record keeping; (v) engage in proper sales and trading practices; and (vi) identify the legal, credit, liquidity and market risks inherent in our products; or any action of one of our employees that results in actual or perceived misconduct or error, among other things, could result in damage to our brand that could cause harm to the Bank and our business prospects.
Because we primarily serve individuals and businesses located in Maine and New Hampshire, any negative impact resulting from harm to our brand, including any impact on our ability to attract and retain customers and employees, likely would be greater than if our business were more geographically diverse.
Moreover, the advent and expansion of social media creates the potential for rapid and widespread dissemination of information, including inaccurate, misleading, or false information, that could damage our brand and affect our ability to attract and retain customers and employees.
If our risk and control framework, or the assumptions underlying our framework, prove ineffective, we may not be able to mitigate our risk exposures effectively, and, as a result, we could incur litigation, negative regulatory consequences, damage to our brand or other adverse consequences, and we could suffer unexpected losses that may affect our business, financial condition or results of operations.
Any of these results could have a material adverse effect on our brand, business, financial condition, results of operations or liquidity.
If one or more of the events described above occurs, this could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of our or our customers’ confidential, proprietary and other information, the theft of customer assets through fraudulent transactions or disruption of our or our customers’ or other third parties’ business operations, which could result in legal or regulatory action, significant losses, increased compliance costs or damage to our brand, any of which could adversely affect our business, financial condition or results of operations.
We must adapt to information technology changes in the financial services industry, which could present operational issues, require significant capital spending, or affect our brand.
Any of these occurrences could impact our ability to operate our business, or cause financial loss, potential liability to clients, damage to our brand or regulatory consequences, any of which could have a material adverse effect on our financial condition or results of operations.
Our operations and financial performance could be adversely affected by natural disasters, and climate change may exacerbate those risks and create compliance, strategic and other risks.
Climate change presents several risks, including (i) operational risk from the physical effects of climate events on our facilities and other assets, on our vendors’ facilities and on our customers’ assets, including real estate pledged as collateral for our loans; and (ii) transitional risks, including new or more stringent regulatory requirements and potential effects on our brand and/or changes in our business as a result of our climate change practices, our carbon footprint and our business relationships with customers who operate in carbon-intensive industries.
New laws and regulations could result in significant costs as we implement compliance, disclosure and other programs.
Failure to comply with any applicable laws or regulations could result in legal or regulatory sanctions and harm to our brand.
We could also experience increased expenses resulting from strategic planning, litigation and technology and market changes, and harm to our brand as a result of negative public sentiment, regulatory scrutiny and reduced investor and employee confidence due to our response to climate change and our climate change strategy.
Acts of terrorism, war or other international hostilities, civil unrest, violence or pandemics could cause disruptions to our business or the economy as a whole.
At December 31, 2025, our goodwill and other identifiable intangible assets totaled $194.1 million.
We recently completed our goodwill impairment analysis as of November 30, 2025 and concluded goodwill was not impaired.

and 3 more.

Gone since FY2024

Market, liquidity, credit, operational, legal, compliance, reputational and strategic risks are inherent in our business.
For example, changes in these conditions caused by the COVID-19 pandemic, geopolitical events such as Russia’s invasion in Ukraine, and inflation adversely affected our business in prior periods.
“Management’s Discussion and Analysis—Risk Management Policies—Interest Rate Risk” for additional information regarding the Company’s asset and liability management policies and practices, as well as its interest rate risk position, including assumptions used in determining such, as of December 31, 2024.
In response to inflation, the Federal Reserve raised targeted Effective Federal Funds Rate throughout 2022 and 2023, and in 2024 began to lower interest rates.
The Federal Reserve Board may continue to lower short-term interest rates during 2025 in response to economic conditions.
Longer-term interest rates, while volatile, have remained elevated.
Volatility in interest rates can result in customer deposits flowing away from financial institutions into direct investments, and a prolonged high-interest rate environment may cause the Bank to experience increased deposit migration.
There has been recent significant change to U.S. trade policies, including tariffs affecting China, Canada and Mexico and there continues to be significant discussion regarding other potential changes to U.S. trade policies, treaties and tariffs, including the potential for additional tariffs.
In addition, retaliatory tariffs have been imposed and additional retaliatory tariffs are likely.
If these regions experience adverse economic, political or business conditions, such as prolonged elevated inflation and interest rates, or if they experience a pandemic or similar event, we likely would likely higher rates of loss and delinquency on these loans than if the loans were more geographically diverse.
For example, the COVID-19 pandemic adversely affected hospitality, transportation and commercial real estate industries in Maine.
At December 31, 2024, our commercial real estate and commercial loan portfolios comprised 51% of our total loan balances.
Because of the risks associated with commercial loans, we may experience higher rates of default, and other risks described above may be more pronounced, than if the portfolio were more heavily weighted toward residential mortgage loans.
For example, a number of fintechs have applied for, and in some cases received, bank or industrial loan charters.
Failure to comply with any legislation, regulation or policy, including as a result of making good faith interpretations that may differ from those taken by enforcement authorities in relevant jurisdictions, could potentially result in substantial fines, criminal sanctions, reputational harm or operational changes.
We may not be able to meet the diverse expectations and demands of all our stakeholders, which could harm our reputation, reduce customer demand for our products and services, and subject us to legal and operational risks.
In particular, current market conditions have resulted in large unrealized losses in the investment portfolios at many banking organizations.
If we were to acquire such an organization, any such losses would be recognized, thereby impeding our ability to complete an acquisition on acceptable terms.
As of December 31, 2024, brokered deposits made up 4% of our total deposits.
Our ability to manage liquidity will be severely constrained if we are unable to maintain access to funding or if adequate financing is not available to accommodate future growth at acceptable costs, or if there are unforeseen outflows of cash or collateral, such as that seen by certain banks that experienced large and sudden outflows of deposits in 2023.
In addition, bank failures during 2023 led to significant volatility in the financial services industry and to liquidity problems at certain institutions.
Although governmental support was provided in connection with the 2023 bank failures, including the FDIC’s invoking the systemic risk exception to guarantee uninsured deposits, there can be no guarantee that the FDIC will invoke the systemic risk exception in connection with any future bank failures or that the government would otherwise take any action to provide liquidity to troubled institutions.
Further, even if governmental support for financial institutions is available in the future, it may not be sufficient to address systemic risks.
Further, as a bank holding company, we are required inform and consult with FRB supervisory staff prior to declaring and paying a dividend that exceeds earnings for the period for which the dividend is being paid.
Failure to comply with laws, regulations, policies or supervisory guidance could result in enforcement and other legal actions by federal or state authorities, including criminal and civil penalties, the loss of FDIC insurance, revocation of a banking charter, other sanctions by regulatory agencies, civil money penalties, and/or reputational damage, which could have a material adverse effect on our business, financial condition, and results of operations.
Future actions against us may result in judgments, settlements, fines, penalties or other results adverse to us, which could materially adversely affect our business, financial condition or results of operations, or cause serious reputational harm to us.
Although the Company and the Bank have adopted policies and procedures designed to comply with these laws, any failure to comply with these laws and other regulations, or to maintain an adequate compliance program, could result in significant fines, penalties, lawsuits, regulatory sanctions, reputational damage, or restrictions on our business.
Operational and Business Risk Damage to our reputation could significantly harm our business.
Our actual or perceived failure to (i) identify and address potential conflicts of interest, ethical issues, money-laundering, or privacy issues; (ii) meet legal and regulatory requirements applicable to the Bank and to the Company; (iii) maintain the privacy of customer and accompanying personal information; (iv) maintain adequate record keeping; (v) engage in proper sales and trading practices; and (vi) identify the legal, reputational, credit, liquidity and market risks inherent in our products; or any action of one of our employees that results in actual or perceived misconduct or error, among other things, could give rise to reputational risk that could cause harm to the Bank and our business prospects.
Because we primarily serve individuals and businesses located in Maine and New Hampshire, any negative impact resulting from reputational harm, including any impact on our ability to attract and retain customers and employees, likely would be greater than if our business were more geographically diverse.
Moreover, the advent and expansion of social media creates the potential for rapid and widespread dissemination of information, including inaccurate, misleading, or false information, that could damage our reputation and affect our ability to attract and retain customers and employees.
If our risk and control framework, or the assumptions underlying our framework, prove ineffective, we may not be able to mitigate our risk exposures effectively, and, as a result, we could incur litigation, negative regulatory consequences, reputational damage or other adverse consequences, and we could suffer unexpected losses that may affect our business, financial condition or results of operations.
Any of these results could have a material adverse effect on our reputation, business, financial condition, results of operations or liquidity.
If one or more of the events described above occurs, this could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of our or our customers’ confidential, proprietary and other information, the theft of customer assets through fraudulent transactions or disruption of our or our customers’ or other third parties’ business operations, which could result in legal or regulatory action, significant losses, increased compliance costs or reputational damage, any of which could adversely affect our business, financial condition or results of operations.
We must adapt to information technology changes in the financial services industry, which could present operational issues, require significant capital spending, or impact our reputation.
Any of these occurrences could impact our ability to operate our business, or cause financial loss, potential liability to clients, reputational damage or regulatory consequences, any of which could have a material adverse effect on our financial condition or results of operations.
Our operations and financial performance could be adversely affected by natural disasters, and climate change may exacerbate those risks and create compliance, strategic, reputational and other risks.
Climate change presents several risks, including (i) operational risk from the physical effects of climate events on our facilities and other assets, on our vendors’ facilities and on our customers’ assets, including real estate pledged as collateral for our loans; and (ii) transitional risks, including new or more stringent regulatory requirements and potential effects on our reputation and/or changes in our business as a result of our climate change practices, our carbon footprint and our business relationships with customers who operate in carbon-intensive industries.
New laws and regulations could result in significant costs as the we implement compliance, disclosure and other programs.
Failure to comply with any applicable laws or regulations could result in legal or regulatory sanctions and harm to our reputation.

and 7 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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