Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - CAMDEN NATIONAL CORP | ex992shareholderletterq117.htm |
| EX-99.1 - EXHIBIT 99.1 - CAMDEN NATIONAL CORP | ex991earningsreleaseq117.htm |
| 8-K - 8-K - CAMDEN NATIONAL CORP | a8k_033117earnings.htm |
2017 Annual
Shareholders Meeting
Welcome to the
2017 Annual Shareholders’ Meeting
Karen W. Stanley
Chairman of the Board
1
Agenda
• Business Meeting
• Introductions
• Reading of the Minutes
• Shareholder Voting
• Presentations
• Financial Results – Debbie Jordan
• Strategic Update – Greg Dufour
• Questions and Answers
2
Camden National Bank
Board of Directors
• Karen Stanley, Chair
• Larry Sterrs, Vice Chair
• Gregory Dufour,
President/CEO
• Ann Bresnahan
• William Dubord
• David Flanagan
• John Holmes
• James Markos, Jr.
• Robert Merrill
• David Ott
• John Rohman
• Carl Soderberg
• Rosemary Weymouth
3
Camden National Corporation
Board of Directors
• Karen Stanley, Chair
• Larry Sterrs, Vice Chair
• Gregory Dufour,
President/CEO
• Ann Bresnahan
• Craig Denekas (new)
• David Flanagan
• John Holmes
• Catherine Longley
• David Ott
• James Page, Ph.D.
• John Rohman
• Carl Soderberg
4
Senior Management Team
• Gregory Dufour, President and Chief Executive Officer
• Joanne Campbell, EVP - Risk Management Officer
• Mary Beth Haut, EVP – Director of Wealth Management
• Mac Hayden, EVP – Chief Credit Officer
• Debbie Jordan, CPA, EVP – COO and CFO
• Tim Nightingale, EVP - Senior Lending Officer
• June Parent, EVP - Senior Retail Banking Officer
• Renee Smyth, SVP – Chief Marketing Officer
• Ted Walbridge, SVP – Director of Human Resources
5
Meeting Minutes
6
• Judges of Election
• Paul Gibbons
• Thomas Jackson
• Proxies
• Jeffrey Weymouth
• Parker Laite, Jr.
• Alternates
• Arthur Sprowl
7
• Proposal 1: Election of Directors
• John Holmes
• David Ott
• John Rohman
• Larry Sterrs
• Proposal 2: “Say On Pay”
• Proposal 3: Frequency of “Say on Pay”
Proposals
8
• Proposal 4: Ratification of 2012 Equity and
Incentive Plan
• Proposal 5: Ratification of Independent
Registered Public Accounting Firm
• RSM US LLP
• Proposal 6: Amendment to the Articles of
Incorporation
Proposals - continued
9
Submission of Proxy Votes
10
Financial Results for 2016 and
First Quarter 2017
Debbie Jordan
Executive Vice President and
Chief Operating and Financial Officer
11
Forward Looking Statements
This presentation contains certain statements that may be considered forward-looking statements under the Private Securities Litigation
Reform Act of 1995 and other federal securities laws, including certain plans, exceptions, goals, projections, and statements, which are
subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the use of the words
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “plan,” “target,” or “goal” or future or conditional verbs such as “will,”
“may,” “might,” “should,” “could” and other expressions which predict or indicate future events or trends and which do not relate to
historical matters. Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and
other factors, some of which are beyond the control of Camden National Corporation (the “Company”). These risks, uncertainties and
other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated
future results, performance or achievements expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company’s financial performance to differ materially from the Company’s goals,
plans, objectives, intentions, expectations and other forward-looking statements: weakness in the United States economy in general and
the regional and local economies within the New England region and Maine, which could result in a deterioration of credit quality, an
increase in the allowance for loan losses or a reduced demand for the Company’s credit or fee-based products and services; changes in
trade, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
inflation, interest rate, market, and monetary fluctuations; competitive pressures, including continued industry consolidation and the
increased financial services provided by non-banks; volatility in the securities markets that could adversely affect the value or credit
quality of the Company’s assets, impairment of goodwill, the availability and terms of funding necessary to meet the Company’s liquidity
needs, and could lead to impairment in the value of securities in the Company's investment portfolio; changes in information technology
that require increased capital spending; changes in consumer spending and savings habits; changes in tax, banking, securities and
insurance laws and regulations; and changes in accounting policies, practices and standards, as may be adopted by the regulatory
agencies as well as the Financial Accounting Standards Board ("FASB"), and other accounting standard setters.
You should carefully review all of these factors, and be aware that there may be other factors that could cause differences, including the
risk factors listed in the Company’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2016,
as updated by the Company's quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission. You should
carefully review the risk factors described therein and should not place undue reliance on our forward-looking statements.
These forward-looking statements were based on information, plans and estimates at the date of this report, and we undertake no
obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future
events or other changes, except to the extent required by applicable law or regulation.
12
2016 Financial Performance
• Successful
integration of
The Bank of
Maine
• Strong financial
results thru
revenue growth
and expense
management
13
$23.4 $22.8
$24.6
$21.0
$40.1
2012 2013 2014 2015 2016
Net Income
(in Millions)
CAC
INDB
TRST
TMP
WASH
BHLB
BRKLCNBKA
FISI
AROW
UBNK
MBVT
FNLC
EBTC BHB
EBSB
BPFH
HIFS
FBNK
BLMT
CBU
NBTB
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40%
RE
T
URN
ON
AVERAG
E
TA
N
G
I
BLE
EQU
I
T
Y
RETURN ON AVERAGE ASSETS
High Performing Bank
14
Return on Average Tangible Equity is a non-GAAP financial measure.
Source: SNL Financial
Camden National
ROA – 1.04%
ROATE – 14.76%
(1) Non-GAAP measure. Please refer to the earnings release filed on Form 8-K on April 25, 2017 for the “Reconciliation of non-GAAP to GAAP Financial
Measures” section.
1st Quarter 2017 Financial Results
15
March 31, Increase (Decrease)
(in thousands, except per share) 2017 2016 $ %
Revenue (Net Interest Income plus Fee Income) 36,427$ 35,869$ 558$ 2%
Expenses/Provision/Taxes (26,351) (27,223) (872) -3%
Net Income 10,076$ 8,646$ 1,430$ 17%
Return on Average Assets 1.05% 0.93% 0.12% 13%
.
Return on Average Tangible Equity 1 14.37% 13.56% 0.81% 6%
One Year Total Return
16
Proxy Peer – Average of 21 publicly traded commercial and savings banks in the Northeast.
Source: SNL Financial - Total Return includes Stock Appreciation and Dividends from 4/21/16 to 4/21/17
23.25%
32.03%
37.23%
44.07%
53.35%
SNL $1B to $5B Bank
Index
KBW Bank Index
Proxy Peer Group Average
Russell 2000 Index
Camden National
Voting Results
Karen W. Stanley
Chairman of the Board
17
Strategic Overview
Greg Dufour
President and Chief Executive Officer
18
Camden National Corporation
• Headquartered in Maine –
largest bank in Northern New
England
• Full-service community bank
• Focused on delivering long-term
shareholder value through
banking, brokerage and wealth
management services
• Operates in Maine, New
Hampshire and Massachusetts
• Market cap over $650 million
19
Focused on Growing and
Diversifying Revenue
20
Camden National Corporation
• 60 banking centers
• 2 wealth management
offices
• 1 loan production office
(NH)
• 1 mortgage office (MA)
• Robust digital banking
$195 million of Capital
Returned to Investors
21
(a) 2005 and 2011, special dividend of $0.50 per share.
(b) 2006 issuance of trust preferred and share buyback.
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
2002 2003 2004 2005(a) 2006(b) 2007 2008 2009 2010 2011(a) 2012 2013 2014 2015 2016
M
ill
io
n
s
Dividends Buybacks
$195
-50%
0%
50%
100%
150%
200%
250%
300%
350%
Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17
CAC SNL U.S. Bank $1B-$5B S&P 500
Focused on
Return to Shareholders
22
CAC
308%
183%
152%
Average annual
return of 9.83%
Source: SNL Financial
Why be a Shareholder of Camden
National?
• Track record of consistent and stable earnings
• Diversified business model
• Proven management team
• Favorable trading range to book
• Solid and consistent record of dividends
23
Question & Answers
24