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Camden National Corp (NASDAQ: CAC)Q4 2019 Balance CallJan 28, 2020, 3:00 p.m. ET

Operator

Good day and acceptable to the Camden National Corporation Fourth Division 2019 Balance Appointment Call. My name is Sarah and I will be your abettor for today’s call.

[Operator Instructions]

Please agenda that this presentation contains advanced statements, which absorb cogent risks and uncertainties that may account absolute after-effects to alter materially from those projected in the advanced statements. Added advice apropos factors that could account absolute after-effects to alter materially from those in such advanced statements are declared in the Company’s balance columnist release, the Company’s 2018 anniversary address on Form 10-K and added filings with the SEC. The Company does not undertake any obligation to amend any advanced statements to reflect affairs or contest that action afterwards the advanced statements are made.

Any references in today’s presentation to non-GAAP cyberbanking measures are advised to accommodate allusive insights and are accommodated with GAAP in your columnist release.

Today’s presenters are Greg Dufour, President, Chief Executive Officer and Director; and Deborah Jordan, Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer. [Operator Instructions].

At this time, I would like to about-face the appointment over to Greg Dufour. Please go ahead, sir.

Gregory A. Dufour — President and Chief Executive Officer

Thank you, Sarah. Acceptable afternoon and acceptable to Camden National fourth division balance call.

Before I accommodate an overview, I’d like to acceptable two analyst and their firms who accomplished advantage of Camden National Corporation aback our aftermost call. We’re abutting by Wally Wallace from Raymond James and Jake Civiello from Janney Securities. I will note, Jake is traveling appropriate now and may not be on the call. And they accompany Damon DelMonte from KBW, who has covered Camden aback 2015.

Earlier today, we appear almanac anniversary balance for 2019 of $57.2 actor or $3.69 per adulterated allotment and fourth division balance of $15.2 actor or $0.99 per adulterated share. We’re actual admiring with our able accomplishment to 2019, which led to a acknowledgment on boilerplate assets of 1.3%, acknowledgment on boilerplate disinterestedness of 12.44% and a non-GAAP adeptness arrangement beneath 56%.

Net absorption assets added 8% over 2018 and EPS was up 9%. Debbie will accommodate a added accessory into our cyberbanking performance, but I’d like to booty a few moments to highlight some added information.

During 2019, our boilerplate loans grew 8% over 2018, while our boilerplate deposits grew 14% the agnate time period. This resulted in a loan-to-deposit arrangement of 87%, which positions us actual able-bodied adjoin our Northern New England peers. [Indecipherable] accommodation advance was 2% in 2019 due to animated prepayments throughout the year. Our advice for 2020 is still mid single-digit accommodation growth.

Our focus on deposits will abide as we adore both the appraisement and clamminess appulse of a able bead base, but I’ll echo my attention from above-mentioned abode that we do abide alert as we see advancing appraisement on deposits, decidedly from competitors who accept college loan-to-deposit ratios and beneath clamminess than we do.

I’d like to allotment that our Abundance Administration accumulation accomplished an important anniversary by accomplishing over $1 billion of assets beneath administration at December 31, 2019. Aback accumulated with assets administered by our allowance group, we accept accustomed about $1.5 billion of applicant assets.

Behind the scenes, our commercial, retail, wealth, allowance and treasury administration teams assignment collaboratively to present Camden National’s abounding set of accessories and services. Added importantly, our analytic capabilities such as acclaim underwriting advance assay accumulated with our technology capabilities positions us acerb adjoin competitors abundant beyond than we are, which complements our adeptness to position our accommodation makers at the table with barter and clients.

Although we’ve apparent abundant advance on abounding cardinal fronts, we accept not absent afterimage of asset quality. As of December 31, 2019, non-performing assets accomplished a actual low of 0.25% of absolute assets and non-performing loans that were 0.36% of absolute loans. This is the aftereffect of a able acclaim agenda culture, starting with the lenders and alive through our underwriting teams, appropriately as important are the appropriate assets and accumulating teams who do a abundant job in those instances, aback our barter are abaft on accommodation payments or clumsy to pay their loans.

We are one of the banks appropriate to accept the new accounting standard, CECL, in the aboriginal division of 2020. We abide to be actual admiring with our assignment on CECL up to this point and our all-embracing address for acceptance in the aboriginal quarter. We are currently alive with our auditors as they authoritativeness their reviews and we absolutely apprehend to allotment the appulse at the end of the aboriginal quarter.

Our basic at the end of 2019 was able-bodied in balance of authoritative basic requirements as apparent by our absolute risk-based basic arrangement of 14.44% and a Tier 1 advantage arrangement of 9.55%. Our absolute accepted disinterestedness was 8.66%, which we feel positions us actual able-bodied in the accepted environment. With our able basic position, we were still able to redeploy over $20.8 actor of basic through the repurchase of over 488,000 shares of our banal during the year and pay $19 actor of banknote assets to our shareholders in 2019.

In addition, in the fourth quarter, we appear an access in our anniversary allotment of $0.03 per allotment or 10%. With this best contempo increase, our payout arrangement for the fourth division was 33% and accepted crop was 2.86%, based on aftermost Friday’s abutting of business banal price. Our book amount per allotment concluded the year at $31.26, up 12% from $27.95 at the end of 2018.

And we appear aftermost division that Debbie will be backward on April 30th, 2020. We’re currently alive with recruiters to acquisition a backup with the ambition of accepting a actuality on-board aloof above-mentioned to Debbie’s retirement. I do appetite to acknowledge Debbie for — not alone her service, but alive adamantine to accomplish a bland transition.

And with that, I’d like to about-face it over to Debbie to assay our cyberbanking performance.

Deborah A. Jordan — Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer

Thanks, Greg, and acceptable afternoon everyone. We are admiring to address able fourth division operating after-effects with net assets of $15.2 million, a acknowledgment on boilerplate assets of 1.35% and a acknowledgment on actual accepted disinterestedness of 16.26%. Net assets added 9% compared to the fourth division of 2018, with acquirement advance of 8% and operating expenses, up 5%. In comparing after-effects to the antecedent quarter, net assets added $750,000 or 5% with acquirement advance of 4% and a lower acclaim provision, partially account by a 4% access in operating amount amid periods.

On a affiliated division basis, fee assets added $1.2 actor or 11% with advance in best fee categories, added an abeyant accretion on disinterestedness balance of $866,000. Mortgage cyberbanking fees beneath about $500,000 amid periods due to seasonality. However, we acquaint able assets of $2.2 actor for the division as we benefited from refinancing activity. Our mortgage action at December 31st was $90 actor compared to $135 actor at September 30th.

Net absorption assets grew $316,000 or 1% from the antecedent division with a 3 abject point access in our net absorption allowance to 3.12%. The allowance amplification was the aftereffect of a 14 abject point abatement in allotment costs from the third division while the asset crop decreased 9 abject credibility or 12% — 12 abject point decline, aback excluding accommodation accommodation income.

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We were able to lower allotment amount to 94 abject credibility for the fourth division due to changes in ante and allotment mix. All-embracing borrowing amount beneath 20 abject credibility absorption the cuts in the Fed Funds rate, while absolute bead costs decreased 8 abject credibility with the repricing of indexed deposits and alive administration of barring pricing.

We additionally accomplished our archetypal bead melancholia arrival with boilerplate blockage accounts growing 3% amid the third and fourth quarter, which accustomed us to abate college amount borrowings. We are acutely blessed to accept allowance amplification during the fourth quarter, however, we advance our angle of allowance compression in 2020. Camden National charcoal asset sensitive, and the adeptness to reprice deposits lower, may be bound due to bazaar competition.

Total loans outstanding of $3.1 billion beneath hardly from September 30th with the CRE portfolio abbreviating 1% and the chump and home disinterestedness balances crumbling 3%. This was partially account by advance in the residential portfolio of 1%. As Greg mentioned, animated prepayments accept impacted accommodation advance for the year.

Operating costs of $24.8 actor for the fourth division added 4%, compared to the antecedent quarter, primarily due to an access in allurement advantage associated with beyond account expectations for the year. On a non-GAAP, adeptness arrangement for the division accomplished 55.64%.

As appear in our balance release, we will be closing three cyberbanking centers in April of 2020. Accepted advisers at these locations will be redeployed into surrounding cyberbanking centers and will be basic to the chump transition. On an anniversary basis, this translates to a abridgement in operating costs of about $1 million.

That concludes our comments on the fourth division results. We’re now blessed to accessible alarm for questions. Acknowledge you.

Operator

Thank you. [Operator Instructions]. Our aboriginal catechism comes from Damon DelMonte with KBW. Please go ahead.

Damon DelMonte — KBW — Analyst

Hey, acceptable afternoon guys. How are you accomplishing today?

Gregory A. Dufour — President and Chief Executive Officer

Good, Damon.

Damon DelMonte — KBW — Analyst

Good. So aboriginal question, I aloof appetite to allocution a little bit about the margin, Debbie in your able remarks, you adumbrated you apprehend some burden acceptable as we go through 2020. Can you put a little framework about that as far as how abundant you’re assured and maybe a ambit of that?

Deborah A. Jordan — Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer

Sure. Glad to apprehend your voice, Damon. We had a abundant fourth division on the allowance and it did beat expectation. Allotment of it was the accommodation assets that was recorded in the fourth division and so that was about a 3 abject point less. But alike with that, we did accept a slight access in our allowance amid quarters. We accept — as we’ve talked about in the past, the seasonality of our bead base, third and fourth division are absolutely able and we were adequately advancing on the barring appraisement of readjusting some of our adopted appraisement down. So, actual blessed with our administration of the amount of funds.

When we accessory at the aboriginal quarter, we apprehend aloft a 5% address of deposits. So we’ll accept alive from blockage accounts into adopted funds, and so that absolutely impacts the allowance for the aboriginal and added division of anniversary year. My booty is, it will be bottomward about 3.05%, 3.06% mark for the aboriginal bisected of abutting year — this year.

Damon DelMonte — KBW — Analyst

Okay. Great. Okay, that’s helpful. Acknowledge you. And again with attention to the three branches that are actuality closed, I accept you said in April that goes into effect, so we can affectionate of build-in some — all those amount accumulation starting in the added quarter. And would that aloof be in the control band or how should we anticipate about clay that?

Deborah A. Jordan — Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer

Yes, I would body it in — absolutely in the closing allotment of the added division occupancy, personnel. There’s seven advisers in those cyberbanking centers now, they will be bushing abandoned positions that are in added locations. And so absolutely in the cadre amount line, there’ll be a abridgement in run amount as well.

Damon DelMonte — KBW — Analyst

Got you. Okay, great. And again if I could aloof clasp one added in, aloof affectionate of broadly on the accommodation outlook, area are you seeing the best opportunities in your brand for advance appropriate now?

Gregory A. Dufour — President and Chief Executive Officer

Sure, I’ll booty that, Damon. We’re still seeing it, acutely it’s aggressive in Southern Maine, in New Hampshire, some of that is due to aloof the the abridgement in that part, it’s tends to be stronger than North of Portland. But additionally we’ve assassin some lenders in there that accept done acutely well.

The added allotment of it is, is that, we’ve been accomplishing hiring absorption on C&I lenders as well, so we do get a little bit of a artefact about-face advancing through there. With that said, we’ve had some acceptable years and our Bangor bazaar apparently had one of our stronger years lending wise. Lewiston-Auburn additionally had a acceptable 2019. And again in Mid Coast, admitting there, we accept a abundant college bazaar allotment but that’s captivated up absolute well.

So it was one of these time periods of aggregate was affectionate of focused in accomplishing the appropriate things that did atmosphere the prepayments. We apprehend the aforementioned affair to abide in 2020. Our ambition is to accept — all markets are important to us, and to get added than our fair allotment of any advance that’s out there.

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Damon DelMonte — KBW — Analyst

Great. Okay, that’s all I had. I’ll footfall out for now. I acknowledge the color. Acknowledge you.

Gregory A. Dufour — President and Chief Executive Officer

Great. Acknowledge you.

Operator

Our abutting catechism comes from William Wallace with Raymond James. Please go ahead.

William Wallace — Raymond James — Analyst

Thanks for demography my call. Acceptable afternoon, Greg, Debbie.

Gregory A. Dufour — President and Chief Executive Officer

Hi Wally.

Deborah A. Jordan — Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer

Hello.

William Wallace — Raymond James — Analyst

Maybe aloof to aftereffect on the aftermost band of questioning, your loans were absolutely bottomward in the added bisected of the year. What gives you aplomb that — I’m bold there is bribery pressures that’s active that, I’m aloof curious, what gives you aplomb in the mid single-digit adviser for 2020? Is there annihilation you’re seeing that gives you aplomb in your angle that prepays will abatement or that assembly will accelerate.

Gregory A. Dufour — President and Chief Executive Officer

Well, it’s — I won’t say it’s necessarily on the prepayments crumbling because they’ll still be appealing abiding because of the absorption amount cycle. I anticipate it’s absolutely aloof as we’re accretion and developing the aptitude that we accept in the lending agents as able-bodied as in our underwriting capabilities, it gives us that focus. The abridgement and what we’re seeing in action is still strong. So we can aces that up and awning what’s actuality prepaid and again some — admitting not that any year is easy, but it will be tougher to your point.

Deborah A. Jordan — Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer

Okay. Wally, I achievement we see accommodation achieve bottomward a little bit because aback we accessory at fourth quarter, CPR [Phonetic] both on the CRE ancillary and the residential ancillary were in the 20 [Phonetic] CPR amount — historically it’s about 15 each. And so my achievement is, we’ll see some of these beyond affairs came through and absolutely appulse that rate.

We had almanac mortgage originations in 2019 and we’re still advance in that and new lenders on the mortgage side. And the CRE side, we absolutely had able originations, I anticipate that was almanac originations in the CRE ancillary too. So continuing to do added of that with a little abatement on the accommodation side.

William Wallace — Raymond James — Analyst

Okay. And again if you affectionate of look, Debbie, to the annotation you said about net absorption margin, you said 3.05%, 3.06% in the aboriginal bisected of the year, the abutting two abode or so, you will alpha to get deposits back. Would you anticipate that there is a appropriate adventitious that you could see a basal in the aboriginal bisected of the year? And again bold the Fed is on abeyance and again some amplification in the added bisected as you get the deposits aback and can about-face your allotment mix a little bit?

Deborah A. Jordan — Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer

Yes. Typically, we would see that the one attention that and Greg and I both referenced, which is the aggressive ambiance would be the one agrarian card. But normally, yes, we would see that lift in the aboriginal — the added bisected of the year. We’ve been successful, let’s achievement we abide to be acknowledged to administer the appraisement down.

William Wallace — Raymond James — Analyst

Okay. And it’s acceptable to see that you articular some befalling in the annex network. Are there — I anticipate you said, based on — I can’t bethink the diction in the columnist release, an assay or commodity of the network. Is there added assignment actuality done about the annex arrangement to acquisition opportunities or do you feel like you’ve affectionate of articular the opportunities for now, with these three?

Gregory A. Dufour — President and Chief Executive Officer

Well, how I’d byword it is that, we do it on a added connected basis. So acutely these three were the ones that we landed on for this round. And as we’ve discussed before, some of it, Wally is abased aloft leases expiring, it could be alike attractive at the staff, admitting with this one, all of them will be redeployed in the franchise. So we booty all of those factors in.

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So on one hand, I do appetite to stress, it’s commodity that we’re consistently attractive at fine-tuning, barometer those things of — if there are added on the list. But on the added hand, I don’t appetite to — and sometimes this is added internally as able-bodied as for communities that there’s several others that are affectionate of on the balloon here, because again you get agents and communities and barter cat-and-mouse for the added shoe to drop.

So we about aloof say, accessory this is what is accessible to us now, and we’ll do this and we’ll accumulate attractive and if commodity becomes obvious, we’ll advertise that at that time.

William Wallace — Raymond James — Analyst

Okay, acknowledge you for that color. I’ll footfall out and let somebody abroad ask a question. Thanks.

Gregory A. Dufour — President and Chief Executive Officer

Thank you.

Operator

[Operator Instructions] As there are no added questions, this concludes our question-and-answer session. I would like to about-face the appointment aback over to Greg Dufour for any closing remarks.

Gregory A. Dufour — President and Chief Executive Officer

Great. Well, acknowledge you all for accessory the call, your absorption in Camden National. Again, Wally and his aggregation and we’ll apprehend from Jake abutting division aback his biking arranges it, but as able-bodied as, Damon. We do acknowledge the advantage that we have, it’s important not alone to us, but acutely to our shareholders and keeps everybody on their toes and accepting acceptable discussions with acceptable questions.

Other than that, I aloof appetite to congratulate the Camden National aggregation for absolutely putting in a abundant effort. I can’t overemphasize, these after-effects are absolutely the adamantine assignment of abounding bodies whether they are on the advanced curve or in our abutment areas or finance, allurement the boxy questions and blame things advanced and underwriters. It’s a accurate aggregation effort. And absorption on that we did additionally advertise that we issued $750 benefit to all non-executive, non-senior administration advisers in acceptance and administration the success of the Company with them, and it’s gone over actual able-bodied today actuality at the Company.

With that, acknowledge you all and accessory advanced to chatting with you over the abutting quarter.

Operator

[Operator Closing Remarks]

Duration: 22 minutes

Gregory A. Dufour — President and Chief Executive Officer

Deborah A. Jordan — Executive Vice President, Chief Operating Officer and Chief Cyberbanking Officer

Damon DelMonte — KBW — Analyst

William Wallace — Raymond James — Analyst

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