Camden National : 2024 Corporate Responsibility Report

Published: 2025-04-04 12:49:04 ET CAC

President and CEO Letter ................................................................... 3

Camden National Bank at a Glance ................................................ 4

Approach to Sustainability ................................................................ 5

People, Customers & Community ..................................................... 6

Corporate Governance ...................................................................... 16

Environmental Stewardship ............................................................ 21

About Us ................................................................................................ 25

Sustainability Accounting Standards Board Index (SASB) ... 26

Table of Contents

We remain a trusted source of strength and stability.

As we enter our 150th year at Camden National Corporation and Camden National Bank (collectively, Camden National), we reﬂect on our role as steadfast advisors to our customers, employees, and communities since our inception.

As president and CEO, I have had the utmost privilege of stewarding this organization forward for the past year. I have observed our knowledgeable, relationship-driven, community-focused bankers deliver tailored ﬁnancial solutions throughout the year. These conversations empower our customers to navigate any environment, achieve their ﬁnancial goals, and positively impact our communities.

We are committed to delivering an exemplary client experience and ﬁnancial solutions that align with our clients' needs.

We are expanding our strength with our neighbors.

On September 10, we announced our merger with Northway Financial, the parent company of Northway Bank. The transaction presents a unique opportunity to combine two high-quality and culturally aligned franchises with adjacent geographies, creating a premier publicly traded northern New England bank. As we partner together, we also pledge $250,000 in donations over three years to improve the economic vitality of our neighboring New Hampshire communities.

We appreciate the extraordinary employees from both companies for helping to make this transaction possible and extend a warm welcome to our new team members, customers, and shareholders.

We adhere to our corporate responsibility to operate responsibly, ethically, and sustainably.

Over the last year, Camden National has continued to drive momentum through outstanding ﬁnancial performance and community advancement. In this report, you will learn about our progress in increasing employee engagement results, reaching $800,000 in funding for our unique Hope@Home program to ﬁght homelessness, and much more.

We continue to make strong progress toward our goals.

We seek to enhance the places we live, play, and work.

We have much to be proud of, but there's still more to do to realize our full potential. We are energized and conﬁdent that we are ready to meet today's demands while continually improving for the future.

Thank you for your unwavering trust in and support of Camden National. We remain committed to maintaining transparency, thoughtfulness, and consistency in our approach to corporate responsibility.

Simon Griﬃths

PRESIDENT & CHIEF EXECUTIVE OFFICER

700+

Founded

Headquartered

employees

banking centers

in 1875

in Camden, ME

$7.0 billion

$5.5 billion

$5.1 billion

$2.1 billion

assets

deposits

loans

*Total assets, employees, and branch data are presented as of January 2, 2025, and reﬂect the completion of Camden National Corporation's acquisition of Northway Financial, Inc.

Camden National Bank at a Glance

SERVING OUR CUSTOMERS

Retail Banking Consumer Lending Commercial Banking Wealth Management

RECOGNITION & AWARDS

INDUSTRY-LEADING CUSTOMER SATISFACTION

2024 World's Best Banks; ranked in the top 11% of the 400 global banks recognized -Forbes

Camden National Bank was founded in 1875, sharing space with the local Five and Ten Cent Store in Camden, Maine, to support the individuals and small businesses in the community. The bank has grown from this one location, where the Main Oﬃce still serves customers and its headquarters, to 73 branches throughout Maine and New Hampshire.

A TOP EMPLOYER IN ENGAGEMENT 4.38 out of 5 in the Gallup Employee Engagement Survey; ranked in the 72nd percentile -Gallup

How we approach sustainability

Our commitment to sustainability is integrated across our company.

Our Board of Directors and executive management understand the critical importance of corporate responsibility to our future success and the success of our constituents: customers, communities, employees, and shareholders.

Our priority areas

The priorities of our constituents guide our corporate responsibility strategy. In 2022, a consultant supported us in conducting an assessment to identify the issues most important to employees as well as leveraging insights from investors, rating agencies, and frameworks. From the assessment, we arrived at the following priorities:

1. Data Privacy and Cybersecurity

2. Business Ethics/Code of Conduct

3. Human Capital Management

4. Risk Management

5. Board Composition

6. Consumer Financial Protection

7. Environmental Product Responsibility

As part of our corporate responsibility program, we commit to periodic reviews of our constituents' priorities to keep us focused on action in the areas with the most positive impact. In line with best practices, this report references globally recognized reporting frameworks, including those developed by the Sustainability Accounting Standards Board (SASB).

Our materiality matrix

ExternalPerspective(Degreeofconcern)

INCREASINGIMPORTANCE

Environmental Product Responsibility

D C

ata Privacy & ybersecurity

Responsible Investment

B C

Boar Comp

usiness Ethics/ ode of Conduct osition HC

B O

oard versight

Risk

Man

Climate Chang Environ

o e mental Management

f ESG

Consumer Protectio

Access to

Whistle

Finance

blower Program

Community

Employee Well-Being

Management

INCREASING IMPORTANCE

Internal Business Perspective (Impact on business)

BOARD OVERSIGHT

Oversees corporate responsibility strategy, initiatives, policies, and data. Monitors progress throughout our corporate responsibility journey.

Board of Directors

EXECUTIVE LEADERSHIP

Makes strategic proposals to the Board and oversees the execution of the Board's corporate responsibility strategy, with direct oversight of the Corporate Responsibility Working Team.

Executive Leadership Team

CORPORATE RESPONSIBILITY

WORKING TEAM

Helps set policy and coordinates companywide corporate responsibility eﬀorts. The cross-functional team manages the day-to-day implementation of company initiatives and accountability for performance.

PEOPLE, CUSTOMERS & COMMUNITY

Our business thrives because of the meaningful connections we've developed with our employees, customers, and the communities we serve.

Our exceptional team works diligently to deliver tailored banking solutions to empower our customers. Our investments in our communities strengthen the ecosystem, creating a foundation that supports Camden National's long-term growth.

A workplace that works for everyone

Through our commitment to fostering a fair, safe, and welcoming workplace environment for all, we aim to maintain a culture that enables our employees to deliver their best work when serving our customers and communities, supporting our business's success.

Building a strong workforce that reﬂects the communities we serve equips us to thrive now and into the future. Our eﬀorts to foster a workforce that reﬂects our communities are constantly evolving. We focus on attracting, developing, and advancing individuals based on their qualiﬁcations, experience, and performance. Our goal is to create a workplace where everyone has an equal opportunity to succeed and where a rich mix of perspectives drives innovation and excellence.

AT A GLANCE AS OF DECEMBER 31, 2024

men

women

4.8%

Minority

Average age

6 years

Average tenure

A holistic approach to employee well-being

We respect and recognize our employees' personal and professional priorities, and our "total rewards" approach to compensation aims to support every aspect of their well-being. In addition to competitive salaries, we oﬀer comprehensive beneﬁts packages that include health and wellness programs, 401(k) matches and contributions, life insurance, and employee assistance programs, among other beneﬁts. In addition, we work hard to create an empowering environment where employees can develop their skills. This holistic approach to meeting employee needs bolsters our recruitment, engagement, and retention eﬀorts.

The chief human resources oﬃcer reviews and reports quarterly to the Board of Directors on employee-related issues, including talent attraction, retention, and development.

Making a diﬀerence for our employees

In 2024, Camden National provided employees with:

$1.6 million in 401(k) matching contributions

$808,000 in health savings account (HSA) contributions $92,000 in employee wellness reimbursements 6 weeks of paid parental leave 100% of employees are beneﬁts eligible

Health beneﬁts that support the whole person

Competitive wages and salaries

To attract and maintain top talent, we oﬀer at least $17 per hour for every position in the company-20% higher than Maine's 2024 minimum wage. We annually review competitive market data from several proprietary surveys, many of which are speciﬁc to the banking industry, to promote the continuation of our competitive edge. We assess our annual merit increases as part of our eﬀort to make decisions based on excellent performance. Employees can view their Total Rewards Statement, which calculates the total value of their beneﬁts and compensation, through our human resource portal.

Our 401(k) program encourages eligible employees to prepare for a ﬁnancially healthy retirement and ampliﬁes their eﬀorts. We match 100% of employee contributions up to 3% of salary and 50% of additional contributions of up to 2% for a total potential match of 4% of an employee's salary.

Eligible employees can participate in our Management Stock Purchase Program, which allows them to invest a portion of their annual bonus into company shares at a discounted price.

We oﬀer a conﬁdential employee emergency assistance program to support our employees through unexpected ﬁnancial emergencies. Program funds are available to current employees who need help with housing costs, utility bills, medical bills, or other emergency expenses.

Committed to equal opportunity and pay

Our Equal Opportunity Employment Policy outlines our nondiscrimination policy, which is designed to promote an environment where all employees can succeed in their roles, regardless of their background.

We believe employees make more meaningful contributions to the workplace when they have a good work-life balance.

Health beneﬁts that support the whole person Our comprehensive health beneﬁts package includes competitive medical, dental, and vision programs. Employees can take advantage of our online beneﬁts decision tool to make the most of these beneﬁts, identify appropriate programs, and clarify any ﬁnancial impact.

to help with personal issues, including depression, addiction, family and relationship issues, grief or loss, coping with change, and other emotional challenges.

We oﬀer free, conﬁdential support through our employee assistance program for any employees facing challenges to their mental well-being. Counselors are available around the clock

To support employees in managing their time eﬀectively, we oﬀer a generous paid-time-oﬀ policy. In addition, we oﬀer six weeks of paid parental leave to assist parents in taking care of their new addition to the family.

A work model that's ﬂexible, collaborative, and productive

Collaboration is at the core of our culture. Our ﬂexible work arrangements allow for productive, collaborative work while supporting our employees' work-life balance.

Our hybrid workforce plan enables approximately 40% of our workforce to work from home at least two days per week, avoiding over 702,000 miles of travel according to the United States Census Bureau travel averages-an estimated 283.61 metric tons of CO2 emissions. Additionally, 12% of our workforce is fully remote. In 2024 alone, our fully and hybrid remote workforce eliminated nearly 2.1 million miles of travel.

An energized and engaging workplace culture Cultivating an engaged workforce allows us to meet our customers' needs and drive our business forward. In partnership with global analytics ﬁrm Gallup, we survey our employees annually to learn how they feel about their workplace experience on their teams and at Camden National more broadly.

In 2024, we had a record 92% participation rate in our voluntary engagement survey, and the grand median score increased from 4.34 last year to 4.38 (out of 5). The survey includes 12 questions, known as the Q12, designed by Gallup to indicate the level of team engagement and compare progress year over year. These data points indicate that our eﬀorts to develop managers who listen to and do what is right for our employees are trending in the right direction.

In addition, we added Workplace Demands questions to our 2024 engagement survey, asking our employees to respond on a ﬁve-point scale from strongly disagree to strongly agree to the following statements:

• At work, I am treated with respect.

• My company cares about my overall well-being.

• I have received meaningful feedback in the last week.

• My company always delivers on the promise we make to customers.

My supervisor or someone at work seems to care about me as a person.

Our highest-scoring survey statement at

4.61/5.00

Giving employees a voice

Our entire organization beneﬁts from a workforce that is empowered to speak their minds, and we maintain open lines of communication between all levels of employees and senior leadership.

Employee feedback is an important component of our CamdenCircle customer experience program, through which we continuously collect employee comments and ideas throughout the year. We can then leverage employee innovation to drive improvements at every level of the organization.

110+

new employee ideas submitted in 2024 through our online portal to departments across the bank

ideas implemented in 2024 to improve the customer experience

We value the perspectives of employees leaving the organization and record their opinions in a conﬁdential exit survey. The CEO and President, alongside other senior leaders, review each of these surveys to identify opportunities for improvement.

Fostering employee development

We combine internal and external education and development programs to provide our employees with abundant opportunities to grow, learn, and develop their careers. We encourage employees to create personalized Career Development Plans in collaboration with their manager and our human resources team to identify short-and long-term professional goals and develop strategies for achieving them.

Our talent management team prioritizes hiring existing employees for open positions through promotions, lateral moves into new roles, and transfers. Current employees can easily review open positions through our online portal. In 2024, our turnover rate was 24%, of which voluntary was 20%. We ﬁlled 40% of our positions internally.

We also encourage employees to create a Talent Proﬁle highlighting their education, certiﬁcations, strengths, previous work experience, and more. The Talent Proﬁle helps managers match career opportunities to worthy candidates.

We also devote time and resources to developing our talent pipeline. Our Retail Banking Trainees program provides an opportunity to learn about banking roles. Trainees attend executive leadership sessions, receive information about volunteer opportunities, and explore various career paths across the bank while supporting our banking center teams.

To help reduce the ﬁnancial stress of ongoing education and encourage employees to develop new knowledge and skills, all employees are eligible for a robust college tuition reimbursement beneﬁt. Each employee is eligible for up to $5,250 in tuition reimbursement every year.

We encourage all employees to pursue certiﬁcates and other professional designations to help them become knowledgeable leaders. Through the American Bankers Association (ABA), employees can access a catalog of online banking classes. We also reimburse tuition for courses with the Center for Financial Training and Educational Alliance. In 2024, 27 employees participated in these courses.

In 2024, we welcomed

Retail Banking Trainees into the program

were hired as full-time employees.

Disclaimer

Camden National Corporation published this content on April 04, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 04, 2025 at 16:48 UTC.