CAMDEN NATIONAL CORPCAC
CAMDEN NATIONAL CORP Debt Disclosure
BORROWINGS
The following table summarizes the Company's borrowings for the dates indicated:
December 31, 2025 | Contractual Maturity | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Outstanding Balance | Weighted Average Contractual Rate | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Outstanding Balance | Weighted Average Contractual Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer repurchase agreements(1) | $ | 254,780 | 0.99 | % | $ | 254,780 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 175,621 | 1.64 | % | ||||||||||||||||||||||||||||||||||||||||||
FHLBB and correspondent bank overnight borrowings(2) | 327,000 | 3.90 | % | 327,000 | — | — | — | — | — | 325,000 | 4.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term borrowings | $ | 581,780 | 2.63 | % | $ | 581,780 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 500,621 | 3.57 | % | ||||||||||||||||||||||||||||||||||||||||||
Long-Term Borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLBB borrowings(3) | $ | 1,000 | — | % | $ | — | $ | — | $ | — | $ | — | $ | 1,000 | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total long-term borrowings | $ | 1,000 | — | % | $ | — | $ | — | $ | — | $ | — | $ | 1,000 | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Junior Subordinated Debentures: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CCTA(2) | $ | 36,083 | 5.35 | % | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 36,083 | $ | 36,083 | 4.58 | % | ||||||||||||||||||||||||||||||||||||||||||
UBCT(2) | 8,248 | 5.59 | % | — | — | — | — | — | 8,248 | 8,248 | 5.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
NCT III(2)(4) | 8,592 | 5.58 | % | — | — | — | — | — | 8,592 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
NCT IV(2)(4) | 8,592 | 5.47 | % | — | — | — | — | — | 8,592 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total junior subordinated debentures | $ | 61,515 | 5.43 | % | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 61,515 | $ | 44,331 | 4.73 | % | ||||||||||||||||||||||||||||||||||||||||||
(1) The Company assumed customer repurchase agreements of $65.5 million through the acquisition of Northway on January 2, 2025. Refer to Note 11 for further discussion of the Company's customer repurchase agreements and to Note 2 for further details of the acquisition of Northway.
(2) The Company has interest rate swap contracts on certain borrowings. Refer to Note 13 for further discussion of derivative instruments.
(3) The Company has a borrowing through the FHLBB Community Development Financial Institution Advance Program. This program offers 0% interest rate advances as an incentive to provide discounted lending for affordable housing development and promote small business growth.
(4) The Company assumed junior subordinated debentures through the acquisition of Northway on January 2, 2025 and the balances include the remaining fair value marks recorded in connection with the acquisition. Refer to Note 2 for further details regarding the acquisition of Northway.
FHLBB Borrowings
The terms of the Company's outstanding FHLBB borrowings, including overnight funding, were as follows for the dates indicated:
| December 31, | |||||||||||||||||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | |||||||||||||||||||||||||||
| Stated Maturity | Outstanding Balance | Weighted Average Contractual Rate | Outstanding Balance | Weighted Average Contractual Rate | |||||||||||||||||||||||||
January 2026 | $ | 277,000 | 3.91 | % | $ | 275,000 | 4.64 | % | |||||||||||||||||||||
March 2026 | 50,000 | 3.85 | % | 50,000 | 4.49 | % | |||||||||||||||||||||||
July 2030 | 1,000 | — | % | — | — | % | |||||||||||||||||||||||
| Total | $ | 328,000 | $ | 325,000 | |||||||||||||||||||||||||
FHLBB borrowings, if any, are collateralized by a blanket lien on qualified collateral consisting primarily of loans with first mortgages secured by one-to-four family properties, certain commercial real estate loans, certain pledged investment securities and other qualified assets. The carrying value of residential real estate and commercial loans pledged as collateral was $2.3 billion and $1.9 billion at December 31, 2025 and 2024, respectively. The carrying value of investment securities pledged as collateral at the FHLBB was $0 and $4.0 million at December 31, 2025 and 2024, respectively.
At December 31, 2025, the Company had a notional amount of $325.0 million in interest rate swap agreements on its FHLBB borrowings. Further discussion on the terms and accounting for the interest rate swap agreements is included within Note 13 of the consolidated financial statements.
Junior Subordinated Debentures
In April 2006, the Company formed CCTA, which issued and sold trust preferred securities to the public. The Company received $36.1 million from the issuance of the trust preferred securities in return for junior subordinated debentures issued by the Company to CCTA. The Company owns all of the $1.1 million of outstanding common securities of CCTA and was presented within other assets on the consolidated statements of condition. The contract interest rate of the trust preferred securities was three-month LIBOR plus 140 basis points, and in accordance with the LIBOR Act effective June 30, 2023, the index transitioned to three month CME term SOFR plus the spread adjustment of 26.161 basis points. At December 31, 2025 and 2024, the interest rate on these trust preferred securities was 5.35% and 6.27%, respectively. The proceeds from the offering were used to repurchase Company common stock under the tender offer completed in May 2006. The trust preferred securities, which pay interest quarterly at the same rate as the junior subordinated debentures held by CCTA, are mandatorily redeemable on June 30, 2036, or may be redeemed by CCTA at par at any time.
In connection with an acquisition in 2008, the Company assumed $8.0 million of trust preferred securities, held through a Delaware trust affiliate, UBCT. In 2006, an aggregate principal amount of $8.2 million of 30-year junior subordinated debt securities were issued to UBCT. The Company owns all of the $248,000 of outstanding common securities of UBCT, and was presented within other assets on the consolidated statements of condition. The Company is obligated to pay interest on their principal sum quarterly. The contract interest rate of the trust preferred securities was three-month LIBOR plus 1.42%, and in accordance with the LIBOR Act effective June 30, 2023 the index transitioned to three month CME term SOFR plus the spread adjustment of 26.161 basis points. At December 31, 2025 and 2024, the interest rate on these trust preferred securities was 5.59% and 6.34%, respectively. The debt securities mature on April 7, 2036, but may be redeemed by the Company at par, in whole or in part, on any interest payment date. The debt securities may also be redeemed by the Company in whole or in part, within 90 days of the occurrence of certain special redemption events.
In connection with the Northway acquisition, the Company assumed $10.0 million of junior subordinated debentures issued to NCT III, which issued trust preferred securities to the public. The Company acquired all outstanding equity interest in NCT III as part of the Northway acquisition. The Company is obligated to pay interest on the junior subordinated debentures (and NCT III is obligated to pay interest on the trust preferred securities) quarterly. Both the debentures and the trust preferred securities issued by NCT III have a floating rate which resets quarterly, equal to the three month CME Term SOFR plus the spread adjustment of 26.161 basis points, plus 160 additional basis points. At December 31, 2025 and 2024, the interest rate on these debentures and trust preferred securities was 5.58% and 6.22%, respectively. The debt securities mature on June 15, 2037, but may be redeemed by the Company at par, in whole or in part, on any interest payment date. The debt securities may also be redeemed by the Company in whole or in part, within 120 days of the occurrence of certain special redemption events.
In connection with the Northway acquisition, the Company assumed $10.0 million of junior subordinated debentures issued to NCT IV, which issued trust preferred securities to the public. The Company acquired all outstanding equity interest in NCT IV as part of the Northway acquisition. The Company is obligated to pay interest on the junior subordinated debentures (and NCT IV is obligated to pay interest on the trust preferred securities) quarterly. Both the debentures and the trust preferred securities issued by NCT IV have a floating rate which resets quarterly, equal to the three month CME Term SOFR plus the spread adjustment of 26.161 basis points, plus 149 additional basis points. At December 31, 2025 and 2024, the interest rate on these debentures and trust preferred securities was 5.47% and 6.11%, respectively. The debt securities mature on June 15, 2037, but may be redeemed by the Company at par, in whole or in part, on any interest payment date. The debt securities may also be redeemed by the Company in whole or in part, within 90 days of the occurrence of certain special redemption events.
CCTA, UBCT, NCT III, and NCT IV are Delaware statutory trusts created for the sole purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures of the Company. The junior subordinated debentures are the sole assets of the trusts. The Company is the owner of all of the common securities of CCTA, UBCT, NCT III, and NCT IV and fully and unconditionally guarantees each trust’s securities obligations. In accordance with GAAP, CCTA, UBCT, NCT III, and NCT IVT are treated as unconsolidated subsidiaries. The common stock investment in the statutory trusts is included in other assets on the consolidated statements of condition. At December 31, 2025, $63.0 million of the trust preferred securities were included in the Company’s total Tier 1 capital and amounted to 10.1% of Tier 1 capital of the Company, or 131 basis points of the Tier 1 capital ratio.
At December 31, 2025, the Company had a notional amount of $63.0 million in interest rate swap agreements on its junior subordinated debentures. Further discussion on the terms and accounting for the interest rate swap agreements is included within Note 13 of the consolidated financial statements.
Interest expense on the subordinated debentures, including the effective portion of the associated interest rate swaps on these debt instruments reclassified from OCI into earnings, totaled $3.6 million, $2.1 million, and $2.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. Refer to Note 16 of the consolidated financial statements for information pertaining to the reclassification of OCI into earnings on the interest rate swaps.
Credit Lines
At December 31, 2025, the Company has the following lines of credit available to it, for which it had no outstanding balances:
•The Bank had an available line of credit with the FHLBB of $9.9 million at December 31, 2025 and 2024. This line of credit serves as overdraft protection should the Company overdraw its account with the FHLBB. The interest rate for this line of credit is set daily by the FHLBB. The line is secured by pledged loan collateral.
•The Company, through the Bank, has an unsecured $50.0 million line of credit with US Bank for which the interest rate is set daily by US Bank.
•The Company, through the Bank, has an unsecured $35.0 million line of credit with PNC Bank for which the interest rate is set daily by PNC Bank.
•The Company, through the Bank, has a secured line of credit of $150.3 million through the FRB's Discount Window for which the interest rate is set by the FRB daily. At December 31, 2025, the Bank pledged investment securities of $161.4 million.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
| 2023 | Mar 8, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 11, 2020 | |
| 2018 | Mar 13, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 7, 2017 | |
| 2015 | Mar 11, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.