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CAC on Nasdaq

Camden National Corporation

Bank holding company headquartered in Camden, Maine, founded in 19841

In its 2026 annual report the company says: “We are an award-winning, relationship-driven community bank with a long history of supporting individuals, families, and businesses at every stage of their financial journey. We combine local decision-making with scalable products, modern digital capabilities, and deep market knowledge. Our experienced teams provide personalized advance and tailored solutions.”5 Its shares trade on Nasdaq under the symbol CAC.1

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Last updated Oct 21, 2026.

Overview

1984Founded1

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  • TickerCAC on Nasdaq1
  • IndustryNational Commercial Banks1
  • HeadquartersCamden1
  • Websitecamdennationalcorporation.com
  • Incorporated inME4
  • Business addressTwo Elm St, Camden, Me 048434
  • Filer categoryAccelerated filer4
  • Legal formBusiness Corporation3
  • LEI549300ZVEDL2L8UW4F283
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O BRANDON BOEY, 04843 Camden, United States3
  • Registered withDivision of Corporations, UCC and Commissions, Bureau of Corporations, Elections & Commissions, Department of the Secretary of State, 19841530D3

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Our consolidated financial statements accompanying this Form 10-K include the accounts of the Company, the Bank and the Bank’s subsidiaries and divisions. All inter-company accounts and transactions have been eliminated in consolidation.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

156.1%Net margin6
17.0%Revenue growth, 20256
9.4%Return on equity6
$58.2MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Deposit Account brought in 22% of the revenue Camden National Corporation broke down this way in fiscal 2025.

  1. Deposit Account$9.9M622%up 17% from 2024
  2. Products And Services, Deposit Accounts Service Charges$9.9M622%up 17% from 2024
  3. Fiduciary and Trust$7.6M617%up 5% from 2024
  4. Products And Services, Fiduciary Services Income$7.6M617%up 5% from 2024
  5. Products And Services, Brokerage and Insurance Commissions$7.0M616%up 27% from 2024
  6. Products And Services, Other Income$2.0M64%up 11% from 2024
Products and services by year
Products and services202320242025
Deposit Account$7.8M$8.4M$9.9M
Products And Services, Deposit Accounts Service Charges$7.8M$8.4M$9.9M
Fiduciary and Trust$6.7M$7.3M$7.6M
Products And Services, Fiduciary Services Income$6.7M$7.3M$7.6M
Products And Services, Brokerage and Insurance Commissions$4.7M$5.5M$7.0M
Products And Services, Other Income$1.8M$1.8M$2.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax17¢$13.5M
  • Profit83¢$65.2M

Out of $41.7M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending9¢$5.7M
  • Dividends paid45¢$28.5M
  • Kept or used elsewhere47¢$29.7M

Out of $63.9M of cash from operations.6

Financial statements

Revenue789106$41.7M in 2025+47% since 2019
0$20.0M$40.0M$60.0M2019: $28.3M$28.3M20192020: $27.7M$27.7M2020−2%2021: $32.0M$32.0M2021+15%2022: $33.3M$33.3M2022+4%2023: $33.6M$33.6M2023+1%2024: $35.7M$35.7M2024+6%2025: $41.7M$41.7M2025+17%
Net income789106$65.2M in 2025+14% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $57.2M$57.2M20192020: $59.5M$59.5M2020+4%2021: $69.0M$69.0M2021+16%2022: $61.4M$61.4M2022−11%2023: $43.4M$43.4M2023−29%2024: $53.0M$53.0M2024+22%2025: $65.2M$65.2M2025+23%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Interest and fees on loans$273.1M$214.7M$195.4M
Taxable interest on investments$40.8M$27.4M$24.3M
Nontaxable interest on investments$1.8M$1.8M$2.9M
Dividend income$1.9M$1.6M$1.1M
Other interest income$2.9M$4.0M$2.6M
Total interest income$320.7M$249.6M$226.2M
Interest on deposits$97.3M$95.8M$78.9M
Interest on borrowings$16.5M$19.2M$12.9M
Interest on subordinated debentures$3.6M$2.1M$2.1M
Total interest expense$117.4M$117.1M$94.0M
Net interest income$203.3M$132.5M$132.3M
Provision for loan losses:$22.3M-$404.0K$2.1M
Net interest income after provision (credit) for credit losses$181.0M$132.9M$130.2M
Mortgage banking income, net$3.5M$3.2M$2.9M
Brokerage and insurance commissions$7.0M$5.5M$4.7M
Bank-owned life insurance$3.4M$2.8M$2.3M
Net loss on sale of securities$0$0-$10.3M
Other income$5.8M$4.6M$4.3M
Total non-interest income$52.5M$44.5M$31.0M
Salaries and employee benefits$79.8M$64.1M$60.0M
Furniture, equipment and data processing$17.8M$14.4M$13.4M
Net occupancy costs$11.2M$7.9M$7.7M
Debit card expense$6.8M$5.3M$5.1M
Consulting and professional fees$4.6M$3.6M$4.5M
Regulatory assessments$4.3M$3.3M$3.4M
Merger and acquisition costs$9.3M$1.2M$0
Amortization of core deposit intangible assets$5.9M$556.0K$592.0K
Other real estate owned and collection costs, net$270.0K$201.0K$42.0K
Other expenses$14.9M$11.5M$12.6M
Total non-interest expense$154.8M$111.9M$107.4M
Income before income tax expense$78.7M$65.5M$53.8M
Income Tax Expense$13.5M$12.5M$10.5M
Net Income$65.2M$53.0M$43.4M
Basic earnings per share (in dollars per share)$3.86$3.63$2.98
Diluted earnings per share (in dollars per share)$3.84$3.62$2.97
Cash dividends declared, per share (in dollars per share)$1.68$1.68$1.68
Weighted average number of common shares outstanding16.9M shares14.6M shares14.6M shares
Diluted weighted average number of common shares outstanding17.0M shares14.6M shares14.6M shares

Compare Camden National Corporation with another company

Corporate structure

Camden National Corporation sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Camden National Corporation

  • FMR LLC Filed SCHEDULE 13G/A on Camden National Corporation, latest Aug 6, 2026 (4 filings since Feb 9, 2022)
  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G on Camden National Corporation, latest Jul 14, 2026 (5 filings since Feb 8, 2022)
  • Franklin Templeton Investments Filed SCHEDULE 13G on Camden National Corporation, latest Apr 29, 2026
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Camden National Corporation, latest Apr 29, 2026
  • FRANKLIN MUTUAL ADVISERS LLC Filed SCHEDULE 13G/A on Camden National Corporation, latest Apr 28, 2026 (3 filings since Jan 30, 2023)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Camden National Corporation, latest Mar 26, 2026 (3 filings since Feb 9, 2023)
  • BlackRock Filed SCHEDULE 13G/A on Camden National Corporation, latest Apr 17, 2025 (5 filings since Feb 7, 2022)
  • Camden National Corporation Camden, Maine, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Camden National Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$93.4M6 Dec 31, 2025$80.5M6 Dec 31, 2024+16.1%
Accumulated depreciation$42.1M6 Dec 31, 2025$43.4M6 Dec 31, 2024−3.1%
Property and equipment, net$51.3M6 Dec 31, 2025$37.1M6 Dec 31, 2024+38.6%
Finance-lease assets$6.1M6 Dec 31, 2025$6.3M6 Dec 31, 2024−3.8%
Operating-lease assets (leased space)$15.6M6 Dec 31, 2025$10.3M6 Dec 31, 2024+51.0%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$930.4M6 Dec 31, 2025$593.7M6 Dec 31, 2024+56.7%
Debt securities held to maturity$485.3M6 Dec 31, 2025$517.8M6 Dec 31, 2024−6.3%
Loans, net of allowance$4.9B6 Dec 31, 2025$4.1B6 Dec 31, 2024+20.6%
Deposits held (banks)$5.5B6 Dec 31, 2025$4.6B6 Dec 31, 2024+19.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$151.5M6 Dec 31, 2025$94.7M6 Dec 31, 2024+60.0%
Intangible assets, net (excluding goodwill)$42.6M6 Dec 31, 2025$415.0K6 Dec 31, 2024+10160.2%
Finite-lived intangibles, net$42.6M6 Dec 31, 2025$415.0K10 Dec 31, 2024+10160.2%

Properties, in its own words

As of December 31, 2025, the Company owns its principal executive office in Camden, Maine, and leases additional executive offices in Portland, Maine. The Company also leases a service center in Camden, Maine, and owns or leases, and operates, 72 branches located throughout Maine and New Hampshire. None of the properties owned by the Company are subject to a mortgage or other encumbrance. All facilities are fully utilized and considered suitable and adequate for the purposes intended.

For additional information regarding the Company's premises and equipment and lease obligations see Notes 6 and 7 of the consolidated financial statements within Item 8. Financial Statements and Supplementary Data.

Item 2 of the 10-K filed Mar 6, 2026.5

Leadership

Who has led Camden National Corporation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert W. Daigle2007–2008
  2. Gregory A. Dufour2009–2023
  3. Simon Griffiths2025–now

President

  1. Robert W. Daigle2007–2008

Chief financial officer

  1. Sean G. Daly2006–2007
  2. Deborah A. Jordan2008–2020

Chief operating officer

  1. Deborah A. Jordan2015–2020
1990200020102020
Board members and other officers (49)

Subsidiaries and ownership

Subsidiaries

From Wikidata.1

Former names

  • CAMDEN NATIONAL CORPNov 14, 1996 to Sep 29, 20264

Timeline

  1. Sep 29, 20268-K Other events67
  2. Jul 28, 20268-K Results of operations68
  3. Jul 6, 20268-K Regulation FD disclosure69
  4. Jun 30, 20268-K Other events70
  5. Jun 18, 20268-K Regulation FD disclosure71
  6. May 21, 20268-K Shareholder vote72
  7. May 11, 20268-K Executive or director change73
  8. Apr 28, 20268-K Results of operations74
  9. Mar 31, 20268-K Other events75
  10. Jan 27, 20268-K Results of operations76
  11. Jan 8, 20268-K Other events77
  12. Dec 16, 20258-K Other events78
  13. Mar 10, 2025New chief executive Simon Griffiths becomes CEO14
  14. Feb 26, 2009New chief executive Gregory A. Dufour becomes CEO15
  15. Mar 29, 2007New chief executive Robert W. Daigle becomes CEO16
  16. 1984Founded Founded1

Calendar

Coming up

  1. Oct 27, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.24 a share, on Oct 28, 2025.79

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results68
  2. Apr 28, 2026Reported quarterly or annual results74
  3. Jan 27, 2026Reported quarterly or annual results76
  4. Oct 28, 2025Reported quarterly or annual results80
  5. Jul 29, 2025Reported quarterly or annual results81
  6. May 6, 2025Reported quarterly or annual results82
  7. Jan 28, 2025Reported quarterly or annual results83
  8. Oct 29, 2024Reported quarterly or annual results84

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

701 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 82 major events, 546 insider forms, 22 large holders, 31 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Sep 22, 20264 EDGAR
  3. Sep 22, 20264 EDGAR
  4. Sep 22, 20264 EDGAR
  5. Sep 22, 20264 EDGAR
  6. Aug 18, 20264 EDGAR
  7. Aug 18, 20264 EDGAR
  8. Aug 6, 202610-Q EDGAR
  9. Aug 6, 2026SCHEDULE 13G/A EDGAR
  10. Aug 5, 20263 EDGAR
  11. Jul 28, 20268-K EDGAR
  12. Jul 17, 20264 EDGAR
  13. Jul 17, 20264 EDGAR
  14. Jul 14, 2026SCHEDULE 13G EDGAR
  15. Jul 8, 20263 EDGAR
  16. Jul 6, 20268-K EDGAR
  17. Jun 30, 20268-K EDGAR
  18. Jun 23, 20264 EDGAR
  19. Jun 23, 20264 EDGAR
  20. Jun 23, 20264 EDGAR

The 701 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

33 open-market trades by officers, directors and large owners since October 2021: 31 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 28, 2025Maxwell RainaDirectorBuy103$40.09$4.1KForm 4
Feb 4, 2025Merrill Robert DDirectorSale500$43.94$22.0KForm 4
May 11, 2023Flanagan David CDirectorBuy3,397$29.34$99.7KForm 4
Dec 31, 2022CAMPBELL JOANNE TEVPBuy658Form 4
Aug 19, 2022Smyth ReneeEVPSale300$46.31$13.9KForm 4
Jun 17, 2022Flanagan David CDirectorBuy348$44.45$15.5KForm 4
Jun 17, 2022McCarthy Marie JDirectorBuy250$44.45$11.1KForm 4
Jun 17, 2022Denekas Craig NDirectorBuy306$44.45$13.6KForm 4
Jun 17, 2022Sterrs Lawrence JDirectorBuy142$44.45$6.3KForm 4
Jun 17, 2022Soderberg Carl JohnDirectorBuy273$44.45$12.1KForm 4
Mar 18, 2022Sterrs Lawrence JDirectorBuy129$49.02$6.3KForm 4
Mar 18, 2022Denekas Craig NDirectorBuy244$49.02$12.0KForm 4
Mar 18, 2022Soderberg Carl JohnDirectorBuy231$49.02$11.3KForm 4
Mar 18, 2022McCarthy Marie JDirectorBuy244$49.02$12.0KForm 4
Mar 18, 2022Flanagan David CDirectorBuy333$49.02$16.3KForm 4
Mar 10, 2022Mirabile Jennifer LloydEVPBuy667$37.43$25.0KForm 4
Mar 10, 2022Martel William HEVPBuy908$37.43$34.0KForm 4
Mar 10, 2022Archer Michael REVPBuy127$37.43$4.8KForm 4
Mar 10, 2022DUFOUR GREGORY ACEOBuy1,423$37.43$53.3KForm 4
Mar 10, 2022Rose Patricia AEVPBuy876$37.43$32.8KForm 4

All 33 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Simon R. GriffithsPresident & CEO$856.7K$2.3M92
2025Michael R. ArcherEVP, CFO$430.4K$847.0K92
2025William H. MartelEVP, Chief Technology Officer$371.0K$742.1K92
2025Ryan A. SmithEVP, Chief Credit Officer$371.9K$726.1K92
2025Patricia A. RoseEVP, Retail & Mortgage Banking$370.0K$721.5K92
2024Simon R. GriffithsPresident & CEO$825.0K$1.9M92
2024Michael R. ArcherEVP, CFO$372.7K$663.6K92
2024Ryan A. SmithEVP, Chief Credit Officer$350.0K$620.7K92
2024William H. MartelEVP, Chief Technology Officer$342.1K$615.3K92
2024Patricia A. RoseEVP, Retail & Mortgage Banking$336.0K$588.8K92
2023Simon R. GriffithsPresident & CEO$63.5K$1.5M92
2023William H. MartelEVP, Chief Technology Officer$326.2K$599.8K92
2023Patricia A. RoseEVP, Retail & Mortgage Banking$317.5K$582.8K92
2023Michael R. ArcherEVP, CFO$294.2K$539.9K92

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.1,782,726$96.7M0.0%+192,610
Franklin Resources Inc1,577,173$85.5M0.0%+11,352
Fmr LLC1,330,677$72.1M0.0%−77,094
Dimensional Fund Advisors LP862,045$46.7M0.0%+31,695
Vanguard Capital Management LLC753,784$40.9M0.0%−8,909
State Street Corp590,172$32.0M0.0%+77,424
Geode Capital Management, LLC449,219$24.4M0.0%+20,947
American Century Companies Inc382,362$20.7M0.0%+156,765
Basswood Capital Management, L.l.c.247,699$13.4M0.6%No change
Manufacturers Life Insurance Company, The234,102$12.7M0.0%−1,667
Jpmorgan Chase & Co219,565$11.8M0.0%+16,322
Renaissance Technologies LLC213,649$11.6M0.0%−42,745
Hotchkis & Wiley Capital Management LLC203,100$11.0M0.0%+6,480
Northern Trust Corp173,989$9.4M0.0%+9,140
Vanguard Portfolio Management LLC155,013$8.4M0.0%+16,130
Two Sigma Investments, LP147,526$8.0M0.0%+30,158
Charles Schwab Investment Management Inc142,336$7.7M0.0%+3,169
Goldman Sachs Group Inc140,728$7.6M0.0%−15,620
Kimelman & Baird, LLC137,289$7.4M0.5%−1,050
Aqr Capital Management LLC135,733$7.4M0.0%−414
Bank of New York Mellon Corp120,710$6.5M0.0%+2,396
Vanguard Fiduciary Trust Co111,829$6.1M0.0%+1,110
Commonwealth Equity Services, LLC111,249$6.0M0.0%+276
Clean Yield Group109,082$5.9M1.5%+1,327
Wilmington Savings Fund Society, FSB96,904$5.3M0.1%−4,757

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Camden National Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCAMDEN NATIONAL CORP2
  • CIK0000750686
  • Employer ID (EIN)01-04132825
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaine5
  • Fiscal year endsDecember 312
  • Industry code (SIC)6021 National Commercial Banks2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business addressTwo Elm St, Camden, ME 048432
  • Mailing address2 Elm St, Camden, ME 048432
  • Phone20723688212
  • Shares outstanding16,897,049 as of Jul 30, 202612
  • Public float$675.2M as of Jun 30, 20255
  • AuditorRSM US LLP, Des Moines, Iowa PCAOB ID 49; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceMay 14, 19962
  • Filings2,151 in all: 4 (1,244), 8-K (399), 10-Q (92), 5 (73), 3 (45), 4/A (41), SC 13G/A (39), 425 (38)2
    All 46 form types

    DEF 14A (30), 10-K (28), UPLOAD (12), SC 13G (11), CORRESP (10), 8-K/A (8), S-8 (8), 11-K (6), PRE 14A (5), SC TO-I/A (5), SCHEDULE 13G/A (5), DEFA14A (4), EFFECT (4), S-4 (4), 10-K/A (3), 3/A (3), 424B3 (3), S-3 (3), S-4/A (3), SCHEDULE 13G (3), 10-K405 (2), 10-Q/A (2), 5/A (2), ARS (2), 13F-HR (1), 13F-HR/A (1), 25 (1), 8-A12B (1), 8-A12B/A (1), CERTNAS (1), D (1), POS AM (1), PRES14A (1), RW (1), S-3/A (1), S-3ASR (1), S-8 POS (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 3, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, without par valueCACThe NASDAQ Stock Market LLC

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Camden National Corporation names in Item 1A of its 10-K filed Mar 6, 2026: 38 risks under these headings, as written.5

  • Economic and Market Conditions Risk
  • Our financial condition and results of operations have been adversely affected, and in the future may be adversely affected, by the U.S. and international financial market and economic conditions.
  • Fluctuations in market interest rates have in the past adversely affected, and may in the future adversely affect, our performance.
  • Changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely affect our business, financial condition and results of operations.
  • We could be adversely affected by the actions or commercial soundness, strength or stability of other financial institutions.
  • Camden National Wealth Management may be negatively affected by changes in economic and market conditions.
  • Continued market volatility has impacted, and may in the future impact, our business and the value of our common stock.
  • Credit Risk and Lending Business Risk
  • Our loans are concentrated in certain areas of Northern New England and adverse conditions in those markets could adversely affect our operations.
  • Our loan portfolio includes commercial real estate and commercial loans, which are generally riskier than other types of loans.
  • If our allowance for credit losses for loans is not adequate to cover actual loan losses, our earnings could decrease.
  • Prepayments of loans may negatively impact our business.
The other 28 risks
  • Competitive and Strategic Risk
  • We experience strong competition within our industry and markets, which may impact our profitability and adversely affect the price of our common stock.
  • Market changes may adversely affect pricing of, and demand for, our services and impact results of operations.
  • Camden National Wealth Management faces intense competition in attracting and retaining clients.
  • The Company faces competition in pursuing acquisition opportunities, may not be able to identify attractive acquisition targets or may not be able to complete future acquisitions.
  • Completed acquisitions may not produce the expected results, may result in unforeseen integration difficulties and may dilute shareholders’ interests.
  • Liquidity Risk
  • Our cost of funds has increased and may in the future increase further as a result of loss of deposits, a change in deposit mix or changes in interest rates.
  • Wholesale funding sources may prove insufficient to replace deposits and support our operations and future growth.
  • We could lose access to sources of liquidity if we were to experience financial or regulatory issues.
  • We are a holding company and dependent upon our subsidiary for dividends, distributions and other payments to meet our liquidity needs.
  • Regulatory and Legal Risk
  • Our banking business is highly regulated, and we may be adversely affected by changes in law and regulation.
  • We may become involved in lawsuits and legal proceedings that may lead to adverse consequences.
  • We may incur fines, penalties and other negative consequences from regulatory violations, possibly even inadvertent or unintentional violations.
  • We are subject to numerous laws designed to meet the credit needs of low- and moderate-income communities and to protect consumers, including the Community Reinvestment Act and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • We are required to maintain sufficient capital and adequate liquidity.
  • Operational and Business Risk
  • Damage to our brand could significantly harm our business.
  • We may incur significant losses as a result of ineffective risk management processes and strategies.
  • Our business may be adversely affected if we are unable to attract and retain qualified employees.
  • We could be held responsible for environmental liabilities of properties we acquired through foreclosure.
  • Systems failures, interruptions or breaches of security concerning our information base, including the information we maintain relating to our customers, could have an adverse effect on our financial condition and results of operations.
  • We are subject to a variety of cybersecurity risks that, if realized, could adversely affect our business, financial condition and 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.
  • We rely on other companies to provide key components of our business infrastructure.
  • 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.
  • Acts of terrorism, pandemics and other external events could harm our business.
  • Accounting and Tax Risk
  • Our financial statements are based in part on assumptions and estimates, which, if wrong, could cause unexpected losses in the future.
  • We may be required to write down goodwill and other identifiable intangible assets.
  • Changes in accounting standards can be difficult to predict and can materially impact how we record and report our financial condition and results of operations.
  • Changes in tax laws and regulations and differences in interpretation of tax laws and regulations may adversely impact our financial statements.

Legal proceedings

The Company is currently involved, and from time to time in the future may become involved, in various legal claims that arise in the normal course of the Company’s business. The Company may also in the future become involved in other regulatory, judicial and/or arbitration proceedings relating to matters that arise in connection with the conduct of the Company’s business. Because of the difficulty in predicting the outcome of these matters, particularly when they are in their early stages, the Company cannot predict what the final outcome of each legal proceeding may be, or what the eventual loss, fine or penalty related to each proceeding may be, if any. Based on currently available information, in our opinion the results of legal proceedings that are currently pending are not expected to have a material effect on our consolidated financial statements.

Reserves are established for legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. In many lawsuits and arbitrations, it is not possible to determine whether a liability has been incurred or to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case a reserve will not be recognized until that time. As of December 31, 2025 and 2024, the Company did not maintain material reserves against legal claims.

The opening of Item 3, Legal Proceedings.5

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