Camden National Corp (CAC) 2024 Q2 法說會逐字稿

Good day, and welcome to Camden National Operations second-quarter 2024 earnings conference call. My name is Lydia, and I will be your operator for today's call. (Operator Instructions)

美好的一天，歡迎參加卡姆登國家營運 2024 年第二季財報電話會議。我叫莉迪亞，我將擔任今天電話的接線生。（操作員說明）

I'll now turn the call over to Renée Smyth, Executive Vice President, Chief Experience and Marketing Officer.

現在我將把電話轉給執行副總裁兼首席體驗和行銷長 Renée Smyth。

Thank you, Lydia. Good afternoon, and welcome to Camden National Corporation's conference call for the second quarter of 2024. Joining us this afternoon are members of Camden National Corporation's executive team Simon Griffiths, President and Chief Executive Officer; and Mike Archer, Executive Vice President, Chief Financial Officer.

謝謝你，莉迪亞。下午好，歡迎參加卡姆登國家公司 2024 年第二季的電話會議。今天下午加入我們的是卡姆登國家公司執行團隊的成員西蒙·格里菲斯 (Simon Griffiths)，總裁兼首席執行官；執行副總裁兼財務長 Mike Archer。

Please note that today's presentation contains forward-looking statements and actual results could differ materially from what is discussed on today's call. Cautionary language regarding these forward-looking statements is contained in our second quarter 2024 earnings release issued this morning and in other reports we file with the SEC. All of these materials and public filings are available on our Investor Relations website at camdennational.bank.

請注意，今天的演示包含前瞻性陳述，實際結果可能與今天電話會議中討論的內容有重大差異。有關這些前瞻性陳述的警告性語言包含在我們今天上午發布的 2024 年第二季收益報告以及我們向 SEC 提交的其他報告中。所有這些資料和公開文件均可在我們的投資者關係網站 camdennational.bank 上取得。

Camden National Corporation trades on the NASDAQ under the symbol CAC. In addition, today's presentation includes discussions of non-GAAP financial measures. Any references to non-GAAP financial measures are intended to provide meaningful insights and are reconciled with GAAP in our earnings release which is also available on our Investor Relations website.

卡姆登國家公司在納斯達克上市，代號為 CAC。此外，今天的演示還包括對非公認會計準則財務指標的討論。任何對非 GAAP 財務指標的引用都是為了提供有意義的見解，並在我們的收益報告中與 GAAP 進行協調，該報告也可以在我們的投資者關係網站上找到。

I am pleased to introduce Camden National Corporation's host, President and Chief Executive Officer, Simon Griffiths.

我很高興向您介紹卡姆登國家公司的東道主、總裁兼首席執行官西蒙·格里菲斯 (Simon Griffiths)。

Thank you, Renée, and good afternoon, everyone. We appreciate you joining our call today. I will provide a few comments on our most recent quarter, and then I'll turn it over to Mike to dive into our second quarter financial performance, and then we'll open up for Q&A. I'm pleased to report, as we mark the halfway point through 2024, we continue to execute well in the uncertain environment.

謝謝你，蕾妮，大家午安。我們感謝您今天加入我們的電話會議。我將對我們最近一個季度提供一些評論，然後我會將其交給麥克，深入探討我們第二季的財務業績，然後我們將進行問答。我很高興地向大家報告，隨著 2024 年已過半，我們在不確定的環境中繼續表現良好。

Despite macroeconomic headwinds, we remain committed to executing our long-term strategy of optimizing our balance sheet and deepening customer relationship through advice-based conversations and exceptional customer experience.

儘管面臨宏觀經濟逆風，我們仍然致力於執行我們的長期策略，透過基於建議的對話和卓越的客戶體驗來優化資產負債表和深化客戶關係。

Our team is building momentum and leveraging process automation and innovative solutions to deliver stellar advice to our loyal customer base. Earlier this morning, we reported net income of $12 million or $0.81 earnings per diluted share for the second quarter of 2024.

我們的團隊正在積蓄動力，利用流程自動化和創新解決方案為我們忠實的客戶群提供一流的建議。今天早上早些時候，我們報告了 2024 年第二季淨利潤為 1200 萬美元，即稀釋後每股收益 0.81 美元。

Highlights for the second quarter include a 6 basis point increase in net interest margin over the previous quarter. Disciplined execution and expense control, which exceeded our expectations and guidance previously communicated for the second quarter and continued strong asset quality demonstrated by favorable credit quality metrics, which benefit from our disciplined underwriting culture and keen asset management.

第二季的亮點包括淨利差較上一季增加 6 個基點。嚴格的執行和費用控制，超出了我們之前就第二季度傳達的預期和指引，良好的信用品質指標證明了持續強勁的資產質量，這得益於我們嚴格的承保文化和敏銳的資產管理。

Our reported net interest margin increase as a result of deposit cost pressure beginning to ease during the back half of the second quarter as we started to benefit from seasonal deposit flows in our markets are taking decisive action on certain high-cost, noncore deposit relationships and continued asset allocation remix as we utilize investment cash flows to fund loan growth.

我們報告的淨利差增加是由於第二季後半段存款成本壓力開始緩解，因為我們開始受益於市場的季節性存款流動，我們正在對某些高成本、非核心存款關係採取果斷行動，我們利用投資現金流量為貸款成長提供資金，從而繼續進行資產配置重組。

Mike will expand on the net interest margin discussion and drivers in a few minutes. Our team continues to focus on driving deposit growth, both through new customer acquisition and by deepening relationships with our existing customers. Including by leveraging data and analytics to make informed, swift decisions.

麥克將在幾分鐘內詳細討論淨利差和驅動因素。我們的團隊繼續致力於透過獲取新客戶和加深與現有客戶的關係來推動存款成長。包括利用數據和分析來做出明智、快速的決策。

As Fed rate cuts become increasingly likely, we are ready to quickly act to manage our funding costs. As we saw, while interest rates were increasing, we expect the first 25 to 50 basis point rate cut likely will result in a lower beta than subsequent rate cuts as we balance customer needs and market competition. We remain focused on improving our operating leverage.

隨著聯準會降息的可能性越來越大，我們已準備好迅速採取行動來管理我們的融資成本。正如我們所看到的，雖然利率正在上升，但我們預計，在平衡客戶需求和市場競爭的情況下，首次降息 25 至 50 個基點可能會導致貝塔值低於隨後的降息。我們仍然專注於提高營運槓桿。

During the second quarter of 2024, revenues increased 3% over the previous quarter, and noninterest expense remained flat. We continue to take disciplined actions to maintain and manage costs in response to net interest margin pressure while also driving opportunities to increase fee income and diversify our revenue base.

2024 年第二季度，營收較上一季成長 3%，非利息支出持平。我們繼續採取嚴格的行動來維持和管理成本，以應對淨利差壓力，同時也推動增加費用收入和實現收入基礎多元化的機會。

Credit continues to perform in line with expectations and by all measures, our credit metrics continue to perform better than pre-pandemic levels. We continue to manage credit rigorously consistent with our disciplined credit culture. For the second quarter, we reported strong asset quality with just a marginal uptick in nonperforming assets, which accounted for just 17 basis points of total assets as of June 30, 2024.

信貸表現持續符合預期，而且從所有指標來看，我們的信貸指標持續表現優於疫情前的水平。我們繼續按照我們嚴格的信用文化嚴格管理信用。第二季度，我們的資產品質強勁，不良資產僅小幅上升，截至 2024 年 6 月 30 日，不良資產僅佔總資產 17 個基點。

Our commercial loan portfolio remains well balanced with no meaningful concentration risk. Our credit risk team continues to review our portfolio proactively and have not identified any systemic areas of concern.

我們的商業貸款組合保持良好平衡，不存在明顯的集中風險。我們的信用風險團隊繼續主動審查我們的投資組合，尚未發現任何系統性問題。

We continue to see moderate loan demand in our communities. Our residential mortgage pipeline has remained consistent quarter-to-quarter. And at the same time, we have seen a sizable uptick in our commercial loan pipeline primarily driven by a few larger commercial real estate opportunities.

我們繼續看到社區的貸款需求適度。我們的住宅抵押貸款管道按季度保持穩定。同時，我們看到商業貸款管道大幅增加，這主要是由一些較大的商業房地產機會所推動的。

We are seeing nice momentum in fee income spurred by a focus on investment in wealth management and brokerage services. Combined, our wealth and brokerage services generated revenue of $3.3 million in the second quarter, an increase of 11% over the first quarter of this year.

我們看到，由於對財富管理和經紀服務投資的關注，手續費收入呈現良好勢頭。第二季度，我們的財富和經紀服務合計收入為 330 萬美元，比今年第一季成長 11%。

The increase is driven by sales activity and continued strength in the financial markets, we have crossed over $2 billion in assets under administration as of June 30, 2024, representing an increase of 12% compared to June 30, 2023.

這一增長是由銷售活動和金融市場的持續走強推動的，截至 2024 年 6 月 30 日，我們管理的資產已超過 20 億美元，與 2023 年 6 月 30 日相比增長了 12%。

We are well positioned to expand our advisory distribution by leveraging our new wealth operating platform and mobile app as we stay committed to full relationship banking and growing and diversifying our fee income. We continue to make significant progress on digital roadmap and innovation ideation.

我們有能力利用我們新的財富營運平台和行動應用程式來擴大我們的諮詢分佈，因為我們仍然致力於全面關係銀行業務以及增加和多樣化我們的費用收入。我們繼續在數位路線圖和創新理念方面取得重大進展。

Last quarter, we shared we invested in new online deposit account opening platform, and I'm pleased to report that it remains on schedule to go live at year-end. This new technology will enable customers to open fund and use deposit accounts within minutes whenever and wherever they choose.

上個季度，我們投資了新的線上存款帳戶開設平台，我很高興地報告，該平台仍按計劃於年底上線。這項新技術將使客戶能夠隨時隨地在幾分鐘內開設資金並使用存款帳戶。

We will leverage this technology to steer into our omnichannel approach which aims to provide a consistent customer experience across all digital and brick-and-mortar sales and marketing channels to provide a uniform customer experience. Our robotics automation team continues to surpass expectations. We recently celebrated processing over 2 million support service transactions through our digital platform.

我們將利用這項技術來引導我們的全通路方法，旨在在所有數位和實體銷售和行銷管道中提供一致的客戶體驗，以提供統一的客戶體驗。我們的機器人自動化團隊持續超越預期。最近，我們慶祝透過我們的數位平台處理了超過 200 萬筆支援服務交易。

At our current velocity, we will process 1 million transactions every six months. Additionally, our robotics automation reached a milestone with a newly developed API integration into our customer service work for management tool. For the first time, this allows true end-to-end automation predictable, repeatable customer service activities creating real capacity across multiple internal departments.

按照目前的速度，我們將每六個月處理 100 萬筆交易。此外，我們的機器人自動化達到了一個里程碑，將新開發的 API 整合到我們的客戶服務管理工具工作中。這第一次實現了真正的端到端自動化、可預測、可重複的客戶服務活動，從而在多個內部部門之間創造了真正的能力。

Further, our data analytics team partnered on AI beta, pilot with a third party for data scientist simulation, simplifying the technical skills needed to request higher-order analytic models. If successful, this has the potential to drive sophisticated analytics further into the hands of business units and the pilot will be completed in Q4.

此外，我們的數據分析團隊合作開發了人工智慧測試版，與第三方進行資料科學家模擬試點，簡化了請求高階分析模型所需的技術技能。如果成功，這有可能將複雜的分析進一步推向業務部門，並且試點將在第四季度完成。

We believe our investments in talent, technology, products and services will continue to benefit as macroeconomic conditions improve and that our strong foundation will permit us to generate consistent, sustainable and long-term performance as we remain focused on execution and involving the bank to meet customer and shareholder expectations.

我們相信，隨著宏觀經濟狀況的改善，我們對人才、技術、產品和服務的投資將繼續受益，我們的堅實基礎將使我們能夠創造一致、可持續和長期的業績，因為我們將繼續專注於執行並讓銀行參與以滿足客戶和股東的期望。

Now Mike will provide some highlights from the second quarter.

現在麥克將提供第二季的一些亮點。

Thank you, Simon, and good afternoon, everyone.

謝謝西蒙，大家下午好。

This morning, we reported a net income of $12 million and diluted earnings per share of $0.81 for the second quarter of 2024 and net income of $25.3 million and diluted EPS of $1.72 through the first six months of the year.

今天早上，我們公佈了 2024 年第二季淨利 1,200 萬美元，稀釋後每股收益 0.81 美元，今年前 6 個月淨利潤為 2,530 萬美元，稀釋後每股收益 1.72 美元。

We are pleased with our second quarter financial results as they demonstrate real momentum within our core business, as highlighted by our reported non-GAAP pretax pre-provision income of $15.5 million, which was up 9% on a linked quarter basis.

我們對第二季度的財務業績感到滿意，因為它們展示了我們核心業務的真正動力，正如我們報告的非 GAAP 稅前預撥備收入 1,550 萬美元，環比增長 9% 所強調的那樣。

As a reminder, in the first quarter of this year, we recorded a negative provision expense of $2 million as we released loan reserves due to the strength of our loan portfolio and we recovered $910,000 of proceeds upon the sale of our Signature Bank bond. With our solid earnings for the second quarter, our tangible capital position grew during the quarter.

提醒一下，今年第一季度，由於貸款組合的實力，我們釋放了貸款準備金，因此記錄了 200 萬美元的負撥備費用，並且在出售 Signature Bank 債券後收回了 910,000 美元的收益。憑藉第二季的穩健獲利，我們的有形資本狀況在本季有所成長。

As of June 30, 2024, on a non-GAAP basis, our tangible book value per share stood at $28.34, up 2% from the first quarter and 11% over the past 12 months. Total revenues for the second quarter of 2024 increased 3% over the first quarter of 2024. Net interest income grew 3% during the second quarter to $32.2 million, led by an increase in net interest margin of 6 basis points to 2.36%.

截至 2024 年 6 月 30 日，以非公認會計準則計算，我們每股有形帳面價值為 28.34 美元，比第一季成長 2%，比過去 12 個月成長 11%。2024 年第二季的總營收比 2024 年第一季成長 3%。第二季淨利息收入成長 3%，達到 3,220 萬美元，其中淨利差增加 6 個基點，達到 2.36%。

In June, a $100 million balance sheet interest rate swap matured, providing approximately 5 basis points of lift for the partial month, and we anticipate 6 to 7 basis points for a full month's benefit at current interest rates. In June, we also began to see normal inflows from seasonal deposits in our market.

6 月份，一項 1 億美元的資產負債表利率掉期到期，為部分月份帶來約 5 個基點的提升，我們預計以當前利率計算，整個月的收益將提升 6 至 7 個基點。6月份，我們市場也開始出現季節性存款的正常流入。

Looking forward, we anticipate continued net interest margin expansion during the third quarter due to the aforementioned factors, along with the continued redeployment of investment cash flows to support new loan originations at current market rates.

展望未來，由於上述因素，我們預計第三季淨利差將持續擴大，同時將繼續重新部署投資現金流量以支持以當前市場利率發放新貸款。

Noninterest income for the second quarter of 2024 totaled $10.6 million, an increase of 3% over the first quarter of this year. As Simon noted in his comments, we are seeing positive momentum across our brokerage and wealth business lines.

2024年第二季非利息收入總計1,060萬美元，較今年第一季成長3%。正如西蒙在評論中指出的那樣，我們在經紀和財富業務領域看到了積極的勢頭。

Regarding mortgage banking, we continue to sell our qualifying residential mortgage production. For the second quarter, we sold 52% of our residential mortgage production. And through the first six months, we sold 51% of our production. As we work our way back to historical financial performance levels, we are focused on the management of operating expenses and driving positive operating leverage while continuing to invest in the organization.

關於抵押貸款銀行業務，我們繼續銷售合格的住宅抵押貸款產品。第二季度，我們售出了 52% 的住宅抵押貸款產品。前六個月，我們售出了 51% 的產品。當我們努力回到歷史財務績效水準時，我們將重點放在營運費用管理和推動積極的營運槓桿上，同時繼續對組織進行投資。

Noninterest expenses for the second quarter of 2024 were $27.3 million, a small decrease from the first quarter of this year. The positive combination of lower noninterest expense and revenue growth for the second quarter improved our non-GAAP efficiency ratio on a linked-quarter basis. Our efficiency ratio for the second quarter of 2024 was 63.53% compared to 65.55% for the first quarter of 2024.

2024年第二季的非利息支出為2,730萬美元，較今年第一季小幅下降。第二季度非利息支出下降和收入成長的積極組合提高了我們的非公認會計原則環比效率。我們 2024 年第二季的效率為 63.53%，而 2024 年第一季為 65.55%。

Based on these results for the second quarter, we are now estimating our quarterly operating expenses will range between $27.5 million to $28 million for the remainder of the year. Moving to the balance sheet.

根據第二季的這些結果，我們現在估計今年剩餘時間的季度營運費用將在 2,750 萬美元至 2,800 萬美元之間。轉向資產負債表。

Total loans as of June 30, 2024, were $4.1 billion and grew less than 1% in the second quarter of 2024 and 1% through the first six months of this year. Our loan growth for the first half of 2024 has been mixed across our loan segment. We continue to maintain our loan pricing discipline across our products in the current interest rate environment.

截至 2024 年 6 月 30 日，貸款總額為 41 億美元，2024 年第二季成長不到 1%，今年前六個月成長不到 1%。2024 年上半年，我們整個貸款部門的貸款成長情況參差不齊。在當前的利率環境下，我們將繼續維持我們產品的貸款定價紀律。

Total deposits as of June 30, 2024, were $4.5 billion, a decrease of 1% during the second quarter of 2024 and 2% through the first half of the year. The decrease in deposits during the second quarter and the first half of the year reflects the decisive actions we took to manage and optimize net interest margin.

截至 2024 年 6 月 30 日，存款總額為 45 億美元，2024 年第二季下降 1%，上半年下降 2%。第二季和上半年存款下降，反映了我們在管理和優化淨利差方面採取的果斷行動。

Through the first six months of the year, we managed out approximately $150 million of high cost municipal interest checking and CD balance as part of this effort. Our loan and deposit products are geared towards driving full relationship banking and us being the primary bank for our customers.

作為這項工作的一部分，今年前六個月，我們管理了約 1.5 億美元的高成本市政利息檢查和存款準備金餘額。我們的貸款和存款產品旨在推動全面的關係銀行業務，而我們是客戶的主要銀行。

In the second quarter, we launched our high-yield savings product which is a new money product requiring that the customer also maintained a checking account with us. We've been pleased with these results of the product, which includes an 8% growth in savings deposits in the second quarter of 2024.

在第二季度，我們推出了高收益儲蓄產品，這是一種新的貨幣產品，要求客戶在我們這裡也保留一個支票帳戶。我們對該產品的這些結果感到滿意，其中包括 2024 年第二季儲蓄存款成長 8%。

Our asset quality for the second quarter continued to be strong, supported by excellent credit quality metrics, including nonperforming loans of 0.23% of total loans, annualized net charge-offs of 4 basis points of average loans and past due loans of 5 basis points of total loans.

我們第二季的資產品質持續保持強勁，這得益於出色的信貸品質指標，包括不良貸款佔貸款總額的 0.23%、平均貸款年化淨沖銷 4 個基點以及逾期貸款 5 個基點。

Nonperforming loans and net charge-offs modestly increased in the second quarter compared to the first quarter but we do not believe they reflect any signs of systemic stress within our loan portfolio. The strength of our asset quality, combined with modest loan growth gave us the confidence to hold loan loss reserves at 0.86% of total loans as of June 30, 2024, which was consistent with our loan loss reserve coverage ratio as of the end of last quarter.

與第一季相比，第二季不良貸款和淨沖銷略有增加，但我們認為它們並未反映出我們貸款組合中存在任何系統性壓力的跡象。The strength of our asset quality, combined with modest loan growth gave us the confidence to hold loan loss reserves at 0.86% of total loans as of June 30, 2024, which was consistent with our loan loss reserve coverage ratio as of the end of last四分之一.

Our capital and liquidity positions also continue to be strong. Our non-GAAP tangible common equity ratio increased 22 basis points from the second quarter to 7.34% as of June 30, 2024, which included the repurchase of 50,000 shares of common stock totaling $1.6 million of capital. Our uninsured and uncollateralized deposits as of June 30, 2024, were 14.6% of total deposits and our available liquidity sources were 2 times uninsured and uncollateralized deposits. This concludes our comments.

我們的資本和流動性狀況也持續強勁。截至 2024 年 6 月 30 日，我們的非 GAAP 有形普通股比率比第二季增加了 22 個基點，達到 7.34%，其中包括回購 50,000 股普通股，總資本為 160 萬美元。截至 2024 年 6 月 30 日，我們的無保險和無抵押存款佔總存款的 14.6%，我們可用的流動性來源是無保險和無抵押存款的 2 倍。我們的評論到此結束。

We'll now open the call for questions.

我們現在開始提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

Steve Moss, Raymond James.

史蒂夫·莫斯，雷蒙德·詹姆斯。

Hi. Good afternoon. Maybe starting off with the margin guidance here -- Starting off the margin guidance here. In terms of the -- Mike, you said you had a 5 basis points lift from the swap expiring this quarter and then additional, you expect 6 to 7 basis points of benefit for a full month. So am I hearing you correctly in thinking about, call it, 11 or 12 basis points of additional margin upside going forward here in the third quarter?

你好。午安.也許從這裡的保證金指導開始——從這裡開始保證金指導。就麥克而言，您表示，本季到期的互換協議使您獲得了 5 個基點的提升，此外，您預計整個月將獲得 6 到 7 個基點的收益。那麼，我聽到的你所說的關於第三季額外利潤率上升 11 或 12 個基點的說法正確嗎？

No, no, Steve. Good question. So as we think about margin for next quarter, we're thinking that we're probably in the neighborhood of 3 to 7 basis points, let's call it, [2.39 to 2.43-ish] for the third quarter, which is a function of what you just mentioned there, the additional lift of the $100 million loan swap that ran off as well as some of the seasonal flows and other activity occurring.

不，不，史蒂夫。好問題。因此，當我們考慮下個季度的利潤率時，我們認為第三季度的利潤率可能在 3 到 7 個基點附近，我們稱之為 [2.39 到 2.43 左右]，這是一個函數你剛才提到的，1億美元貸款互換的額外提振以及一些季節性資金流動和其他活動的發生。

Okay. And just as we think about the seasonal flows on deposit costs, I mean definitely nice seeing your guys as the deposit cost increases slow down here, but definitely seeing it across the board. Curious if you think like in addition to seasonal flows, you could get a little bit more of a lift here just given that deposit costs are likely stabilize you get the massive repricing.

好的。正如我們考慮存款成本的季節性流動一樣，我的意思是，隨著存款成本增長放緩，我的意思是很高興看到你們，但肯定會全面看到這一點。好奇的是，如果您認為除了季節性流量之外，考慮到存款成本可能會穩定下來，您可能會在這裡獲得更多的提升，而您將獲得大規模的重新定價。

Yeah. So in terms of just deposit costs, I want to say, for June, we landed on [2.30, 2.36] off the top of my head for -- excuse me, all-in funding costs, not deposit costs. I do anticipate that we'll continue just to hang around there, maybe up a basis point or 2, but then we'll just continue to have the continued asset yield expansion as well as we move forward. So as we're thinking about our seasonal deposit flows. I do think we are seeing the benefit there. I think one of the questions is we still see a level of remix as well.

是的。因此，就存款成本而言，我想說，對於 6 月份，我們突然想到了 [2.30, 2.36]，因為——對不起，是全部資金成本，而不是存款成本。我確實預計我們將繼續維持現狀，也許會上漲一個或兩個基點，但隨後我們將繼續資產收益率的持續擴張並繼續前進。因此，當我們考慮季節性存款流動時。我確實認為我們正在看到那裡的好處。我認為問題之一是我們仍然看到一定程度的混音。

So as we're thinking about that on a go forward over the next few months, Steve, we think that could level itself off and call it, 1 or 2 basis points up on, from a remix could be offset by the seasonal flow. So that's how we're thinking about deposits and funding cost rate at this moment.

因此，當我們在考慮未來幾個月的進展時，史蒂夫，我們認為這可能會趨於平穩，並稱其為混音的 1 或 2 個基點上調，可能會被季節性流量所抵消。這就是我們目前對存款和融資成本率的看法。

Okay. Great. That's helpful. And then, Simon, in your comments, you mentioned, I guess, like moderate loan demand, but that you're seeing some sizable -- I think commercial real estate opportunities is what you said. Just kind of curious if you can give a little color around those larger commercial real estate opportunities you're seeing.

好的。偉大的。這很有幫助。然後，西蒙，在您的評論中，我想您提到了適度的貸款需求，但您看到了一些相當大的 - 我認為商業房地產機會就是您所說的。只是有點好奇您能否為您所看到的大型商業房地產機會提供一些色彩。

Yeah. Thanks, Steve. I mean, just overall, we continue to see a nice demand across our business. We're seeing low single-digit loan growth for the third quarter and that's been pretty consistent with this quarter. Certainly seeing some nice opportunities, particularly in the commercial real estate side. We're also seeing on the resi side, nice pickup in our home equity business and solid demand on the resi mortgage side as well.

是的。謝謝，史蒂夫。我的意思是，總體而言，我們的業務仍然存在良好的需求。我們看到第三季的貸款成長率較低，為個位數，這與本季的情況相當一致。當然看到了一些不錯的機會，特別是在商業房地產方面。我們也看到，在 Resi 方面，我們的房屋淨值業務出現了良好的回升，並且 Resi 抵押貸款方面的需求也很強勁。

So overall, I think it continues the theme that we've been articulating, Steve, which is we're leveraging the balance sheet, focusing on relationships, being conscious, obviously, of quality and broadening that out and leveraging the opportunities we have to commit to the communities that we serve and continue to lend into those communities.

因此，總的來說，我認為這延續了我們一直在闡明的主題，史蒂夫，我們正在利用資產負債表，專注於關係，顯然，要意識到品質並擴大範圍，並利用我們必須的機會致力於我們所服務的社區，並繼續向這些社區提供貸款。

Got you. And are the projects multifamily in nature or industrial? Just kind of curious as to like where you're seeing the type of demand, if you will.

明白你了。這些項目是多戶型還是工業型？如果您願意的話，只是有點好奇您在哪裡看到了這種需求類型。

Yeah, it's a mix. It's definitely a mix. We definitely have some of those multifamily, we have a couple of multifamilies that particularly. We've had a couple of hotels, high-quality hotel locations in some great locations as well. I take those sort of, probably the two kind of things we've seen come through.

是的，這是一個混合體。這絕對是一個混合體。我們肯定有一些多戶家庭，特別是有幾個多戶家庭。我們已經擁有幾家酒店，在一些絕佳的地點也擁有高品質的酒店位置。我認為這些可能是我們所經歷過的兩件事。

Okay, great. I appreciate all the color, and I'll step back in the queue here.

好的，太好了。我很欣賞所有的顏色，我會退到這裡的隊列。

Matthew Breese, Stephens.

馬修·布里斯，史蒂芬斯。

Good afternoon. I was hoping you could talk a little bit more about the high-yield savings program. I guess, first, what rate are you offering on that program so long as folks meet all the criteria? Two, does it continue? And three, what's the expectation for how that program might impact deposit cost overall, but in particularly the savings category, given at least on the average balance sheet, still at a really low level, just some thoughts there.

午安.我希望你能多談談高收益儲蓄計畫。我想，首先，只要人們滿足所有標準，您對該計劃的報價是多少？二、繼續嗎？第三，對該計劃如何影響整體存款成本的預期是什麼，特別是儲蓄類別，至少在平均資產負債表上，仍然處於非常低的水平，只是一些想法。

Yes, sure. I can start off there, Matt. So as I mentioned, I think our savings growth for the quarter was 8%. I want to saying that was in the neighborhood of around $50 million. The vast majority of that certainly was from that high-yield product.

是的，當然。我可以從這裡開始，馬特。正如我所提到的，我認為本季我們的儲蓄成長率為 8%。我想說的是，這大約是 5000 萬美元。其中絕大多數肯定來自那種高收益產品。

Overall, I want to say that the weighted rate that we put on the high yield of 4.13% for the quarter. So we do have a couple, call it, tiers there around 4%, 4.4%, 4.5% that we're out there selling and marketing and have had good traction. And as we said, I mean, we're really trying to drive new customer acquisition along with that product as well.

總的來說，我想說的是，我們對本季4.13%的高收益率的加權率。因此，我們確實有一些，稱之為，大約 4%、4.4%、4.5% 的等級，我們正在那裡進行銷售和行銷，並且具有良好的吸引力。正如我們所說，我的意思是，我們確實也在努力推動新客戶的取得以及該產品。

I think one of the things that we're also in the back of our heads thinking about is CDs start to reprice and start to roll off here over the coming months as well as being thoughtful of trying to get the money back into illiquid products, have the ability to roll down the curve if and when that happens. So we're trying to balance all those factors, and be certainly very thoughtful about that.

我認為我們也在考慮的一件事是 CD 開始重新定價並在未來幾個月內開始滾動，並考慮嘗試將資金重新投入到非流動性產品中，如果發生這種情況，有能力降低曲線。因此，我們正在努力平衡所有這些因素，並且一定要深思熟慮。

Matt, this is Simon. So just add to that. Matt, I'll just add just a comment to that. It's continue to see one of the nice things about the CD roll off and we continue to have about 80% retention, which is very favorable, leverage these relationships to really deep and expand into other products as well. So we're really seeing that opportunity to engage our clients and look for opportunities deepen as I mentioned.

馬特，這是西蒙。所以只需添加即可。馬特，我只想添加一條評論。我們繼續看到 CD 推出的好處之一，我們繼續擁有大約 80% 的保留率，這是非常有利的，我們可以利用這些關係來真正深入並擴展到其他產品。因此，正如我所提到的，我們確實看到了與客戶互動並尋找機會的機會正在加深。

I appreciate that color. Maybe just looking at the NIM, it feels like we're at that inflection point for you all where deposit cost increases start to slow, while asset yields really start to reprice higher. As you extend and look at your outlook for beyond '24 and into 2025, how much of the lost ground on the NIM can we recapture? Can we get back to a, call it, a [2.75%] type NIM based on forward curve. I think there's three or four cuts in there. Just some overall thoughts on the longer-term trajectory of the NIM, not just the next one or two quarters, but in the '25.

我很欣賞那種顏色。也許只要看看淨利差，我們就感覺我們正處於一個拐點，存款成本的成長開始放緩，而資產收益率確實開始重新定價更高。當您擴展並審視 24 年至 2025 年的前景時，我們可以奪回多少 NIM 失地？我們可以回到基於遠期曲線的[2.75%]型NIM嗎？我認為那裡有三、四個切口。只是對 NIM 長期軌蹟的一些總體想法，不僅僅是接下來的一兩個季度，而是 25 年。

Yes, it's a great question. I think to your comment there, Matt, is certainly going to matter what the shape of the curve is. I mean, I certainly hope that we get back to margin levels that we were at certainly a few years ago. How fast we get there to be seen. Certainly, as we think about Fed rate cuts, hopefully over coming months and quarters, assuming that the yield curve doesn't the long end doesn't go down with it. That will certainly be beneficial to us.

是的，這是一個很好的問題。馬特，我認為你的評論肯定會影響曲線的形狀。我的意思是，我當然希望我們能回到幾年前的利潤水準。我們以多快的速度到達那裡，讓人們看到。當然，當我們考慮到聯準會降息時，希望在未來幾個月和幾個季度，假設殖利率曲線不會長期下降。這對我們來說肯定是有利的。

And as you anticipate, to your comment there, I do anticipate us getting back to $270 million I don't know off the top of my head how fast that is. But certainly, something we're certainly steering into. And as we've been communicating now for years and quarters is we really are focused on optimizing margin, and we want to get that. We're focused on growing the business, but we want to do it profitably, and that's top of mind for us.

正如您所預期的那樣，根據您的評論，我確實預計我們將回到 2.7 億美元，但我不知道這有多快。但當然，我們肯定會轉向這一點。正如我們多年來和幾個季度一直在溝通的那樣，我們確實專注於優化利潤率，我們希望實現這一點。我們專注於發展業務，但我們希望實現盈利，這是我們的首要任務。

Appreciate that. The last one for me is just some help on the fee income front. Outlook for the rest of the year. But then within that, just to point where you have some additional leverage. Could you just update us on the wealth management business, assets under management, what you're doing to grow that, the mortgage banking effort as well?

很欣賞這一點。對我來說，最後一個只是在費用收入方面提供一些幫助。今年剩餘時間的展望。但在那之後，只是為了指出你有一些額外的影響力。您能否向我們介紹財富管理業務、管理資產、您正在採取哪些措施來發展這些業務以及抵押貸款銀行業務的最新情況？

Yeah. Thanks for the question, Matt. On the fee income front, for the third quarter, I think very much in line with what we reported this quarter. We've got an estimated range of about $10.5 million to $11 million. And certainly, we think that the fourth quarter fee income might come in will probably come in a little higher than that, about $10.75 million to $11.25 million, that's due to the annual leisure incentive bonus that we have in the fourth quarter. So overall, I think the underlying picture for us is continuing to invest in that business and the wealth business. I think we've got some nice traction there.

是的。謝謝你的提問，馬特。在第三季的費用收入方面，我認為與我們本季報告的情況非常一致。我們的估計範圍約為 1050 萬美元至 1100 萬美元。當然，我們認為第四季度的費用收入可能會略高於這一數字，約為 1,075 萬美元至 1,125 萬美元，這是由於我們在第四季度獲得的年度休閒激勵獎金。總的來說，我認為我們的基本情況是繼續投資該業務和財富業務。我認為我們在那裡有一些不錯的吸引力。

As we reported, we were up just over 10% and I think we see nice momentum on the brokerage side. We brought Garrett in to lead the wealth business, and he's starting to certainly build that out, and that's certainly an area that we believe has a lot of opportunity for us given our geography and given the momentum we have with that team. So it's an area that we continue to look to and I think can be a nice area of growth for us going forward.

正如我們所報導的那樣，我們的漲幅略高於 10%，我認為我們在經紀業務方面看到了良好的勢頭。我們聘請加勒特來領導財富業務，他肯定已經開始發展這項業務，考慮到我們的地理位置以及我們與團隊的勢頭，我們相信這肯定是一個為我們提供大量機會的領域。因此，這是我們繼續關注的一個領域，我認為這對我們未來來說可能是一個很好的成長領域。

Excellent. I'll leave it there. Thank you for taking all my questions.

出色的。我會把它留在那裡。感謝您回答我所有的問題。

(Operator Instructions) We have no further questions. So this concludes our question-and-answer session.

（操作員說明）我們沒有其他問題了。我們的問答環節到此結束。

I'd now like to turn the conference back over to Simon Griffiths for any closing comments.

現在我想將會議轉回給西蒙·格里菲斯（Simon Griffiths）徵求總結意見。

Well, thank you. I want to thank you all for your time today and your interest in Camden National Corporation. We wish you all a great rest of your day, and thanks for your time.

嗯，謝謝。我要感謝大家今天抽出寶貴的時間以及對卡姆登國家企業的興趣。我們祝福大家有個愉快的一天，感謝您抽出寶貴的時間。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。