Camden National Corp (CAC) 2025 Q2 法說會逐字稿

Good day, and welcome to Camden National Corporation's second quarter 2025 earnings conference call. My name is Elliot, and I'll be your operator for today's call. (Operator Instructions) I'll now turn the call over to Renée Smyth, Executive Vice President, Chief Experience and Marketing Officer.

大家好，歡迎參加 Camden National Corporation 2025 年第二季財報電話會議。我叫艾略特，今天電話的接線生由我來接聽。（操作員指示）現在我將把電話轉給執行副總裁、首席體驗和行銷長 Renée Smyth。

Thank you. Good afternoon, and welcome to Camden National Corporation's conference call for the second quarter of 2025. 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 and Chief Financial Officer.

謝謝。下午好，歡迎參加 Camden National Corporation 2025 年第二季電話會議。今天下午與我們一起參加會議的還有卡姆登國家公司執行團隊成員，總裁兼首席執行官西蒙·格里菲斯 (Simon Griffiths) 和執行副總裁兼首席財務官邁克·阿徹 (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 2025 earnings release issued this morning and in other reports we file with the SEC.

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討論的內容有重大差異。有關這些前瞻性陳述的警示性語言包含在我們今天上午發布的 2025 年第二季收益報告以及我們向美國證券交易委員會提交的其他報告中。

All of these materials and public filings are available on our investor relations website at Camden national. bank, Camden National Corporation trades on the NASDAQ under the symbol CAC. In addition, today's presentation includes a discussion of non-GAAP financial measures.

所有這些資料和公開文件均可在我們的投資者關係網站 Camden National 上查閱。銀行、Camden National Corporation 在納斯達克交易，股票代號為 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。

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. I am pleased to introduce our host, President and CEO, Simon Griffiths.

任何對非 GAAP 財務指標的引用都旨在提供有意義的見解，並在我們的收益報告中與 GAAP 相協調，該報告也可在我們的投資者關係網站上找到。我很高興介紹我們的主持人、總裁兼執行長西蒙·格里菲斯 (Simon Griffiths)。

Good afternoon, everyone, and thank you, Renee. We appreciate you taking the time to join us today. We're pleased to report on our strong performance in our first full quarter as a unified organization following the acquisition of Northway Financial earlier this year, which bolstered our presence in the New Hampshire market.

大家下午好，謝謝你，蕾妮。感謝您今天抽空加入我們。我們很高興地報告，在今年稍早收購 Northway Financial 之後，我們作為一個統一的組織在第一個完整季度取得了強勁的業績，這增強了我們在新罕布夏州市場的地位。

This quarter marked a beginning of unlocking the financial potential of our combined franchise with pretax pre-provision income, excluding onetime merger-related expenses rising 13% from the prior quarter. Earlier this morning, we reported strong quarterly earnings of $14.1 million, resulting in diluted earnings per share of $0.83.

本季標誌著我們合併特許經營權的財務潛力開始釋放，稅前撥備前收入（不包括一次性合併相關費用）較上一季成長 13%。今天早些時候，我們報告了強勁的季度收益，達到 1410 萬美元，每股攤薄收益為 0.83 美元。

On a non-GAAP basis, adjusted earnings were $15.2 million or $0.89 per share. Our strong quarterly earnings accretion continues to rebuild our capital levels following the completion of the Northway acquisition and to enhance shareholder value.

以非公認會計準則計算，調整後收益為 1,520 萬美元，即每股 0.89 美元。在完成 Northway 收購後，我們強勁的季度獲利成長繼續重建我們的資本水平並提高股東價值。

This is evidenced by the expansion of tangible common equity ratio to 6.77% at June 30, and a 3% increase in tangible book value during the second quarter, reaching $26.90 per share. These outstanding results reflect early success in realizing cost synergies from the Northway acquisition and the ability to drive solid revenue growth, underscoring the strategic value of the acquisition for all our constituents, customers, employees, communities and shareholders.

證據是，截至 6 月 30 日，有形普通股權益比率擴大至 6.77%，第二季有形帳面價值成長 3%，達到每股 26.90 美元。這些出色的業績反映了 Northway 收購在實現成本協同效應方面取得的早期成功以及推動穩健收入增長的能力，凸顯了此次收購對我們所有成員、客戶、員工、社區和股東的戰略價值。

Several of our key performance indicators continue to trend positively. Net interest margin expanded by an additional 2 basis points and our non-GAAP efficiency ratio improved to 55.5%. We believe these outcomes demonstrate that we are well positioned to sustain interest margin expansion and earnings growth through the second half of 2025.

我們的一些關鍵績效指標持續呈現正向趨勢。淨利差進一步擴大了 2 個基點，我們的非公認會計準則效率比率提高至 55.5%。我們相信，這些結果表明，我們有能力在 2025 年下半年維持息差擴大和獲利成長。

As reported, on commercial borrower filed for bankruptcy during the second quarter, resulting in the need for additional provisioning on this loan. We are actively engaged with a small group of other lenders involved in this loan and anticipate resolution later this year. In a few minutes, Mike will provide more details on our provision and loan loss reserve levels for the second quarter.

據報道，一家商業借款人在第二季申請破產，導致需要對該貸款進行額外撥備。我們正積極與參與這筆貸款的一小部分其他貸款機構接洽，預計今年稍後能夠解決問題。幾分鐘後，麥克將提供有關我們第二季撥備和貸款損失準備金水平的更多詳細資訊。

We remain confident in the overall health of our loan portfolio and that this is not a broader trend across our well-diversified loan portfolio, as evidenced by our continued strong asset quality metrics. Our second quarter performance reflects the continued benefits of our strategic investments, both digital and talent focused across the organization along with the disciplined execution of proactive deposit gathering and management.

我們對我們的貸款組合的整體健康狀況仍然充滿信心，而且這並不是我們多元化貸款組合的普遍趨勢，我們持續強勁的資產品質指標就證明了這一點。我們第二季的業績反映了我們策略投資的持續收益，包括整個組織的數位和人才投資，以及主動存款收集和管理的嚴格執行。

While average deposits were down 1% on a linked-quarter basis due to seasonal trends, we have seen encouraging growth more recently as the summer months are upon us. While average loans remained stable during the quarter, we grew ending loan balances in both the consumer and commercial businesses.

雖然由於季節性趨勢，平均存款環比下降了 1%，但隨著夏季的到來，我們最近看到了令人鼓舞的成長。雖然本季平均貸款保持穩定，但我們的消費者和商業業務的期末貸款餘額均有所成長。

Our commercial team remains highly engaged leveraging strong, long-standing relationships and increased visibility in the high-growth markets of Southern New Hampshire and Maine. We're seeing consistent pipeline activity across our markets, signaling strong demand and sustained momentum.

我們的商業團隊仍然高度投入，利用強大的長期關係以及在新罕布夏州南部和緬因州高成長市場的不斷提高的知名度。我們看到整個市場都在持續進行管道活動，這表明需求強勁且勢頭持續。

And at the same time, we remain firmly committed to our underwriting discipline. During the quarter, we achieved robust growth in home equity loan balances and our high-yield savings account, which requires a consumer a checking account, helping us expand and deepen relationships.

同時，我們仍然堅定地遵守承保紀律。在本季度，我們的房屋淨值貸款餘額和高收益儲蓄帳戶（需要消費者開設支票帳戶）實現了強勁增長，幫助我們擴大和深化關係。

We also achieved significant success in growing and diversifying our fee revenue. Our fiduciary and brokerage fee income organically grew 16% year-over-year. Our growing wealth management team is realizing substantial operational efficiencies from its new platform, which was implemented last year.

我們在增加和多樣化費用收入方面也取得了重大成功。我們的信託和經紀費收入較去年同期有機成長了 16%。我們不斷成長的財富管理團隊正在透過去年實施的新平台實現顯著的營運效率。

We continue to see strong opportunities to expand our services within our existing customer base, particularly as we prioritize advice-driven conversations and extend our treasury management services into the New Hampshire market. We continue to advance our innovation agenda with strategic investments to modernize our mobile app, aimed at attracting and retaining a digitally savvy customer base.

我們繼續看到在現有客戶群中擴展服務的強大機會，特別是當我們優先考慮建議驅動的對話並將我們的財務管理服務擴展到新罕布夏州市場時。我們繼續透過策略投資來推進我們的創新議程，以實現我們行動應用程式的現代化，旨在吸引和留住精通數位技術的客戶群。

This quarter, we successfully launched both our Round Up feature and [Zo Go] a digital financial literacy program. The response has been strong.

本季度，我們成功推出了 Round Up 功能和數位金融知識普及計畫 [Zo Go]。反響十分強烈。

Within the first 60 days, customers completed over 140,000 Round Up transactions, automatically directing spare change into savings and charitable giving accounts and engaging in more than 13,000 learning activities through our financial education tools. We are proud of our second quarter financial performance reflects the dedication of our 700 plus United teammates and they our unwavering focus on serving our customers and executing our strategy.

在前 60 天內，客戶完成了超過 140,000 筆 Round Up 交易，自動將零錢存入儲蓄和慈善捐贈帳戶，並透過我們的金融教育工具參與了超過 13,000 項學習活動。我們為第二季度的財務業績感到自豪，這反映了我們 700 多名聯合隊友的奉獻精神以及他們堅定不移地專注於服務我們的客戶和執行我們的策略。

Their efforts have fueled strong results and built momentum we expect to carry through the second half of 2025 and beyond. We are well positioned to continue delivering exceptional outcomes and unlocking meaningful long-term value for shareholders.

他們的努力取得了豐碩的成果，並累積了強勁的勢頭，我們預計這種勢頭將持續到 2025 年下半年及以後。我們已做好準備，持續創造卓越的成果，為股東創造有意義的長期價值。

With that, I'll hand over to Mike to provide some additional financial highlights regarding the quarter.

接下來，我將把時間交給麥克，讓他提供有關本季的一些額外財務亮點。

Thank you, Simon, and good afternoon, everyone. Our second quarter operating results gave us a first look at our earnings power as a larger organization, having completed the acquisition of Northway Financial, and much of our integration in the first quarter of this year.

謝謝你，西蒙，大家下午好。我們第二季的經營業績讓我們首次看到了我們作為一個更大組織的獲利能力，我們已完成對 Northway Financial 的收購，並在今年第一季完成了大部分整合。

As we enter the second half of the year, I'm pleased to report that we remain on track to deliver the financial targets outlined as part of the acquisition, including achieving our targeted cost reductions. For the second quarter, we reported GAAP net income of $14.1 million and diluted earnings per share of $0.83, representing increases of 92% and 93%, respectively, over the previous quarter.

進入下半年，我很高興地報告，我們仍在按計劃實現收購中提出的財務目標，包括實現我們的成本削減目標。第二季度，我們報告的 GAAP 淨收入為 1,410 萬美元，每股攤薄收益為 0.83 美元，分別比上一季成長 92% 和 93%。

On a non-GAAP basis, pretax pre-provision net income excluding M&A-related costs, totaled $26.1 million for the second quarter and increased 13% over the previous quarter. This increase highlights the improvement in our efficiency ratio during the second quarter, which reached 55.5%, our lowest level since the second quarter of 2022.

以非公認會計準則計算，第二季扣除併購相關成本的稅前撥備前淨收入總計 2,610 萬美元，較上一季增加 13%。這一成長凸顯了我們第二季效率比率的提高，達到 55.5%，這是自 2022 年第二季以來的最低水準。

Total revenues for the second quarter grew 4% over the last quarter to [$62.3] million, driven by both net interest income and noninterest income growth. Net interest margin and non-GAAP core net interest margin each expanded 2 basis points during the second quarter to [306] and [270] respectively.

第二季總收入較上一季成長 4%，達到 6,230 萬美元，主要得益於淨利息收入和非利息收入的成長。第二季淨利差和非公認會計準則核心淨利差分別擴大 2 個基點至 [306] 和 [270]。

We continue to focus on driving core net interest margin expansion and anticipate further expansion in the third quarter as we'll benefit from seasonal deposit flows and continued steady expansion of our earning asset yield. Noninterest income reached $13.1 million for the second quarter, which beat our guidance provided last quarter.

我們繼續致力於推動核心淨利差的擴大，並預計第三季將進一步擴大，因為我們將受益於季節性存款流動和生息資產收益率的持續穩定擴大。第二季非利息收入達到 1,310 萬美元，超過了我們上個季度給出的預期。

We are currently estimating a range for noninterest income for the third quarter of $12 million to $13 million. Reported noninterest expense for the second quarter was $37.6 million, which was 15% lower than the first quarter. Noninterest expense, excluding M&A costs for the second quarter was $36.2 million, a 2% decrease compared to the prior quarter.

我們目前估計第三季的非利息收入範圍為 1,200 萬美元至 1,300 萬美元。第二季的非利息支出為 3,760 萬美元，比第一季下降 15%。第二季不包括併購成本的非利息支出為 3,620 萬美元，比上一季下降 2%。

For the third quarter, we currently anticipate noninterest expenses, excluding M&A costs and [C&I] amortization to land closer to $34 million as we realized a full quarter of cost synergy savings from the Northway acquisition. Weighing on our reported financial results for the second quarter were elevated provision expenses of $6.9 million.

對於第三季度，我們目前預計非利息支出（不包括併購成本和[C&I]攤銷）將接近 3,400 萬美元，因為我們透過 Northway 收購實現了整整一個季​​度的成本協同效應節約。690 萬美元的撥備支出增加對我們報告的第二季財務表現造成了影響。

During the second quarter, a borrower under a syndicated loan in which came -

在第二季度，銀團貸款的借款人-

Ladies and gentlemen, we have lost connection with our speaker.

女士們，先生們，我們與發言人失去了聯繫。

This is Mike. Sorry for the disconnection there. We'll jump back into the meeting here.

這是麥克。抱歉，連線中斷了。我們將重新開始這裡的會議。

Weighing on the reported financial results for the second quarter were elevated provision expenses of $6.9 million. During the second quarter, the borrower under our syndicated loan in which Camden's participation totaled $12 million entered bankruptcy, and we placed the loan on nonaccrual status.

690 萬美元的撥備支出增加對第二季報告的財務表現造成了影響。在第二季度，卡姆登參與的銀團貸款總額為 1,200 萬美元的借款人破產了，我們將該貸款置於不計息狀態。

As of June 30, we carried an allowance on this credit of $6 million, which represents our best estimate of the potential loss as of the end of the second quarter. This credit was a driver of the elevated provision expense and the increase in our allowance coverage ratio of 12 basis points during the second quarter to 1.08% at June 30.

截至 6 月 30 日，我們對這筆貸款提列了 600 萬美元的準備金，這是我們對第二季末潛在損失的最佳估計。這項信貸導致撥備支出增加，並使我們的撥備覆蓋率在第二季增加了 12 個基點，截至 6 月 30 日達到 1.08%。

As noted in our earnings release earlier today, we currently anticipate that this credit will be fully resolved later this year. Overall, our credit trends across the broader loan portfolio remain very strong. Past due loans accounted for 8 basis points of total loans at June 30.

正如我們今天早些時候發布的收益報告中所指出的，我們目前預計這筆貸款將在今年稍後得到完全解決。總體而言，我們更廣泛的貸款組合的信貸趨勢仍然非常強勁。截至 6 月 30 日，逾期貸款佔貸款總額的 8 個基點。

Net charge-offs for 2 basis points of average loans for the second quarter, and nonperforming loans were 37 basis points of total loans at June 30. We experienced nice loan growth during the quarter of 1%, coming primarily from commercial and home equity loans.

第二季平均貸款淨沖銷2個基點，截至6月30日，不良貸款佔貸款總額的37個基點。本季我們的貸款成長良好，達到 1%，主要來自商業貸款和房屋淨值貸款。

Our loan pipelines were robust at June 30 with a $150 million committed loan pipeline, representing a 40% increase over the last quarter. Lastly, our capital position remains very strong, supported by growing ratios as we rebuild capital following the Northway acquisition earlier this year.

截至 6 月 30 日，我們的貸款管道十分強勁，承諾貸款額為 1.5 億美元，比上一季成長了 40%。最後，我們的資本狀況依然非常強勁，這得益於我們在今年稍早收購 Northway 之後重建資本而不斷增長的比率。

Our TCE ratio grew to 6.77% at June 30, an increase of 28 basis points from the previous quarter, and our regulatory capital ratios continue to be well in excess of requirements and continue to build as well. We anticipate strong capital generation in the second half of the year, driven by the full realization of synergies and sustained revenue growth.

截至 6 月 30 日，我們的 TCE 比率成長至 6.77%，較上一季增加 28 個基點，我們的監管資本比率持續遠高於要求，並且持續提高。我們預計，在充分實現協同效應和持續收入成長的推動下，下半年將實現強勁的資本成長。

This concludes our comments. We'll now open up the call for questions.

我們的評論到此結束。我們現在開始提問。

(Operator Instructions)

（操作員指示）

Steve Moss, Raymond James.

史蒂夫莫斯、雷蒙詹姆斯。

Good afternoon guys. Maybe just starting here on the credit front. Mike, just starting on the credit front here. Just curious what type of C&I loan was it? And did the placement on nonaccrual here this quarter also impact net interest income?

大家下午好。也許只是從信用方面開始。麥克，我剛開始談信用方面的事情。只是好奇這是什麼類型的 C&I 貸款？本季的非應計利息安排是否也影響了淨利息收入？

Yes. So that was one of our just C&I loans or what the [syndication see] as mentioned in the comments, we're working with a small group of lots of vendors on that. In terms of our credit team is working very closely and diligently trying to work through the resolution there.

是的。所以這是我們的一項 C&I 貸款，或評論中提到的 [銀團貸款]，我們正在與一小群供應商就此展開合作。就我們的信貸團隊而言，他們正密切合作，努力尋求解決方案。

And as we mentioned, you anticipate that full resolution here a little bit later this year. It did impact net interest income for the quarter. Overall, it was about a basis point of net interest margin or margin for the quarter.

正如我們所提到的，預計今年晚些時候將全面解決這個問題。它確實影響了本季的淨利息收入。整體而言，本季淨利差或利潤率約為一個基點。

Okay. I'm sorry, maybe I should have been more specific. Just curious as to like what kind of industry the borrower is active?

好的。抱歉，也許我應該說得更具體一點。只是好奇借款人活躍於什麼行業？

Steve yes, I've characterized it as a service company.

史蒂夫：是的，我將其描述為一家服務公司。

Okay. Got it. And then in terms of the loan pipeline here, just curious color around the drivers of the improvement in the pipeline and kind of what's the coupon you're seeing on new originations?

好的。知道了。然後就這裡的貸款管道而言，我只是好奇通路改善的驅動因素是什麼，以及您在新貸款中看到的票面利率是什麼樣的？

Yeah, I'll take that, Steve. And just talking just to go back a click here. I think, obviously, we've mentioned the one loan. But I think we still feel very confident around our credit position, and when you look at nonaccruals, the 15 basis points [absent that low], and it really is flat quarter-over-quarter.

是的，我接受，史蒂夫。只需點擊這裡即可返回。我認為，顯然我們已經提到了一筆貸款。但我認為，我們對我們的信貸狀況仍然非常有信心，當你看到不提列項目時，15 個基點（沒有那麼低），而且它確實與上一季持平。

So we feel very good about that. And as we push into this quarter, we are seeing a pickup, particularly on the commercial side, we're seeing a lot of activity. We're also seeing some great results in the home equity front.

因此我們對此感到非常高興。隨著我們進入本季度，我們看到了回暖，特別是在商業方面，我們看到了很多活動。我們在房屋淨值方面也看到了一些很好的成果。

We grew $16.7 million in the second quarter and balances as compared to $18 million all of last year. So that's very positive momentum there, which I think is really good to see.

我們第二季的利潤成長了 1,670 萬美元，而去年全年的利潤為 1,800 萬美元。所以，這是一個非常積極的勢頭，我認為這真的很好。

So we're seeing a nice balance across C&I, small loans, business loans, mortgage is actually quite resilient as well. So it's a broad-based sort of pickup. And certainly, as we say, we've got a very positive pipeline.

因此，我們看到工商業貸款、小額貸款、商業貸款和抵押貸款之間的良好平衡實際上也相當有彈性。因此，這是一種廣泛的回升。當然，正如我們所說，我們擁有非常積極的管道。

Okay. Got you. And in terms of the margin expansion here, just kind of thinking about the asset repricing, obviously, originations helped here, too. Would you think about it as a couple of basis points a quarter? I'm just kind of curious how you guys are thinking about that dynamic.

好的。明白了。就這裡的保證金擴張而言，只要考慮資產重新定價，顯然，發起也起到了幫助作用。您是否認為這是每季幾個基點？我只是有點好奇你們是如何看待這種動態的。

I'll just say, Steve, I think we do see continued momentum back into this year, obviously, contingent in terms of the Fed, but we see plus, minus 5, 10 basis points for the next quarter dependent obviously on where the Fed goes.

我只想說，史蒂夫，我認為我們確實看到了今年經濟持續復甦的勢頭，這顯然取決於美聯儲，但我們認為下一季經濟將上漲、下跌 5 到 10 個基點，這顯然取決於聯準會的走向。

Appreciate all the color and I'll step back in the queue.

欣賞所有的色彩，我會回到隊列中。

Matthew Breese, Stephens.

馬修·布里斯，史蒂芬斯。

Good afternoon. Just on the C&I credit, a couple from me here. You noted you're actively involved with other lenders on the note. Can you give us some sense for the ultimate size of this loan, and then what is your exposure overall syndicated loans?

午安.僅就 C&I 信用而言，我這裡有幾項。您指出，您正積極與其他貸款人就該票據進行合作。您能否告訴我們這筆貸款的最終規模，以及您對整體銀團貸款的曝險是多少？

So our total exposure, Matt, is $12 million at quarter end. I can certainly say there are five or 6 other banks in this group, and total exposure for the, is around the $ 200 million mark.

因此，馬特，我們的總風險敞口在季度末為 1200 萬美元。我可以肯定地說，這個集團還有其他五、六家銀行，總風險敞口約為 2 億美元。

Just in terms of unfunded there, Matt, there's a small piece of remaining exposure out there. I think it's around [$1 million] or so, maybe a little bit over but it's in that neighborhood.

馬特，就未獲資助的情況而言，那裡還有一小部分剩餘的風險敞口。我認為價格大約在 [100 萬美元] 左右，可能稍微高一點，但也是差不多這個價位。

And the $200 million, are how would you characterize those in terms of geography? Are they mostly local? Or are they national? What kind of broadly speaking, what kind of businesses are they attached to?

那麼，從地理角度來看，您如何描述這 2 億美元呢？他們大多是當地人嗎？還是他們是全國性的？從廣義上講，他們隸屬於什麼樣的企業？

It's a mix from national to large regional local.

它是從全國性到大型區域性的混合體。

And there's no other signs of deterioration in the broader book.

總體而言，這本書沒有其他惡化的跡象。

No, we talk very good. I mean, again, just coming back to my earlier point, Matt, nonaccruals, the 15 basis points of, I mean, that's pretty much flat quarter-over-quarter. Delinquencies are 8 basis points, up 1 basis point from Q1, charge-offs of 2 basis points annualized.

不，我們聊得很好。我的意思是，再次回到我之前的觀點，馬特，非應計項目，15 個基點，我的意思是，這幾乎與上一季持平。拖欠率為 8 個基點，較第一季上升 1 個基點，以年率計算沖銷額為 2 個基點。

We feel very good about the overall book, but inevitably sometimes you have these one-off situations, and that's exactly what this is.

我們對整本書感覺很好，但不可避免地有時會遇到這些一次性的情況，而這正是這種情況。

Understood. Got it. Okay. Mike, you mentioned a couple of guidance items. I was hoping to kick the tires on.

明白了。知道了。好的。麥克，你提到了一些指導事項。我希望能試一下。

The first one was just fee income of $12 million to $13 million next quarter, a little bit of a pullback. And I'm curious as to where we might see that pullback occur.

第一個是下個季度的費用收入為 1200 萬美元至 1300 萬美元，略有回落。我很好奇我們會在哪裡看到這種回調發生。

Yes, a couple good questions, Matt. A couple of things in there. One, just on the mortgage side, there is some fair value accounting that's giving a bit of a path, if you will, on just the pipeline loans at quarter end.

是的，有幾個很好的問題，馬特。裡面有幾件事。首先，僅在抵押貸款方面，有一些公允價值會計可以為季度末的管道貸款提供一些指引。

The other item is within the BOLI, you would have seen a pop there as well. And obviously, just with the acquisition from different securities supporting one of the underlying BOLI policies that is more tied to the equity markets and just have more volatility as you can bait some of that.

另一件物品位於 BOLI 內，您也會在那裡看到爆裂聲。顯然，透過收購不同的證券來支持一項基礎的 BOLI 政策，該政策與股票市場聯繫更緊密，並且波動性更大，因為你可以利用其中的一些。

So a little bit, that's a little bit of my caution out there. That said, I think mortgage will be strong from a sales perspective this stow around. I think we pegged that from around the $750,000 to $1 million. So that can be pretty stable.

所以，這是我的一點謹慎。話雖如此，我認為從銷售角度來看，抵押貸款今年將會表現強勁。我認為我們將其定為 75 萬美元到 100 萬美元左右。所以會相當穩定。

My hope would be in the 12.5% to 13% kind of more in that range. But there's a couple of items out there that are a little less in our control, if you will, from a valuation perspective.

我希望這個數字在 12.5% 到 13% 之間，或更高。但從估值角度來看，有幾項我們無法控制。

Got it. Okay. And then on expenses, I think you had said $34 million to $35 million for the rest of the year. At that point, at year-end, have you kind of done all you can from Northway?

知道了。好的。關於開支，我想您說過今年剩餘時間的開支為 3400 萬至 3500 萬美元。到那時，也就是年底，您是否已經為 Northway 做了您所能做的一切？

And should we expect a little bit of growth from the year-end figure, whether it's 34% or 35%. Just trying to get some sense for the inflection point on expenses that you're in.

我們是否應該期待年底的數字會有一些成長，無論是 34% 還是 35%？只是想了解您所處的支出轉折點。

Yeah. I mean so we're targeting something closer to $34 million for the third quarter, Matt. We anticipate that we'll have certainly the high majority, vast majority of the cost synergies by that point. There could be some items that continue to fall out there, but certainly, the material significant items we would have gained most of that benefit as we close down the third quarter, possibly into the early fourth.

是的。我的意思是，馬特，我們第三季的目標是接近 3400 萬美元。我們預計，到那時我們肯定會實現絕大多數的成本綜效。可能會有一些項目繼續下滑，但可以肯定的是，隨著第三季結束，甚至可能進入第四季度初，我們將從那些重要的實質項目中獲得大部分收益。

But all things considered. I do think we'll see the most of that in the third quarter. There's a little bit of lumpiness just in the second quarter that is in our numbers in terms of some of the expenses.

但綜合考慮所有因素。我確實認為我們會在第三季看到大部分這樣的情況。就某些支出而言，我們的第二季數據存在一些波動。

We just have annual equity grants for board members and directors that flush through. And so it's a little bit higher than maybe you would have other was expected, but that again, that's just more of a seasonality factor and something that we've always had.

我們每年都會發放股權獎勵給董事會成員和董事。因此，它可能比你預期的要高一點，但這只是季節性因素，也是我們一直存在的問題。

Understood, Simon, just on the credit piece, the stock is down 11% today. It feels like it's mostly tied to the increase in nonaccruals and a bit of a mismatch between your commentary today.

明白了，西蒙，僅就信貸部分而言，今天股價下跌了 11%。感覺這主要與不提列項目的增加有關，並且與您今天的評論有點不匹配。

So just curious if the stock kind of stays here, would you be interested in the buyback as soon as the window opens up. That's all I had.

所以我只是好奇如果股票保持在這裡，你是否有興趣在窗口打開後立即回購。這就是我所擁有的一切。

Yeah. I mean, certainly, I think in the context of the credit and the comments, I think we're very well positioned for the second half of the year. I think we see a lot of positives were (inaudible) really see the traction which we hoped for with the New Hampshire franchise.

是的。我的意思是，當然，我認為從信譽和評論的角度來看，我們為今年下半年做好了充分的準備。我認為我們看到了很多積極的方面（聽不清楚）確實看到了我們對新罕布夏特許經營權的期望。

We're certainly picking up a lot of the momentum in the commercial volume in New Hampshire, which I think is really positive. We have buyback open as an option for us. If that makes sense, certainly that optionality is there.

我們在新罕布夏州的商業交易量方面確實取得了很大的進展，我認為這是非常積極的。我們可以選擇回購。如果這有意義的話，那麼肯定存在這種可選性。

We certainly feel very good about the core kind of net interest margins as we've talked about. And I think the continued focus on the team with a trajectory to focusing on getting to 3%, I think, is certainly something the team are very committed to. So I think that's a real positive for us.

正如我們所討論的，我們對核心淨利差確實感到非常滿意。我認為，繼續專注於團隊並努力達到 3% 的目標，這肯定是團隊非常致力於的事情。所以我認為這對我們來說確實是一件好事。

We've got cost discipline, I think in place and really landing the commitments we made around the integration. So you put all those pieces together, I think the back half of the year looks very positive, and we're excited as a management team to continue to execute on the integration and opening up the market to New Hampshire and obviously, the organic growth we have in the main markets.

我認為我們已經制定了成本紀律，並真正兌現了我們在整合方面所做的承諾。所以，把所有這些部分放在一起，我認為今年下半年看起來非常積極，作為管理團隊，我們很高興能夠繼續執行整合並向新罕布什爾州開放市場，顯然，我們在主要市場實現了有機增長。

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

我就把它留在那裡。感謝您回答我的所有問題。謝謝。

(Operator Instructions)

（操作員指示）

Damon DelMonte, KBW.

達蒙·德爾蒙特，KBW。

This is [Matt Rank] filling in for Damon DelMonte. I hope everybody is doing okay today. Just as a, I don't know what that noise was.

這是 [Matt Rank]，代替 Damon DelMonte。我希望今天每個人都一切順利。就像，我不知道那是什麼聲音。

But just as a follow-up on the fee income side of things. Just kind of hoping to see how early wealth management conversations are going to New Hampshire and what you think that business and franchise could maybe grow to over the next year?

但這只是對費用收入的後續關注。只是希望看看早期財富管理對話在新罕布夏州的進展如何，以及您認為該業務和特許經營權在未來一年內可能會增長到什麼程度？

Yeah. I think as we've added, particularly in the main footprint. We've added a couple of well folk. So we see that potential. We're certainly investing into our core market where we've got strong relationships and certainly continuing to build that out and seen some very nice growth, both within our brokerage business, but also with our wealth franchise.

是的。我認為正如我們所添加的，特別是在主要足跡中。我們增加了一些好人。所以我們看到了這種潛力。我們當然會投資於我們的核心市場，我們在那裡擁有強大的關係，並且肯定會繼續建立這種關係，並且看到了非常好的成長，無論是在我們的經紀業務中，還是在我們的財富特許經營中。

We've certainly got started to take a step into the New Hampshire market. We're certainly right now focused more on the lending side. The commercial, as I said earlier in my earlier comments, very positive results.

我們已經開始進軍新罕布夏州市場。我們現在當然更關注貸款方面。正如我之前的評論中所說，這則廣告取得了非常正面的效果。

Home equity, of course, is as I talked about, we're seeing a lot of traction there, which is exciting. That wasn't a product that the Northway team has. So that's, I think, being a real asset to our customers.

當然，正如我所說的，房屋淨值在那裡看到了很大的發展勢頭，這是令人興奮的。這不是 Northway 團隊的產品。所以我認為這對我們的客戶來說是一筆真正的財富。

And with those loans, we're bringing in deposits as well and seeing a lot of traction on that side. So I think that helps the funding side, which is real positive.

透過這些貸款，我們也引入了存款，並看到了很大的發展勢頭。所以我認為這對融資方面有幫助，這是非常積極的。

So I think the sort of the wealth picture for us is really probably more as we go into next year, but certainly going to continue to invest and have the potential, I think, some very attractive markets there to continue to build out the wealth team. That's not a this year thing. I think I said that's the next year, I think.

因此，我認為，隨著我們進入明年，我們的財富狀況可能會更加明朗，但我們肯定會繼續投資，我認為，我們有可能在一些非常有吸引力的市場繼續建立財富團隊。這不是今年的事。我想我說過那是明年，我想。

Okay. Got it. And then just one follow-up. You mentioned a new wealth platform, new mobile app. I was just curious if you're investing in any other technologies that you think could drive efficiencies or maybe revenue generation opportunities?

好的。知道了。然後只需跟進一次。您提到了新的財富平台、新的行動應用程式。我只是好奇，您是否投資了其他您認為可以提高效率或創造創收機會的技術？

Yeah. Thanks for the question. And certainly, that has gone well and the team. I think the wealth team feel very good about both the operational efficiencies, but also the improved customer experience from the mobile app. So that's a sort of very real positive.

是的。謝謝你的提問。當然，一切進展順利，團隊也一樣。我認為財富團隊對營運效率以及行動應用程式改善的客戶體驗感到非常滿意。這是一個非常真實的正面因素。

From previous calls, we've talked about the [Terafina] platform, the new online account opening platform. It's been very positive. We're seeing a lot of traction there. just under 10% now of our accounts are coming in through that platform, which is really positive.

在先前的通話中，我們討論了 [Terafina] 平台，即新的線上開戶平台。這是非常積極的。我們在那裡看到了很多牽引力。現在，我們的帳戶中只有不到 10% 是透過該平台進入的，這確實是積極的。

And I think a great customer experience. We continue to leverage that platform and build that platform out. We've also had some great innovations recently. We've rolled out some fabulous new innovations around Round Up, Round Up to save, Round Up to donate.

我認為這會帶來極好的客戶體驗。我們將繼續利用該平台並不斷拓展該平台。我們最近也有一些很棒的創新。我們圍繞著「Round Up」、「Round Up to save」和「Round Up to Donate」推出了一些出色的新創新。

We're seeing a lot of energy and traction, as I referenced in my comments, and I think that's all possible as well as a learning platform and starting to see a lot of engagement from our younger customers around that. So I think it's a very digital forward strategy.

正如我在評論中提到的那樣，我們看到了很多活力和動力，我認為這一切都是可能的，同時也是一個學習平台，並開始看到我們的年輕客戶對此的大量參與。所以我認為這是一個非常數位化的前瞻性策略。

We've got other pieces in the pipeline, which we're not ready to talk about. But I think when you start to put all these pieces together, I think it's driving engagement, driving account acquisition, which, of course, is going to be crucial to funding and just the overall health and growth of the bank, I feel very good about the digital strategy and the momentum that we have.

我們還有其他計劃，但尚未準備好談論。但我認為，當你開始把所有這些部分放在一起時，我認為這會推動參與度，推動帳戶獲取，這當然對於融資以及銀行的整體健康和增長至關重要，我對我們的數位策略和發展勢頭感到非常滿意。

Great, thank you.

太好了，謝謝。

We have no further questions. So I'll now hand back to Simon Griffiths for any final remarks.

我們沒有其他問題了。現在我將把最後的發言權交還給西蒙·格里菲斯 (Simon Griffiths)。

Thank you for your time today and your continued interest in Camden National Corporation. We appreciate your support and wish you a productive and rest of the summer. Thanks, everyone.

感謝您今天抽出時間並持續關注卡姆登國家公司。我們感謝您的支持，並祝福您度過一個富有成效的夏天。謝謝大家。