Camden National Corporation (NASDAQ:CAC) Q1 2024 Earnings Call Transcript

Matthew Breese: And then just thinking about your NIM commentary, sounds stable for the second quarter might be a little bit of a bump in the third quarter. If we had to look out even a couple more quarters. Beyond that, assuming no fed cuts or no fed hikes, are you more optimistic about the year forward NIM as some of these dynamics more fully flush out in terms of deposits, repricing and earning asset yield expansion?

Mike Archer: I think the short answer is yes, Matt. I think we’re kind of a little bit of that inflection point honestly. I think for us, I do see, opportunity for us to continue to increase even in this environment, to start seeing, seeing margin expansion from here. I think, certainly if the fed were to make cuts that would be beneficial and call it add be added upside, if we hold here for longer, I still — I think we’re well positioned to see margin expansion to get in the second half and, and certainly, hopefully beyond.

Matthew Breese: And then just the last one for me, cash position at quarter end was a little bit elevated versus what we’ve seen historically, 3% cash assets. Is that where you want to be? Should we maintain that level of liquidity from here on out?

Simon Griffiths: No, I mean, admittedly that was just some timing of flows. I would share with you that right now our cash positions come down to more normal levels. So just timing really, Matt.

Operator: [Operator Instructions]. Now we have no further questions on the call, so I’ll hand the floor back to Simon Griffith.

Simon Griffiths: Thank you, Simon. I just want to thank all of you for your time today and for your interest in Camden National Corporation, and we wish you all a great rest of your day.

Operator: This concludes the conference call. Thank you all very much for joining.