Camden National Corporation (NASDAQ:CAC) Q3 2023 Earnings Call Transcript

Damon DelMonte: Got it. Okay. And then any other notable trends from this quarter that you expect to kind of reverse as far as accruals for bonuses or occupancy or anything like that?

Mike Archer: Too early to tell right now, Damon, as to that end, I mean, I think we have communicated in previous quarters that our normal run rate for operating expenses is probably closer to $27 million. As we think about it, we certainly beat that this go around. As we mentioned, we had some incentive accruals and some other items that we’re getting some benefit from. We may see a level of that as we close out the year to be determined. But as we also as we enter into the fourth quarter, we started to see a level of just seasonal costs associated with the winter months and being in Maine. There could be a slight uptick there, but I don’t think anything overly material, just call it normal course. So I do think the 6, excuse me, our $26.2 million for the third quarter expenses, I do think will be higher than that, probably closer to $27 million plus or minus, and call it, $0.25 million, somewhere in there.

Damon DelMonte: Okay. Perfect. Thank you so much for the color. That’s all that I had.

Greg Dufour: Okay. Great.

Operator: Thank you, Mr. DelMonte. [Operator Instructions] As we have no further questions at this time, we will now conclude our question-and-answer session. I would like to turn the call — our conference back over to Greg Dufour for any closing remarks.

Greg Dufour: Great. Really, just to close out, I want to just, again, thank everybody for your interest in the company and in our quarterly reports. And also just to thank the whole management team. You’ve gotten to know Mike really well the past several quarters, but he’s backed up just by not only executive colleagues and teammates, but also his own finance team. So you’re in great hands and thank you all. Have a good day.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.