Camden National Corporation (NASDAQ:CAC) Q4 2022 Earnings Call Transcript

Matthew Breese: And then just assisting with loan growth for the year, I’d assume we continue to see securities growth. Michael, you had mentioned that in your remarks. What is the monthly kind of cash flow from the securities portfolio at this point?

Mike Archer: It’s generally $9 million to $10 million on average we’re seeing on the cash flow. I think realistically, Matt, we’ll probably redeploy those investment cash flows into either offsetting funding or call it, overnight funding borrowings or into fund loan growth realistically, just based on current yields, but something we’ll continue to monitor throughout the year.

Matthew Breese: Last one for me is just on the renewed repurchase authorization, I think it was 750,000 shares. You’ve been pretty active recently at these levels. Is that something we should expect you to continue to execute on?

Greg Dufour: That’s just our annual renewal to make sure that we have that capability on the shelf to use. Right now, as always, we kind of balance out capital needs as well as use of capital. I believe I feel our position right now is we want to make sure that we’re focused on building capital, especially on the TCE. That’s more, call it, from a of what if economic potential factor recession coming up, I’d rather be building capital than deploying it right now. So I wouldn’t put a lot on that lever for us.

Operator: There are no further questions leading at this time . As we have no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Greg Dufour for any closing remarks.

Greg Dufour: Great. Thank you. I want to just thank, obviously, our analysts that are following our stock as well as all the other callers that are taking an interest into Camden National. Rest assured and hopefully you will have the feeling that we’re as always focused on long term growth, long term franchise value. And we appreciate your interest and wish you a good day. Goodbye.

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