Q1 2025 Camden National Corp Earnings Call
Elliot: Good day and welcome to Camden National Corporation's first quarter, 2025 earnings conference call. My name is Elliot and I'll be your operator for today's call.
Elliot: Thank you good afternoon, and welcome to the Camden National Corporation Conference call for the first quarter was 2025, joining US. This afternoon are members at Camden National Corporation's executive team.
Speaker Change: President and Chief Executive Officer, and Mike <unk>, Executive Vice President and Chief Financial Officer.
Speaker Change: 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 first quarter 2025 earnings release issued this morning and in other reports we filed with the SEC all of these.
Speaker Change: Materials and public filings are available on our Investor Relations website at Camden National Bank.
Speaker Change: The National Corporation trades on the NASDAQ under the symbol Z a Z.
Speaker Change: In addition, today's presentation includes a discussion of non-GAAP financial measures.
Speaker Change: 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.
Speaker Change: I am pleased to introduce our host President and Chief Executive Officer Simon Griffith.
Simon Griffith: Thank you Renee and good afternoon, everyone. We appreciate you joining our call today and thank you for your patience and flexibility with todays earnings call when.
Simon Griffith: When you talk through it we had a very solid quarter financially.
Simon Griffith: Highlighted by core net income of $16 million led by strong fundamentals and continued momentum within our core operations and.
Speaker Change: In a few minutes, we will discuss our financial results in more detail, Mike who will provide details of our purchase accounting before we turn to Q&A.
Speaker Change: Before we dive into our numbers.
Speaker Change: Want to take a moment to reflect on our historic accomplishments this quarter.
On January 2nd we successfully closed our merger with Norway financial.
And welcome to over 28000, new customers into our network and over 100, new team members to our franchise.
Speaker Change: 74 days later, we successfully completed the full systems integration and we are now operating on one platform.
Speaker Change: At quarter end Camden National Bank grew to 73 branches across Maine, and New Hampshire, and reached <unk> 7 billion in assets.
Speaker Change: I'm incredibly proud of the many team members across both companies who work tirelessly to make this a smooth and successful transition.
Speaker Change: That dedication obsession with the customer experience and focus on the cultural alignment a commendable.
Speaker Change: I am pleased to report that we are on track to achieve our previously reported annual cost saving goal of 35% of Norway's operating expenses and we expect to realize 75% of this goal during 2025.
Speaker Change: We anticipate cost savings to begin materializing in the second quarter of 2025.
Speaker Change: We are also on target to likely come in under our pre tax merger cost target of $13 5 million.
Speaker Change: We have a well established history of prudently managing expenses.
Speaker Change: And we will continue to do so as a combined company to drive shareholder value.
Speaker Change: We are confident the meaningful revenue synergies will emerge over time, driven by expanded capabilities and customer reach.
This growth will build gradually we're excited about the long term opportunities it will unlock and we are.
Speaker Change: Well underway and benefiting from the deals are strategic and financial merits.
Speaker Change: Earlier. This morning, we reported GAAP net income of $7 3 million or 43 of diluted earnings per share for the first quarter of 2025.
Speaker Change: Excluding merger related costs and other nonrecurring items non-GAAP core net income increased 6% over the fourth quarter of 2024, while non-GAAP core diluted EPS decreased 8% between periods.
Speaker Change: We are very pleased with our first quarter performance and believe we are well prepared to face current market uncertainty.
Speaker Change: Our franchise the strength and soundness can be seen in our reported net interest margin, which reached 3.04% for the first quarter and benefited from the impact of purchase accounting.
Speaker Change: However, more importantly, we saw a core net interest margin expand another 11 basis points from last quarter to 268% for the first quarter of 2025.
Speaker Change: When we combine our core net interest margin momentum with the benefit of cost savings from the acquisition that will begin to materialize next quarter.
Speaker Change: We believe we are well positioned for solid core earnings growth.
Speaker Change: Moving forward.
Speaker Change: Asset quality and a well diversified portfolio remain core strengths of our organization.
Speaker Change: As of March 2025, we continue to have strong confidence in the overall health of our loan portfolio.
Speaker Change: Our credit and special asset teams maintain active oversight.
Speaker Change: And have not observed any material signs of credit deterioration across sectors or industries.
Speaker Change: Thanks to the proactive and disciplined approach of our experienced lending and credit teams. We are well positioned in all economic environments, we are able to identify and address any potential risks and.
Speaker Change: In early <unk>.
Speaker Change: Are they in head on an approach that has consistently protected both the bank and our customers.
The increase in the allowance to loan ratio of nine basis points to 96% is not a reflection of growing concern within our credit portfolio, but rather the prudent move to add reserves due to the macro environment and level of uncertainty that persisted at quarter end we.
Speaker Change: We believe this positions us well, regardless of how the macro factors play out.
Speaker Change: Our growing commercial team remains diligent in benefits from deep and solid relationships.
Speaker Change: Recently, we've seen momentum in our pipeline with solid activity throughout our markets.
Speaker Change: However, we remain selective and measured our mortgage pipeline is strong while our inventory remains low echoing national trends from.
Speaker Change: From a business perspective, the combined impacts of tariffs and other potential federal government action has increased economic uncertainty while it is too early to tell most of our clients have not seen an immediate impact.
Speaker Change: Those are taking a wait and see approach, which may temper, our loan growth in the short term.
Speaker Change: We continue to invest in and monetize our technology investments in January we fully launched online consumer and business account opening platform through strategic marketing throughout our high growth New Hampshire in main markets. We are successfully welcomed new customers.
Speaker Change: A human back to approach will allow us to penetrate these markets further and grow our customer relationships.
Speaker Change: Looking ahead, we continue to celebrate Camden National banks 150, <unk> anniversary. This year, we remain focused on delivering our long term strategy of deepening customer relationships through advice based conversations and bolstering, our new Hampshire presence and our growing contiguous market.
Speaker Change: Our current capital position and strong capital generation capabilities give us confidence in our ability to perform across a range of economic scenarios.
Speaker Change: The expansion of our footprint enhances access to stable low cost core deposit base further strengthening our balance sheet.
Speaker Change: At the same time, our business development teams are actively pursuing opportunities to leverage our scale technology expanded advisory capabilities and larger balance sheet to drive growth across our broader customer base.
Speaker Change: We are well positioned to generate consistent results and support our clients regardless of the broader market or economic conditions, we remain committed.
Speaker Change: Committed to a long standing strategic pillars of soundness profitability and growth, which drive sustainable long term performance.
Speaker Change: I will now turn it over to Mike to provide more details about our first quarter financial results.
Mike: Thank you Simon and good afternoon, everyone.
Mike: With the closing of the North way acquisition on January 2nd our reported first quarter financial results include the combined results of the two franchises.
Mike: The integration did not incur did not occur until mid March 2025, our first quarter results largely reflect us effectively running two franchises and we fully expect that cost synergies will begin to materialize in the second quarter.
Mike: Within our GAAP earnings for the first quarter of 2025 or the impact of purchase accounting for the North way acquisition, which we'll discuss in more detail in a few minutes.
Mike: For the first quarter of 2025, we reported GAAP net income of $7 3 million and GAAP diluted EPS of <unk> 43.
Mike: Within our gap within our reported GAAP earnings with a pre tax charge of $7 5 million for acquisition related costs, a pretax charge of $6 5 million for one time loan loss provisions associated with the acquired loan portfolio and unfunded commitments and a onetime tax benefit of $2 4 million from the <unk>.
Mike: Revaluation of Camden legacy deferred tax assets.
Mike: Excluding the impact of these items net of tax the company reported adjusted net income of $16 million and adjusted diluted EPS of <unk> 95.
Mike: On a linked quarter basis, adjusted net income was higher by nearly $1 million or 6%.
Mike: While adjusted diluted EPS was down <unk>, or 8%, which reflects the impact of the issuance of nearly $2 3 million shares for the acquisition Northway.
Mike: Overall, we had a great start to the year and remain on track to deliver on our financial commitments, which includes strong EPS accretion and profitability as we move forward.
Mike: We reported a net interest margin of three 4% for the first quarter, which was 47 basis points higher than reported in the previous quarter include.
Mike: Included within net interest income this quarter was $5 million of net accretion income from purchase accounting.
Mike: Which contributed 36 basis points in net interest margin expansion quarter over quarter.
Mike: On page three of the earnings supplement we filed this morning with our earnings release, we outlined the impact of purchase accounting our net interest income for the first quarter.
Mike: Adjusting for the impact of this net accretion income our core net interest margin expanded 11 basis points on a linked quarter basis to $2 six 8% for the first quarter.
Continuing the positive momentum we've seen over the past 12 months.
Mike: Our core net interest margin expansion highlights our success in lowering funding costs as the fed lowered interest rates in the second half of 'twenty four.
Mike: In the first quarter of 2025, and we saw the full benefit of those actions flow through to our funding costs.
Mike: As we combine Camden North way strong low cost deposit franchises, we see the full power of our funding base with a total funding cost of 194% for the first quarter of 'twenty five.
While the feds future path for rates is less clear, we are well balanced in our interest rate risk position as a combined franchise and anticipate being able to continue to capitalize on future fed rate cuts if and when they occur.
Mike: Asset quality continues to be one of Camden strength.
Mike: <unk> North we had very similar credit cultures with limited historical charge offs.
Mike: At March 31, 25, nonperforming loans were just 15 basis points of total loans.
Mike: Delinquent loans were just seven basis points of total loans.
Net charge offs for the first quarter of 2025 or eight basis points of average loans on an annualized basis.
Mike: Our reported provision expense for the first quarter of 2025 totaled $9 4 million.
Mike: We designated 88% in North Wales acquired loan portfolio as non purchase credit deteriorated or non non PCB.
Mike: Which speaks to the credit quality of the acquired loan portfolio.
Mike: We designated the remaining acquired loans at BCD.
Mike: We were required to establish a reserve on non PCI loans through provision expense on the acquisition date, resulting in a onetime charge to provision expense of $6 3 million.
Mike: Additionally, as we closed out the quarter, we increased our loan loss reserve levels by $2 6 million to account for the heightened macroeconomic risks.
Mike: At March 31, 2025, our loan loss reserve coverage ratio stood at 96 basis points compared to 87 basis points of year end.
Mike: At this level our loan loss reserves represented six four times non performing loans at March 31.
Mike: Details of our allowance build during the quarter can be found on page five of the earnings supplement.
Mike: Noninterest income for the first quarter of 2025 was $11 2 million noninterest income was lower by 8% on a linked quarter basis.
Mike: Which reflects the timing of seasonality within our fee income base.
Mike: As we transition out of the winter months and integrate north ways customers into our products and services. We anticipate noninterest income will continue to build throughout the year as it has historically done for us.
Mike: Noninterest expense for the first quarter of 2025 totaled $44 5 million.
Including $7 5 million of acquisition related costs core deposit intangible amortization expense of $1 5 million.
Mike: Excluding acquisition related costs, and CDI amortization expense total operating expenses were $35 4 million for the first quarter compared to $27 8 million for the fourth quarter of 2024.
Speaker Change: David earlier, we fully expect cost savings to accelerate in the second quarter and continued to build throughout the remainder of the year.
Speaker Change: We reported an income tax benefit of $1 2 million for the first quarter of 2025.
Speaker Change: With the North way acquisition are expected income allocation across states that shifted required us to revalue, Kansas legacy deferred tax assets.
Speaker Change: This resulted in a onetime tax benefit of $2 4 million during the quarter. We estimate our current effective tax rate at 26% and we should try and closer to that this next quarter.
Speaker Change: As we shifted the balance sheet, we will first start with an update on purchase accounting for the North <unk> acquisition.
Speaker Change: In total we issued approximately $2 3 million shares as consideration for north way.
Speaker Change: Which resulted in a purchase price of $96 5 million.
Speaker Change: Further details can be found on pages, two and four of the earnings supplement.
Speaker Change: Loans totaled $4 9 billion at March 31, including 77, excuse me $775 7 million of acquired North rate loans net of the fair value Mark of $96 7 million as of the acquisition date Org.
Speaker Change: Organic loan balances were flat during the first quarter, which was expected given the level of seasonality within our markets.
Speaker Change: Our loan pipelines are healthy and we have seen them continue to build recently.
Speaker Change: Deposits totaled $5 6 billion at March 31, 2025, including $971 7 million of acquired Northway deposits.
Speaker Change: Net of the fair value Mark as of the acquisition date like.
Speaker Change: Like loans organic deposit balances were relatively flat in the first quarter. Overall, we were pleased with the balances staying flat in the first quarter given the seasonality within our market.
Speaker Change: And the expected drawdown during the first quarter of $62 million and temporary deposits are replaced with us with us in the fourth quarter.
Speaker Change: We continue to monitor north ways legacy customer base for attrition and to date, we have been very pleased with the results.
Speaker Change: We're very pleased with where our capital ratios stand at March 31, after having just completed the acquisition in the first quarter by all accounts, our book and regulatory capital ratios came in either at or above our initial projections had announcements, which largely has to do with our strong second half of 2024.
Speaker Change: While we expect to rebuild capitalize accelerated pace given the earnings power of the combined franchise moving forward.
Speaker Change: Lastly, I wanted to quickly mention that we filed the shelf registered registration statement in March we did that fully for capital planning and preparedness purposes.
Speaker Change: Concludes our comments, we'll now open the call for questions.
Speaker Change: Thank you.
Speaker Change: We will now begin the question and answer session to ask a question you May Press Star then one on your touch time Keith.
Speaker Change: If youre using a speakerphone please pick up your handset before pressing the keys to.
Speaker Change: To withdraw your question. Please press Star then two.
Speaker Change: At this time, we will pause momentarily to assemble our roster.
Speaker Change: Okay.
Speaker Change: First question comes from Steve Moss with Raymond James Your line is open. Please go ahead.
Speaker Change: Good afternoon.
Speaker Change: Steve maybe Mike starting off with you on the margin here just curious as to how Youre thinking about core margin expectations for the second quarter. If we could continue to see a little bit more of a bump ups and that margin here.
Yes, Great question, Steve, Yes, Thats, our thought we do think we'll continue to see a level of just core net interest margin expansion from here.
Speaker Change: Kind of pegging, it and maybe additional two to five basis points. So in that $2 $72 75 range on a core basis.
Speaker Change: Okay, Great and then in terms of the purchase accounting accretion.
Speaker Change: We ended up with bigger Mark sphere.
Just curious if there is a little bit more of a step up from the call it $5 1 million.
Speaker Change: Accretion we saw this quarter.
Speaker Change: Yes, that's another great question Steve.
Speaker Change: I think the reality is is that that $5 million on a net basis feels like a good midpoint for us.
Speaker Change: Certainly if there.
Speaker Change: There is potential for things to slow, but overall when we looked at what went through this quarter 5 million feels like a pretty pretty good number certainly if we see acceleration of the yield curve and the longer and kind of come down that could that could certainly accelerate prepays as you know.
Speaker Change: Some additional benefit there, but I think I think all intensive purposes $5 is a pretty good solid number for us.
Speaker Change: Okay, Great and then in terms of.
Speaker Change: You mentioned and we're well positioned for rate cuts.
Speaker Change: I'm just curious like how what your projection in terms of benefit from a 25 basis point fed rate cut here.
Speaker Change: Going forward or 50, if youre, a little more liability sensitive.
Speaker Change: A little more neutral these days.
Speaker Change: Hey, Steve.
Speaker Change: Steve Thanks for the question, Yeah, we are a little bit liability sensitive, but we certainly predict full.
Speaker Change: <unk> cost, we certainly see some strength in a quarter point rate cuts and.
Speaker Change: Forecast around 1 million in the quarter.
Speaker Change: For a quarter point rate cuts as a benefit so that certainly would be accretive to us going forward. In addition to the the underlying core NIM momentum that we have I think that some part of the story I know just expand that I think on the expense side, we talked in the opening remarks about the strength of the expense discipline to the management team has and the philosophy we have.
Speaker Change: Shown and feel confident around the 35% expense takeout, which starts obviously in the second quarter. So I think you put those pieces together I think the outlook for the next nine months through the end of the year is quite positive obviously, a lot going on right now.
Speaker Change: And the macroeconomic environment, but I think we're very well set up very stable from a credit perspective, as well and I think those pieces are.
Speaker Change: A lot of confidence the management team.
Speaker Change: Right and sorry.
Speaker Change: I hear you in terms of the cross winds with regard to the economy.
Speaker Change: Your pipeline headed the right way is definitely encouraging.
Speaker Change: Specialty activity continuing here now.
Speaker Change: Just kind of curious.
Speaker Change: As you think about loan growth here maybe.
<unk> seen the most the best activity on the commercial side.
Speaker Change: Is it still kind of like low low single digit type of loan growth for the current year.
Speaker Change: Yes, low single digit loan growth shows where we're holding to Steve we are seeing some nice momentum on the residential side comp pipelines at $83 million. Thus total pipeline commercial as well, we've seen particularly picking up over the last I'd say last month or so we're up to 97 million pipeline, which is.
Speaker Change: Which is pretty strong Steve I think one of the strongest numbers I've seen in my time here. So I think those pieces are playing very positively and we're seeing nice nice momentum in the home equity space business banking commercial holding up well and it's a nice balanced picture across the geographies of course, we continue to see momentum over new.
Speaker Change: Hampshire, Southern New England.
Speaker Change: And I think the scale we've added from the.
Speaker Change: The team coming over from Norway is really sort of adding to the opportunities there.
Speaker Change: I think a lot lower.
Speaker Change: A exciting opportunity for the team to tap into.
Speaker Change: Okay great.
Speaker Change: I appreciate the color there I'll step back in the queue.
Speaker Change: The last questions here. Thanks.
Steve Moss: Thanks, Steve.
Speaker Change: Our next question comes from Matthew Breese with Stephens. Your line is open. Please go ahead.
Matthew Breese: Hey, good afternoon.
I was hoping to talk a little bit about the other areas of the P&L.
Matthew Breese: Maybe starting with fee income.
Matthew Breese: Standalone Camden was was coming in the fourth quarter at.
Matthew Breese: At around $12 million of fees North way was a little over $1 million at what point do we get on that kind of $13 million quarterly run rate for <unk>.
Matthew Breese: And is that a fair estimation.
Yes, I think I think that's a good question, Matt certainly I would just maybe just back up a moment and I think in part.
Little bit of a disconnect maybe being seen as we had a really strong Camden standalone fourth quarter on the fee income base.
Matthew Breese: <unk>, that's certainly a function of the timing we had our annual debit card bonus in the fourth quarter.
Matthew Breese: We also benefited as well from some derivative income and some other items that kind of are a little less predictable.
Predictable.
Matthew Breese: But I think as we as we move forward here as we think about fee income and I think we're thinking for this next quarter as we see mortgage banking pickup into Simon's comments earlier, we're seeing the production and the pipelines build there.
Matthew Breese: We're kind of anticipating that we could be in the 12 $12 $5 million range for the second quarter and then to your comment as we make our way to the end of the year, we would definitely I think in my mind start approaching that told him to have $13 million from there.
And similar question I appreciate all that similar question for expenses.
Matthew Breese: Just kind of putting the two franchises together, the 35% cost saves plus a little bit of inflation.
Matthew Breese: Is it fair to assume no on a core basis, we're looking at call it 34 $35 million.
Matthew Breese: In quarterly expenses over the next year is that the right bogey or is there more on the coffee front. Then then we talked about in the deal done.
Matthew Breese: Yes that fuels.
Matthew Breese: Very much in line 34, and a half to 35 before obviously M&A cost of CDI amortization, but I think thats suddenly.
Matthew Breese: Good good kind of estimate on a market.
Simon Griffith: Simon's comment I think thats, a near term as we get this back half of 'twenty five we anticipate further just take out.
Simon Griffith: Occurring I mean, a function of this is just takes it takes time to get the systems wind down and other bills and some of the just the things behind the scenes. If you will but I think as we approach. The second half is really when we expect.
Speaker Change: The full benefit of the cost saves to start kicking in as we start to work away to the fourth quarter and approaching 26, Matt, but I would definitely think that 34 to $35 a good spot for us certainly in the <unk>.
Speaker Change: <unk> excuse me for 25 and beyond there there might be some additional opportunity.
Speaker Change: Okay.
Speaker Change: And then maybe Simon I was hoping you could touch just on how overall integration is going Camden Hasnt done.
Speaker Change: A whole bank deal in some time.
Speaker Change: How is it going on the employee integration retention fund the clients.
Speaker Change: Disruption front and.
Is this something we might see more of meaningful bank deal that a candidate.
Speaker Change: Yeah.
Speaker Change: Yeah. Thanks, Thanks for that question.
Speaker Change: Just very very proud of the management team and the partnership.
Speaker Change: Across the organization.
Speaker Change: The overall conversion I think went exceptionally well.
Speaker Change: Customer employee client you just look across the board and we just saw just a very smooth transition we've seen particularly very strong retention on the employee side, which I think is.
Speaker Change: Just it's been.
Speaker Change: Exceptional.
Speaker Change: Client feedback has been very positive engagement in our products has been very very high in fact, we've been told that you know as we've said some best in class early engagement and some and activation around online and usage, which is very good deposits, which I think is a good indicator has been strong through the other through the quarter and good very very good.
Speaker Change: Tension of deposits and then.
Speaker Change: Just other all other indicators have been positive so.
Speaker Change: Overall, I think the team did a fabulous job in really just the great put forward and very proud of the work. We did in terms of going forward you know as I've said previously we certainly do have an appetite to do additional M&A deals and as always it's really finding the right deal over there really is accretive to the business as a good fit from a <unk>.
Speaker Change: Cultural perspective, yes, certainly have a lean towards contiguous markets in those core pieces I think remain consistent in terms of ASO philosophy, but yes, I think we I think it went very well and really now I think it's it's Don denounce take a breath, maybe I think we've taken a breath and now so they get on the front foot of really activating the two franchises.
Speaker Change: In creating awareness of the product set the capabilities that we have and I'm pretty excited around that and the opportunities thats going to present.
Speaker Change: Excellent I appreciate a lot I'll step back thank you.
Speaker Change: Thanks, Matt.
Speaker Change: As another reminder, if you'd like to ask a question. Please press star one on your telephone keypad now.
Speaker Change: We now turn entertainment del Monte with <unk>. Your line is open. Please go ahead.
Speaker Change: Hey, good afternoon, guys hope everybody is doing well and thanks for taking my questions.
Speaker Change: Just a question on the loan growth outlook I think Simon you said you guys are sticking with the kind of that low single digit.
Speaker Change: <unk> for the for the year.
Speaker Change: Does that contemplate any type of runoff from the north wayside. There's some credits that you guys might want to exit and kind of move on from that that could maybe.
Speaker Change: Maybe are factored in that gross number or are there not factor in that number.
Speaker Change: No. Thanks for the question, David not factored in and I think across the I think Mike said earlier very similar credit philosophy over the strong portfolio of loans and we feel really good and you know look we suddenly there's obviously a lot of in front of us from a macroeconomic perspective, and I think we're certainly seeing some pockets of strength.
Speaker Change: We've been talking to a lot of our clients Damon suddenly that are some of the areas of positivity, but there's also obviously some some concerns but.
Speaker Change: There is an underlying I think appetite from the.
Speaker Change: The investment we certainly could see I think the low single digit remains a really good kind of outlook right now, but you can certainly see potential for that to improve as as other as more certainty reaches into the market, but I think right now thats a really good forecast.
Speaker Change: Got it Okay, and then kind of how.
Speaker Change: So we're trying to draw the connection between the growth and the level of provisioning going forward and where your reserve is.
Speaker Change: You guys called out that you added to the reserve given the economic uncertainty. So if we don't see a material change in kind of the way things are progressing right now should we expect kind of a little bit higher provisioning going forward to keep building that reserve off the 96 basis points.
Speaker Change: Yeah, I mean, I think obviously, we're taking sort of a look at where things progress over the next 90 days I mean, I think as we always have just.
Speaker Change: Really thoughtful kind of approach to provisioning and we put in some provisioning just based on the macroeconomic environment in that potential for recession, which is certainly across the board somewhere in that $40 to 70, some percent likelihood being forecasted by sort of amongst organs most groups.
Speaker Change: It's potential that that would be something we'd look at in the second quarter and continue to make sure we are well reserved.
Speaker Change: Represent that potential risk, but I think we took an early kind of bites of that just to be conservative and cautious given just the the outlook macroeconomic outlook.
Speaker Change: Got it okay. That's all that I had everything else was asked and answered so thank you.
Speaker Change: Okay.
Speaker Change: We have no further questions. This concludes our question and answer session I would now like.
Speaker Change: The conference back over to Simon Griffiths for any closing remarks.
Simon Griffiths: I just want to thank you all for your time today and interest in Camden National Corporation, We wish you all a great rest of your day. Thanks, everyone.
Speaker Change: Yes.
Speaker Change: Congress has now concluded.
Speaker Change: Thank you for attending today's presentation you may now disconnect.
Speaker Change: Yeah.
Speaker Change: [music].