David Mirochnick's questions to Camden National Corp (CAC) leadership • Q3 2024
Question
David Mirochnick questioned the outlook for deposit betas in a falling rate environment, the bank's pricing actions following recent Fed cuts, and the strategy for the securities portfolio.
Answer
CFO Michael Archer stated that as a liability-sensitive bank, Camden National expects margin expansion as rates fall. He noted that after repricing 30% of non-maturity deposits, balances have remained stable. He also mentioned the securities-to-assets ratio is targeted around 20%, with ~$10 million in monthly runoff. CEO Simon Griffiths added that pricing discipline is balanced with maintaining strong customer relationships.