Camden National Corporation (NASDAQ:CAC) Q2 2023 Earnings Conference Call July 25, 2023 3:00 PM ET
Company Participants
Greg Dufour - President and Chief Executive Officer
Mike Archer - Executive Vice President and Chief Financial Officer
Conference Call Participants
Steve Moss - Raymond James
Damon DelMonte - KBW
Matthew Breese - Stephens
Operator
Good day and welcome to Camden National Corporation’s Second Quarter 2023 Earnings Conference Call. My name is Emily and I’ll be your operator for today’s call. [Operator Instructions]
Please note that this presentation contains forward-looking statements which involve significant risks and uncertainties that may cause actual results to vary materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in such forward-looking statements are described in the company’s earnings press release and supplemental earnings material, the company’s 2022 Annual report on Form 10-K and other filings with the SEC. The company does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the forward-looking statements made. Any references in today’s presentation to non-GAAP financial measures are intended to provide meaningful insights and are reconciled with GAAP in your press release.
Today’s presenters are Greg Dufour, President and Chief Executive Officer; and Mike Archer, Executive Vice President and Chief Financial Officer. Please note that this event is being recorded. At this time, I would like to turn the conference over to Greg Dufour. Please go ahead, sir.
Greg Dufour
Thank you, Emily, and welcome, everyone, to Camden National Corporation’s Second Quarter 2023 Earnings Call. I’ll provide a few opening comments and then turn the discussion over to Mike Archer. Earlier today, we reported net income of $12.4 million for the second quarter of 2023, down 3% from $12.7 million we reported for the first quarter of $23.
On an EPS basis, we reported $0.85 per diluted share, down $0.02 from the first quarter of ‘23. We continue to see the impact of rising interest rates and the inverted yield curve on our operating results. As I shared at last quarter’s earnings call, our focus has been on deposits and our liquidity, our margin and asset quality. From an update perspective, our loan-to-deposit ratio remained flat at 88% when comparing the second and first quarters of 2023. Our net interest margin was 2.4% for the quarter, within our estimates, but down from 2.54% reported during the first quarter of the year. Asset quality continues to remain strong with nonperforming assets to total assets at 9 basis points. Loan growth for the quarter was 1%, a significant decrease from growth rates seen in recent quarters.