Issue link: https://nebusinessmedia.uberflip.com/i/1518166
W W W. M A I N E B I Z . B I Z 19 A P R I L 1 , 2 0 2 4 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E Concerning the bank's loan portfolio, Tony McKim, the bank's president and CEO, says that "we have stuck to the industries we know," including tourism, hotels and restaurants, "as well as lending to seasoned borrowers … while staying away from, for the most part, commer- cial office space." He also underscores that "Maine banks know their communities and cus- tomers — not that the others don't, but many of us have been around since the mid to late 1800s and take that heritage quite seriously." Elsewhere in rural Maine, Skowhegan Savings Bank CEO David Cyr says his bank has "very little change" to this year's loan-loss provisions in light of a solid, diversified portfolio and "takes a conservative approach by setting aside a higher amount of reserves than the average Maine bank." He also says that his bank's commercial real estate loans "aren't typically structured with balloon payments, so our borrowers aren't necessarily impacted during trying economic times." Back at Kennebec Savings in Augusta, Silsby says that although Maine banks have not seen an uptick in delays on loan repayments, that could quickly change, noting, "Everything is good until it's not." On the Fed's strategy to bring inflation down to its 2% target, Silsby says: "ey are making good progress toward that goal, but it is a painful process for consumers, businesses and the banks." Renee Cordes, Mainebiz senior writer, can be reached at rcordes @ mainebiz.biz Business Property and Liability Insurance Products Cyber and Data Breach Liability Insurance Employment Practices Liability Insurance, EPLI & Equipment and Mechanical Breakdown INSURING MAINE BUSINESS — INSURING MAINE PEOPLE We've been in business more than 140 years, and continue to innovate by providing you a portfolio that offers the kind of protection your business needs — today. Visit Patrons.com to find an independent agent near you. INNOVATIVE SOLUTIONS FOR TODAY'S BUSINESS CHALLENGES. FREE DELIVERY WITHIN STOREWIDE DELIVERY AREA FOR EVERY WATERFRONT 22 LOCATIONS ACROSS MAINE & NEW HAMPSHIRE LARGEST SHOREMASTER DISTRIBUTOR IN THE COUNTRY WWW.HAMMONDLUMBER.COM/SHOREMASTER 2021 2022 2023 P R 0 V I D E D P H O T O Simon Griffiths, president and CEO of Camden National Bank, says the bank's level of maturing commercial real estate loans is generally consistent from year to year.