This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cambridge Bancorp Reports First Quarter Results

Cambridge Bancorp (OTC BB: CATC) today reported unaudited net income of $2,746,000 for the first quarter of 2010, or $0.73 per diluted share, compared to $2,006,000, or $0.54 per diluted share, for the same quarter in 2009. The quarter-over-quarter earnings increase of $740,000 (36.9%) was attributable to a combination of higher net interest income and a rebound in non-interest income for the period.

“We are pleased to report another solid quarter,” noted Joseph V. Roller II, president and CEO, “The Bank continued to build momentum as we targeted opportunities for growth. Loan growth, particularly residential mortgages which increased by $12.0 million for the quarter, and wealth management income were key contributors to the sustained earnings increase.”

The Bank had a strong performance in net interest income which increased $1.4 million (15.0%) in the first quarter 2010 compared to the first quarter in 2009. The Bank’s net interest margin of 4.32% for the three months ended March 31, 2010 compared favorably to 4.20% for the first quarter of 2009. Total deposits increased by $6.8 million to $880 million since year-end 2009 and by $77.5 million (9.7%) over the same quarter in 2009.

Non-interest income for the first quarter of 2010 was $477,000 higher than the same quarter in 2009. Fees from wealth management improved with the equity market and were $409,000 higher in the first quarter of 2010 versus 2009. In addition, gains taken on investment securities were $138,000 in the most recent quarter compared to a negligible amount in the first quarter of 2009.

Non-interest expenses increased by $528,000 in the first quarter of 2010 compared to the same quarter in 2009. The primary factor of higher non-interest expenses were salaries and benefits, due to merit increases as well as larger expense accruals for the Bank’s defined benefit retirement plan.

Non-performing loans as a percentage of total loans stood at 0.21% at March 31, 2010, a slight increase compared to 0.20% at December 31, 2009. Loan quality remains sound and the Allowance for Loan Losses stood at $9.1 million or 1.67% of total loans outstanding at March 31, 2010. At December 31, 2009, the Allowance for Loan Losses was $8.7 million or 1.62% of total loans outstanding.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs