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Cambridge Bancorp (OTCBB: CATC) today reported unaudited net income of $3,176,000 for the second quarter of 2011 compared to $4,678,000 for the same quarter in 2010. The key factor driving the decrease in net income was the sale of the Bank’s Merchant Services portfolio during the second quarter of 2010. The after tax impact on earnings of that sale was $1,591,000 or $0.42 per diluted share. Excluding that sale, unaudited net income of $3,176,000 for the second quarter of 2011 compared favorably to $3,087,000 for the same quarter in 2010.
Diluted earnings per share were $0.83 for the second quarter of 2011 versus $1.24 for the same quarter in 2010. Excluding the Merchant Services portfolio sale, diluted earnings per share for the same quarter in 2010 were $0.82.
For the six months ended June 30, 2011, unaudited net income was $6,281,000 compared to $7,424,000 for the first half of 2010. Diluted earnings per share were $1.64 for the first six months of 2011 versus $1.97 for the same period in 2010. Excluding the aforementioned Merchant Portfolio sale, net income for first six month of 2011 was $448,000 (7.7%) higher than the same period in 2010.
“We are pleased to report continued solid earnings through the second quarter of the year. Our performance was driven primarily by robust growth in commercial and residential mortgage loans coupled with a healthy increase in wealth management income. Although economic growth is disappointingly slow, the Bank is positioned to capitalize on new business opportunities,” notes Joseph V. Roller II, president and CEO.
Net interest income of $11.0 million for the second quarter of 2011 was $488,000 (4.6%) higher than the same quarter in 2010. For the six months ending June 30, 2011, net interest income of $21.6 million compared to $20.9 million for same period in 2010.