This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Announces Third Quarter Results

Stocks in this article: CATC

Cambridge Bancorp (OTCBB: CATC) today reported unaudited net income of $3,286,000 for the third quarter compared to $3,176,000 for the same quarter in 2010. Diluted earnings per share (EPS) increased to $0.85 for the third quarter of 2011 versus $0.84 for the same quarter in 2010.

For the nine months ending September 30, 2011, unaudited net income was $9,567,000 versus $10,600,000 for the same period in 2010. Diluted earnings per share were $2.49 for the nine month period versus $2.81 for the same period 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 $9,567,000 for the 2011 nine month period compared favorably to $9,009,000 for the same period in 2010.

“Our third quarter performance was solid with a modest increase in earnings over the same period in 2010. While prevailing conditions continue to constrain overall economic growth, the Bank is well positioned to build, preserve and strengthen customer relationships,” notes Joseph V. Roller II, the Bank’s president and CEO.

Net interest income grew to $11.0 million for the third quarter of 2011, an increase of $478,000 (4.6%) over the third quarter of 2010. For the nine months ending September 30, 2011, net interest income of $32.5 million compared to $31.4 million for the same period in 2010. The increase of $1,156,000 (3.7%) in net interest income for the nine month period of 2011 versus the same period in 2010 was primarily a function of continued growth in the loan portfolio and a reduction in the cost for deposits.

The protracted low interest rate environment continues to put pressure on the Bank’s net interest margin. The Bank’s net interest margin decreased by 18 basis points to 3.94% for the third quarter of 2011 compared to the same quarter in 2010; and by 29 basis points for the comparable nine month periods.

1 of 4

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!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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