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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Cambridge Bancorp Announces Steady Earnings For Full-Year 2011

Cambridge Bancorp (OTCBB: CATC) today announced unaudited net income of $12,477,000 for the year ended December 31, 2011, compared to net income of $13,254,000 for the year ended December 31, 2010. It should be noted the Bank sold its Merchant Services portfolio during the second quarter of 2010. The after tax impact of that sale was $1,591,000 or $0.42 per diluted share. Excluding that sale, unaudited net income of $12,477,000 for the year ended December 31, 2011 compared favorably by 7.0% to $11,663,000 for the year ended December 31, 2010.

Diluted earnings per share (EPS) were $3.25 for the year ended December 31, 2011 compared to $3.51 diluted earnings per share for the prior year. Excluding the Merchant Services portfolio sale, diluted earnings per share for the year ended December 31, 2010 were $3.09.

“We are pleased to report continued core earnings growth for the full year of 2011,” noted Joseph V. Roller II, president and CEO. “Our 2011 results are evidence that we continue to execute our business plans and remain focused on providing exceptional service to our customers.”

“The Bank experienced another historic year for deposit growth with an increase of $131.8 million (13.3%) as consumers and businesses gravitated to more community-oriented institutions. Loan growth achieved similar success with a $58.0 million (21.3%) increase in residential mortgages and a $53.7 million (30.2%) increase in commercial mortgage loans. While we expect the industry will continue to face the challenges of modest economic growth, a low interest rate environment, and increasing regulatory burden in 2012, we are confident in our ability to execute on our strategies to be the compelling choice for consumers and businesses in our markets,” added Mr. Roller.

For the year ended December 31, 2011 net interest income increased $1,982,000, or 4.7%, to $43.7 million compared to $41.8 million for 2010. The increase in net interest income for the year was driven primarily by sustained deposit and loan growth, as well as a reduction in interest paid on deposits. Lower yields earned on investment securities was the principal cause for the decrease in the Bank’s net interest margin of 25 basis points to 3.90% for the year compared to 4.15% for the year ended December 31, 2010.

Stock quotes in this article: CATC 

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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

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