Cambridge Bancorp (OTC BB: CATC) today reported unaudited net income of $3,285,000 for the first quarter of 2012, or $0.85 per diluted share, compared to $3,105,000, or $0.82 per diluted share, for the same quarter in 2011. The quarter-over-quarter earnings increase of $180,000 (5.8%) was attributable to a combination of solid growth in net interest income and a modest increase in wealth management income.
“I am pleased to report an increase in the Bank’s quarter-over-quarter performance,” noted Joseph V. Roller II, president and CEO. “We remain focused on delivering value for our customers.”
“Net interest income provided a nice lift to first quarter earnings,” said Roller. Total net interest income of $11.5 million for the first quarter of 2012 was $974,000 (9.2%) higher than the same period in 2011. The Bank continued to grow Wealth Management income, which increased $83,000 (2.5%) between the comparable periods, from new account growth and market appreciation. Assets under management grew to $1.7 billion at the end of the first quarter 2012 from $1.5 billion at year-end 2011.
“The Bank sustained the trend of growth in both loans and deposits during the first quarter of 2012. This positive performance however should be viewed in the context of persistent pressure on our net interest margin,” added Roller.Total loans outstanding increased by $18.1 million (2.7%) to $691.4 million since year-end 2011 and by $84.7 million (14.0%) over March 31, 2011. The loan growth in the first quarter of 2012 was primarily attributable to an increase in commercial mortgages of $12.5 million (5.4%) and to a lesser extent, residential mortgages of $5.2 million (1.6%). Non-performing loans as a percentage of total loans stood at 0.17% at March 31, 2012, basically unchanged compared to 0.18% at December 31, 2011. Loan quality remains sound and the Allowance for Loan Losses stood at $10.5 million or 1.51% of total loans outstanding at March 31, 2012. At December 31, 2011, the Allowance for Loan Losses was $10.2 million or 1.51% of total loans outstanding. In response to continued loan growth, the provision for loan losses was $300,000 for the current quarter.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV