This Day On The Street
Continue to site right-arrow
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 Continued Solid Earnings Performance

Stocks in this article: CATC

Cambridge Bancorp (OTCBB: CATC) today reported unaudited net income of $3,451,000 for the second quarter of 2012 compared to $3,176,000 for the same quarter in 2011. The $275,000 (8.7%) increase in earnings was primarily attributable to growth in both net interest income and noninterest income. Diluted earnings per share were $0.89 for the second quarter of 2012 versus $0.83 for the same quarter in 2011. For the six months ended June 30, 2012, unaudited net income was $6,736,000 compared to $6,281,000 for the first half of 2011. Diluted earnings per share were $1.74 for the first six months of 2012 versus $1.64 for the same period in 2011.

“We are pleased to report continued solid earnings through the second quarter of 2012. A sustained increase in deposits and loans drove core earnings, complemented by an upswing in Wealth Management’s assets under management, which has grown by $238 million to $1.7 billion since year-end 2011. While the ongoing low interest rate environment presents challenges, the Bank is prepared to compete in this environment and is positioned to capitalize on new business opportunities. We are also pleased to announce that the Bank received approval to open a branch in Boston’s South End,” notes Joseph V. Roller II, president and CEO.

Net interest income of $11.5 million for the second quarter of 2012 was $545,000 (5.0%) higher than the same quarter in 2011. For the six months ended June 30, 2012, net interest income of $23.1 million was $1.5 million (7.0%) higher than the same period in 2011.

Noninterest income for the second quarter of 2012 was $4.8 million compared to $4.5 million for the same quarter in 2011. The Bank continued to build momentum by generating an additional $77,000 (9.7%) in activity fee income and increasing wealth management income by $56,000 (1.7%) between the comparable periods. Gains on loans sold resulted in $76,000 of noninterest income for the quarter ended June 30, 2012. This is the first quarter the Bank sold 30-year conforming loans to the secondary market. The Bank maintains servicing rights on these loans. Additionally, the second quarter of 2012 contained $172,000 of gains on disposition of investment securities, an increase of $79,000 as compared to the same quarter in 2011.

1 of 3

Select the service that is right for you!

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 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • 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