Cambridge Bancorp (OTCBB: CATC) today reported unaudited net income of $3,664,000 for the third quarter of 2012 compared to $3,286,000 for the same quarter in 2011. Diluted earnings per share (EPS) increased by 10.6% to $0.94 for the third quarter of 2012 versus $0.85 for the same quarter in 2011. For the nine months ending September 30, 2012, unaudited net income was $10,400,000 versus $9,567,000 for the same period in 2011. Diluted earnings per share increased by 8.0% to $2.69 for the nine month period versus $2.49 for the same period in 2011.
“The Bank had a strong third quarter with sustained balance sheet growth. Our noninterest income growth of 21% over the same quarter last year is especially important as net margins are under continued pressure” notes Joseph V. Roller II, the Bank’s president and CEO.
Net interest income grew slightly to $11.2 million for the third quarter of 2012, an increase of $230,000 (2.1%) over the third quarter of 2011. For the nine months ending September 30, 2012, net interest income was $34.3 million compared to $32.5 million for the same period in 2011. The increase of $1,749,000 (5.4%) in net interest income for the nine month period of 2012 versus the same period in 2011 was primarily a function of continued growth in the loan portfolio and a reduction in the cost for deposits.
Noninterest income of $5.6 million for the September 2012 quarter was up $975,000 (21.0%) compared to the same quarter in 2011. The Bank continued to generate solid Wealth Management income, which increased by $388,000 (11.2%) compared to the third quarter of 2011. Gains on loans sold resulted in $200,000 of noninterest income for the quarter ended September 30, 2012. This is the second quarter the Bank sold 30-year conforming loans to the secondary market. The Bank maintains servicing rights on these loans. Additionally, the third quarter of 2012 contained a $324,000 gain on disposition of investment securities, an increase of $220,000 as compared to the same quarter in 2011.
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