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Cambridge Bancorp (OTCBB: CATC) today reported unaudited net income of $3,695,000 for the third quarter of 2013 compared to $3,664,000 for the same quarter in 2012. Diluted earnings per share (EPS) remained unchanged at $0.94 for the third quarter of 2013 versus the same quarter in 2012. For the nine months ending September 30, 2013, unaudited net income was $10,501,000 versus $10,400,000 for the same period in 2012. Diluted earnings per share remained unchanged at $2.69 for the nine month period versus the same period in 2012.
“Our third quarter results this year were in line with our expectations. Despite continued robust loan growth in both residential and commercial real estate mortgages, the persistent low rate environment and resultant margin pressure restricted net interest income growth.” notes Joseph V. Roller II, the Bank’s president and CEO. “Our Wealth Management business continues to deliver double digit revenue growth for 2013 by attracting new client relationships, while benefitting from favorable equity markets.”
Net interest income grew to $11.5 million for the third quarter of 2013, an increase of $314,000 (2.8%) over the third quarter of 2012. For the nine months ending September 30, 2013, net interest income was $33.5 million compared to $34.3 million for the same period in 2012. The decrease of $712,000 (2.1%) in net interest income for the nine month period of 2013 versus the same period in 2012 was primarily a function of lower yields on the Bank’s loans and investments.
Noninterest income of $5.9 million for the September 2013 quarter was up $292,000 (5.2%) compared to the same quarter in 2012. The Bank continued to generate solid Wealth Management income, which increased by $496,000 (12.9%) compared to the third quarter of 2012. Wealth Management assets under management stood at $2.0 billion at third quarter end compared to $1.8 billion at year-end 2012. Gains on loans held for sale were lower by $167,000 (83.5%) in the quarter ended September 30, 2013 compared to the same quarter in 2012 due to a lack of production for secondary market loans as higher interest rates for conforming 30-year mortgages deflated demand industry-wide. Additionally, the third quarter of 2013 contained $185,000 of gains on the disposition of investment securities, a decrease of $139,000 when compared to the same quarter in 2012.