This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 First Quarter Results

Stocks in this article: CATC

Cambridge Bancorp (OTCBB: CATC) today reported unaudited net income of $3,511,000 for the first quarter of 2014 compared to $3,331,000 for the same quarter in 2013. The earnings increase of $180,000 (5.4%) was attributable to a combination of solid growth in net interest income and a modest increase in noninterest income partially offset by higher noninterest expense for the quarter ended March 31, 2014. Diluted earnings per share were $0.89 for the first quarter of 2014 versus $0.85 for the same period in 2013.

“We are pleased to report another strong quarter,” noted Joseph V. Roller II, president and CEO. “The Bank continues to build off last year’s momentum with growth across all areas of the Company.”

Net interest income for the quarter ended March 31, 2014 was $11.8 million compared to $11.0 million in the first quarter of 2013. The quarter-over-quarter net interest income increase of $859,000 (7.8%) was driven by robust loan growth in 2013. Interest on loans for the first quarter of 2014 was $9.7 million, an increase of $1.3 million (15.6%) compared to the same quarter in 2013. This increase was offset by lower interest on taxable investment securities of $661,000 (24.5%) as the Bank has been shifting earning assets from investment securities to loans. This shift has benefitted the Bank’s net interest margin, which overall increased by 5 basis points to 3.36% for the quarter compared to 3.31% for the quarter ended March 31, 2013.

Noninterest income of $6.0 million for the March 2014 quarter was up $156,000 (2.6%) compared to the same quarter in 2013. The Bank continued to grow Wealth Management income, which increased $440,000 (11.7%) between the comparable periods, from new account growth and market appreciation. Assets under management grew to $2.2 billion at the end of the first quarter 2014 from $2.1 billion at year-end 2013. The healthy increase in Wealth Management income was offset by a considerable reduction in gains on loans held for sale, which dropped from $298,000 to $25,000 quarter-over-quarter. Similar to the industry, the Bank experienced a precipitous drop in mortgage refinance activity compared to the first quarter of 2013.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

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