Cambridge Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 29, 2013 at 09:00 am EST
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Cambridge Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, net interest income was $11,616,000, income before income taxes was $4,515,000 and net income was $3,003,000 or $0.77 per diluted share against net interest income of $11,222,000, income before income taxes of $4,133,000 and net income of $2,910,000 or $0.76 per diluted share for the same period a year ago.
For the full year, net interest income was $45,875,000, income before income taxes was $19,717,000 and net income was $13,403,000 or $3.45 per diluted share against net interest income of $43,732,000, income before income taxes of $18,194,000 and net income of $12,477,000 or $3.25 per diluted share for the same period a year ago. Net cash provided by operating activities was $5,901,000 and purchase of banking premises and equipment was $1,428,000 against net cash provided by operating activities of $15,649,000 and purchase of banking premises and equipment of $1,614,000 a year ago. The increase in net interest income for the year was driven primarily by loan growth, as well as a reduction in deposit costs.
Cambridge Bancorp is a bank holding company of Cambridge Trust Company (the Bank). The Bank operates approximately 22 banking offices in Eastern Massachusetts and New Hampshire. The Companyâs core services include Wealth Management, Commercial Banking, and Personal Banking. It offers a range of services to commercial enterprises, non-profit organizations, and individuals. It originates commercial and industrial (C&I) loans, commercial real estate (CRE) loans, construction loans, consumer loans, and residential real estate loans (including one-to-four family and home equity lines of credit), and accepts savings, money market, time, and demand deposits. In addition, it offers a range of commercial and personal banking services, which include cash management, online banking, mobile banking, and global payments. The Bankâs clients consist primarily of consumers and small-and medium-sized businesses in these communities and surrounding areas throughout Massachusetts and New Hampshire.