Cambridge Bancorp Announces Second Quarter Results.CAMBRIDGE, Mass. -- Cambridge Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CATC CATC Cisco Academy Training Center CATC Computer Access Technology Corporation (Santa Clara, CA, USA) CATC Clean Air Technology Center CATC Combined Arms Training Center CATC Calhoun Area Technology Center ) today reported unaudited net income of $2,084,000 for the second quarter, representing an increase of $392,000, or 23.2%, over the same quarter in 2005. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) rose to $0.54, up $0.12 or 28.6% from $0.42 a year earlier. For the six months ending June 30, 2006, unaudited net income was $4,242,000 versus $3,403,000 for the same period in 2005 - an increase of 24.7%. "We are pleased to report another solid quarter" notes Joseph V. Roller roller, common name for brightly colored Old World birds noted for performing somersaults in flight. They include the rollers proper (subfamily Coraciinae) and ground rollers (subfamily Brachypteraciinae II, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Sustained growth in most segments of the Bank's consumer and commercial lending areas produced an uptrend uptrend A series of price increases in a security or in the general market. Some investors believe a security tends to take on a certain inertia; as a result, these investors search for stock in an uptrend, thinking that it will probably continue to move in in net interest income for the quarter. Non-interest income also showed positive growth led by Trust and Investment Management, which benefited from new business activity and market valuations." Net interest income of $7,607,000 for the June 2006 quarter was 3.9% higher than the same period in 2005. Total loans outstanding at the June quarter end were $341 million compared to $333 million at end of last year and $302 million in June 2005. Non-interest income of $3,887,000 for the June 2006 quarter was $209,000, or 5.7% higher than the same quarter in 2005. For the six months ending June 30, 2006, non-interest income of $7,949,000 was 12.1% higher than the same period in 2005. Total assets at period end were $748 million versus $726 million one year ago and $743 million at the end of 2005. Cambridge Bancorp and its subsidiary, Cambridge Trust Company, are based in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. , in the heart of Harvard Square Harvard Square is a large triangular area in the center of Cambridge, Massachusetts, at the intersection of Massachusetts Avenue, Brattle Street, and John F. Kennedy Street. . Cambridge Trust Company is a 116-year-old Massachusetts chartered commercial bank with nine Massachusetts locations in Cambridge, Concord Concord, cities, United States Concord (kŏng`kərd, kŏn`kôrd'). 1 city (1990 pop. 111,348), Contra Costa co., W central Calif.; settled c.1852, inc. 1906. , Lincoln, Weston, and Beacon Hill Bea·con Hill An area of Boston, Massachusetts, noted for its historic residences, brick sidewalks, and picturesque mews. Noun 1. Beacon Hill - a fashionable section of Boston; site of the Massachusetts capital building . Cambridge Trust Company operates one of New England's leading trust and investment management operations with nearly $1.3 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . In addition, Cambridge Trust Company of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). offers trust and investment management services at two locations: Concord and Peterborough. White Mountain Investment, a division of Cambridge Trust Company, is also based in Concord, New Hampshire
Concord is the capital of the state of New Hampshire in the United States. It is also the county seat of Merrimack County. As of the 2000 census, its population was 40,687. . Financial Highlights:
CAMBRIDGE BANCORP
QUARTERLY UNAUDITED RESULTS
June 30, 2006
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Dollar amounts in thousands (except share data)
Quarter Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2006 2005 2006 2005
---------- ---------- ---------- ----------
Interest Income 9,602 $8,410 18,965 $16,627
Interest Expense 1,995 1,089 3,619 1,909
---------- ---------- ---------- ----------
Net Interest Income 7,607 7,321 15,346 14,718
Provision for Loan Losses 45 120 145 160
Non-Interest Income 3,887 3,678 7,949 7,090
Non-Interest Expense 8,405 8,282 16,845 16,407
---------- ---------- ---------- ----------
Income Before Taxes 3,044 2,597 6,305 5,241
Income Taxes 960 905 2,063 1,838
---------- ---------- ---------- ----------
Net Income $2,084 $1,692 $4,242 $3,403
========== ========== ========== ==========
Data Per Common Share:
---------------------
Basic Earnings Per Share $0.54 $0.43 $1.10 $0.86
Diluted Earnings Per Share $0.54 $0.42 $1.09 $0.85
Dividends Declared Per
Share $0.26 $0.25 $0.52 $0.50
Avg. Common Shares
Outstanding - Basic 3,862,308 3,944,932 3,862,499 3,939,370
Avg. Common Shares
Outstanding - Diluted 3,882,504 3,990,629 3,884,770 3,994,377
Selected Operating Ratios:
-------------------------
Net Interest Margin 4.28% 4.31% 4.33% 4.35%
Return on Average Assets,
after taxes 1.12% 0.95% 1.14% 0.96%
Return on Average Equity,
after taxes 13.89% 10.96% 14.00% 11.03%
June 30, Dec. 31, June 30,
2006 2005 2005
---------- ---------- ----------
Total Assets $748,346 $743,124 $725,803
Total Loans 341,196 332,602 301,751
Non-Performing Loans 896 567 1,314
Allowance for Loan Losses 5,836 5,866 5,758
Allowance to Non-Performing Loans 651.67% 1034.20% 438.09%
Allowance to Total Loans 1.71% 1.76% 1.91%
Total Deposits 641,687 663,150 653,317
Total Stockholders' Equity 59,671 60,416 63,825
Book Value Per Share $15.48 $15.65 $16.17
Tangible Book Value Per Share $14.89 $15.01 $15.49
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