Cambridge Bancorp Announces Strong Third 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 $2,080,000 for the third quarter, up 34 percent from the same quarter in 2003. For the first nine months of 2004, unaudited net income was $5,618,000, up 28 percent from the first nine months of 2003, and 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 were $1.40, up 31 percent from the first nine months of 2003. "We are pleased to report another strong quarter at Cambridge Bancorp," 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 chief executive officer. "We continue to make good progress executing our strategy, which is demonstrated by solid loan and deposit growth as well as an increase in non-interest income." Total assets at period end were $741 million versus $679 million one year ago, and $693 million at the end of 2003. Deposit growth has been strong with an increase of $61.4 million, up 10 percent from year-end. 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 114-year-old Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. chartered
commercial bank with nine Massachusetts locations in Cambridge, Concord Concord, cities, United StatesConcord (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 three locations: Concord, Exeter, 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
INTERIM UNAUDITED RESULTS
September 30, 2004
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Financial Data
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Dollar amounts in thousands (except per share data)
THIRD QUARTER 3Q 2004 3Q 2003 Change
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Net Income $2,080 $1,551 $529
Basic Earnings per Share 0.52 0.40 0.12
Diluted Earnings per Share 0.51 0.38 0.13
Dividends declared per Share 0.25 0.22 0.03
Return on Average Assets 1.16% 0.92% 0.24
Return on Average Equity 13.93% 10.55% 3.38
Net Interest Margin 4.25% 4.14% 0.11
Net Interest Income $7,291 $6,634 $657
Non Interest Income 4,693 4,485 208
Security Gains 34 18 16
Non Interest Expense 8,694 8,704 (10)
Provision for Credit Losses 75 150 (75)
NINE MONTHS 2004 2003 Change
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Net Income $5,618 $4,382 $1,236
Basic Earnings per share 1.42 1.12 0.30
Diluted Earnings per share 1.40 1.07 0.33
Dividends declared per share 0.69 0.66 0.03
Return on Average Assets 1.07% 0.88% 0.19
Return on Average Equity 12.50% 9.80% 2.70
Net Interest Margin 4.19% 4.20% (0.01)
Net Interest Income $21,041 $19,992 $1,049
Non Interest Income 13,625 12,691 934
Security Gains 294 38 256
Non Interest Expense 25,822 25,805 17
Provision for Credit Losses 400 610 (210)
BALANCE SHEET 09/30/04 09/30/03 12/31/03
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Total Assets $741,381 $678,753 $693,187
Total Deposits 668,058 590,592 606,648
Total Loans 294,011 281,111 287,744
Allowance for Loan Loss (5,788) (5,734) (5,759)
Shareholders' Equity $60,205 $60,201 $59,605
Diluted Shares outstanding 3,993,224 4,109,718 4,107,178
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