Cambridge Bancorp Announces 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 $2.3 million for the third quarter, representing an increase of $116,000, or 5.3%, 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. ) of $0.60 compare with $0.55 a year earlier. For the nine months ending September 30, 2006, unaudited net income was $6.6 million versus $5.6 million for the same period in 2005 - an increase of 17.1%. Joseph V. Roller II, the Bank's 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. , notes, "The current interest rate environment has had a negative impact on many banks' net interest margins. We have been able to offset some of the recent margin pressure through continued growth in the loan portfolio, solid gains in non-interest income and diligent expense management oversight." Non-interest income of $4.2 million for the September 2006 quarter was $343,000, or 8.9% higher than the same quarter in 2005. For the nine months ending September 30, 2006, non-interest income of $12.1 million was 11.0% higher than the same period in 2005. Total loans outstanding at the September quarter end were $352 million compared to $333 million at end of last year and $320 million in September 2005. Total assets at period end were $771 million versus $738 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, in the heart of Harvard Square. Cambridge Trust Company is a 116-year-old Massachusetts chartered commercial bank with nine Massachusetts locations in Cambridge, Concord, Lincoln, Weston, and Beacon Hill. 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 offers trust and investment management services at two locations: Concord and Exeter. 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: [TABLE OMITTED] |
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