Cambridge Bancorp Reports First 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 $2,244,000 for the first quarter of 2007, or $0.58 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $2,158,000, or $0.55 per diluted share, for the same quarter in 2006. The quarter-over-quarter earnings increase of $86,000 (4.0%) was achieved by continued growth in non-interest income from Wealth Management fees and Deposit Account fees, tight management of non-interest expenses and a reduction in our effective income tax rate. Consistent with the industry experience, Cambridge Trust Company continues to face the challenge of pressure on its net interest margin, which for the current quarter stood at 4.04% compared to 4.38% for the first quarter of 2006. Although the Bank enjoys a strong mix of lower cost core deposits from consumer and commercial customers, most of the deposit growth over the past year has come from more expensive time deposits. "We expect that the economic and competitive challenges we faced throughout 2006 will be similar for most of 2007" notes Joseph V. Roller 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. . "We remain focused on executing our business plans, serving our customers at the highest level, and being flexible and responsive to changing business conditions and opportunities." Total loans outstanding grew by $26 million to $363 million at quarter end, representing a 7.7% increase over the comparable quarter end in 2006. Commercial real estate loans had continued solid growth as did residential mortgage lending. 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 $794 million in total assets and 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 is one of New England's leaders in wealth management with $1.4 billion in client 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 wealth management services at two New Hampshire locations, Concord and Exeter. Financial Highlights:
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> > March 31, >
December 31,
March 31,
> > 2007 >
2006
2006
> > >
Total Assets > > $ 793,510 >
$ 773,013
$ 746,414
Total Loans > > 363,220 >
356,074
337,257
Non-Performing Loans > > 968 >
1,688
607
Allowance for Loan Losses > > 6,200 >
6,065
5,958
Allowance to Non-Performing Loans > > 640.72% >
359.26%
981.59%
Allowance to Total Loans > > 1.71% >
1.70%
1.77%
Total Deposits > > 689,175 >
663,437
665,979
Total Stockholders' Equity > > 64,778 >
63,253
60,186
> > >
Book Value Per Share > > $ 16.86 >
$ 16.44
$ 15.61
Tangible Book Value Per Share > > $ 16.34 >
$ 15.89
$ 14.99
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