Cambridge Bancorp Reports Record Full-Year 2007 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 for 2007 of $9.2 million, the highest annual earnings the company has ever reported, representing an increase of $563,000 or 6.5% over 2006. 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. ) were $2.41, a 7.6% increase over diluted earnings per share for the prior year. Key contributors to 2007 performance were strong growth in non-interest income and prudent management of non-interest expenses. Driven primarily by wealth management fees, non-interest income grew by $1.2 million, or 7.4% over 2006, while non-interest expenses increased only modestly (up 1.3%) in 2007 versus 2006. Unaudited net income for the fourth quarter of 2007 was $2.2 million compared to $2.1 million for the same quarter in 2006, representing a 5.3% increase. Total loans outstanding for year-end 2007 were $419 million compared to $356 million at year-end 2006, an increase of $62.7 million or 17.6%. Loan quality remained strong with non-performing loans totaling $1.1 million at December 31, 2007 compared to $1.7 million at the end of 2006. The Allowance for Loan Losses was $6.7 million or 1.59% of total loans outstanding at year-end 2007. At December 31, 2006, the Allowance for Loan Losses was $6.1 million or 1.70% of total loans outstanding. The higher provision for loan losses of $700,000 during the year 2007 was primarily in response to the overall growth in the loan portfolio. Total assets at year-end 2007 were $850 million versus $773 million year-end 2006. 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. Cambridge Trust Company is a 117-year-old Massachusetts chartered commercial bank with $850 million in total assets and nine Massachusetts locations in Cambridge, Concord, Lincoln, Weston, and Beacon Hill. Cambridge Trust Company is one of New England's leaders in wealth management with $1.5 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: [TABLE OMITTED] |
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