Cambridge Bancorp Reports 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 $2,334,000 for the second quarter of 2007, or $0.60 per diluted share, compared to $2,084,000, or $0.54 per diluted share, for the same quarter in 2006. The quarter-over-quarter earnings increase of $250,000 (12.0%) was achieved by continued growth in non-interest income and prudent management of non-interest expenses. "We are pleased to report sustained earnings growth for the quarter, with a notable increase in non-interest income of $323,000 (8.3%) over the same quarter in 2006" 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. . "New initiatives in Wealth Management, combined with relatively strong equity markets, have produced positive results with fees in the most recent quarter increasing $252,000 (9.4%) compared to last year's second quarter. In addition, fees generated from deposit accounts and from the Bank's merchant card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. business have yielded solid results." Since June 2006 loan outstandings have increased almost $40 million (11.3%). Half of the growth originated in the commercial real estate sector with the remainder coming from a combination of residential mortgages and home equity loans. Loan quality remained strong and the Allowance for Loan Losses was $6,152,000 or 1.62% of total loan outstandings at June 30, 2007. At December 31, 2006, the Allowance for Loan Losses was $6,065,000 or 1.70% of total loan outstandings. The first six months of 2007 produced earnings of almost $4.6 million, representing a 7.9% increase compared to the first half of 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 116-year-old Massachusetts chartered commercial bank with $799 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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