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CATC.. $26.75..

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10 bagger   Tuesday, 10/20/09 01:13:57 PM
Re: None
Post # of 358 
CATC.. $26.75..

This is by far the best bank that I have seen this Earnings reporting period..It's only fault is that it sells for a premium to book.. Even so I bought a few.. hank

10/20/09 1:12 PM EDT Buy 288 CATC Executed @ $26.75 Details | Edit


Cambridge Bancorp Announces Strong Third Quarter Results

Business Wire - Oct 20 at 12:34 NONE

Company Symbols: NASDAQ-OTCBB:CATC


CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Cambridge Bancorp (OTCBB: CATC) today reported unaudited net income of $3.2 million for the third quarter, representing an increase of $630,000 or 24.9% over the same quarter in 2008. Diluted earnings per share (EPS) of $0.84 compare with $0.68 a year earlier. For the nine months ending September 30, 2009, unaudited net income was $7.6 million versus $7.4 million for the same period in 2008 - an increase of 3.7%.

"Deposit and loan growth trends that developed in the early part of 2009 continued in the third quarter" notes Joseph V. Roller II, the Bank's president and CEO. "Our balance sheet growth clearly drove the significant revenue upswing. However, also noteworthy was the rebound in Wealth Management income. Certainly some of this improvement was attributed to a recovery in equity markets. More importantly, Wealth Management revenues are benefitting from a period of robust new account growth since the beginning of 2009."

Net interest income of $10.0 million for the September 2009 quarter was $1.0 million or 11.4% higher than the same quarter in 2008. For the nine months ending September 30, 2009, net interest income of $28.5 million was $3.1 million or 12.1% higher than the same period in 2008. The Bank's net interest margin improved to 4.27% during the quarter, an increase of 6 basis points over the same quarter in 2008.

Non-interest income of $4.6 million for the September 2009 quarter was up $104,000 compared to the same quarter in 2008. Wealth Management income remained relatively flat at $3.3 million for the quarter as did most other items, with gains on the disposition of investment securities of $148,000 accounting for the increase in non-interest income.

Total loans outstanding as of September 30, 2009 were $514 million compared to $472 million at the end of last year and $463 million at September 30, 2008. Since the beginning of 2009, total loans outstanding have increased $42.2 million (8.9%). The majority of loan growth ($34.1 million) is attributable to an active residential mortgage market, with commercial lending also experiencing a $9.2 million increase in loans outstanding.

Non-performing loans as a percentage of total loans stood at 0.29% at September 30, 2009, a slight decrease from year-end 2008. Loan quality remains strong and the Allowance for Loan Losses stood at $8.5 million or 1.65% of total loans outstanding at September 30, 2009. At December 31, 2008, the Allowance for Loan Losses was $7.7 million or 1.63% of total loans outstanding. The higher provision for loan losses for the nine month periods ($900,000 in 2009 versus $750,000 in 2008) is primarily in response to the overall growth in the loan portfolio.

Total deposits stood at $847 million at period-end compared to $768 million at December 31, 2008, an increase of 10.3%. Total assets at period-end were $998 million compared to $917 million at the end of 2008.

Cambridge Bancorp and its subsidiary, Cambridge Trust Company, are based in Cambridge, Massachusetts, in the heart of Harvard Square. Cambridge Trust Company is a 119-year-old Massachusetts chartered commercial bank with $998 million in total assets and ten Massachusetts locations in Cambridge, Beacon Hill, Belmont, Concord, Lincoln and Weston. Cambridge Trust Company is one of New England's leaders in wealth management with $1.4 billion in client assets under management. In addition, Cambridge Trust Company of New Hampshire offers wealth management services at two New Hampshire locations, Concord and Exeter.

Financial Highlights:


CAMBRIDGE BANCORP

QUARTERLY UNAUDITED RESULTS

September 30, 2009

Dollar amounts in thousands (except share data)

Quarter Ended Nine Months Ended

September 30, September 30,

2009 2008 2009 2008

Interest Income $ 11,604 $ 11,450 $ 34,076 $ 33,456

Interest Expense 1,641 2,506 5,619 8,078

Net Interest Income 9,963 8,944 28,457 25,378

Provision for Loan 300 250 900 750
Losses

Non-Interest Income 4,635 4,531 12,520 13,092

Non-Interest Expense 9,704 9,411 29,237 26,973

Income Before Taxes 4,594 3,814 10,840 10,747

Income Taxes 1,433 1,283 3,194 3,374

Net Income $ 3,161 $ 2,531 $ 7,646 $ 7,373

Data Per Common
Share:

Basic Earnings Per $ 0.85 $ 0.68 $ 2.05 $ 1.96
Share

Diluted Earnings Per $ 0.84 $ 0.68 $ 2.04 $ 1.96
Share

Dividends Declared $ 0.33 $ 0.33 $ 0.99 $ 0.95
Per Share

Avg. Common Shares
Outstanding:

Basic 3,740,168 3,736,690 3,737,586 3,755,882

Diluted 3,743,814 3,745,144 3,739,819 3,766,447

Selected Operating
Ratios:

Net Interest Margin 4.27 % 4.21 % 4.24 % 4.07 %

Return on Average 1.28 % 1.13 % 1.07 % 1.13 %
Assets, after taxes

Return on Average 16.07 % 14.44 % 13.21 % 13.83 %
Equity, after taxes

September 30, December 31, September 30,

2009 2008 2008

Total Assets $ 997,855 $ 917,212 $ 896,628

Total Loans 514,002 471,814 462,966

Non-Performing Loans 1,479 1,602 1,447

Allowance for Loan 8,502 7,696 7,475
Losses

Allowance to 574.84 % 480.35 % 516.56 %
Non-Performing Loans

Allowance to Total 1.65 % 1.63 % 1.61 %
Loans

Total Deposits 846,923 767,654 747,695

Total Stockholders' 81,802 76,044 71,977
Equity

Book Value Per Share $ 21.87 $ 20.29 $ 19.17

Tangible Book Value $ 21.59 $ 19.93 $ 18.80
Per Share





CAMBRIDGE BANCORP

UNAUDITED BALANCE SHEETS

September 30, December 31,

2009 2008

(In thousands)

ASSETS

Cash and due from banks $ 14,345 $ 13,472

Federal funds sold -- 26,179

Total cash and cash equivalents 14,345 39,651

Investment securities:

Available for sale, at fair value 360,861 271,905

Held-to-maturity, at amortized cost 82,851 105,785

Stock in FHLB of Boston, at cost 4,806 4,806

Total investment securities 448,518 382,496

Loans:

Residential mortgage 229,649 195,510

Commercial mortgage 156,420 157,787

Home equity 68,004 68,419

Commercial 46,054 36,842

Consumer 13,875 13,256

Total loans 514,002 471,814

Allowance for loan losses (8,502 ) (7,696 )

Net loans 505,500 464,118

Bank owned life insurance 11,589 11,310

Banking premises and equipment, net 5,655 5,979

Accrued interest receivable 3,962 4,391

Other assets 8,286 9,267

Total assets $ 997,855 $ 917,212

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

Demand $ 202,949 $ 200,877

Interest bearing checking 209,382 212,053

Money market 56,836 51,537

Savings 217,632 140,285

Certificates of deposit 160,124 162,902

Total deposits 846,923 767,654

Short-term borrowings 14,798 3,019

Long-term borrowings 38,000 55,000

Other liabilities 16,332 15,495

Total liabilities 916,053 841,168

Stockholders' equity:

Common stock, par value $1.00; Authorized

5,000,000 shares; Outstanding: 3,740,652 and

3,748,642 shares, respectively 3,741 3,749

Additional paid-in capital 20,443 19,749

Retained earnings 52,738 49,384

Accumulated other comprehensive income 4,880 3,162

Total stockholders' equity 81,802 76,044

Total liabilities and stockholders' equity $ 997,855 $ 917,212





CAMBRIDGE BANCORP

UNAUDITED STATEMENTS OF INCOME

Quarter Ended September 30,

2009 2008

(In thousands, except per share data)

Interest income:

Interest on loans $ 6,978 $ 6,818

Interest on taxable investment 4,205 4,239
securities

Interest on tax exempt investment 401 391
securities

Interest on overnight investments 20 2

Total interest income 11,604 11,450

Interest expense:

Interest on deposits 1,244 1,753

Interest on borrowed funds 397 753

Total interest expense 1,641 2,506

Net interest income 9,963 8,944

Provision for loan losses 300 250

Net interest income after provision 9,663 8,694
for loan losses

Noninterest income:

Wealth management income 3,276 3,303

Deposit account fees 570 592

ATM/Debit card income 229 218

Merchant card services 173 157

Bank owned life insurance income 83 113

Gain on disposition of investment 148 1
securities

Other income 156 147

Total noninterest income 4,635 4,531

Noninterest expense:

Salaries and employee benefits 5,630 5,395

Occupancy and equipment 1,627 1,655

Data processing 787 792

Professional services 361 404

Marketing 350 403

FDIC Insurance 293 43

Other expenses 656 719

Total noninterest expense 9,704 9,411

Income before income taxes 4,594 3,814

Income tax expense 1,433 1,283

Net income $ 3,161 $ 2,531

Per share data:

Basic earnings per common share $ 0.85 $ 0.68

Diluted earnings per common share $ 0.84 $ 0.68

Average shares outstanding - basic 3,740,168 3,736,690

Average shares outstanding - diluted 3,743,814 3,745,144





CAMBRIDGE BANCORP

UNAUDITED STATEMENTS OF INCOME

Nine Months Ended September 30,

2009 2008

(In thousands, except per share data)

Interest income:

Interest on loans $ 20,241 $ 20,000

Interest on taxable investment 12,589 12,184
securities

Interest on tax exempt investment 1,196 1,149
securities

Interest on overnight 50 123
investments

Total interest income 34,076 33,456

Interest expense:

Interest on deposits 4,309 5,943

Interest on borrowed funds 1,310 2,135

Total interest expense 5,619 8,078

Net interest income 28,457 25,378

Provision for loan losses 900 750

Net interest income after provision for 27,557 24,628
loan losses

Noninterest income:

Wealth management income 8,437 9,175

Deposit account fees 1,794 1,758

ATM/Debit card income 634 633

Merchant card services 465 419

Bank owned life insurance 280 362
income

Gain on disposition of investment 382 246
securities

Other income 528 499

Total noninterest income 12,520 13,092

Noninterest expense:

Salaries and employee benefits 16,393 15,456

Occupancy and equipment 4,969 4,845

Data processing 2,379 2,217

Professional services 1,020 1,198

Marketing 1,050 1,088

FDIC Insurance 1,414 92

Other expenses 2,012 2,077

Total noninterest expense 29,237 26,973

Income before income taxes 10,840 10,747

Income tax expense 3,194 3,374

Net income $ 7,646 $ 7,373

Per share data:

Basic earnings per common $ 2.05 $ 1.96
share

Diluted earnings per common $ 2.04 $ 1.96
share

Average shares outstanding - 3,737,586 3,755,882
basic

Average shares outstanding - 3,739,819 3,766,447
diluted







Source: Cambridge Bancorp


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