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10 bagger   Tuesday, 01/26/10 12:02:59 PM
Re: 10 bagger post# 321
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CATC.. $30.00

Cambridge Bancorp Announces Record Earnings for Full-Year 2009

Business Wire - Jan 26 at 11:32 NONE

Company Symbols: NASDAQ-OTCBB:CATC


CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Cambridge Bancorp (OTCBB: CATC) today announced unaudited net income of $10,277,000 for the year ended December 31, 2009, representing an increase of $664,000 or 6.9% compared to net income of $9,613,000 for the year ended December 31, 2008. Diluted earnings per share (EPS) were $2.75, a 7.4% increase over diluted earnings per share for the prior year.

In the fourth quarter of 2009 unaudited net income was $2,631,000, an increase of $391,000, or 17.5% compared to the same quarter in 2008.

"Our fourth quarter results were positively impacted by a continuing trend of strong net interest income and a rebound in wealth management fees. Net interest income for the fourth quarter 2009 increased by $1.6 million, or 17.8%, while wealth management fees increased by 13.3% compared to the fourth quarter of 2008," noted Joseph V. Roller II, president and CEO.

"We are pleased to report sustained earnings growth for the full year of 2009," said Mr. Roller. "Cambridge Trust Company continued to achieve strong business volume growth, with $105.1 million (13.7%) in deposit growth, $46.1 million (23.6%) increase in residential mortgage loans, and $15.7 million (8.0%) increase in combined commercial and commercial real estate loans. Credit quality across our consumer and corporate customer bases continued to be solid. While we expect to continue to face headwinds into 2010, we are intensely focused on managing through these conditions. The overall strength of our company will allow us to execute on prudent, long term opportunities for future growth."

For the year ended December 31, 2009 net interest income totaled $39.0 million compared to $34.3 million for 2008. The 13.6% increase in net interest income for the year was driven primarily by sustained loan growth, which was funded with core deposit inflows, coupled with a reduction in interest expense on deposits. The Bank's net interest margin of 4.27% for the year compared favorably to 4.11% for the year ended December 31, 2008.

Non-interest income totaled $16.6 million for the year 2009 compared to $16.8 million for 2008. Reduced fees for wealth management due to the equity market conditions earlier in the year, as well as reduced income from bank owned life insurance, contributed to the slight decrease in non-interest income. Gains on disposition of investment securities offset a portion of the decrease in non-interest income.

Non-interest expense increased by $3.4 million for the year ended December 31, 2009, driven primarily by two factors. FDIC premiums increased by $1.5 million, which included a special assessment of $450,000. A special assessment was applied to all FDIC-insured banks in the industry. The second factor was an increase in salaries and benefits of $1.7 million.

Total deposits at year-end 2009 were $873 million, an increase of $105.1 million or 13.7% compared to $768 million at year-end 2008.

Total loans outstanding for year-end 2009 were $538 million compared to $472 million at year-end 2008, an increase of $66.1 million or 14.0%. Loan quality remained sound with non-performing loans totaling $1.1 million at December 31, 2009 compared to $1.6 million at the end of 2008. The Allowance for Loan Losses was $8.7 million or 1.62% of total loans outstanding at year-end 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 of $1.2 million during the year 2009 was primarily in response to growth in the loan portfolio and recognition of current market conditions.

Total assets at year-end 2009 were $1.0 billion versus $917 million year-end 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 120-year-old Massachusetts chartered commercial bank with $1.0 billion 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

December 31, 2009

Dollar amounts in thousands (except share data)

Quarter Ended Year Ended

December 31, December 31,

2009 2008 2009 2008

Interest Income $ 12,082 $ 11,327 $ 46,158 $ 44,783

Interest Expense 1,530 2,369 7,149 10,447

Net Interest 10,552 8,958 39,009 34,336
Income

Provision for 300 250 1,200 1,000
Loan Losses

Non-Interest 4,098 3,756 16,618 16,848
Income

Non-Interest 10,390 9,294 39,627 36,267
Expense

Income Before 3,960 3,170 14,800 13,917
Taxes

Income Taxes 1,329 930 4,523 4,304

Net Income $ 2,631 $ 2,240 $ 10,277 $ 9,613

Data Per Common
Share:

Basic Earnings $ 0.71 $ 0.60 $ 2.75 $ 2.56
Per Share

Diluted Earnings $ 0.70 $ 0.60 $ 2.75 $ 2.56
Per Share

Dividends
Declared Per $ 0.35 $ 0.33 $ 1.34 $ 1.28
Share

Avg. Common
Shares
Outstanding:

Basic 3,730,439 3,726,701 3,735,784 3,748,547

Diluted 3,740,118 3,734,998 3,739,287 3,758,352

Selected
Operating
Ratios:

Net Interest 4.35 % 4.23 % 4.27 % 4.11 %
Margin

Return on
Average Assets, 1.04 % 1.00 % 1.06 % 1.09 %
after taxes

Return on
Average Equity, 12.78 % 12.37 % 13.09 % 13.46 %
after taxes

December 31, December 31,

2009 2008

Total Assets $ 1,018,949 $ 917,212

Total Loans 537,933 471,814

Non-Performing 1,092 1,602
Loans

Allowance for 8,729 7,696
Loan Losses

Allowance to
Non-Performing 799.72 % 480.35 %
Loans

Allowance to 1.62 % 1.63 %
Total Loans

Total Deposits 872,767 767,654

Total
Stockholders' 81,708 76,044
Equity

Book Value Per $ 21.95 $ 20.29
Share

Tangible Book $ 21.69 $ 19.93
Value Per Share





CAMBRIDGE BANCORP

UNAUDITED BALANCE SHEETS

December 31, December 31,

2009 2008

(In thousands)

ASSETS

Cash and due from banks $ 12,762 $ 13,472

Federal funds sold 13,412 26,179

Total cash and cash equivalents 26,174 39,651

Investment securities:

Available for sale, at fair value 339,833 271,905

Held-to-maturity, at amortized cost 84,073 105,785

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

Total investment securities 428,712 382,496

Loans:

Residential mortgage 241,564 195,510

Commercial mortgage 162,002 157,787

Home equity 69,212 68,419

Commercial 48,291 36,842

Consumer 16,864 13,256

Total loans 537,933 471,814

Allowance for loan losses (8,729 ) (7,696 )

Net loans 529,204 464,118

Bank owned life insurance 11,672 11,310

Banking premises and equipment, net 5,562 5,979

Other real estate owned 696 --

Accrued interest receivable 4,470 4,391

Other assets 12,459 9,267

Total assets $ 1,018,949 $ 917,212

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

Demand $ 204,335 $ 200,877

Interest bearing checking 238,152 212,053

Money market 53,099 51,537

Savings 224,360 140,285

Certificates of deposit 152,821 162,902

Total deposits 872,767 767,654

Short-term borrowings 11,441 3,019

Long-term borrowings 38,000 55,000

Other liabilities 15,033 15,495

Total liabilities 937,241 841,168

Stockholders' equity:

Common stock, par value $1.00;
Authorized 5,000,000 shares; 3,723 3,749
Outstanding: 3,722,726 and 3,748,642 shares,
respectively

Additional paid-in capital 20,431 19,749

Retained earnings 53,676 49,384

Accumulated other comprehensive income 3,878 3,162

Total stockholders' equity 81,708 76,044

Total liabilities and stockholders' equity $ 1,018,949 $ 917,212





CAMBRIDGE BANCORP

UNAUDITED STATEMENTS OF INCOME

Quarter Ended December 31,

2009 2008

(In thousands, except per share data)

Interest income:

Interest on loans $ 7,433 $ 6,808

Interest on taxable investment 4,235 4,126
securities

Interest on tax exempt investment 411 393
securities

Interest on overnight investments 3 --

Total interest income 12,082 11,327

Interest expense:

Interest on deposits 1,128 1,726

Interest on borrowed funds 402 643

Total interest expense 1,530 2,369

Net interest income 10,552 8,958

Provision for loan losses 300 250

Net interest income after provision for 10,252 8,708
loan losses

Noninterest income:

Wealth management income 2,916 2,574

Deposit account fees 543 613

ATM/Debit card income 239 211

Merchant card services 175 145

Bank owned life insurance income 83 107

Gain on disposition of investment -- 5
securities

Other income 142 101

Total noninterest income 4,098 3,756

Noninterest expense:

Salaries and employee benefits 6,328 5,548

Occupancy and equipment 1,618 1,582

Data processing 793 695

Professional services 373 264

Marketing 296 333

FDIC Insurance 289 115

Other expenses 693 757

Total noninterest expense 10,390 9,294

Income before income taxes 3,960 3,170

Income tax expense 1,329 930

Net income $ 2,631 $ 2,240

Per share data:

Basic earnings per common share $ 0.71 $ 0.60

Diluted earnings per common share $ 0.70 $ 0.60

Average shares outstanding - basic 3,730,439 3,726,701

Average shares outstanding - diluted 3,740,118 3,734,998





CAMBRIDGE BANCORP

UNAUDITED STATEMENTS OF INCOME

Year Ended December 31,

2009 2008

(In thousands, except per share data)

Interest income:

Interest on loans $ 27,674 $ 26,808

Interest on taxable investment 16,824 16,310
securities

Interest on tax exempt investment 1,607 1,542
securities

Interest on overnight investments 53 123

Total interest income 46,158 44,783

Interest expense:

Interest on deposits 5,437 7,669

Interest on borrowed funds 1,712 2,778

Total interest expense 7,149 10,447

Net interest income 39,009 34,336

Provision for loan losses 1,200 1,000

Net interest income after provision for 37,809 33,336
loan losses

Noninterest income:

Wealth management income 11,353 11,749

Deposit account fees 2,337 2,371

ATM/Debit card income 873 844

Merchant card services 640 564

Bank owned life insurance income 363 469

Gain on disposition of investment 382 251
securities

Other income 670 600

Total noninterest income 16,618 16,848

Noninterest expense:

Salaries and employee benefits 22,721 21,004

Occupancy and equipment 6,587 6,427

Data processing 3,172 2,912

Professional services 1,393 1,462

Marketing 1,346 1,421

FDIC Insurance 1,703 208

Other expenses 2,705 2,833

Total noninterest expense 39,627 36,267

Income before income taxes 14,800 13,917

Income tax expense 4,523 4,304

Net income $ 10,277 $ 9,613

Per share data:

Basic earnings per common share $ 2.75 $ 2.56

Diluted earnings per common share $ 2.75 $ 2.56

Average shares outstanding - basic 3,735,784 3,748,547

Average shares outstanding - diluted 3,739,287 3,758,352


Source: Cambridge Bancorp




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