Cambridge Bancorp

NASDAQ:CATCUnited States

Apr 23, 2024

Show headlines and story abstract

• -- Earnings Flash (CATC) CAMBRIDGE BANCORP Posts Q1 EPS $1.02, from 7:04AM ET on Tuesday Apr 23, 2024 by MT Newswires

  7:04AM ET on Tuesday Apr 23, 2024 by MT Newswires
  Companies Mentioned: CATC
  07:04 AM EDT, 04/23/2024 (MT Newswires) -- ...

• Cambridge Bancorp Announces First Quarter 2024 Results and Declares Quarterly Dividend, from 7:01AM ET on Tuesday Apr 23, 2024 by PR Newswire

  7:01AM ET on Tuesday Apr 23, 2024 by PR Newswire
  Companies Mentioned: CATC

  Cambridge Bancorp (NASDAQ: CATC) (the "Company"), the parent company of Cambridge Trust Company, today announced unaudited net income of $6.9 million for the three months ended March 31, 2024, a decrease of $1.1 million, or 14.3%, as compared to $8.0 million for the three months ended December 31, 2023. Diluted earnings per share were $0.87 for the three months ended March 31, 2024, representing a 14.7% decrease as compared to $1.02 for the three months ended December 31, 2023.

• Cambridge Bancorp Announces First Quarter 2024 Results and Declares Quarterly Dividend, from 7:00AM ET on Tuesday Apr 23, 2024 by Dow Jones

  7:00AM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: CATC
  Per Share: ---------------------- Tangible Common Equity (a non-GAAP measure) $ 464,730 $ 463,484 $ 454,191 Common shares outstanding 7,845,598 7,845,452 7,833,997 --------- --------- --------- Tangible Book Value Per Share (a non-GAAP measure) $ 59.23 $ 59.08 $ 57.98 Three Months Ended ------------------------------------------ December March 31, 31, March 31, 2024 2023 2023 ---------- ---------- ---------- (dollars in thousands) Efficiency Ratio: (1) ---------------------- Noninterest expense $ 28,259 $ 26,901 $ 28,328 --------- --------- --------- Net interest and dividend income $ 27,032 $ 28,150 $ 34,248 Total noninterest income 10,606 10,437 10,715 --------- --------- --------- Total revenue $ 37,638 $ 38,587 $ 44,963 Efficiency Ratio 75.08% 69.72% 63.00% Operating Efficiency Ratio: (2) ---------------------- Noninterest expense $ 28,259 $ 26,901 $ 28,328 Mergers and office consolidation expenses (Pretax) (1,407) (698) (424) --------- --------- --------- Operating expense (a non-GAAP measure) $ 26,852 $ 26,203 $ 27,904 Operating revenue (a non-GAAP measure) $ 37,638 $ 38,587 $ 44,963 Operating Efficiency Ratio (a non-GAAP measure) 71.34% 67.91% 62.06% Three Months Ended ------------------------------------------ December March 31, 31, March 31, 2024 2023 2023 ---------- ---------- ---------- (dollars in thousands) Operating Return on Tangible Common Equity: (3) ---------------------- Operating Net Income (a non-GAAP measure) $ 7,996 $ 8,724 $ 12,722 --------- --------- --------- Average common equity $ 534,139 $ 525,845 $ 519,926 Average goodwill and merger related intangibles (70,988) (71,207) (71,876) --------- --------- --------- Average tangible common equity (a non-GAAP measure) $ 463,151 $ 454,638 $ 448,050 Operating Return on Tangible Common Equity (a non-GAAP measure) 6.94% 7.61% 11.52% Operating Return on Average Assets: (4) ---------------------- Operating Net Income (a non-GAAP measure) $ 7,996 $ 8,724 $ 12,722 Average assets $5,393,697 $5,446,788 $5,543,080 Operating Return on Average Assets (a non-GAAP measure) 0.60% 0.64% 0.93% (1) The efficiency ratio represents noninterest expense as a percentage of the sum of net interest and dividend income and noninterest income. (2) Operating efficiency ratio represents operating expense as a percentage of total revenue. (3) Operating return on tangible common equity represents operating net income as a percentage of average tangible common equity. (4) Operating return on average assets represents operating net income as a percentage of average assets.
  

• *DJ Cambridge Bancorp 1Q Adj EPS $1.02 >CATC, from 7:00AM ET on Tuesday Apr 23, 2024 by Dow Jones

  7:00AM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: CATC