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"Although there have been some modest signs of improvement in the economy, considerable uncertainty and challenges remain. While we adjust and adapt to the changing environment, we continue to see opportunities for growth and remain focused on executing the Bank's business plans," notes Joseph V. Roller II, president and CEO. The Bank continued to experience strong growth in net interest income. The solid increase of $958,000 (11.2%) in net interest income for the second quarter of 2009 versus the same quarter in 2008 was a function of broad based growth in loans to consumers and businesses, and growth in investment securities. Moreover, this balance sheet growth was funded entirely by growth in deposits. Since year-end 2008, total deposits have grown $79.9 million (10.4%) as consumers and businesses sought stable, service oriented banks for their checking and savings accounts and certificates of deposit. Together these factors produced a net interest margin for the second quarter of 2009 of 4.26%; a healthy improvement compared to the 4.05% margin for the quarter ended June 30, 2008. For the second quarter of 2009, non-interest expense increased $1,057,000 compared to the same quarter in 2008. A significant increase in FDIC premiums of $780,000 (including a special assessment of $450,000) accounted for the majority of the increase. Since year-end 2008, total loans outstanding have increased $18.4 million. The Bank's loan growth came primarily from residential mortgage loans and a resurgence in commercial lending originating from new business relationships. There was a more modest increase in loans (net of loan repayments) to commercial real estate customers in the first half of 2009. Non-performing loans as a percentage of total loans stood at 0.29% at June 30, 2009, a decline from 0.34% at December 31, 2008. Loan quality remains sound and the Allowance for Loan Losses stood at $8.2 million or 1.68% of total loans outstanding at June 30, 2009. At December 31, 2008, the Allowance for Loan Losses was $7.7 million or 1.63% of total loans outstanding. In response to continued loan growth, the provision for loan losses was $300,000 for the current quarter, an increase of $50,000 over the comparable 2008 quarter. Total assets at period end were $979 million versus $894 million one year ago and $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 118-year-old Massachusetts chartered commercial bank with $979 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 $1.3 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
June 30, 2009
Dollar amounts in thousands (except share data)
Quarter Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Interest Income $ 11,345 $ 11,085 $ 22,472 $ 22,006
Interest Expense 1,869 2,567 3,978 5,572
Net Interest Income 9,476 8,518 18,494 16,434
Provision for Loan Losses 300 250 600 500
Non-Interest Income 4,242 4,289 7,885 8,561
Non-Interest Expense 9,971 8,914 19,533 17,562
Income Before Taxes 3,447 3,643 6,246 6,933
Income Taxes 968 1,112 1,761 2,091
Net Income $ 2,479 $ 2,531 $ 4,485 $ 4,842
Data Per Common Share:
Basic Earnings Per Share $ 0.67 $ 0.67 $ 1.21 $ 1.29
Diluted Earnings Per Share $ 0.67 $ 0.67 $ 1.21 $ 1.28
Dividends Declared Per Share $ 0.33 $ 0.31 $ 0.66 $ 0.62
Avg. Common Shares Outstanding:
Basic 3,715,491 3,766,038 3,716,022 3,765,584
Diluted 3,718,452 3,779,243 3,718,066 3,779,272
Selected Operating Ratios:
Net Interest Margin 4.26 % 4.05 % 4.23 % 4.11 %
Return on Average Assets, after taxes 1.03 % 1.14 % 0.95 % 1.12 %
Return on Average Equity, after taxes 12.79 % 14.07 % 11.74 % 13.53 %
June 30, December 31, June 30,
2009 2008 2008
Total Assets $ 979,354 $ 917,212 $ 893,547
Total Loans 490,225 471,814 448,790
Non-Performing Loans 1,432 1,602 1,043
Allowance for Loan Losses 8,248 7,696 7,201
Allowance to Non-Performing Loans 575.89 % 480.35 % 690.63 %
Allowance to Total Loans 1.68 % 1.63 % 1.60 %
Total Deposits 847,601 767,654 738,239
Total Stockholders' Equity 77,194 76,044 70,325
Book Value Per Share $ 20.65 $ 20.29 $ 18.63
Tangible Book Value Per Share $ 20.35 $ 19.93 $ 18.23
CAMBRIDGE BANCORP
UNAUDITED BALANCE SHEETS
June 30, December 31,
2009 2008
(In thousands)
ASSETS
Cash and due from banks $ 39,945 $ 13,472
Federal funds sold -- 26,179
Total cash and cash equivalents 39,945 39,651
Investment securities:
Available for sale, at fair value 327,327 271,905
Held-to-maturity, at amortized cost 93,674 105,785
Stock in FHLB of Boston, at cost 4,806 4,806
Total investment securities 425,807 382,496
Loans:
Residential mortgage 208,609 195,510
Commercial mortgage 159,213 157,787
Home equity 65,587 68,419
Commercial 44,668 36,842
Consumer 12,148 13,256
Total loans 490,225 471,814
Allowance for loan losses (8,248 ) (7,696 )
Net loans 481,977 464,118
Bank owned life insurance 11,507 11,310
Banking premises and equipment, net 5,831 5,979
Accrued interest receivable 4,378 4,391
Other assets 9,909 9,267
Total assets $ 979,354 $ 917,212
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand $ 198,446 $ 200,877
Interest bearing checking 217,391 212,053
Money market 53,081 51,537
Savings 188,281 140,285
Certificates of deposit 190,402 162,902
Total deposits 847,601 767,654
Short-term borrowings 653 3,019
Long-term borrowings 38,000 55,000
Other liabilities 15,906 15,495
Total liabilities 902,160 841,168
Stockholders' equity:
Common stock, par value $1.00; Authorized
5,000,000 shares; Outstanding: 3,737,791 and
3,748,642 shares, respectively 3,738 3,749
Additional paid-in capital 20,310 19,749
Retained earnings 50,811 49,384
Accumulated other comprehensive income 2,335 3,162
Total stockholders' equity 77,194 76,044
Total liabilities and stockholders' equity $ 979,354 $ 917,212
CAMBRIDGE BANCORP
UNAUDITED STATEMENTS OF INCOME
Quarter Ended June 30,
2009 2008
(In thousands, except per share data)
Interest income:
Interest on loans $ 6,701 $ 6,571
Interest on taxable investment securities 4,224 4,021
Interest on tax exempt investment securities 399 382
Interest on overnight investments 21 111
Total interest income 11,345 11,085
Interest expense:
Interest on deposits 1,477 1,935
Interest on borrowed funds 392 632
Total interest expense 1,869 2,567
Net interest income 9,476 8,518
Provision for loan losses 300 250
Net interest income after provision for loan losses 9,176 8,268
Noninterest income:
Wealth management income 2,693 2,920
Deposit account fees 627 576
ATM/Debit card income 215 220
Merchant card services 181 146
Bank owned life insurance income 90 131
Gain on disposition of investment securities 232 87
Other income 204 209
Total noninterest income 4,242 4,289
Noninterest expense:
Salaries and employee benefits 5,323 5,059
Occupancy and equipment 1,673 1,636
Data processing 791 698
Professional services 354 432
Marketing 350 372
FDIC Insurance 809 29
Other expenses 671 688
Total noninterest expense 9,971 8,914
Income before income taxes 3,447 3,643
Income tax expense 968 1,112
Net income $ 2,479 $ 2,531
Per share data:
Basic earnings per common share $ 0.67 $ 0.67
Diluted earnings per common share $ 0.67 $ 0.67
Average shares outstanding - basic 3,715,491 3,766,038
Average shares outstanding - diluted 3,718,452 3,779,243
CAMBRIDGE BANCORP
UNAUDITED STATEMENTS OF INCOME
Six Months Ended June 30,
2009 2008
(In thousands, except per share data)
Interest income:
Interest on loans $ 13,263 $ 13,182
Interest on taxable investment securities 8,384 7,945
Interest on tax exempt investment securities 795 758
Interest on overnight investments 30 121
Total interest income 22,472 22,006
Interest expense:
Interest on deposits 3,065 4,190
Interest on borrowed funds 913 1,382
Total interest expense 3,978 5,572
Net interest income 18,494 16,434
Provision for loan losses 600 500
Net interest income after provision for loan losses 17,894 15,934
Noninterest income:
Wealth management income 5,161 5,872
Deposit account fees 1,224 1,166
ATM/Debit card income 405 415
Merchant card services 292 262
Bank owned life insurance income 197 249
Gain on disposition of investment securities 234 245
Other income 372 352
Total noninterest income 7,885 8,561
Noninterest expense:
Salaries and employee benefits 10,763 10,061
Occupancy and equipment 3,342 3,190
Data processing 1,592 1,425
Professional services 659 794
Marketing 700 685
FDIC Insurance 1,121 49
Other expenses 1,356 1,358
Total noninterest expense 19,533 17,562
Income before income taxes 6,246 6,933
Income tax expense 1,761 2,091
Net income $ 4,485 $ 4,842
Per share data:
Basic earnings per common share $ 1.21 $ 1.29
Diluted earnings per common share $ 1.21 $ 1.28
Average shares outstanding - basic 3,716,022 3,765,584
Average shares outstanding - diluted 3,718,066 3,779,272
SOURCE: Cambridge Bancorp Cambridge Bancorp Albert R. Rietheimer, 617-441-1516 Senior Vice President, Chief Financial Officer & Treasurer For full details for CATC click here.
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