Cambridge Bancorp Announces Record Operating Results for 2021 and Increases Dividend by 5%

CAMBRIDGE, Mass., Jan. 25, 2022 /PRNewswire/ -- Cambridge Bancorp CATC (the "Company"), the parent company of Cambridge Trust Company (the "Bank"), today announced unaudited net income of $54.0 million  for the year ended December 31, 2021, an increase of $22.1 million, or 69.0%, as compared to net income of $32.0 million for the year ended December 31, 2020. Diluted earnings per share were $7.69 for the year ended December 31, 2021, representing a 52.9% increase as compared to diluted earnings per share of $5.03 for the year ended December 31, 2020. 

The results for the years ended December 31, 2021 and December 31, 2020 include non-operating items as detailed in a table below. Operating net income excluding these items was $54.8 million for the year ended December 31, 2021, an increase of $11.0 million, or 25.0%, as compared to operating net income of $43.9 million for the year ended December 31, 2020. Operating diluted earnings per share were $7.81 for the year ended December 31, 2021, representing a 13.2% increase as compared to operating diluted earnings per share of $6.90 for the year ended December 31, 2020.

For both quarters ended December 31, 2021 and September 30, 2021, unaudited net income was $13.3 million. Diluted earnings per share were $1.88 for the quarter ended December 31, 2021, representing a 1.0% decrease as compared to diluted earnings per share of 1.89% for the quarter ended September 30, 2021.

Operating net income for the quarter ended December 31, 2021 was $13.5 million, a decrease of $386,000, or 2.8%, as compared to operating net income of $13.9 million for the quarter ended September 30, 2021. Operating diluted earnings per share were $1.92 for the quarter ended December 31, 2021, representing a 2.5% decrease as compared to operating diluted earnings per share of $1.97 for the quarter ended September 30, 2021.

2021 Highlights:

  • Financial performance ratios for the year ended December 31, 2021, were strong with Operating Return on Average Assets ("ROA") of 1.26% and Operating Return on Tangible Common Shareholders' Equity ("ROTCE") of 15.10%.
  • Core deposit growth of $1.02 billion, or 32.4%, from December 31, 2020.
  • Total loans, excluding loans under the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP"), increased by $267.4 million, or 8.8%, to $3.30 billion at December 31, 2021 from $3.03 billion at December 31, 2020.
  • Positive wealth management net asset flows of $89.8 million.
  • Asset quality at December 31, 2021, remained excellent with ratios of non-performing loans to total loans and non-performing assets to total assets at 0.16% and 0.11%, respectively.
  • Tangible book value per share at December 31, 2021 increased to $55.01 from $50.07 at December 31, 2020.

"The Cambridge Trust Team delivered strong performance in an extraordinary year.  The commitment of my colleagues to meet client needs has shown through in financial performance and otherwise," noted Denis K. Sheahan, Chairman and CEO.  

Balance Sheet

Total assets increased by $942.2 million, or 23.9%, from $3.95 billion at December 31, 2020 to $4.89 billion at December 31, 2021.

Total loans increased by $165.5 million, or 5.2%, from $3.15 billion at December 31, 2020 to $3.32 billion at December 31, 2021. Excluding PPP loans, total loans increased by $267.4 million, or 8.8%, from December 31, 2020.

  • Residential real estate loans increased by $116.2 million, from $1.30 billion at December 31, 2020, to $1.42 billion at December 31, 2021.
  • Commercial real estate loans increased by $152.0 million, from $1.36 billion at December 31, 2020, to $1.51 billion at December 31, 2021.
  • Commercial and industrial loans, excluding PPP loans, increased by $23.6 million, from $223.7 million at December 31, 2020, to $247.2 million at December 31, 2021.
  • PPP loans were $22.2 million and $124.2 million at December 31, 2021 and 2020, respectively, and are included in commercial and industrial loans on the consolidated balance sheets. 

The Company's total investment securities portfolio increased by $690.2 million, or 142.4%, from $484.7 million at December 31, 2020, to $1.17 billion at December 31, 2021, as the Company invested excess cash.

Total deposits increased by $928.1 million, or 27.3%, to $4.33 billion at December 31, 2021, from $3.40 billion at December 31, 2020.  

  • Core deposits, which the Company defines as all deposits other than certificates of deposit, increased by $1.02 billion, or 32.4%, to $4.17 billion at December 31, 2021, as a result of growth from new and existing client relationships.
  • The cost of total deposits was 0.15% for the quarter ended December 31, 2021, and 0.11% for the quarter ended September 30, 2021. The cost of total deposits for the year ended December 31, 2021, was 0.13%, as compared to 0.25% for the year ended December 31, 2020, a reduction of 12 basis points. At December 31, 2021, the spot cost of deposits was 0.18%.

Net Interest and Dividend Income

Net interest and dividend income, before the provision for (release of) credit losses, decreased by $648,000, or 2.0%, to $31.8 million for the quarter ended December 31, 2021, from $32.4 million for the quarter ended September 30, 2021. This decrease was primarily due to lower loan fair value accretion and PPP loan income recognized on PPP loans forgiven by the SBA during the period.

For the year ended December 31, 2021, net interest and dividend income, before the provision for (release of) credit losses, increased by $7.7 million, or 6.4%, to $128.0 million as compared to $120.2 million for the year ended December 31, 2020. This increase was primarily due to higher interest on investment securities, higher PPP loan income recognized on PPP loans forgiven by the SBA during the year, and a lower cost of funds partially offset by lower loan accretion associated with merger accounting and lower yields on interest-earning assets during the period. 

The Company's net interest margin on a fully taxable equivalent basis decreased by 26 basis points to 2.84% for the quarter ended December 31, 2021, as compared to 3.10% for the quarter ended September 30, 2021.

The Company's net interest margin on a fully taxable equivalent basis decreased by 53 basis points to 3.12% for the year ended December 31, 2021, as compared to 3.65% for the year ended December 31, 2020.

In order to provide greater disclosure of the impact of loan related merger accounting and the impact of the SBA's PPP loan program, a reconciliation of the Company's net interest margin, on a fully taxable equivalent basis, to an adjusted net interest margin, on a fully taxable equivalent basis, is shown below. Excluding the impact of merger related loan accretion and the impact of PPP loans, the adjusted net interest margin, on a fully taxable equivalent basis, for the quarter ended December 31, 2021, was 2.70%, representing a 22 basis point decrease from the adjusted net interest margin, on a fully taxable equivalent basis, of 2.92% for the quarter ended September 30, 2021, due to the success of our deposit gathering efforts and the corresponding reinvestment of those funds into investment securities.





Three Months Ended





December 31, 2021





Average

Balance



Interest

Income/

Expenses



Rate

Earned/

Paid





(dollars in thousands)

Total interest-earning assets (GAAP)



$

4,469,285















Net interest income on a fully taxable equivalent basis (GAAP)









$

32,016









Net interest margin on a fully taxable equivalent basis (GAAP)

















2.84

%

Less: Paycheck Protection Program loan impact





(37,615)







(1,213)







-0.08

%

Less: Accretion of loan fair value adjustments











(629)







-0.06

%

Adjusted net interest margin on a fully taxable equivalent basis



$

4,431,670





$

30,174







2.70

%

Less: Excess cash impact (1)





(121,461)







(46)







0.07

%

Normalized adjusted net interest margin on a fully taxable equivalent basis



$

4,310,209





$

30,128







2.77

%

(1) Excess cash represents the estimated amount of average cash on the balance sheet that is above normal levels.

Excluding the impact of merger related loan accretion and the impact of PPP loans, the adjusted net interest margin, on a fully taxable equivalent basis, for the year ended December 31, 2021, was 2.93%, representing a 43 basis point decrease from the adjusted net interest margin, on a fully taxable equivalent basis, of 3.36% for the year ended December 31, 2020, due to the low interest rate environment.





Year Ended





December 31, 2021





Average

Balance



Interest

Income/

Expenses



Rate

Earned/

Paid





(dollars in thousands)

Total interest-earning assets (GAAP)



$

4,127,863















Net interest income on a fully taxable equivalent basis (GAAP)









$

128,954









Net interest margin on a fully taxable equivalent basis (GAAP)

















3.12

%

Less: Paycheck Protection Program loan impact





(102,979)







(6,089)







-0.07

%

Less: Accretion of loan fair value adjustments











(4,771)







-0.12

%

Adjusted net interest margin on a fully taxable equivalent basis



$

4,024,884





$

118,094







2.93

%

Less: Excess cash impact (1)





(88,651)







(133)







0.07

%

Normalized adjusted net interest margin on a fully taxable equivalent

   basis



$

3,936,233





$

117,961







3.00

%

(1) Excess cash represents the estimated amount of average cash on the balance sheet that is above normal levels.

Provision for Credit Losses

During the quarter ended December 31, 2021, the Company recorded a release of the provision for credit losses of $273,000, as compared to a provision for credit losses of $86,000 for the quarter ended September 30, 2021, as a result of improving forward-looking economic assumptions and the resulting decrease in loss expectations in the Company's allowance for credit losses modeling.

For the year ended December 31, 2021, the Company recorded a release of the provision for credit losses of $1.3 million, as compared to a $18.3 million provision for credit losses for the year ended December 31, 2020, which included $9.3 million associated with the expected impact of the COVID-19 pandemic on future loan losses and $8.6 million for the recognition of the non-operating impact of merger related CECL accounting. 

Noninterest Income

Total noninterest income increased by $339,000, or 3.0%, to $11.5 million for the quarter ended December 31, 2021, as compared to $11.1 million for the quarter ended September 30, 2021. This change was primarily the result of higher prepayment premiums on commercial loans and higher loan related derivative income during the quarter partially offset by a decrease in wealth management revenue. Noninterest income was 26.5% of total revenue for the quarter ended December 31, 2021.

  • Other income increased by $366,000, or 97.6%, to $741,000 for the fourth quarter of 2021, as compared to $375,000 for the third quarter of 2021, primarily due to a $264,000 increase in prepayment premiums on commercial loans.
  • Loan related derivative income increased by $106,000, or 27.2%, to $496,000 for the fourth quarter of 2021 as compared to $390,000 for the third quarter of 2021 primarily due to increased loan volume.
  • Wealth management revenue decreased by $213,000, or 2.3%, to $9.0 million for the fourth quarter of 2021, as compared to $9.2 million for the third quarter of 2021, primarily as a result of seasonal tax fee revenue in the prior quarter, partially offset by appreciation within the equity markets. Wealth Management Assets under Management and Administration were $4.9 billion at December 31, 2021, an increase of $346.9 million, or 7.7%, from September 30, 2021, primarily due to appreciation within the equity markets and positive net client asset flows.

Total noninterest income increased by $4.8 million, or 12.1%, to $44.3 million for the year ended December 31, 2021, as compared to $39.5 million for the year ended December 31, 2020. This change was primarily a result of increases in wealth management revenue and loan related derivative income partially offset by decreases in gain on loans sold and deposit account fees. Noninterest income was 25.7% of total revenue for the year ended December 31, 2021.

  • Wealth management revenue increased by $5.3 million, or 17.8%, to $35.0 million for the year ended December 31, 2021, as compared to $29.8 million for the year ended December 31, 2020, primarily due to appreciation within the equity markets and positive net client asset flows.
  • Loan related derivative income increased by $645,000, or 43.6%, to $2.1 million for the year ended December 31, 2021, as compared to $1.5 million for the year ended December 31, 2020, due to increased loan volume combined with fair value adjustments.
  • Gain on loans sold decreased by $1.0 million, or 55.0%, to $832,000 for the year ended December 31, 2021, as compared to $1.9 million for the year ended December 31, 2020 due to decreased sales of residential mortgages.
  • Deposit account fees decreased by $656,000, or 25.3%, to $1.9 million for the year ended December 31, 2021, as compared to $2.6 million for the year ended December 31, 2020, primarily due to a decrease in fee revenue from commercial deposit sweep products as a result of lower interest rates.

Noninterest Expense

Total noninterest expense remained stable at $25.5 million for both the quarters ended December 31, 2021 and September 30, 2021. During the quarter ended December 31, 2021, there were decreases in non-operating expenses and salary and employee benefits expense partially offset by increases in data processing costs and higher FDIC insurance premiums, as compared to the quarter ended September 30, 2021.

  • Non-operating expenses decreased by $456,000, or 57.9%, primarily driven by one-time branch closure and relocation expenses recorded during the third quarter, partially offset by costs associated with contract termination fees as a result of the wealth management system conversion completed during the fourth quarter.
  • Salary and employee benefits expense decreased by $189,000, or 1.2%, primarily due to an adjustment in performance-based compensation partially offset by new staff additions to support business initiatives.
  • Data processing fees increased by $512,000, or 25.0%, primarily due to higher costs associated with the Company's new wealth management system implemented during the fourth quarter combined with increased client usage of our existing bank systems.
  • FDIC insurance increased by $111,000, or 36.4%, primarily due to balance sheet growth during the quarter.

Total noninterest expense increased by $2.4 million, or 2.4%, to $100.5 million for the year ended December 31, 2021, as compared to $98.1 million for the year ended December 31, 2020, primarily driven by increases in salaries and employee benefits expense, professional fees, data processing fees, and occupancy and equipment expense, partially offset by a decrease in non-operating expenses.

  • Salaries and employee benefits expense increased by $6.2 million, or 10.4%, primarily related to the full year impact of the merger with Wellesley Bancorp, Inc. ("Wellesley") in the second quarter of 2020, additions to support business initiatives, normal merit increases, and increases in employee benefit costs.
  • Professional services increased by $1.2 million, or 28.7%, primarily due to increased consulting fees associated with the wealth management system conversion completed in the fourth quarter of 2021 and employment agency costs.
  • Data processing fees increased by $1.2 million, or 15.2%, primarily due to the full year impact of new client usage of our banking systems as a result of our merger with Wellesley and higher data processing fees associated with the wealth management system conversion completed during the fourth quarter of 2021.
  • Occupancy and equipment expense increased by $894,000, or 6.9%, primarily as a result of the full year impact of additional branches and office space arising from the merger with Wellesley.
  • Non-operating expenses decreased by $6.5 million, or 85.3%, primarily due to one-time non-operating costs associated with the Wellesley merger that were incurred in 2020, partially offset by previously communicated branch closures and relocation expenses and system conversion expenses.

Asset Quality 

Non-performing loans totaled $5.4 million, or 0.16% of total loans outstanding, at December 31, 2021. The allowance for credit losses was $34.5 million, or 1.05% of total loans outstanding excluding PPP loans, at December 31, 2021, as compared to $35.2 million, or 1.09% of total loans outstanding excluding PPP loans, at September 30, 2021.

The Company recorded net loan recoveries of $13,000, or 0.00% of total loans (annualized), for the quarter ended December 31, 2021, as compared to net loan recoveries of $76,000, or 0.00% of total loans (annualized), for the quarter ended September 30, 2021.

Net loan recoveries were $155,000, or 0.00% of total loans, for the year ended December 31, 2021, as compared to net charge-offs of $439,000, or 0.01% of total loans, for the year ended December 31, 2020.

The following table shows additional and historical information regarding non-performing assets, early-stage delinquency (30-89 days delinquent), and troubled debt restructurings:





Nonperforming Assets







December 31, 2021





September 30, 2021





December 31, 2020







(dollars in thousands)



Total nonperforming loans



$

5,386





$

5,851





$

8,962



Other real estate owned

















1,820



Total nonperforming assets



$

5,386





$

5,851





$

10,782



Troubled debt restructurings ("TDRs"):



















Non-performing (included in total non-performing loans above)



$

758





$

767





$

811



Performing



















     Total troubled debt restructurings



$

758





$

767





$

811



Nonperforming loans/total loans





0.16

%





0.18

%





0.28

%

Nonperforming assets/total assets





0.11

%





0.13

%





0.27

%

TDRs/total loans





0.02

%





0.02

%





0.03

%

























Additional Asset Quality Indicators







December 31, 2021





September 30, 2021





December 31, 2020



Delinquent loans 30-89 days past due/total loans





0.32

%





0.54

%





0.72

%

Quarterly net recoveries (charge-offs)/total loans (annualized)





0.00

%





0.01

%





0.02

%

Year to date net recoveries (charge-offs)/total loans





0.00

%





0.00

%





(0.01)

%

Allowance for credit losses/nonperforming loans





640.48

%





602.14

%





401.88

%

Allowance for credit losses/total loans ex. PPP loans





1.05

%





1.09

%





1.19

%

Income Taxes

The Company's effective tax rate was 26.5% for the quarter ended December 31, 2021, as compared to 25.7% for the quarter ended September 30, 2021. For the year ended December 31, 2021, the Company's effective tax rate was 26.1%, as compared to 26.3% for the year ended December 31, 2020.

Dividend and Capital

On January 24, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.64 per share, which is payable on February 24, 2022, to shareholders of record as of the close of business on February 10, 2022. This represents an increase of $0.03, or 5%, as compared to the $0.61 dividend paid in the fourth quarter of 2021. The Company did not repurchase any shares under its previously announced share repurchase program during the three months and year ended December 31, 2021.

The Company's ratio of tangible common equity to tangible assets decreased to 7.92% at December 31, 2021, from 8.42% at September 30, 2021, primarily due to strong asset growth during the quarter ended December 31, 2021.

Tangible common equity to tangible assets, excluding PPP loans, decreased to 7.96% at December 31, 2021, as compared to 8.53% at September 30, 2021.

Tangible book value per share increased by $1.47, or 2.7%, to $55.01 at December 31, 2021, as compared to $53.54 at September 30, 2021. 

Investor Conference Call and Investor Presentation

An investor presentation is available on the investor relations section of the Company's website: http://ir.cambridgetrust.com or within the hyperlink provided below.  This presentation includes additional details regarding the Company's loan portfolio, liquidity position, and other financial disclosures.  Click here to download.

Cambridge Bancorp will also conduct a conference call/webcast at 11:00 a.m. Eastern Time on Tuesday, January 25, 2022, to discuss the results for the quarter.  Participants are encouraged to pre-register for the conference call using the following link: https://dpregister.com/sreg/10161776/ef779b0eb0

Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the call.  Participants may pre-register at any time prior to the call and will immediately receive simple instructions via email. Additionally, participants may reach the registration link and access the webcast by logging in through the investor section of the Company's website at http://ir.cambridgetrust.com.

Those parties who do not have Internet access or are otherwise unable to pre-register for this event may still participate at the above time by dialing 1-866-777-2509 and asking the operator to join the Cambridge Bancorp (CATC) earnings call. Participants are requested to dial-in a few minutes before the scheduled start of the call. The webcast will be archived for three months on our investor relations website at https://ir.cambridgetrust.com/news-market-information/presentations/default.aspx.

About Cambridge Bancorp

Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 131-year-old Massachusetts chartered commercial bank with approximately $4.9 billion in assets at December 31, 2021, and a total of 19 Massachusetts and New Hampshire locations. Cambridge Trust Company is one of New England's leaders in private banking and wealth management with $4.9 billion in client assets under management and administration at December 31, 2021. The Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.

The accompanying unaudited condensed interim and annual consolidated financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K, which is posted in the investor relations section of the Company's website at http://ir.cambridgetrust.com.

Forward-looking Statements

Certain statements herein may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about the Company and its industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding the Company's future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, the impact of any laws or regulations applicable to the Company, and measures being taken in response to the COVID-19 pandemic and the impact of the COVID-19 pandemic on the Company's business are forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following: the current global economic uncertainty and economic conditions being less favorable than expected; disruptions to the credit and financial markets; changes in the Company's accounting policies or in accounting standards; weakness in the real estate market; legislative, regulatory, or accounting changes that adversely affect the Company's business and/or competitive position; the Dodd-Frank Act's consumer protection regulations; the duration and scope of the COVID-19 pandemic and its impact on levels of consumer confidence; actions that governments, businesses and individuals take in response to the COVID-19 pandemic; the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; a prolonged resurgence in the severity of the COVID-19 pandemic due to variants and mutations of the virus; the pace of recovery when the COVID-19 pandemic subsides; challenges from the integration of the Company and Wellesley resulting in the combined business not operating as effectively as expected; disruptions in the Company's ability to access the capital markets; the cost savings of the merger with Wellesley may not be fully realized or may take longer to realize than expected; operating costs, customer loss, and business disruption following the merger with Wellesley, including adverse effects on relationships with employees, may be greater than expected; and other factors that are described in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year end December 31, 2020, which the Company filed on March 15, 2021. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This information includes operating net income and operating diluted earnings per share, tangible book value per share and the tangible common equity ratio (including and excluding PPP loans), operating return on average assets, operating return on tangible common equity, operating efficiency ratio, and operating pre-tax pre-provision income and operating return on average assets.

Operating net income and operating diluted earnings per share exclude items that management believes are unrelated to its core banking business such as merger and acquisition expenses, gain (loss) on disposition of investment securities, and other items. The Company's management uses operating net income and operating diluted earnings per share to measure the strength of the Company's core banking business and to identify trends that may to some extent be obscured by such excluded gains or losses.

Management also supplements its evaluation of financial performance with an analysis of tangible book value per share (which is computed by dividing shareholders' equity less goodwill and acquisition related intangible assets, or "tangible common equity," by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by tangible assets, defined as total assets less goodwill and acquisition related intangibles), return on average assets and return on tangible common equity on an operating basis, the operating efficiency ratio (which is computed by dividing noninterest expense adjusted for non-operating expenses and total revenue adjusted for gain/(loss) on disposition of investment securities), operating pre-tax pre-provision income over average assets (which is computed by dividing income before taxes adjusted for the provision for (release of) credit losses, non-operating expenses, and gain/(loss) on disposition of investment securities over average assets). The Company has included information on these non-GAAP financial measures because the Company believes that investors may find it useful to have access to the same analytical tool used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management deems to be non-operating and excludes when computing these non-GAAP measures can be of substantial importance to the Company's results for any particular quarter or year. The Company's non-GAAP performance measures are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented under "GAAP to Non-GAAP Reconciliations."

CONTACT:

Cambridge Bancorp

Michael F. Carotenuto

Chief Financial Officer

617-520-5520





CAMBRIDGE BANCORP AND SUBSIDIARIES 

QUARTERLY UNAUDITED RESULTS







Three Months Ended



Twelve Months Ended





December 31,



September 30,



December 31,



December 31,





2021



2021



2020



2021



2020





(dollars in thousands, except per share data)



Interest and Dividend Income



$

33,511





$

33,654





$

35,870





$

133,514





$

129,378



Interest Expense





1,738







1,233







1,789







5,533







9,145



  Net Interest and Dividend Income





31,773







32,421







34,081







127,981







120,233



Provision for (Release of) for Credit Losses





(273)







86







(120)







(1,294)







18,310



Noninterest Income





11,454







11,115







10,802







44,324







39,525



Noninterest Expense





25,468







25,524







27,127







100,484







98,085



Income Before Income Taxes





18,032







17,926







17,876







73,115







43,363



Income Tax Expense





4,770







4,607







4,862







19,091







11,404



  Net Income



$

13,262





$

13,319





$

13,014





$

54,024





$

31,959



































Operating Net Income*



$

13,501





$

13,887





$

14,353





$

54,828





$

43,870



































Data Per Common Share:































 Basic Earnings Per Share



$

1.90





$

1.91





$

1.88





$

7.76





$

5.07



 Diluted Earnings Per Share





1.88







1.89







1.86







7.69







5.03



 Operating Diluted Earnings Per Share*





1.92







1.97







2.05







7.81







6.90



 Dividends Declared Per Share





0.61







0.61







0.53







2.38







2.12



 Average Common Shares Outstanding:































   Basic





6,934,702







6,932,882







6,897,450







6,926,257







6,289,481



   Diluted





7,007,761







6,999,773







6,970,542







6,990,603







6,344,409



































Selected Performance Ratios:































 Net Interest Margin, FTE





2.84

%





3.10

%





3.67

%





3.12

%





3.65

%

 Adjusted Net Interest Margin, FTE





2.70

%





2.92

%





3.27

%





2.93

%





3.36

%

 Cost of Funds





0.15

%





0.12

%





0.19

%





0.13

%





0.28

%

 Cost of Interest-Bearing Liabilities





0.24

%





0.18

%





0.29

%





0.21

%





0.41

%

 Cost of Deposits





0.15

%





0.11

%





0.17

%





0.13

%





0.25

%

 Cost of Deposits excluding Wholesale Deposits





0.15

%





0.11

%





0.15

%





0.13

%





0.23

%

 Return on Average Assets





1.12

%





1.20

%





1.31

%





1.24

%





0.91

%

 Return on Average Equity





12.24

%





12.47

%





13.05

%





12.93

%





9.09

%

 Efficiency Ratio*





58.92

%





58.63

%





60.44

%





58.32

%





61.40

%

 Operating Return on Average Assets*





1.15

%





1.25

%





1.45

%





1.26

%





1.25

%

 Operating Return on Tangible Common Equity*





14.27

%





14.92

%





16.70

%





15.10

%





14.38

%

 Operating Efficiency Ratio*





58.15

%





56.82

%





56.37

%





57.67

%





56.66

%





































































December 31,



September 30,



December 31,

















2021



2021



2020

















(dollars in thousands, except per share data)















Total Assets



$

4,891,544





$

4,483,567





$

3,949,297















Total Loans





3,319,106







3,300,918







3,153,648















Total Deposits





4,331,152







3,934,846







3,403,083















Allowance for Credit Losses





34,496







35,231







36,016















Allowance to Total Loans (ex. PPP Loans)





1.05

%





1.09

%





1.19

%













Non-Performing Loans





5,386







5,851







8,962















Non-Performing Loans/Total Loans





0.16

%





0.18

%





0.28

%













QTD Net Recoveries (Charge-offs) to Total Loans (annualized)





0.00

%





0.01

%





0.02

%













Tangible Common Equity Ratio*





7.92

%





8.42

%





8.91

%













Tangible Common Equity Ratio (ex. PPP Loans)*





7.96

%





8.53

%





9.20

%













Book Value Per Share



$

62.83





$

61.38





$

58.00















Tangible Book Value Per Share*



$

55.01





$

53.54





$

50.07















Wealth Management AUM



$

4,656,183





$

4,324,400





$

3,994,152















Wealth Management AUM & AUA



$

4,853,119





$

4,506,174





$

4,167,903















* See GAAP to Non-GAAP Reconciliations























CAMBRIDGE BANCORP AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS







December 31,

2021



September 30,

2021



December 31,

2020





(dollars in thousands, except par value)



Assets



















Cash and cash equivalents



$

180,153





$

93,477





$

75,785



Investment securities



















Available for sale, at fair value (amortized cost $201,270, $211,900, and $234,252, respectively)





197,803







210,993







237,030



Held to maturity, at amortized cost (fair value $971,092, $668,640, and $260,139, respectively)





977,061







666,322







247,672



Total investment securities





1,174,864







877,315







484,702



Loans held for sale, at lower of cost or fair value





1,490













6,909



Loans



















Residential mortgage





1,415,079







1,381,413







1,298,868



Commercial mortgage





1,511,002







1,474,694







1,358,962



Home equity





87,960







90,697







106,194



Commercial and industrial





269,446







315,904







347,855



Consumer





35,619







38,210







41,769



Total loans





3,319,106







3,300,918







3,153,648



Less: allowance for credit losses on loans





(34,496)







(35,231)







(36,016)



Net loans





3,284,610







3,265,687







3,117,632



Federal Home Loan Bank of Boston Stock, at cost





4,816







4,816







5,734



Bank owned life insurance





46,970







46,773







46,169



Banking premises and equipment, net





17,326







17,266







18,158



Right-of-use asset operating leases





31,273







31,639







34,927



Deferred income taxes, net





9,985







10,834







11,639



Accrued interest receivable





9,162







8,895







9,514



Goodwill





51,912







51,912







51,912



Merger-related intangibles, net





2,617







2,707







2,977



Other assets





76,366







72,246







83,239



Total assets



$

4,891,544





$

4,483,567





$

3,949,297



Liabilities



















Deposits



















Demand



$

1,393,935





$

1,281,881





$

1,006,132



Interest-bearing checking





763,188







682,675







625,650



Money market





1,104,238







841,641







532,218



Savings





907,722







937,565







984,262



Certificates of deposit





162,069







191,084







254,821



Total deposits





4,331,152







3,934,846







3,403,083



Borrowings





16,510







16,878







32,992



Operating lease liabilities





33,871







34,341







37,448



Other liabilities





72,174







69,925







74,042



Total liabilities





4,453,707







4,055,990







3,547,565



Shareholders' Equity



















Common stock, par value $1.00; Authorized: 10,000,000 shares; Outstanding: 6,968,192 shares, 6,965,871 shares, and 6,926,728 shares, respectively





6,968







6,966







6,927



Additional paid-in capital





229,205







228,694







226,967



Retained earnings





202,874







193,861







165,404



Accumulated other comprehensive income (loss)





(1,210)







(1,944)







2,434



Total shareholders' equity





437,837







427,577







401,732



Total liabilities and shareholders' equity



$

4,891,544





$

4,483,567





$

3,949,297









CAMBRIDGE BANCORP AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME







Three Months Ended







Twelve Months Ended







December 31,

2021



September 30,

2021



December 31,

2020





December 31,

2021



December 31,

2020





(dollars in thousands, except share data)



Interest and dividend income

































Interest on taxable loans



$

29,044





$

30,093





$

33,510







$

120,019





$

119,447



Interest on tax-exempt loans





355







353







229









1,205







880



Interest on taxable investment securities





3,354







2,502







1,399









9,464







6,048



Interest on tax-exempt investment securities





668







671







658









2,630







2,485



Dividends on FHLB of Boston stock





27







7







51









46







331



Interest on overnight investments





63







28







23









150







187



Total interest and dividend income





33,511







33,654







35,870









133,514







129,378



Interest expense

































Interest on deposits





1,607







1,086







1,416









4,974







7,295



Interest on borrowed funds





131







147







182









559







1,406



Interest on subordinated debt

















191















444



Total interest expense





1,738







1,233







1,789









5,533







9,145



Net interest and dividend income





31,773







32,421







34,081









127,981







120,233



Provision for (release of) credit losses





(273)







86







(120)









(1,294)







18,310



Net interest and dividend income after provision for (release of) credit losses





32,046







32,335







34,201









129,275







101,923



Noninterest income

































Wealth management revenue





9,025







9,238







8,064









35,037







29,751



Deposit account fees





519







462







506









1,939







2,595



ATM/Debit card income





423







406







362









1,567







1,308



Bank owned life insurance income





197







199







221









801







747



Gain on disposition of investment securities































69



Gain on loans sold





53







45







666









832







1,850



Loan related derivative income





496







390







342









2,124







1,479



Other income





741







375







641









2,024







1,726



Total noninterest income





11,454







11,115







10,802









44,324







39,525



Noninterest expense

































Salaries and employee benefits





16,215







16,404







16,673









65,127







58,975



Occupancy and equipment





3,516







3,303







3,583









13,898







13,004



Data processing





2,564







2,052







2,061









8,829







7,662



Professional services





1,354







1,468







1,081









5,391







4,190



Marketing





512







608







655









2,536







1,818



FDIC insurance





416







305







182









1,318







992



Non-operating expenses





331







787







1,825









1,118







7,612



Other expenses





560







597







1,067









2,267







3,832



Total noninterest expense





25,468







25,524







27,127









100,484







98,085



Income before income taxes





18,032







17,926







17,876









73,115







43,363



Income tax expense





4,770







4,607







4,862









19,091







11,404



Net income



$

13,262





$

13,319





$

13,014







$

54,024





$

31,959



Share data:

































Weighted average shares outstanding, basic





6,934,702







6,932,882







6,897,450









6,926,257







6,289,481



Weighted average shares outstanding, diluted





7,007,761







6,999,773







6,970,542









6,990,603







6,344,409



Basic earnings per share



$

1.90





$

1.91





$

1.88







$

7.76





$

5.07



Diluted earnings per share



$

1.88





$

1.89





$

1.86







$

7.69





$

5.03









CAMBRIDGE BANCORP AND SUBSIDIARIES

MARGIN & YIELD ANALYSIS







Three Months Ended







December 31, 2021



September 30, 2021



December 31, 2020





Average

Balance



Interest

Income/

Expenses (1)



Rate

Earned/

Paid
(1)



Average

Balance



Interest

Income/

Expenses (1)



Rate

Earned/

Paid (1)



Average

Balance



Interest

Income/

Expenses (1)



Rate

Earned/

Paid (1)





(dollars in thousands)



ASSETS























































Interest-earning assets























































Loans (2)























































Taxable



$

3,231,227





$

29,044







3.57

%



$

3,242,476





$

30,093







3.68

%



$

3,174,185





$

33,510







4.20

%

Tax-exempt





46,152







448







3.85







45,228







448







3.93







26,413







290







4.37



Securities available for

   sale (3)























































Taxable





207,207







613







1.17







213,542







660







1.23







167,583







596







1.41



Securities held to maturity























































Taxable





704,880







2,741







1.54







459,940







1,842







1.59







135,764







803







2.35



Tax-exempt





105,731







845







3.17







105,672







850







3.19







100,464







833







3.30



Cash and cash equivalents





174,088







63







0.14







113,511







28







0.10







106,449







23







0.09



Total interest-earning

   assets (4)





4,469,285







33,754







3.00

%





4,180,369







33,921







3.22

%





3,710,858







36,055







3.87

%

Non-interest-earning

   assets





243,647



















252,201



















272,011















Allowance for credit losses





(35,108)



















(35,302)



















(35,828)















Total assets



$

4,677,824

















$

4,397,268

















$

3,947,041















LIABILITIES AND

   SHAREHOLDERS'

   EQUITY























































Interest-bearing deposits























































Checking accounts



$

712,123





$

67







0.04

%



$

685,731





$

63







0.04

%



$

638,847





$

150







0.09

%

Savings accounts





942,118







218







0.09







949,487







198







0.08







980,172







581







0.24



Money market accounts





969,233







1,152







0.47







794,081







613







0.31







498,483







443







0.35



Certificates of deposit





177,960







170







0.38







201,944







212







0.42







285,694







242







0.34



Total interest-bearing

   deposits





2,801,434







1,607







0.23







2,631,243







1,086







0.16







2,403,196







1,416







0.23



Subordinated debt









































8,346







191







9.10



Other borrowed funds





16,636







131







3.12







17,005







147







3.43







52,106







182







1.39



Total interest-bearing

   liabilities





2,818,070







1,738







0.24

%





2,648,248







1,233







0.18

%





2,463,648







1,789







0.29

%

Non-interest-bearing

   liabilities























































Demand deposits





1,324,162



















1,219,288



















971,837















Other liabilities





105,698



















105,846



















114,749















Total liabilities





4,247,930



















3,973,382



















3,550,234















Shareholders' equity





429,894



















423,886



















396,807















Total liabilities &

   shareholders'

   equity



$

4,677,824

















$

4,397,268

















$

3,947,041















Net interest income on a

   fully taxable equivalent

   basis











32,016



















32,688



















34,266









Less taxable equivalent

   adjustment











(270)



















(274)



















(236)









Net interest income









$

31,746

















$

32,414

















$

34,030









Net interest spread (5)

















2.76

%

















3.04

%

















3.58

%

Net interest margin (6)

















2.84

%

















3.10

%

















3.67

%





(1)

Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21% in 2021 and 2020.

(2)

Nonaccrual loans are included in average amounts outstanding. 

(3)

Average balances of securities available for sale calculated utilizing amortized cost.

(4)

Federal Home Loan Bank stock balance is excluded from interest-earning assets and associated dividend income is excluded from interest income.

(5)

Net interest spread represents the difference between the weighted average yield on interest-earning assets, inclusive of PPP loans originated during 2020 and 2021, and the weighted average cost of interest-bearing liabilities.

(6)

Net interest margin represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets, inclusive of PPP loans originated during 2020 and 2021.







CAMBRIDGE BANCORP AND SUBSIDIARIES

MARGIN & YIELD ANALYSIS







Year Ended







December 31, 2021



December 31, 2020





Average

Balance



Interest

Income/

Expenses(1)



Rate

Earned/

Paid (1)



Average

Balance



Interest

Income/

Expenses (1)



Rate

Earned/

Paid (1)





(dollars in thousands)



ASSETS





































Interest-earning assets





































Loans (2)





































Taxable



$

3,203,126





$

120,019







3.75

%



$

2,832,796





$

119,447







4.22

%

Tax-exempt





37,750







1,525







4.04







23,835







1,115







4.68



Securities available for sale (3)





































Taxable





217,096







2,617







1.21







136,776







2,337







1.71



Securities held to maturity





































Taxable





424,499







6,847







1.61







152,789







3,711







2.43



Tax-exempt





104,114







3,329







3.20







89,841







3,145







3.50



Cash and cash equivalents





141,278







150







0.11







69,783







187







0.27



Total interest-earning assets (4)





4,127,863







134,487







3.26

%





3,305,820







129,942







3.93

%

Non-interest-earning assets





251,652



















245,316















Allowance for credit losses





(35,642)



















(27,887)















Total assets



$

4,343,873

















$

3,523,249















LIABILITIES AND SHAREHOLDERS'

   EQUITY





































Interest-bearing deposits





































Checking accounts



$

675,753





$

265







0.04

%



$

554,000





$

682







0.12

%

Savings accounts





957,039







861







0.09







937,247







3,378







0.36



Money market accounts





765,021







2,769







0.36







350,117







1,277







0.36



Certificates of deposit





209,311







1,079







0.52







259,568







1,958







0.75



Total interest-bearing deposits





2,607,124







4,974







0.19

%





2,100,932







7,295







0.35

%

Subordinated debt























5,408







444







8.21



Other borrowed funds





18,466







559







3.03







123,693







1,406







1.14



Total interest-bearing liabilities





2,625,590







5,533







0.21

%





2,230,033







9,145







0.41

%

Non-interest-bearing liabilities





































Demand deposits





1,197,056



















838,653















Other liabilities





103,459



















103,086















Total liabilities





3,926,105



















3,171,772















Shareholders' equity





417,768



















351,477















Total liabilities & shareholders' equity



$

4,343,873

















$

3,523,249















Net interest income on a fully taxable equivalent

   basis











128,954



















120,797









Less taxable equivalent adjustment











(1,019)



















(895)









Net interest income









$

127,935

















$

119,902









Net interest spread (5)

















3.05

%

















3.52

%

Net interest margin (6)

















3.12

%

















3.65

%





(1)

Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21% in 2021 and 2020.

(2)

Nonaccrual loans are included in average amounts outstanding. 

(3)

Average balances of securities available for sale calculated utilizing amortized cost.

(4)

Federal Home Loan Bank stock balance is excluded from interest-earning assets and associated dividend income is excluded from interest income.

(5)

Net interest spread represents the difference between the weighted average yield on interest-earning assets, inclusive of PPP loans originated during 2020 and 2021, and the weighted average cost of interest-bearing liabilities.

(6)

Net interest margin represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets, inclusive of PPP loans originated during 2020 and 2021.

GAAP to Non-GAAP Reconciliations (dollars in thousands except per share data)

Statement on Non-GAAP Measures: The Company believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor's proper understanding of the results of operations and financial condition of the Company. Management uses non-GAAP financial measures in its analysis of the Company's performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.





Three Months Ended





Twelve Months Ended



Operating Net Income / Operating Diluted Earnings Per Share



December 31,

2021



September 30,

2021



December 31,

2020



December 31,

2021



December 31,

2020





(dollars in thousands, except share data)



Net Income (a GAAP measure)



$

13,262





$

13,319





$

13,014





$

54,024





$

31,959



Add: Merger expenses

















581













6,368



Add: Gain on disposition of investment securities





























(69)



Add: Provision established for acquired Wellesley loans





























8,638



Add: Branch and office closure expenses











787







1,244







787







1,244



Add: Wealth management system conversion costs





331



















331









Tax effect of non-operating adjustments (1)





(92)







(219)







(486)







(314)







(4,270)



Operating Net Income (a non-GAAP measure)



$

13,501





$

13,887





$

14,353





$

54,828





$

43,870



Less: Dividends and Undistributed Earnings

   Allocated to Participating Securities (GAAP)





(61)







(65)







(63)







(252)







(64)



Operating Income Applicable to Common Shareholders (a non-GAAP measure)



$

13,440





$

13,822





$

14,290





$

54,576





$

43,806



Weighted Average Diluted Shares





7,007,761







6,999,773







6,970,542







6,990,603







6,344,409



Operating Diluted Earnings Per Share (a non-GAAP measure)



$

1.92





$

1.97





$

2.05





$

7.81





$

6.90







(1)

The net tax benefit associated with non-operating items is determined by assessing whether each non-operating item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.  The tax effect for prior quarters may have been updated to reflect the final tax deductibility.

















December 31, 2021



September 30, 2021



December 31, 2020





(dollars in thousands)

Tangible Common Equity:



















Shareholders' equity (GAAP)



$

437,837





$

427,577





$

401,732



Less: Goodwill and acquisition related intangibles (GAAP)





(54,529)







(54,619)







(54,889)



Tangible Common Equity (a non-GAAP measure)



$

383,308





$

372,958





$

346,843



Total assets (GAAP)



$

4,891,544





$

4,483,567





$

3,949,297



Less: Goodwill and acquisition related intangibles (GAAP)





(54,529)







(54,619)







(54,889)



Tangible assets (a non-GAAP measure)



$

4,837,015





$

4,428,948





$

3,894,408



Tangible Common Equity Ratio (a non-GAAP measure)





7.92

%





8.42

%





8.91

%





















Tangible Common Equity (excluding PPP loans):



















Tangible Common Equity (a non-GAAP measure)



$

383,308





$

372,958





$

346,843



Tangible assets (a non-GAAP measure)



$

4,837,015





$

4,428,948





$

3,894,408



Less: PPP loans





(22,228)







(58,767)







(124,201)



Tangible assets (excluding PPP Loans) (a non-GAAP

   measure)



$

4,814,787





$

4,370,181





$

3,770,207



Tangible Common Equity Ratio (excluding PPP Loans) (a non-GAAP measure)





7.96

%





8.53

%





9.20

%





















Tangible Book Value Per Share:



















Tangible Common Equity (a non-GAAP measure)



$

383,308





$

372,958





$

346,843



Common shares outstanding





6,968,192







6,965,871







6,926,728



Tangible Book Value Per Share (a non-GAAP measure)



$

55.01





$

53.54





$

50.07





















































































Three Months Ended



Twelve Months Ended





December 31,

2021



September 30,

2021



December 31,

2020



December 31,

2021



December 31,

2020





(dollars in thousands)

Efficiency Ratio: (1)































Noninterest expense



$

25,468





$

25,524





$

27,127





$

100,484





$

98,085



Net interest and dividend income



$

31,773





$

32,421





$

34,081





$

127,981





$

120,233



Total noninterest income





11,454







11,115







10,802







44,324







39,525



Total revenue



$

43,227





$

43,536





$

44,883





$

172,305





$

159,758



Efficiency Ratio





58.92

%





58.63

%





60.44

%





58.32

%





61.40

%

































Operating Efficiency Ratio: (2)































Noninterest expense



$

25,468





$

25,524





$

27,127





$

100,484





$

98,085



Merger expenses (Pretax)

















(581)













(6,368)



Branch and office closure expenses (Pretax)











(787)







(1,244)







(787)







(1,244)



Wealth management system conversion costs (Pretax)





(331)



















(331)









Operating expense (a non-GAAP measure)



$

25,137





$

24,737





$

25,302





$

99,366





$

90,473



Total revenue



$

43,227





$

43,536





$

44,883





$

172,305





$

159,758



Add: Gain on disposition of investment

   securities





























(69)



Operating revenue (a non-GAAP measure)



$

43,227





$

43,536





$

44,883





$

172,305





$

159,689



Operating Efficiency Ratio (a non-GAAP measure)





58.15

%





56.82

%





56.37

%





57.67

%





56.66

%

























































































































Three Months Ended



Twelve Months Ended





December 31,

2021



September 30,

2021



December 31,

2020



December 31,

2021



December 31,

2020





(dollars in thousands)

Operating Return on Tangible Common Equity: (3)































Operating Net Income (a non-GAAP measure)



$

13,501





$

13,887





$

14,353





$

54,828





$

43,870



Average common equity



$

429,894





$

423,886





$

396,807





$

417,768





$

351,477



Average goodwill and merger related intangibles





(54,574)







(54,659)







(54,941)







(54,707)







(46,476)



Average tangible common equity (a non-GAAP measure)



$

375,320





$

369,227





$

341,866





$

363,061





$

305,001



Operating Return on Tangible Common Equity (a non-GAAP measure)





14.27

%





14.92

%





16.70

%





15.10

%





14.38

%

































Operating Return on Average Assets: (4)































Operating Net Income (a non-GAAP measure)



$

13,501





$

13,887





$

14,353





$

54,828





$

43,870



Average assets



$

4,677,824





$

4,397,268





$

3,947,041





$

4,343,873





$

3,523,249



Operating Return on Average Assets (a non-GAAP measure)





1.15

%





1.25

%





1.45

%





1.26

%





1.25

%



































































































































Three Months Ended



Twelve Months Ended





December 31,

2021



September 30,

2021



December 31,

2020



December 31,

2021



December 31,

2020





(dollars in thousands)

Operating Pre-Tax Pre-Provision (PTPP) Income (5)































Income before income taxes (GAAP)



$

18,032





$

17,926





$

17,876





$

73,115





$

43,363



Add: Provision for (Release of) credit losses (GAAP)





(273)







86







(120)







(1,294)







18,310



Add: Non-operating expenses (GAAP)





331







787







1,825







1,118







7,612



Add: Gain on disposition of investment securities (GAAP)





























(69)



Operating PTPP Income (a non-GAAP measure)



$

18,090





$

18,799





$

19,581





$

72,939





$

69,216



Average assets





4,677,824







4,397,268







3,947,041







4,343,873







3,523,249



Operating PTPP Return on Average Assets (a non-GAAP measure)





1.53

%





1.70

%





1.97

%





1.68

%





1.96

%





(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 operating 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.

(5)

Operating Pre-Tax Pre-Provision ("PTPP") Income represents income before income taxes adjusted for the provision for (release of) credit losses, non-operating expenses, and gain on disposition of investment securities as a percentage of average assets.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cambridge-bancorp-announces-record-operating-results-for-2021-and-increases-dividend-by-5-301467269.html

SOURCE Cambridge Bancorp

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