CAMBRIDGE, Mass., April 23,
2024 /PRNewswire/ -- 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.
Operating net income, which excludes non-operating items, namely
merger related and office consolidation charges, as detailed in the
accounting principles generally accepted in the United States of America ("GAAP") to
non-GAAP reconciliations tables within this release, was
$8.0 million for the three months
ended March 31, 2024, a decrease of
$728,000, or 8.3%, as compared to
$8.7 million for the three months
ended December 31, 2023. Operating
diluted earnings per share were $1.02
for the three months ended March 31,
2024, representing a decrease of $0.09, or 8.1%, as compared to $1.11 for the three months ended December 31, 2023.
Merger with Eastern Bankshares, Inc.
On September 19, 2023, the Company
and Eastern Bankshares, Inc. ("Eastern") announced that they have
entered into an Agreement and Plan of Merger (the "Merger
Agreement") pursuant to which the Company will merge with and into
Eastern in an all-stock transaction (the "Eastern merger"). Under
the terms of the Merger Agreement, each share of the Company's
common stock will be exchanged for 4.956 shares of Eastern common
stock and Cambridge Bancorp Chief Executive Officer, Denis K. Sheahan, will assume the role of Chief
Executive Officer of Eastern. The Company's shareholders and
Eastern's shareholders approved the Eastern merger at their
respective special shareholder meetings held on February 28, 2024. The Eastern merger remains
subject to regulatory approval and the completion of other
customary closing conditions.
"We are pleased with the progress on our pending merger with
Eastern and look forward to introducing Cambridge Trust clients to
the strengths of the combined organization," noted Denis K. Sheahan, Chairman, President and
CEO.
First Quarter 2024 Highlights:
- Financial performance ratios for the three months ended
March 31, 2024 were as follows:
- Return on Average Assets ("ROA") of 0.51% and Operating ROA of
0.60%.
- Return on Average Equity of 5.19% and Operating Return on
Tangible Common Shareholders' Equity ("ROTCE") of 6.94%.
- Wealth Management Assets Under Management and Administration
increased by $533.4 million or 12.5%,
to $4.80 billion at March 31, 2024 from $4.27
billion at March 31, 2023.
Wealth management revenue increased by $778,000, or 9.8%, to $8.7
million for the three months ended March 31, 2024 from $7.9
million for the three months ended March 31, 2023.
- Asset quality ratios at March 31,
2024: non-performing loans to total loans and non-performing
assets to total assets at 0.43% and 0.32%, respectively.
- The common equity to assets ratio increased to 9.97% at
March 31, 2024 from 9.87% at
December 31, 2023. The tangible
common equity to tangible assets ratio increased to 8.76% at
March 31, 2024 from 8.67% at
December 31, 2023.
- Book value per share increased to $68.27 at March 31, 2024 from $68.14 at December 31,
2023.
- Available sources of liquidity at March
31, 2024 totaled approximately $2.35
billion. This is approximately two times the amount of
uninsured deposits at March 31,
2024.
Balance Sheet
Total assets decreased by $43.8
million, or 0.8%, from $5.42
billion at December 31, 2023
to $5.37 billion at March 31, 2024.
Total loans decreased by $26.8
million, or 0.7%, from $4.02
billion at December 31, 2023
to $3.99 billion at March 31,
2024.
- Residential real estate loans decreased by $15.0 million, from $1.63
billion at December 31, 2023
to $1.61 billion at March 31, 2024.
- Commercial real estate loans decreased by $9.2 million, from $1.93
billion at December 31, 2023
to $1.92 billion at March 31, 2024.
- Home equity loans decreased by $5.0
million, from $95.6 million at
December 31, 2023 to $90.6 million at March 31,
2024.
- Commercial and industrial loans increased by $4.8 million, or 1.4%, from $343.7 million at December
31, 2023 to $348.5 million at
March 31, 2024.
- Consumer loans decreased by $2.4
million, from $24.4 million at
December 31, 2023 to $22.0 million at March 31,
2024.
The Company's total investment securities portfolio decreased by
$23.3 million, or 2.1%, from
$1.10 billion at December 31, 2023 to $1.07
billion at March 31, 2024,
primarily due to pay-downs and amortization of $21.0 million during the quarter.
Total deposits, excluding wholesale deposits remained flat as
compared to December 31, 2023 and
totaled $4.02 billion at
March 31, 2024. Total deposits, inclusive of wholesale
deposits, decreased by $135.8
million, or 3.1%, to $4.19
billion at March 31, 2024, as compared to $4.32 billion at December
31, 2023, primarily due to lower wholesale deposit balances.
The Company utilized lower cost Federal Home Loan Bank of
Boston ("FHLB Boston") funding to
replace higher priced wholesale certificates of deposit.
- Certificates of deposit totaled $575.0
million at March 31, 2024,
representing a decrease of $99.4
million, or 14.7%, from $674.4
million at December 31, 2023,
primarily driven by lower wholesale deposit balances. Total
wholesale certificates of deposit, which are included within
certificates of deposit, were $161.1
million and $291.7 million at
March 31, 2024 and December 31, 2023, respectively.
- The cost of total deposits was 2.18% for the three months ended
March 31, 2024, as compared to 2.19%
for the three months ended December 31,
2023. The cost of total deposits excluding wholesale
deposits was 1.97% for the three months ended March 31, 2024, as compared to 1.89% for the
three months ended December 31, 2023.
At March 31, 2024, the spot cost of
non-wholesale deposits was 2.00%, as compared to 1.88% at
December 31, 2023.
Borrowings totaled $546.4 million
at March 31, 2024, representing a $94.3
million increase from $452.2
million at December 31, 2023,
as the Company migrated wholesale funding toward FHLB Boston
borrowings during the quarter.
Net Interest and Dividend Income
Net interest and dividend income, before the provision for
credit losses, decreased by $1.1
million, or 4.0%, to $27.0
million for the three months ended March 31, 2024, from $28.2
million for the three months ended December 31, 2023. This was primarily due to
higher cost of funds, partially offset by higher yields on earning
assets.
The Company's net interest margin on a fully taxable equivalent
basis decreased by four basis points to 2.10% for the three months
ended March 31, 2024, as compared to
2.14% for the three months ended December 31, 2023.
In order to provide greater disclosure of the impact of loan
related merger accounting, 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, the adjusted net interest margin, on a fully taxable
equivalent basis, for the three months ended March 31, 2024, was 2.05%, representing a five
basis point decrease from the adjusted net interest margin, on a
fully taxable equivalent basis, of 2.10% for the three months ended
December 31, 2023.
|
|
Three Months
Ended
|
|
|
|
March 31,
2024
|
|
|
|
Average
Balance
|
|
|
Interest
Income/
Expenses
|
|
|
Rate
Earned/
Paid
|
|
|
|
(dollars in
thousands)
|
|
Total interest-earning
assets (GAAP)
|
|
$
|
5,153,226
|
|
|
|
|
|
|
|
Net interest income on
a fully taxable equivalent basis (GAAP)
|
|
|
|
|
$
|
26,856
|
|
|
|
|
Net interest margin on
a fully taxable equivalent basis (GAAP)
|
|
|
|
|
|
|
|
|
2.10
|
%
|
Less: Accretion of loan
fair value adjustments (GAAP)
|
|
|
|
|
|
(554)
|
|
|
|
-0.05
|
%
|
Adjusted net interest
margin on a fully taxable equivalent basis (non-GAAP)
|
|
$
|
5,153,226
|
|
|
$
|
26,302
|
|
|
|
2.05
|
%
|
Provision for Credit Losses
During the three months ended March 31,
2024, the Company recorded a provision for credit losses of
$125,000, as compared to $569,000 for the three months ended December 31, 2023. The decrease in the provision
is primarily due to lower average loan balances and low
unemployment rate, which were partially offset by an increase in
the provision for individually analyzed loans.
Noninterest Income
Total noninterest income increased by $169,000, or 1.6%, to $10.6 million for the three months ended
March 31, 2024, as compared to $10.4
million for the three months ended December 31, 2023. This change was primarily the
result of higher wealth management revenue, partially offset by
lower loan related derivative income. Noninterest income was 28.2%
of total revenue for the three months ended March 31,
2024.
- Wealth management revenue increased by $237,000, or 2.8%, to $8.7
million for the three months ended March 31, 2024, as compared to $8.5 million for the three months ended
December 31, 2023. Wealth Management
Assets under Management and Administration were $4.80 billion at March 31,
2024, an increase of $205.6
million, or 4.5%, from $4.60
billion at December 31, 2023,
primarily due to improvements in the equity and bond markets.
- Loan related derivative income decreased by $96,000, or 84.2%, to $18,000 for the three months ended March 31, 2024, as compared to $114,000 for the three months ended December 31, 2023, primarily as a result of lower
volume of loan related derivative transactions.
Noninterest Expense
Total noninterest expense increased by $1.4 million, or 5.0%, to $28.3 million for the three months ended
March 31, 2024, as compared to $26.9
million for the three months ended December 31, 2023. During the three months
ended March 31, 2024, there was an increase in non-operating
expenses, salary and employee benefits expense, data processing
fees, and professional fees, which were partially offset by lower
FDIC insurance expense as compared to the three months ended
December 31, 2023.
- Non-operating expense increased by $709,000, or 101.6%, to $1.4 million for the three months ended
March 31, 2024, from $698,000 for the three months ended December 31, 2023, due to merger expenses of
$673,000 related to the Eastern
merger and office consolidation expenses of $734,000 associated with the recent sublease of
an operations center, as the Company decreased its leased office
space. This will improve future run rate occupancy cost.
- Salary and employee benefits expense increased by $260,000, or 1.5%, to $17.3 million for the three months ended
March 31, 2024, from $17.1 million for the three months ended
December 31, 2023, primarily due to
the seasonality of higher employee benefit costs during the first
quarter combined with regular merit increases. These increases were
partially offset by lower head count during the quarter, which has
amounted to a reduction in salaries and benefits expense of 6.3%
since the same period last year.
- Data processing fees increased by $239,000, or 9.2%, to $2.8
million for the three months ended March 31, 2024, from $2.6
million for the three months ended December 31, 2023.
- Professional fees increased by $225,000, or 37.5%, to $825,000 for the three months ended March 31, 2024, from $600,000 for the three months ended December 31, 2023, primarily due to the timing of
higher legal and consulting costs.
Asset Quality
Non-performing loans totaled $17.2
million, or 0.43% of total loans outstanding at March 31, 2024, as compared to $16.6 million, or 0.41% of total loans
outstanding at December 31, 2023. The
allowance for credit losses was $39.3
million, or 0.98% of total loans outstanding at March 31, 2024, as compared to $38.9 million, or 0.97% of total loans
outstanding at December 31, 2023.
The Company recorded net loan charge-offs of $2,000, or 0.00% of total loans (annualized), for
the three months ended March 31,
2024, as compared to net loan recoveries of $10,000, or 0.00% of total loans (annualized),
for the three months ended December 31,
2023.
The following table shows additional and historical information
regarding non-performing assets and early-stage delinquency (30-89
days delinquent):
|
|
Non-performing
Assets
|
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
March 31,
2023
|
|
|
|
(dollars in
thousands)
|
|
Non-performing
assets
|
|
$
|
17,201
|
|
|
$
|
16,567
|
|
|
$
|
7,262
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
loans/total loans
|
|
|
0.43
|
%
|
|
|
0.41
|
%
|
|
|
0.18
|
%
|
Non-performing
assets/total assets
|
|
|
0.32
|
%
|
|
|
0.31
|
%
|
|
|
0.13
|
%
|
|
|
Additional Asset
Quality Indicators
|
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
March 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans 30-89
days past due/total loans
|
|
|
0.55
|
%
|
|
|
0.60
|
%
|
|
|
0.39
|
%
|
Quarterly net
recoveries (charge-offs)/total loans (annualized)
|
|
|
(0.00)
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Year to date net
recoveries (charge-offs)/total loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Allowance for credit
losses/total loans
|
|
|
0.98
|
%
|
|
|
0.97
|
%
|
|
|
0.95
|
%
|
Income Taxes
The Company's effective tax rate was 25.6% for the three months
ended March 31, 2024 as compared to an effective tax rate of
27.7% for the three months ended December
31, 2023, primarily due to the impact of non-deductible
merger related expenses recorded during the periods noted.
Dividend and Capital
On April 22, 2024, the Company's
Board of Directors (the "Board") declared a quarterly cash dividend
of $0.67 per share, which is payable
on May 23, 2024, to shareholders of
record as of the close of business on May 9,
2024. The Company did not repurchase any shares under its
share repurchase program authorized on March
13, 2023 (the "2023 Repurchase Program") during the three
months ended March 31, 2024. The
Board has not authorized a share repurchase program to replace the
2023 Repurchase Program following its expiration on March 13, 2024.
The Company's common equity to assets ratio increased to 9.97%
at March 31, 2024, from 9.87% at
December 31, 2023. The ratio of
tangible common equity to tangible assets increased to 8.76% at
March 31, 2024 from 8.67% at
December 31, 2023.
Book value per share at March 31,
2024 increased to $68.27 from
$68.14 at December 31, 2023. Tangible book value per share
at March 31, 2024 increased to
$59.23 from $59.08 at December 31,
2023.
Investor Presentation:
An investor presentation is available on the investor relations
section of the Company's website at http://ir.cambridgetrust.com or
at 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.
About Cambridge Bancorp
Cambridge Bancorp, the parent company of Cambridge Trust
Company, is based in Cambridge,
Massachusetts. Cambridge Trust Company is a 133-year-old
Massachusetts chartered commercial
bank with approximately $5.37 billion
in assets at March 31, 2024, and a total of 22 Massachusetts
and New Hampshire locations.
Cambridge Trust Company is one of New England's leaders in private
banking and wealth management with $4.8
billion in client assets under management and administration
at March 31, 2024. The Wealth Management group maintains
offices in Boston, Massachusetts,
Concord, Manchester, and Portsmouth, New Hampshire, and Southport, Connecticut.
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, and the impact of any laws or regulations
applicable to the Company. 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 failure to
complete the proposed merger of the Company and Cambridge Trust
Company with Eastern, imposition of adverse regulatory conditions
in connection with regulatory approval of the Eastern merger,
disruption to the parties' businesses as a result of the
announcement and pendency of the Eastern merger, the inability to
realize expected cost savings or to implement integration plans and
other adverse consequences associated with the Eastern merger;
changes to interest rates; the ability to control costs and
expenses; 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
impact of the COVID-19 pandemic and actions taken in response to
the pandemic on consumer confidence and global and regional
economies and economic activity; disruptions in the Company's
ability to access the capital markets; effects of changes in
amounts of deposits on the Company's funding costs and net interest
margin; changes in non-performing assets; future provisions for
credit losses; 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 ended
December 31, 2023, which the Company
filed on March 12, 2024. 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 GAAP. This information
includes operating net income and operating diluted earnings per
share, tangible book value per share and the tangible common equity
ratio, operating return on average assets, operating return on
tangible common equity, and operating efficiency ratio.
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, and 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). 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
accordance with generally accepted 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
Joseph P. Sapienza
Interim Chief Financial Officer
617-520-5520
CAMBRIDGE BANCORP
AND SUBSIDIARIES
QUARTERLY UNAUDITED
RESULTS
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
|
(dollars in
thousands, except per share data)
|
|
Interest and Dividend
Income
|
|
$
|
56,213
|
|
|
$
|
56,950
|
|
|
$
|
51,742
|
|
Interest
Expense
|
|
|
29,181
|
|
|
|
28,800
|
|
|
|
17,494
|
|
Net Interest and
Dividend Income
|
|
|
27,032
|
|
|
|
28,150
|
|
|
|
34,248
|
|
Provision for Credit
Losses
|
|
|
125
|
|
|
|
569
|
|
|
|
60
|
|
Noninterest
Income
|
|
|
10,606
|
|
|
|
10,437
|
|
|
|
10,715
|
|
Noninterest
Expense
|
|
|
28,259
|
|
|
|
26,901
|
|
|
|
28,328
|
|
Income Before Income
Taxes
|
|
|
9,254
|
|
|
|
11,117
|
|
|
|
16,575
|
|
Income Tax
Expense
|
|
|
2,366
|
|
|
|
3,083
|
|
|
|
4,159
|
|
Net
Income
|
|
$
|
6,888
|
|
|
$
|
8,034
|
|
|
$
|
12,416
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
Income*
|
|
$
|
7,996
|
|
|
$
|
8,724
|
|
|
$
|
12,722
|
|
|
|
|
|
|
|
|
|
|
|
Data Per Common
Share:
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Share
|
|
$
|
0.88
|
|
|
$
|
1.02
|
|
|
$
|
1.59
|
|
Diluted Earnings
Per Share
|
|
|
0.87
|
|
|
|
1.02
|
|
|
|
1.58
|
|
Operating Diluted
Earnings Per Share*
|
|
|
1.02
|
|
|
|
1.11
|
|
|
|
1.62
|
|
Dividends
Declared Per Share
|
|
|
0.67
|
|
|
|
0.67
|
|
|
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
7,835,273
|
|
|
|
7,834,383
|
|
|
|
7,792,474
|
|
Diluted
|
|
|
7,865,193
|
|
|
|
7,853,823
|
|
|
|
7,826,162
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin, FTE
|
|
|
2.10
|
%
|
|
|
2.14
|
%
|
|
|
2.63
|
%
|
Adjusted Net
Interest Margin, FTE
|
|
|
2.05
|
%
|
|
|
2.10
|
%
|
|
|
2.58
|
%
|
Cost of
Funds
|
|
|
2.28
|
%
|
|
|
2.20
|
%
|
|
|
1.34
|
%
|
Cost of
Interest-Bearing Liabilities
|
|
|
3.13
|
%
|
|
|
3.04
|
%
|
|
|
1.96
|
%
|
Cost of
Deposits
|
|
|
2.18
|
%
|
|
|
2.19
|
%
|
|
|
1.36
|
%
|
Cost of Deposits
excluding Wholesale Deposits
|
|
|
1.97
|
%
|
|
|
1.89
|
%
|
|
|
1.01
|
%
|
Return on Average
Assets
|
|
|
0.51
|
%
|
|
|
0.59
|
%
|
|
|
0.91
|
%
|
Return on Average
Equity
|
|
|
5.19
|
%
|
|
|
6.06
|
%
|
|
|
9.68
|
%
|
Efficiency
Ratio
|
|
|
75.08
|
%
|
|
|
69.72
|
%
|
|
|
63.00
|
%
|
Operating
Efficiency Ratio*
|
|
|
71.34
|
%
|
|
|
67.91
|
%
|
|
|
62.06
|
%
|
Operating Return
on Average Assets*
|
|
|
0.60
|
%
|
|
|
0.64
|
%
|
|
|
0.93
|
%
|
Operating Return
on Tangible Common Equity*
|
|
|
6.94
|
%
|
|
|
7.61
|
%
|
|
|
11.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
|
(dollars in
thousands, except per share data)
|
|
Total Assets
|
|
$
|
5,373,840
|
|
|
$
|
5,417,666
|
|
|
$
|
5,528,584
|
|
Total Loans
|
|
$
|
3,994,749
|
|
|
$
|
4,021,544
|
|
|
$
|
4,018,082
|
|
Total
Deposits
|
|
$
|
4,185,382
|
|
|
$
|
4,321,178
|
|
|
$
|
4,656,776
|
|
Allowance for Credit
Losses
|
|
$
|
39,347
|
|
|
$
|
38,944
|
|
|
$
|
38,005
|
|
Allowance to Total
Loans
|
|
|
0.98
|
%
|
|
|
0.97
|
%
|
|
|
0.95
|
%
|
Non-Performing
Loans
|
|
$
|
17,201
|
|
|
$
|
16,567
|
|
|
$
|
7,262
|
|
Non-Performing
Loans/Total Loans
|
|
|
0.43
|
%
|
|
|
0.41
|
%
|
|
|
0.18
|
%
|
QTD Net Recoveries
(Charge-offs) to Total Loans (annualized)
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Tangible Common Equity
Ratio*
|
|
|
8.76
|
%
|
|
|
8.67
|
%
|
|
|
8.32
|
%
|
Book Value Per
Share
|
|
$
|
68.27
|
|
|
$
|
68.14
|
|
|
$
|
67.14
|
|
Tangible Book Value Per
Share*
|
|
$
|
59.23
|
|
|
$
|
59.08
|
|
|
$
|
57.98
|
|
Wealth Management
AUM
|
|
$
|
4,501,369
|
|
|
$
|
4,326,152
|
|
|
|
4,005,805
|
|
Wealth Management AUM
& AUA
|
|
$
|
4,800,772
|
|
|
$
|
4,595,209
|
|
|
|
4,267,343
|
|
* See GAAP to
Non-GAAP Reconciliations
|
|
|
|
|
|
|
|
.
|
|
CAMBRIDGE BANCORP
AND SUBSIDIARIES
UNAUDITED CONSOLIDATED
BALANCE SHEETS
|
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
|
(dollars in
thousands, except share information)
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
29,705
|
|
|
$
|
33,004
|
|
Investment
securities
|
|
|
|
|
|
|
Available for sale, at
fair value (amortized cost $159,483 and $163,376,
respectively)
|
|
|
133,222
|
|
|
|
137,838
|
|
Held to maturity, at
amortized cost (fair value $777,383 and $805,428,
respectively)
|
|
|
940,618
|
|
|
|
959,332
|
|
Total investment
securities
|
|
|
1,073,840
|
|
|
|
1,097,170
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
Residential
mortgage
|
|
|
1,611,271
|
|
|
|
1,626,264
|
|
Commercial
mortgage
|
|
|
1,922,278
|
|
|
|
1,931,473
|
|
Home equity
|
|
|
90,647
|
|
|
|
95,649
|
|
Commercial and
industrial
|
|
|
348,549
|
|
|
|
343,711
|
|
Consumer
|
|
|
22,004
|
|
|
|
24,447
|
|
Total loans
|
|
|
3,994,749
|
|
|
|
4,021,544
|
|
Less: allowance for
credit losses on loans
|
|
|
(39,347)
|
|
|
|
(38,944)
|
|
Net loans
|
|
|
3,955,402
|
|
|
|
3,982,600
|
|
Federal Home Loan Bank
of Boston Stock, at cost
|
|
|
24,291
|
|
|
|
19,056
|
|
Bank owned life
insurance
|
|
|
35,471
|
|
|
|
35,265
|
|
Banking premises and
equipment, net
|
|
|
20,858
|
|
|
|
21,753
|
|
Right-of-use asset
operating leases
|
|
|
21,694
|
|
|
|
23,233
|
|
Deferred income taxes,
net
|
|
|
14,359
|
|
|
|
15,299
|
|
Accrued interest
receivable
|
|
|
15,226
|
|
|
|
15,765
|
|
Goodwill
|
|
|
64,539
|
|
|
|
64,539
|
|
Merger-related
intangibles, net
|
|
|
6,327
|
|
|
|
6,550
|
|
Other assets
|
|
|
112,128
|
|
|
|
103,432
|
|
Total
assets
|
|
$
|
5,373,840
|
|
|
$
|
5,417,666
|
|
Liabilities
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
Demand- Non Interest
bearing
|
|
$
|
965,090
|
|
|
$
|
1,032,413
|
|
Interest-bearing
checking
|
|
|
1,202,713
|
|
|
|
1,132,518
|
|
Money
market
|
|
|
934,958
|
|
|
|
983,480
|
|
Savings
|
|
|
507,640
|
|
|
|
498,386
|
|
Certificates of
deposit
|
|
|
574,981
|
|
|
|
674,381
|
|
Total
deposits
|
|
|
4,185,382
|
|
|
|
4,321,178
|
|
Borrowings
|
|
|
546,405
|
|
|
|
452,155
|
|
Operating lease
liabilities
|
|
|
23,914
|
|
|
|
25,165
|
|
Other
liabilities
|
|
|
82,543
|
|
|
|
84,595
|
|
Total
liabilities
|
|
|
4,838,244
|
|
|
|
4,883,093
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common stock, par value
$1.00; Authorized: 10,000,000 shares; Outstanding: 7,845,598 shares
and 7,845,452 shares, respectively
|
|
|
7,846
|
|
|
|
7,845
|
|
Additional paid-in
capital
|
|
|
294,294
|
|
|
|
293,950
|
|
Retained
earnings
|
|
|
252,124
|
|
|
|
250,492
|
|
Accumulated other
comprehensive loss
|
|
|
(18,668)
|
|
|
|
(17,714)
|
|
Total shareholders'
equity
|
|
|
535,596
|
|
|
|
534,573
|
|
Total liabilities and
shareholders' equity
|
|
$
|
5,373,840
|
|
|
$
|
5,417,666
|
|
CAMBRIDGE BANCORP
AND SUBSIDIARIES
UNAUDITED CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
|
(dollars in
thousands, except per share amounts)
|
|
Interest and dividend
income
|
|
|
|
|
|
|
|
|
|
Interest on taxable
loans
|
|
$
|
50,123
|
|
|
$
|
50,884
|
|
|
$
|
45,333
|
|
Interest on tax-exempt
loans
|
|
|
399
|
|
|
|
399
|
|
|
|
376
|
|
Interest on taxable
investment securities
|
|
|
4,661
|
|
|
|
4,745
|
|
|
|
5,050
|
|
Interest on tax-exempt
investment securities
|
|
|
511
|
|
|
|
519
|
|
|
|
585
|
|
Dividends on FHLB of
Boston stock
|
|
|
419
|
|
|
|
304
|
|
|
|
72
|
|
Interest on overnight
investments
|
|
|
100
|
|
|
|
99
|
|
|
|
326
|
|
Total interest and
dividend income
|
|
|
56,213
|
|
|
|
56,950
|
|
|
|
51,742
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
23,330
|
|
|
|
24,817
|
|
|
|
15,944
|
|
Interest on borrowed
funds
|
|
|
5,851
|
|
|
|
3,983
|
|
|
|
1,550
|
|
Total interest
expense
|
|
|
29,181
|
|
|
|
28,800
|
|
|
|
17,494
|
|
Net interest and
dividend income
|
|
|
27,032
|
|
|
|
28,150
|
|
|
|
34,248
|
|
Provision for credit
losses
|
|
|
125
|
|
|
|
569
|
|
|
|
60
|
|
Net interest and
dividend income after provision for credit losses
|
|
|
26,907
|
|
|
|
27,581
|
|
|
|
34,188
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Wealth management
revenue
|
|
|
8,715
|
|
|
|
8,478
|
|
|
|
7,937
|
|
Deposit account
fees
|
|
|
811
|
|
|
|
746
|
|
|
|
869
|
|
ATM/Debit card
income
|
|
|
360
|
|
|
|
400
|
|
|
|
511
|
|
Bank owned life
insurance income
|
|
|
203
|
|
|
|
202
|
|
|
|
187
|
|
Gain on loans sold,
net
|
|
|
15
|
|
|
|
16
|
|
|
|
13
|
|
Loan related
derivative income
|
|
|
18
|
|
|
|
114
|
|
|
|
234
|
|
Other
income
|
|
|
484
|
|
|
|
481
|
|
|
|
964
|
|
Total noninterest
income
|
|
|
10,606
|
|
|
|
10,437
|
|
|
|
10,715
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
17,322
|
|
|
|
17,062
|
|
|
|
18,488
|
|
Occupancy and
equipment
|
|
|
3,577
|
|
|
|
3,534
|
|
|
|
3,747
|
|
Data
processing
|
|
|
2,824
|
|
|
|
2,585
|
|
|
|
2,641
|
|
Professional
services
|
|
|
825
|
|
|
|
600
|
|
|
|
1,123
|
|
Marketing
|
|
|
229
|
|
|
|
154
|
|
|
|
426
|
|
FDIC
insurance
|
|
|
795
|
|
|
|
918
|
|
|
|
379
|
|
Non-operating
expenses
|
|
|
1,407
|
|
|
|
698
|
|
|
|
424
|
|
Other
expenses
|
|
|
1,280
|
|
|
|
1,350
|
|
|
|
1,100
|
|
Total noninterest
expense
|
|
|
28,259
|
|
|
|
26,901
|
|
|
|
28,328
|
|
Income before income
taxes
|
|
|
9,254
|
|
|
|
11,117
|
|
|
|
16,575
|
|
Income tax
expense
|
|
|
2,366
|
|
|
|
3,083
|
|
|
|
4,159
|
|
Net income
|
|
$
|
6,888
|
|
|
$
|
8,034
|
|
|
$
|
12,416
|
|
Share data:
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic
|
|
|
7,835,273
|
|
|
|
7,834,383
|
|
|
|
7,792,474
|
|
Weighted average
shares outstanding, diluted
|
|
|
7,865,193
|
|
|
|
7,853,823
|
|
|
|
7,826,162
|
|
Basic earnings per
share
|
|
$
|
0.88
|
|
|
$
|
1.02
|
|
|
$
|
1.59
|
|
Diluted earnings per
share
|
|
$
|
0.87
|
|
|
$
|
1.02
|
|
|
$
|
1.58
|
|
CAMBRIDGE BANCORP
AND SUBSIDIARIES
MARGIN & YIELD
ANALYSIS
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
March 31,
2023
|
|
|
|
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
|
|
$
|
3,953,820
|
|
|
$
|
50,123
|
|
|
|
5.10
|
%
|
|
$
|
3,978,452
|
|
|
$
|
50,884
|
|
|
|
5.07
|
%
|
|
$
|
3,986,380
|
|
|
$
|
45,333
|
|
|
|
4.61
|
%
|
Tax-exempt
|
|
|
54,458
|
|
|
|
506
|
|
|
|
3.74
|
|
|
|
53,132
|
|
|
|
506
|
|
|
|
3.78
|
|
|
|
51,028
|
|
|
|
476
|
|
|
|
3.78
|
|
Securities available
for
sale (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
161,707
|
|
|
|
652
|
|
|
|
1.62
|
|
|
|
166,003
|
|
|
|
669
|
|
|
|
1.60
|
|
|
|
180,510
|
|
|
|
713
|
|
|
|
1.60
|
|
Securities held to
maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
867,313
|
|
|
|
4,009
|
|
|
|
1.86
|
|
|
|
885,576
|
|
|
|
4,076
|
|
|
|
1.83
|
|
|
|
948,233
|
|
|
|
4,337
|
|
|
|
1.85
|
|
Tax-exempt
|
|
|
83,653
|
|
|
|
647
|
|
|
|
3.11
|
|
|
|
84,990
|
|
|
|
657
|
|
|
|
3.07
|
|
|
|
95,212
|
|
|
|
740
|
|
|
|
3.15
|
|
Cash and cash
equivalents
|
|
|
32,275
|
|
|
|
100
|
|
|
|
1.25
|
|
|
|
31,768
|
|
|
|
99
|
|
|
|
1.24
|
|
|
|
50,831
|
|
|
|
326
|
|
|
|
2.60
|
|
Total
interest-earning
assets (4)
|
|
|
5,153,226
|
|
|
|
56,037
|
|
|
|
4.37
|
%
|
|
|
5,199,921
|
|
|
|
56,891
|
|
|
|
4.34
|
%
|
|
|
5,312,194
|
|
|
|
51,925
|
|
|
|
3.96
|
%
|
Non-interest-earning
assets
|
|
|
279,422
|
|
|
|
|
|
|
|
|
|
285,093
|
|
|
|
|
|
|
|
|
|
268,670
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
|
(38,951)
|
|
|
|
|
|
|
|
|
|
(38,226)
|
|
|
|
|
|
|
|
|
|
(37,784)
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
5,393,697
|
|
|
|
|
|
|
|
|
$
|
5,446,788
|
|
|
|
|
|
|
|
|
$
|
5,543,080
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking
accounts
|
|
$
|
1,167,639
|
|
|
$
|
6,095
|
|
|
|
2.10
|
%
|
|
$
|
1,160,636
|
|
|
$
|
5,948
|
|
|
|
2.03
|
%
|
|
$
|
880,040
|
|
|
$
|
2,025
|
|
|
|
0.93
|
%
|
Savings
accounts
|
|
|
502,793
|
|
|
|
1,438
|
|
|
|
1.15
|
|
|
|
540,052
|
|
|
|
1,561
|
|
|
|
1.15
|
|
|
|
771,219
|
|
|
|
1,357
|
|
|
|
0.71
|
|
Money market
accounts
|
|
|
953,885
|
|
|
|
8,094
|
|
|
|
3.41
|
|
|
|
984,696
|
|
|
|
8,267
|
|
|
|
3.33
|
|
|
|
1,129,934
|
|
|
|
6,462
|
|
|
|
2.32
|
|
Certificates of
deposit
|
|
|
678,436
|
|
|
|
7,703
|
|
|
|
4.57
|
|
|
|
769,384
|
|
|
|
9,041
|
|
|
|
4.66
|
|
|
|
692,644
|
|
|
|
6,100
|
|
|
|
3.57
|
|
Total
interest-bearing
deposits
|
|
|
3,302,753
|
|
|
|
23,330
|
|
|
|
2.84
|
|
|
|
3,454,768
|
|
|
|
24,817
|
|
|
|
2.85
|
|
|
|
3,473,837
|
|
|
|
15,944
|
|
|
|
1.86
|
|
Other borrowed
funds
|
|
|
443,734
|
|
|
|
5,851
|
|
|
|
5.30
|
|
|
|
302,738
|
|
|
|
3,983
|
|
|
|
5.22
|
|
|
|
137,516
|
|
|
|
1,550
|
|
|
|
4.57
|
|
Total
interest-bearing
liabilities
|
|
|
3,746,487
|
|
|
|
29,181
|
|
|
|
3.13
|
%
|
|
|
3,757,506
|
|
|
|
28,800
|
|
|
|
3.04
|
%
|
|
|
3,611,353
|
|
|
|
17,494
|
|
|
|
1.96
|
%
|
Non-interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
1,001,451
|
|
|
|
|
|
|
|
|
|
1,035,191
|
|
|
|
|
|
|
|
|
|
1,290,924
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
111,620
|
|
|
|
|
|
|
|
|
|
128,246
|
|
|
|
|
|
|
|
|
|
120,877
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
4,859,558
|
|
|
|
|
|
|
|
|
|
4,920,943
|
|
|
|
|
|
|
|
|
|
5,023,154
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
534,139
|
|
|
|
|
|
|
|
|
|
525,845
|
|
|
|
|
|
|
|
|
|
519,926
|
|
|
|
|
|
|
|
Total liabilities
&
shareholders'
equity
|
|
$
|
5,393,697
|
|
|
|
|
|
|
|
|
$
|
5,446,788
|
|
|
|
|
|
|
|
|
$
|
5,543,080
|
|
|
|
|
|
|
|
Net interest income on
a
fully taxable equivalent
basis
|
|
|
|
|
|
26,856
|
|
|
|
|
|
|
|
|
|
28,091
|
|
|
|
|
|
|
|
|
|
34,431
|
|
|
|
|
Less taxable
equivalent
adjustment
|
|
|
|
|
|
(243)
|
|
|
|
|
|
|
|
|
|
(245)
|
|
|
|
|
|
|
|
|
|
(255)
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
26,613
|
|
|
|
|
|
|
|
|
$
|
27,846
|
|
|
|
|
|
|
|
|
$
|
34,176
|
|
|
|
|
Net interest spread
(5)
|
|
|
|
|
|
|
|
|
1.24
|
%
|
|
|
|
|
|
|
|
|
1.30
|
%
|
|
|
|
|
|
|
|
|
2.00
|
%
|
Net interest margin
(6)
|
|
|
|
|
|
|
|
|
2.10
|
%
|
|
|
|
|
|
|
|
|
2.14
|
%
|
|
|
|
|
|
|
|
|
2.63
|
%
|
(1)
|
Annualized on a fully
taxable equivalent basis calculated using a federal tax rate of 21%
in 2024 and 2023.
|
(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 Paycheck Protection Program
("PPP") loans outstanding during 2024 and 2023, 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 outstanding during 2024 and 2023.
|
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
|
|
Operating Net Income
/ Operating Diluted Earnings Per Share
|
|
March 31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
|
(dollars in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (a GAAP
measure)
|
|
$
|
6,888
|
|
|
$
|
8,034
|
|
|
$
|
12,416
|
|
Add: Mergers and
office consolidation expenses (1)
|
|
|
1,407
|
|
|
|
698
|
|
|
|
424
|
|
Less: Tax effect of
non-operating expenses (2)
|
|
|
(299)
|
|
|
|
(8)
|
|
|
|
(118)
|
|
Operating Net Income (a
non-GAAP measure)
|
|
$
|
7,996
|
|
|
$
|
8,724
|
|
|
$
|
12,722
|
|
Less: Dividends and
Undistributed Earnings Allocated
to Participating Securities (a non-GAAP
measure)
|
|
|
(10)
|
|
|
|
(13)
|
|
|
|
(26)
|
|
Operating Net Income
Applicable to Common
Shareholders (a non-GAAP measure)
|
|
$
|
7,986
|
|
|
$
|
8,711
|
|
|
$
|
12,696
|
|
Weighted Average
Diluted Shares
|
|
|
7,865,193
|
|
|
|
7,853,823
|
|
|
|
7,826,162
|
|
Operating Diluted
Earnings Per Share
(a non-GAAP measure)
|
|
$
|
1.02
|
|
|
$
|
1.11
|
|
|
$
|
1.62
|
|
(1)
|
The Company recorded
merger expenses of $673,000 associated with the Eastern merger and
$734,000 associated with office consolidation expenses for the
three months ended March 31, 2024.
|
(2)
|
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.
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
March 31,
2023
|
|
|
|
(dollars in
thousands)
|
|
Tangible Common
Equity:
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
(GAAP)
|
|
$
|
535,596
|
|
|
$
|
534,573
|
|
|
$
|
525,949
|
|
Less: Goodwill and
acquisition related intangibles (GAAP)
|
|
|
(70,866)
|
|
|
|
(71,089)
|
|
|
|
(71,758)
|
|
Tangible Common Equity
(a non-GAAP measure)
|
|
$
|
464,730
|
|
|
$
|
463,484
|
|
|
$
|
454,191
|
|
Total assets
(GAAP)
|
|
$
|
5,373,840
|
|
|
$
|
5,417,666
|
|
|
$
|
5,528,584
|
|
Less: Goodwill and
acquisition related intangibles (GAAP)
|
|
|
(70,866)
|
|
|
|
(71,089)
|
|
|
|
(71,758)
|
|
Tangible assets (a
non-GAAP measure)
|
|
$
|
5,302,974
|
|
|
$
|
5,346,577
|
|
|
$
|
5,456,826
|
|
Tangible Common Equity
Ratio (a non-GAAP
measure)
|
|
|
8.76
|
%
|
|
|
8.67
|
%
|
|
|
8.32
|
%
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
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
|
|
|
|
March 31,
|
|
|
December
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
|
|
|
|
March 31,
|
|
|
December
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.
|
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SOURCE Cambridge Bancorp