CAMBRIDGE BANCORP

CIK:0000711772|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest and dividend income
Interest on taxable loans	$ 50,123	$ 45,333
Interest on tax-exempt loans	399	376
Interest on taxable investment securities	4,661	5,050
Interest on tax-exempt investment securities	511	585
Dividends on FHLB of Boston stock	419	72
Interest on overnight investments	100	326
Total interest and dividend income	56,213	51,742
Interest expense
Interest on deposits	23,330	15,944
Interest on borrowed funds	5,851	1,550
Total interest expense	29,181	17,494
Net interest and dividend income	27,032	34,248
Provision for credit losses	125	60
Net interest and dividend income after provision for credit losses	26,907	34,188
Noninterest income
Bank owned life insurance income	203	187
Gain on loans sold, net	15	13
Loan related derivative income	18	234
Other income	484	964
Total noninterest income	10,606	10,715
Noninterest expense
Salaries and employee benefits	17,322	18,488
Occupancy and equipment	3,577	3,747
Data processing	2,824	2,641
Professional services	825	1,123
Marketing	229	426
FDIC insurance	795	379
Non-operating expenses	1,407	424
Other expenses	1,280	1,100
Total noninterest expense	28,259	28,328
Income before income taxes	9,254	16,575
Income tax expense	2,366	4,159
Net income	$ 6,888	$ 12,416
Share data:
Weighted average shares outstanding, basic	7,835,273	7,792,474
Weighted average shares outstanding, diluted	7,865,193	7,826,162
Basic earnings per share	$ 0.88	$ 1.59
Diluted earnings per share	$ 0.87	$ 1.58
Wealth Management Revenue
Noninterest income
Noninterest income	$ 8,715	$ 7,937
Deposit Account Fees
Noninterest income
Noninterest income	811	869
ATM/Debit Card Income
Noninterest income
Noninterest income	$ 360	$ 511

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 6,888	$ 12,416
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (release of) credit losses	125	60
Amortization (accretion) of deferred charges and fees, net	558	667
Depreciation (accretion), and amortization, net	629	238
Bank owned life insurance income	(203)	(187)
Share-based compensation and other share-based activity	345	(898)
Change in accrued interest receivable	539	(11)
Deferred income tax expense	1,296	2,659
Change in other assets, net	(9,052)	5,440
Change in other liabilities, net	356	(15,830)
Net cash provided by operating activities	1,481	4,554
CASH FLOWS FROM INVESTING ACTIVITIES
Origination of loans	(124,405)	(144,601)
Proceeds from principal payments of loans	149,477	189,792
Proceeds from calls/maturities of securities available for sale	3,841	3,779
Proceeds from calls/maturities of securities held to maturity	18,476	20,856
(Purchase) redemption of FHLB of Boston stock	(5,235)	(5,908)
Purchase of banking premises and equipment	(65)	(337)
Net cash provided by investing activities	42,089	63,581
CASH FLOWS FROM FINANCING ACTIVITIES
Change in demand, interest-bearing, money market and savings accounts	(36,396)	(324,099)
Change in certificates of deposit	(99,467)	165,450
Change in borrowings	94,250	135,785
Cash dividends paid on common stock	(5,256)	(5,224)
Net cash used in by financing activities	(46,869)	(28,088)
Net change in cash and cash equivalents	(3,299)	40,047
Cash and cash equivalents at beginning of period	33,004	30,719
Cash and cash equivalents at end of period	29,705	70,766
Cash paid during the period for:
Interest	31,623	16,935
Income taxes	$ 1,276	$ 2,430

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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
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
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
Residential Mortgage
Loans
Total loans	1,611,271	1,626,264
Commercial Mortgage
Loans
Total loans	1,922,278	1,931,473
Home Equity
Loans
Total loans	90,647	95,649
Commercial and Industrial
Loans
Total loans	348,549	343,711
Consumer
Loans
Total loans	$ 22,004	$ 24,447