Cambridge Bancorp Stock Price, News & Analysis

Cambridge Bancorp (NASDAQ: CATC) announced that CEO Denis Sheahan and CFO Michael F. Carotenuto will participate in the Janney West Coast CEO Forum on February 2, 2023. The forum will take place in Scottsdale, Arizona. Cambridge Bancorp, based in Cambridge, Massachusetts, is the parent company of Cambridge Trust Company, a commercial bank with approximately $5.6 billion in assets as of December 31, 2022. It also holds $4.1 billion in client assets under management, showcasing its strong position in private banking and wealth management across 22 locations in Massachusetts and New Hampshire.

Cambridge Bancorp (CATC) reported a net income of $52.9 million for 2022, down 2.1% from 2021. Diluted earnings per share declined by 5.1% to $7.30. The merger with Northmark Bank positively impacted operational metrics, showing an operating net income growth of 3.1% to $56.5 million. The company declared a $0.67 quarterly dividend, a 5% increase from the prior quarter. Total assets rose to $5.56 billion, driven by a 13.7% increase resulting from the merger, while total loans increased by 22.4% to $4.06 billion. The net interest margin improved, but the cost of deposits rose significantly amid rising interest rates.

On January 10, 2023, Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), announced financing for MasteryPrep, an education technology company. This support enables MasteryPrep to pursue its growth objectives, furthering its mission to enhance college readiness among students. MasteryPrep serves over 500 school districts nationwide and aims to improve student outcomes on end-of-course exams, especially in low-income areas. The financing is part of Cambridge Trust's strategy to support growth-stage companies in the innovative economy.

Cambridge Bancorp (NASDAQ: CATC) is set to report its fourth-quarter 2022 results on January 24, 2023, before market opening. A conference call will follow at 11:00 am EST to discuss the financial outcomes. Interested parties can pre-register to gain immediate access, and the call will be available via a live webcast. Cambridge Bancorp, a long-established commercial bank in Massachusetts, boasts approximately $5.1 billion in assets and $3.8 billion in client assets under management as of September 30, 2022.

Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), has announced leadership changes in its commercial lending team following the retirement of Executive Vice President Martin Millane, effective February 28, 2023. Steven J. Mead will transition to Chief Commercial Banking Officer, and Peter Halberstadt will become Chief Credit Officer, effective January 1, 2023. Both promotions are part of a succession plan aimed at maintaining the bank's strong credit culture and operational continuity.

Cambridge Trust has committed up to $30 million to support affordable housing construction in New Hampshire. This initiative, in collaboration with New Hampshire Housing, aims to address the ongoing shortage of affordable housing, particularly for low- and moderate-income households. The agreement spans three years, enhancing the supply of rental housing amidst increasing rents and low vacancy rates in the state. Last year, New Hampshire Housing financed 32 developments, adding 1,800 units of affordable housing, highlighting the urgent need for such partnerships.

Cambridge Bancorp (NASDAQ: CATC) announced that CEO Denis Sheahan and CFO Michael F. Carotenuto will represent the company at the Piper Sandler Companies 2022 East Coast Financial Services Conference on November 9, 2022, in Palm Beach, Florida. The Company, based in Cambridge, Massachusetts, has approximately $5.1 billion in assets and is recognized as a leader in private banking and wealth management.

Cambridge Bancorp (NASDAQ: CATC) reported net income of $14.6 million for Q3 2022, a 7.0% increase from Q2 2022. Diluted EPS rose to $2.07, reflecting a 6.7% increase. Year-to-date, net income reached $41.6 million, a 2.0% growth. Key highlights include a $105.1 million increase in loans to $3.63 billion and a 12 basis point rise in net interest margin to 2.93%. Total assets grew 5.1% to $5.14 billion. However, total deposits decreased by 1.1% to $4.28 billion as customers utilized funds for investments.

Cambridge Bancorp (NASDAQ: CATC) will announce its third quarter 2022 results on October 18, 2022, before market opening. A conference call will follow at 11:00 am EST to discuss these results. Investors can pre-register for the call to receive a unique passcode, allowing for streamlined access. The call will also be available via a live webcast and subsequently archived for three months. As of June 30, 2022, the company holds approximately $5.1 billion in assets and $4.0 billion in client assets under management.