Cambridge Bancorp (NASDAQ: CATC) announced its virtual 2021 annual meeting of shareholders scheduled for May 17, 2021. Shareholders as of March 15, 2021, will have voting rights. The board also approved a stock repurchase program to buy back up to 5% of its common stock until March 15, 2022. The repurchase timing will depend on market conditions and management's discretion.
Cambridge Bancorp (CATC) reported a net income of $31.96 million for the year ended December 31, 2020, a 26.5% increase from 2019. Diluted EPS decreased 6.3% to $5.03. Excluding one-time items, operating net income rose 50.5% to $43.87 million, with operating EPS at $6.90, up 11.3%. For Q4 2020, net income was $13.01 million, an 83.1% increase year-over-year. Strong asset growth included a 38.3% increase in total assets to $3.9 billion. However, total loans decreased 1.6% excluding mergers and PPP loans.
Cambridge Bancorp (NASDAQ: CATC) announced that it will release its fourth quarter 2020 earnings results before market opening on January 26, 2021. The bank, headquartered in Cambridge, Massachusetts, has approximately $4.0 billion in assets and operates 22 locations across Massachusetts and New Hampshire. As of September 30, 2020, it holds $3.9 billion in client assets under management and administration, establishing its position as a leader in private banking and wealth management in New England.
Cambridge Bancorp (NASDAQ: CATC) reported a 74.9% increase in net income for Q3 2020, totaling $13.4 million, with diluted earnings per share rising 22.9% to $1.93. Operating net income also surged 80.4% to $14.3 million. For the first nine months, net income increased 4.4% to $18.9 million, though diluted EPS fell 21.8% to $3.09. Strong asset quality was maintained with non-performing loans at 0.28%. The Board declared a quarterly dividend of $0.53 per share, payable on November 19, 2020.
Cambridge Bancorp (CATC) announced it will report its third quarter 2020 earnings results before the market opens on October 20, 2020. As of June 30, 2020, the company managed approximately $4.0 billion in assets and $3.7 billion in client assets under management, demonstrating its position as a leader in private banking and wealth management in New England. The bank operates 22 locations in Massachusetts and New Hampshire, highlighting its regional presence.
Cambridge Bancorp (NASDAQ: CATC) reported a net loss of $1,716,000 for Q2 2020, down 140.2% from a net income of $4,272,000 in Q2 2019. The diluted loss per share was $0.29, a 132.2% decrease from $0.90 a year earlier. Including merger effects with Wellesley Bancorp, operating net income was $7,788,000, a 12.0% year-over-year increase. For the first half of 2020, net income was $5,516,000, a 47.3% decrease from $10,470,000 in 2019. The company recorded strong asset quality with non-performing loans at 0.31% of total loans.