Cambridge Bancorp, the parent company of Cambridge Trust Co., today announced unaudited net income of $13.4 million for 2012, representing an increase of $926,000, or 7.4 percent, compared with net income of $12.5 million for 2011.

In the fourth quarter of 2012 unaudited net income was $3 million, compared to $2.9 million for the same quarter in 2011.

"We are pleased to report solid financial performance for the year of 2012," Joseph V. Roller II, president and CEO, said in a statement. "Our across-the-board balance sheet growth and steady increase in noninterest income demonstrate that we continue to achieve our goals throughout the bank while offering a customer-centric banking experience."

The bank increased deposits by $155.7 million, or 13.8 percent, and increased loans by $69 million, or 10.2 percent, for the year, with increases of $17 million or 5.1 percent in residential mortgages and $44.8 million or 19.4 percent in commercial mortgages. Home equity loans were down by $10.7 million in 2012 as many consumers elected to refinance second mortgages into first mortgages due to favorable interest rates.

Total deposits at year-end 2012 were $1.3 billion compared to $1.1 billion at year-end 2011.  Total assets at year-end 2012 were $1.4 billion versus $1.3 billion year-end 2011.