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Cambridge Bancorp’s Profits Up In Q1

Apr 27, 2010 | Reprints | Print

Cambridge Bancorp has reported $2.7 million in net income for the first quarter, compared to about $2 million for the same quarter last year.

The quarter-over-quarter earnings increase of $740,000, or 36.9 percent, was attributable to a combination of higher net interest income and a rebound in non-interest income for the period.

"We are pleased to report another solid quarter," said Joseph V. Roller II, president and CEO. "The bank continued to build momentum as we targeted opportunities for growth. Loan growth, particularly residential mortgages which increased by $12 million for the quarter, and wealth management income were key contributors to the sustained earnings increase."

Banking & Lending