Cambridge Bancorp, parent company of Cambridge Trust Co., has reported unaudited net income for 2008 of $9.6 million, representing an increase of $370,000, or 4 percent, over 2007.

In the fourth quarter of 2008, unaudited net income was flat at $2.2 million, virtually the same amount as the year prior, the company said.

"Our fourth quarter results were adversely impacted by the decline in the equity markets, which resulted in a decrease of $480,000 or 15.7 percent in wealth management fees compared to the fourth quarter of 2007," said Joseph V. Roller II, president and CEO. "In addition, non-interest expenses trended higher as the bank filled key positions in wealth management and commercial services, made additional investments in marketing, and opened a new branch in Belmont. These important investments helped to position the bank well for long-term growth."