Cambridge Bancorp earnings up slightly
Cambridge Bancorp today reported unaudited net income of $2,311,000 for the first quarter of 2008, or 61 cents per share, compared with $2,243,000, or 58 cents per share, for the same quarter in 2007. The quarter-over-quarter earnings increase of $68,000, about 3 percent, was achieved by continued growth in both net interest income and non-interest income, the bank said
Net interest margin was down slightly -- 3.95 percent for the three months ended March 31, 2008, compared with 4.04 percent for the first quarter of 2007. Most of the banks deposit growth over the past years came from relatively more expensive savings and time deposits.
Joseph V. Roller II, president and chief executive, said, "In 2008, we continue to build on the successes achieved in 2007."
Cambridge Bancorp's total commercial mortgages increased by $13.1 million or about 10 percent. Total loans outstanding grew by $10.1 million to $429 million at quarter end, representing a 2.4 percent increase over year-end in 2007.
