Cambridge Bancorp (CATC) Tops Q1 EPS by 10c

Cambridge Bancorp (NASDAQ: CATC) reported Q1 EPS of $1.37, $0.10 better than the analyst estimate of $1.27.

First quarter 2020 highlights as compared to the fourth quarter of 2019:

• Loan growth of $29.1 million, or 1.3%
• Deposit growth of $31.5 million, or 1.3%
• Tangible common equity of 9.34%, growth of 4.6%
• Tangible book value per share of $48.60, growth of 4.2%
• Prudently increased the allowance for credit losses by $2.0 million primarily as a result of the COVID-19 pandemic
• Asset quality remains strong with ratio of non-performing loans to total loans of 0.15% and non-performing assets to total assets of 0.20%

“We are focused on employee safety and in assisting our clients and communities. During the first quarter, our team worked tirelessly to execute remote operation while continuing to meet the need of clients, whether basic banking needs, loan modification requests or the implementation of the Small Business Administration PPP lending program. I thank my colleagues for their incredible innovation, determination, and effort. I thank clients for their patience and heartfelt messages of concern and appreciation,” noted Denis K. Sheahan, Chairman and CEO.

For earnings history and earnings-related data on Cambridge Bancorp (CATC) click here.

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