Cambridge Bancorp (CATC) Tops Q4 EPS by 10c

Cambridge Bancorp (NASDAQ: CATC) reported Q4 EPS of $2.05, $0.10 better than the analyst estimate of $1.95.

• For the quarter ended December 31, 2020, net income was $13,014,000, representing an increase of $5,905,000, or 83.1%, as compared to net income of $7,109,000 for the quarter ended December 31, 2019.
• Diluted earnings per share were $1.86 for the fourth quarter of 2020, representing an increase of 31.0% over diluted earnings per share of $1.42 for the fourth quarter of 2019.
• Excluding non-operating expenses, operating net income was $14,353,000 for the quarter ended December 31, 2020, an increase of $6,431,000, or 81.2%, as compared to operating net income of $7,922,000 for the quarter ended December 31, 2019.
• Operating diluted earnings per share were $2.05 for the fourth quarter of 2020, representing a 29.7% increase over operating diluted earnings per share of $1.58 for the fourth quarter of 2019.
• During the fourth quarter of 2020, the Company closed its South End branch location and a support office location in Boston and recorded occupancy expenses of $1.2 million related to these closures within non-operating expenses.
  • These closures are expected to generate approximately $700,000 of pre-tax annual expense savings once completed.
  • The Company is actively reviewing its remaining physical office footprint, anticipating and planning for a general increase in remote and hybrid work over the long term.

"2020 was a remarkable year, and not soon forgotten. While challenging for all, the Cambridge Trust team delivered with terrific energy and enthusiasm in supporting clients and our communities," noted Denis K. Sheahan, Chairman and CEO. "In addition, we enter 2021 even stronger than 2020 with a healthy balance sheet, solid capital and liquidity levels and plenty of opportunity ahead in wonderful markets."

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

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