Cambridge Bancorp (CATC) Tops Q2 EPS by 65c

Cambridge Bancorp (NASDAQ: CATC) reported Q2 EPS of $1.32, $0.65 better than the analyst estimate of $0.67.

Second quarter 2020 highlights:

• Completed the merger with Wellesley which included banking assets of $985.6 million and client wealth management assets of $339 million.
• Asset quality remains strong with ratios of non-performing loans to total loans and non-performing assets to total assets at 0.31% and 0.30%, respectively. Early stage delinquency (30-89 days delinquent) as of June 30, 2020 represents only 0.22% of total loans.
• Reflecting weakening economic conditions, management increased the allowance for credit loss to 1.08% of total loans, excluding loans made under the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP").
• Organic loan growth of $79.1 million, or 3.6% year to date, excluding loans originated under the SBA's PPP
• Organic core deposit growth of $191.9 million, or 8.8% year to date.
• Tangible common equity ratio of 8.27% at June 30, 2020.
• Tangible book value per share of $47.34 at June 30, 2020.
• A supplemental presentation for the quarter is available on our investor relations website: ir.cambridgetrust.com or within the hyperlink provided within this release. This presentation includes additional detail regarding the loan portfolio, liquidity position and other COVID-19 disclosures.

"Throughout this period of uncertainty, we were able to deliver for our clients not only in terms of support through the PPP program, but also for our communities in terms of outreach. I want to specifically thank my colleagues for all of their hard work and welcome our new colleagues from our merger with Wellesley," noted Denis K. Sheahan, Chairman and CEO. "Although the quarter's results include the one-time impact of the merger on our allowance for credit losses as required by CECL and a continued increase in provisioning levels associated with the COVID-19 pandemic, we delivered solid operating results with continued strength in asset quality."

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

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