Cambridge Bancorp (NASDAQ:CATC) announced its third quarter earnings results on Tuesday 20th October 2020 before market open.
The company reported $ 1.93 income per share for the third quarter.
On adjusted basis, Cambridge Bancorp reported income for the quarter of $ 2.06 per share, beat the consensus estimate of $ 1.58 income per share by $ 0.48 or 30.38 percent.
The quarterly earnings increased 22.93 percent compared with the same quarter last year.
Cambridge Bancorp had revenue of $ 45.90 million for the quarter, compared to the consensus estimate of $ 43.83 million. The revenues outshined analysts estimates by $ 2.07 million or 4.72 percent.
The financial report showed revenues extended 46.09 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss.
Denis K. Sheahan, Chairman and CEO, said, The Cambridge Trust team continues to support clients and our communities during this difficult period. In addition to continued lending and loan forbearance, where needed, we are open and available to meet client needs and have continued our effort to support the community with charitable giving. I am proud of the teams accomplishments and, in particular, successfully converting the Wellesley Bank systems at the beginning of October. The Bank remains on a solid footing with strong capital, liquidity and asset quality.
