Cambridge Bancorp Q1 net income $6.9M, EPS $0.87; declares $0.67 dividend

CAMBRIDGE BANCORP

2024-Q1 EPS reported $0.87

Net income $6.9M (diluted EPS $0.87) vs $8.0M ($1.02) prior quarter, down 14.3%.
Operating net income $8.0M, operating diluted EPS $1.02, down 8.1% QoQ.
Quarterly cash dividend of $0.67 per share, payable May 23 to holders of record May 9.
Wealth AUM $4.80B (+12.5% YoY); wealth management revenue $8.7M (+9.8% YoY).
Merger with Eastern Bankshares (4.956x exchange ratio) pending regulatory approval; shareholder votes received Feb 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CAMBRIDGE BANCORP reported the three months ended March 31, 2024 results: net income $6.9 million, EPS $0.87 per diluted share.

Period: the three months ended March 31, 2024
Net income: $6.9 million
EPS: $0.87 per diluted share
Result: reported results

Exact text from the filing

Cambridge Bancorp (NASDAQ: CATC) (the “Company”), the parent company of Cambridge Trust Company, today announced unaudited net income of $6.9 million for the three months ended March 31, 2024, a decrease of $1.1 million, or 14.3%, as compared to $8.0 million for the three months ended December 31, 2023. Diluted earnings per share were $0.87 for the three months ended March 31, 2024, representing a 14.7% decrease as compared to $1.02 for the three months ended December 31, 2023.

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Source: SEC EDGAR

accession 0000950170-24-046635

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