Cambridge Bancorp (CATC) Q3 2023 Earnings: Decline in Net Income and Diluted Earnings Per Share
Cambridge Bancorp (NASDAQ:CATC) reports Q3 2023 unaudited net income of $6.5 million, a decrease of $571,000 or 8.0% from Q2 2023.
Diluted earnings per share for Q3 2023 were $0.83, an 8.8% decrease from Q2 2023.
For the nine months ended September 30, 2023, unaudited net income was $26.1 million, a decrease of 37.3% from the same period in 2022.
The company announced plans to merge with Eastern Bankshares, Inc. in an all-stock transaction expected to close in Q1 2024.
Cambridge Bancorp (NASDAQ:CATC) announced its Q3 2023 earnings on October 17, 2023. The company reported an unaudited net income of $6.5 million for the three months ended September 30, 2023, marking a decrease of $571,000 or 8.0% compared to the net income of $7.1 million for the three months ended June 30, 2023. Diluted earnings per share were $0.83 for Q3 2023, representing an 8.8% decrease from Q2 2023.
Financial Performance and Balance Sheet
For the nine months ended September 30, 2023, the unaudited net income was $26.1 million, a decrease of $15.5 million or 37.3% compared to the net income of $41.6 million for the same period in 2022. Diluted earnings per share were $3.32 for the nine months ended September 30, 2023, a 43.7% decrease from the same period in 2022.
The company's total assets decreased by $37.6 million, or 0.7%, from $5.49 billion at June 30, 2023 to $5.45 billion at September 30, 2023. Total loans remained flat at $4.03 billion for both June 30, 2023 and September 30, 2023.
Merger with Eastern Bankshares, Inc.
On September 19, 2023, Cambridge Bancorp (NASDAQ:CATC) and Eastern Bankshares, Inc. announced their plans to merge in an all-stock transaction expected to close in Q1 2024. The merger is subject to regulatory approval, approval by the Companys and Easterns shareholders, and the completion of other customary closing conditions.
We are pleased to announce our plans to merge with Eastern Bank given our shared focus on delivering exceptional service to clients and the opportunity this combination brings for the employees and shareholders of both companies," said Mr. Sheahan.
Dividend Declaration
On October 16, 2023, the Companys Board of Directors declared a quarterly cash dividend of $0.67 per share, payable on November 16, 2023, to shareholders of record as of the close of business on November 2, 2023.
Looking Ahead
Cambridge Bancorp (NASDAQ:CATC) continues to focus on its merger with Eastern Bankshares, Inc., which is expected to close in Q1 2024. The company remains committed to delivering exceptional service to its clients and creating value for its shareholders.
This article first appeared on GuruFocus.
