Cambridge: Q1 Earnings Snapshot

CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Cambridge Bancorp (CATC) on Tuesday reported first-quarter earnings of $12.4 million.

The bank, based in Cambridge, Massachusetts, said it had earnings of $1.58 per share. Earnings, adjusted for non-recurring costs, came to $1.62 per share.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.94 per share.

The bank posted revenue of $62.5 million in the period. Its revenue net of interest expense was $45.1 million, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $49.9 million.

Cambridge shares have decreased 26% since the beginning of the year. The stock has declined 29% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CATC at https://www.zacks.com/ap/CATC