Cambridge: Q2 Earnings Snapshot

CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Cambridge Bancorp (CATC) on Tuesday reported second-quarter net income of $7.1 million.

The Cambridge, Massachusetts-based bank said it had earnings of 91 cents per share. Earnings, adjusted for non-recurring costs, came to $1.23 per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.18 per share.

The bank posted revenue of $64.2 million in the period. Its revenue net of interest expense was $39.7 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $40 million.

Cambridge shares have declined 30% since the beginning of the year. The stock has dropped 30% 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