Cambridge: Q2 Earnings Snapshot
By AP News
Published - Jul 18, 2023, 07:18 AM ET
Last Updated - Jul 18, 2023, 07:18 AM EDT
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.
