CATC - Cambridge Bancorp Non-GAAP EPS of $1.62 misses by $0.30 revenue of $44.97M

2023-04-25 07:09:18 ET

• Cambridge Bancorp press release ( NASDAQ: CATC ): Q1 Non-GAAP EPS of $1.62 misses by $0.30 .
• Revenue of $44.97M (+4.0% Y/Y).
• Return on Average Assets of 0.91% and Operating Return on Average Assets of 0.93%.
• Return on Average Equity of 9.68% and Operating Return on Tangible Common Shareholders' Equity of 11.52%.
• Asset quality at March 31, 2023 remained excellent with ratios of non-performing loans to total loans and non-performing assets to total assets at 0.18% and 0.13%, respectively.
• The common equity to assets ratio increased to 9.51% at March 31, 2023, from 9.31% at December 31, 2022. The tangible common equity to tangible assets ratio increased to 8.32% at March 31, 2023, from 8.12% at December 31, 2022.
• Book value per share at March 31, 2023 increased to $67.14 from $66.38 at December 31, 2022. Tangible book value per share at March 31, 2023 increased to $57.98 from $57.15 at December 31, 2022.
• During the quarter ended March 31, 2023 the Company recorded a provision for credit losses of $60,000, as compared to a provision for credit losses of $3.7 million for the quarter ended December 31, 2022.

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