Cambridge Bancorp Q4 Profit Down, But Beats View

(RTTNews) - Cambridge Bancorp (CATC) Tuesday reported net income of $8.03 million or $1.02 per share for the fourth quarter, down from $11.32 million or $1.44 per share in the same quarter a year ago, mainly due to lower net interest and dividend income.

Net interest and dividend income declined to $28.15 million from $40.89 million last year.

Analysts on average, polled by Thomson-Reuters were expecting earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.

Provision for credit losses was $569000, significantly lower than 3.68 million in the previous-year quarter.

On January 29, the company's Board has declared a quarterly dividend of $0.67 per share, payable on February 22, to shareholders of record on February 8.