WEALTH MANAGEMENT DOMINATES NONINTEREST INCOME AT CAMBRIDGE BANCORP

Cambridge, MA-based, $1.84 billion-asset Cambridge Bancorp reported third quarter wealth management income slipped 0.6% to $3.28 million, down from $3.30 million in third quarter 2008, but dominated noninterest income, comprising 70.7% of that revenue, which rose 2.4% to $4.64 million, up from $4.53 million, driven by a $148,000 gain on investment securities. Bank-owned life insurance (BOLI) income fell 26.5% to $83,000, down from $113,000, to comprise 1.8% of noninterest income. Net interest income on a 4.27% net interest margin grew 11.2% to $9.66 million, up from $8.69 million, as loan loss provisions increased by only $50,000 to $300,000, and net income jumped 25% to $3.2 million, up from $2.57 million a year ago. Cambridge Bancorp President and CEO Joseph Roller said, “Our balance sheet growth clearly drove the significant revenue upswing. However, also noteworthy was the rebound in Wealth Management income benefiting from a period of robust new account growth since the beginning of 2009.”