Cambridge Bancorp (CATC) announced on Tuesday a net income of $8.03 million, or $1.02 per share, for the fourth quarter. This is a decline from the same period the previous year, where their net income stood at $11.32 million, or $1.44 per share. This drop is primarily due to a decrease in the company's net interest and dividend income.
The company's net interest and dividend income dropped to $28.15 million from $40.89 million over the last year. According to Thomson-Reuters, the average prediction from analysts estimated an earning of $0.93 per share within the quarter. These average estimates, however, usually do not take into account special circumstances.
The company's provision for potential credit losses was reported at $569,000. This is substantially lower compared to the $3.68 million that was reported in the same quarter of the previous year.
Moreover, the board of Cambridge Bancorp has declared a quarterly dividend payment. Each shareholder will receive $0.67 per share. This payment will be transacted on February 22, and is applicable to shareholders of record as of February 8.
