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EX - 99.12 catc - ex991_6.htm EX - 99.1 CAMBRIDGE BANCORP EX : 99.1 FOR IMMEDIATE RELEASE Cambridge Bancorp Announces First Quarter 2021 Earnings and Increases Quarterly Dividend by 11 % CAMBRIDGE , MA . ( April 21 , 2021 ) - Cambridge Bancorp ( NASDAQ : CATC ) ( the “ Company ” ) , the parent company of Cambridge Trust Company ( the “ Bank ” ) , today announced unaudited net income of $ 13,499,000 for the quarter ended March 31 , 2021 , an increase of $ 485,000 , or 3.7 % , as compared to net income of $ 13,014,000 for the quarter ended December 31 , 2020. Diluted earnings per share were $ 1.92 for the first quarter of 2021 , representing a 3.4 % increase over diluted earnings per share of $ 1.86 for the quarter ended December 31 , 2020 . First quarter 2021 highlights : • • • • Financial performance ratios for the quarter ended March 31 , 2021 were strong with Return on Average Assets ( " ROA " ) of 1.35 % and Operating Return on Tangible Common Shareholders ' Equity ( " ROTCE " ) of 15.65 % . Core deposit growth of $ 352.9 million , or 11.2 % , to $ 3.50 billion at March 31 , 2021 . Asset quality remains strong with ratios of non - performing loans to total loans of 0.23 % and non - performing assets to total assets of 0.22 % . Early - stage delinquency ( 30-89 days delinquent ) at March 31 , 2021 was 0.21 % of total loans . Originated 557 Paycheck Protection Program ( “ PPP " ) loans , amounting to $ 92.9 million , through the second round of the Small Business Administration's ( " SBA " ) program , supporting an estimated 7,612 local jobs . Tangible book value per share was $ 50.70 at March 31 , 2021 . “ The Cambridge Trust team continued to deliver support for our clients and our communities including participating in the second round of the PPP ” noted Denis K. Sheahan , Chairman and CEO . “ Financial performance in the first quarter remained strong and I am pleased to see strength in deposit growth , loan asset quality , and new business pipelines . I am also pleased to report a significant increase of 11 % in the Company's quarterly common stock dividend . " Balance Sheet Total assets increased by $ 303.9 million , or 7.7 % , from $ 3.95 billion at December 31 , 2020 and were $ 4.25 billion at March 31 , 2021 . Total loans increased by $ 26.7 million , or 0.8 % , from December 31 , 2020 and amounted to $ 3.18 billion at March 31 , 2021 . • • • • Residential real estate loans decreased by $ 4.5 million , from $ 1.30 billion at December 31 , 2020 to $ 1.29 billion at March 31 , 2021 as a result of continued payoff activity . Commercial real estate loans increased by $ 12.0 million , from $ 1.36 billion at December 31 , 2020 to $ 1.37 billion at March 31 , 2021 . Commercial and industrial loans , excluding PPP loans , decreased by $ 8.4 million from $ 223.7 million at December 31 , 2020 to $ 215.3 million at March 31 , 2021 . Loans under the SBA's PPP amounted to $ 165.7 million at March 31 , 2021 and are included in commercial and industrial loans on the consolidated balance sheets . Approximately 78 % of first round PPP loans have been or are in the process of being forgiven . Additionally , during the first quarter of 2021 , the Company originated 557 second round PPP loans totaling $ 92.9 million . Excluding PPP loans , total loans were lower by $ 14.8 million , or 0.5 % , from December 31 , 2020 . 1