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EX - 99.12 catc - ex991_15.htm EX - 99.1 CAMBRIDGE BANCORP EX : 99.1 FOR IMMEDIATE RELEASE Cambridge Bancorp Announces Operating Results for the Second Quarter and Declares Dividend CAMBRIDGE , MA . ( July 20 , 2021 ) - Cambridge Bancorp ( NASDAQ : CATC ) ( the " Company " ) , the parent company of Cambridge Trust Company ( the “ Bank ” ) , today announced unaudited net income of $ 13,944,000 for the quarter ended June 30 , 2021 , an increase of $ 445,000 , or 3.3 % , as compared to net income of $ 13,499,000 for the quarter ended March 31 , 2021. Diluted earnings per share were $ 1.98 for the quarter ended June 30 , 2021 , representing a 3.1 % increase over diluted earnings per share of $ 1.92 for the quarter ended March 31 , 2021 . For the six months ended June 30 , 2021 , unaudited net income was $ 27,443,000 , representing an increase of $ 21,927,000 , or 397.5 % , as compared to net income of $ 5,516,000 for the six months ended June 30 , 2020. Diluted earnings per share were $ 3.91 for the six months ended June 30 , 2021 , representing a 303.1 % increase over diluted earnings per share of $ 0.97 for the six months ended June 30 , 2020. Net income for the six months ended June 30 , 2020 was impacted by various items resulting from the Company's merger with Wellesley Bancorp Inc. ( " Wellesley " ) on June 1 , 2020 and the effect of the COVID - 19 pandemic on the Company's allowance for credit losses . Operating net income , which excludes merger expenses , the merger related impact to the provision for credit losses and gain on disposition of investment securities was $ 27,443,000 for the six months ended June 30 , 2021 , an increase of $ 12,233,000 , or 80.4 % , as compared to operating net income of $ 15,210,000 for the six months ended June 30 , 2020. Operating diluted earnings per share were $ 3.91 for the six months ended June 30 , 2021 , representing a 45.9 % increase over operating diluted earnings per share of $ 2.68 for the six months ended June 30 , 2020. There were no nonoperating adjustments to net income for the quarters ended June 30 , 2021 or March 31 , 2021 . Second quarter 2021 highlights : • • Financial performance ratios for the quarter ended June 30 , 2021 were strong with Return on Average Assets ( " ROA " ) of 1.32 % and Operating Return on Tangible Common Shareholders ' Equity ( " ROTCE ” ) of 15.64 % . Total loans , excluding loans under the Small Business Administration's ( " SBA " ) Paycheck Protection Program ( " PPP " ) , grew by $ 158.8 million , or 5.3 % , from March 31 , 2021 to $ 3.17 billion at June 30 , 2021 . The tangible common equity ratio at June 30 , 2021 increased to 8.59 % from 8.41 % at March 31 , 2021 . Asset quality at June 30 , 2021 remained excellent with ratios of non - performing loans to total loans and non- performing assets to total assets at 0.17 % and 0.13 % , respectively . Tangible book value per share at June 30 , 2021 increased to $ 52.37 from $ 50.70 at March 31 , 2021 . " The second quarter saw continued strength in asset quality , growing capital levels , a return of lending growth and continued growth in core deposits . ” noted Denis K. Sheahan , Chairman and CEO . “ Overall financial performance in the second quarter was solid and I am pleased to see continued strength in our new business pipelines . " 1