CAMBRIDGE, Mass. (AP) _ Cambridge Bancorp (CATC) on Tuesday reported third-quarter profit of $13.4 million.
The bank, based in Cambridge, Massachusetts, said it had earnings of $1.93 per share. Earnings, adjusted for non-recurring costs, came to $2.06 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.58 per share.
The bank posted revenue of $47.8 million in the period. Its revenue net of interest expense was $45.9 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $43.7 million.
Cambridge shares have fallen 25% since the beginning of the year. The stock has dropped 21% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CATC at https://www.zacks.com/ap/CATC
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News