Cambridge Trust Company (merged into Eastern Bank)
Cambridge Trust Company reported total assets of $5.3 bn at Q2 2024, its last Call Report before it merged into Eastern Bank. The CET1 capital ratio at Cambridge Trust Company was 12.97%, and the uninsured share of Cambridge Trust Company was 34.92%. Source: FDIC Call Reports.
Key takeaways
- Since , Cambridge Trust Company has taken over 3 institutions; the latest was Northmark Bank on (FDIC Call Reports).
What sets Cambridge Trust Company apart
How large is Cambridge Trust Company?
The balance sheet of Cambridge Trust Company at : assets $5.3 bn, deposits $4.0 bn, net loans $3.9 bn (loans equal to 97.19% of deposits). Securities make up 19.7% of total assets at Cambridge Trust Company. Since , when Cambridge Trust Company held $1.8 bn, its assets grew 200.7%. In the year to , deposits at Cambridge Trust Company fell 9.4% while its total assets fell 3.0%. At , Cambridge Trust Company employed 385 full-time equivalent staff across 24 offices, about $13.8 mn of assets per employee and $168.4 mn of deposits per office.
How much funding at Cambridge Trust Company is uninsured?
At Cambridge Trust Company, uninsured deposits (above the FDIC limit) made up 34.92% of domestic deposits at (+4.68 pp on a year earlier). In dollars, Cambridge Trust Company estimated $1.4 bn of uninsured deposits.
Key facts, Q2 2024
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $4.0 bn | $4.5 bn (Q2 2023) | |
| Net loans and leases | $3.9 bn | $4.0 bn (Q2 2023) | |
| Loan-to-deposit ratio | 97.19% | 89.32% (Q2 2023) | |
| Tier 1 leverage ratio | 8.71% | 8.34% (Q2 2023) | |
| Total risk-based capital ratio | 14.01% | 13.51% (Q2 2023) | |
| Net interest margin | 2.13% | 2.47% (Q2 2023) | |
| Return on assets (ROA) | 0.49% | 0.71% (Q2 2023) | |
| Efficiency ratio | 72.44% | 68.62% (Q2 2023) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $165.2 mn | Narrowed by $3.3 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $25.9 mn | Narrowed by $2.4 mn | |
| Noncurrent loans to total loans | 0.21% | 0.18% (Q2 2023) | |
| Net charge-offs to average loans | 0.33% | 0.00% (Q2 2023) |
US rank of Cambridge Trust Company: 1 = highest unless marked 1 = lowest.
Balance sheet
Cambridge Trust Company: assets, deposits and loans
- Total assets $5.3bn
- Deposits $4.0bn
- Net loans $3.9bn
Capital and securities
The CET1 ratio of Cambridge Trust Company stood at 12.97% in , +0.56 pp year on year. Low and high at Cambridge Trust Company since : 10.43% () to 12.97% (). Equity capital of Cambridge Trust Company at : $515.3 mn, or 9.7% of total assets. Cambridge Trust Company also reported a total capital ratio of 14.01% for , and a tier 1 leverage ratio of 8.71%.
On held-to-maturity securities, Cambridge Trust Company carried an unrealized loss of $165.2 mn at , equal to 32.1% of equity capital. The loss narrowed by $3.3 mn over the year. Its deepest point: $196.0 mn in . The available-for-sale portfolio of Cambridge Trust Company showed an unrealized loss of $25.9 mn at ; the loss narrowed by $2.4 mn over the year.
Cambridge Trust Company: capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 8.7%
Cambridge Trust Company: unrealized securities gains and losses
- Available for sale -$26mn
- Held to maturity -$165mn
Profitability and loan quality
For the year to , Cambridge Trust Company earned a return on equity of 5.08%; return on assets: 0.49%. Net interest margin at Cambridge Trust Company: 2.13%, -0.34 pp in a year. Cambridge Trust Company net income: $13.1 mn, down 33.3% year on year. The efficiency ratio of Cambridge Trust Company was 72.44%: about 72 cents cost per revenue dollar, against 62 cents at the median peer.
At , noncurrent loans were 0.21% of total loans at Cambridge Trust Company; net charge-offs: 0.33% of average loans. Gross loans and leases at Cambridge Trust Company: $4.0 bn at , against $4.0 bn at .
Cambridge Trust Company: profitability
- Return on equity 5.1%
- Net interest margin 2.1%
- Return on assets 0.5%
Peer group of Cambridge Trust Company
The peer group of Cambridge Trust Company is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 4 share the charter type of Cambridge Trust Company (state nonmember bank) and 0 have head offices in Massachusetts. Against them, Cambridge Trust Company shows CET1 ratio 12.97% against a peer median of 10.70%, return on equity 5.08% against a peer median of 11.14% and uninsured deposit share 34.92% against a peer median of 28.99%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| CTBC Bank Corp. (USA) | State nonmember bank | CA | $5.4 bn | not reported | 5.86% | 64.90% | |
| First International Bank & Trust | State nonmember bank | ND | $5.4 bn | 10.04% | 20.69% | 37.01% | |
| Mid Penn Bank | State nonmember bank | PA | $5.4 bn | 10.66% | 9.24% | 28.27% | |
| Cambridge Trust Company | State nonmember bank | MA | $5.3 bn | 12.97% | 5.08% | 34.92% | |
| First Internet Bank of Indiana | State nonmember bank | IN | $5.3 bn | 11.47% | 6.31% | 26.30% | |
| Hinsdale Bank & Trust Company | National bank | IL | $5.3 bn | 10.70% | 13.04% | 29.71% | |
| Independent Bank | State member bank | MI | $5.3 bn | 11.70% | 16.49% | 21.98% | |
. FDIC Call Reports.
Last eight quarters
Two years at Cambridge Trust Company, to : assets $5.1 bn to $5.3 bn, deposits $4.3 bn to $4.0 bn, equity $430.2 mn to $515.3 mn. Staff 404 to 385; offices 22 to 24.
| Metric | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $5.1 bn | $5.6 bn | $5.5 bn | $5.5 bn | $5.5 bn | $5.4 bn | $5.4 bn | $5.3 bn |
| Total deposits | $4.3 bn | $4.8 bn | $4.7 bn | $4.5 bn | $4.6 bn | $4.3 bn | $4.2 bn | $4.0 bn |
| Bank equity capital | $430.2 mn | $501.5 mn | $504.9 mn | $505.4 mn | $504.4 mn | $513.0 mn | $514.0 mn | $515.3 mn |
| CET1 ratio | 11.83% | 12.02% | 12.21% | 12.41% | 12.50% | 12.45% | 12.73% | 12.97% |
| Return on equity (ROE) | 13.04% | 12.02% | 9.89% | 7.77% | 6.92% | 6.77% | 5.38% | 5.08% |
| Uninsured share of domestic deposits | 53.62% | 51.76% | 33.10% | 30.24% | 31.10% | 32.79% | 32.77% | 34.92% |
| Full-time equivalent employees | 404 | 440 | 429 | 424 | 418 | 407 | 393 | 385 |
| Number of offices | 22 | 21 | 25 | 25 | 25 | 25 | 24 | 24 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Cambridge Trust Company, oldest first; figures before and after each event are not like for like.
- . Absorbed Optima Bank & Trust Company (FDIC certificate 58699).
- . Absorbed Wellesley Bank (FDIC certificate 26605).
- . Absorbed Northmark Bank (FDIC certificate 27119).
- . Merged into Eastern Bank (FDIC certificate 32773).
Large one-quarter moves at Cambridge Trust Company
- Total assets at Cambridge Trust Company changed by +28.2% in the quarter to 2019-06-30: Absorbtion - Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Optima Bank & Trust Company.
- Total assets at Cambridge Trust Company changed by +41.0% in the quarter to 2020-06-30: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Wellesley Bank.
Questions and identifiers
What were the total assets of Cambridge Trust Company?
Cambridge Trust Company reported $5.3 bn at in its Call Report.
Is Cambridge Trust Company the same as its holding company?
No. This page covers Cambridge Trust Company, FDIC certificate 8152; CAMBRIDGE BCORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Cambridge Trust Company profitable?
Cambridge Trust Company reported net income of $13.1 mn for the year to ; annualized return on equity: 5.08%. So yes: Cambridge Trust Company made a profit over these months.
When is data for Cambridge Trust Company next updated?
Cambridge Trust Company no longer files Call Reports; its data ends at .
Where can I check the figures for Cambridge Trust Company?
In the FDIC BankFind Suite record for certificate 8152, and in the Call Reports of Cambridge Trust Company (RSSD ID 736206) at the FFIEC Central Data Repository.