Cambridge Bancorp, the parent company of Cambridge Trust Co., has reported unaudited net income of $13.3 million in 2010, a 29 percent increase from the $10.3 million profit in 2009.

In the fourth quarter of 2010, unaudited net income rose slightly from $2.65 million, up from $2.63 during the same quarter in 2009.

"Results for the fourth quarter reflect continuing pressure on net interest income along with an increase in non-interest expense," said Joseph V. Roller II, president and CEO.
"Key factors driving a relatively flat quarter-over-quarter performance were a slight decrease in net interest income of $156,000, a non-interest expense increase of $413,000, offset by an increase in non-interest income of $307,000, which included an increase in wealth management fee income of $295,000, and a $250,000 reduction in the provision for loan losses as compared to the fourth quarter of 2009."

"We are pleased to report sustained earnings growth for the full year of 2010," Roller added. "Our 2010 results are evidence that we continue to build on the Cambridge Trust Co. brand and operating platform that we have established through investments in people, technology, marketing and distribution."