Cambridge Bancorp reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $3,331,000 or $0.85 diluted earnings per share against net income of $3,285,000 or $0.85 diluted earnings per share a year ago. Net interest income was $10,962,000 and income before taxes was $4,982,000 against net interest income of $11,537,000 and income before taxes of $4,779,000 a year ago. Return on average assets, after taxes was 0.96% and return on average equity, after taxes was 12.83% against return on average assets, after taxes of 1.02% and return on average equity, after taxes of 13.57% a year ago. As on date, book value per share was $27.18 against $25.62 per share a year ago. Net cash provided by operating activities was $4,812,000, purchase of investment securities - AFS was $21,456,000 and purchase of investment securities - HTM was $497,000 against net cash provided by operating activities of $3,636,000, purchase of investment securities - AFS was $75,656,000 and purchase of investment securities - HTM was $573,000 a year ago. The modest earnings increase of $46,000 (1.4%) was attributable to a combination of solid growth in noninterest income offset by lower net interest income and higher noninterest expense for the quarter ended March 31, 2013. The decrease in net interest income was driven by a continued drag of investment security yields at historically low levels and further pressure on loan pricing.

Cambridge Bancorp and its subsidiary, Cambridge Trust Company, announced the appointment of Donald Briggs to its Board of Directors. Mr. Briggs is senior vice president - development for Federal Realty Investment Trust. Mr. Briggs leads the planning and execution of the Trust's development and redevelopment projects.

Cambridge Bancorp announced that its Board of Directors has approved a quarterly dividend of $0.39 per share. The dividend is payable March 29, 2013 to shareholders of record as of March 11, 2013.