Cambridge Bancorp (NASDAQ:CATC) Q1 2023 Earnings Conference Call April 25, 2023 11:00 AM ET

Company Participants

Denis Sheahan - Chairman, President & CEO

Michael Carotenuto - CFO

Peter Halberstadt - Chief Credit Officer

Conference Call Participants

Mark Fitzgibbon - Piper Sandler

Thomas Reid - Raymond James

Chris O'Connell - KBW

Operator

Welcome to the Cambridge Bancorp First Quarter 2023 Earnings Conference Call. We'll be making forward-looking statements during this call, and actual results may differ materially. We encourage you to review the disclaimer in our earnings release dealing with forward-looking information, which applies to statements made in this call.

In addition, some of our discussions may include references to non-GAAP financial measures. Information about those measures, including reconciliation to GAAP measures, may be found in our SEC filings and in our earnings release. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mr. Denis Sheahan, Chairman, President and Chief Executive Officer. Please go ahead.

Denis Sheahan

Thank you, M.J., and thank you, everyone, for joining our earnings conference call today. I'm joined by our Chief Financial Officer, Michael Carotenuto; and our Chief Credit Officer, Peter Halberstadt. In a moment, Mike will speak to earnings for the first quarter and our current thinking on the outlook. To set the stage since the bank failures last month, things have quieted down demonstrably.

While we experienced a modest amount of net deposit outflow in March, deposits have stabilized, and deposit repricing requests have decreased significantly. Beyond deposit levels, capital is strong and continues to grow. Liquidity is robust, uninsured deposits are materially lower and asset quality is excellent. We are strong and looking ahead, we will focus on opportunity. Disruption brings opportunity, and we believe we will benefit from disruption through client and talent acquisition.

With that context, my comments today will focus on two matters. First, the Northmark Bank systems conversion integration; and second, the recent events in our industry and their impact to our company. This past weekend, we successfully finalized our systems conversion with Northmark Bank. Former Northmark clients can now access their accounts across our online systems or through 22 locations in Massachusetts and New Hampshire. I want to thank my colleagues for their efforts as the process went smoothly, and we are pleased to now operate as one and look to build as a unified brand in these new markets.