Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

26. Condensed Financial Statements of Parent Company

The condensed balance sheets of Cambridge Bancorp, the Parent Company, as of December 31, 2019and 2018 and the condensed statements of income and cash flows for each of the years in the three-year period ended December 31, 2019 are presented below. The statements of changes in shareholders’ equity are identical to the consolidated statements of changes in shareholders’ equity and are therefore not presented here.

Condensed Balance Sheet

	December 31,
	2019		2018
	(dollars in thousands)
ASSETS
Cash and cash equivalents	$	1,680	$	4,412
Other assets		13		—
Investment in subsidiary		284,868		162,614
Total assets	$	286,561	$	167,026
SHAREHOLDERS’ EQUITY
Shareholders’ equity	$	286,561	$	167,026
Total shareholders’ equity	$	286,561	$	167,026

Condensed Statements of Income

	For the Year Ended December 31,
	2019			2018			2017
	(dollars in thousands)
Income
Dividends from subsidiary	$	10,732		$	8,615		$	8,052
Total income		10,732			8,615			8,052
Expenses
Other expenses		132			116			—
Total expenses		132			116			—
Income before income taxes and equity in undistributed income of subsidiary		10,600			8,499			8,052
Income tax benefit		(36	)		(32	)		—
Income of parent company		10,636			8,531			8,052
Equity in undistributed income of subsidiary		14,621			15,350			6,764
Net income	$	25,257		$	23,881		$	14,816

Condensed Statements of Cash Flows

	For the Year Ended December 31,
	2019			2018			2017
	(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	25,257		$	23,881		$	14,816
Adjustments to reconcile net income to net cash provided    by operating activities
Change in other assets, net		(13	)		—			—
Undistributed income of subsidiary		(14,621	)		(15,350	)		(6,764	)
Net cash provided by operating activities		10,623			8,531			8,052
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in business combinations		(3,525	)		—			—
Investment in subsidiary		(38,202	)		—			—
Net cash (used in)/provided by investing activities		(41,727	)		—			—
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock		38,576			761			1,522
Repurchase of common stock		(687	)		(574	)		(470	)
Cash dividends paid on common stock		(9,517	)		(8,041	)		(7,582	)
Net cash provided by/(used in) financing activities		28,372			(7,854	)		(6,530	)
Net increase (decrease) in cash		(2,732	)		677			1,522
Cash at beginning of year		4,412			3,735			2,213
Cash at end of year	$	1,680		$	4,412		$	3,735