CAMBRIDGE SAVINGS BANK
ANNUAL REPORT | 2023
collaborative, creative, and empowered to deliver a superior customer-centric experience. Our success is driven by the
unique contributions of each person. Each individual is important, but together, we are even better. We are committed
to doing the right things for the right reasons, being a strong community partner through our support of organizations
that make a difference, and treating people the way they want to be treated. We are CSB. We are committed to
YOU.
CAMBRIDGE SAVINGS BANK IS
CSB CORE VALUES
02
GROUNDED IN INTEGRITY
We are each personally accountable for the highest standards of behavior, including honesty and fairness
in all aspects of our work. We do what is right, not what is easiest or most popular. Trust, respect, and
integrity are at the foundation of all of our relationships.
DEEP COMMITMENT TO EXCELLENCE
We believe that excellence is more than what we provide, it’s how we think and act. It’s more than just
xing a problem, it is having a focus on providing a superior experience each and every time.
PASSIONATE ABOUT CREATIVITY
For us, creativity is a willingness to try new approaches with vigor, energy, and enthusiasm. It’s having
the courage to ask questions that push the boundaries. This value afrms our commitment to seek new
approaches to service.
COMPASSION AND C A R I N G
FOR OTHERS
We have a predisposition to help others and the desire to identify with their experience through
empathy and consideration for their needs and values.
DEDICATED TO COLLABORATION
We value the contributions of all and blend the skills and perspectives of individual colleagues
to get a result that is greater than the sum of the individual parts. Our success is built on relationships
and our ability to work together effectively.
COMMITTED TO DIVERSITY, EQUITY,
AND INCLUSION
Collectively and individually, we respect the rich diversity of our colleagues, customers, community, and
partners; strive for more equitable access, resources, and opportunities for all; and welcome all people into
our organization, honoring their differences— including ethnicity, background, perspective, and identity.
Consolidated Balance Sheets | Years Ended December 31, 2023 and 2022 (In Thousands)
CAMBRIDGE FINANCIAL GROUP, INC. AND SUBSIDIARIES
2023 2022
ASSETS
Cash and due from banks $56,529 $53,615
Short-term investments 61,718 47,253
Total cash and cash equivalents 118,247 100,868
Marketable equity securities, at fair value 19,445 16,525
Investment securities available-for-sale, at fair value 596,115 581,715
Securities held-to-maturity, net of allowance for credit losses of $127
in 2023 (fair value $100,386 in 2023 and $102,597 in 2022) 106,802 105,159
Loans held for sale, net 2,332 2,845
Loans, net of allowance of credit losses of $52,383 in 2023
and $48,623 in 2022 5,629,074 5,269,777
Premises and equipment, net 55,072 56,476
Accrued interest receivable 23,521 20,373
Deferred tax asset, net 34,341 28,888
Bank-owned life insurance 79,583 77,945
Goodwill 19,942 19,942
Right-of-use asset 26,123 27,984
Other assets 156,896 160,476
Total assets $6,867,493 $6,468,973
LIABILITIES AND EQUITY CAPITAL
Liabilities:
Deposits $5,365,020 $4,755,155
Advances from Federal Home Loan Bank of Boston 718,652 960,299
Subordinated debt, net 69,252 69,022
Repurchase agreements 16,749 25,650
Financing lease liability 6,457 6,792
Lease liabilities 32,591 34,806
Accrued expenses and other liabilities 108,782 94,078
Total liabilities 6,317,503 5,945,802
Commitments and contingencies (Notes 5, 12 and 13)
Equity capital:
Undistributed earnings 571,019 549,396
Accumulated other comprehensive loss (21,029) (26,225)
Total equity capital 549,990 523,171
Total liabilities and equity capital $6,867,493 $6,468,973
Consolidated Statements of Net Income | Years Ended December 31, 2023 and 2022 (In Thousands)
CAMBRIDGE FINANCIAL GROUP, INC. AND SUBSIDIARIES
2023 2022
Interest and dividend income:
Commercial real estate loans $157,067 $105,323
Residential mortgage loans 57,163 42,456
Commercial and industrial loans 60,821 35,357
Other loans 7,592 3,958
Investment securities 24,812 20,333
Short-term and other investments 6,285 1,659
Total interest and dividend income 313,740 209,086
Interest expense:
Deposits 114,251 21,502
Advances from Federal Home Loan Bank of Boston 32,500 10,239
Subordinated debt 2,768 2,183
Capital lease obligations and other borrowings 491 369
Total interest expense 150,010 34,293
Net interest and dividend income 163,730 174,793
Provision for credit losses 7,668 1,195
Net interest and dividend income after provision for
credit losses 156,062 173,598
Noninterest income:
Deposit account fees 6,324 5,973
Rental income 5,761 4,796
Loss on marketable equity securites, net (375) (3,137)
Loss on sales and calls of investment securities available-for-sale, net (4,798) (59)
Mortgage banking gains 1,397 662
Bank-owned life insurance income 1,585 1,569
Other 4,572 2,783
Total noninterest income 14,466 12,587
Noninterest expense:
Salaries and employee benets 86,277 72,517
Ofce occupancy and equipment 25,362 23,551
Other operating expenses 30,334 28,341
Total noninterest expense 141,973 124,409
Income before income taxes 28,555 61,776
Income tax expense 3,138 13,962
Net income $25,417 $47,814
04
CFG TRUSTEES & CORPORATORS
CSB DIRECTORS
Robert P. Reardon*
Current, Real Estate Consultant,
R.P. Reardon Company
Retired, Former Director of Assessment,
City of Cambridge
Ryan A. Bailey
President and CEO
Cambridge Financial Group and
Cambridge Savings Bank
Michael J. Costello
Retired | Former Partner
PricewaterhouseCoopers LLP
Jayne K. Donahue
Retired | Former Executive Vice
President and General Auditor
State Street Corporation
Neal Hesler
Founder
Hesler & Associates
Howard B. Hodgson, Jr.
Vice Chairman of Investment Committee
Cabot Properties, Inc.
Kurt V. Johnson
Vice President,
Strategy and Business Development,
Beyond Identity
Elizabeth W. McNelis
Retired | Former Executive Director
Artis Senior Living
Daniel O. Mee
President
Dillon Capital Advisors, LLC
C. Brendan Noonan III, Esq.
President
C. Brendan Noonan & Company, Inc.
Emily Ou
Managing Director
Retail Leasing
Cushman & Wakeeld
Mary Ann Pesce
Retired | Former President
Global Personal Care
Procter & Gamble
Robert Ramsey
Agency President, Mergers & Acquisitions
AssuredPartners Northeast, LLC
Harborne W. Stuart, Jr.
Adjunct Professor
School of Engineering and Applied Sciences
Columbia University
Robert M. Wilson
Retired | Former President and CEO,
Cambridge Financial Group
and Cambridge Savings Bank
CFG TRUSTEES & CORPORATORS
Stephen J. Coukos, Esq.
Executive Vice President
and General Counsel
Cambridge Financial Group
and Cambridge Savings Bank
Carolyn Volpe Cunningham
Founder and CEO
Idlewild Advisory, LLC
Robert Delhome
Founder and CEO
Charter Companies
John P. DiGiovanni
President
Trinity Property Management
Michael Monestime
Business Strategy & Development
Morningside Group
CFG CORPORATORS
Timothy Bowe
Managing Director
Evergreen Technology Consulting
Tony Clark
Professor and Instructor
Bunker Hill Community College
Gerald D. Cohen
President
SF Properties, Inc.
Anne Adams Cushman
Retired
Principal, Advise and Consult
Samuel F. D'Agostino
President
Samuel D'Agostino, Inc.
Catherine Faddis
President and CIO
Grace Capital
Kevin J. Fitzgerald
Retired | Former Chairman and CEO
Cambridge Financial Group and
Cambridge Savings Bank
Retired CFG Trustee and CSB Director
Peter F. Folan
President
Catholic Memorial School
Gary J. Gianino
Treasurer Collector
Town of Burlington
Frederick V. Gilgun, Jr., Esq.
Principal | Attorney
Nicholson, Sreter & Gilgun, P.C.
Allison Goodwin
Chief Financial Ofcer
Torrington Properties, Inc.
John T. Gosselin, Esq.
Managing Partner
Gosselin & Kyriakidis, P.C.
Tiffany Gueye
Senior Advisor
Blue Meridian Partners
David S. Hall
Development Partner
The Hanover Company
Michelle D. Holmes
Associate Professor of Medicine
Brigham and Women’s Hospital
Charles D. Keefe, Jr.
Owner
Keefe Funeral Home
DIRECTORS, TRUSTEES, CORPORATORS, & SENIOR OFFICERS
*Chairman of Cambridge Financial Group (CFG) Board of Trustees and Cambridge Savings Bank (CSB) Board of Directors
As of May 6, 2024
Susan L. Kendall
Retired | Senior Associate,
Vice President of Finance
Babson College
Ara Kraan
Chairman and CEO
Symmes Maini & McKee Associates
Sarah Kurz
Executive Vice President
Partner Therapeutics, Inc.
Charles R. Laverty, III
General Counsel
Laverty Lohnes Properties
Kristin Marchese
Chief Marketing Ofcer
Armoire
Edward L. Marsteiner, II
Partner and Director of Acquisitions
National Development
Amey D. Moot
Management Consultant
Precision Thinking
Candice Morse
President
Thayer & Associates, Inc.
Meredith Moss
Founder & Former CEO
Finomial
William J. Mostyn III
Adjunct Professor of Law
Northeastern University School of Law
Julia McClennen Murphy
Project Manager
Vanasse Hangen Brustlin, Inc.
Jamil T. Myrie
CEO
Healing Greene Massachusetts
Wayne F. Patenaude
Retired | Former President and CEO
Cambridge Financial Group and
Cambridge Savings Bank
Erika-Leigh Pereira
Real Estate Agent
Gibson Sotheby's
Katherine Rafferty
Director of Community Affairs
Mt. Auburn Hospital
Julie L. Reker
Senior Associate
Gensler
Frederick Ryan
Retired | Former Chief of Police
Arlington Police Department
Daina Selvig
President
Selvig Legal Consultants, LLC
Salma Sirage
CEO and Founder
Cinegroove
Joia Spooner-Fleming
Independent Consultant
Travis J. Snell
President
Concord Property Management
Roberta G. Sydney
President
Sydney Associates, Inc.
Monique D. Thompson
Business Analyst | Interface Manager
MA Department of Public Health
Pamela J. Toulopoulos
Co-Owner
JVT Realty
Joanna Vanden
Vice President, People
Spindrift Beverage Co., Inc.
John T. Verderese
Retired
Managing Director
PricewaterhouseCoopers LLP
Nicola Williams
President
The Williams Agency
Ada H. Wong
President
Lexington Enterprises, Inc.
Laura Vail Wooster
Semi-retired | Vice President of Marketing
John Hancock, Reframe Financial
EXECUTIVE TEAM
Ryan A. Bailey
President and Chief Executive Ofcer
Ian Brandon
Senior Vice President
Head of Commercial Real Estate
Angela Conti
Head of Consumer and
Small Business Banking
Stephen J. Coukos, Esq.
Executive Vice President
and General Counsel
Michael O. Gilles
Executive Vice President
Chief Operating Ofcer
Linda Grace
Executive Vice President
Chief Human Resources Ofcer
Stephen A. Leonard
Senior Vice President
Head of Corporate Banking
Kevin McGuire
Senior Vice President
Chief Information Ofcer
Lisa Rodericks
Senior Vice President
Chief Marketing Ofcer
Carol Sexton
Senior Vice President
Head of Retail Banking
DIRECTORS, TRUSTEES, CORPORATORS, & SENIOR OFFICERS
06
Arlington Center
626 Massachusetts Avenue
Arlington, MA 02476
617.441.4204
Arlington Heights
1300 Massachusetts Avenue
Arlington, MA 02476
617.441.4205
East Arlington
188 Massachusetts Avenue
Arlington, MA 02474
617.441.4203
Bedford
181 Great Road
Bedford, MA 01730
617.441.4206
Belmont Center
40 Leonard Street
Belmont, MA 02478
617.441.4327
Burlington—3rd Ave
140 Middlesex Turnpike
Burlington, MA 01803
617.441.7045
Burlington—Cambridge Street
154 Cambridge Street
Burlington, MA 01803
617.441.4207
Cambridge—Central Square
630 Massachusetts Avenue
Cambridge, MA 02139
617.441.4298
Cambridge—Harvard Square
1374 Massachusetts Avenue
Cambridge, MA 02138
617.441.4154
Cambridge—Inman Square
1378 Cambridge Street
Cambridge, MA 02139
617.441.4287
Cambridge—Porter Square
53 White Street
Cambridge, MA 02140
617.441.4270
Charlestown
1 Thompson Square
Charlestown, MA 02129
617. 398 . 5700
Concord
202 Sudbury Road
Concord, MA 01742
617. 441.7115
Lexington Center
1781 Massachusetts Avenue
Lexington, MA 02420
781.861.1980
Melrose
638 Main Street
Melrose, MA 02176
781.665.2501
Newton Centre
739 Beacon Street
Newton, MA 02459
617. 441.7065
Somerville—Assembly Row
475 Foley Street
Somerville, MA 02145
617.684.6231
Watertown
54 Arsenal Street
Watertown, MA 02472
617. 441.7088
BRANCH LOCATIONS
07
CAMBRIDGE FINANCIAL GROUP, INC. IS THE MUTUAL HOLDING COMPANY FOR: