Cambridge Bancorp (NASDAQ:CATC) Q4 2022 Earnings Call Transcript

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Denis Sheahan: No, Bernie it’s really — it’s an alternative to Federal Home Loan Bank basically. This is accounting for the robust loan growth we had and some deposit outflows for those clients who are searching for yield. So it’s either Federal Home Loan Bank or brokered CDs. It’s not other than that. It’s — we put them basically in the same category with about $480 million of wholesale funds.

Bernard Horn: Yes, okay. That’s — that was my follow on question. How does it compare to the FHLB borrowings? Great. Thanks. That’s all I had. Good quarter.

Denis Sheahan: Thanks, Bernie.

Michael Carotenuto: Thanks, Bernie.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Denis Sheahan for any closing remarks.

Denis Sheahan: Thank you, everybody, for your participation. We look forward to speaking to you again at our next earnings release conference call.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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