SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 10-Q


               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


                  For the Quarterly Period ended March 31, 2002


                          Commission File No. 000-25381


                         CCBT FINANCIAL COMPANIES, INC.
             (Exact name of Registrant as specified in its charter)



      Massachusetts                                     04-3437708
(State of Incorporation)                    (I.R.S. Employer Identification No.)


             495 Station Avenue, South Yarmouth, Massachusetts 02664
               (Address of principal executive office) (Zip Code)


            (Registrant's telephone #, incl. area code): 508-394-1300





     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. (1) : [X] Yes  [ ] No


     Indicate  the  number of  shares  outstanding  of each of the  registrant's
classes of common stock, as of the latest practicable date. There were 8,630,173
shares of common stock outstanding as of May 13, 2002.


                                       1

<PAGE>

<TABLE>
<CAPTION>

TABLE OF CONTENTS
-----------------


Section             Description                                                 Page No.
-------             -----------                                                 --------

<S>                 <C>                                                           <C>
PART I              FINANCIAL INFORMATION

         Item 1.    Financial Statements (Unaudited)

                    Consolidated Statements of Financial Condition                  3
                             March 31, 2002 and December 31, 2001

                    Consolidated Statements of Income                               4
                             Three Months Ended March 31, 2002 and 2001

                    Consolidated Statements of Cash Flows                           5
                             Three Months Ended March 31, 2002 and 2001

                    Consolidated Statements of Comprehensive Income                 6
                             Three Months Ended March 31, 2002 and 2001

                    Consolidated Statements of Changes in Stockholders' Equity      6
                             Three Months Ended March 31, 2002 and 2001

                    Notes to Consolidated Financial Statements                      7

         Item 2.    Management's Discussion and Analysis of Financial Condition     7-15
                             and Results of Operations

         Item 3.    Quantitative and Qualitative Disclosures About Market Risk      16

PART II             OTHER INFORMATION

         Item 1.    Legal Proceedings                                               16

         Item 2.    Changes in Securities and Use of Proceeds                       16

         Item 3.    Defaults upon Senior Securities                                 16

         Item 4.    Submission of Matters to a Vote of Security Holders             16

         Item 5.    Other Information                                               16

         Item 6.    Exhibits and Reports on Form 8-K                                16

                    SIGNATURES                                                      17

</TABLE>

                                       2


<PAGE>

PART I  FINANCIAL INFORMATION
ITEM 1. Financial Statements

<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


                                                                       March  31,          December 31,
                                                                         2002                 2001
                                                                         ----                 ----
                                                                                (Unaudited)
<S>                                                                <C>                   <C>
 ASSETS
 Cash and due from banks                                           $    68,490,925       $    51,204,747
 Short term interest-bearing deposits                                   14,526,891            10,857,540
 Securities available for sale at fair value                           385,751,120           438,349,833
 Federal Home Loan Bank stock, at cost                                  23,502,600            23,502,600
 Federal Reserve Bank stock, at cost                                     1,235,050             1,235,050
 Total loans                                                           882,131,830           884,291,338
 Less:  Allowance for loan losses                                      (12,336,034)          (12,251,907)
                                                                   ---------------       ---------------
        Net loans                                                      869,795,796           872,039,431
                                                                   ---------------       ---------------
 Loans held for sale                                                     5,058,188             8,349,342
 Premises and equipment                                                 18,794,166            18,496,280
 Deferred tax assets                                                     3,781,457             2,619,189
 Accrued interest receivable on securities                               2,107,237             2,632,117
 Interest receivable on loans                                            3,789,879             3,736,071
 Intangibles                                                             7,647,837             7,972,088
 Other assets                                                           12,155,882            13,672,642
                                                                   ---------------       ---------------
         Total assets                                              $ 1,416,637,028       $ 1,454,666,930
                                                                   ===============       ===============

   LIABILITIES AND STOCKHOLDERS' EQUITY
      Deposits                                                     $   908,082,290       $   903,390,528
      Borrowings from the Federal Home Loan Bank                       327,244,404           384,314,318
      Other short-term borrowings                                       18,096,082            30,735,238
      Subordinated debt                                                  5,000,000             5,000,000
      Current taxes payable                                              3,793,218             2,064,060
      Interest payable on deposits and borrowings                        1,861,245             2,410,159
      Post retirement benefits payable                                   3,387,865             3,293,458
      Employee profit sharing retirement and bonuses payable               842,053             4,214,186
      Due to broker securities settlement account                       27,458,338                    --
      Other liabilities                                                  3,532,771             3,925,378
                                                                   ---------------       ---------------
              Total liabilities                                      1,299,298,266         1,339,347,325
                                                                   ---------------       ---------------

     Minority interest                                                          (4)                3,602
                                                                   ---------------       ---------------
       Commitments and contingencies
       Stockholders' equity
              Common stock, $1.00 par value:
              Authorized: 12,000,000 shares
              Issued: 9,061,064                                          9,061,064             9,061,064
              Surplus                                                   27,473,713            27,473,395
             Undivided profits                                          86,566,152            83,156,834
             Treasury stock, at cost (433,266 shares) in 2002
                                      440,641 shares) in 2001           (7,077,029)           (7,197,493)
      Accumulated other comprehensive income                             1,314,866             2,822,203
                                                                   ---------------       ---------------
              Total stockholders' equity                               117,338,766           115,316,003
                                                                   ---------------       ---------------
              Total liabilities and stockholders' equity           $ 1,416,637,028       $ 1,454,666,930
                                                                   ===============       ===============
</TABLE>




  The accompanying notes are an integral part of these unaudited, consolidated
                             financial statements.

                                       3


<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 1. Financial Statements (continued)

<TABLE>
<CAPTION>

                        CONSOLIDATED STATEMENTS OF INCOME
                      For the Three Months Ended March 31,

                                                                        2002               2001
                                                                        ----               ----
                                                                              (Unaudited)
<S>                                                                  <C>                <C>
INTEREST & DIVIDEND INCOME
     Interest and fees on loans                                      $14,154,462        $17,134,782
     Interest on short term interest-bearing deposits                     78,029            188,534
     Interest on federal funds sold                                          948                827
     Taxable interest income on securities                             4,539,605          8,089,562
     Tax-exempt interest income on securities                            184,750            236,997
     Dividends on securities                                             238,813            417,942
                                                                     -----------        -----------
          Total interest & dividend income                            19,196,607         26,068,644
                                                                     -----------        -----------
   INTEREST EXPENSE
     Interest on deposits                                              3,337,490          7,773,716
     Interest on borrowings from the Federal Home Loan Bank            3,717,226          4,966,384
     Interest on other short-term borrowings                              58,899            277,084
     Interest on subordinated debt                                        71,955                 --
                                                                     -----------        -----------
          Total interest expense                                       7,185,570         13,017,184
                                                                     -----------        -----------
   Net interest income                                                12,011,037         13,051,460
   Provision for loan losses                                                  --                 --
                                                                     -----------        -----------
   Net interest income after provision for loan losses                12,011,037         13,051,460
                                                                     -----------        -----------
   NON-INTEREST INCOME
     Financial advisor fees                                            1,720,190          1,760,363
     Deposit account service charges                                     558,556            501,746
     Branch banking fees                                                 746,860            717,396
     Electronic banking fees                                             520,409            408,259
     Loan servicing and other loan fees (costs)                          (53,563)            59,672
     Brokerage fees and commissions                                      362,338            272,530
     Net gain on sales of securities                                   1,678,815            460,494
     Net gain on sales of loans                                          576,060            141,631
     Insurance commissions                                               426,128            397,693
     Gain on sale of credit card merchant portfolio                       52,935             74,089
     Other income                                                        119,859            122,036
                                                                     -----------        -----------
          Total non-interest income                                    6,708,587          4,915,909
                                                                     -----------        -----------
   NON-INTEREST EXPENSE
     Salaries                                                          4,082,985          3,944,538
     Employee benefits                                                 2,055,256          1,861,198
     Buildings and equipment                                           1,464,079          1,329,847
     Data processing                                                     655,350            777,720
     Accounting and legal fees                                           224,831            214,678
     Other outside services                                              552,781            509,188
     Amortization of intangibles                                         324,251            395,833
     Delivery and communications                                         576,968            524,491
     Directors' fees                                                      85,800             85,800
     Marketing and advertising                                           310,141            348,252
     Printing and supplies                                               172,084            137,375
     Insurance                                                           143,424            137,470
     All other expenses                                                  525,859            375,284
                                                                     -----------        -----------
          Total non-interest expense                                  11,173,809         10,641,674
                                                                     -----------        -----------
     Minority Interest                                                    (3,606)            12,169
                                                                     -----------        -----------
     Net income before taxes                                           7,549,421          7,313,526
     Applicable income taxes                                           2,502,223          2,483,542
                                                                     -----------        -----------
     Net income                                                      $ 5,047,198        $ 4,829,984
                                                                     -----------        -----------
     Average shares outstanding - basic                                8,622,102          8,608,048
     Average shares outstanding - diluted                              8,657,417          8,639,583
   Basic earnings per share                                                $0.59              $0.56
   Diluted earnings per share                                              $0.58              $0.56
   Cash dividends declared                                                 $0.19              $0.18

</TABLE>

  The accompanying notes are an integral part of these unaudited, consolidated
                             financial statements.

                                       4
<PAGE>

PART I  FINANCIAL INFORMATION
ITEM 1. Financial Statements (continued)


<TABLE>
<CAPTION>

                                                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                 For the Three Months Ended March 31,

                                                                                                 2002               2001
                                                                                                 ----               ----
                                                                                                       (Unaudited)
                                                                                                       -----------
<S>                                                                                         <C>               <C>
CASH PROVIDED BY OPERATING ACTIVITIES
Net income                                                                                  $   5,047,198     $   4,829,984
Adjustments to reconcile net income to net cash
        provided by operating activities:
    Depreciation and amortization                                                               1,047,334         1,069,120
    Net amortization (accretion) of securities                                                  4,272,932        (2,569,861)
    Amortization of net deferred loan costs                                                       340,542           263,910
    Net gain on sales of securities                                                            (1,678,815)         (460,494)
    Net gain on sale of loans                                                                    (576,060)         (141,631)
Net change in:
    Proceeds from sales (originations) of loans held for sale, net                              3,867,214          (255,073)
    Accrued interest receivable                                                                  (471,072)         (176,652)
    Accrued expenses and other liabilities                                                     (4,212,717)       (1,972,311)
    Other, net                                                                                  5,122,621         2,536,819
                                                                                             ------------      ------------
Net cash provided by operating activities                                                      12,759,177         3,123,811
                                                                                             ------------      ------------
CASH PROVIDED (USED) BY INVESTING ACTIVITIES
    Net decrease (increase) in loans                                                            2,584,177       (30,615,864)
    Maturities of available-for-sale securities                                               182,254,774        81,579,045
    Purchase of available-for-sale securities                                                (134,148,893)     (160,730,569)
    Sales of available-for-sale securities                                                     25,061,669        19,399,620

    Purchases of premises and equipment                                                        (1,020,968)       (1,478,813)
                                                                                             ------------      ------------
Net cash provided (used) by investing activities                                               74,730,759       (91,846,581)
                                                                                             ------------      ------------
CASH PROVIDED (USED) BY FINANCING ACTIVITIES
    Net increase (decrease)  in deposits                                                        4,691,762       (18,370,045)
    Advances of borrowings from the Federal Home Loan Bank                                    367,393,508       472,121,000
    Repayments of borrowings from the Federal Home Loan Bank                                 (424,463,423)     (369,936,411)
    Net decrease in other short-term borrowings                                               (12,639,156)         (249,718)
    Purchase of treasury stock                                                                         --                --
    Issuance of common stock under stock option plan                                              120,782                --
    Cash dividends paid on common stock                                                        (1,637,880)       (1,549,449)
                                                                                             ------------      ------------
Net cash provided (used) by financing activities                                              (66,534,407)       82,015,377
                                                                                             ------------      ------------
Net increase (decrease) in cash and cash equivalents                                           20,955,529        (6,707,393)
Cash and cash equivalents at beginning of year                                                 62,062,287        66,215,030
                                                                                             ------------      ------------
Cash and cash equivalents at end of period                                                   $ 83,017,816      $ 59,507,637
                                                                                             ============      ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for:
    Interest                                                                                  $  7,729,372     $ 12,375,792
    Income taxes                                                                                   766,630        1,429,819
Non-cash transactions:
    Unsettled trades                                                                          $ 27,451,808     $    513,645
    Additions to property from defaulted loans                                                          --               --
    Loans to finance OREO property                                                                      --               --

</TABLE>


  The accompanying notes are an integral part of these unaudited, consolidated
                             financial statements.


                                        5
<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 1. Financial Statements (continued)

<TABLE>
<CAPTION>


                            CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                               For the Three Months Ended March 31,

                                                                     2002                     2001
                                                                     ----                     ----
                                                                              (Unaudited)
<S>                                                                <C>                    <C>
Net income                                                         $5,047,198             $4,829,984
                                                                   ----------             ----------
Unrealized holding (losses) gains on securities available for        (941,224)             3,691,604
    sale
Reclassification of gains on securities realized in income         (1,678,815)              (460,494)
                                                                   ----------             ----------
Net unrealized (losses) gains                                      (2,620,039)             3,231,110
Related tax effect                                                  1,112,702             (1,337,305)
                                                                   ----------             ----------
Net other comprehensive (loss)  income                             (1,507,337)             1,893,805
                                                                   ----------              ---------
Comprehensive income                                               $3,539,861             $6,723,789
                                                                   ==========             ==========
</TABLE>

<TABLE>
<CAPTION>

                 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                          For the Three Months Ended March 31,


                                                           2002                2001
                                                           ----                ----
                                                                 (Unaudited)
<S>                                                   <C>                 <C>
COMMON STOCK
Balance, beginning of quarter                         $   9,061,064       $   9,061,064
                                                      -------------       -------------

Balance, March 31                                         9,061,064           9,061,064
                                                      -------------       -------------

SURPLUS
Balance, beginning of quarter                            27,473,395          27,494,890
Issuance of common stock under stock option plan                318                  --
                                                      -------------       -------------

Balance, March 31                                        27,473,713          27,494,890
                                                      -------------       -------------

UNDIVIDED PROFITS
Balance, beginning of quarter                            83,156,834          69,896,759
Net income                                                5,047,198           4,829,984
Cash dividends declared                                  (1,637,880)         (1,549,449)
                                                      -------------       -------------
Balance, March 31                                        86,566,152          73,177,294
                                                      -------------       -------------
TREASURY STOCK
Balance, beginning of quarter                            (7,197,493)         (7,399,628)
Issuance of common stock under stock option plan
                                                            120,464                  --
                                                      -------------       -------------
Balance, March 31                                        (7,077,029)         (7,399,628)
                                                      -------------       -------------

ACCUMULATED OTHER COMPREHENSIVE INCOME
Balance, beginning of quarter                             2,822,203            (324,307)
Net other comprehensive (loss) income                    (1,507,337)          1,893,805
                                                      -------------       -------------
Balance, March 31                                         1,314,866           1,569,498
                                                      -------------       -------------
TOTAL STOCKHOLDERS' EQUITY, END OF QUARTER            $ 117,338,766       $ 103,903,118
                                                      =============       =============
</TABLE>

The  accompanying  notes are an integral part of these  unaudited,  consolidated
    financial statements.

                                       6
<PAGE>

PART I  FINANCIAL INFORMATION
ITEM 1. Financial Statements (continued)


                         CCBT FINANCIAL COMPANIES, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
             Three months ended March 31, 2002 and 2001 (Unaudited)
Business

         CCBT Financial  Companies,  Inc. ("Company") was incorporated under the
laws of the  Commonwealth of  Massachusetts on October 8, 1998 under the name of
CCBT Bancorp,  Inc. at the direction of the Board of Directors and management of
Cape Cod Bank and Trust  Company  ("Bank")  for the  purpose of  becoming a bank
holding  company for the Bank. On February 11, 1999,  Bancorp became the holding
company for the Bank by acquiring 100% of the  outstanding  shares of the Bank's
common stock in a 1:1  exchange  for Bancorp  common  stock.  During  1999,  the
Company's name was changed to CCBT Financial Companies,  Inc. The Bank's charter
was converted to that of a national bank effective September 1, 1999. Currently,
the Company's business activities are conducted primarily through the Bank.

         During  the  second   quarter  of  2000,   the  Company,   through  its
wholly-owned  subsidiary,  Cape Cod Bank and Trust Company N.A., acquired 51% of
the  stock  of  Murray  &  MacDonald  Insurance  Services,   Inc.  of  Falmouth,
Massachusetts,  a full service  insurance  Agency offering  property,  casualty,
life,  accident and health  products to clients on Cape Cod. The Agency has been
in  business  since  1972 and has  license  agreements  with  more  than  thirty
insurance  firms.  As part of the  transaction,  Murray  &  MacDonald  President
Douglas D. MacDonald  will continue as President of the Agency,  and will direct
all insurance activities for the Bank.

         In  addition  to  the  acquisition  of  Murray  &  MacDonald  Insurance
Services, Inc., the Company also completed its acquisition of two branch banking
offices,  in Falmouth  and  Wareham,  Massachusetts,  from Fleet Bank during the
second  quarter of 2000.  These  branches  added  approximately  $55  million in
deposits at a 15.5% premium, at June 30, 2000.

Basis of Presentation

         The accompanying  unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principals for interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principals  for complete
financial  statements.  Certain amounts have been  reclassified in the March 31,
2001 financial  statements to conform to the 2002  presentation . In the opinion
of  management,  all  adjustments  (consisting  of  normal  recurring  accruals)
considered  necessary  for a fair  presentation  have been  included.  Operating
results for the three months ended March 31, 2002 are not necessarily indicative
of the results  that may be expected for the current  fiscal  year.  For further
information,  refer  to the  consolidated  financial  statements  and  footnotes
thereto  included in the Company's annual report on Form 10-K for the year ended
December 31,2001.

         On  June  30,   2001,   the  FASB  issued   SFAS  No.  141,   "Business
Combinations," and No. 142, "Goodwill and Other Intangible Assets." SFAS No. 141
requires  that the  purchase  method  of  accounting  be used  for all  business
combinations  initiated  after June 30, 2001. With the adoption of SFAS No. 142,
effective  January 1, 2002,  goodwill is no longer subject to amortization  over
its estimated useful life, but will be subject to at least an annual  assessment
for  impairment  by  applying  a fair value  based  test.  The first  impairment
evaluation must be completed by June 30, 2002. Additionally, under SFAS No. 142,
acquired  intangible  assets  (such  as  core  deposit  intangibles)  should  be
separately recognized if the benefit of the intangible asset is obtained through
contractual  or other  legal  rights,  or if the  intangible  asset can be sold,
transferred,  licensed,  rented,  or  exchanged,  regardless of intent to do so.
Unidentified  intangible assets pertaining to branch  acquisitions will continue
to be amortized as such transactions are outside the scope of SFAS No. 142. As a
result,  effective  January 1, 2002,  the  Company's  goodwill will no longer be
amortized but will be evaluated for  impairment  and the Company's  core deposit
intangibles will continue to be amortized over their estimated useful lives.


                                       7
<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

General

         This  Form 10Q  contains  certain  statements  that  may be  considered
forward-looking  statements  within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended.  The Company's  actual  results could differ  materially  from those
projected in the forward-looking statements as a result, among other factors, of
changes in general,  national or regional economic  conditions,  changes in loan
default  and  charge-off  rates,  reductions  in  deposit  levels  necessitating
increased  borrowing to fund loans and  investments,  changes in interest rates,
changes in the size and nature of the Company's competition,  and changes in the
assumptions used in making such forward-looking statements.


         The  following  discussion  should  be read  in  conjunction  with  the
accompanying   consolidated   financial  statements  and  selected  consolidated
financial data included within this report.  Given that the Company's  principal
activity  currently is ownership of the Bank,  for ease of  reference,  the term
"Company" in this item generally will refer to the investments and activities of
the Company and the Bank except where otherwise noted.

         CCBT  Financial  Companies,  Inc. is a bank holding  company.  Its main
operating  subsidiary,  Cape Cod Bank and Trust  Company,  N.A.  is the  largest
commercial bank  headquartered in Barnstable  County.  It offers a wide range of
commercial   banking   services   for   individuals,    businesses,   non-profit
organizations,   governmental   units  and   fiduciaries.   The  Bank   receives
substantially all of its deposits from and makes  substantially all of its loans
to individuals  and businesses on Cape Cod,  although the Bank has some loans on
properties  outside its market area,  including some sizable  participations  in
commercial mortgages. The Bank's core market is comprised of retail,  wholesale,
and  manufacturing  businesses;  primary  households  (including  a  significant
retirement population);  and a growing number of second homeowners. In addition,
a substantial  non-core  vacation  population  contributes  to seasonal  deposit
growth.



             (The remainder of this page intentionally left blank.)



                                       8
<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (cont.)

<TABLE>
<CAPTION>

                                                                       Net Interest Income, Net Interest Margin
                                                                               Quarters Ended March 31,
                                                  ---------------------------------------------------------------------------
                                                                  2002                                   2001
                                                  -------------------------------------    ----------------------------------
                                                     Average                 Average        Average                 Average
                                                     Balance     Interest     Yield         Balance    Interest      Yield
                                                  -------------------------------------    ----------------------------------
                                                                          (Dollar amounts in thousands)
<S>                                                 <C>           <C>         <C>           <C>           <C>         <C>
ASSETS
Securities:
           Mortgage-backed securities               $ 17,672      $ 234       5.30%         $ 37,450      $ 700       7.48%
           CMOs                                      158,828      2,007       5.06%          177,802      3,432       7.72%
           U.S. Government agencies                   17,607        200       4.53%           22,291        358       6.51%
           State and municipal obligations            23,499        185       4.09%           22,118        251       5.98%
           Other securities                          247,217      2,416       3.96%          246,053      4,193       6.91%
                                                   ---------     ------                    ---------     ------
                     Total securities                464,823      5,042       4.42%          505,714      8,934       7.18%
                                                   ---------     ------                    ---------     ------
Loans:
           Commercial                                 85,779      1,233       5.75%           80,275      1,821       9.20%
           Commercial construction                    53,122        693       5.22%           42,139        925       8.90%
           Residential construction                   43,986        599       5.44%           49,522        772       6.24%
           Commercial mortgages                      264,530      5,055       7.64%          236,536      5,409       9.27%
           Industrial revenue bonds                    1,135         16       7.90%            1,565         32      11.68%
           Residential mortgages                     371,009      5,693       6.14%          400,472      7,095       7.09%
           Home equity                                54,880        683       5.04%           37,971        863       9.22%
           Consumer                                    7,016        183      11.42%            8,522        218      10.23%
                                                   ---------     ------                    ---------     ------
                   Total loans                       881,457     14,155       6.43%          857,002     17,135       8.06%
                                                   ---------     ------                    ---------     ------
                   Total earning assets            1,346,280     19,197       5.74%        1,362,716     26,069       7.74%
                                                   ---------     ------                    ---------     ------

Cash and due from banks                               38,726                                  36,813
Non-earning assets                                    31,131                                  30,964
                                                  ----------                              ----------
                   Total assets                   $1,416,137                              $1,430,493
                                                  ==========                              ==========

LIABILITIES & STOCKHOLDERS' EQUITY
Interest bearing deposits:
           NOW accounts                            $ 146,518        168       0.47%        $ 132,395        226       0.69%
           Regular savings                            75,736        213       1.14%           64,924        286       1.79%
           Money Market accounts                     271,633      1,215       1.81%          240,044      2,198       3.71%
           Certificates of Deposit of                 48,335
               $100,000 or more                                     390       3.28%          122,486      1,904       6.30%
           Other time deposits                       146,247      1,351       3.75%          203,340      3,160       6.30%
                                                   ---------     ------                    ---------     ------
                   Total interest bearing deposits   688,469      3,337       1.97%         763,189       7,774       4.13%
                                                   ---------     ------                    ---------     ------
Borrowings:
           Federal Home Loan Bank                    370,915      3,718       4.07%          344,518      4,966       5.85%
           Other short-term borrowings                26,781         59       0.89%           25,930        277       4.33%
           Subordinated debt                           5,000         72       5.84%               --         --
                                                   ---------     ------                    ---------     ------
                     Total borrowings                402,696      3,849       3.88%          370,448      5,243       5.74%
                                                   ---------     ------                    ---------     ------

                     Total interest-bearing        1,091,165      7,186       2.67%        1,133,637     13,017       4.66%
                        liabilities                              ------                                  ------


Demand deposits                                      199,400                                 188,873
Non-interest bearing liabilities                      10,471                                  10,267
Stockholders' equity                                 115,101                                  97,716
                                                  ----------                              ----------
                     Total liabilities & equity   $1,416,137                              $1,430,493
                                                  ==========                              ==========

Net interest income/spread                                      $12,011       3.07%                     $13,052       3.08%
                                                                =======                                 =======
Net interest margin (NII/Avg. Earning Assets)                                 3.62%                                   3.88%

</TABLE>

                                        9
<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (cont.)

Source and Use of  Funds

         On average, borrowings from the Federal Home Loan Bank during the first
quarter of 2002 were higher by  $26,397,000 or 7.7% than in the first quarter of
2001.  Additional  funds  were  raised by the  issuance  of $5  million of Trust
Preferred Securities during the third quarter of 2001 by CCBT Statutory Trust I,
a subsidiary of the Company.  In contrast,  average  interest  bearing  deposits
declined by  $74,720,000  or 9.8% during the first quarter of 2002 when compared
to the same period in the prior year.  This  decline can be  attributed  to time
Certficates of Deposit which  decreased by  $131,243,000 or 40.3% as a result of
the maturity of a significant  amount of one year Certificates of Deposit during
the third quarter of 2001 and the  reduction of interest  rates being offered on
these  products.  Partially  offsetting  the  decrease  in  time  deposits  were
increases  in Money Market  accounts of  $31,589,000  or 13.2%,  NOW accounts up
$14,123,000  or 10.7%,  and Regular  Savings up  $10,812,000  or 16.7%.  Average
non-interest  bearing demand deposits also increased 5.6% or $10,527,000 for the
first quarter of 2002 as compared to 2001.

         When  compared to the first three  months of 2001,  average  loans were
higher in 2002 by 2.9% or $24,455,000.  On average,  Commercial Construction and
mortgage loans grew by 14.0% or $38,977,000 while  Residential  Construction and
mortgage  loans  declined  by  $34,999,000  or  7.8% as a  result  of  sales  of
Residential  Mortgages.  During the first  quarter of 2002 as  compared to 2001,
Commercial Loans increased  $5,504,000 or 6.9% on average and Home Equity loans,
on average,  increased  $16,909,000  or 44.5% as a result of lower rates on this
prime-based  product.  When  compared  to the  first  quarter  of 2001,  average
securities  were lower in the first quarter of 2002 by  $40,891,000 or 8.1% with
significant declines occurring in Mortgage-backed  Securities,  down $19,778,000
or 52.8%,  and CMOs,  down  $18,974,000  or 10.7%  due to  prepayments  on these
securities as a result of the impact of declining interest rates.

Net interest income

         Net interest  income was $12.0 million for the three months ended March
31, 2002 as compared to $13.1  million for the same period in 2001, a decline of
8.4%.  The  spread  and  net  interest  margin  ratios  were  3.07%  and  3.62%,
respectively, for the three months ended March 31, 2002 as compared to 3.08% and
3.88%,  respectively,  for the comparable 2001 period. These results reflect the
significant  decline  in  interest  rates  over the last  year.  The  Company is
negatively  impacted by the current low interest rate  environment  since a high
percentage of the Company's deposits are not subject to repricing.

Provision for loan losses

         Recoveries on loans previously charged off exceeded  charge-offs during
the three months ended March 31, 2002 by $84,000. Management's assessment of the
risks in the loan  portfolio at March 31, 2002 as well as the  Company's  recent
loss experiene,  whereby  recoveries have actually  exceeded  charge-offs  since
1997, resulted in no provision for loan losses during the first quarter of 2002.
The  allowance  for loan  losses was 1.40% and 1.38% of total loans at March 31,
2002 and 2001, respectively.

Non-interest Income and Expense

         Non-interest income totaled $6,709,000 for the three months ended March
31, 2002, an increase of 36.5% compared to the 4,916,000  earned during the same
period in 2001. Net gain on sales of securities  contributed  $1,219,000 to this
increase while net gains on sales of loans increased $434,000.

         During  the  first  quarter  of  2002,  non-interest  expenses  totaled
$11,174,000,  an  increase  of 5.0% or $532,000  over the  $10,642,000  expended
during the  comparable  period in 2001.  Salaries  increased by $138,000 or 3.5%
while employee  benefits  increased by $194,000 or 10.4%.  Increases in building
and equipment expense of $134,000 or 10.1% can be attributed to costs associated
with the opening of two new financial  service  offices in March 2002 as well as
amortizaton expense of computer software.


                                       10

<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (cont.)

Income taxes

         Applicable  State and Federal income tax expense was $2,502,000 for the
quarter ended March 31, 2002 and  $2,484,000  for the same quarter in 2001.  The
combined  effective  State and  Federal  tax rate was 33% and 34% of pretax  net
income for the first quarter of 2002 and 2001, respectively.

Net income

         Consolidated net income was $5,047,198  representing earnings per basic
share of $0.59  for the  three  months  ended  March  31,  2002 as  compared  to
$4,829,984  or $0.56 per share for the  comparable  three months ended March 31,
2001.  Annualized  returns on average  assets and average  equity were 1.43% and
17.54%,  respectively,  for the three months ended March 31, 2002 as compared to
1.35% and 19.77%, respectively, for the three months ended March 31, 2001.


               COMPARATIVE ANALYSIS OF SELECTED PERIOD-END ASSETS,
                             LIABILITIES AND CAPITAL

         The Company had $1.42 billion consolidated total assets, $908.1 million
deposits and $117.3 million  stockholders' equity at March 31, 2002. Its capital
to assets ratio was 8.28%, exceeding all regulatory requirements. As compared to
reported  balances at December 31, 2001,  gross loans  decreased $2.2 million or
..24%, deposits increased $4.7 million or .52% and borrowed funds decreased $69.7
million or 16.8%.

Securities

         The adjusted cost and estimated  market values of securities  which the
Company classified as available for sale at March 31, 2002 and December 31, 2001
    were as follows:

<TABLE>
<CAPTION>

                                                                                 March 31, 2002
                                                    -------------------------------------------------------------------
                                                                             Gross            Gross         Estimated
                                                      Amortized           Unrealized       Unrealized          Fair
                                                         Cost                Gains           Losses           Value
                                                         ----                -----           ------           -----
                                                                         (Dollar amounts in thousands)
<S>                                                    <C>                  <C>                <C>           <C>
U.S. Government agency CMOs                             $60,123             $1,049             $568          $ 60,604
Other U.S. Government agency obligations                 21,732                 47              214            21,565
Other collateralized mortgage obligations                49,561              1,092              366            50,287
State and municipal obligations                          14,144                 --               --            14,144
Other debt securities                                   237,964              2,166              979           239,151
                                                       --------              -----           ------          --------
    Totals                                             $383,524             $4,354           $2,127          $385,751
                                                       ========             ======           ======          ========
</TABLE>

<TABLE>
<CAPTION>
                                                                              December 31, 2001
                                                    -------------------------------------------------------------------
                                                                             Gross            Gross         Estimated
                                                      Amortized           Unrealized       Unrealized          Fair
                                                         Cost                Gains           Losses           Value
                                                         ----                -----           ------           -----
                                                                         (Dollar amounts in thousands)
<S>                                                    <C>                  <C>                <C>           <C>
U.S. Government agency CMOs                            $116,949             $2,362             $921          $118,390
Other U.S. Government agency obligations                 14,254                158               48            14,364
Other collateralized mortgage obligations                66,356              1,720              289            67,787
State and municipal obligations                          24,114                 --               --            24,114
Other debt securities                                   211,831              2,672              808           213,695
                                                       --------              -----           ------          --------
    Totals                                             $433,504             $6,912           $2,066          $438,350
                                                       ========             ======           ======          ========
</TABLE>


                                       11
<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations (cont.)

         Securities  available for sale  decreased  $52.6  million,  from $438.3
million at December 31, 2001 to $385.8 million at March 31, 2002. Net gains from
security  sales  were $1.7  million  during the  quarter  ended  March 31,  2002
compared to $460 thousand during the same period in 2001.

Loans
The following is a summary of the Company's outstanding loan balances as of the
    dates indicated:

                                        March 31, 2002   December 31, 2001
                                        --------------   -----------------
Mortgage loans on real estate
    Residential                           $ 362,391         $ 376,504
    Commercial                              265,467           264,934
    Construction                            100,742            95,186
    Equity lines of credit                   56,585            53,336
Other loans
    Commercial                               89,154            84,947
    Industrial revenue bonds                  1,111             1,163
    Consumer                                  6,682             8,221
                                          ---------         ---------
          Total loans                       882,132           884,291
    Less: Allowance for loan losses         (12,336)          (12,252)
                                          ---------         ---------
          Total portfolio loans, net      $ 869,796         $ 872,039
                                          =========         =========

Loans held for sale                       $   5,058         $   8,349
                                          =========         =========


         As shown in the table above, total loans decreased $2.2 million or .24%
to $882.1  million at March 31,  2002 as compared to  December  31,  2001,  with
balanced growth between commercial and commercial  construction  mortgage loans,
up $4.2 and $5.6 million, respectively. New residential mortgage originations of
$36.3 million fixed rate and $37.8 million  adjustable rate were achieved in the
first  quarter  2002.  During the same period,  the Company  sold $53.4  million
residential mortgages, producing net gains of $653 thousand.

Allowance for Loan Losses

         The allowance for loan losses is an estimate of the amount necessary to
absorb  probable  losses  in the  loan  portfolio.  The  allowance  consists  of
specific,  general  and  unallocated  components.  Commercial  real  estate  and
commercial  business loans are evaluated  individually  for allowance  purposes.
Other  categories  of loans are  generally  evaluated  as a group.  The specific
component  relates to loans that are  classified  as  doubtful,  substandard  or
special  mention.  Loans  classified  as  doubtful  are  considered  impaired in
accordance with SFAS No. 114, and an allowance is determined  using a discounted
cash flow  calculation.  Loss factors for substandard  loans are based on a loss
migration  database,  while loss factors for all other  categories  of loans are
based on the Company's  historical loss experience with similar loans of similar
quality as determined by the Company's internal rating system.  Loss factors are
then adjusted for additional  points that consider  qualitative  factors such as
current  economic trends (both local and national),  concentrations,  growth and
performance trends, and the results of risk management assessments. Accordingly,
increases  or  decreases  in the  amount  of each loan  category  as well as the
ratings of the loans within each  category are  considered  in  calculating  the
overall  allowance.  The allowance is an estimate,  and ultimate losses may vary
from current estimates.  As adjustments  become necessary,  they are reported in
earnings of the periods in which they become known.

         In addition,  the Company's  allowance for loan losses is  periodically
reviewed by the OCC as part of their  examination  process.  The OCC may require
the Company to make additions to the allowance  based upon  judgments  different
from those of management.


                                       12
<PAGE>


PART I  FINANCIAL INFORMATION
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (cont.)

Non performing assets and loan loss experience

         As shown in the following table non-performing assets were $3.3 million
or .23% of total  assets at March 31, 2002  compared to $3.3  million or .23% of
total  assets at  December  31,  2001.  Accrual of  interest  income on loans is
discontinued  when it is  questionable  whether the borrower will be able to pay
the  principal  and interest in full and/or when loan  payments are 60 days past
due,  or 90 days past due if the loan is fully  secured by real  estate or other
collateral held by the Bank.

<TABLE>
<CAPTION>

                                                                March 31,       December 31,
                                                                  2002              2001
                                                                  ----              ----
                                                              (Dollar amounts in thousands)
     <S>                                                         <C>               <C>
     Nonaccrual loans                                            $1,815            $1,802
     Loans past due 90 days or more and still accruing               --                --
     Property from defaulted loans                                1,500             1,500
                                                                 ------            ------
     Total non-performing assets                                 $3,315            $3,302
                                                                 ======            ======
     Restructured troubled debt performing in accordance
         With amended terms, not included above                  $  223            $  224
                                                                 ======            ======
</TABLE>



The  following is a summary of the activity in the allowance for loan losses for
the indicated periods:

<TABLE>
<CAPTION>

                                                              Three Months Ended March 31,
                                                                 2002              2001
                                                                 ----              ----
                                                              (Dollar amounts in thousands)
     <S>                                                        <C>               <C>
     Balance, beginning of period                               $12,252           $12,154
     Provision for loan losses                                       --                --
     Charge-offs                                                    (27)              (98)
     Recoveries on loans previously charged off                     111                85
                                                                -------           -------
     Balance, end of  period                                    $12,336           $12,141
                                                                =======           =======
</TABLE>



         Recoveries  on  loans  previously  charged  off  exceeded   charge-offs
therefore  management  determined  that additions to the reserve for loan losses
were unnecessary in 2002,  notwithstanding the growth in the loan portfolio. The
reserve  represented  1.40% of total loans at March 31, 2002,  1.39% at December
31, 2001, and 1.38% at March 31, 2001.  Although  management  believes that upon
review of loan quality and payment statistics,  the reserve is adequate to cover
losses  likely to result from loans in the current  portfolio at March 31, 2002,
there can be no  assurance  that the  reserve  is  adequate  or that  additional
provisions might not become necessary.

         The Company had  outstanding  commitments to originate new  residential
and commercial mortgages of $15.2 million at March 31, 2002 and $40.3 million at
December  31, 2001 which are not  reflected  on the  consolidated  statement  of
financial condition.  Additional unadvanced loan funds are summarized as follows
for the indicated periods:


                                       13
<PAGE>





PART I  FINANCIAL INFORMATION
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (cont.)

                                March 31, 2002             December 31,  2001
                                --------------             ------------------
                                         (Dollar amounts in thousands)
Commercial loans
    Dealer floor plan               $  6,693                     $  9,997
    Lines of credit                   48,904                       45,469
    Other                              3,450                        4,845
Commercial mortgages
    Construction                      38,800                       25,685
    Other                             17,387                       10,346
Residential mortgages
     Home equity                      65,449                       61,891
Consumer loans
     Lines of credit                   3,071                        2,969
                                    --------                     --------
            Total                   $183,754                     $161,202
                                    ========                     ========



Deposits

The following table is a summary of deposits outstanding as of the dates
indicated:

<TABLE>
<CAPTION>

                                                   March 31, 2002  December 31, 2001
                                                   --------------  -----------------
Deposits
<S>                                                  <C>              <C>
    Demand                                           $204,748         $209,551
    NOW                                               156,503          149,109
    Money market                                      195,449          185,156
    Other savings                                     161,963          155,255
    Certificates of deposit greater than $100,000      46,206           53,123
    Other time                                        143,213          151,197
                                                     --------         --------

        Total deposits                               $908,082         $903,391
                                                     ========         ========
</TABLE>



         Reflecting  somewhat  the  seasonal  nature  of  Cape  Cod  economy  as
discussed in "Liquidity" on page 15 herein, total deposits at March 31, 2002 are
$4.7 million or .52% higher than total deposits at December 31, 2001. Generally,
the  Company's  strategy is to price  deposits  according to local market rates,
offering  higher  alternative  rates  based  on  increasing  amounts  deposited.
Interest rates paid are frequently reviewed and are modified to reflect changing
conditions.

Borrowed Funds

         Historically,  the  Company has  selectively  engaged in short and long
term  borrowings  from  the  Federal  Home  Loan  Bank of  Boston,  and has sold
securities  under agreements to repurchase,  to fund loans and  investments.  At
March 31, 2002,  borrowed  funds  totaled  $350.3  million,  down 16.6% or $69.7
million  compared to borrowed funds at December 31, 2001. This decrease  offsets
the seasonal  deposit decline  described under the section  entitled  "Deposits"
above and contributes to the support of heretofore described loan growth.

         During the third quarter of 2001, CCBT Statutory Trust I was formed for
the purpose of issuing trust preferred  securities and investing the proceeds of
the sale of these securities in subordinated debentures issued by the Company. A
total of $5 million of floating rate Trust Preferred  Securities were issued and
are  scheduled  to mature in 2031,  callable at the option of the Company  after
7/31/06.  Distributions on these securities are payable  quarterly in arrears on
the last day of April, July, October and January. The Trust Preferred Securities
are  presented in the  consolidated  statements  of  financial  condition of the
Company as Subordinated Debt. The Company records  distributions  payable on the
Trust Preferred  Securities as Interest on subordinated debt in its consolidated
statements of income.

Stockholders' Equity
         The  Company's  capital  to assets  ratio  was 8.28% at March 31,  2002
compared to 7.93% at December 31, 2001.


                                       14
<PAGE>


PART I  FINANCIAL INFORMATION

ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (cont.)

         The  Company  (on a  consolidated  basis)  and the Bank are  subject to
various  regulatory  capital  requirements  administered  by the federal banking
agencies.  Failure to meet minimum  capital  requirements  can initiate  certain
mandatory and possible additional  discretionary  actions by regulators that, if
undertaken,  could have a direct material effect on the Company's and the Bank's
financial  statements.  Under capital  adequacy  guidelines  and the  regulatory
framework for prompt  corrective  action,  the Company and/or the Bank must meet
specific capital guidelines that involve quantitative  measures of their assets,
liabilities and certain  off-balance-sheet  items as calculated under regulatory
accounting practices. Holding companies, such as the Company, are not subject to
prompt corrective action provisions.  The capital amounts and classification are
also subject to qualitative  judgments by the regulators about components,  risk
weightings,  and other factors.  Quantitative measures established by regulation
to ensure capital  adequacy require the Company and the Bank to maintain minimum
amounts of total and Tier 1 capital (as defined) to average assets (as defined).
The following  schedule displays these capital  guidelines and the ratios of the
Company and the Bank as of March 31, 2002.


<TABLE>
<CAPTION>

                                                     Minimum            March 31, 2002
                                                   Regulatory     --------------------------
                                                   Guidelines       Company           Bank
                                                   -----------------------------------------
     <S>                                              <C>             <C>             <C>
     Tier 1 leverage capital                          4.00%           8.01%           7.98%
     Tier 1 capital to risk-weighted assets           4.00%          12.27%          12.22%
     Total capital to risk-weighted assets            8.00%          13.52%          13.47%

</TABLE>

         The  Company's  book  value at March  31,  2002 was  $13.60  per  share
compared to $13.38 per share at December 31, 2001.

                                    LIQUIDITY

         The Company  normally  experiences a wide swing in its  liquidity  each
year as a result of the  seasonal  nature of the  economy  in its  market  area.
Liquidity  is usually  at its high in late  summer and early fall and the annual
low point is usually in the spring.  The Bank's  investment  securities could be
sold if necessary to meet liquidity  needs.  In that event, a gain or loss would
be realized if the market  value of the  securities  sold was not equal to their
cost,  adjusted for the  amortization  of premium or accretion of discount.  The
Bank can also borrow funds using investment securities as collateral, and it has
a line of credit of  $5,000,000  from the Federal Home Loan Bank of Boston.  The
Bank has also  established  a line of credit of  $7,000,000  for the purchase of
federal funds from SunTrust Bank and may also borrow from the Federal Reserve if
necessary.


                           ASSET/LIABILITY MANAGEMENT

         The Company's  Asset/Liability  Management Committee ("ALCO"), which is
comprised  of several  Directors  with senior  management,  is  responsible  for
managing interest rate risk in accordance with policies approved by the Board of
Directors  regarding  acceptable  levels of interest  rate risk,  liquidity  and
capital.  The  committee  meets  monthly  and sets the rates  paid on  deposits,
approves loan pricing and reviews investment transactions.

         Given the  substantial  liquidity  from cash flow and maturities of the
Company's investment  portfolio,  the sizable proportion of rate sensitive loans
to total loans, and the large core deposit base, ALCO believes the Company to be
moderately  asset-sensitive  to changes in  interest  rates.  Nevertheless,  the
Company's  strategy has  included  the funding of certain  fixed rate loans with
medium term borrowed funds in order to mitigate a margin squeeze should interest
rates rise.

         The Cape Cod market is one in which  competing  financial  institutions
frequently  offer a wide range of yields for similar  deposit  products.  Within
this market, the Company finds it necessary, from time to time, to offer higher

                                       15
<PAGE>

PART I  FINANCIAL INFORMATION
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (cont.)

rates  than it would  otherwise  justify,  thereby  increasing  pressure  on net
interest  income.  In order to offset  this  pressure  somewhat,  the Company is
strategically focusing on customer relationship profitability.

ITEM 3.  Quantitative and Qualitative Disclosures about Market Risk

         For a discussion of the Company's  management of market risk  exposure,
see "Asset/Liability  Management" in Item 2 of Part I of this report and Item 7A
of Part II of the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2001 (the "2001 Annual Report").

         For quantitative  information about market risk, see Item 7A of Part II
of the Company's 2001 Annual Report.

         There have been no material changes in the quantitative and qualitative
disclosures  about market risk as of March 31, 2002 from those  presented in the
Company's 2001 Annual Report.


PART II  OTHER INFORMATION

ITEM 1.  Legal proceedings

         There are no material legal proceedings to which the Company is a party
or to which any of its  property is subject,  although the Company is a party to
ordinary routine litigation incidental to its business.

ITEM 2.  Changes in securities and use of proceeds

                 Not applicable

ITEM 3.  Defaults upon senior securities

                 Not applicable

ITEM 4.  Submission of matters to a vote of security holders

                 Not applicable

ITEM 5.  Other information

                 Not applicable

ITEM 6.  Exhibits and Reports on Form 8-K

               (a)      Exhibits

                        None

               (b) Reports on Form 8-K

                      No reports on Form 8-K were filed by the Company
                      during the three month period ended March 31, 2002



                                       16
<PAGE>



                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



             (Registrant):      CCBT Financial Companies, Inc.
                          -----------------------------------------------


             Date:              May 15, 2002
                    -----------------------------------------------------





              /s/ STEPHEN B. LAWSON
              -----------------------------------------------------------
              Stephen B. Lawson,  President and Chief Executive Officer


              /s/ NOAL D. REID
              -----------------------------------------------------------
              Noal D. Reid,  Chief Financial Officer and Treasurer





                                       17