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Enterprise Bancorp Inc. (NASDAQ: EBTC), based in Lowell, Massachusetts, is a holding company predominantly operated through Enterprise Bank and Trust Company, commonly known as Enterprise Bank. Founded in 1988 by George L. Duncan, the company has a strong presence in the Merrimack Valley and North Central regions of Massachusetts, along with Southern New Hampshire. Enterprise Bank is dedicated to delivering a wide range of financial services that include commercial, residential, and consumer loan products, deposit products, and cash management services. Additionally, the Bank provides wealth management and trust services to its clientele.
Enterprise Bank's business model focuses on building lasting relationships with customers rather than merely conducting transactions. The bank emphasizes a customer-centric approach, supporting the financial needs of businesses, professionals, individuals, and communities. This approach has resulted in over 135 consecutive profitable quarters as of March 31, 2024.
The company has shown significant growth and robust financial health. For instance, net income for the three months ended June 30, 2023, was $9.7 million, an increase of 19% compared to the same period in the previous year. The Bank has also maintained a healthy net interest margin, standing at 3.55% for the same quarter, despite challenging economic conditions and interest rate environments.
Enterprise Bancorp's strategic moves include selling $84.8 million in investment securities and reinvesting the proceeds into higher-yielding short-term investments to enhance annualized income by approximately $2.0 million. The Bank's total assets amounted to $4.50 billion as of June 30, 2023, reflecting a steady growth trajectory.
Enterprise Bank continues to invest in its products, services, and people to ensure consistent and disciplined lending practices. The Bank prides itself on having a high level of liquidity with significant funding capacity, enabling it to seize market opportunities even in fluctuating economic climates.
With 27 full-service branches across Massachusetts and New Hampshire, Enterprise Bank remains deeply embedded in its community. The Bank has been repeatedly recognized for its corporate citizenship and contributions to employee volunteerism and corporate philanthropy.
In recent developments, Enterprise Bancorp reported net income of $7.9 million for the three months ended December 31, 2023. Despite the challenges of higher interest rates and an inverted yield curve, the Bank achieved commendable loan growth, indicating a solid footing in the market.
Looking forward, Enterprise Bancorp's Executive Chairman and Founder George Duncan and CEO Jack Clancy have expressed confidence in navigating future market conditions through continuous organic growth, investments in technology, and a steadfast commitment to their stakeholders.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported a net income of $10.8 million for Q1 2023, up 5% from the prior year, translating to $0.88 per diluted share. This rise was primarily driven by a 17% increase in net interest income, totaling $40 million. However, net gains on sales of debt securities decreased, alongside higher provisions for credit losses and operating expenses. Loans grew by 1.6% since the end of 2022 and 9% year-over-year, while customer deposits fell by 0.5%. The bank maintained a solid liquidity position with no reliance on wholesale funding, and its credit quality indicators remained strong. The Board of Directors declared a quarterly dividend of $0.23, marking a 12% increase from the previous year.
Enterprise Bancorp, Inc. (NASDAQ:EBTC) announced a quarterly dividend of $0.23 per share on April 18, 2023. This dividend, payable on June 1, 2023, reflects a significant 12.2% increase from the previous year's dividend rate. Operating primarily through Enterprise Bank and Trust Company, the company offers a variety of financial services including commercial loans, deposit products, and wealth management services across its 27 branches in Massachusetts and New Hampshire. The record date for shareholders to receive the dividend is May 11, 2023.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported a net income of $12.3 million for Q4 2022, a 13% increase from $10.8 million in Q4 2021. For the year, net income was $42.7 million, or $3.52 per diluted share, compared to $42.2 million in 2021. Key factors for the growth included a 2% quarterly increase in loans and a rise in net interest margin to 3.81%, the highest since Q1 2020. Total deposits rose 1% year-over-year. Non-interest income decreased 30% due to non-core transactions. The company declared a quarterly dividend of $0.23, up 12% year-over-year.
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