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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) announced a quarterly dividend of $0.23 per share, marking a 12.2% increase from the previous year. The dividend is set to be paid on March 1, 2023, to shareholders on record as of February 8, 2023. The company, operating primarily through Enterprise Bank and Trust Company, focuses on attracting deposits and investing in commercial loans and securities. With 27 branches across Massachusetts and New Hampshire, Enterprise Bank provides a range of financial services, including loans, deposit products, and cash management services.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported a net income of $12.0 million or $0.98 per diluted share for Q3 2022, a significant increase from $9.8 million or $0.81 per share in Q3 2021. Notable growth in net interest income of 11% year-over-year, driven by a 15% increase in loan growth, was highlighted. A quarterly dividend of $0.205 was declared, reflecting an 11% annual increase. Despite strong results, provisions for credit losses rose to $1.0 million. Total assets grew to $4.53 billion, yet shareholder equity declined 22% to $272.2 million.
Enterprise Bancorp, Inc. (NASDAQ:EBTC) announced a quarterly dividend of $0.205 per share, reflecting a 10.8% increase from the previous year's rate. This dividend will be paid on December 1, 2022, to shareholders recorded by November 10, 2022. The company operates primarily through Enterprise Bank, providing a variety of financial products including loans, deposits, and wealth management services across Massachusetts and New Hampshire.
Enterprise Bancorp (NASDAQ: EBTC) reported net income of $8.2 million ($0.67 per diluted share) for Q2 2022, down 27% year-over-year compared to $11.1 million ($0.92 per diluted share). Loan growth surged by 16% year-over-year, with a 5% increase in Q2 alone, driven by strong demand. The non-performing loan ratio improved to 0.21%, down from 1.21% a year ago. However, the provision for credit losses increased significantly to $2.4 million from $39,000 in Q2 2021. The company declared a quarterly dividend of $0.205 per share, an increase of 11% over the prior year.
On July 19, 2022, Enterprise Bancorp, Inc. (NASDAQ:EBTC) announced a quarterly dividend of $0.205 per share, a 10.8% increase from 2021. The dividend will be paid on September 1, 2022, to shareholders on record as of August 11, 2022. Enterprise Bancorp conducts most operations through Enterprise Bank, offering a range of financial services including loans and cash management. The bank operates 27 branches across Massachusetts and New Hampshire.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported a net income of $10.3 million for Q1 2022, slightly down from $10.4 million in Q1 2021. Earnings per share declined to $0.85 from $0.86. The company declared a quarterly dividend of $0.205 per share, marking an 11% increase year-over-year. Core loans grew by 12% compared to March 2021, but net interest income fell by 2% to $34 million, primarily due to a significant decrease in PPP income. Total assets remained stable at $4.45 billion, while customer deposits rose by 1%.
Enterprise Bancorp, Inc. (NASDAQ:EBTC) declared a quarterly dividend of $0.205 per share on April 19, 2022. This dividend, representing a 10.8% increase over the previous year, will be paid on June 1, 2022, to shareholders of record by May 11, 2022. The company operates through Enterprise Bank and Trust Company and provides various banking services including commercial loans and wealth management. Additionally, a new branch is set to open in Londonderry, New Hampshire, in May 2022.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported a net income of $10.8 million ($0.90 per diluted share) for Q4 2021, marking a 10% increase from Q4 2020. For the full year, net income rose to $42.2 million ($3.50 per diluted share), a 34% growth YoY. Significant factors included PPP income of $19.7 million, up from $10.7 million, and a reduction in the provision for credit losses to $1.8 million from $12.5 million. Customer deposits surged by 14% to $3.98 billion, while total assets reached $4.45 billion, an 11% increase. A quarterly dividend of $0.205 is scheduled for March 1, 2022.
Enterprise Bancorp, Inc. (NASDAQ:EBTC) announced a quarterly dividend of $0.205 per share on January 18, 2022. This marks a 10.8% increase compared to the 2021 dividend rate. The payment is scheduled for March 1, 2022, with a record date of February 8, 2022. The company operates mainly through Enterprise Bank, offering a variety of financial services including loans, deposits, and wealth management. With 26 branches in Massachusetts and New Hampshire, Enterprise Bank aims to expand with a new branch in Londonderry, New Hampshire, expected to open in the third quarter of 2022.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported a net income of $9.8 million ($0.81 per diluted share) for Q3 2021, down from $10.3 million ($0.87) in Q3 2020. For the nine months ending September 30, 2021, net income rose to $31.3 million ($2.60 per diluted share) versus $21.6 million ($1.81) in the prior year. Key drivers included a $4.9 million contribution from PPP loan income and a reduction in credit loss provisions despite increased non-interest expenses. The company declared a quarterly dividend of $0.185 per share, payable December 1, 2021.
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