Financial Performance - Total assets increased to 4,773,681thousandasofJune30,2024,comparedto4,466,034 thousand at December 31, 2023, reflecting a growth of 6.9%[8] - Total loans rose to 3,768,649thousand,upfrom3,567,631 thousand, marking an increase of 5.6%[8] - Deposits grew significantly to 4,248,801thousand,comparedto3,977,521 thousand, representing a 6.8% increase[8] - Net income for Q2 2024 was 9,512,adecreaseof1.89,684 in Q2 2023[10] - Basic earnings per share for Q2 2024 was 0.77,downfrom0.79 in Q2 2023[9] - Total comprehensive income for Q2 2024 was 9,080,comparedtoalossof1,950 in Q2 2023[10] - Net income for the six months ended June 30, 2024, was 18,019thousand,comparedto20,452 thousand for the same period in 2023, representing a decrease of approximately 11.3%[16] Income and Expenses - Total interest and dividend income for Q2 2024 was 56,864,anincreaseof16.548,682 in Q2 2023[9] - Net interest income after provision for credit losses was 36,024forQ22024,slightlyupfrom35,825 in Q2 2023[9] - Non-interest income increased significantly to 5,628inQ22024,comparedto2,819 in Q2 2023, representing a growth of 100.5%[9] - Total non-interest expense rose to 29,029inQ22024,upfrom25,623 in Q2 2023, marking an increase of 9.3%[9] - Net interest income for the six months ended June 30, 2024, was 71.4million,adecreaseof6.7 million, or 9%, primarily due to an increase in deposit interest expense of 20.8million[134]CreditQualityandAllowanceforCreditLosses−Theallowanceforcreditlossesincreasedto61,999 thousand from 58,995thousand,reflectingariseof3.4759 thousand in 2024 from 5,004thousandin2023,indicatingimprovedcreditquality[16]−Theprovisionforcreditlossesforloanswas1,128 million for the three months ended June 30, 2024, compared to 2,043millionforthesameperiodin2023[56]−TheACLtototalloansratiowas1.65340,441 thousand, up from 329,117thousand,showinganincreaseof3.90.24 per share for Q2 2024, compared to 0.23pershareinQ22023[12]−Thebalanceoftotalshareholders′equityincreasedto340,441 as of June 30, 2024, from 311,318asofJune30,2023[12]−Thecompanydeclaredcommonstockdividendsof0.48 per share for the six months ended June 30, 2024, compared to 0.46persharein2023,reflectingaslightincreaseinshareholderreturns[14]LiquidityandCashFlow−Thecompanyreportednetcashprovidedbyoperatingactivitiesincreasedto15,889 thousand in 2024 from 8,070thousandin2023,reflectingagrowthofapproximately96.5199,719 thousand, compared to 258,825thousandattheendofJune30,2023,showingadecreaseofapproximately22.8174,732 thousand for the six months ended June 30, 2024, compared to 51,619thousandin2023,representingasignificantincrease[16]LoansandLoanPortfolio−Thetotalloanportfolioincreasedto3.769 billion as of June 30, 2024, compared to 3.568billionatDecember31,2023,reflectingagrowthofapproximately5.67.4 million and commercial loans of 73.0millionasofJune30,2024[36]−Thetotalcommercialrealestateloansincreasedto2.205 billion as of June 30, 2024, from 2.064billionatDecember31,2023[34]−Non−performingloansincreasedto17.73 million, or 0.47% of total loans, compared to 11.41million,or0.32628,314 thousand as of June 30, 2024, down from 734,523thousandattheendof2023,indicatingareductionininvestmentsecurities[25]−Thefairvalueoftheinvestmentsecuritiesportfoliodecreasedby31.3 million, or 5%, totaling 636.8millionatJune30,2024[146]−Thecompanydoesnotintendtosellitsinvestmentsindebtsecuritiesbeforerecoveringtheiramortizedcostbasis[26]MarketPresenceandStrategicInitiatives−Thecompanyisfocusedonexpandingitsmarketpresenceandenhancingproductofferingsthroughstrategicinitiatives[6]−Wealthassetsundermanagementandadministrationamountedto1.40 billion, reflecting a 1.7% increase[110] - Wealth assets under management increased by 51.4million,or51.13 billion, while wealth assets under administration rose by 25.2million,or10267.5 million as of June 30, 2024[175]
Enterprise Bancorp(EBTC)2024-08-06 19:55