Enterprise Bancorp(US:EBTC)2024-07-23 20:34Financial Performance - Net income for the second quarter of 2024 was $9.5 million, or $0.77 per diluted common share, compared to $8.5 million, or $0.69 per diluted common share in the previous quarter, and $9.7 million, or $0.79 per diluted common share in the same quarter last year[1]. - Net income for the three months ended June 30, 2024, was $9,512,000, representing a 11.8% increase compared to $8,507,000[50]. - Basic earnings per common share increased to $0.77 for the three months ended June 30, 2024, compared to $0.69 for the previous quarter, marking a growth of 11.6%[48]. - Return on average shareholders' equity improved to 11.55%, compared to 10.47% in the previous period[50]. Loans and Deposits - Total loans increased by 6% to $3.77 billion at June 30, 2024, up from $3.57 billion at December 31, 2023, primarily driven by a $140.1 million increase in commercial real estate loans[22]. - Total deposits rose by 7% to $4.25 billion at June 30, 2024, compared to $3.98 billion at December 31, 2023, with significant increases in money market and certificate of deposit balances[12]. - Total loans rose to $3,768,649 thousand, up 3.1% from $3,654,322 thousand[50]. - Total deposits increased to $4,248,801 thousand, up 3.5% from $4,106,119 thousand[50]. Income and Expenses - Non-interest income for the second quarter of 2024 was $5.6 million, an increase of $2.8 million compared to the same period last year, primarily due to higher wealth management fees[9]. - Total non-interest income rose to $5,628 thousand, an increase of 2.4% from $5,495 thousand[50]. - Total non-interest expense was $29,029,000 for the three months ended June 30, 2024, slightly higher than $28,908,000 in the previous quarter, indicating a rise of 0.4%[48]. Interest and Margins - Net interest margin was stable at 3.19% for the second quarter of 2024, a slight decrease from 3.20% in the previous quarter and down from 3.55% in the same quarter last year[6]. - Total interest and dividend income for the three months ended June 30, 2024, was $56,864,000, an increase of 5.3% from $54,023,000 for the previous quarter[48]. - Net interest income after provision for credit losses was $36,024,000 for the three months ended June 30, 2024, compared to $34,568,000 for the previous quarter, reflecting a growth of 4.2%[48]. - The company reported a net interest margin (tax-equivalent) of 3.19%, slightly down from 3.20% in the previous quarter[53]. Asset Management - Total assets amounted to $4.77 billion, representing a 7% increase from $4.47 billion at December 31, 2023[39]. - Total assets grew to $4,680,185, compared to $4,549,721 in the previous quarter[53]. - Wealth assets under management and administration reached $1.40 billion, an increase of 1.7% compared to the previous quarter[16]. Credit Quality - Non-performing loans amounted to $17.7 million, or 0.47% of total loans, compared to $11.4 million, or 0.32% of total loans in the previous year[13]. - Provision for credit losses was $137,000 for the three months ended June 30, 2024, significantly lower than $622,000 in the previous quarter, indicating a decrease of 78%[48]. - Non-performing loans decreased to $17,731 thousand, down from $18,527 thousand, a reduction of 4.3%[50]. Shareholder Equity - Total shareholders' equity increased by 3% to $340.4 million at June 30, 2024, from $329.1 million at December 31, 2023, primarily due to an increase in retained earnings[23]. - Total shareholders' equity increased to $340,441 thousand from $329,117 thousand at December 31, 2023[47]. - Book value per common share increased to $27.40, up from $26.94, a growth of 1.7%[50].