Enterprise Bancorp(US:EBTC)2024-10-22 21:28Financial Performance - Net income for Q3 2024 was $10.0 million, or $0.80 per diluted share, compared to $9.5 million in Q2 2024 and $9.7 million in Q3 2023[1] - Net income for the three months ended September 30, 2024, was $9,987 thousand, compared to $9,512 thousand in the previous quarter, indicating a growth of 5.0%[20] - Basic earnings per common share increased to $0.80 for the three months ended September 30, 2024, compared to $0.77 in the previous quarter[20] - The diluted earnings per common share increased to $0.80, compared to $0.77 in the previous quarter, reflecting a growth of 3.9%[23] Loans and Deposits - Total loans increased to $3.86 billion, a rise of 2.4% from the previous quarter and 13.4% year-over-year[2] - Total deposits decreased to $4.19 billion, down 1.4% from the previous quarter, but increased by 5.3% in 2024[2] - Net loans reached $3,795,286 thousand, an increase of 8.2% from $3,508,636 thousand in the previous quarter[18] - Total commercial loans reached $3,329,966 thousand, an increase from $2,958,971 thousand a year ago, representing a growth of 12.5%[24] - Total deposits rose to $4,295,183,000, an increase of 3.10% from $4,166,426,000[27] Assets and Liabilities - Total assets reached $4.74 billion, a 6% increase from $4.47 billion at the end of 2023[10] - Total assets increased to $4,742,809 thousand as of September 30, 2024, up from $4,466,034 thousand at December 31, 2023, representing a growth of 6.2%[18] - Total liabilities increased to $4,374,700 thousand, up from $4,136,917 thousand at the end of the previous quarter, reflecting a growth of 5.8%[18] - Stockholders' equity increased to $354,736,000 from $331,367,000, indicating a growth of 7.06%[27] Income and Expenses - Non-interest income rose to $6.1 million, an increase of $1.7 million compared to Q3 2023, driven by gains on equity securities and wealth management fees[8] - Non-interest income totaled $6,140 thousand for the three months ended September 30, 2024, compared to $5,628 thousand in the previous quarter, marking a 9.1% increase[20] - Non-interest expense increased by 4% to $29.4 million, primarily due to a rise in salaries and employee benefits[9] Credit Quality - The provision for credit losses was $1.332 million, a decrease of $420 thousand compared to Q3 2023[7] - Non-performing loans increased to $25.9 million, or 0.67% of total loans, compared to $11.4 million, or 0.32% of total loans, at the end of 2023[12] - The allowance for credit losses was $63,654 thousand, up from $58,995 thousand in the previous quarter, indicating a proactive approach to risk management[18] Wealth Management - Wealth assets under management grew to $1.51 billion, a 15% increase since December 31, 2023[13] - Wealth assets under management reached $1,212,076 thousand, up from $984,647 thousand a year ago, reflecting a growth of 23.1%[23] Interest Income and Margin - Total interest and dividend income for the three months ended September 30, 2024, was $60,141 thousand, a rise of 5.3% compared to $56,864 thousand for the previous quarter[20] - Net interest income after provision for credit losses was $36,688 thousand, slightly up from $36,024 thousand in the previous quarter[20] - Net interest income (tax-equivalent) for the quarter was $38,277,000, up from $36,417,000, representing a 5.09% increase[27] - The net interest margin (tax-equivalent) improved to 3.22% compared to 3.19% in the previous quarter[27]