Enterprise Bancorp(US:EBTC)2024-04-23 20:51Financial Performance - Net income for Q1 2024 was $8.5 million, or $0.69 per diluted share, compared to $7.9 million, or $0.64 per diluted share in Q4 2023, and $10.8 million, or $0.88 per diluted share in Q1 2023[1]. - Net income for the first quarter of 2024 was $8,507 thousand, a decrease of 21.0% from $10,768 thousand in Q1 2023[25]. - Basic earnings per common share for Q1 2024 was $0.69, compared to $0.89 in Q1 2023, indicating a decline of 22.5%[25]. Income and Expenses - Net interest income decreased by $4.8 million, or 12%, to $35.2 million compared to Q1 2023, primarily due to an increase in deposit interest expense of $11.3 million[3]. - Net interest income after provision for credit losses was $34,568 thousand, slightly up from $34,025 thousand in the previous quarter[25]. - Non-interest income rose by $738 thousand, or 16%, to $5.5 million compared to Q1 2023, driven by gains on equity securities and wealth management fees[9]. - Total non-interest income was $5,495 thousand, slightly up from $4,757 thousand in the same quarter last year[27]. - Net interest income (tax-equivalent) for the three months ended March 31, 2024, was $35,190 thousand, a decrease from $36,518 thousand in the previous quarter[31]. Loans and Deposits - Total loans increased by 2.4% and total deposits increased by 3.2% compared to December 31, 2023[5]. - Total loans reached $3,654,322 thousand, an increase of 13.1% compared to $3,230,156 thousand in the same period last year[23]. - Total deposits rose to $4,106,119 thousand, an increase of 2.2% from $4,016,156 thousand a year ago[27]. - Total loans increased to $3,654,322 thousand as of March 31, 2024, up from $3,567,631 thousand at December 31, 2023, representing a growth of 2.4%[29]. - Total deposits rose to $4,106,119 thousand as of March 31, 2024, compared to $3,977,521 thousand at December 31, 2023, marking an increase of 3.2%[29]. Asset Management - Total assets increased by $158 million, or 4%, to $4.62 billion compared to December 31, 2023[11]. - Total assets increased to $4,624,015 thousand as of March 31, 2024, up from $4,441,896 thousand a year earlier, representing a growth of 4.1%[23]. - Wealth assets under management increased by $27.3 million, or 3%, to $1.11 billion compared to December 31, 2023[17]. - Wealth assets under management grew to $1,105,036 thousand, up from $930,714 thousand in the same quarter last year, reflecting a growth of 18.7%[27]. Credit Quality - Provision for credit losses was $622 thousand, down from $2.7 million in Q1 2023, reflecting growth in the loan portfolio and improved economic forecasts[8]. - Non-performing loans increased to $18.5 million, or 0.51% of total loans, compared to $11.4 million, or 0.32% of total loans in Q1 2023[18]. - Non-performing loans increased to $18,527 thousand, representing 0.51% of total loans, compared to 0.32% a year earlier[27]. Capital and Equity - Total shareholders' equity increased by $4.3 million, or 1%, to $333.4 million compared to December 31, 2023[15]. - The company maintained a Tier 1 capital ratio of 10.43% as of March 31, 2024, compared to 10.61% a year earlier[27]. Borrowings and Funding - Total borrowed funds rose by $37.5 million, or 145%, to $63.2 million compared to December 31, 2023[14]. - The total funding liabilities increased to $4,160,346 thousand for the three months ended March 31, 2024, compared to $4,149,705 thousand in the previous quarter, reflecting a slight increase of 0.3%[31].