Enterprise Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 28, 2014 at 09:00 pm
Share
Enterprise Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. Net income for the three months ended December 31, 2013 amounted to $3.5 million, an increase of $250,000 or 8%, compared to the same three-month period in 2012 of $3.2 million. Diluted earnings per share were $0.35 for the three months ended December 31, 2013, an increase of 6% compared to the same period in 2012 of $0.33. Net interest income for the three months ended December 31, 2013 amounted to $17.2 million, an increase of $1.3 million, or 8%, compared to the same period in 2012 of $15.9 million. Income before income taxes was $5.1 million against $4.8 million of prior year period.
The company announced that net income for the year ended December 31, 2013 amounted to $13.5 million, an increase of $1.2 million, or 9%, compared to 2012 net income of $12.4 million. Diluted earnings per share were $1.36 for the year ended December 31, 2013, an increase of 6% compared to 2012 of $1.28. In 2013, financial results included increases in net interest income, non-interest income, operating expenses and the provision for loan losses over the prior year, due primarily to the company's growth. Net interest income for the year ended December 31, 2013 amounted to $65.8 million, an increase of $3.9 million, or 6%, compared to the same period in 2012 of $61.9 million. This increase in net interest income was due primarily to revenue generated from loan growth, mainly in commercial real estate loans, partially offset by a decrease in tax equivalent net interest margin ("margin"). Income before income taxes was $20.5 million against $18.7 million of prior year period. Return on average total assets and return on average stockholders' equity were 0.78% and 9.32% against 0.78% and 9.27% of prior year.
Enterprise Bancorp, Inc. operates as the parent holding company of Enterprise Bank and Trust Company (the Bank). The Company is primarily engaged in the business of gathering deposits from the general public and investing primarily in loans and investment securities. It offers a range of commercial, residential and consumer loan products, deposit products and cash management services, as well as wealth management and wealth services. The Bank also offers various digital banking capabilities through online and mobile platforms. It specializes in lending to business entities, non-profit organizations, professional practices, and individuals. Its lending products include commercial real estate, commercial and industrial, and commercial construction loans; residential loans; home equity loans and lines of credit; consumer loans; and credit risk and allowance for credit losses. Its commercial real estate loans include loans secured by both owner and non-owner-occupied real estate.