Enterprise Bancorp Inc. Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2016
January 26, 2017 at 09:05 pm
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Enterprise Bancorp Inc. reported unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $24,027,000 against $21,971,000 a year ago. Net interest income was $22,603,000 against $20,696,000 a year ago. The increase in net interest income was due primarily to loan growth. Average loan balances (including loans held for sale) increased $179.3 million for the twelve months ended December 31, 2016 and $171.9 million for the three months ended December 31, 2016, compared to the same 2015 period averages. Income before income taxes was $7,315,000 against $6,902,000 a year ago. Net income was $4,953,000 or $0.43 per basic and diluted share compared to $4,721,000 or $0.45 per diluted share a year ago.
For the year, the company reported total interest and dividend income of $92,315,000 against $83,471,000 a year ago. Net interest income was $86,792,000 against $78,294,000 a year ago. Income before income taxes was $27,912,000 against $24,262,000 a year ago. Net income was $18,751,000 or $1.70 per diluted share compared to $16,148,000 or $1.55 per diluted share a year ago. Book value per share was $18.72 compared to $17.38 a year ago. Return on average total assets was 0.78% compared to 0.76% a year ago. Return on average stockholders' equity was 9.33% compared to 9.29% a year ago.
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.