Enterprise Bancorp Inc (EBTC) reports earnings

Enterprise Bancorp Inc (EBTC) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing details the company's financial performance, including a net income of $38.7 million, or $3.12 per diluted share, for the year. This represents an increase from the previous year's net income of $38.1 million.

Total assets increased to $4.83 billion from $4.47 billion at the end of 2023, driven by a 12% growth in total loans, which reached $3.98 billion.

Total deposits also saw a 5% increase, amounting to $4.19 billion, with a notable shift towards higher-yielding deposit products.

The company reported a decrease in net interest income to $147.9 million, attributed to increased interest expenses on deposits and borrowings.

Non-interest income rose by 30%, primarily due to increased wealth management fees and income from bank-owned life insurance.

The provision for credit losses decreased significantly to $2.0 million from $9.2 million in the prior year, reflecting improved economic conditions and credit quality.

Enterprise Bancorp's non-performing loans increased to 0.67% of total loans, with a notable impact from two commercial construction loans placed on non-accrual status.

Shareholders' equity increased by 10% to $360.7 million, supported by retained earnings growth.

The company announced a merger agreement with Independent Bank Corp., expected to close in the second half of 2025, pending regulatory and shareholder approvals.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enterprise Bancorp Inc annual 10-K report dated March 7, 2025. To report an error, please email [email protected].