Enterprise Bancorp, Inc (EBTC) has reported 4.91 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $4.95 million, or $0.43 a share in the quarter, compared with $4.72 million, or $0.45 a share for the same period last year. Revenue during the quarter grew 9.36 percent to $25.82 million from $23.61 million in the previous year period. Net interest income for the quarter rose 9.21 percent over the prior year period to $22.60 million. Non-interest income for the quarter fell 9.19 percent over the last year period to $3.70 million.
Enterprise Bancorp has made provision of $0.49 million for loan losses during the quarter, down 58.01 percent from $1.17 million in the same period last year.
Chief Executive Officer Jack Clancy commented, “The increase in our 2016 earnings of 16% compared to 2015 is largely driven by our growth over the last twelve months. Total assets, loans, and customer deposits have increased 11%, 9%, and 16%, respectively, as compared to December 31, 2015. With this strong growth, both our loans and customer deposits surpassed $2 billion with loans and deposits finishing the year at $2.02 billion and $2.21 billion, respectively. This growth continues to be driven by the collective efforts and contributions of our dedicated Enterprise team, active community involvement, relationship building and a customer-focused mindset, market expansion, and ongoing enhancements to our state-of-the-art product and service offerings.”
Assets outpace liabilities growth
Total assets stood at $2,526.27 million as on Dec. 31, 2016, up 10.53 percent compared with $2,285.53 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,311.48 million as on Dec. 31, 2016, up 9.80 percent from $2,105.20 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,991.39 million as on Dec. 31, 2016, up 8.76 percent compared with $1,830.95 million on Dec. 31, 2015. Deposits stood at $2,268.92 million as on Dec. 31, 2016, up 12.43 percent compared with $2,018.15 million on Dec. 31, 2015. Investments stood at $374.79 million as on Dec. 31, 2016, up 24.78 percent or $74.43 million from year-ago. Shareholders equity stood at $214.79 million as on Dec. 31, 2016, up 19.11 percent or $34.46 million from year-ago.
Nonperforming assets moved down 31.49 percent or $4.36 million to $9.48 million on Dec. 31, 2016 from $13.84 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.38 percent in the quarter, down from 0.61 percent in the last year period.
Tier-1 leverage ratio stood at 8.34 percent for the quarter, up from 7.73 percent for the previous year quarter. Book value per share was $18.72 for the quarter, up 7.71 percent or $1.34 compared to $17.38 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
