Enterprise Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 25, 2013 at 02:47 am IST
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Enterprise Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported total interest and dividend income was $17,360,000 against $17,326,000 a year ago. Net interest income was $15,922,000 against $15,308,000 a year ago. Income before income taxes was $4,774,000 against $4,147,000 a year ago. Net income was $3,234,000 or $0.33 diluted per share against $2,858,000 or $0.30 basic and diluted per share a year ago. The increases in net interest income over the comparable 2011 periods were due primarily to revenue generated from loan growth, which has been funded primarily through non-interest bearing deposits, partially offset by a decrease in tax equivalent net interest margin.
For the year, the company reported total interest and dividend income was $68,405,000 against $66,969,000 a year ago. Net interest income was $61,910,000 against $58,326,000 a year ago. Income before income taxes was $18,723,000 against $16,105,000 a year ago. Net income was $12,375,000 or $1.28 diluted per share against $10,944,000 or $1.16 basic and diluted per share a year ago. Book value per share as on December 31, 2012 was $14.42 against $13.45 as at December 31, 2011. Return on average total assets was 0.78% against 0.75% a year ago. Return on average stockholders' equity was 9.27% against 8.98% a year ago. The increases in net interest income over the comparable 2011 periods were due primarily to revenue generated from loan growth, which has been funded primarily through non-interest bearing deposits, partially offset by a decrease in tax equivalent net interest margin.
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.