Enterprise Financial Services Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 24, 2017 at 03:30 am IST
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Enterprise Financial Services Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $35,454,000 compared to $32,079,000 a year ago. Income before income tax expense was $20,681,000 compared to $16,124,000 a year ago. Net income was $13,628,000 or $0.67 per diluted share compared to $10,679,000 or $0.52 per diluted share a year ago. Return on average assets was 1.36% compared to 1.20% a year ago. Return on average common equity was 14.04% compared to 12.14% a year ago. Return on average tangible common equity was 15.33% compared to 13.43% a year ago. Core net interest income was $32,175,000 compared to $28,667,000 a year ago. Core income before income tax expense was $17,966,000 compared to $15,153,000 a year ago. Core net income was $11,945,000 or $0.59 per diluted share compared to $10,080,000 or $0.49 per diluted share a year ago. Core return on average assets was 1.19% compared to 1.13% a year ago. Core return on average common equity was 12.31% compared to 11.46% a year ago. Core return on average tangible common equity was 13.44% compared to 12.68% a year ago.
For the full year, the company reported net interest income of $135,495,000 compared to $120,410,000 a year ago. Income before income tax expense was $74,839,000 compared to $58,401,000 a year ago. Net income was $48,837,000 or $2.41 per diluted share compared to $38,450,000 or $1.89 per diluted share a year ago. Return on average assets was 1.29% compared to 1.14% a year ago. Return on average common equity was 13.14% compared to 11.47% a year ago. Return on average tangible common equity was 14.42% compared to 12.77% a year ago. Core net interest income was $123,515,000 compared to $107,618,000 a year ago. Core income before income tax expense was $62,534,000 compared to $50,849,000 a year ago. Core net income was $41,237,000 or $2.03 per diluted share compared to $33,791,000 or $1.66 per diluted share a year ago. Core return on average assets was 1.09% compared to 1.00% a year ago. Core return on average common equity was 11.10% compared to 10.08% a year ago. Core return on average tangible common equity was 12.18% compared to 11.22% a year ago. Book value per common share as on December 31, 2016 was $17.98 against $17.53 as on December 31, 2015.
Enterprise Financial Services Corp is a financial holding company for Enterprise Bank & Trust, which is a full-service financial institution, which offers banking and wealth management services to individuals and corporate customers primarily located in Arizona, California, Kansas, Missouri, Nevada and New Mexico. The Company offers a range of business and personal banking services, including wealth management services provided through Enterprise Trust, a division of Enterprise Bank & Trust. Its lending services include commercial and industrial, commercial real estate, real estate construction and development, residential real estate, small business administration, consumer and other loan products. The Company's lending services include variety of deposit products, including property management and community associations along with a complete suite of treasury management and international trade services for operating businesses. It also offers specialty deposit accounts to customers.