Last $21.48 USD
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Volume 12.7K
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As of 8:10 PM 10/20/14 All times are local (Market data is delayed by at least 15 minutes).

enterprise bancorp inc (EBTC) Key Developments

Enterprise Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Enterprise Bancorp Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's total interest and dividend income was $18,780,000 compared to $17,458,000 a year ago. Net interest income was $17,452,000 compared to $16,127,000 a year ago. Net interest income after provision for loan losses was $17,252,000 compared to $15,593,000 a year ago. Income before income taxes was $5,071,000 compared to $4,685,000 a year ago. Net income was $3,314,000 compared to $3,079,000 a year ago. Diluted earnings per share was $0.32 compared to $0.31 a year ago. For the six months, the company's total interest and dividend income was $37,011,000 compared to $34,651,000 a year ago. Net interest income was $34,366,000 compared to $31,946,000 a year ago. This increase in net interest income was primarily due to loan growth, mainly in commercial real estate loans, partially offset by a decrease in tax equivalent net interest margin. Net interest income after provision for loan losses was $33,966,000 compared to $30,629,000 a year ago. Income before income taxes was $10,439,000 compared to $9,906,000 a year ago. Net income was $6,820,000 compared to $6,512,000 a year ago. Diluted earnings per share was $0.67 compared to $0.66 a year ago. Book value per share was $15.73 compared to $14.58 a year ago. Return on average total assets was 0.74% compared to 0.78% a year ago. Return on average stockholders' equity was 8.85% compared to 9.23% a year ago. The Company's growth has contributed to increases in net interest income and non-interest expenses in the current year as compared to the same period in 2013. Net income, as compared to the prior year, was also impacted by a lower loan loss provision in 2014, partially offset by a decrease in non-interest income due primarily to lower gains on sales of loans and lower net gains on sales of investment securities.

Enterprise Bancorp, Inc. Announces Quarterly Dividend Payable on September 2, 2014

On July 15, 2014, the board of directors of Enterprise Bancorp Inc. declared a quarterly dividend of $0.12 per share to be paid on September 2, 2014 to shareholders of record as of August 12, 2014. The quarterly dividend represents a 4.3% increase over the 2013 dividend rate.

Enterprise Bancorp Inc. and Enterprise Bank and Trust Company, Inc Announce Board Appointments

Effective May 6, 2014, in accordance with authority provided under the By-Laws of Enterprise Bancorp, Inc. and of its wholly owned subsidiary, Enterprise Bank and Trust Company (the Bank"), Mary Jane King and Luis M. Pedroso accepted their appointment by a vote adopted jointly by the Board of Directors of both entities and became a member of the Board of Directors of both the Company and the Bank. Ms. King and Mr. Pedroso were elected to the classes of directors whose term expires in 2015 and 2016, respectively. Ms. King, a lifelong resident of Nashua, NH, currently serves as the President of the Conway Management Company. Mr. Pedroso, a Portuguese immigrant, is Co-Founder, President and CEO of Accutronics, Inc. and the prior Founder, President and CEO of Qualitronics, Inc.

Enterprise Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Reports Net Charge-Offs for the First Quarter Ended March 31, 2014

Enterprise Bancorp Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. The company reported net income for the three months ended March 31, 2014 of $3.5 million, an increase of $73,000 from $3.4 million, or 2%, compared to the same three-month period in 2013. Diluted earnings per share were $0.35 for both the three-month periods ended March 31, 2014 and March 31, 2013, respectively. The Company's growth has contributed to increases in net interest income and non-interest expenses in the first quarter of 2014 compared to the same period in the prior year. Net income for the three months ended March 31, 2014 was also impacted by a lower loan loss provision in the current year-to-date period, partially offset by a decrease in non-interest income due primarily to lower gains on loan sales in the first quarter of 2014. Net interest income for the three months ended March 31, 2014 amounted to $16.9 million, an increase of $1.1 million from $15.82 million, or 7%, compared to the same period in 2013. This increase in net interest income was primarily due to revenue generated from loan growth, mainly in commercial real estate loans, partially offset by a decrease in tax equivalent net interest margin. Income before income taxes was $5,368,000 against $5,221,000 a year ago. Book value per share was $15.39 against $14.55 a year ago. Return on average total assets was 0.77% against 0.84% a year ago. Return on average stockholders' equity was 9.28% against 9.87% a year ago. For the three months ended March 31, 2014, the company recorded net charge-offs of $995,000 compared to $21,000 for the three months ended March 31, 2013.

Enterprise Bancorp Inc. Announces Quarterly Dividend, Payable on June 2, 2014

On April 15, 2014, the Board of Directors of Enterprise Bancorp Inc. declared a quarterly dividend of $0.12 per share to be paid on June 2, 2014 to shareholders of record as of May 12, 2014. The quarterly dividend represents a 4.3% increase over the 2013 dividend rate.

 

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