As of September 30, 2024, Enterprise Bancorp, Inc. reported total assets of $4.74 billion, reflecting a 6% increase from $4.47 billion at the end of 2023. This growth was primarily driven by an 8% rise in total loans, which reached $3.86 billion, up from $3.57 billion. Net loans also increased to $3.80 billion from $3.51 billion during the same period. Total deposits rose by 5% to $4.19 billion, with significant contributions from money market accounts and certificates of deposit.
For the third quarter of 2024, the company reported total interest and dividend income of $60.14 million, an increase from $52.29 million in Q3 2023. However, total interest expense surged to $22.12 million from $13.78 million, leading to a slight decline in net interest income to $38.02 million, down from $38.50 million year-over-year. The net interest margin also decreased to 3.22% from 3.46%, attributed to rising funding costs despite higher loan yields.
Net income for the third quarter was $9.99 million, a modest increase from $9.70 million in the same quarter of the previous year. For the nine months ended September 30, 2024, net income totaled $28.01 million, down from $30.15 million in 2023. This decline was primarily due to a $7.2 million decrease in net interest income, partially offset by a $5.2 million increase in non-interest income.
Total non-interest income for Q3 2024 was $6.14 million, up from $4.49 million, driven by gains on equity securities and increased wealth management fees. Non-interest expenses rose to $29.35 million from $28.31 million, mainly due to higher salaries and employee benefits.
The company’s total shareholders' equity increased by 12% to $368.11 million, up from $329.12 million, supported by a rise in retained earnings and a decrease in accumulated other comprehensive loss. The allowance for credit losses (ACL) for loans was $63.65 million, representing 1.65% of total loans, unchanged from the previous period.
The ratio of non-performing loans to total loans increased to 0.67% from 0.32%, attributed to two commercial construction loans placed on non-accrual status. The company maintained a well-capitalized status under federal regulations, with total capital to risk-weighted assets at 13.07%.
Overall, Enterprise Bancorp, Inc. demonstrated solid growth in assets and loans, while facing challenges in net interest income and profitability compared to the previous fiscal period.
About ENTERPRISE BANCORP INC /MA/
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