Enterprise Bancorp Q1 net income falls YoY to $8.5M; NIM narrows to 3.20%

ENTERPRISE BANCORP INC /MA/

2024-Q1 EPS reported $0.69

Net income $8.5M ($0.69 EPS), down from $10.8M ($0.88 EPS) YoY.
Net interest margin compressed to 3.20% from 3.76% YoY due to higher funding costs.
Total loans up 2.4% QoQ and deposits up 3.2% QoQ; strong balance sheet growth.
Provision for credit losses $622K vs $2.7M YoY, reflecting improved forecast offset by one downgraded loan.
Non-performing loans increased to $18.5M (0.51% of loans) due to one commercial construction loan.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ENTERPRISE BANCORP INC /MA/ reported the three months ended March 31, 2024 results: net income $8.5 million, EPS $0.69 per diluted common share.

Period: the three months ended March 31, 2024
Net income: $8.5 million
EPS: $0.69 per diluted common share
Result: reported results

Exact text from the filing

Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended March 31, 2024. Net income amounted to $8.5 million, or $0.69 per diluted common share, for the three months ended March 31, 2024, compared to $7.9 million, or $0.64 per diluted share, for the three months ended December 31, 2023 and $10.8 million, or $0.88 per diluted share, for the three months ended March 31, 2023.

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Source: SEC EDGAR

accession 0001018399-24-000037

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