Enterprise Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 24, 2023 at 04:05 pm EDT
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Enterprise Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 38.5 million compared to USD 39.78 million a year ago. Net income was USD 9.7 million compared to USD 11.96 million a year ago. Basic earnings per share from continuing operations was USD 0.79 compared to USD 0.99 a year ago. Diluted earnings per share from continuing operations was USD 0.79 compared to USD 0.98 a year ago.
For the nine months, net interest income was USD 116.57 million compared to USD 109.63 million a year ago. Net income was USD 30.15 million compared to USD 30.41 million a year ago. Basic earnings per share from continuing operations was USD 2.47 compared to USD 2.51 a year ago. Diluted earnings per share from continuing operations was USD 2.46 compared to USD 2.5 a year ago.
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.