Enterprise Bancorp, Inc. Announces Second Quarter Financial Results
LOWELL, Mass., July 21, 2024 (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. EBTC, parent of Enterprise Bank, announced net income for the three months ended June 30, 2022, of $8.2 million,or $0.67 per diluted common share, compared to $11.1 million, or $0.92 per diluted common share, for thethree months ended June 30, 2021.
As previously announced onJuly19, 2022, the Company declared a quarterly dividend of $0.205 per common share to be paid on September1, 2022, to shareholders of record as of August11, 2022.
Chief Executive Officer Jack Clancy commented, Our second quarter 2022 operating results were very positive, highlighted by strong loan growth, a significant improvement in our non-performing loan ratio, and strong growth in pre-tax earnings after excluding the provision for credit losses and PPP income. As of June30, 2022, total loans, excluding PPP loans, increased 16% versus a year ago. Loan growth was especially strong in the second quarter with an increase of 5% (19% annualized) at June30, 2022, compared to March 31, 2022, resulting from high customer demand and strong business development efforts. The non-performing loan to total loan ratio, excluding PPP loans, decreased to 0.21% at June30, 2022 from 0.86% at March 31, 2024 and 1.21% at June30, 2021. The improvement in the second quarter of 2022 resulted primarily from two credits being returned to accrual status due to improved financial strength and consistent payment history. The relatively high provision for credit losses of $2.4 million for the second quarter of 2022 compared to $39thousand in the second quarter of 2021 was attributable mainly to loan growth, and to a lesser extent, the worsening of forecasted economic conditions due to the rising interest rate environment and persistent high inflation levels, partially offset by improved credit quality. PPP income was $622thousand in the quarter compared to $5.6million in the prior year period. Our pre-tax income excluding the provision for credit losses and PPP income increased by 34% compared to the second quarter of 2021.
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