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Enterprise Bancorp Inc. - EBTC STOCK NEWS

Welcome to our dedicated page for Enterprise Bancorp news (Ticker: EBTC), a resource for investors and traders seeking the latest updates and insights on Enterprise Bancorp stock.

Enterprise Bancorp Inc. (NASDAQ: EBTC), based in Lowell, Massachusetts, is a holding company predominantly operated through Enterprise Bank and Trust Company, commonly known as Enterprise Bank. Founded in 1988 by George L. Duncan, the company has a strong presence in the Merrimack Valley and North Central regions of Massachusetts, along with Southern New Hampshire. Enterprise Bank is dedicated to delivering a wide range of financial services that include commercial, residential, and consumer loan products, deposit products, and cash management services. Additionally, the Bank provides wealth management and trust services to its clientele.

Enterprise Bank's business model focuses on building lasting relationships with customers rather than merely conducting transactions. The bank emphasizes a customer-centric approach, supporting the financial needs of businesses, professionals, individuals, and communities. This approach has resulted in over 135 consecutive profitable quarters as of March 31, 2024.

The company has shown significant growth and robust financial health. For instance, net income for the three months ended June 30, 2023, was $9.7 million, an increase of 19% compared to the same period in the previous year. The Bank has also maintained a healthy net interest margin, standing at 3.55% for the same quarter, despite challenging economic conditions and interest rate environments.

Enterprise Bancorp's strategic moves include selling $84.8 million in investment securities and reinvesting the proceeds into higher-yielding short-term investments to enhance annualized income by approximately $2.0 million. The Bank's total assets amounted to $4.50 billion as of June 30, 2023, reflecting a steady growth trajectory.

Enterprise Bank continues to invest in its products, services, and people to ensure consistent and disciplined lending practices. The Bank prides itself on having a high level of liquidity with significant funding capacity, enabling it to seize market opportunities even in fluctuating economic climates.

With 27 full-service branches across Massachusetts and New Hampshire, Enterprise Bank remains deeply embedded in its community. The Bank has been repeatedly recognized for its corporate citizenship and contributions to employee volunteerism and corporate philanthropy.

In recent developments, Enterprise Bancorp reported net income of $7.9 million for the three months ended December 31, 2023. Despite the challenges of higher interest rates and an inverted yield curve, the Bank achieved commendable loan growth, indicating a solid footing in the market.

Looking forward, Enterprise Bancorp's Executive Chairman and Founder George Duncan and CEO Jack Clancy have expressed confidence in navigating future market conditions through continuous organic growth, investments in technology, and a steadfast commitment to their stakeholders.

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Enterprise Bancorp (NASDAQ: EBTC) reported its Q3 2024 financial results, highlighting a net income of $10.0 million, or $0.80 per diluted share, up from $9.5 million, or $0.77 per share in Q2 2024. The net interest margin increased to 3.22% from 3.19%. Total loans rose by 2.4% to $3.86 billion, while total deposits decreased by 1.4% to $4.19 billion. Wealth assets under management increased by 8.5% to $1.51 billion. Non-interest income rose to $6.1 million, driven by gains on equity securities and fees. However, net interest income decreased by $482 thousand due to higher deposit and borrowing costs. The provision for credit losses increased by $654 thousand, primarily due to a downgraded commercial loan. Non-performing loans rose to $25.9 million. Despite these challenges, the company maintained a strong balance sheet with total assets of $4.74 billion and shareholders' equity of $368.1 million.

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Enterprise Bancorp, Inc. (NASDAQ:EBTC) has announced a quarterly dividend of $0.24 per share, to be paid on December 2, 2024, to shareholders of record as of November 11, 2024. The dividend was declared by the Board of Directors on October 15, 2024.

Enterprise Bancorp operates primarily through Enterprise Bank and Trust Company, offering a range of banking services including commercial loans, deposit products, cash management, electronic banking, and wealth management. The company's main office is located in Lowell, Massachusetts, and it serves Northern Middlesex, Northern Essex, and Northern Worcester counties in Massachusetts, as well as Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank currently has 27 full-service branches across various communities in Massachusetts and New Hampshire.

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Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported its Q2 2024 financial results, with net income of $9.5 million, or $0.77 per diluted share. This represents an increase from Q1 2024 but a slight decrease from Q2 2023. Key highlights include:

- Net interest margin of 3.19%, down 1 basis point from Q1 2024
- Net interest income increased 2.8% quarter-over-quarter
- Total loans grew 3.1% and total deposits increased 3.5%
- Wealth assets under management reached $1.40 billion, up 1.7%

The bank maintained strong credit quality with nominal charge-offs year-to-date. CEO Steven Larochelle emphasized the bank's solid performance despite challenges from higher deposit costs and an inverted yield curve.

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Enterprise Bank has appointed David Lynch as Managing Director and Chief Investment Officer of Enterprise Wealth Management. Lynch, an industry veteran with over 25 years of experience, will oversee the entire wealth management division and help set the team's strategic direction. He joins from Cambridge Trust Company, where he managed $4.5 billion in investment portfolios. Lynch's extensive background includes roles at Athena Capital Advisors, Colorado state pension fund (PERA), Eaton Vance Management, and Cahners Economics.

Lynch holds a BA in Economics from Dartmouth College and an MBA from Babson College. He is a CFA charterholder and a member of the Boston Economic Club. Enterprise Wealth Management currently manages over $1.3 billion in assets and is poised for continued growth under Lynch's leadership.

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Enterprise Bancorp, Inc. (NASDAQ:EBTC) has announced a quarterly dividend of $0.24 per share, payable on September 3, 2024, to shareholders of record as of August 13, 2024. The company operates primarily through Enterprise Bank and Trust Company, offering a range of banking services including commercial loans, deposit products, and wealth management. Enterprise Bank has 27 full-service branches across Northern Massachusetts and Southern New Hampshire counties. The bank's main office is located in Lowell, Massachusetts, serving as the company's headquarters.

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Enterprise Bancorp has announced the retirement of CEO John “Jack” P. Clancy after a 35-year tenure, including 17 years as CEO. Clancy will remain as an executive advisor. He will be succeeded by Steven R. Larochelle, the current Chief Banking Officer. Under Clancy's leadership, Enterprise Bank grew from 14 to 27 branches and saw its total assets increase from $980 million to $4.6 billion. Larochelle, a 27-year veteran of the bank, is praised for his extensive experience and community involvement. Enterprise Bank has reported 138 consecutive profitable quarters and operates 27 branches in Massachusetts and New Hampshire.

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Enterprise Bancorp, Inc. reported net income of $8.5 million for the first quarter of 2024, with earnings of $0.69 per diluted common share. Total loans and deposits increased, while wealth assets under management grew by 4.0%. Despite the challenging interest rate environment, the company remains optimistic about its strong balance sheet and continued growth in customers across various segments.
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Enterprise Bancorp, Inc. declared a quarterly dividend of $0.24 per share to be paid on June 3, 2024, to shareholders of record as of May 13, 2024. The company operates through Enterprise Bank and Trust Company, offering a range of financial services in Massachusetts and New Hampshire.
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Enterprise Bancorp, Inc. (EBTC) reported a net income of $7.9 million for the three months ended December 31, 2023, compared to $12.3 million for the same period in 2022. The net income for the year ended December 31, 2023, amounted to $38.1 million, a decrease from $42.7 million in 2022. Total loans increased by 5% compared to September 30, 2023, and 12% compared to December 31, 2022. However, total deposits decreased by 2% compared to September 30, 2023, and 1% compared to December 31, 2022. Wealth assets under management and administration grew by 10% compared to September 30, 2023, and 21% compared to December 31, 2022. Despite challenges in the banking industry, the company's CEO expressed gratitude for the support and highlighted the positive performance in loan growth and stability in net interest margin.
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On January 16, 2024, Enterprise Bancorp, Inc. declared a quarterly dividend of $0.24 per share to be paid on March 1, 2024. The company conducts operations through Enterprise Bank and Trust Company, offering a range of commercial, residential, and consumer loan products, deposit products, cash management services, electronic and digital banking options, as well as wealth management, and trust services. The company's primary market area is in Massachusetts and New Hampshire.
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FAQ

What is the current stock price of Enterprise Bancorp (EBTC)?

The current stock price of Enterprise Bancorp (EBTC) is $38.095 as of November 6, 2024.

What is the market cap of Enterprise Bancorp (EBTC)?

The market cap of Enterprise Bancorp (EBTC) is approximately 465.3M.

What services does Enterprise Bancorp Inc. offer?

Enterprise Bancorp Inc. offers commercial, residential, and consumer loan products, deposit products, cash management services, and wealth management and trust services.

Where is Enterprise Bancorp Inc. headquartered?

Enterprise Bancorp Inc. is headquartered in Lowell, Massachusetts.

When was Enterprise Bancorp Inc. founded?

Enterprise Bancorp Inc. was founded in 1988 by George L. Duncan.

How many full-service branches does Enterprise Bank have?

Enterprise Bank operates 27 full-service branches across Massachusetts and New Hampshire.

What was Enterprise Bancorp’s net income for the quarter ended June 30, 2023?

The net income for the quarter ended June 30, 2023, was $9.7 million.

What is the net interest margin reported by Enterprise Bancorp for Q2 2023?

The net interest margin for the quarter ended June 30, 2023, was 3.55%.

What strategic moves has Enterprise Bancorp made recently?

Enterprise Bancorp sold $84.8 million in investment securities and reinvested the proceeds into higher-yielding short-term investments to enhance annualized income by approximately $2.0 million.

How has Enterprise Bancorp performed in terms of asset growth?

As of June 30, 2023, Enterprise Bancorp's total assets amounted to $4.50 billion, showing a steady growth trajectory.

What are the key focus areas for Enterprise Bancorp's future growth?

Enterprise Bancorp focuses on continuous organic growth, investments in technology, and maintaining strong relationships with its customers and communities.

Enterprise Bancorp Inc.

Nasdaq:EBTC

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465.32M
12.42M
20.02%
32.1%
0.55%
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