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Enterprise Bancorp, Inc. was a Massachusetts bank holding company and the former parent of Enterprise Bank and Trust Company. Enterprise Bank attracted deposits from the public and invested in commercial loans and investment securities, while offering commercial, residential and consumer lending, deposit products, cash management, digital banking, wealth management and trust services in Massachusetts and New Hampshire markets.
News about EBTC includes dividend declarations, operating and financial results, shareholder voting and governance matters, capital-structure disclosures, material agreements and the completed merger of Enterprise into Independent Bank Corp., with Enterprise Bank merging into Rockland Trust Company.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) has announced a quarterly dividend of $0.185 per share, set for payment on June 1, 2021.
Shareholders must be on record by May 11, 2021 to receive this dividend. The company operates primarily through Enterprise Bank, which offers a diverse range of financial services including commercial loans, deposit products, and wealth management solutions. Enterprise Bank has a strong presence in the Greater Merrimack Valley, with 26 branches in Massachusetts and New Hampshire, and is planning to open a new branch in Londonderry, NH in early 2022.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported a net income of $31.5 million for the year ended December 31, 2020, down 8% from $34.2 million in 2019. For Q4 2020, net income rose 13% to $9.9 million. The company saw significant growth in both loans and customer deposits, largely driven by PPP loans. However, loan loss provisions increased significantly to $12.5 million amidst COVID-19 uncertainties. While net interest income grew 12% to $130.1 million, the net interest margin declined to 3.59%. The company declared a quarterly dividend of $0.185 per share scheduled for March 1, 2021.
Enterprise Bancorp, Inc. (NASDAQ:EBTC) declared a quarterly dividend of $0.185 per share on January 19, 2021, scheduled for payment on March 1, 2021. Shareholders of record as of February 8, 2021 will receive this dividend. The company operates primarily through Enterprise Bank and Trust Company, providing a variety of financial services, including loans and deposits, across Massachusetts and Southern New Hampshire. The company recently opened a new branch in North Andover, MA, and plans to establish another in Londonderry, NH, by early 2022.
Enterprise Bancorp (NASDAQ: EBTC) reported a net income of $10.3 million, or $0.87 per diluted share, for Q3 2020, up from $9.0 million, or $0.76 per share, in Q3 2019. However, net income for the first nine months of 2020 fell to $21.6 million, or $1.81 per share, compared to $25.5 million, or $2.15 per share, in the same period last year. The bank's growth was significantly driven by the Paycheck Protection Program (PPP), with loans totaling $508 million. The company will adopt CECL, estimating an increase in loan loss allowances by $8-$11 million.
Enterprise Bancorp, Inc. (NASDAQ:EBTC) announced a quarterly dividend of $0.175 per share, set for payment on December 1, 2020, to shareholders on record by November 10, 2020. The company operates primarily through Enterprise Bank, which provides various banking services including commercial and residential loans, deposits, and wealth management. With 25 branches across Massachusetts and New Hampshire, Enterprise Bank focuses on the Greater Merrimack Valley, Nashoba Valley, and North Central regions. Additionally, a new branch in North Andover, MA is expected to open in early 2021.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) reported net income of $7.3 million for Q2 2020, down from $7.8 million in Q2 2019. For the first half of 2020, net income was $11.3 million, reduced from $16.5 million year-over-year. Total assets increased by 25% to $4.04 billion, with total loans growing 24% to $3.18 billion, significantly influenced by the Paycheck Protection Program (PPP), which accounted for $508 million in approved loans. The company also issued $60 million in subordinated notes to bolster capital amid economic uncertainty due to COVID-19.
On July 21, 2020, Enterprise Bancorp, Inc. (NASDAQ: EBTC) announced a quarterly dividend of $0.175 per share, scheduled for payment on September 1, 2020, to shareholders of record as of August 11, 2020. The Company operates primarily through Enterprise Bank and Trust Company, providing a variety of financial services including loans, deposits, and wealth management. With 25 branches across Massachusetts and New Hampshire, Enterprise Bancorp is expanding its reach with a new branch set to open in North Andover, MA, by early 2021.
Enterprise Bancorp, Inc. (NASDAQ: EBTC) has successfully completed a private placement of $60 million in subordinated notes due 2030. The notes feature an initial fixed rate of 5.25% for five years, transitioning to a floating rate thereafter. Proceeds will support corporate growth and strengthen regulatory capital ratios. CEO Jack Clancy expressed satisfaction with the offering's reception in the investment community. The Company is establishing a new branch in North Andover, expected to open in the second half of 2020.
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