Enterprise Bancorp reports Q3 EPS 80c vs 79c last year

Reports Q3 net interest income for the three months ended September 30, , amounted to $38M, a decrease of $482K , or 1%, compared to the three months ended September 30, 2023. The decrease was due primarily to increases in deposit interest expense of $7.7M and borrowings interest expense of $646K and a decrease in income on other interest-earning assets of $971K partially offset by an increase in loan interest income of $9.3M. Chief Executive Officer Steven Larochelle commented, “Our team continued to deliver strong results in the third quarter. Loan growth was 2.4% for the quarter and 13.4% over the past twelve months. Customer deposits, which were down slightly during the quarter, have increased 5.3% in 2024 and 3.2% over the last twelve months. We continue to be primarily core funded and had no brokered deposits at September 30 . Total borrowings were down $1.8M compared to June 30 and amounted to only $59.9M, or 1.3% of total assets. Higher deposit costs and the inverted yield curve continued to be a headwind, but net interest margin increased to 3.22% in the third quarter of 2024 from 3.19% in the prior quarter and benefited by 2 basis points from a large seasonal deposit.” Mr. Larochelle continued, “We remain committed to our long-term strategy of geographic expansion and customer acquisition through organic growth and investment in our team members, communities, products and technology. We are well positioned with a strong balance sheet, centered around a high-quality loan portfolio and favorable liquidity, core deposit funding and capital, paired with a conservative credit and reserve culture.”