Enterprise Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 26, 2023 at 05:15 pm EST
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Enterprise Bancorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported net interest income was USD 42.17 million compared to USD 35.66 million a year ago. Net income was USD 12.31 million compared to USD 10.85 million a year ago. Basic earnings per share from continuing operations was USD 1.01 compared to USD 0.9 a year ago. Diluted earnings per share from continuing operations was USD 1.01 compared to USD 0.9 a year ago.
For the full year, net interest income was USD 151.8 million compared to USD 141.56 million a year ago. Net income was USD 42.72 million compared to USD 42.17 million a year ago. Basic earnings per share from continuing operations was USD 3.53 compared to USD 3.51 a year ago. Diluted earnings per share from continuing operations was USD 3.52 compared to USD 3.5 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.