Enterprise Financial Services Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 23, 2014 at 07:00 am EST
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Enterprise Financial Services Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's total interest income was $36,435,000 against $45,346,000 a year ago. Net interest income was $32,371,000 against $40,051,000 a year ago. Income before income tax expense was $4,481,000 against $7,517,000 a year ago. Net income was $3,621,000 against $5,415,000 a year ago. Net income available to common shareholders was $3,621,000 or $0.18 per diluted share against $4,153,000 or $0.23 per basic and diluted share a year ago. Return on average assets was 0.46% against 0.51% a year ago. Return on average common equity was 5.07% against 6.99% a year ago. Book value per common share was $14.47 as at December 31, 2013 against $13.09 as at December 31, 2012. Fourth quarter 2013 net income was impacted by a $2.6 million, or $0.08 per diluted share, non-recurring prepayment penalty on the early pay-off of $30.0 million of debt with the Federal Home Loan Bank of Des Moines (FHLB'). Exclusive of the FHLB pre-payment, fourth quarter 2013 earnings per diluted share would have increased 13% to $0.26 per common share.
For the year, the company's total interest income was $153,289,000 against $165,464,000 a year ago. Net interest income was $135,152,000 against $142,297,000 a year ago. Income before income tax expense was $50,080,000 against $42,830,000 a year ago. Net income was $33,104,000 against $28,296,000 a year ago. Net income available to common shareholders was $33,104,000 or $1.73 per diluted share against $25,101,000 or $1.37 per diluted share a year ago. Return on average assets was 1.06% against 0.78% a year ago. Return on average common equity was 12.78% against 11.21% a year ago.
For the quarter, the company reported net charge-offs of $1.8 million, representing an annualized rate of 0.33% of average loans, compared to net charge-offs of $0.4 million, an annualized rate of 0.07%, in the linked third quarter. Net charge-offs were $5.8 million, an annualized rate of 1.15%, in the fourth quarter of 2012.
Enterprise Financial Services Corp is a financial holding company for Enterprise Bank & Trust, which is a full-service financial institution, which offers banking and wealth management services to individuals and corporate customers primarily located in Arizona, California, Kansas, Missouri, Nevada and New Mexico. The Company offers a range of business and personal banking services, including wealth management services provided through Enterprise Trust, a division of Enterprise Bank & Trust. Its lending services include commercial and industrial, commercial real estate, real estate construction and development, residential real estate, small business administration, consumer and other loan products. The Company's lending services include variety of deposit products, including property management and community associations along with a complete suite of treasury management and international trade services for operating businesses. It also offers specialty deposit accounts to customers.
Enterprise Financial Services Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013