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Enterprise Bancorp, Inc. Announces 93rd Consecutive Profitable Quarter; 2012 Annual Net Income Of $12.4 Million; Deposit Growth Of $141.9 Million; And Loan Growth Of $114.2 Million

Stocks in this article: EBTC

The provision for loan losses amounted to $600 thousand for the three months ended December 31, 2012, compared to $1.2 million for the same period in 2011. For the twelve months ended December 31, 2012 and 2011, the provision for loan losses amounted to $2.8 million and $5.2 million, respectively. The decreases in the provision reflects modest credit stabilization within the loan portfolio compared to the 2011 periods. In making the provision to the allowance for loan losses, management takes into consideration the level of loan growth, adversely classified and non-performing loans, specific reserves for impaired loans, net charge-offs, and the estimated impact of current economic conditions on credit quality. The level of loan growth for the twelve months ended December 31, 2012, excluding $26.4 million of purchased residential loans, was $87.8 million, compared to $108.5 million during the same period in 2011. These purchased loans are booked at fair market value and in accordance with accounting guidance, they do not carry an initial allowance for loan losses. The balance of the allowance for loan losses allocated to impaired loans amounted to $4.1 million at December 31, 2012, compared to $4.4 million at December 31, 2011. Total non-performing assets as a percentage of total assets were 1.33% at December 31, 2012, compared to 1.83% at December 31, 2011. For the year ended December 31, 2012, the Company recorded net charge-offs of $1.7 million, the majority of which had reserves specifically allocated in prior periods. For 2011, net charge-offs were $1.5 million. Management continues to closely monitor the non-performing assets, charge-offs and necessary allowance levels, including specific reserves. The allowance for loan losses to total loans ratio was 1.78% at December 31, 2012, compared to 1.86% at December 31, 2011. 

Non-interest income for the three months ended December 31, 2012 amounted to $3.3 million, an increase of $313 thousand, or 11%, compared to the fourth quarter of 2011. Non-interest income for the twelve months ended December 31, 2012 amounted to $12.2 million, an increase of $233 thousand, or 2%, compared to the 2011 year-to-date period. The increase over the 2011 quarter was primarily due to increases in deposit and interchange fees, investment advisory fees, and other income, primarily due to increases in other fee income and gains on sales of OREO properties. In addition to changes noted for the quarter, the year-over-year results were impacted by a decrease in gains on securities sales, partially offset by an increase in gains on loan sales and higher other income in the current year primarily due to increases in insurance commissions.

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