Non-interest expense for the three months ended December 31, 2012 amounted to $13.8 million, an increase of $943 thousand, or 7%, compared to the same period in the prior year. For the twelve months ended December 31, 2012, non-interest expense amounted to $52.6 million, an increase of $3.6 million, or 7%, compared to the same period in the prior year. Increased expenses related to salaries and benefits and technology over the comparable quarter and year were primarily due to the Company's strategic growth initiatives, including branch growth. The year-to-date expenses were also impacted by increases in legal and other professional services and occupancy expenses. Partially offsetting these increases were reductions in FDIC insurance expense and costs of advertising and public relations compared to the 2011 quarter and year.
Key Financial Highlights
- Total assets were $1.67 billion at December 31, 2012 as compared to $1.49 billion at December 31, 2011, an increase of $176.6 million, or 12%. Since September 30, 2012, total assets have increased $28.2 million, or 2%.
- Total loans amounted to $1.36 billion at December 31, 2012, an increase of $114.2 million, or 9%, since December 31, 2011. Since September 30, 2012, total loans have increased $61.3 million, or 5%. Contributing to the fourth quarter loan growth was the purchase of $26.4 million of variable-rate residential mortgage loans.
- Total deposits were $1.48 billion at December 31, 2012 as compared to $1.33 billion at December 31, 2011, an increase of $141.9 million, or 11%. Since September 30, 2012, total deposits have increased $4.6 million, or 0.3%.
- Investment assets under management amounted to $592.4 million at December 31, 2012 as compared to $505.2 million at December 31, 2011, an increase of $87.2 million, or 17%. Since September 30, 2012, investment assets under management have increased $13.4 million, or 2%.
- Total assets under management amounted to $2.33 billion at December 31, 2012, compared to $2.06 billion at December 31, 2011, an increase of $272.2 million, or 13%. Since September 30, 2012, total assets under management have increased $42.9 million, or 2%.
Enterprise Bancorp, Inc. (the "Company"), is a Massachusetts corporation that conducts substantially all of its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 93 consecutive profitable quarters. The Company principally is engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through the bank and its subsidiaries, the Company offers a range of commercial and consumer loan products, deposit and cash management products as well as investment advisory and wealth management, and insurance services. The Company's headquarters and the bank's main office are located at 222 Merrimack Street in Lowell, Massachusetts. The Company's primary market area is the Merrimack Valley and North Central regions of Massachusetts and Southern New Hampshire. Enterprise Bank has twenty full-service branch offices located in the Massachusetts cities and towns of Lowell, Acton, Andover, Billerica, Chelmsford, Dracut, Fitchburg, Leominster, Methuen, Tewksbury, Tyngsboro and Westford and in the New Hampshire towns of Derry, Hudson, Pelham and Salem. The Company is also currently constructing a new branch in Lawrence, MA and anticipates that this office will open in the early Spring of 2013.