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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 Enterprise Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11408

The above text contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by reference to a future period or periods or by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "will," "should," and other similar terms or expressions. Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations and competition. For more information about these factors, please see our most recent Annual Report on Form 10-K on file with the SEC, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Any forward-looking statements contained in this press release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise. 

ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(unaudited)
     
(Dollars in thousands) December 31, 2012 December 31, 2011
Assets    
Cash and cash equivalents:    
Cash and due from banks $ 38,007 $ 30,231
Interest-earning deposits 12,218 6,785
Fed funds sold 2,510 2,115
Total cash and cash equivalents 52,735 39,131
     
Investment securities at fair value 184,464 140,405
Federal Home Loan Bank stock 4,260 4,740
Loans held for sale 8,557 5,061
Loans, less allowance for loan losses of $24,254 at December 31, 2012 and $23,160 at December 31, 2011 1,335,401 1,222,268
Premises and equipment 27,206 27,310
Accrued interest receivable 5,828 5,821
Deferred income taxes, net 12,548 12,411
Bank-owned life insurance 15,443 14,937
Prepaid income taxes 174 287
Prepaid expenses and other assets 13,454 11,136
Goodwill 5,656 5,656
     
Total assets $ 1,665,726 $ 1,489,163
     
Liabilities and Stockholders' Equity    
     
Liabilities    
Deposits $ 1,475,027 $ 1,333,158
Borrowed funds 26,540 4,494
Junior subordinated debentures 10,825 10,825
Accrued expenses and other liabilities 13,182 12,487
Accrued interest payable 603 751
Total liabilities 1,526,177 1,361,715
     
Commitments and Contingencies    
     
Stockholders' Equity    
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued
Common stock $0.01 par value per share; 20,000,000 shares authorized; 9,676,477 issued and outstanding at December 31, 2012 (including 154,186 shares of unvested participating restricted awards) and 9,472,748 shares issued and outstanding at December 31, 2011(including 132,800 shares of unvested participating restricted awards) 97 95
Additional paid-in capital 48,194 45,158
Retained earnings 87,159 78,999
Accumulated other comprehensive income 4,099 3,196
Total stockholders' equity 139,549 127,448
     
Total liabilities and stockholders' equity $ 1,665,726 $ 1,489,163
     
ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(unaudited)
         
  Three months ended December 31, Year ended December 31,
(Dollars in thousands, except per share data) 2012 2011 2012 2011
Interest and dividend income:        
Loans and loans held for sale $ 16,435 $ 16,448 $ 64,945 $ 63,363
Investment securities 911 860 3,378 3,539
Other interest-earning assets 14 18 82 67
Total interest and dividend income 17,360 17,326 68,405 66,969
Interest expense:        
Deposits 1,131 1,703 5,264 7,379
Borrowed funds 13 21 54 87
Junior subordinated debentures 294 294 1,177 1,177
Total interest expense 1,438 2,018 6,495 8,643
Net interest income 15,922 15,308 61,910 58,326
Provision for loan losses 600 1,243 2,750 5,197
Net interest income after provision for loan losses 15,322 14,065 59,160 53,129
Non-interest income:        
Investment advisory fees 958 884 3,838 3,728
Deposit and interchange fees 1,219 1,125 4,500 4,438
Income on bank-owned life insurance, net 122 139 506 548
Net gains on sales of investment securities 39 44 236 791
Gains on sales of loans 320 284 989 687
Other income 606 475 2,106 1,750
Total non-interest income 3,264 2,951 12,175 11,942
         
Non-interest expense:        
Salaries and employee benefits 8,500 7,396 32,034 28,671
Occupancy and equipment expenses 1,434 1,338 5,678 5,485
Technology and telecommunications expenses 1,118 993 4,316 3,886
Advertising and public relations expenses 573 944 2,267 2,661
Audit, legal and other professional fees 369 390 1,675 1,393
Deposit insurance premiums 221 270 1,064 1,319
Supplies and postage expenses 266 246 925 882
Investment advisory and custodial expenses 119 85 438 412
Other operating expenses 1,212 1,207 4,215 4,257
Total non-interest expense 13,812 12,869 52,612 48,966
         
Income before income taxes 4,774 4,147 18,723 16,105
Provision for income taxes 1,540 1,289 6,348 5,161
Net income $ 3,234 $ 2,858 $ 12,375 $ 10,944
         
Basic earnings per share $ 0.34 $ 0.30 $ 1.29 $ 1.16
Diluted earnings per share $ 0.33 $ 0.30 $ 1.28 $ 1.16
         
Basic weighted average common shares outstanding 9,644,826 9,455,235 9,586,783 9,401,714
Diluted weighted average common shares outstanding 9,725,941 9,483,429 9,660,676 9,445,725
 
ENTERPRISE BANCORP, INC.
Selected Consolidated Financial Data and Ratios
(unaudited)
     
(Dollars in thousands, except per share data) At or for the year ended December 31, 2012 At or for the year ended December 31, 2011
     
BALANCE SHEET AND OTHER DATA    
Total assets $ 1,665,726 $ 1,489,163
Loans serviced for others 75,854 67,367
Investment assets under management 592,355 505,163
Total assets under management $ 2,333,935 $ 2,061,693
     
Book value per share $ 14.42 $ 13.45
Dividends paid per common share $ 0.44 $ 0.42
Total capital to risk weighted assets 11.46% 11.42%
Tier 1 capital to risk weighted assets 10.15% 10.14%
Tier 1 capital to average assets 8.64% 8.63%
Allowance for loan losses to total loans 1.78% 1.86%
Non-performing assets $ 22,101 $ 27,321
Non-performing assets to total assets 1.33% 1.83%
     
INCOME STATEMENT DATA    
Return on average total assets 0.78% 0.75%
Return on average stockholders' equity 9.27% 8.98%
Net interest margin (tax equivalent) 4.27% 4.37%
CONTACT: Mary Ellen Fitzpatrick, Senior Vice President,
         Corporate Communications (978) 656-5520

Enterprise Bancorp, Inc. Logo

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