Enterprise Bancorp reports Q1 EPS 69c vs 64c last quarter

Reports Q1 Net interest income for the three months ended March 3 amounted to $35.2 M a decrease of $4.8 M or 12%, compared to the three months ended March 31. The decrease was due primarily to an increase in deposit interest expense of $11.3M which was driven by an increase in the cost of funds and changes in deposit mix, partially offset by an increase in loan interest income of $9.3M due to loan growth and higher market interest rates. NNet interest margin was 3.20% for the three months ended March 31, 2024, compared to 3.29% for the three months ended December 31, 2023.Chief Executive Officer Jack Clancy commented, “The first quarter of 2024 had solid net income with strong loan and deposit growth. Higher deposit costs and the inverted yield curve continued to be a headwind resulting in a net interest margin of 3.20%. We remain well positioned with a strong balance sheet that is centered around a high-quality loan portfolio, a conservative credit and reserve culture and favorable liquidity, core deposit funding and capital.” Executive Chairman & Founder George Duncan added, “Despite the higher interest rates, our markets remain economically healthy, and we continue to opportunistically add new loan, deposit and wealth management customers. I was particularly pleased with the 3% growth in total deposits.”