Published on 23 Apr 2024 on GuruFocus.com via Yahoo Finance
Enterprise Bancorp Inc (EBTC) Q1 2024 Earnings Analysis: Navigating Economic Challenges
Net Income: $8.5 million for Q1 2024, a decrease from $10.8 million in Q1 2023.Earnings Per Share: $0.69 per diluted share in Q1 2024, down from $0.88 in the same quarter last year.Net Interest Income: Decreased by 12% year-over-year to $35.2 million, primarily due to higher deposit interest expenses.Total Loans: Increased by 2.4% to $3.65 billion compared to the end of Q4 2023.Total Deposits: Grew by 3.2% to $4.11 billion from December 31, 2023.Wealth Management Assets: Under management and administration rose to $1.37 billion, marking a 4% increase from the previous quarter.Net Interest Margin: Declined to 3.20% in Q1 2024 from 3.76% in Q1 2023, influenced by higher funding costs and competitive deposit rates.
Warning! GuruFocus has detected 2 Warning Sign with EBTC.