- Net income for Q1 2025 reached $10.4 million, showing a 22% year-over-year increase.
- The merger with Rockland Trust is approved by shareholders and is expected to conclude in the second half of 2025.
- Loan portfolio exhibited strong growth with total loans rising 11% year-over-year to $4.05 billion.
Enterprise Bancorp, Inc. (EBTC, Financial) reported a notable 22% year-over-year rise in net income to $10.4 million ($0.84 per diluted share) for the first quarter of 2025, although slightly down from the $10.7 million in the previous quarter. The company experienced a 1.7% quarterly increase in total loans to $4.05 billion, driven by robust commercial real estate lending. Net interest income surged by 10% to $38.7 million, supported by an improved net interest margin of 3.32%.
The merger with Rockland Trust, initially announced in December 2024, received shareholder approval on April 3, 2025, and is anticipated to be finalized in the second half of 2025, pending regulatory approvals. This strategic collaboration aims to enhance the bank's market presence and operational synergies.
Despite the strong performance in loans and net income, the bank noted a slight shift in its deposit structure, with core customer deposits decreasing by $37 million. However, this was offset by an increase in brokered deposits, totaling $150 million, which contributed to a 3% rise in total deposits.
Enterprise Bancorp (EBTC, Financial) maintained strong credit quality, with an allowance for credit losses at 1.58% of total loans and a net recovery of $424,000 for the quarter. Non-performing loans increased marginally to 0.70% of total loans.
