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Enterprise Bancorp Inc Reports Operating Results (10-Q)

August 09, 2010 | About:

Enterprise Bancorp Inc (NASDAQ:EBTC) filed Quarterly Report for the period ended 2010-06-30.

Enterprise Bancorp Inc has a market cap of $104.17 million; its shares were traded at around $11.31 with a P/E ratio of 9.43 and P/S ratio of 1.43. The dividend yield of Enterprise Bancorp Inc stocks is 3.54%.

Highlight of Business Operations:

Non-interest income for the six months ended June 30, 2010 amounted to $5.9 million, an increase of $1.2 million or 26%, as compared to the six months ended June 30, 2009. The significant changes are discussed below.

Net gains on security sales and other-than-temporary-impairment charges on certain equity securities, combined, increased $572 thousand compared to the period ended June 30, 2009. Net gains on security sales were $777 thousand in the six months ended 2010 resulting from the sales of $4.6 million of investment securities, compared to net gains of $971 thousand from the sale of $38.5 million in investment securities in comparable 2009 period, primarily in the first quarter of 2009. The OTTI charge on a certain previously impaired equity investment was $8 thousand in the first six months of 2010, compared to OTTI charges of $774 thousand in the comparable period in 2009, based primarily on the severity of the declines in market values at that time and the uncertainty of recovery in the short-term for those equities.

Non-interest expense for the six months ended June 30, 2010 amounted to $22.9 million, an increase of $1.4 million, or 6%, compared to the same period in 2009. The significant changes are discussed below.

For the six months ended June 30, 2010, deposit insurance premiums decreased $418 thousand, or 31%, due to the $576 thousand booked in the second quarter of 2009, related to the FDICs special assessment which applied to all insured banks, partially offset by deposit growth over the period. Refer to item (m) FDIC Deposit Insurance Assessment contained in Note 1 Summary of Significant Accounting Policies, to the Companys consolidate financial statements contain in the Companys 2009 Annual Report on Form 10-K for further discussion of the FDIC assessment changes imposed in 2009.

Income tax expense for the six months ended June 30, 2010 and 2009 was $2.7 million and $1.1 million respectively. The effective tax rate for the six months ended June 30, 2010 and 2009 was 32.8% and 28.0%, respectively. The increase in the effective tax rate was primarily due to the higher level of taxable earnings in the current period, and the diminished impact of non-taxable income from certain tax-exempt assets on higher earnings.

Read the The complete Report

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