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Enterprise Bancorp, Inc.(EBTC) has released its unaudited fina ncial statements for the first quarter of 2023, showing a net income of $10.8 million. The company also reported impressive revenue of $46.8 million for the same period.
The consolidated balance sheets reveal that Enterprise Bancorp, Inc.'s total assets as of March 31, 2023, amounted to $4.44 billion. Notably, cash and cash equivalents stood at $215.7 million, with $172.9 million in interest-earning deposits and $42.8 million in cash and due from banks. Additionally, the bank held $830.9 million in investment securities at fair value, comprising debt and equity securities.
The bank's interest and dividend income witnessed a significant increase, totaling $46.8 million for Q1 2023. This growth was driven by interest income from loans and loans held for sale, which amounted to $39.6 million, up from $30.7 million in the previous year. Investment securities contributed $5.1 million to the total interest income.
Despite the increase in interest expenses, totaling $6.9 million, Enterprise Bancorp, Inc. reported a net interest income of $40.0 million, reflecting strong operational performance. The provision for credit losses also increased to $2.7 million, indicating a cautious approach towards risk management.
### Consolidated Statements of Comprehensive Income:
The bank's comprehensive income for the first quarter of 2023 amounted to $31.0 million, driven by net income and other comprehensive income of $10.8 million and $20.2 million, respectively.
### Consolidated Statements of Changes in Shareholders' Equity:
Shareholders' equity showed a positive trend, reaching $311.3 million at the end of March 2023, compared to $282.3 million at the end of December 2022. The increase can be attributed to the net income generated during the quarter and the net change in fair value of debt securities.
### Consolidated Statements of Cash Flows:
Enterprise Bancorp, Inc. reported net cash provided by operating activities of $5.7 million for the first quarter of 2023. However, cash flows from investing activities showed a net cash outflow of $35.2 million, primarily due to the purchase of debt securities and net increase in loans. The bank's financing activities resulted in a net cash outflow of $22.3 million, mainly due to a decrease in deposits and cash dividends paid.
In conclusion, Enterprise Bancorp, Inc. has delivered strong financial results for the first quarter of 2023, with a net income of $10.8 million and revenue of $46.8 million. The bank's prudent approach to credit risk and continued focus on expanding its asset base have contributed to its robust performance in the current economic landscape.