Enterprise Bancorp, Inc. (the “Company”) (NASDAQ: EBTC), parent of Enterprise Bank, announced net income of $2.9 million for the three months ended March 31, 2010, compared to $1.5 million for the three months ended March 31, 2009, an increase of 90%. Diluted earnings per share were $0.32 compared to $0.19 for the same period in 2009, an increase of 68%.
As previously announced on April 20, 2010, the Company declared a quarterly dividend of $0.10 per share to be paid on June 1, 2010, to shareholders of record as of May 11, 2010, compared to a quarterly dividend of $0.095 per share paid in June 2009. The quarterly dividend represents a 5.3% increase over the 2009 dividend rate.
Total deposits, excluding brokered deposits, increased $71.2 million, or 6%, since December 31, 2009, representing an annualized growth rate of 26%. Since March 31, 2009, total deposits, excluding brokered deposits have increased $263.2 million, or 28%. Loans have increased by $8.4 million, or 1%, since December 31, 2009 and $114.8 million, or 12%, since March 31, 2009.
Chief Executive Officer Jack Clancy commented, “We continue to successfully grow deposits and loans, while we expand our branch network and invest in our infrastructure, our communities and in our employees. Construction on our permanent Derry, NH location is almost complete and we expect the new branch will open on June 1, 2010. We are very pleased to be able to report strong financial results while we continue to make investments to seize current market opportunities, which will also position Enterprise for further long-term growth.”Founder and Chairman of the Board George Duncan stated, “As a strong and well-capitalized community bank, Enterprise is well positioned to continue to take advantage of market opportunities to acquire new customers, increase market share and expand geographically during the coming years. We believe that the need and desire of local businesses, professionals, non profits and individuals to do business with a stable, purpose-driven local community bank, like Enterprise, is stronger than ever.”