This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Enterprise Bancorp, Inc. Announces Second Quarter 2010 Net Income Of $2.6 Million

Enterprise Bancorp, Inc. (the “Company”) (NASDAQ: EBTC), parent of Enterprise Bank, announced net income of $2.6 million for the quarter ended June 30, 2010, compared to $1.4 million for the quarter ended June 30, 2009, an increase of 89%. Net income for the six months ended June 30, 2010 amounted to $5.5 million compared to $2.9 million for the comparable 2009 period, an increase of 90%. Diluted earnings per share were $0.28 and $0.60 for the three and six months ended June 30, 2010 compared to $0.17 and $0.36 for each of the same periods in 2009, increases of 65% and 67% respectively.

The increase in net income is primarily attributed to growth in loans, deposits and investment assets under management during the last year, increased net interest income spreads, increased gains on securities in the current quarter, and for the 2009 periods, results were negatively impacted by the FDIC special assessment and impairment charges on investment securities.

As previously announced on July 20, 2010, the Company declared a quarterly dividend of $0.10 per share to be paid on September 1, 2010, to shareholders of record as of August 11, 2010. The quarterly dividend represents a 5.3% increase over the 2009 dividend rate.

Chief Executive Officer Jack Clancy commented, “We are pleased to continue to report strong financial results, while at the same time, investing to position Enterprise for continued long-term growth. Investments in our branch network, infrastructure, technology, and most importantly, in our people are positioning us to take advantage of current market opportunities now and into the future. Deposits, excluding brokered deposits, and loans have grown 17% and 6%, respectively, on an annualized basis since December 31, 2009. In early June, we moved from our temporary location in Derry, NH to our newly constructed full-service branch at 47 Crystal Ave., and we recently announced plans for a new office in Hudson, NH, which we anticipate opening by the end of the year. Hudson will be our third Southern New Hampshire location.”

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs