This Day On The Street
Continue to site
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

Announcing Its 85th Consecutive Profitable Quarter, Enterprise Bancorp, Inc. Reports Record Earnings Of $10.6 Million For 2010, An Increase Of 34%.

Enterprise Bancorp, Inc. (the “Company”) (NASDAQ: EBTC), parent of Enterprise Bank, announced record net income of $10.6 million, or $1.15 per diluted share, for the year ended December 31, 2010, compared to $7.9 million, or $0.96 per diluted share, for the year ended December 31, 2009, increases of $2.7 million, or 34%, and $0.19, or 20%, per diluted share. Net income for the three months ended December 31, 2010 amounted to $2.4 million, or $0.26 per diluted share, compared to $2.8 million, or $0.32 per diluted share, for the comparable 2009 period, decreases of $363 thousand, or 13%, and $0.06, or 19%, per diluted share.

The increase in net income for the year was primarily attributed to growth in loans, deposits and investment assets under management, and an increase in the net interest margin. Net income for the quarter ended December 31, 2010 was impacted by other real estate owned expenses for fair value adjustments and a decrease in net gains on sales of investment securities compared to the 2009 quarter.

As previously announced on January 18, 2011, the Company declared a quarterly dividend of $0.105 per share to be paid on March 1, 2011 to shareholders of record as of February 8, 2011. The quarterly dividend represents a 5% increase over the 2010 dividend rate.

Chief Executive Officer Jack Clancy commented, “We are very pleased with our financial results and numerous accomplishments in 2010. Deposits, excluding brokered deposits, have grown $127 million, or 11%, since December 31, 2009. During a period when many banks have experienced declining loan portfolios, our loan balances grew $60.5 million, or 6% since December 31, 2009. This growth has been a key factor in our reporting of record net income, which exceeded the $10 million mark for the first time in the Bank’s history.”

Mr. Clancy further stated, “In 2011, our focus will remain on increasing market share and on growing all of our business lines, including quality lending, deposits, investment assets managed and insurance services through continued organic growth and strategic expansion, as we seek to take advantage of market opportunities that continue to be presented to strong community banks. We remain committed to making investments in our branch network, technology, and most importantly in our employees, customers and communities, while positioning the Bank for long-term growth. We anticipate opening our third Southern New Hampshire location in Hudson within a few weeks.”

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.09 0.07%
FB $100.27 -3.70%
GOOG $674.20 -1.40%
TSLA $154.17 -5.20%
YHOO $27.14 -3.00%


Chart of I:DJI
DOW 15,899.53 -305.44 -1.88%
S&P 500 1,844.14 -35.91 -1.91%
NASDAQ 4,264.3820 -98.7620 -2.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs