Enterprise Bancorp, Inc. (the “Company”) (NASDAQ: EBTC), parent of Enterprise Bank, announced net income for the three months ended March 31, 2011 of $2.5 million, or $0.26 per diluted share, compared to $2.9 million, or $0.32 per diluted share, for the comparable 2010 period.
As previously announced on April 19, 2011, the Company declared a quarterly dividend of $0.105 per share to be paid on June 1, 2011 to shareholders of record as of May 11, 2011. The quarterly dividend represents a 5.0% increase over the 2010 dividend rate.
Chief Executive Officer Jack Clancy commented, “We are very pleased with our financial results and growth during the first quarter of 2011. Operating income was comparable to prior year levels, as the $422 thousand decrease in net income, compared to the same quarter in 2010, was primarily due to the level of gains realized in 2010 on sales of both investment securities and foreclosed real estate. The Company did not have sales of these assets in the 2011 period. Deposits, excluding brokered deposits, have grown $41.1 million, or 3%, since December 31, 2010, or 13% on an annualized basis. While many banks continue to experience declining loan portfolios, our loan balances grew $8.3 million, or 1%, since December 31, 2010, 3% on an annualized basis. During the first quarter, we opened our third Southern New Hampshire location in Hudson, and are very pleased with the reception we have received in the Hudson market.”
Mr. Clancy further stated, “In 2011, our focus remains 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.”