This Day On The Street
Continue to site
ADVERTISEMENT
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

Enterprise Bancorp, Inc. Reports Second Quarter 2011 Earnings Of $2.7 Million, A 3% Increase, And Continued Loan And Deposit Growth.

Enterprise Bancorp, Inc. (the “Company”) (NASDAQ: EBTC), parent of Enterprise Bank, announced net income of $2.7 million, or $0.28 per diluted share, for the three months ended June 30, 2011 compared to $2.6 million, or $0.28 per diluted share for the comparable 2010 period. Net income for the six months ended June 30, 2011 amounted to $5.1 million, or $0.55 per diluted share, compared to $5.5 million, or $0.60 per diluted share for the comparable 2010 period.

As previously announced on July 19, 2011, the Company declared a quarterly dividend of $0.105 per share to be paid on September 1, 2011 to shareholders of record as of August 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 continued growth during both the second quarter and year-to-date 2011. The increase in net income in the second quarter of 2011 as compared to the prior year is primarily attributed to our continued successful growth. Operating income for the six months to date was comparable to the prior year levels, as the $340 thousand decrease in net income, compared to the same quarter in 2010, was primarily due to the higher level of gains realized on sales of investment securities in the first quarter of 2010. Deposits, excluding brokered deposits, have grown $76.0 million, or 6%, since December 31, 2010, or 12% on an annualized basis. While many banks continue to experience declining loan portfolios, our loan balances grew $32.3 million, or 3%, since December 31, 2010, or 6% on an annualized basis.”

Mr. Clancy further stated, “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 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. During the second quarter, we announced our fourth Southern New Hampshire location in Pelham, that we anticipate opening in early 2012.”

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
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs