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.”