This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Enterprise Bancorp, Inc. Reports Third Quarter 2011 Earnings Of $2.9 Million, An 8% Increase, And Strong Loan And Deposit Growth.

Enterprise Bancorp, Inc. (the “Company”) (NASDAQ: EBTC), parent of Enterprise Bank, announced net income of $2.9 million, or $0.31 per diluted share, for the three months ended September 30, 2011 compared to $2.7 million, or $0.30 per diluted share for the comparable 2010 period. Net income for the nine months ended September 30, 2011 amounted to $8.1 million, or $0.86 per diluted share, compared to $8.2 million, or $0.89 per diluted share for the comparable 2010 period.

As previously announced on October 18, 2011, the Company declared a quarterly dividend of $0.105 per share to be paid on December 1, 2011 to shareholders of record as of November 10, 2011. The quarterly dividend represents a 5.0% increase over the 2010 dividend rate.

Chief Executive Officer Jack Clancy commented, “Our 8% third quarter net income growth reflects our success in growing our business lines. Deposits, excluding brokered deposits, have grown $101.5 million, or 8%, since December 31, 2010. While many banks continue to experience declining loan portfolios, our loan balances grew $86.2 million, or 8%, since December 31, 2010. On an annualized basis, deposits and loans have grown 11% and 10%, respectively, since December 31, 2010. We believe that our continued and steady growth is a result of our ability to serve our market.”

Mr. Clancy further stated, “Our focus remains 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. The Bank’s expansion in recent years in Southern New Hampshire, the Nashoba Valley Region and into Essex County presents increased opportunities to enhance our franchise. Our recently announced Pelham location, our fourth in Southern New Hampshire, is anticipated to open in early 2012. We remain committed to making investments in our branch network, technology, and most importantly, in our employees, customers and communities, in order to position the Bank for long-term growth.”

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

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