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.”