Enterprise Bancorp, Inc. Announces 93rd Consecutive Profitable Quarter; 2012 Annual Net Income Of $12.4 Million; Deposit Growth Of $141.9 Million; And Loan Growth Of $114.2 Million
LOWELL, Mass., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. (the "Company") (Nasdaq:EBTC), parent of Enterprise Bank, announces net income for the twelve months ended December 31, 2012 of $12.4 million, an increase of $1.4 million, or 13%, compared to the same twelve-month period in 2011. Diluted earnings per share were $1.28 for the twelve months ended December 31, 2012, an increase of $0.12, or 10%, compared to the same period in 2011. Net income for the three months ended December 31, 2012 amounted to $3.2 million, an increase of $376 thousand, or 13%, compared to the three months ended December 31, 2011. Diluted earnings per share were $0.33 for the three months ended December 31, 2012, an increase of $0.03, or 10%, compared to the same period in 2011. Total assets increased 12% in 2012, ending the year at $1.67 billion, while increases in deposits and loans outstanding were 11%, and 9%, respectively. Investment assets under management increased 17% since December 31, 2011, amounting to $592 million at December 31, 2012.
As previously announced on January 15, 2013, the Company declared a quarterly dividend of $0.115 per share to be paid on March 1, 2013 to shareholders of record as of February 8, 2013. The quarterly dividend represents a 4.5% increase over the 2012 dividend rate.
Chief Executive Officer Jack Clancy commented, "We believe our growth and performance is a direct reflection of our talented banking team, our strong customer experience culture, and our deep community banking roots, and this is what positions us well for the future. In 2012, we opened two new branches, in Pelham, NH and Tyngsboro, MA, and anticipate an early Spring opening of our new Lawrence, MA branch, which will be our twenty-first banking center. Strategically, our focus remains on organic growth and market expansion, while continually planning for our future by investing in our branch network, technology, progressive product capabilities, and, most importantly, in our people."
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