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Enterprise Bancorp, Inc. Announces 94th Consecutive Profitable Quarter; 2013 First Quarter Net Income Of $3.4 Million; And Loan Growth Of $44.5 Million

Stocks in this article: EBTC

LOWELL, Mass., April 18, 2013 (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. (the "Company") (Nasdaq:EBTC), parent of Enterprise Bank, announces net income for the three months ended March 31, 2013 of $3.4 million, an increase of $260 thousand, or 8%, compared to the same three-month period in 2012. Diluted earnings per share were $0.35 for the three months ended March 31, 2013, an increase of $0.02, or 6%, compared to the same period in 2012. Total assets increased 2% in the first quarter of 2013, amounting to $1.69 billion at March 31, 2013. Loans outstanding increased 3%, which represents a rate of 13% on an annualized basis.

As previously announced on April 16, 2013, the Company declared a quarterly dividend of $0.115 per share to be paid on June 3, 2013 to shareholders of record as of May 13, 2013. The quarterly dividend represents a 4.5% increase over the 2012 dividend rate. 

Chief Executive Officer Jack Clancy commented, "We believe our first quarter growth and performance position Enterprise well for 2013. Our performance is a reflection of our organic growth and market expansion. We will continue to focus on investments in technology, our communities, and our family of Enterprise employees. Our 21 st branch in Lawrence, MA is scheduled to open within the month and our recently announced 22 nd branch in Nashua, NH is planned to open in the fourth quarter of 2013."

George L. Duncan, Founder and Chairman, commented that "Our Bank will continue to take advantage of the many opportunities that lie ahead.   The economic climate has stabilized providing further opportunities for a strong, profitable, well-managed commercial bank as the housing, construction and manufacturing sectors are reporting positive signs of growth.  Furthermore, indicators show businesses are looking to expand and start-up companies are on the increase in our region. With our expanding branch network, our highly skilled and experienced banking team and state-of-the-art products and services, we look forward with great anticipation to beginning our second quarter century in business."   

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