NHBR Article

Enterprise Bancorp 2Q income: $2.6m

Thursday, July 22, 2010

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Enterprise Bancorp has reported second-quarter net income of $2.6 million, or 28 cents per share, as compared to $1.4 million, or 17 cents per share, for the same quarter a year ago.

The Lowell, Mass.-based bank also recorded $5.5 million, or 60 cents per share, in net income for the first half of 2010, as compared to nearly $3 million, or 36 cents per share, in the first half of 2009.

The bank attributed the increase in net income to growth in loans, deposits and investment assets under management during the last year.

Total assets for the first six months of 2010 were $1.37 billion, an increase of 10 percent from assets of $1.25 billion for the same period a year ago.

The bank recently announced it is seeking regulatory approval to open a third New Hampshire branch in Hudson. That office is expected to open by the end of the year.

Enterprise Bancorp has branches in Derry and Salem in the Granite State, as well as 11 branches in Massachusetts.

The bank earlier this week declared a quarterly dividend of 10 cents a share to be paid on Sept. 1 to shareholders of record as of Aug. 11. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

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