Enterprise Bancorp income soars 36%
Lowell-based Enterprise Bancorp Inc., the parent of Enterprise Bank that has branches in Acton, Fitchburg and Leominster, announced a 36 percent year-over-year increase in net income for the second quarter of 2016.
Net income for the three months making up the quarter came to $4.8 million, with the earnings per share up 32 percent to $0.45 for the same period, according to a release from Enterprise. Average loan balances (including loans held for sale) increased $179.3 million and $180.1 million in the second quarter. Year-to-date net income was up 27 percent, to $9.1 million.
“The increase in our 2016 earnings compared to 2015 is largely driven by our growth over the last twelve months. Loans, total assets, and deposits, excluding brokered deposits, have increased 9 percent, 12 percent, and 15 percent, respectively, as compared to June 30, 2015,” CEO Jack Clancy said in a statement where he also highlighted the bank's market expansion, and ongoing enhancements to products and services.
The company opened its 23rd branch, in Nashua, N.H., in July. Clancy emphasized the bank’s focus on organic growth.
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