Enterprise Bancorp reports 9% annual net income growth
Lowell-based Enterprise Bancorp Inc., which has branches in Acton, Fitchburg, Leominster and Westford, reported annual net income of $13.5 million for 2013, a 9-percent increase over 2012, in a milestone year for loan growth, according to an earnings statement.
Net income for the fourth quarter ended Dec. 31 was $3.5 million, up 8 percent over 2012. Diluted earnings per share were 35 cents for the quarter and $1.36 for the year, each representing a 6-percent increase over 2012.
Enterprise assets totaled $1.85 billion at the end of December, an increase of $184.2 million over 2012, while outstanding loans and deposits increased $164.4 million and $112.4 million, respectively.
For the first time, Enterprise’s total outstanding loans exceeded $1.5 billion, an increase of 12 percent compared to 2012, Enterprise CEO Jack Clancy said in a statement.
“Our organic growth and many successes and accomplishments in 2013 have been a result of our strong community involvement, market expansion, comprehensive product and service offerings and our dedicated Enterprise employees … strategically, our focus remains on organic growth, while continually planning for our future by investing in our branch network, technology, progressive product capabilities and most importantly, in our people,” Clancy said.
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