Enterprise Bank revenues climb
Lowell-based Enterprise Bancorp Inc., the parent of Enterprise Bank that has branches in Acton, Fitchburg and Leominster, reported an increase in net income fueled by net interest income for the third quarter.
For the three months ending on September 30, 2014 the bank had a net income of $3.8 million, an 8 percent increase of $298,000 compared to the same three-month period in 2013. Diluted earnings per share were $0.37 for the three-month period ended September 30, 2014, an increase of 6 percent compared to same period in 2013, it said.
Net interest income for the quarter amounted to $18.1 million, an increase of $1.5 million, or 9 percent, compared to the same period in 2013, the bank said. It attributed the growth in net interest for the quarter to loan growth, mainly in commercial real estate loans.
As previously announced on October 21, the company declared a quarterly dividend of $0.12 per share to be paid on December 1, 2014 to shareholders of record as of November 10, 2014. The quarterly dividend represents a 4.3% increase over the 2013 dividend rate, it said.
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