Net Income Rises For Enterprise Bank Parent
The parent company of Enterprise Bank, which has branches in three Central Massachusetts communities, saw net income grow 15 percent for its most recent quarter, and 10 percent for the first nine months of 2013.
Lowell-based Enterprise Bancorp said it earned $3.5 million during the quarter that ended Sept. 30, an increase of $470,000 from the same period in 2012. For the first nine months of the year, the company took in $10 million, a jump of $904,000.
The company cited strong growth in deposits and its loan portfolio as the reasons behind the gains. Enterprise also said its total assets increased $166.8 million, or 10 percent, since the end of last year, amounting to $1.83 billion as of Sept. 30. Loans outstanding and deposits, excluding brokered deposits, increased $113 million, or 8 percent, and $130.4 million, or 9 percent, respectively, in the first nine months of 2013.
Enterprise Bank has branches in Acton, Fitchburg and Leominster.
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