Enterprise Bancorp, Inc. announces net income of $7.9 million
Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced net income of $7.9 million, or $0.96 per diluted share, for the year ended December 31, 2009, compared to $5.5 million, or $0.69 per diluted share, for the year ended December 31, 2008, increases of $2.4 million and $0.27 per diluted share, respectively. Net income for the three months ended December 31, 2009 amounted to $2.8 million, or $0.32 per diluted share, compared to $29 thousand, or $0.004 per diluted share, for the comparable 2008 period, increases of $2.8 million and $0.32 per diluted share, respectively.
Deposits, excluding brokered deposits, totaled $1.12 billion at December 31, 2009, an increase of $244.5 million, or 28%, since December 31, 2008. Loans outstanding totaled $1.08 billion at December 31, 2009, an increase of $134.2 million, or 14%, since December 31, 2008.
On January 19, 2010, the Board of Directors declared a quarterly dividend of $0.10 per share to be paid on March 1, 2010, to shareholders of record as of February 8, 2010. The quarterly dividend represents a 5.3% increase over the 2009 dividend rate.
Chief Executive Officer Jack Clancy commented, “We are very pleased with Enterprise’s performance in 2009. The 43% increase in net income in 2009 was achieved in spite of increased FDIC insurance premiums impacting all banks, and ongoing expenditures to seize current market opportunities while positioning Enterprise for long-term growth. Enterprise is successfully growing deposits and loans, as indicated by our 2009 growth rates of 28% and 14%, respectively, while we continue to expand our branch network and invest in our infrastructure and in our employees. Construction on our permanent Derry location is well underway and we expect the new branch to be open in late spring 2010. We were very gratified by the support of our shareholders and new community investors through our successful fully-subscribed stock offering in the fourth quarter of 2009. The offering added $8.8 million in new capital to the Bank, further increasing our flexibility to grow and serve our customers in the local marketplace.”
Founder and Chairman of the Board George Duncan stated, “We believe that the need and desire of local businesses, professionals, non profits and individuals to do business with a stable, local community bank, like Enterprise, is stronger than ever. We anticipate that the current banking environment will continue to provide abundant opportunities for Enterprise to acquire new customers, increase market share and expand geographically over the coming years. Throughout our twenty-one year history, through numerous economic cycles, our partnership with the community has been the key ingredient to our success as demonstrated by our 81 consecutive profitable quarters.”