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Article Excerpt
Enterprise Bancorp, Inc. ("Enterprise") (NASDAQ: EBTC), parent of Enterprise Bank, announced net income of $2.3 million, or $0.28 per diluted share, for the quarter ended September 30, 2009, compared to $1.7 million, or $0.21 per diluted share, for the quarter ended September 30, 2008. Net income for the nine months ended September 30, 2009 amounted to $5.2 million, or $0.63 diluted earnings per share, compared to $5.5 million, or $0.69 diluted earnings per share, for the comparable 2008 period.
Loans outstanding totaled $1.06 billion at September 30, 2009, an increase of $110.3 million, or 12%, since December 31, 2008, representing an annualized growth rate of 16%, and an increase of $39.5 million since June 30, 2009. Deposits, excluding brokered deposits, totaled $1.04 billion at September 30, 2009, an increase of $167 million, or 19%, since December 31, 2008, representing an annualized growth rate of 26%, and an increase of $14.7 million since June 30, 2009.
Enterprise also announced that it has declared a quarterly dividend of $0.095 per share to be paid on December 1, 2009, to shareholders of record as of November 10, 2009, compared to the quarterly dividend of $0.09 per share paid in December 2008. The quarterly dividend represents a 5.6% increase over the 2008 dividend rate.
Chief Executive Officer Jack Clancy commented, "We are very pleased with Enterprise's earnings, continued deposit and loan growth, overall financial results, and progress. Our significant investments that have been made to further position Enterprise Bank to seize the current market opportunities, including...
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