Lowell-based Enterprise Bancorp, parent of Enterprise Bank, reported net income of $1.5 million for the first quarter, compared to $2 million for same period in 2008, a 25 percent decrease.

Net income for the quarter, when compared to the same quarter in 2008, was impacted primarily by an increase in the provision for loan losses and non-interest expenses, the company said.

Loans increased by 3 percent or $27.8 million since Dec. 31, a quarterly increase which amounts to an annualized growth rate of 12 percent, and loan quality remains solid, the company said.

Total deposits, excluding brokered deposits, increased 6 percent or $52.4 million since Dec. 31, representing an annualized growth rate of 24 percent.

On Jan. 12, Enterprise opened its 16th branch in Acton, and in March, the company opened a loan production office in Derry, N.H.