Enterprise Bancorp Inc., the Lowell-based parent company of Enterprise Bank, announced its net income for the year ended Dec. 31, was $12.4 million, an increase of $1.4 million, or 13 percent, compared with the previous year. The company said this made the quarter ending in December their 93rd consecutive profitable quarter.

The company also reported net income for the three months ended Dec. 31 of $3.2 million, an increase of $376, 000, or 13 percent, compared to the same quarter in 2011. Total assets increased 12 percent, or $176.6 million, from $1.49 billion in 2011 to $1.67 billion last year.

Total loans grew 9 percent, $114.2 million, to $1.36 billion. The company attributed part of the growth to the purchase of $26.4 million worth of variable-rate residential mortgage loans. Total deposits increased 11 percent year over year, from $1.33 billion at the end of 2011 to $1.48 billion last year.

Investment assets under management increased 17 percent, or $87.2 million, to $592.4 million at Dec. 31, 2012 compared with $505.2 million at the end of 2011. Total assets under management came to $2.33 billion at the close of 2012, compared to $2.06 billion at the end of 2011, an increase of $272.2 million, or 13 percent.

Last year, the company opened two new branches in Pelham, New Hampshire and Tyngsboro, Mass., and in a statement, CEO Jack Clancy said the company expects to open another branch in Lawrence in early spring.

"Strategically, our focus remains on organic growth and market expansion, while continually planning for our future by investing in our branch network, technology, progressive product capabilities, and, most importantly, in our people," he said in the statement.

Last week, the company declared a quarterly dividend of $0.115 per share to be paid on March 1 to shareholders of record as of Feb. 8. The quarterly dividend represents a 4.5 percent increase over the 2012 dividend rate.