Lowell’s Enterprise Bancorp Inc., parent of Enterprise Bank, has reported $5.1 million in net income for the six months ended June 30, compared to $5.5 million for the comparable 2010 period.

The bank reported net income of $2.7 million for the three months ended June 30, compared to $2.6 million for the comparable 2010 period.

The company’s growth contributed to increases in net interest income and the level of operating expenses, according to a statement.  

"We are very pleased with our financial results and continued growth during both the second quarter and year-to-date 2011," said Chief Executive Officer Jack Clancy. "The increase in net income in the second quarter of 2011 as compared to the prior year is primarily attributed to our continued successful growth. Operating income for the six months to date was comparable to the prior year levels, as the $340,000 decrease in net income, compared to the same quarter in 2010, was primarily due to the higher level of gains realized on sales of investment securities in the first quarter of 2010. Deposits, excluding brokered deposits, have grown $76 million, or 6 percent, since Dec. 31, 2010, or 12 percent on an annualized basis. While many banks continue to experience declining loan portfolios, our loan balances grew $32.3 million, or 3 percent, since Dec. 31, 2010, or 6 percent on an annualized basis."

In a statement, Clancy said the bank’s focus remains on increasing market share and on growing its business lines, including quality lending, deposits, investment assets managed and insurance services.