The parent company of Lowell-based Enterprise Bank reported strong profits and growth in the first quarter, crediting the recent boost from tax reform and continued investment in the bank.

The company reported first quarter net income of $6.8 million, an increase of $1.3 million from the first quarter of last year. Net interest income for the first quarter was $26 million, an increase of $3.2 million compared to the three months ended March 31, 2017. The margin ended the quarter at 3.95 percent, up five basis points year-over-year, but down two basis points from the linked quarter.

“The increase in our 2018 first quarter earnings as compared to 2017 is largely attributable to our growth over the last twelve months and the positive impact of lower tax rates in 2018 from the 2017 Tax Cuts and Jobs Act,” Enterprise’s CEO Jack Clancy said in a statement. “Total assets, loans and customer deposits have increased 10 percent, 11 percent and 8 percent, respectively, as compared to March 31, 2017.”

Total assets reached about $2.8 billion at the end of the quarter, up over $250 million year-over-year. Total loans at the end of the quarter were roughly $2.26 billion, up $220 million year-over-year. Deposits were up almost $300 million year-over-year.

Non-interest income for the first quarter was $3.8 million, a decrease of $343,000 from the first quarter last year.

The bank also continued to refine its branch strategy.

“We expect the relocation of our Leominster branch to be completed later this spring,” said Clancy. “This branch, along with our new Windham, New Hampshire branch and our recently relocated branch in Salem, New Hampshire are in prime locations and will provide improved, state-of-the-art experiences in these communities to better serve our customers.”

The allowance for loan losses in the first quarter was $1.6 million, up from $125,000 in the first quarter of 2017, primarily due to credit deterioration of two impaired commercial relationships.

Still, total non-performing loans as a percentage of total loans amounted to 0.46 percent in the first quarter, roughly the same as last year.