| Enterprise Bank in Lowell boosted its bottom line 12 percent year-over-year in the third quarter, posting net income of $4.3 million for the period ended Sept. 30.
For the nine-month period ended Sept. 30, the bank posted $11.4 million in net income, representing a year-over-year increase of $776,000 or 7 percent.
In a statement announcing the bank’s earnings, CEO Jack Clancy highlighted year-to-date loan growth of $118 million, or 7 percent, and deposit growth, excluding brokered deposits, of $168 million, or 10 percent.
“On an annualized basis, loans and deposits, excluding brokered deposits, have increased by 9 percent and 13 percent, respectively,” he said. “Strategically, our focus remains on organic growth and continually planning for and investing in our future. With our recently announced plans for our 23rd branch, we look forward to expanding our presence in the Nashua market in 2016.”
Net interest income in the third quarter increased 9 percent year-over-year to $19.8 million, largely due to loan growth.
Total loans stood at $1.79 billion at the end of the third quarter, representing an increase of $118 million, or 7 percent, since year-end 2014.
The provision for loan losses totaled $250,000 in the third quarter, compared with $765,000 in the year-ago period. For the nine months ended Sept. 30, the provision for loan losses totaled $2.1 million, compared with $1.2 million last year. Nonperforming loans totaled 0.81 percent of total loans at Sept. 30, compared with 1.03 percent in the year-ago period. Net charge-offs totaled $1.1 million for the nine months ended Sept. 30, flat from last year. The bank said that the majority of the 2014 charge-offs were previously allocated specific reserves on commercial relationships which contributed to the lower provision for loan losses in 2014.
The allowance for loan losses to total loans ratio was 1.57 percent at Sept. 30, compared with 1.62 percent at year-end 2014, and 1.68 percent in the third quarter last year.
Total assets increased 11.9 percent year-over-year to $2.2 billion.
Investment assets under management totaled $672.1 million, relatively flat when compared with year-end 2014 and down 5 percent from June 30. The bank attributed that quarterly decrease to a decline in market values. Total assets under management stood at $2.94 billion on Sept. 30, compared with $2.76 billion at year-end 2014.
