Lowell’s Enterprise Bancorp Inc., parent of Enterprise Bank, has reported net income of $2.9 million for the three months ended Sept. 30, a slight increase from $2.7 million during the same period in 2010.

Net income for the nine months ended Sept. 30 was $8.1 million, compared to $8.2 million for the comparable 2010 period.

"Our 8 percent third quarter net income growth reflects our success in growing our business lines. Deposits, excluding brokered deposits, have grown $101.5 million, or 8 percent, since Dec. 31, 2010," said CEO Jack Clancy. "While many banks continue to experience declining loan portfolios, our loan balances grew $86.2 million, or 8 percent, since Dec. 31, 2010. On an annualized basis, deposits and loans have grown 11 percent and 10 percent, respectively, since Dec. 31, 2010. We believe that our continued and steady growth is a result of our ability to serve our market."

He continued: "Our focus remains on growing all of our business lines, including quality lending, deposits, investment assets managed and insurance services through continued organic growth and strategic expansion, as we seek to take advantage of market opportunities that continue to be presented to strong community banks. The bank’s expansion in recent years in Southern New Hampshire, the Nashoba Valley Region and into Essex County presents increased opportunities to enhance our franchise. Our recently announced Pelham location, our fourth in Southern New Hampshire, is anticipated to open in early 2012. We remain committed to making investments in our branch network, technology, and most importantly, in our employees, customers and communities, in order to position the bank for long-term growth."