Lowell’s Enterprise Bancorp Inc., parent of Enterprise Bank, has reported "record" net income of $10.6 million for the year ended Dec. 31, 2010, compared to $7.9 million for the same period in 2009.

Net income for the three months ended Dec.31, 2010 amounted to $2.4 million, compared to $2.8 million for the comparable 2009 period.

The increase in net income for the year was primarily attributed to growth in loans, deposits and investment assets under management, and an increase in the net interest margin. Net income for the quarter ended Dec. 31, 2010 was impacted by other real estate-owned expenses for fair value adjustments and a decrease in net gains on sales of investment securities compared to the 2009 quarter.

"We are very pleased with our financial results and numerous accomplishments in 2010. Deposits, excluding brokered deposits, have grown $127 million, or 11 percent, since Dec. 31, 2009," said Chief Executive Officer Jack Clancy. "During a period when many banks have experienced declining loan portfolios, our loan balances grew $60.5 million, or 6 percent since Dec. 31, 2009. This growth has been a key factor in our reporting of record net income, which exceeded the $10 million mark for the first time in the bank’s history."

He added, "In 2011, our focus will remain on increasing market share and 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 … We anticipate opening our third Southern New Hampshire location in Hudson within a few weeks."