Enterprise Bank’s parent company, Enterprise Bancorp Inc. of Lowell, said today its third quarter net income rose 32 percent over the same quarter last year.

Enterprise Bancorp said it had net income of $2.3 million in Q3 this year, compared to $1.7 million for the same quarter last year.

Year-to-date, however, the bank said it is slightly off last year’s pace. Through the first three quarters of ’09, Enterprise Bancorp recorded net income of $5.2 million, compared to $5.5 million for the same nine months in 2008.

Loans outstanding totaled $1.06 billion as of Sept. 30, an increase of $110.3 million, or 12 percent, since Dec. 31, 2008. That represents an annualized growth rate of 16 percent, the company said, and an increase of $39.5 million since June 30.

Deposits, excluding brokered deposits, totaled $1.04 billion at the end of Q3, an increase of $167 million, or 19 percent, since Dec. 31. That’s good for an annualized growth rate of 26 percent, and an increase of $14.7 million since June 30.

"We are very pleased with Enterprise’s earnings, continued deposit and loan growth, overall financial results, and progress," said Enterprise Bancorp Chief Executive Officer Jack Clancy. "At a time when many large regional and national financial institutions are retrenching, Enterprise is successfully growing loans and deposits, as indicated by our 2009 year-to-date annualized growth rates of 16 percent and 26 percent, respectively."

Clancy noted that during the third quarter, the bank’s temporary Derry, N.H., loan production office began operating as a full-service branch.