Lowell’s Enterprise Bancorp Inc., parent of Enterprise Bank, has reported $2.5 million in net income for the three months ended March 31, a slight drop from $2.9 million in net income for the comparable 2010 period.

As previously announced earlier this month, the company declared a quarterly dividend of 10-cents per share to be paid on June 1 to shareholders of record as of May 11. The quarterly dividend represents a 5 percent increase over the 2010 dividend rate.

"We are very pleased with our financial results and growth during the first quarter of 2011. Operating income was comparable to prior year levels, as the $422,000 decrease in net income, compared to the same quarter in 2010, was primarily due to the level of gains realized in 2010 on sales of both investment securities and foreclosed real estate. The company did not have sales of these assets in the 2011 period," said Chief Executive Officer Jack Clancy. "Deposits, excluding brokered deposits, have grown $41.1 million, or 3 percent, since Dec. 31, 2010, or 13 percent on an annualized basis. While many banks continue to experience declining loan portfolios, our loan balances grew $8.3 million, or 1 percent, since Dec. 31, 2010, 3 percent on an annualized basis."

He added, "In 2011, our focus remains 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 remain committed to making investments in our branch network, technology, and most importantly in our employees, customers and communities, while positioning the bank for long-term growth."