Enterprise Bancorp, the holding company of Enterprise Bank, has reported net income of $2 million for the first quarter of 2008, a 9% decrease compared to $2.2 million for the same period of 2007.
The company’s diluted earnings per share were $0.25 for the first quarter of 20008, an 11% decrease compared to $0.28 for the same period of 2007.
The net interest income for the first quarter of 2008 amounted to $9.9 million, representing a $120,000 decrease from the same period in 2007. Non-interest income was $2.4 million for the first quarter of 2008, an increase of $319,000, or 15%, over the same period in 2007.
Jack Clancy, CEO of Enterprise Bancorp, said: We continue to successfully grow our core banking businesses of lending, investment advisory services and deposit services, and our asset quality remains strong. Annualized loan growth for the quarter was 13%. As with other banks, the recent rapid interest-rate decreases continue to pressure our margins.