Enterprise Bank CEO Jack Clancy in an Enterprise property on downtown Lowell earlier this year. (SUN/Julia Malakie)
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LOWELL — Enterprise Bank saw a significant increase in this year’s third-quarter earnings, with 13 percent more net income compared to last year’s third-quarter earnings, company officials announced in a recent press release.

Enterprise’s net income for the quarter ending Sept. 30 was $9 million, an increase of $1 million compared to the quarter ending Sept. 30, 2018, company officials stated in the Oct. 17 release.

Enterprise CEO Jack Clancy said assets have increased 9 percent over the past 12 months, while total loans increased 7 percent and customer deposits increased 12 percent during that span.

“Loan and deposit growth, along with reduction in the loan loss provision, were the key drivers to our earnings increase as compared to the nine months ending September 30, 2018,” Clancy said in the release.

The total assets amounted to $3.15 billion at the end of September, compared to $2.96 billion recorded on Dec. 31 — an increase of $174.4 million or 6 percent. The total assets under management amounted to $4.11 billion at Sept. 30, compared to $3.85 billion at Dec. 31, 2018.

The release states Enterprise recently announced it will be opening its 25th and 26th branches in Lexington and North Andover, Clancy said.

The Lexington branch is slated to open in late fall 2019, while the North Andover branch is set to open its doors in late spring 2020.

The release further states Enterprise Bank was recognized at the Boston Business Journal’s Corporate Citizenship Summit as ranking No. 2 for the highest average hours of community service and No. 55 among the largest corporate donors in Massachusetts.

“While we at Enterprise Bank are proud of our financial growth and consistency, we are equally proud of our commitment to our communities we serve, which is entrenched in our culture and reflects our deep sense of purpose as a genuine community bank,” Enterprise founder and Chairman George Duncan said in the release.

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