LOWELL — Enterprise Bank saw a spike in its annual earnings for 2019, with the company’s net income for the year closing at $34.2 million — an increase of $5.3 million compared to 2018.
The news comes as Enterprise plans to open their 25th branch in Lexington in February, as well as their 26th branch in North Andover later this summer, according to a company press release.
In the release, Enterprise CEO Jack Clancy attributed the annual-earnings increase to “a solid loan and customer deposit growth and the continuation of positive credit metrics.”
During 2019, total assets increased 9%, total loans increased 7% and total customer deposits increased 11%.
“We operate with a long-term mindset that is focused on growing organically and supporting growth by continually investing in our people, products, services, technology, digital transformation, and both new and existing branches,” Clancy said.
In Novemer, the company was ranked No. 1 in the Boston Globe‘s Top Places to Work list among large-sized companies in the state. It is the company’s eighth consecutive year on the list, according to Enterprise Founder and Chairman George Duncan.
“I want to personally thank and commend our entire dedicated team for their continual efforts to foster an employee-centric culture whose foundation is based on respect, trust, caring, personal accountability and excellence,” Duncan said in the release. “We believe these values and behaviors lead to positive morale, lower turnover and recruiting advantages and ultimately translate to memorable customer experiences, active community involvement, strong growth and strong shareholder returns.”
Enterprise Bank’s total assets amounted to $3.24 billion at the end of December, compared to December 2018 — an increase of 9%, the release states. Total assets under management amounted to $4.2 billion at the end of December, compared to Dec. 31, 2018 — an increase of 10%.
The company has reported 121 consecutive profitable quarters dating back to 1990.
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