Lowell-based Enterprise Bancorp Inc., parent of Enterprise Bank, has reported net income of $2.9 million for the three months ended March 31, compared to $1.5 million for the same period last year.

The increase in net income was primarily due to increases in net interest income and non-interest income and a decrease in the provision for loan losses, partially offset by increases in non-interest expenses, according to a statement.

Net interest income was $13.2 million for the quarter, compared to $11.2 million in the same quarter last year, an increase of 18 percent. The increase in net interest income over the comparable prior-year period was due primarily to strong loan growth, according to a statement.

The company also declared a quarterly dividend of 10-cent per share to be paid on June 1 to shareholders of record as of May 11. This compares to a quarterly dividend of 9-cent per share paid in June 2009.

"We continue to successfully grow deposits and loans, while we expand our branch network and invest in our infrastructure, our communities and in our employees," said Chief Executive Officer Jack Clancy. "Construction on our permanent Derry, N.H., location is almost complete and we expect the new branch will open on June 1. We are very pleased to be able to report strong financial results while we continue to make investments to seize current market opportunities, which will also position Enterprise for further long-term growth."

"As a strong and well-capitalized community bank, Enterprise is well positioned to continue to take advantage of market opportunities to acquire new customers, increase market share and expand geographically during the coming years," said Founder and Chairman of the Board George Duncan. "We believe that the need and desire of local businesses, professionals, non profits and individuals to do business with a stable, purpose-driven local community bank, like Enterprise, is stronger than ever."