Lowell’s Enterprise Bancorp Inc., parent of Enterprise Bank, reported net income of $2.6 million for the quarter ended June 30, compared to $1.4 million for the same period last year.

The company reported $5.5 million in net income for the six months ended June 30, compared to $2.9 million during the same period last year.

The increase in net income is primarily attributed to growth in loans, deposits and investment assets under management during the last year, increased net interest income spreads, increased gains on securities in the current quarter, and for the 2009 periods, results were negatively impacted by the FDIC special assessment and impairment charges on investment securities.

"We are pleased to continue to report strong financial results, while at the same time, investing to position Enterprise for continued long-term growth. Investments in our branch network, infrastructure, technology, and most importantly, in our people are positioning us to take advantage of current market opportunities now and into the future," said Chief Executive Officer Jack Clancy.