Enterprise Bancorp, the parent company of Enterprise Bank, opened its 24th branch in Windham, New Hampshire, while reporting third quarter net income of $5.5 million, or diluted earnings per share of $0.47, a 17 percent increase from the third quarter of 2016.

Net interest income for the three months ending Sept. 30 amounted to $25.1 million, an increase of 15 percent compared to the same period in 2016. The net interest margin is up five basis points from the linked quarter and down one basis point from this time last year.

Non-interest income for the quarter was $3.4 million, a decrease of $504,000 compared to the same quarter last year, primarily due to losses on sales of securities and a decrease in loan sale income.

“We continued to successfully grow our franchise in the third quarter,” CEO Jack Clancy said in a statement. “The collective efforts and contributions of our dedicated Enterprise team, including active community involvement, relationship building and a customer-focused mindset, and ongoing enhancements to our state-of-the-art product and service offerings continue to drive this growth.”

The now $2.73 billion asset company saw assets grow roughly $200 million year-over-year. Customer deposits, which do not include brokered deposits are at $2.22 billion, an increase of $10.6 million year-over-year. Strategically, the bank’s focus remains on organic growth.

“We expect the relocation of our Leominster branch to be completed in early 2018,” Clancy said. “The relocation of our branches in Salem [New Hampshire] and Leominster [Massachusetts] will provide improved and state-of-the-art branches in those communities to better serve our customers.”

Total loans reached $2.2 billion, an almost $180 million year-over-year growth. The company’s provision for loan losses for the quarter was $1.2 million, down $200,000 from the third quarter of 2016. Total non-performing loans as a percentage of total loans amounted to 0.57 percent in the third quarter, at compared to 0.50 percent in the third quarter of 2016.