0001018399FALSE00010183992024-10-222024-10-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 22, 2024 (October 22, 2024)
____________________
ENTERPRISE BANCORP, INC.
(exact name of registrant as specified in charter)
Massachusetts001-3391204-3308902
(State or Other Jurisdiction(Commission(IRS Employer
of Incorporation)File Number)Identification No.)
     
222 Merrimack Street  
Lowell,Massachusetts 01852
(address of principal executive offices) (Zip Code)
(978)459-9000
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareEBTCNASDAQ Stock Market



Item 2.02              Results of Operations and Financial Condition
On October 22, 2024, Enterprise Bancorp, Inc. issued a press release concerning its results of operations and financial condition at or for the three and nine months ended on September 30, 2024. A copy of this press release is included as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01              Financial Statements and Exhibits
(a)        Not applicable
(b)        Not applicable
(c)        Not applicable
(d)        The following exhibit is included with this report:
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



[Remainder of Page Intentionally Blank]


Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 ENTERPRISE BANCORP, INC.
  
  
October 22, 2024By:/s/ Joseph R. Lussier
 Joseph R. Lussier
 Executive Vice President, Treasurer
 and Chief Financial Officer



Exhibit 99.1
Contact Info:    Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578

Enterprise Bancorp, Inc. Announces Third Quarter Financial Results

LOWELL, MA, October 22, 2024 (GLOBE NEWSWIRE) - Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended September 30, 2024. Net income amounted to $10.0 million, or $0.80 per diluted common share, for the three months ended September 30, 2024 compared to $9.5 million, or $0.77 per diluted common share, for the three months ended June 30, 2024 and $9.7 million, or $0.79 per diluted common share, for the three months ended September 30, 2023.

Selected financial results at or for the quarter ended September 30, 2024 compared to June 30, 2024 were as follows:
•The returns on average assets and average equity were 0.82% and 11.20%, respectively.
•Tax-equivalent net interest margin (non-GAAP) ("net interest margin") was 3.22%, an increase of 3 basis points.
•Total loans amounted to $3.86 billion, an increase of 2.4%.
•Total deposits amounted to $4.19 billion, a decrease of 1.4%.
•Wealth assets under management and administration amounted to $1.51 billion, an increase of 8.5%.

Chief Executive Officer Steven Larochelle commented, "Our team continued to deliver strong results in the third quarter. Loan growth was 2.4% for the quarter and 13.4% over the past twelve months. Customer deposits, which were down slightly during the quarter, have increased 5.3% in 2024 and 3.2% over the last twelve months. We continue to be primarily core funded and had no brokered deposits at September 30, 2024. Total borrowings were down $1.8 million compared to June 30, 2024, and amounted to only $59.9 million, or 1.3% of total assets. Higher deposit costs and the inverted yield curve continued to be a headwind, but net interest margin increased to 3.22% in the third quarter of 2024 from 3.19% in the prior quarter and benefited by 2 basis points from a large seasonal deposit."

Mr. Larochelle continued, "We remain committed to our long-term strategy of geographic expansion and customer acquisition through organic growth and investment in our team members, communities, products and technology. We are well positioned with a strong balance sheet, centered around a high-quality loan portfolio and favorable liquidity, core deposit funding and capital, paired with a conservative credit and reserve culture."

Executive Chairman & Founder George Duncan stated, "I would like to congratulate Steve, who completed his first quarter as CEO of Enterprise, and the whole team for a very successful quarter. I am particularly impressed that the team has been able to achieve such strong loan and deposit growth while stabilizing our net interest margin and without significant increases in wholesale funding. I firmly believe this is a testament to our relationship based, sales and service culture partnered with our strong commitment to community outreach and involvement."

Mr. Duncan added, "On September 5th, we were once again recognized at the Boston Business Journal's Corporate Citizenship Summit for our significant contributions in employee volunteerism and corporate philanthropy. In particular, I am very proud that we ranked 2nd in the Commonwealth of Massachusetts for the highest average of volunteer hours per employee."

Net Interest Income
Net interest income for the three months ended September 30, 2024, amounted to $38.0 million, a decrease of $482 thousand, or 1%, compared to the three months ended September 30, 2023. The decrease was due primarily to increases in deposit interest expense of $7.7 million and borrowings interest expense of $646 thousand and a decrease in income on other interest-earning assets of $971 thousand, partially offset by an increase in loan interest income of $9.3 million.
1

The increase in interest expense during the period was attributed primarily to an increase in the cost of funds and changes in deposit mix, while the increase in interest income during the period was due primarily to loan growth and higher market interest rates.

Net Interest Margin
Net interest margin was 3.22% for the three months ended September 30, 2024, compared to 3.19% for the three months ended June 30, 2024 and 3.46% for the three months ended September 30, 2023.

Asset yields for the third quarter of 2024 were 5.09%, an increase of 8 basis points compared to the second quarter of 2024, due primarily to new loan originations, loans repricing and an increase in the average balance of other interest-earning assets, which resulted mainly from deposit inflows during the period. Average total loans increased $105.3 million, or 3%, and average other interest-earning assets increased $57.6 million, or 46%, compared to the second quarter of 2024.

The cost of funds for the third quarter of 2024 was 1.99%, an increase of 5 basis points compared to the second quarter of 2024. During the third quarter of 2024, average total deposits increased $128.8 million, or 3%, and the cost of deposits increased 6 basis points, compared to the second quarter of 2024. The increase in average total deposits was comprised of increases in average lower-cost checking account balances of $59.4 million, or 3%, which was driven primarily by a large seasonal deposit, and higher-cost savings, money market and certificate of deposit account balances of $69.4 million, or 3%.

Provision for Credit Losses
The provision for credit losses for the three-month periods ended September 30, 2024 and September 30, 2023 are presented below:
Three months ended
Increase / (Decrease)
(Dollars in thousands)September 30,
2024		September 30,
2023
Provision for credit losses on loans - collectively evaluated
$(663)$(1,518)$855 
Provision for credit losses on loans - individually evaluated
2,311 2,512 (201)
Provision for credit losses on loans1,648 994 654 
Provision for unfunded commitments(316)758 (1,074)
Provision for credit losses
$1,332 $1,752 $(420)

The increase in the provision for credit losses on loans of $654 thousand was due primarily to a net increase in reserves on individually evaluated loans. The increase in reserves on individually evaluated loans for the three months ended September 30, 2024 was driven by one individually evaluated commercial relationship which was downgraded, placed on non-accrual and assigned specific reserves of $3.4 million, partially offset by a reduction of $1.2 million in specific reserves resulting from a commercial relationship that experienced improvement in its collateral valuation during the period. The reduction in the provision for unfunded commitments of $1.1 million was driven primarily by a decrease in off-balance sheet commitments during the period.

Non-Interest Income
Non-interest income for the three months ended September 30, 2024, amounted to $6.1 million, an increase of $1.7 million compared to the three months ended September 30, 2023. The increase in non-interest income was due primarily to increases in gains on equity securities, wealth management fees and deposit and interchange fees.

Non-Interest Expense
Non-interest expense for the three months ended September 30, 2024, amounted to $29.4 million, an increase of $1.0 million, or 4%, compared to the three months ended September 30, 2023. The increase in non-interest expense was due primarily to an increase in salaries and employee benefits expense of $938 thousand, or 5%.


2

Balance Sheet
Total assets amounted to $4.74 billion at September 30, 2024, compared to $4.47 billion at December 31, 2023, an increase of 6%.

Total investment securities at fair value amounted to $632.0 million at September 30, 2024, compared to $668.2 million at December 31, 2023. The decrease of 5% during the nine months ended September 30, 2024 was largely attributable to principal pay-downs, calls and maturities. Unrealized losses on debt securities amounted to $80.8 million at September 30, 2024, compared to $102.9 million at December 31, 2023, a decrease of 21% that resulted from lower term interest rates.

Total loans amounted to $3.86 billion at September 30, 2024, compared to $3.57 billion at December 31, 2023. The increase of 8% during the nine months ended September 30, 2024 was due primarily to increases in commercial real estate and construction loans of $175.2 million and $89.3 million, respectively.

Total deposits amounted to $4.19 billion at September 30, 2024, compared to $3.98 billion at December 31, 2023. The increase of 5% during the nine months ended September 30, 2024 was due primarily to increases in money market and certificate of deposit balances of $85.5 million and $153.6 million, respectively.

Total borrowed funds amounted to $59.9 million at September 30, 2024, compared to $25.8 million at December 31, 2023. The increase during the nine months ended September 30, 2024 resulted from a term advance in the first quarter of 2024.

Total shareholders' equity amounted to $368.1 million at September 30, 2024, compared to $329.1 million at December 31, 2023. The increase of 12% during the nine months ended September 30, 2024 was due primarily to an increase in retained earnings of $19.1 million and a decrease in the accumulated other comprehensive loss of $17.1 million.

Credit Quality
Selected credit quality metrics at September 30, 2024, compared to December 31, 2023, were as follows:
•The ACL for loans amounted to $63.7 million, or 1.65% of total loans, compared to $59.0 million, or 1.65% of total loans.
•The reserve for unfunded commitments (included in other liabilities) amounted to $4.6 million, compared to $7.1 million.
•Non-performing loans amounted to $25.9 million, or 0.67% of total loans, compared to $11.4 million, or 0.32% of total loans. The increase in non-performing loans during the nine months ended September 30, 2024 resulted primarily from two individually evaluated commercial construction loans which were placed on non-accrual.

Net recoveries amounted to $7 thousand for the three months ended September 30, 2024, compared to $12 thousand for the three months ended September 30, 2023.

Wealth Management
Wealth assets under management and administration, which are not carried as assets on the Company's consolidated balance sheets, amounted to $1.51 billion at September 30, 2024, an increase of $194.9 million, or 15%, compared to December 31, 2023, and resulted primarily from an increase in market values.

About Enterprise Bancorp, Inc.
Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 140 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, the Company offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. The Company's headquarters and Enterprise Bank's main office are located at 222 Merrimack Street in Lowell,
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Massachusetts. The Company's primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham.

Forward-Looking Statements
This earnings release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "will," "should," "could," "plan," and other similar terms or expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties, and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to the current elevated interest rate environment or future reductions in interest rates and a resulting decline in net interest income; the resurgence of elevated levels of inflation or inflationary pressures in our market areas and the United States; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. For more information about these factors, please see our reports filed with or furnished to the U.S. Securities and Exchange Commission (the "SEC"), including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Any forward-looking statements contained in this earnings release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
4

ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(unaudited)
(Dollars in thousands, except per share data)September 30,
2024		December 31,
2023		September 30,
2023
Assets  
Cash and cash equivalents:  
Cash and due from banks$60,466 $37,443 $45,345 
Interest-earning deposits with banks28,166 19,149 180,076 
Total cash and cash equivalents88,632 56,592 225,421 
Investments:
Debt securities at fair value (amortized cost of $703,311, $763,981 and $806,077, respectively)
622,527 661,113 672,894 
Equity securities at fair value9,448 7,058 6,038 
Total investment securities at fair value631,975 668,171 678,932 
Federal Home Loan Bank stock2,482 2,402 2,403 
Loans held for sale1,229 200 — 
Loans:
Total loans3,858,940 3,567,631 3,404,014 
Allowance for credit losses(63,654)(58,995)(57,905)
Net loans3,795,286 3,508,636 3,346,109 
Premises and equipment, net43,291 44,931 43,391 
Lease right-of-use asset24,291 24,820 24,979 
Accrued interest receivable20,529 19,233 18,572 
Deferred income taxes, net44,067 49,166 55,080 
Bank-owned life insurance66,899 65,455 65,106 
Prepaid income taxes4,645 1,589 2,548 
Prepaid expenses and other assets13,827 19,183 14,177 
Goodwill5,656 5,656 5,656 
Total assets$4,742,809 $4,466,034 $4,482,374 
Liabilities and Shareholders' Equity
Liabilities
Deposits$4,189,461 $3,977,521 $4,060,403 
Borrowed funds59,949 25,768 4,290 
Subordinated debt59,736 59,498 59,419 
Lease liability24,010 24,441 24,589 
Accrued expenses and other liabilities32,116 45,011 31,288 
Accrued interest payable9,428 4,678 2,686 
Total liabilities4,374,700 4,136,917 4,182,675 
Commitments and Contingencies
Shareholders' Equity
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued
— — — 
Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,428,426, 12,272,674 and 12,256,964 shares issued and outstanding, respectively.
124 123 123 
Additional paid-in capital110,110 107,377 106,451 
Retained earnings320,497 301,380 296,291 
Accumulated other comprehensive loss(62,622)(79,763)(103,166)
Total shareholders' equity368,109 329,117 299,699 
Total liabilities and shareholders' equity$4,742,809 $4,466,034 $4,482,374 

5

ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(unaudited)
Three months endedNine months ended
(Dollars in thousands, except per share data)September 30,
2024		June 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Interest and dividend income:  
Other interest-earning assets$2,497 $1,697 $3,468 $5,366 $7,593 
Investment securities3,835 3,943 4,316 11,812 14,356 
Loans and loans held for sale53,809 51,224 44,501 153,850 125,855 
Total interest and dividend income60,141 56,864 52,285 171,028 147,804 
Interest expense:   
Deposits20,581 19,172 12,889 57,025 28,568 
Borrowed funds674 664 28 2,032 70 
Subordinated debt866 867 866 2,600 2,600 
Total interest expense22,121 20,703 13,783 61,657 31,238 
Net interest income38,020 36,161 38,502 109,371 116,566 
Provision for credit losses1,332 137 1,752 2,091 6,756 
Net interest income after provision for credit losses36,688 36,024 36,750 107,280 109,810 
Non-interest income:  
Wealth management fees2,025 1,970 1,673 5,845 4,933 
Deposit and interchange fees2,282 2,284 1,987 6,635 6,330 
Income on bank-owned life insurance, net518 503 327 1,479 950 
Net losses on sales of debt securities
(2)— — (2)(2,419)
Net gains on sales of loans57 44 14 123 34 
Net gains (losses) on equity securities604 101 (181)1,170 (8)
Other income656 726 666 2,013 2,242 
Total non-interest income6,140 5,628 4,486 17,263 12,062 
Non-interest expense:
Salaries and employee benefits20,097 19,675 19,159 58,948 53,815 
Occupancy and equipment expenses2,438 2,406 2,433 7,303 7,439 
Technology and telecommunications expenses2,618 2,658 2,626 8,021 7,937 
Advertising and public relations expenses559 674 592 1,976 2,077 
Audit, legal and other professional fees569 711 735 2,014 2,157 
Deposit insurance premiums900 862 654 2,621 1,944 
Supplies and postage expenses261 240 251 738 753 
Other operating expenses1,911 1,803 1,862 5,669 5,853 
Total non-interest expense29,353 29,029 28,312 87,290 81,975 
Income before income taxes13,475 12,623 12,924 37,253 39,897 
Provision for income taxes3,488 3,111 3,225 9,247 9,746 
Net income$9,987 $9,512 $9,699 $28,006 $30,151 
Basic earnings per common share$0.80 $0.77 $0.79 $2.26 $2.47 
Diluted earnings per common share$0.80 $0.77 $0.79 $2.26 $2.46 
Basic weighted average common shares outstanding12,428,543 12,389,917 12,247,892 12,370,812 12,210,740 
Diluted weighted average common shares outstanding12,438,160 12,394,463 12,264,778 12,379,390 12,233,861 
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ENTERPRISE BANCORP, INC.
Selected Consolidated Financial Data and Ratios
(unaudited)

At or for the three months ended
(Dollars in thousands, except per share data)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Balance Sheet Data  
Total cash and cash equivalents$88,632$199,719$147,834$56,592$225,421
Total investment securities at fair value631,975636,838652,026668,171678,932
Total loans3,858,9403,768,6493,654,3223,567,6313,404,014
Allowance for credit losses(63,654)(61,999)(60,741)(58,995)(57,905)
Total assets4,742,8094,773,6814,624,0154,466,0344,482,374
Total deposits4,189,4614,248,8014,106,1193,977,5214,060,403
Borrowed funds
59,94961,78563,24625,7684,290
Subordinated debt59,73659,65759,57759,49859,419
Total shareholders' equity368,109340,441333,439329,117299,699
Total liabilities and shareholders' equity4,742,8094,773,6814,624,0154,466,0344,482,374
Wealth Management
Wealth assets under management$1,212,076$1,129,147$1,105,036$1,077,761$984,647
Wealth assets under administration$302,891$267,529$268,074$242,338$211,046
Shareholders' Equity Ratios
Book value per common share$29.62$27.40$26.94$26.82$24.45
Dividends paid per common share$0.24$0.24$0.24$0.23$0.23
Regulatory Capital Ratios
Total capital to risk weighted assets13.07 %13.07 %13.20 %13.12 %13.45 %
Tier 1 capital to risk weighted assets(1)
10.36 %10.34 %10.43 %10.34 %10.61 %
Tier 1 capital to average assets8.68 %8.76 %8.85 %8.74 %8.59 %
Credit Quality Data
Non-performing loans$25,946$17,731$18,527$11,414$11,656
Non-performing loans to total loans0.67 %0.47 %0.51 %0.32 %0.34 %
Non-performing assets to total assets0.55 %0.37 %0.40 %0.26 %0.26 %
ACL for loans to total loans1.65 %1.65 %1.66 %1.65 %1.70 %
Net (recoveries) charge-offs
$(7)$(130)$122$15$(12)
Income Statement Data   
Net interest income$38,020$36,161$35,190$36,518$38,502
Provision for credit losses1,3321376222,4931,752
Total non-interest income6,1405,6285,4955,5474,486
Total non-interest expense29,35329,02928,90828,22428,312
Income before income taxes13,47512,62311,15511,34812,924
Provision for income taxes3,4883,1112,6483,4413,225
Net income$9,987$9,512$8,507$7,907$9,699
Income Statement Ratios
Diluted earnings per common share$0.80$0.77$0.69$0.64$0.79
Return on average total assets0.82 %0.82 %0.75 %0.69 %0.85 %
Return on average shareholders' equity11.20 %11.55 %10.47 %10.21 %12.53 %
Net interest margin (tax-equivalent)(2)
3.22 %3.19 %3.20 %3.29 %3.46 %
(1)Ratio also represents common equity tier 1 capital to risk weighted assets as of the periods presented.
(2)Tax-equivalent net interest margin is net interest income adjusted for the tax-equivalent effect associated with tax-exempt loan and investment income, expressed as a percentage of average interest-earning assets.


7

ENTERPRISE BANCORP, INC.
Consolidated Loan and Deposit Data
(unaudited)

Major classifications of loans at the dates indicated were as follows:

(Dollars in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Commercial real estate owner-occupied$660,063$660,478$635,420$619,302$618,903
Commercial real estate non owner-occupied1,579,8271,544,3861,524,1741,445,4351,413,555
Commercial and industrial415,642426,976417,604430,749425,334
Commercial construction674,434622,094583,711585,113501,179
Total commercial loans3,329,9663,253,9343,160,9093,080,5992,958,971
Residential mortgages424,030413,323400,093393,142362,514
Home equity loans and lines 95,98293,22085,14485,37574,433
Consumer8,9628,1728,1768,5158,096
Total retail loans528,974514,715493,413487,032445,043
Total loans3,858,9403,768,6493,654,3223,567,6313,404,014
ACL for loans(63,654)(61,999)(60,741)(58,995)(57,905)
Net loans$3,795,286$3,706,650$3,593,581$3,508,636$3,346,109

Deposits are summarized as follows as of the periods indicated:
(Dollars in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Non-interest checking$1,064,424 $1,041,771 $1,038,887 $1,061,009 $1,118,714 
Interest-bearing checking682,050 788,822 730,819 697,632 727,817 
Savings279,824 294,566 285,090 294,865 302,381 
Money market1,488,437 1,504,551 1,469,181 1,402,939 1,434,036 
CDs $250,000 or less 375,055 358,149 337,367 295,789 262,975 
CDs greater than $250,000299,671 260,942 244,775 225,287 214,480 
 Deposits$4,189,461 $4,248,801 $4,106,119 $3,977,521 $4,060,403 















8

ENTERPRISE BANCORP, INC.
Consolidated Average Balance Sheets and Yields (tax-equivalent basis)
(unaudited)

The following table presents the Company's average balance sheets, net interest income and average rates for the periods indicated:
 Three months ended September 30, 2024Three Months Ended June 30, 2024Three months ended September 30, 2023
(Dollars in thousands)Average
Balance
Interest(1)
Average
Yield(1)
Average
Balance
Interest(1)
Average
Yield(1)
Average
Balance
Interest(1)
Average
Yield(1)
Assets:      
Other interest-earning assets(2)
$181,465 $2,497 5.48 %$123,887 $1,697 5.51 %$260,475 $3,468 5.28 %
Investment securities(3) (tax-equivalent)
731,815 3,945 2.16 %750,822 4,057 2.16 %820,156 4,444 2.17 %
Loans and loans held for sale(4) (tax-equivalent)
3,813,800 53,956 5.63 %3,708,485 51,366 5.57 %3,372,754 44,644 5.25 %
Total interest-earnings assets (tax-equivalent)4,727,080 60,398 5.09 %4,583,194 57,120 5.01 %4,453,385 52,556 4.69 %
Other assets104,284   96,991 82,190  
Total assets$4,831,364   $4,680,185 $4,535,575  
Liabilities and stockholders' equity:     
Non-interest checking$1,069,130 — $1,044,648 — $1,186,243 — 
Interest checking, savings and money market2,574,439 13,017 2.01 %2,520,439 12,381 1.98 %2,491,229 9,185 1.47 %
CDs651,614 7,564 4.62 %601,339 6,791 4.54 %430,376 3,704 3.41 %
Total deposits
4,295,183 20,581 1.91 %4,166,426 19,172 1.85 %4,107,848 12,889 1.24 %
Borrowed funds61,232 674 4.38 %62,513 664 4.27 %4,938 28 2.30 %
Subordinated debt(5)
59,689 866 5.81 %59,609 867 5.82 %59,372 866 5.84 %
Total funding liabilities
4,416,104 22,121 1.99 %4,288,548 20,703 1.94 %4,172,158 13,783 1.31 %
Other liabilities60,524   60,270 56,414  
Total liabilities4,476,628   4,348,818 4,228,572  
Stockholders' equity354,736   331,367 307,003 
Total liabilities and stockholders' equity$4,831,364   $4,680,185 $4,535,575  
Net interest-rate spread (tax-equivalent)  3.10 %3.07 %  3.38 %
Net interest income (tax-equivalent) 38,277  36,417  38,773 
Net interest margin (tax-equivalent)  3.22 %3.19 %  3.46 %
Less tax-equivalent adjustment 257 256 271 
Net interest income$38,020 $36,161 $38,502 
Net interest margin 3.20 %3.17 %3.43 %
(1)Average yields and interest income are presented on a tax-equivalent basis, calculated using a U.S. federal income tax rate of 21% for each period presented, based on tax-equivalent adjustments associated with tax-exempt loans and investments interest income.
(2)Average other interest-earning assets include interest-earning deposits with banks, federal funds sold and Federal Home Loan Bank stock.
(3)Average investment securities are presented at average amortized cost.
(4)Average loans and loans held for sale are presented at average amortized cost and include non-accrual loans.
(5)Subordinated debt is net of average deferred debt issuance costs.

9
v3.24.3
Cover
Oct. 22, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 22, 2024
Entity Registrant Name ENTERPRISE BANCORP, INC.
Entity Incorporation, State or Country Code MA
Entity File Number 001-33912
Entity Tax Identification Number 04-3308902
Entity Address, Address Line One 222 Merrimack Street
Entity Address, City or Town Lowell,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01852
City Area Code (978)
Local Phone Number 459-9000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $0.01 par value per share
Trading Symbol EBTC
Security Exchange Name NASDAQ
Amendment Flag false
Entity Central Index Key 0001018399
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