Companies: 10,762     total market cap: $133.282 T
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Enterprise Bancorp
EBTC
#7161
Rank
$0.49 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$39.64
Share price
0.00%
Change (1 day)
-1.78%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Enterprise Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Enterprise Bancorp - 10-Q quarterly report FY2025 Q1


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
Form 10-Q
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number:  001-33912
 Enterprise Bancorp, Inc.
(Exact name of registrant as specified in its charter)
 
Massachusetts04-3308902
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
  
222 Merrimack Street,Lowell,Massachusetts01852
(Address of principal executive offices)(Zip code)
 (978) 459-9000
(Registrant's telephone number, including area code)

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
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x Yes o No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      x Yes o No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition for "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 

Large accelerated filer ☐ Accelerated filer x
Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

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.     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
     ☐ Yes x No

As of April 30, 2025, there were 12,508,386 shares of the issuer's common stock outstanding, par value $0.01 per share.

ENTERPRISE BANCORP, INC.
INDEX
  Page Number
 
1
   
 
2
PART I - FINANCIAL INFORMATION
4
 
Consolidated Balance Sheets - March 31, 2025 and December 31, 2024
4
 
Consolidated Statements of Income - Three months ended March 31, 2025 and 2024
5
Consolidated Statements of Comprehensive Income - Three months ended March 31, 2025 and 2024
6
 
Consolidated Statements of Changes in Shareholders' Equity - Three months ended March 31, 2025 and 2024
7
 
Consolidated Statements of Cash Flows - Three months ended March 31, 2025 and 2024
8
 
Notes to Unaudited Consolidated Interim Financial Statements
9
30
44
44
   
PART II - OTHER INFORMATION
45
45
45
45
45
45
46
 
47


2
ACRONYMS AND ABBREVIATIONS

The acronyms and abbreviations defined in the table below are provided to aid the reader when reviewing this Quarterly Report on Form 10-Q for the three months ended March 31, 2025:

AcronymDescription
ACL:Allowance for credit losses
AOCI:Accumulated other comprehensive income
ASC:Accounting Standards Codification
ASU:Accounting Standards Update
BTFP:
Bank Term Funding Program
CD:Certificate of deposit
CECL:Current expected credit loss
CMO:Collateralized mortgage obligations
FASB:
Financial Accounting Standards Board
FDIC:Federal Deposit Insurance Corporation
FHLB:
Federal Home Loan Bank of Boston
FRB:Federal Reserve Bank of Boston
GAAP:
U.S. Generally Accepted Accounting Principles
MBS:Mortgage-backed securities
Net interest margin:
Tax-equivalent net interest margin
NH BFA:
New Hampshire Business Finance Authority
OREO:Other real estate owned
ROU:
Right-of-use
RPA:Risk participation agreement
SBA:Small Business Administration
SEC:
U.S. Securities and Exchange Commission
SOFR:
Secured Overnight Financing Rate
Treasury:
U.S. Department of the Treasury
U.S.:United States

3
PART I-FINANCIAL INFORMATION
Item 1 -Financial Statements
ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024
Assets  
Cash and cash equivalents:  
Cash and due from banks$52,194 $42,689 
Interest-earning deposits with banks34,543 41,152 
Total cash and cash equivalents86,737 83,841 
Investments:
Debt securities at fair value (amortized cost of $674,601 and $685,766, respectively)
594,691 583,930 
Equity securities at fair value9,242 9,665 
Total investment securities at fair value603,933 593,595 
Federal Home Loan Bank stock
4,932 7,093 
Loans held for sale1,069 520 
Loans:
Total loans4,049,642 3,982,898 
Allowance for credit losses (64,042)(63,498)
Net loans3,985,600 3,919,400 
Premises and equipment, net41,464 42,444 
Lease right-of-use asset23,946 24,126 
Accrued interest receivable21,782 20,553 
Deferred income taxes, net42,338 49,096 
Bank-owned life insurance67,927 67,421 
Prepaid income taxes4,099 2,583 
Prepaid expenses and other assets11,006 11,398 
Goodwill5,656 5,656 
Total assets$4,900,489 $4,827,726 
Liabilities and shareholders' Equity  
Liabilities  
Deposits:
  Customer deposits$4,150,668 $4,187,698 
  Brokered deposits149,975 — 
Total deposits
4,300,643 4,187,698 
Borrowed funds94,493 153,136 
Subordinated debt59,894 59,815 
Lease liability23,699 23,849 
Accrued expenses and other liabilities29,422 33,425 
Accrued interest payable6,983 9,055 
Total liabilities4,515,134 4,466,978 
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; 12,510,019 and 12,447,308 shares issued and outstanding, respectively
125 124 
Additional paid-in capital111,621 111,295 
Retained earnings335,568 328,243 
Accumulated other comprehensive loss(61,959)(78,914)
Total shareholders' equity385,355 360,748 
Total liabilities and shareholders' equity$4,900,489 $4,827,726 
See the accompanying notes to the unaudited consolidated interim financial statements.
4

ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
 Three months ended March 31,
(Dollars in thousands, except per share data)20252024
Interest and dividend income:
Other interest-earning assets$535$1,172
Investment securities3,6084,034
Loans and loans held for sale55,40848,817
Total interest and dividend income59,55154,023
Interest expense:
Deposits18,28817,272
Borrowed funds1,706694
Subordinated debt867867
Total interest expense20,861 18,833 
Net interest income38,690 35,190 
Provision for credit losses331 622 
Net interest income after provision for credit losses38,359 34,568 
Non-interest income:
Wealth management fees2,0971,850
Deposit and interchange fees2,1572,069
Income on bank-owned life insurance, net506458
Net gains on sales of loans4722
Net (losses) gains on equity securities(301)465
Other income682631
Total non-interest income5,188 5,495 
Non-interest expense:
Salaries and employee benefits19,93619,176
Occupancy and equipment expenses2,5822,459
Technology and telecommunications expenses2,7092,745
Advertising and public relations expenses752743
Audit, legal and other professional fees541734
Deposit insurance premiums878859
Supplies and postage expenses229237
Merger-related expenses290—
Other operating expenses2,0321,955
Total non-interest expense29,949 28,908 
Income before income taxes13,598 11,155 
Provision for income taxes3,163 2,648 
Net income$10,435 $8,507 
Basic earnings per share$0.84 $0.69 
Diluted earnings per share$0.84 $0.69 
Basic weighted average common shares outstanding12,464,721 12,292,417 
Diluted weighted average common shares outstanding12,495,458 12,304,203 
See the accompanying notes to the unaudited consolidated interim financial statements.

5
ENTERPRISE BANCORP, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
Three months ended March 31,
(Dollars in thousands)20252024
Net income$10,435 $8,507 
Other comprehensive income (loss), net of tax
Net change in fair value of debt securities16,955 (2,111)
Total other comprehensive income (loss), net of tax
16,955 (2,111)
Total comprehensive income, net$27,390 $6,396 


See the accompanying notes to the unaudited consolidated interim financial statements.

6
ENTERPRISE BANCORP, INC.
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Total
Shareholders'
Equity
(Dollars in thousands, except per share data)SharesAmount
Balance at December 31, 202412,447,308 $124 $111,295 $328,243 $(78,914)$360,748 
Net income10,435 10,435 
Other comprehensive income, net
16,955 16,955 
Common stock dividend declared ($0.25 per share)
(3,110)(3,110)
Common stock issued under dividend reinvestment plan— — — — 
Common stock issued, other— — — — 
Stock-based compensation, net66,341 1 739 740 
Net settlement for employee taxes on restricted stock and options(11,243)— (524)(524)
Stock options exercised, net7,613 — 111 111 
Balance at March 31, 202512,510,019 $125 $111,621 $335,568 $(61,959)$385,355 
Balance at December 31, 202312,272,674 $123 $107,377 $301,380 $(79,763)$329,117 
Net income8,507 8,507 
Other comprehensive loss, net
(2,111)(2,111)
Common stock dividend declared ($0.24 per share)
(2,944)(2,944)
Common stock issued under dividend reinvestment plan14,496 — 398 398 
Common stock issued, other55 — 2 2 
Stock-based compensation, net90,963 1 660 661 
Net settlement for employee taxes on restricted stock and options(8,955)— (283)(283)
Stock options exercised, net7,329 — 92 92 
Balance at March 31, 202412,376,562 $124 $108,246 $306,943 $(81,874)$333,439 







See the accompanying notes to the unaudited consolidated interim financial statements.

7
ENTERPRISE BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
 Three months ended March 31,
(Dollars in thousands)20252024
Cash flows from operating activities:
Net income$10,435 $8,507 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses331 622 
Depreciation and amortization1,387 1,484 
Stock-based compensation expense549 503 
Income on bank-owned life insurance, net(506)(458)
Mortgage loans originated for sale(3,808)(1,758)
Proceeds from mortgage loans sold3,306 1,580 
Net gains on sales of loans(47)(22)
Net losses (gains) on equity securities301 (465)
Changes in:
  Net (increase) decrease in other assets(597)3,145 
  Net decrease in other liabilities(5,956)(10,961)
Net cash provided by operating activities5,395 2,177 
Cash flows from investing activities:
Proceeds from maturities, calls and pay-downs of debt securities11,006 14,225 
Net sales (purchases) of equity securities122 (579)
Net sales (purchases) of FHLB capital stock2,161 (80)
Net increase in loans(66,320)(86,813)
Additions to premises and equipment, net(248)(1,029)
Net cash used in investing activities(53,279)(74,276)
Cash flows from financing activities:
Net increase in deposits
112,945 128,598 
Net change in short-term borrowings(60,000)— 
Advancements from long-term borrowings
1,417 38,568 
Repayments of long-term borrowings
(60)(1,090)
Cash dividends paid, net of dividend reinvestment plan(3,110)(2,546)
Proceeds from issuance of common stock1 2 
Net settlement for employee taxes on restricted stock and options(524)(283)
Net proceeds from stock option exercises111 92 
Net cash provided by financing activities
50,780 163,341 
Net increase in cash and cash equivalents2,896 91,242 
Cash and cash equivalents at beginning of period83,841 56,592 
Cash and cash equivalents at end of period$86,737 $147,834 
See the accompanying notes to the unaudited consolidated interim financial statements.

8
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
(1)Summary of Significant Accounting Policies

(a) Organization of the Company and Basis of Presentation

The accompanying unaudited consolidated interim financial statements and these notes should be read in conjunction with the December 31, 2024 audited consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K of Enterprise Bancorp, Inc. (the "Company," "Enterprise," "we," or "our") for the year ended December 31, 2024 (the "2024 Annual Report on Form 10-K") as filed with the SEC on March 7, 2025. The Company has not materially changed its significant accounting policies from those disclosed in its 2024 Annual Report on Form 10-K. See Item (b), "Recent Accounting Pronouncements," below in this Note 1.

The accompanying unaudited consolidated interim financial statements of the Company include the accounts of the Company and its wholly owned subsidiary, Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank (the "Bank"). The Bank is a Massachusetts trust company and state chartered commercial bank organized in 1989. Substantially all of the Company's operations are conducted through the Bank and its subsidiaries. The services offered through the Bank and its subsidiaries are managed as one strategic unit and represent the Company's only reportable operating segment.

The accompanying unaudited consolidated interim financial statements, and notes thereto, in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 (this "Form 10-Q"), have been prepared in accordance with GAAP for interim financial information and the SEC instructions for Quarterly Reports on Form 10-Q. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all necessary adjustments, consisting of normal recurring accruals and elimination of intercompany balances, for a fair presentation. Interim results are not necessarily indicative of results to be expected for the entire year, or any future period.

(b) Recent Accounting Pronouncements

Accounting pronouncements not yet adopted by the Company

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This ASU requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is not expected to have a material impact on our consolidated financial statements.
(c) Subsequent Events

The Company has evaluated subsequent events and transactions from March 31, 2025 through the date this Form 10-Q was filed with the SEC for potential recognition or disclosure as required by GAAP and determined there were no material subsequent events requiring recognition or disclosure.

9
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
(2)    Investment Securities

Debt Securities

All of the Company's debt securities were classified as available-for-sale and carried at fair value as of the dates specified in the tables below. The amortized cost and fair values of debt securities at the dates specified are summarized as follows:
 March 31, 2025
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
U.S. Treasury securities
$6,998 $— $628 $6,370 
Federal agency CMO
338,988 71 47,650 291,409 
Federal agency MBS
19,718 10 2,640 17,088 
Taxable municipal securities 260,962 64 27,488 233,538 
Tax-exempt municipal securities34,909 4 442 34,471 
Corporate bonds 3,026 — 33 2,993 
Subordinated corporate bonds10,000 — 1,178 8,822 
Total debt securities, at fair value$674,601 $149 $80,059 $594,691 
 December 31, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
U.S. Treasury securities
$6,998 $— $766 $6,232 
Federal agency CMO347,500 — 63,313 284,187 
Federal agency MBS20,199 — 3,007 17,192 
Taxable municipal securities 261,137 10 32,926 228,221 
Tax-exempt municipal securities36,459 3 483 35,979 
Corporate bonds 3,473 — 54 3,419 
Subordinated corporate bonds10,000 — 1,300 8,700 
Total debt securities, at fair value$685,766 $13 $101,849 $583,930 
Accrued interest receivable on available-for-sale debt securities, included in the "Accrued Interest Receivable" line item on the Company's Consolidated Balance Sheets, amounted to $3.2 million at March 31, 2025 and $2.7 million at December 31, 2024.

At March 31, 2025, management performed its quarterly analysis of all securities with unrealized losses and concluded that the unrealized losses resulted from significant increases in market interest rates relative to the book yield on the securities held. Management concluded that no ACL for available-for-sale securities was necessary as of March 31, 2025 and anticipates they will mature or be called at par value. The Company does not intend to sell these investments prior to maturity and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis.


10
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
The following tables summarize the duration of unrealized losses for debt securities at March 31, 2025 and December 31, 2024:
 March 31, 2025
 Less than 12 months12 months or longerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		# of Holdings
U.S. Treasury securities
$— $— $6,370 $628 $6,370 $628 1
Federal agency CMO7,443 25 272,125 47,625 279,568 47,650 84
Federal agency MBS— — 15,440 2,640 15,440 2,640 10 
Taxable municipal securities 895 110 229,879 27,378 230,774 27,488 247
Tax-exempt municipal securities13,060 61 16,290 381 29,350 442 56 
Corporate bonds341 1 2,653 32 2,994 33 13 
Subordinated corporate bonds— — 8,821 1,178 8,821 1,178 5 
Total$21,739 $197 $551,578 $79,862 $573,317 $80,059 416 
 December 31, 2024
 Less than 12 months12 months or longerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		# of Holdings
U.S. Treasury securities
$— $— $6,232 $766 $6,232 $766 1
Federal agency CMO19,341 548 264,846 62,765 284,187 63,313 85
Federal agency MBS1,623 22 15,569 2,985 17,192 3,007 11 
Taxable municipal securities 1,881 124 224,469 32,802 226,350 32,926 248
Tax-exempt municipal securities16,212 92 16,465 391 32,677 483 64 
Corporate bonds 338 4 3,081 50 3,419 54 15 
Subordinated corporate bonds— — 8,700 1,300 8,700 1,300 5 
Total$39,395 $790 $539,362 $101,059 $578,757 $101,849 429 

The contractual maturity distribution at March 31, 2025 of debt securities was as follows:
(Dollars in thousands)Amortized CostFair Value
Due in one year or less$12,211 $12,092 
Due after one, but within five years110,078 104,549 
Due after five, but within ten years209,356 184,585 
Due after ten years342,956 293,465 
 Total debt securities
$674,601 $594,691 

The scheduled contractual maturities shown above may not reflect the actual maturities of the investments. The actual MBS/CMO cash flows likely will be faster than presented above due to prepayments and amortization. Similarly, included in the table above are callable securities, comprised of municipal securities and corporate bonds, with a fair value of $130.5 million, which can be redeemed by the issuers prior to the maturity presented above. Management considers these factors when evaluating the interest-rate risk in the Company's asset-liability management program.

From time to time, the Company may pledge debt securities as collateral for deposit account balances of municipal customers, and for borrowing capacity with the FHLB and the FRB. The fair value of debt securities pledged as collateral for these purposes was $585.9 million and $575.2 million at March 31, 2025 and December 31, 2024, respectively.

There were no sales of debt securities for the three months ended March 31, 2025 and March 31, 2024.
 
Equity Securities

At March 31, 2025, the Company held equity securities with a fair value of $9.2 million, which consisted of $6.1 million in management directed investments and $3.1 million in mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.

11
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
At December 31, 2024, the Company held equity securities with a fair value of $9.7 million, which consisted of $6.3 million in management directed investments and $3.4 million in mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.

Net gains and losses recognized on equity securities for the three months ended March 31, 2025 and March 31, 2024 are summarized as follows:
Three months ended March 31,
(Dollars in thousands)20252024
Net (losses) gains recognized during the period on equity securities $(301)$465 
Less: Net gains recognized on equity securities sold during the period54 1 
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the end of the period$(355)$464 

(3)Loans

Loan Portfolio Classifications

Major classifications of loans and their amortized cost as of the dates indicated were as follows:
(Dollars in thousands)March 31,
2025		December 31,
2024
Commercial real estate owner-occupied
$708,645 $704,634 
Commercial real estate non owner-occupied
1,629,394 1,563,201 
Commercial and industrial483,165 479,821 
Commercial construction664,936 679,969 
Total commercial loans3,486,140 3,427,625 
Residential mortgages450,456 443,096 
Home equity loans and lines 105,779 103,858 
Consumer7,267 8,319 
Total retail loans563,502 555,273 
Total loans4,049,642 3,982,898 
ACL for loans(64,042)(63,498)
Net loans$3,985,600 $3,919,400 

Net deferred loan origination fees, included in the amortized costs of loans reflected in the table above, amounted to $3.7 million at March 31, 2025 and $4.1 million at December 31, 2024.

Accrued interest receivable on loans amounted to $18.6 million and $17.8 million at March 31, 2025 and December 31, 2024, respectively, and was included in the "Accrued interest receivable" line item on the Company's Consolidated Balance Sheets.

Commercial loans originated by other banks in which the Company is a participating institution are carried at the pro-rata share of ownership and amounted to $168.0 million at March 31, 2025 and $163.7 million at December 31, 2024.

Loans serviced for others

The Company was servicing residential mortgage loans owned by investors amounting to $6.5 million and $6.7 million at March 31, 2025 and December 31, 2024, respectively. Additionally, the Company was servicing commercial loans originated by the Company and participated out to various other institutions amounting to $76.6 million and $77.4 million at March 31, 2025 and December 31, 2024, respectively.


12
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Loans serving as collateral

Loans designated as qualified collateral and pledged to the FHLB for borrowing capacity as of the dates indicated are summarized below:
(Dollars in thousands)March 31, 2025December 31, 2024
Commercial real estate$416,762 $423,494 
Residential mortgages423,329 409,423 
Home equity32,308 33,418 
Total loans pledged to FHLB$872,399 $866,335 

(4)ACL for Loans

There have been no material changes to the Company's ACL for loans methodology, underwriting practices, or credit risk management system used to estimate credit loss exposure as described in the 2024 Annual Report on Form 10-K.

See Note 4, "Credit Risk Management and ACL for Loans," to the Company's audited consolidated financial statements contained in the 2024 Annual Report on Form 10-K and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the subheading "Accounting Policies/Critical Accounting Estimates," of the Company's 2024 Annual Report on Form 10-K.

The credit risk management function of the Company evaluates a wide variety of factors, as early detection of credit issues is critical to minimizing credit losses. Accordingly, management regularly monitors internal credit quality indicators such as, the risk classification of loans, past due and non-accrual loans, individually evaluated loans, loan modifications, and the level of foreclosure activity, among other items. These credit quality indicators are outlined below.
Risk ratings and adversely classified loans

The Company's loan risk rating system classifies loans depending on risk of loss characteristics. Adversely classified ratings for loans determined to be of weaker credit range from "special mention," for loans that may need additional monitoring, to the more severe adverse classifications of "substandard," "doubtful," and "loss" based on criteria established under applicable banking regulations.























13
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
The following tables present the amortized cost basis of the Company's loan portfolio risk ratings within portfolio classifications, by origination date, or revolving status as of the dates indicated:
At or for the three months ended March 31, 2025
Term Loans by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Commercial real estate owner-occupied
Pass$17,654 $48,618 $128,484 $103,792 $83,168 $310,432 $7,440 $— $699,588 
Special mention— — 128 — — 6,119 — — 6,247 
Substandard— — — 1,205 417 1,188 — — 2,810 
 Total commercial real estate owner-occupied17,654 48,618 128,612 104,997 83,585 317,739 7,440 — 708,645 
Current period charge-offs— — — — — — — — — 
Commercial real estate non owner-occupied
Pass34,391 157,713 146,074 315,407 295,690 658,812 1,302 — 1,609,389 
Special mention— — 1,622 15,351 — — — — 16,973 
Substandard— — — 218 — 2,814 — — 3,032 
 Total commercial real estate non owner-occupied34,391 157,713 147,696 330,976 295,690 661,626 1,302 — 1,629,394 
Current period charge-offs— — — — 16 — — — 16 
Commercial and industrial
Pass22,157 81,534 56,157 36,109 30,778 69,420 179,095 1,489 476,739 
Special mention— — — — — 440 641 19 1,100 
Substandard— — 452 3,242 279 719 201 433 5,326 
 Total commercial and industrial22,157 81,534 56,609 39,351 31,057 70,579 179,937 1,941 483,165 
Current period charge-offs— — 15 6 1 113 — — 135 
Commercial construction
Pass14,454 160,181 221,178 97,988 91,848 26,685 34,311 — 646,645 
Special mention— — — — — 3,108 — — 3,108 
Substandard— — 564 14,619 — — — — 15,183 
 Total commercial construction14,454 160,181 221,742 112,607 91,848 29,793 34,311 — 664,936 
Current period charge-offs— — — — — — — — — 
Residential mortgages
Pass11,023 81,658 78,834 100,730 63,159 112,946 — — 448,350 
Substandard— — — — 1,031 1,075 — — 2,106 
 Total residential mortgages11,023 81,658 78,834 100,730 64,190 114,021 — — 450,456 
Current period charge-offs— — — — — — — — — 
Home equity
Pass860 620 451 778 520 3,556 97,680 1,038 105,503 
Substandard— — — — 148 128 — — 276 
 Total home equity860 620 451 778 668 3,684 97,680 1,038 105,779 
Current period charge-offs— — — — — — — — — 
Consumer
Pass789 1,853 1,879 1,111 885 747 — — 7,264 
Substandard— — — 3 — — — — 3 
 Total consumer789 1,853 1,879 1,114 885 747 — — 7,267 
Current period charge-offs50 — — — — 3 — — 53 
Total loans$101,328 $532,177 $635,823 $690,553 $567,923 $1,198,189 $320,670 $2,979 $4,049,642 
Total current period charge-offs$50 $— $15 $6 $17 $116 $— $— $204 

14
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
At or for the year ended December 31, 2024
Term Loans by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Commercial real estate owner-occupied
Pass$49,097 $126,723 $101,658 $83,937 $49,526 $277,331 $7,312 $— $695,584 
Special mention— 130 — — — 6,546 — — 6,676 
Substandard— — 1,228 423 — 723 — — 2,374 
 Total commercial real estate
49,097 126,853 102,886 84,360 49,526 284,600 7,312 — 704,634 
Current period charge-offs
— — — — — — — — — 
Commercial real estate non owner-occupied
Pass154,004 141,723 292,192 287,506 147,374 520,370 827 300 1,544,296 
Special mention— — 15,448 — — — — — 15,448 
Substandard— — 218 340 445 2,454 — — 3,457 
 Total commercial real estate non owner-occupied
154,004 141,723 307,858 287,846 147,819 522,824 827 300 1,563,201 
Current period charge-offs— — — — — — — — — 
Commercial and industrial
Pass81,891 60,997 39,791 32,536 20,325 50,476 182,184 5,924 474,124 
Special mention— — — — 203 258 270 — 731 
Substandard— 17 3,248 691 — 504 303 203 4,966 
 Total commercial and industrial
81,891 61,014 43,039 33,227 20,528 51,238 182,757 6,127 479,821 
Current period charge-offs12 44 — 196 — 267 — — 519 
Commercial construction
Pass138,845 229,116 127,493 106,452 9,517 21,582 32,325 — 665,330 
Substandard— — 14,639 — — — — — 14,639 
 Total commercial construction
138,845 229,116 142,132 106,452 9,517 21,582 32,325 — 679,969 
Current period charge-offs— — — — — — — — — 
Residential mortgages
Pass79,540 79,929 101,910 64,219 44,149 71,188 — — 440,935 
Substandard— — — 1,042 — 1,119 — — 2,161 
 Total residential mortgages
79,540 79,929 101,910 65,261 44,149 72,307 — — 443,096 
Current period charge-offs— — — — — — — — — 
Home equity
Pass623 454 783 528 433 2,033 97,217 1,507 103,578 
Substandard— — — — — 83 — 197 280 
 Total home equity
623 454 783 528 433 2,116 97,217 1,704 103,858 
Current period charge-offs— — — — — — — — — 
Consumer
Pass3,211 2,014 1,209 982 461 442 — — 8,319 
 Total consumer
3,211 2,014 1,209 982 461 442 — — 8,319 
Current period charge-offs94 3 1 — — 1 — — 99 
Total loans $507,211 $641,103 $699,817 $578,656 $272,433 $955,109 $320,438 $8,131 $3,982,898 
Total current period charge-offs$106 $47 $1 $196 $— $268 $— $— $618 
The total amortized cost basis of adversely classified loans amounted to $56.2 million, or 1.39% of total loans, at March 31, 2025, and $50.7 million, or 1.27% of total loans, at December 31, 2024.



15
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Past due and non-accrual loans

The following tables present an age analysis of past due loans by portfolio classification as of the dates indicated:
Balance at March 31, 2025
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due 90 Days or More
Total Past
Due Loans(1)
Current
 Loans(1)
Total
Loans
Commercial real estate owner-occupied$699 $— $565 $1,264 $707,381 $708,645 
Commercial real estate non owner-occupied
447 — 1,118 1,565 1,627,829 1,629,394 
Commercial and industrial2,211 391 5,045 7,647 475,518 483,165 
Commercial construction2,799 6,780 563 10,142 654,794 664,936 
Residential mortgages1,518 — 1,212 2,730 447,726 450,456 
Home equity241 — — 241 105,538 105,779 
Consumer51 2 5 58 7,209 7,267 
Total loans$7,966 $7,173 $8,508 $23,647 $4,025,995 $4,049,642 
Balance at December 31, 2024
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Past Due 90 Days or More
Total Past
Due Loans(1)
Current
 Loans(1)
Total
Loans
Commercial real estate owner-occupied$1,333 $— $522 $1,855 $702,779 $704,634 
Commercial real estate non owner-occupied
1,856 366 2,665 4,887 1,558,314 1,563,201 
Commercial and industrial1,319 69 3,702 5,090 474,731 479,821 
Commercial construction1,688 2,484 7,905 12,077 667,892 679,969 
Residential mortgages690 940 — 1,630 441,466 443,096 
Home equity467 133 — 600 103,258 103,858 
Consumer34 3 — 37 8,282 8,319 
Total loans$7,387 $3,995 $14,794 $26,176 $3,956,722 $3,982,898 
_______________________________________
(1)The loan balances in the tables above include loans designated as non-accrual despite their payment due status. Loans designated as non-accrual are presented below.
At March 31, 2025 and December 31, 2024, all loans past due 90 days or more were carried as non-accrual, however, not all non-accrual loans were 90 days or more past due in their payments. Loans that were less than 90 days past due where reasonable doubt existed as to the full and timely collection of interest or principal have also been designated as non-accrual, despite their payment due status.

The following tables present the amortized cost of non-accrual loans by portfolio classification as of the dates indicated:
Balance at March 31, 2025
(Dollars in thousands)Total Non-accrual LoansNon-accrual Loans without a Specific ReserveNon-accrual Loans with a Specific ReserveRelated Specific
Reserve
Commercial real estate owner-occupied$2,810 $2,810 $— $— 
Commercial real estate non owner-occupied3,032 2,132 900 340 
Commercial and industrial5,321 744 4,577 1,969 
Commercial construction15,183 8,403 6,780 3,355 
Residential mortgages1,877 1,877 — — 
Home equity 253 253 — — 
Consumer3 — 3 3 
Total loans$28,479 $16,219 $12,260 $5,667 


16
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Balance at December 31, 2024
(Dollars in thousands)Total Non-accrual LoansNon-accrual Loans without a Specific ReserveNon-accrual Loans with a Specific ReserveRelated Specific
Reserve
Commercial real estate owner-occupied$2,374 $2,374 $— $— 
Commercial real estate non owner-occupied3,457 2,532 925 185 
Commercial and industrial4,029 714 3,315 2,398 
Commercial construction14,639 — 14,639 3,649 
Residential mortgages1,931 1,931 — — 
Home equity 257 257 — — 
Consumer— — — — 
Total loans$26,687 $7,808 $18,879 $6,232 

The ratio of non-accrual loans to total loans amounted to 0.70% and 0.67% at March 31, 2025 and December 31, 2024, respectively.

At March 31, 2025 and December 31, 2024, additional funding commitments for non-accrual loans were immaterial.

Collateral dependent loans

The total recorded investment in collateral dependent loans amounted to $28.7 million at March 31, 2025 compared to $26.9 million at December 31, 2024. As of March 31, 2025, accruing collateral dependent loans amounted to $434 thousand, while non-accrual collateral dependent loans amounted to $28.3 million. As of December 31, 2024, accruing collateral dependent loans amounted to $438 thousand, while non-accrual collateral dependent loans amounted to $26.5 million.

The following tables present the recorded investment in collateral dependent loans and the related specific allowance by portfolio allocation as of the dates indicated:
Balance at March 31, 2025
(Dollars in thousands)Unpaid
Contractual
Principal
Balance		Total Recorded
Investment in
Collateral Dependent Loans		Recorded
Investment
without a
Specific Reserve		Recorded
Investment
with a
Specific Reserve		Related Specific
Reserve
Commercial real estate owner-occupied$3,351 $2,811 $2,811 $— $— 
Commercial real estate non owner-occupied3,634 3,032 2,133 899 340 
Commercial and industrial6,411 5,311 950 4,361 1,753 
Commercial construction15,433 15,183 8,403 6,780 3,355 
Residential mortgages2,244 2,105 2,105 — — 
Home equity301 253 253 — — 
Consumer— — — — — 
Total$31,374 $28,695 $16,655 $12,040 $5,448 

17
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Balance at December 31, 2024
(Dollars in thousands)Unpaid
Contractual
Principal
Balance		Total Recorded
Investment in
Collateral Dependent Loans		Recorded
Investment
without a
Specific Reserve		Recorded
Investment
with a
Specific Reserve		Related Specific
Reserve
Commercial real estate owner-occupied$2,921 $2,374 $2,374 $— $— 
Commercial real estate non owner-occupied4,368 3,457 2,532 925 185 
Commercial and industrial5,507 4,184 921 3,263 2,346 
Commercial construction14,824 14,639 — 14,639 3,649 
Residential mortgages2,347 2,161 2,161 — — 
Home equity145 108 108 — — 
Consumer— — — — — 
Total$30,112 $26,923 $8,096 $18,827 $6,180 
At March 31, 2025 and December 31, 2024, additional funding commitments for collateral dependent loans were immaterial.

Loan modifications to borrowers experiencing financial difficulty

The Company works with loan customers experiencing financial difficulty and may enter into loan modifications to the extent deemed to be necessary or appropriate while attempting to achieve the best mutual outcome given the individual financial circumstances and future prospects of the borrower. An assessment of whether a borrower is experiencing financial difficulty is made on the date of the modification. Modifications made for borrowers experiencing financial difficulty may be concessions in the form of principal forgiveness, interest rate reductions, payment deferrals of principal, interest or both, or term extensions, or some combination thereof. When a debt has been previously modified, the Company considers the cumulative effect of modifications made within the prior twelve-month period before the current modification, when determining whether or not a delay in payment resulting from the current modification is insignificant.

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty by type of concession granted during the period indicated:
Three months ended
March 31, 2025
(Dollars in thousands)Payment DeferralsTerm ExtensionsTotal% of Loan Class Total
Commercial real estate non owner-occupied$1,352 $1,622 $2,974 0.18 %
Total$1,352 $1,622 $2,974 0.07 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the period indicated:
Three months ended
March 31, 2025
Weighted Average Payment DeferralsWeighted-Average Term Extensions
Commercial real estate non owner-occupied3 months4 months
During the three months ended March 31, 2024, there were no loan modifications made to borrowers experiencing financial difficulty.

18
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
The Company closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance status of loans that were modified within the preceding twelve months to borrowers experiencing financial difficulty, as of periods indicated:
Balance at March 31, 2025
(Dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		Past Due 90 Days or MoreTotal Past
Due
Commercial real estate owner-occupied$— $— $— $— $— 
Commercial real estate non owner-occupied2,974 — — — — 
Commercial and industrial1,640 — — — — 
Commercial construction7,840 — — — — 
Residential mortgages— — — — — 
Home equity23 — — — — 
Consumer— — — — — 
Total$12,477 $— $— $— $— 

Balance at March 31, 2024
(Dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		Past Due 90 Days or MoreTotal Past
Due
Commercial real estate owner-occupied$— $— $— $— $— 
Commercial real estate non owner-occupied— — — — — 
Commercial and industrial— — — 143 143 
Commercial construction— — — — — 
Residential mortgages31 — — — — 
Home equity— — — — — 
Consumer— — — — — 
Total$31 $— $— $143 $143 

During each of the three month periods ended March 31, 2025 and March 31, 2024, there were no subsequent defaults on loans that had been modified within the preceding twelve months for borrowers experiencing financial difficulty.

At March 31, 2025 and March 31, 2024, additional funding commitments to borrowers experiencing financial difficulty who were party to a loan modification were immaterial.

ACL for loans and provision for credit loss activity

The following table presents changes in the provision for credit losses on loans and unfunded commitments during the periods indicated:
Three months ended
(Dollars in thousands)March 31,
2025		March 31,
2024
Provision for credit losses on loans - collectively evaluated
$685 $417 
Provision for credit losses on loans - individually evaluated
(565)1,451 
Provision for credit losses on loans120 1,868 
Provision for unfunded commitments211 (1,246)
Provision for credit losses$331 $622 

19
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
ACL for loans

The ACL for loans amounted to $64.0 million and $63.5 million at March 31, 2025 and December 31, 2024, respectively. The ACL for loans to total loans ratio was 1.58% and 1.59% at March 31, 2025 and December 31, 2024, respectively.

The following tables present changes in the ACL for loans by portfolio classification, during the three-month periods indicated:
(Dollars in thousands)Commercial Real Estate Owner-OccupiedCommercial Real Estate Non Owner-OccupiedCommercial and
Industrial		Commercial ConstructionResidential
Mortgage		Home
Equity		ConsumerTotal
Beginning Balance at December 31, 2024$10,813 $27,774 $9,940 $11,765 $2,205 $746 $255 $63,498 
Provision for credit losses on loans57 1,352 (848)(484)37 13 (7)120 
Recoveries— — 601 — — — 27 628 
Less: Charge-offs— 16 135 — — — 53 204 
Ending Balance at March 31, 2025$10,870 $29,110 $9,558 $11,281 $2,242 $759 $222 $64,042 

(Dollars in thousands)Commercial Real Estate Owner-OccupiedCommercial Real Estate Non Owner-OccupiedCommercial and
Industrial		Commercial ConstructionResidential
Mortgage		Home
Equity		ConsumerTotal
Beginning Balance at December 31, 2023$10,454 $27,620 $11,089 $6,787 $2,152 $579 $314 $58,995 
Provision for credit losses on loans25 1,201 (639)1,429 (80)(46)(22)1,868 
Recoveries— — 68 — — 2 2 72 
Less: Charge-offs— — 185 — — — 9 194 
Ending Balance at March 31, 2024$10,479 $28,821 $10,333 $8,216 $2,072 $535 $285 $60,741 
Reserve for unfunded commitments

The Company's reserve for unfunded commitments amounted to $4.6 million at March 31, 2025 and $4.4 million at December 31, 2024.

Management believes that the Company's ACL for loans and reserve for unfunded commitments were adequate as of March 31, 2025.

Other real estate owned

The Company carried no OREO at March 31, 2025 and December 31, 2024.

At March 31, 2025 and December 31, 2024, the Company had no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdictions.

(5)Leases

As of March 31, 2025, the Company had 16 facilities contracted under various non-cancelable operating leases, most of which provide options to the Company to extend the lease periods and include periodic rent adjustments.

Lease expense for both of the three-month periods ended March 31, 2025 and March 31, 2024 amounted to $423 thousand. Variable lease costs and short-term lease expenses included in lease expense during these periods were immaterial.

The weighted average remaining lease term for operating leases at March 31, 2025 and March 31, 2024 was 27.4 years and 28.2 years, respectively. The weighted average discount rate was 3.55% at both March 31, 2025 and March 31, 2024.

20
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
At March 31, 2025, the remaining undiscounted cash flows by year of these lease liabilities were as follows:
(Dollars in thousands)Operating Leases
2025 (remaining nine months)$1,099 
20261,468 
20271,475 
20281,476 
20291,480 
Thereafter30,242 
Total lease payments37,240 
Less: Imputed interest13,541 
Total lease liability$23,699 

(6)Deposits
 
Deposits are summarized as follows as of the periods indicated:
(Dollars in thousands)March 31, 2025December 31, 2024
Non-interest checking$1,028,326 $1,077,998 
Interest-bearing checking715,517 699,671 
Savings284,960 270,367 
Money market1,437,907 1,454,443 
CDs $250,000 or less 393,890 377,958 
CDs greater than $250,000290,068 307,261 
Total customer deposits
4,150,668 4,187,698 
Brokered deposits(1)
149,975 — 
Deposits$4,300,643 $4,187,698 
_________________________________________
(1)Brokered CDs which are individually $250,000 and under.

Total customer deposits include reciprocal balances from checking, money market deposits and CDs received from participating banks in nationwide deposit networks due to our customers electing to participate in Company offered programs which allow for third-party enhanced FDIC deposit insurance. Under this enhanced deposit insurance program, the equivalent of the customers' original deposited funds comes back to the Company and are carried within the appropriate category under deposits. The Company's balances in these reciprocal products were $897.6 million and $903.2 million at March 31, 2025 and December 31, 2024, respectively.

(7)Borrowed Funds and Subordinated Debt

Borrowed funds at March 31, 2025 and December 31, 2024 are summarized, as follows:
March 31, 2025December 31, 2024
(Dollars in thousands)BalanceRateBalanceRate
Overnight$85,000 4.53 %$145,000 4.52 %
Between 1 and 5 years1,270 0.47 %270 — %
Over 5 years8,223 2.70 %7,866 2.78 %
Total borrowed funds$94,493 4.32 %$153,136 4.43 %

The Company's borrowed funds at March 31, 2025 and December 31, 2024 were comprised of advances from the FRB and FHLB as well as secured borrowings from the NH BFA.

The Company also had outstanding subordinated debt (net of deferred issuance costs) of $59.9 million at March 31, 2025 and $59.8 million at December 31, 2024. The outstanding subordinated notes are due on July 15, 2030 and callable at the

21
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Company's option on or after July 15, 2025. Beginning July 15, 2025, the interest rate shall reset quarterly to the then three-month SOFR plus 517.5 basis points, payable quarterly in arrears.

(8)    Derivatives and Hedging Activities

For further information on the Company's derivatives and hedging activities, see Note 9, "Derivatives and Hedging," to the Company's audited consolidated financial statements contained in the 2024 Annual Report on Form 10-K. 

The tables below present a summary of the Company's derivative financial instruments, notional amounts and fair values at the periods presented:
March 31, 2025
(Dollars in thousands)Asset Notional Amount
Asset Derivatives(1)(2)
Liability Notional Amount
Liability Derivatives(1)(2)
Derivatives designated as hedging instruments
Interest-rate contracts - pay fixed, receive floating$25,000 $1 $75,000 $207 
Total derivatives designated as hedging instruments $25,000 $1 $75,000 $207 
Derivatives not subject to hedge accounting
Interest-rate contracts - pay floating, receive fixed$— $— $3,168 $260 
Interest-rate contracts - pay fixed, receive floating3,168 260 — — 
Risk participation agreements sold— — 46,236 30 
Total derivatives not subject to hedge accounting $3,168 $260 $49,404 $290 

December 31, 2024
(Dollars in thousands)Asset Notional Amount
Asset Derivatives(1)(2)
Liability Notional Amount
Liability Derivatives(1)(2)
Derivatives designated as hedging instruments
Interest-rate contracts - pay fixed, receive floating$— $— $100,000 $336 
Total derivatives designated as hedging instruments$— $— $100,000 $336 
Derivatives not subject to hedge accounting
Interest-rate contracts - pay floating, receive fixed$— $— $3,212 $321 
Interest-rate contracts - pay fixed, receive floating3,212 321 — — 
Risk participation agreements sold— — 46,387 25 
Total derivatives not subject to hedge accounting $3,212 $321 $49,599 $346 
________________________________________________
(1) Accrued interest balances related to the Company's interest-rate swaps are not included in the fair values above and are immaterial.
(2) The assets and liabilities related to the pay fixed, receive floating interest-rate contracts are subject to a master netting agreement and are presented net in the Company's Consolidated Balance Sheet.

The Company had no derivatives designated as cash flow hedges at either March 31, 2025 or December 31, 2024.

Derivatives designated as hedging instruments

Fair value hedges

Derivatives designated as fair value hedges are utilized to mitigate the risk of adverse interest-rate fluctuations on specifically identified assets or liabilities. The Company's fair value hedges are used to manage its exposure to changes in the fair value of hedged items caused by changes in interest rates.

At March 31, 2025 and December 31, 2024, the Company had three interest rate swap agreements with a combined notional value of $100.0 million. Each interest rate swap agreement was designated as a fair value hedge and involves the net settlement

22
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
of receiving floating-rate payments from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The table below presents the carrying amount of hedged items and cumulative fair value hedging basis adjustments for the periods presented:
March 31, 2025December 31, 2024
(Dollars in thousands)Balance Sheet Location of Hedged ItemCarrying Amount of Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged AssetsCarrying Amount of Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Interest-rate contracts - loansLoans$100,168 $168 $100,305 $305 

The table below presents the gains (losses) from interest rate derivatives accounted for as fair value hedges and the related hedged items during the periods indicated:
Three months ended
(Dollars in thousands)Affected Income Statement Line ItemMarch 31,
2025		March 31,
2024
Derivatives designated as fair value hedges:
Fair value adjustments on derivativesNet interest income$130 $782 
Fair value adjustments on hedged instrumentNet interest income(137)(797)
Total$(7)$(15)

Derivatives not subject to hedge accounting

Interest-rate Contracts

Each back-to-back interest-rate swap consists of two interest-rate swaps (a customer swap and offsetting counterparty swap) and amounted to a total number of two interest-rate swaps outstanding at March 31, 2025 and December 31, 2024. As a result of this offsetting relationship, there were no net gains or losses recognized in income on back-to-back swaps during the three months ended March 31, 2025 or March 31, 2024.

Interest-rate swaps with counterparties are subject to master netting agreements, while interest-rate swaps with customers are not. At March 31, 2025 and December 31, 2024, all back-to-back swaps with the counterparty were in asset positions, therefore there was no netting reflected in the Company's Consolidated Balance Sheets as of the respective dates.
Risk Participation Agreements

The Company enters into RPAs for which the Company has assumed credit risk for customers' performance under interest-rate swap agreements related to the customers' commercial loan and receives fee income commensurate with the risk assumed. The RPAs and the customers' loan are secured by the same collateral.

Credit-risk-related Contingent Features

The Company's interest-rate swaps with counterparties contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness.

By using derivative financial instruments, the Company exposes itself to counterparty credit risk. Credit risk is the risk of failure by the counterparty to perform under the terms of the derivative contract. The credit risk in derivative instruments is mitigated by entering into transactions with highly rated counterparties that management believes to be creditworthy. As of March 31, 2025, the Company had two active interest-rate swap institutional counterparties, both of which had investment grade credit ratings.



23
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
The Company’s interest rate swap agreements with counterparties have minimum collateral posting thresholds to manage credit risk outstanding from derivative market values.

As of March 31, 2025 and December 31, 2024, the Company had credit risk exposure from counterparties relating to interest-rate swaps of $260 thousand and $321 thousand, respectively, and cash posted by counterparties amounted to $120 thousand at both March 31, 2025 and December 31, 2024.

As of March 31, 2025 and December 31, 2024, counterparties had credit risk exposure from the Company relating to interest-rate swaps of $204 thousand and $332 thousand, respectively, and cash collateral posted by the Company amounted to $220 thousand and $480 thousand, respectively.

As of March 31, 2025, the fair value of derivatives related to these agreements was at a net asset position of $56 thousand, which excludes any adjustment for nonperformance risk.

Other Derivative Related Activity

Interest-rate lock commitments related to the origination of mortgage loans that will be sold are considered derivative instruments. The commitments to sell loans are also considered derivative instruments. At March 31, 2025 and December 31, 2024, the estimated fair value of the Company's interest-rate lock commitments and commitments to sell these mortgage loans were deemed immaterial.

(9) Regulatory Capital Requirements

As of March 31, 2025 and December 31, 2024, the Company met the definition of "well-capitalized" under the applicable regulations of the Board of Governors of the Federal Reserve System and the Bank qualified as "well-capitalized" under the prompt corrective action regulations of the FDIC and the Basel III capital guidelines.

The Company's and the Bank's actual capital amounts and ratios are presented as of March 31, 2025 and December 31, 2024 in the tables below:
 Actual
Minimum Capital
for Capital Adequacy
Purposes(1)
Minimum Capital
to be Well
Capitalized(2)
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
As of March 31, 2025      
The Company (consolidated)
      
Total Capital to risk-weighted assets$554,856 13.06 %$339,921 8.00 %N/AN/A
Tier 1 Capital to risk-weighted assets441,658 10.39 %254,941 6.00 %N/AN/A
Tier 1 Capital to average assets (or Leverage Ratio)441,658 8.98 %196,703 4.00 %N/AN/A
Common Equity Tier 1 Capital to risk-weighted assets441,658 10.39 %191,206 4.50 %N/AN/A
The Bank      
Total Capital to risk-weighted assets$554,636 13.05 %$339,921 8.00 %$424,902 10.00 %
Tier 1 Capital to risk-weighted assets501,332 11.80 %254,941 6.00 %339,921 8.00 %
Tier 1 Capital to average assets (or Leverage Ratio)501,332 10.19 %196,703 4.00 %245,879 5.00 %
Common Equity Tier 1 Capital to risk-weighted assets501,332 11.80 %191,206 4.50 %276,186 6.50 %


24
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
 Actual
Minimum Capital
for Capital Adequacy
Purposes(1)
Minimum Capital
to be Well
Capitalized(2)
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
As of December 31, 2024      
The Company (consolidated)
      
Total Capital to risk-weighted assets$546,283 13.06 %$334,522 8.00 %N/AN/A
Tier 1 Capital to risk-weighted assets434,006 10.38 %250,892 6.00 %N/AN/A
Tier 1 Capital to average assets (or Leverage Ratio)434,006 8.94 %194,242 4.00 %N/AN/A
Common Equity Tier 1 Capital to risk-weighted assets434,006 10.38 %188,169 4.50 %N/AN/A
The Bank      
Total Capital to risk-weighted assets$544,937 13.03 %$334,522 8.00 %$418,153 10.00 %
Tier 1 Capital to risk-weighted assets492,475 11.78 %250,892 6.00 %334,522 8.00 %
Tier 1 Capital to average assets (or Leverage Ratio)492,475 10.14 %194,242 4.00 %242,802 5.00 %
Common Equity Tier 1 Capital to risk-weighted assets492,475 11.78 %188,169 4.50 %271,799 6.50 %
________________________________________________
(1)Before application of the capital conservation buffer of 2.50% as of March 31, 2025, and December 31, 2024. See discussion below.
(2)For the Bank to qualify as "well-capitalized," it must maintain at least the minimum ratios listed under the regulatory prompt corrective action framework. This framework does not apply to the Company.

The Company is subject to the Basel III capital ratio requirements which include a "capital conservation buffer" of 2.50% above the regulatory minimum risk-based capital adequacy requirements shown above. If a banking organization dips into its capital conservation buffer it may be restricted in its activities, including its ability to pay dividends and discretionary bonus payments to its executive officers. Both the Company's and the Bank's actual ratios, as outlined in the table above, exceeded the Basel III risk-based capital requirement with the capital conservation buffer as of March 31, 2025. At March 31, 2025, the capital conservation buffer amounted to $106.2 million for both the Company and the Bank.

(10)Comprehensive Income (Loss)

The following table presents a reconciliation of the changes in the components of other comprehensive income (loss) for the periods indicated, including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss):
Three months ended March 31, 2025Three months ended March 31, 2024
(Dollars in thousands)Pre-Tax
Tax Expense
After Tax AmountPre-Tax
Tax Benefit
After Tax Amount
Change in fair value of debt securities$21,925 $(4,970)$16,955 $(2,769)$658 $(2,111)
Less: net security losses reclassified into non-interest income
— — — — — — 
Total other comprehensive income (loss), net$21,925 $(4,970)$16,955 $(2,769)$658 $(2,111)

Information on the Company's accumulated other comprehensive loss, net of tax, is comprised of the following components as of the periods indicated:
Unrealized Losses on Debt Securities
(Dollars in thousands)Three months ended March 31, 2025Three months ended March 31, 2024
Accumulated other comprehensive loss - beginning balance$(78,914)$(79,763)
Total other comprehensive income (loss), net
16,955 (2,111)
Accumulated other comprehensive loss - ending balance$(61,959)$(81,874)





25
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements

(11)Stock-Based Compensation

There have been no material changes to the Enterprise Bancorp, Inc. 2016 Stock Incentive Plan (the "2016 Plan") since December 31, 2024. As of March 31, 2025, 216,063 shares of Company common stock remained available for future grants under the 2016 Plan.

Total stock-based compensation expense was $549 thousand for the three months ended March 31, 2025, compared to $503 thousand for the three months ended March 31, 2024.

Stock Option Awards

The Company issued no stock options during the three months ended March 31, 2025 and March 31, 2024. As of March 31, 2025, there were 6,077 unvested outstanding stock options that are expected to vest over the remaining weighted average vesting period of 1.0 year.
The Company recognized stock-based compensation expense related to stock option awards of $23 thousand for the three months ended March 31, 2025, compared to $41 thousand for the three months ended March 31, 2024.

Restricted Stock Awards
 
Restricted stock awards are granted at the market price of the Company's common stock on the date of the grant. Employee restricted stock awards generally vest over four years in equal portions beginning on or about the first anniversary date of the restricted stock award or are performance-based restricted stock awards that vest upon the Company achieving certain predefined performance objectives. Non-employee director restricted stock awards generally vest over two years in equal portions beginning on or about the first anniversary date of the restricted stock award.

The table below provides a summary of restricted stock awards granted during the periods indicated:
Three months ended March 31,
Restricted Stock Awards (number of underlying shares)20252024
Four-year vesting 32,212 65,588 
Performance-based vesting 30,794 21,263 
Total restricted stock awards granted63,006 86,851 
Weighted average grant date fair value$39.60 $24.90 

Stock-based compensation expense recognized in association with stock awards, mainly restricted stock awards, amounted to $526 thousand for the three months ended March 31, 2025, compared to $402 thousand for the three months ended March 31, 2024.

Stock in Lieu of Directors' Fees

Prior to 2025, non-employee members of the Company's Board of Directors (the "Board") could opt to receive newly issued shares of the Company's common stock in lieu of cash compensation for attendance at meetings of the Board and committees of the Board. However, in connection with the proposed merger with Independent, the option to receive shares of Common Stock in lieu of cash fees was suspended for 2025. As a result, there was no stock-based compensation expense related to these directors' fees for the three months ended March 31, 2025, compared to $60 thousand for the three months ended March 31, 2024.


26
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
(12)Earnings per Share

The table below presents the increase in average shares outstanding, using the treasury stock method, for the diluted earnings per share calculation for the periods indicated:
 Three months ended March 31,
 20252024
Basic weighted average common shares outstanding12,464,721 12,292,417 
Dilutive shares30,737 11,786 
Diluted weighted average common shares outstanding12,495,458 12,304,203 

Stock options outstanding that were determined to be anti-dilutive, and therefore excluded from the calculation of dilutive shares, amounted to 12,123 for the three months ended March 31, 2025, compared to 103,238 for the three months ended March 31, 2024. These stock options, which were not dilutive, may potentially dilute earnings per share in the future.

Unvested participating restricted stock awards amounted to 189,544 shares and 176,571 shares as of March 31, 2025 and December 31, 2024, respectively.

(13)Fair Value Measurements

The FASB defines the fair value of an asset or liability to be the price which a seller would receive in an orderly transaction between market participants (an exit price) and also establishes a fair value hierarchy segregating fair value measurements using three levels of inputs: (Level 1) quoted market prices in active markets for identical assets or liabilities; (Level 2) significant other observable inputs, including quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs such as interest rates and yield curves, volatilities, prepayment speeds, credit risks and default rates which provide a reasonable basis for fair value determination or inputs derived principally from observed market data; and (Level 3) significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability. Unobservable inputs must reflect reasonable assumptions that market participants would use in pricing the asset or liability, which are developed based on the best information available under the circumstances.

The following tables summarize significant assets and liabilities carried at fair value and placement in the fair value hierarchy at the dates specified:
March 31, 2025
 Fair Value Measurements Using:
(Dollars in thousands)Fair Value(Level 1)(Level 2)(Level 3)
Assets measured on a recurring basis:    
Debt securities$594,691 $— $594,691 $— 
Equity securities9,242 9,242 — — 
FHLB stock4,932 — 4,932 — 
Interest-rate swaps261 — 261 — 
Assets measured on a non-recurring basis:    
Individually evaluated loans (collateral dependent)6,592 — — 6,592 
Liabilities measured on a recurring basis:
Interest-rate swaps467 — 467 — 
RPAs sold30 — 30 — 

27
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
December 31, 2024
 Fair Value Measurements Using:
(Dollars in thousands)Fair Value(Level 1)(Level 2)(Level 3)
Assets measured on a recurring basis:    
Debt securities$583,930 $— $583,930 $— 
Equity securities9,665 9,665 — — 
FHLB stock7,093 — 7,093 — 
Interest-rate swaps321 — 321 — 
Assets measured on a non-recurring basis:    
Individually evaluated loans (collateral dependent)12,647 — — 12,647 
Liabilities measured on a recurring basis:
Interest-rate swaps657— 657 — 
RPAs sold25— 25 — 

The Company utilizes third-party pricing vendors to provide valuations on its debt securities.

The Company's equity portfolio fair value is measured based on quoted market prices for the shares; therefore, these securities are categorized as Level 1 within the fair value hierarchy.

The Bank is required to purchase FHLB stock at par value in association with advances from the FHLB. The stock is issued, redeemed, repurchased and transferred by the FHLB only at their fixed par value. This stock is classified as a restricted investment and carried at FHLB par value which management believes approximates fair value; therefore, these securities are categorized as Level 2 measures.

The fair values of derivative assets and liabilities, which are comprised of back-to-back swaps, fair value hedges and risk participation agreements, represent a FASB Level 2 measurement and are based on settlement values adjusted for credit risks and observable market interest-rate curves. The Company utilizes third-party vendors to provide valuations on its derivative assets and liabilities. Refer also to Note 8, "Derivatives and Hedging Activities," of this Form 10-Q, contained above, for additional information on the Company's interest-rate swaps.

For loans individually assessed and deemed to be collateral dependent management has estimated the value and the probable credit loss by comparing the loan's amortized cost against the expected realizable fair value of the collateral (appraised value, or internal analysis, less estimated cost to sell, adjusted as necessary for changes in relevant valuation factors subsequent to the measurement date). Certain inputs used in these assessments, and possible subsequent adjustments, are not always observable, and therefore, collateral dependent loans carried at realizable fair value are categorized as Level 3 within the fair value hierarchy. A specific reserve is assigned to the collateral dependent loan for the amount of management's estimated probable credit loss. The specific reserve assigned to individually evaluated loans that are collateral dependent amounted to $5.4 million at March 31, 2025, compared to $2.8 million at December 31, 2024.

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company utilized Level 3 inputs (significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability) to determine fair value as of March 31, 2025 and December 31, 2024:
Fair Value
(Dollars in thousands)March 31, 2025December 31, 2024Valuation TechniqueUnobservable InputUnobservable Input Value or Range
Assets measured on a non-recurring basis:
Individually evaluated loans (collateral dependent)$6,592 $12,647 Appraisal of collateral
Appraisal adjustments(1)
15% - 75%
_______________________________
(1)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.


28
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Estimated Fair Values of Assets and Liabilities

In addition to disclosures regarding the measurement of assets and liabilities carried at fair value on the Company's Consolidated Balance Sheets, the Company is also required to disclose fair value information about financial instruments for which it is practicable to estimate that value, whether or not recognized on the Company's Consolidated Balance Sheets. 
Financial instruments for which the fair value is disclosed but not recognized on the Company's Consolidated Balance Sheets are summarized below. The table includes the carrying value, estimated fair value and its placement in the fair value hierarchy as follows:
 March 31, 2025
Fair Value Measurement
(Dollars in thousands)Carrying
Value		Fair ValueLevel 1 InputsLevel 2 InputsLevel 3 Inputs
Financial assets:  
Loans held for sale$1,069 $1,075 $— $1,075 $— 
Loans, net3,985,600 3,868,360 — — 3,868,360 
Financial liabilities:  
CDs683,958 683,280 — 683,280 — 
Brokered deposits149,975 149,960 — 149,960 — 
Borrowed funds94,493 93,090 — 93,090 — 
Subordinated debt59,894 64,254 — 64,254 — 
December 31, 2024
 Fair Value Measurement
(Dollars in thousands)Carrying
Value		Fair ValueLevel 1 InputsLevel 2 InputsLevel 3 Inputs
Financial assets:  
Loans held for sale$520 $516 $— $516 $— 
Loans, net3,919,400 3,788,194 — — 3,788,194 
Financial liabilities:
CDs685,219 684,897 — 684,897 — 
Brokered deposits— — — — — 
Borrowed funds153,136 151,800 — 151,800 — 
Subordinated debt59,815 62,417 — 62,417 — 

Excluded from the tables above are certain financial instruments with carrying values that approximated their fair value at the dates indicated, as they were short-term in nature or payable on demand. These include cash and cash equivalents, accrued interest and non-term deposit accounts. The respective carrying values of these instruments would all be classified within Level 1 in the fair value hierarchy.

Also excluded from these tables are the fair values of commitments for unused portions of lines of credit and commitments to originate loans that were short-term, at current market rates and estimated to have no significant change in fair value.

(14)Supplemental Cash Flow Information

The supplemental cash flow information for the three months ended March 31, 2025 and March 31, 2024 is as follows:
Three months ended March 31,
(Dollars in thousands)20252024
Supplemental financial data:
Cash paid for: interest$22,933 $17,125 
Cash paid for: income taxes2,770 4,805 
Cash paid for: lease liability358 351 
.

29
Item 2 -Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's discussion and analysis should be read in conjunction with the Enterprise Bancorp, Inc. (the "Company," "Enterprise," "we," or "our") unaudited consolidated interim financial statements and notes thereto contained in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 (this "Form 10-Q"), and the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report on Form 10-K"), as filed with the SEC on March 7, 2025.

Special Note Regarding Forward-Looking Statements

This Form 10-Q contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about the Company and its industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding the Company's future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to the Company, are forward-looking statements. Forward-looking statements may be identified by reference to a future period or periods or by use of forward-looking terminology such as "will," "should," "could," "anticipates," "believes," "expects," "intends," "may," "plans," "pursue," "views" and similar terms or expressions. We caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
•disruption from the proposed Merger (as defined below) of the Company with and into Independent (as defined below);
•the risk that the proposed Merger may not be completed in a timely manner or at all;
•the occurrence of any event, change, or other circumstances that could give rise to the termination of the proposed Merger with Independent;
•the failure to obtain necessary regulatory approvals for the proposed Merger with Independent;
•the ability to successfully integrate the combined business;
•the possibility that the amount of the costs, fees, expenses, and charges related to the proposed Merger with Independent may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities;
•the failure of the conditions to the proposed Merger with Independent to be satisfied;
•reputational risk and the reaction of the parties' customers to the proposed Merger with Independent;
•the risk of potential litigation or regulatory action related to the proposed Merger with Independent;
•potential recession in the United States and our market areas;
•adverse changes in customer spending and savings habits;
•the impacts related to or resulting from bank failures and any uncertainty in the banking industry as a whole, 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;
•failure of risk management controls and procedures;
•the adequacy of the allowance for credit losses;
•risk specific to commercial loans and borrowers;
•changes in the business cycle and downturns in the local, regional, or national economies, including changes in consumer spending and deterioration in the local real estate market, could negatively impact credit and/or asset quality and result in credit losses and increases in the Company's allowance for credit losses;
•the effects of declines in housing prices in the United States and our market areas;
•declines in commercial real estate prices;
•the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the U.S. and our market areas, and its impact on market interest rates, the economy and credit quality;

30
•increases in unemployment rates in the United States and our market areas;
•deterioration of capital markets, which could adversely affect the value or credit quality of the Company's assets and the availability of funding sources necessary to meet the Company's liquidity needs;
•changes in market interest rates, whether due to the current elevated interest rate environment or future reductions in interest rates, could negatively impact the pricing of our loans and deposits and decrease our net interest income or net interest margin;
•increases in market interest rates could negatively impact bond market values and result in a lower net book value;
•our ability to successfully manage the elevated market interest-rate environment, our credit risk and the level of future non-performing assets and charge-offs;
•potential decreases or growth of assets, deposits, future non-interest expenditures and non-interest income;
•inability to maintain adequate liquidity;
•the inability to raise the necessary capital to fund our operations or to meet minimum regulatory capital levels would restrict our business and operations;
•material decreases in the amount of deposits we hold, or a failure to grow our deposit base as necessary to help fund our growth and operations;
•our ability to keep pace with technological change or difficulties when implementing new technologies;
•technology-related risk, including technological changes and technology service interruptions or failure could adversely impact the Company's operations and increase technology-related expenditures;
•cybersecurity risk, including cyber incidents or other failures, disruptions or security 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;
•increasing competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services could adversely affect the Company's competitive position within its market area and reduce demand for the Company's products and services;
•our ability to retain and increase our aggregate assets under management;
•our ability to enter new markets successfully and capitalize on growth opportunities, including the receipt of required regulatory approvals;
•damage to our reputation in the markets we serve;
•risks associated with fraudulent, negligent, or other acts by our customers, employees or vendors;
•exposure to legal claims and litigation;
•our ability to maintain an effective system of disclosure controls and procedures and internal control over financial reporting;
•inability to attract, hire and retain qualified personnel;
•recent and future changes in laws and regulations that apply to the Company's business and operations, and any additional regulations, or repeals that may be forthcoming as a result thereof, which could cause the Company to incur additional costs and adversely affect the Company's business environment, operations and financial results;
•future regulatory compliance costs, including any increase caused by new regulations imposed by the government;
•our ability to navigate the uncertain impacts of quantitative tightening and current and future governmental monetary and fiscal policies, including the current and future policies of the Board of Governors of the Federal Reserve System;
•a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding U.S. fiscal debt and budget matters;
•severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events;
•the impact of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade and tariff policies and the resulting impact on the Company and its customers;
•the effect of volatility in the capital markets on our fee income from our wealth management business;
•our ability to comply with supervisory actions by federal and state banking agencies;
•changes in the scope and cost of FDIC insurance and other coverage;
•changes in accounting and/or auditing standards, policies and practices, as may be adopted or established by the regulatory agencies, FASB, or the Public Company Accounting Oversight Board could negatively impact the Company's financial results; and
•systemic risks associated with the soundness of other financial institutions.

31
The Company cautions readers that the forward-looking statements in this Form 10-Q reflect numerous assumptions that management believes to be reasonable, but which are inherently uncertain and beyond the Company's control. Forward-looking statements involve a number of risks and uncertainties that could cause the Company's actual results to differ materially from those expressed in, or implied by, the forward-looking statement. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and readers should not place undue reliance on such forward-looking information and statements. Any forward-looking statements in this Form 10-Q are based on information available to the Company as of the date of this Form 10-Q, and the Company undertakes no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Risk Management Framework

Management utilizes a comprehensive enterprise risk management framework that enables a coordinated and structured approach for identifying, assessing and managing risks across the Company and provides reasonable assurance that management has the tools, programs, people and processes in place to support informed decision making, anticipate risks before they materialize and maintain the Company's risk profile consistent with its strategic planning, and applicable laws and regulations.

See Part I, Item 1, "Business," under the "Risk Management Framework," of the Company's 2024 Annual Report on Form 10-K, for additional information on the Company's key risk mitigation strategies, and Part I, Item 1A, "Risk Factors," and Item 1C, "Cybersecurity," of the Company's 2024 Annual Report on Form 10-K for numerous factors that could adversely affect the Company's future results of operations and financial condition, and its reputation and business model.

Accounting Policies/Critical Accounting Estimates

As discussed in the Company's 2024 Annual Report on Form 10-K and in this Form 10-Q, the most significant areas in which management applies critical assumptions and estimates are: the ACL for loans and available-for-sale securities, the reserve for unfunded commitments and the impairment review of goodwill.

The Company has not materially changed its significant accounting and reporting policies from those disclosed in the Company's 2024 Annual Report on Form 10-K.

Recent Accounting Pronouncements

See Note 1, Item (b), "Recent Accounting Pronouncements," to the Company's unaudited consolidated interim financial statements in this Form 10-Q for information regarding recent accounting pronouncements.


32
Overview

Executive Summary

On December 9, 2024, Enterprise and Enterprise Bank announced the signing of an Agreement and Plan of Merger (the "Merger Agreement") with Independent Bank Corp. ("Independent"), pursuant to which Enterprise will merge with and into Independent (the "Merger") and Enterprise Bank will merge into Independent's wholly owned subsidiary, Rockland Trust Company. The proposed Merger is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals. As previously announced, Enterprise shareholders approved of the proposed Merger on April 3, 2025. No vote of Independent Bank Corp. shareholders is required.

Net income for the three months ended March 31, 2025, amounted to $10.4 million, or $0.84 per diluted common share, compared to $8.5 million, or $0.69 per diluted common share, for the three months ended March 31, 2024. The increase in net income of $1.9 million was attributable primarily to an increase in net interest income of $3.5 million, partially offset by an increase in non-interest expense of $1.0 million.

During the first quarter of 2025, the Company sold non-performing loans with a net book value of $956 thousand, resulting in net recoveries of $461 thousand and loan interest income of $486 thousand. The sale of non-performing loans reduced the provision for credit losses, which amounted to $331 thousand for the first quarter of 2025 compared to $622 thousand for the prior year quarter. Net interest margin amounted to 3.32% and 3.20% for the three months ended March 31, 2025 and 2024, respectively. The sale of non-performing loans favorably impacted both the loan yield and net interest margin by 5 basis points for the quarter ended March 31, 2025.

Total assets amounted to $4.90 billion at March 31, 2025, compared to $4.83 billion at December 31, 2024, an increase of $72.8 million, or 2%. The increase was due primarily to an increase in total loans of $66.7 million, or 2%, with growth primarily in commercial real estate loans.

Total deposits amounted to $4.30 billion at March 31, 2025, compared to $4.19 billion at December 31, 2024, an increase of 3%. The increase during the three months ended March 31, 2025, was due primarily to an increase in brokered deposits of $150.0 million. Total customer deposits, which exclude brokered deposits, decreased $37.0 million during the first quarter of 2025.

Wholesale funding, which is comprised of brokered deposits and borrowed funds, amounted to $244.5 million at March 31, 2025, compared to $153.1 million at December 31, 2024. The increase during the first quarter of 2025 was used primarily to fund loan growth.

Total shareholders' equity amounted to $385.4 million at March 31, 2025, compared to $360.7 million at December 31, 2024, an increase of 7%. The increase during the three months ended March 31, 2025, was due primarily to a decrease in the accumulated other comprehensive loss of $17.0 million and an increase in retained earnings of $7.3 million. The decrease in the accumulated other comprehensive loss was driven by a decrease in unrealized losses on debt securities caused by declines in market interest rates.

At March 31, 2025, the non-performing loan to total loan ratio amounted to 0.70% compared to 0.67% at December 31, 2024 compared to March 31, 2025, the ACL for loans to total loans ratio was 1.58% compared to 1.59% at December 31, 2024. Net recoveries for the three months ended March 31, 2025, benefited from the sale of delinquent loans noted above and amounted to $424 thousand, or 0.04% of average total loans, compared to net charge-offs of $122 thousand, or 0.01% of average total loans, for the three months ended March 31, 2024.













33
Selected Financial Data and Ratios

The following table sets forth selected financial data and ratios for the Company at or for the three-month periods indicated:
At or for the three months ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Balance Sheet Data
Total cash and cash equivalents$86,737$83,841$88,632$199,719$147,834
Total investment securities at fair value603,933593,595631,975636,838652,026
Total loans4,049,6423,982,8983,858,9403,768,6493,654,322
Allowance for credit losses(64,042)(63,498)(63,654)(61,999)(60,741)
Total assets4,900,4894,827,7264,742,8094,773,6814,624,015
Customer deposits4,150,6684,187,6984,189,4614,248,8014,106,119
Brokered deposits149,975————
Borrowed funds94,493153,13659,94961,78563,246
Subordinated debt59,89459,81559,73659,65759,577
Total shareholders' equity385,355360,748368,109340,441333,439
Total liabilities and shareholders' equity4,900,4894,827,7264,742,8094,773,6814,624,015
Wealth Management
Wealth assets under management$1,214,050$1,230,014$1,212,076$1,129,147$1,105,036
Wealth assets under administration$297,233$305,930$302,891$267,529$268,074
Shareholders' Equity Ratios
Book value per common share$30.80$28.98$29.62$27.40$26.94
Dividends paid per common share$0.25$0.24$0.24$0.24$0.24
Regulatory Capital Ratios
Total capital to risk-weighted assets
13.06 %13.06 %13.07 %13.07 %13.20 %
Tier 1 capital to risk-weighted assets(1)
10.39 %10.38 %10.36 %10.34 %10.43 %
Tier 1 capital to average assets8.98 %8.94 %8.68 %8.76 %8.85 %
Credit Quality Data
Non-performing loans$28,479$26,687$25,946$17,731$18,527
Non-performing loans to total loans0.70 %0.67 %0.67 %0.47 %0.51 %
Non-performing assets to total assets(2)
0.58 %0.55 %0.55 %0.37 %0.40 %
ACL for loans to total loans1.58 %1.59 %1.65 %1.65 %1.66 %
Net (recoveries) charge-offs
$(424)$221$(7)$(130)$122
Income Statement Data
Net interest income$38,690$38,493$38,020$36,161$35,190
Provision for credit losses331(106)1,332137622
Total non-interest income5,1885,6166,1405,6285,495
Total non-interest expense29,94929,84229,35329,02928,908
Income before income taxes13,59814,37313,47512,62311,155
Provision for income taxes3,1633,6463,4883,1112,648
Net income$10,435$10,727$9,987$9,512$8,507
Income Statement Ratios
Diluted earnings per common share$0.84$0.86$0.80$0.77$0.69
Return on average total assets0.87 %0.89 %0.82 %0.82 %0.75 %
Return on average shareholders' equity11.45 %11.82 %11.20 %11.55 %10.47 %
Net interest margin (tax-equivalent)(3)
3.32 %3.29 %3.22 %3.19 %3.20 %
________________________________________________________
(1)Ratio also represents common equity tier 1 capital to risk-weighted assets as of the periods presented.
(2)The Company had no OREO as of the periods presented, and therefore, non-performing loans were the only component of non-performing assets.
(3)Tax-equivalent net interest margin (non-GAAP) 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.

34
Results of Operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024
 
Unless otherwise indicated, the reported results in this subsection are for the three months ended March 31, 2025, with references to the "prior year period" and "comparable period" being the three months ended March 31, 2024. Average yields are presented on an annualized tax-equivalent basis (non-GAAP).

Net Income
Net income for the three months ended March 31, 2025, amounted to $10.4 million, an increase of $1.9 million, or 23%, compared to the prior year period.

Net Interest Income
Net interest income amounted to $38.7 million, an increase of $3.5 million, or 10%, compared to the prior year period. The increase was due primarily to an increase in loan interest income of $6.6 million, partially offset by increases in deposit interest expense of $1.0 million and borrowings interest expense of $1.0 million as well as a decrease in income on other interest-earning assets of $637 thousand.

Net Interest Margin
Net interest margin was 3.32% for the three months ended March 31, 2025, compared to 3.20% for the prior year period.
•Average interest-earning assets increased $291.6 million, or 7%, and the yield increased 21 basis points.
•Average funding liabilities increased $257.6 million, or 6%, and the tax-equivalent yield decreased 9 basis points.

The first quarter results for 2025 were impacted by the Company's sale of non-performing loans with a net book value of $956 thousand, resulting in net recoveries of $461 thousand and loan interest income of $486 thousand. The sale of non-performing loans impacted both loan yields and net interest margin favorably by 5 basis points for the quarter ended March 31, 2025.

Changes to the key components of net interest margin compared to the prior year period were as follows:
•Average other interest-earning assets decreased $41.4 million, or 48%, and the yield decreased 62 basis points.
•Average investment securities decreased $74.6 million, or 10%, and the tax-equivalent yield decreased 3 basis points.
•Average total loans increased $407.5 million, or 11%, and the tax-equivalent yield increased 14 basis points.
•Average total deposits increased $166.0 million, or 4%, while the yield decreased 4 basis points.
•Average borrowed funds increased $91.3 million, and the yield increased 9 basis points.

The increase in net interest margin was due to loan growth and, to a lesser extent, an increase in loan yields, partially offset by increases in the average balance of funding liabilities and funding costs. The increase in loan yields of 14 basis points was due primarily to loan repricing and originations at higher interest rates, while the increase in funding costs of 9 basis points was driven by increases in certificate of deposits and borrowed funds.

Interest-rate risk is reviewed in detail in Item 3, "Quantitative and Qualitative Disclosures About Market Risk," of this Form 10-Q, below.













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Rate / Volume Analysis
The following table sets forth, on a tax-equivalent basis, the extent to which changes in interest rates and changes in the average balances of interest-earning assets and interest-bearing liabilities have affected interest income and expense during the three months ended March 31, 2025, compared to March 31, 2024. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to: (1) volume (change in average portfolio balance multiplied by prior period average rate); and (2) interest-rate (change in average interest-rate multiplied by prior period average balance). Changes attributable to the combined impact of volume and rate have been allocated proportionately based on absolute value to the changes due to volume and the changes due to rate.

  Increase (decrease) due to
(Dollars in thousands)Net
Change		VolumeRate
Interest income   
Other interest-earning assets(1)
$(637)$(515)$(122)
Investment securities (tax-equivalent)(452)(397)(55)
Loans and loans held for sale (tax-equivalent)6,595 5,357 1,238 
Total interest-earning assets (tax-equivalent)5,506 4,445 1,061 
Interest expense   
Interest checking, savings and money market(1,024)(112)(912)
CDs1,205 1,378 (173)
Brokered deposits
835 417 418 
Borrowed funds1,012 999 13 
Subordinated debt— 5 (5)
Total interest-bearing funding2,028 2,687 (659)
Change in net interest income (tax-equivalent)$3,478 $1,758 $1,720 
__________________________________________
(1)Income on other interest-earning assets includes interest on deposits and fed funds sold, and dividends on FHLB stock.

36
The following table presents the Company's average balance sheet, net interest income and average rates for the three months ended March 31, 2025 and 2024:

AVERAGE BALANCES, INTEREST AND AVERAGE YIELDS

 Three months ended March 31, 2025Three months ended March 31, 2024
(Dollars in thousands)Average
Balance
Interest(1)
Average
Yield(1)
Average
Balance
Interest(1)
Average
Yield(1)
Assets:      
Other interest-earning assets(2)
$44,673 $535 4.86 %$86,078 $1,172 5.48 %
Investment securities(3) (tax-equivalent)
689,138 3,705 2.15 %763,692 4,157 2.18 %
Loans and loans held for sale(4) (tax-equivalent)
4,015,667 55,555 5.60 %3,608,157 48,960 5.46 %
Total interest-earnings assets (tax-equivalent)
4,749,478 59,795 5.10 %4,457,927 54,289 4.89 %
Other assets98,003 91,794   
Total assets$4,847,481   $4,549,721   
Liabilities and stockholders' equity:      
Non-interest checking$1,034,122 $—  $1,069,145 $— 
Interest checking, savings and money market2,405,722 10,332 1.74 %2,418,947 11,356 1.89 %
CDs686,689 7,121 4.21 %549,097 5,916 4.33 %
Brokered deposits76,647 835 4.42 %— — — %
Total deposits4,203,180 18,288 1.68 %4,037,189 17,272 1.72 %
Borrowed funds154,911 1,706 4.47 %63,627 694 4.38 %
Subordinated debt(5)
59,847 867 5.79 %59,530 867 5.82 %
Total funding liabilities4,417,938 20,861 1.91 %4,160,346 18,833 1.82 %
Other liabilities59,976 62,500  
Total liabilities4,477,914  4,222,846  
Stockholders' equity369,567 326,875  
Total liabilities and stockholders' equity$4,847,481  $4,549,721  
Net interest-rate spread (tax-equivalent)
  3.19 %  3.07 %
Net interest income (tax-equivalent)
 38,934  35,456 
Net interest margin (tax-equivalent)
  3.32 %  3.20 %
Less tax-equivalent adjustment
244 266 
Net interest income$38,690 $35,190 
Net interest margin3.29 %3.17 %
___________________________________________
(1)Average yields and interest income are presented on a tax-equivalent basis, calculated using a U.S. federal income tax rate of 21% in both 2025 and 2024, 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 FHLB stock.
(3)Average investments securities are presented at average amortized cost.
(4)Average loans and loans held for sale are presented at amortized cost and include non-accrual loans.
(5)The subordinated debt is net of average deferred debt issuance costs.







37
Provision for Credit Losses
The provision for credit losses for each of the three-month periods ended March 31, 2025 and March 31, 2024 are presented below:
Three months ended
Increase / (Decrease)
(Dollars in thousands)March 31,
2025		March 31,
2024
Provision for credit losses on loans - collectively evaluated
$685 $417 $268 
Provision for credit losses on loans - individually evaluated
(565)1,451 (2,016)
Provision for credit losses on loans120 1,868 (1,748)
Provision for unfunded commitments211 (1,246)1,457 
Provision for credit losses$331 $622 $(291)

The primary components of the provision for credit losses during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, were as follows:
•A provision on loans collectively evaluated of $685 thousand, representing an increase of $268 thousand, due primarily to growth in commercial real estate loans, partially offset by net recoveries, which were primarily attributed to the sale of non-performing loans noted above, and;
•A provision for unfunded commitments of $211 thousand, representing an increase of $1.5 million, due to an increase in off-balance sheet commitments that required a reserve, partially offset by;
•A negative provision on loans individually evaluated of $565 thousand, representing a decrease of $2.0 million, due primarily to two commercial relationships that experienced improvement in their collateral valuation compared to the prior year period.

The ACL to total loans ratio was 1.58% at March 31, 2025 compared to 1.66% at March 31, 2024.

Non-Interest Income
Non-interest income for the three months ended March 31, 2025, amounted to $5.2 million, a decrease of $307 thousand compared to the prior year period. The decrease was due primarily to a decrease in gains on equity securities of $766 thousand, partially offset by an increase in wealth management fees of $247 thousand.

Non-Interest Expense
Non-interest expense for the three months ended March 31, 2025, amounted to $29.9 million, an increase of $1.0 million, or 4%, compared to the prior year period. The increase was due primarily to increases in salaries and employee benefits expense of $760 thousand and merger-related expenses of $290 thousand.

Income Taxes
The effective tax rate for the three months ended March 31, 2025, was 23.3%, compared to 23.7% for the three months ended March 31, 2024.

Financial Condition at March 31, 2025 compared to December 31, 2024
 
Total assets amounted to $4.90 billion at March 31, 2025, compared to $4.83 billion at December 31, 2024, representing an increase of $72.8 million, or 2%.

Investments

At March 31, 2025, the fair value of the Company's investment securities portfolio amounted to $603.9 million, an increase of $10.3 million, or 2%, since December 31, 2024. The increase was attributable to a decrease in unrealized losses on debt securities, partially offset by principal pay-downs, calls and maturities. At both March 31, 2025 and December 31, 2024, the investment securities portfolio at fair value represented 12% of total assets, and was comprised primarily of debt securities, classified as available-for-sale, with a small portion of the portfolio invested in equity securities.

During the three months ended March 31, 2025, the Company had no purchases or sales of debt securities and principal pay-downs, calls and maturities totaling $11.0 million.

38
Net unrealized losses on the Company's debt securities portfolio amounted to $79.9 million at March 31, 2025, compared to $101.8 million at December 31, 2024, a decrease of $21.9 million, or 22%, which resulted from declines in market interest rates during the period.

The mix of investment securities remained relatively unchanged at March 31, 2025 compared to December 31, 2024. The effective duration of the debt securities portfolio at March 31, 2025 was approximately 5.2 years compared to 5.0 years at December 31, 2024.

Loans

The Company specializes in lending to business entities, non-profit organizations, professional practices and individuals and manages its loan portfolio to avoid concentration by industry, relationship size and source of repayment to lessen its credit risk exposure. The Company's primary market area remains focused within Massachusetts and New Hampshire and its primary lending focus is on the development of high-quality, long-term commercial relationships achieved through active business development efforts, strong community involvement and focused marketing strategies.

As of March 31, 2025, total loans amounted to $4.05 billion, an increase of $66.7 million, or 2%, since December 31, 2024. At both March 31, 2025 and December 31, 2024, total commercial loans amounted to 86% of total loans.

The following table sets forth the loan balances by loan portfolio segment and the percentage of each segment to total loans as of the dates indicated:
 March 31, 2025December 31, 2024
(Dollars in thousands)AmountPercentAmountPercent
Commercial real estate owner-occupied
$708,645 18 %$704,634 18 %
Commercial real estate non owner-occupied
1,629,394 40 %1,563,201 39 %
Commercial and industrial483,165 12 %479,821 12 %
Commercial construction664,936 16 %679,969 17 %
Total commercial loans3,486,140 86 %3,427,625 86 %
Residential mortgages450,456 11 %443,096 11 %
Home equity 105,779 3 %103,858 3 %
Consumer7,267 — %8,319 — %
Total retail loans563,502 14 %555,273 14 %
Total loans4,049,642 100 %3,982,898 100 %
Allowance for credit losses(64,042) (63,498) 
Net loans$3,985,600  $3,919,400  

As of or for the three months ended March 31, 2025:
•Non-investor commercial loans, consisting of owner-occupied commercial real estate and commercial and industrial loans, increased $7.4 million, or 1%.
•Commercial real estate non owner-occupied loans increased $66.2 million, or 4%.
•The composition of owner and non owner-occupied commercial real estate loans has remained relatively consistent compared to December 31, 2024. Commercial real estate loans collectively make up 58% of the total loan portfolio and were comprised of approximately 30% in owner-occupied loans and 70% in non owner-occupied loans. Growth since the prior period was primarily from continued customer demand and business development efforts.
◦Non owner-occupied commercial real estate loans were comprised of approximately 28% multi-family, 16% 1-4 family, 12% retail, and 11% office. All other categories fell below 10% of total non owner-occupied commercial real estate loans.
◦Non owner-occupied commercial real estate loans secured by office buildings amounted to 4% of total loans which were located mainly in suburban areas and were modest in physical size.
◦Non owner-occupied commercial real estate loans secured by retail amounted to 5% of total loans and consisted primarily of local strip-mall plazas and not large shopping centers or mall complexes.

39
•Commercial construction loans decreased $15.0 million, or 2%.
•The composition of the commercial construction segment has remained relatively consistent compared to December 31, 2024.
◦Commercial construction loans were comprised of approximately 24% multi-family, 24% residential condominiums, 12% land approved for development and 11% single residential lots. All other collateral categories each fell below 10% of total commercial construction loans.

At March 31, 2025, commercial loan balances participated out to various banks amounted to $76.6 million, compared to $77.4 million at December 31, 2024. These commercial loan balances participated out to other institutions are not carried as assets on the Company's financial statements. Commercial loans originated by other banks in which the Company is a participating institution are carried at the pro-rata share of ownership and amounted to $168.0 million and $163.7 million at March 31, 2025 and December 31, 2024, respectively.

Asset Quality

The following table sets forth information regarding the Company's loan portfolio asset quality as of the dates indicated:
(Dollars in thousands)March 31,
2025		December 31, 2024March 31,
2024
Non-performing loan summary:
Commercial real estate owner-occupied$2,810$2,374$2,696
Commercial real estate non owner-occupied3,0323,4572,651
Commercial and industrial5,3214,0293,880
Commercial construction15,18314,6397,906
Residential mortgages1,8771,9311,292
Home equity253257102
Consumer3——
Total non-accrual loans28,47926,68718,527
Overdrafts > 90 days past due5——
Total non-performing assets$28,484$26,687$18,527
Total adversely classified loans$56,164$50,732$50,465
Total loans$4,049,642$3,982,898$3,654,322
Adversely classified loans to total loans
1.39 %1.27 %1.38 %
Loans 60-89 days past due and still accruing to total loans0.01 %0.07 %0.06 %
Non-performing loans to total loans0.70 %0.67 %0.51 %
Non-performing assets to total assets0.58 %0.55 %0.40 %
Allowance for credit losses for loans $64,042$63,498$60,741
Allowance for credit losses for loans to non-performing loans224.83 %237.94 %327.85 %
Allowance for credit losses for loans to total loans1.58 %1.59 %1.66 %

Loans which are evaluated to be of weaker credit quality are classified as adverse and placed on the Company's "watch asset list" and reviewed on a more frequent basis by management. Adversely classified loans may be performing in accordance with their original terms or past due in respect to principal or interest and therefore additionally classified as non-performing loans.

The increase in non-performing loans during the first quarter of 2025 was attributable primarily to three individually evaluated commercial relationships which were placed on non-accrual, while the increase in classified loans was driven primarily by two commercial loans which were downgraded to special mention during the first quarter of 2025, partially offset by principal pay-downs and upgrades.
In addition, during the first quarter of 2025, the Company sold non-performing loans with a net book value of $956 thousand, which offset the increases in non-performing and classified loans.

40
The Company had no OREO at March 31, 2025 and December 31, 2024, and therefore non-performing loans were the only component of non-performing assets.

ACL for Loans

There have been no material changes to the Company's ACL for loans methodology, underwriting practices, or credit risk management system used to estimate credit loss exposure as described in the 2024 Annual Report on Form 10-K.

The estimate of credit loss incorporates management judgements and assumptions including the estimated life of the loans, adjustments for current conditions and reasonable and supportable economic forecasts. Management periodically reviews and updates its assumptions based on changing circumstances.

ACL for loans activity

The following table summarizes the activity in the ACL for loans for the periods indicated: 
 Three months ended March 31,
(Dollars in thousands)20252024
Balance at beginning of year$63,498$58,995
Provision for credit losses for loans1201,868
  Recoveries of charged-off loans:
  
Commercial real estate owner-occupied
——
Commercial real estate non owner-occupied
——
Commercial and industrial
60168
Commercial construction
——
Residential mortgages
——
Home equity
—2
Consumer
272
Total recovered
62872
  Charged-off loans:
Commercial real estate owner-occupied
——
Commercial real estate non owner-occupied
16—
Commercial and industrial
135185
Commercial construction
——
Residential mortgages
——
Home equity
——
Consumer
539
Total charged-off
204194
Net loans (recovered) charged-off
(424)122
Ending balance$64,042$60,741
Annualized net loans (recovered) charged-off to average loans outstanding
(0.04)%0.01 %

Reserve for unfunded commitments

The reserve for unfunded commitments is classified within "Other liabilities" on the Company's Consolidated Balance Sheets. The estimate of credit loss incorporates the same loss factors as on-balance sheet loans with added assumptions for both the likelihood and amount of funding over the estimated life of non-cancellable commitments.

The Company's reserve for unfunded commitments amounted to $4.6 million as of March 31, 2025 and $4.4 million at December 31, 2024.


41
Based on the foregoing, management believes that the Company's ACL for loans and reserve for unfunded commitments are adequate as of March 31, 2025.

Deposits

As of March 31, 2025, total deposits amounted to $4.30 billion, an increase of $112.9 million, or 3%, since December 31, 2024. The increase, during the first quarter of 2025, was driven by an increase in brokered deposits of $150.0 million.

The following table sets forth the deposit balances by certain categories and the percentage of each category to total deposits as of the dates indicated:
 March 31, 2025December 31, 2024March 31, 2024
(Dollars in thousands)AmountPercentAmountPercentAmountPercent
Checking$1,743,843 41 %$1,777,669 43 %$1,769,706 43 %
Money markets and savings1,722,867 40 %1,724,810 41 %1,754,271 43 %
CDs683,958 16 %685,219 16 %582,142 14 %
Total customer deposits4,150,668 97 %4,187,698 100 %4,106,119 100 %
Brokered deposits(1)
149,975 3 %— — %— — %
Deposits$4,300,643 100 %$4,187,698 100 %$4,106,119 100 %
____________________________________
(1)Brokered CDs which are individually $250,000 and under.

Total customer deposits include reciprocal balances from checking, money market deposits and CDs received from participating banks in nationwide deposit networks as a result of our customers electing to participate in Company-offered programs which allow for third-party enhanced FDIC deposit insurance. Under this enhanced FDIC deposit insurance program, the equivalent of the customers' original deposited funds are reciprocated back through the network to the Company and are carried within the appropriate category under deposits. The Company's balances in these reciprocal enhanced FDIC deposit insurance products were $897.6 million and $903.2 million at March 31, 2025 and December 31, 2024, respectively.

Borrowed Funds

The Company had borrowed funds outstanding of $94.5 million at March 31, 2025, compared to $153.1 million at December 31, 2024, and were comprised of advances from the FRB and FHLB as well as secured borrowings from the NH BFA. The decrease during the three months ended March 31, 2025, resulted primarily from the increase in brokered deposits during the period.

Shareholders' Equity

Total shareholders' equity amounted to $385.4 million at March 31, 2025, compared to $360.7 million at December 31, 2024, an increase of $24.6 million, or 7%. The increase during the three months ended March 31, 2025, was due primarily to a decrease in the accumulated other comprehensive loss of $17.0 million and an increase in retained earnings of $7.3 million. The decrease in the accumulated other comprehensive loss was driven by a decrease in unrealized losses on debt securities caused by declines in market interest rates.

For the three months ended March 31, 2025, the Company paid cash dividends of $3.1 million. On April 15, 2025, the Company announced a quarterly dividend of $0.25 per share to be paid on June 2, 2025 to shareholders of record as of the close of business on May 12, 2025. Effective December 9, 2024, all share purchases under the dividend reinvestment and stock purchase plan were suspended as a result of the proposed Merger with Independent.

Derivatives and Hedging

Derivatives designated as hedging instruments

As of March 31, 2025 and December 31, 2024, the Company had three pay fixed, receive float, interest rate swap agreements with a cumulative notional value of $100.0 million, of which $50.0 million matures in June 2025 and the other $50.0 million matures in September of 2025. Under these interest rate swap agreements, the Company pays a weighted average fixed interest rate of 4.68% and receives SOFR. At March 31, 2025 and December 31, 2024, the fair value of these interest rate swap

42
agreements, which were carried on the Company's Consolidated Balance Sheets, represented liabilities of $207 thousand and $336 thousand, respectively.

Derivatives not subject to hedge accounting

The notional value of back-to-back interest-rate swaps with customers and counterparties amounted to $3.2 million at both March 31, 2025 and December 31, 2024. The fair value of assets and corresponding liabilities associated with these swaps and carried on the Company's Consolidated Balance Sheets was $260 thousand at March 31, 2025 compared to $321 thousand at December 31, 2024.

Risk Participation Agreements

The notional value of RPAs sold amounted to $46.2 million and $46.4 million at March 31, 2025 and December 31, 2024, respectively. The fair value of RPAs, carried on the Company's Consolidated Balance Sheets as a liability, was $30 thousand at March 31, 2025 compared to $25 thousand at December 31, 2024.

Liquidity

Liquidity is the ability to meet cash needs arising from, among other things, fluctuations in loans, investments, deposits and borrowings. Liquidity management is the coordination of activities so that cash needs are anticipated and met readily and efficiently. The Company's liquidity is maintained by projecting cash needs, balancing maturing assets with maturing liabilities, monitoring various liquidity ratios, monitoring deposit flows, maintaining cash flow within the investment portfolio, and maintaining wholesale funding resources.

At March 31, 2025, the Bank had the capacity to borrow additional funds from the FHLB and FRB of up to approximately $785.0 million and $255.0 million, respectively.

Management believes that the Company has adequate liquidity to meet its obligations. However, if general economic conditions, potential recession in the U.S. and our market areas, uncertainty in the banking industry, changes in interest rates, increased competition for deposits and related changes in deposit customers behavior, or other events, cause these sources of external funding to become restricted or are eliminated, the Company may not be able to raise adequate funds or may incur substantially higher funding costs or operating restrictions in order to raise the necessary funds to support the Company's operations and growth.

Capital Resources

The Company's primary source of cash is dividends paid by the Bank, which are limited to the Bank's net income for the current year plus its retained net income for the prior two years.

The principal cash requirement of the Company is the payment of interest on subordinated debt and the payment of dividends on our common stock. The Company's Board of Directors may approve cash dividends on a quarterly basis after careful analysis and consideration of various factors, including our capital position, economic conditions, growth rates, earnings performance and projections as well as strategic initiatives and related regulatory capital requirements.

The Company's total capital ratio and tier 1 capital to risk-weighted assets ratio amounted to 13.06% and 10.39%, respectively, at March 31, 2025, compared to 13.06% and 10.38%, respectively, at December 31, 2024. The tier 1 capital to average assets ratio amounted to 8.98% at March 31, 2025, compared to 8.94% at December 31, 2024.

Wealth Management

Wealth assets under management and wealth assets under administration are not carried as assets on the Company's Consolidated Balance Sheets. The Company provides a wide range of wealth management and wealth services, including investment management, trust and trustee services, brokerage, annuities and 401(k) administration.
 
Wealth assets under management and wealth assets under administration amounted to $1.21 billion and $297.2 million, respectively, at March 31, 2025, representing decreases of $16.0 million, or 1%, and $8.7 million, or 3%, respectively, compared to December 31, 2024. The decrease in assets under management and administration resulted primarily from decreases in market values.


43
Wealth management fees amounted to $2.1 million for the three months ended March 31, 2025, compared to $1.9 million for the three months ended March 31, 2024, an increase of $247 thousand, or 13%.

Item 3 -Quantitative and Qualitative Disclosures About Market Risk

Interest Margin Sensitivity Analysis

Refer to Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk" of the Company's 2024 Annual Report on Form 10-K for further information on the Company's net interest income and net interest margin sensitivity under different interest rate and yield curve scenarios as well as different asset and liability mix scenarios.

The tables below summarize the simulated results at March 31, 2025 and December 31, 2024 and compare the percentage change in net interest income for each interest rate scenario to the rates unchanged scenario. The results in the tables below assume a static balance sheet and the net interest income results are for a 24-month period. Table 1 assumes all interest rates are ramped evenly over 12 months. Table 2 differs from table 1 by simulating that interest rate changes for non-maturity deposits are ramped evenly over 24 months instead of 12 months.

Table 1 - Interest Rate Changes – All rates ramped over 12 months

March 31, 2025December 31, 2024
Scenarios
Percentage ChangePercentage Change
Rates rise 400 basis points(14.19)%(14.19)%
Rates rise 200 basis points
(6.89)%(7.05)%
Rates unchanged
— %— %
Rates decline 200 basis points
5.05 %5.07 %

Table 2 - Interest Rate Changes – All rates ramped over 12 months,
except for non-maturity deposits which are ramped over 24 months

March 31, 2025December 31, 2024
Scenarios
Percentage ChangePercentage Change
Rates rise 400 basis points(6.38)%(6.42)%
Rates rise 200 basis points
(3.12)%(3.29)%
Rates unchanged
— %— %
Rates decline 200 basis points
1.46 %1.52 %

The change in results at March 31, 2025 compared to December 31, 2024 were impacted primarily by an increase in interest bearing liabilities. Over the 24-month period, the net result was lower estimated net interest income in increased interest rate scenarios and higher estimated net interest income in decreased interest rate scenarios.

The results in the tables above are subject to various assumptions as reported in Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk" of the Company's 2024 Annual Report on Form 10-K. Refer to heading "Results of Operations" contained within Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-Q for further discussion of margin.

Item 4 -Controls and Procedures

Evaluation of Disclosure Controls and Procedures
 
The Company maintains a set of disclosure controls and procedures and internal controls designed to ensure that the information required to be disclosed in reports that it files or furnishes to the SEC under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms.


44
The Company carried out an evaluation as of the end of the period covered by this Form 10-Q under the supervision and with the participation of the Company's management, including its principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, the Company's principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures are effective as of March 31, 2025.

Changes in Internal Control over Financial Reporting

There have been no significant changes in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (i.e., the three months ended March 31, 2025) that materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II - OTHER INFORMATION
 
Item 1 -Legal Proceedings

There are no material pending legal proceedings to which the Company or its subsidiaries are a party or to which any of its property is subject, other than ordinary routine litigation incidental to the business of the Company. Management does not believe resolution of any present litigation will have a material adverse effect on the business, consolidated financial condition or results of operations of the Company.

Item 1A -Risk Factors

Management believes that there have been no material changes in the Company's risk factors as reported in Part I, Item 1A, "Risk Factors," of the 2024 Annual Report on Form 10-K. The risks described in our 2024 Annual Report on Form 10-K. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2 -Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table represents information with respect to repurchases of common stock made by the Company during the three months ended March 31, 2025:
 
Total number of shares repurchased(1)
Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs AnnouncedMaximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January2,972$42.53 ——
February—$— ——
March 8,271$39.10 ——
________________________________
(1)Amounts include shares repurchased that were not part of a publicly announced repurchase plan or program. These shares were owned and tendered by employees as payment for taxes upon vesting of restricted stock (net settlement of shares).

Item 3 -Defaults upon Senior Securities
 
Not Applicable.

Item 4 -Mine Safety Disclosures

Not Applicable.

Item 5 -Other Information

During the three months ended March 31, 2025, none of the directors or officers of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

45
Table of Contents
Item 6 -Exhibits
 
EXHIBIT INDEX
_____________
Exhibit No.    Description

3.1.1    Amended and Restated Articles of Organization of the Company, as amended as of June 4, 2013 incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on June 10, 2013 (File No. 001-33912).

3.1.2    Articles of Amendment to the Restated Articles of Organization of the Company, as amended as of May 16, 2017 incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 18, 2017 (File No. 001-33912).

3.1.3    Articles of Amendment to the Amended and Restated Articles of Organization of the Company, as amended as of January 5, 2018, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on January 11, 2018 (File No. 001-33912).

3.2    Second Amended and Restated Bylaws of the Company, as amended as of January 19, 2021, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on January 22, 2021 (File No. 001-33912).

10.1    Enterprise Bank 2025 Variable Compensation Incentive Plan, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 24, 2025 (File No. 001-33912).

31.1*    Certification of Principal Executive Officer under Securities Exchange Act Rule 13a-14(a).

31.2*    Certification of Principal Financial Officer under Securities Exchange Act Rule 13a-14(a).

32*    Certification of Principal Executive Officer and Principal Financial Officer under 18 U.S.C. § 1350 Furnished Pursuant to Securities Exchange Act Rule 13a-14(b).

101*    The following materials from Enterprise Bancorp, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 were formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024; (ii) Consolidated Statements of Income for the three months ended March 31, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024; (iv) Consolidated Statements of Changes in Equity for the three months ended March 31, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024; and (vi) Notes to Unaudited Consolidated Interim Financial Statements.

104*     The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 has been formatted in Inline XBRL and contained in Exhibit 101.
____________________
*Filed herewith


46
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 thereunto duly authorized.
 
 ENTERPRISE BANCORP, INC.
  
DATE:May 6, 2025By:/s/ Joseph R. Lussier
  Joseph R. Lussier
  Executive Vice President, Treasurer
  and Chief Financial Officer
  

47

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