LOWELL, Mass., April  17, 2025  (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. ("Enterprise") (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended March 31, 2025. Net income amounted to $10.4 million, or $0.84 per diluted common share, for the three months ended March 31, 2025, compared to $10.7 million, or $0.86 per diluted common share, for the three months ended December 31, 2024 and $8.5 million, or $0.69 per diluted common share, for the three months ended March 31, 2024.

On December 9, 2024, Enterprise announced its intention to merge with Rockland Trust Company, a wholly owned subsidiary of Independent Bank Corp. (NASDAQ: INDB). 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.

Selected financial results at or for the quarter ended March 31, 2025, compared to December 31, 2024, were as follows:

The returns on average assets and average equity were 0.87% and 11.45%, respectively.Tax-equivalent net interest margin (non-GAAP) ("net interest margin") was 3.32%.Total loans amounted to $4.05 billion, an increase of 1.7%.Total customer deposits (non-GAAP) amounted to $4.15 billion, a decrease of 0.9%.Wealth assets under management and administration amounted to $1.51 billion, a decrease of 1.6%.

Chief Executive Officer Steven Larochelle commented, "As we continue to work toward the upcoming merger with Rockland Trust, I am pleased to announce our team delivered strong results in the first quarter. Loan growth was solid at 1.7% for the quarter and 11% for the last twelve months. Operating results compared to the prior year quarter were positively impacted by net interest income growth of 10% resulting from strong loan growth and an increase in net interest margin."

Executive Chairman & Founder George Duncan stated, "Our anticipated merger with Rockland Trust has been well received by our shareholders, customers and communities with shareholders approving the merger on April 3rd. The planning for our integration into Rockland Trust is going well and the anticipated synergies and cultural alignment of our two banks remains attractive."

Net Interest Income Net interest income for the three months ended March 31, 2025, amounted to $38.7 million, an increase of $3.5 million, or 10%, compared to the three months ended March 31, 2024. 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 for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, amounted to 3.32%, 3.29% and 3.20%, respectively.

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 impacted both loan yields and net interest margin favorably by 5 basis points for the quarter ended March 31, 2025.

Three months ended – March 31, 2025, compared to March 31, 2024

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 interest-earning asset yields of 21 basis points was due primarily to loan repricing and originations at higher interest rates, partially offset by an increase in funding costs of 9 basis points driven by higher market rates and increases in certificate of deposits and borrowed funds.

Provision for Credit Losses The provision for credit losses for 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,
2024Provision 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 loans   120    1,868    (1,748) Provision for unfunded commitments   211    (1,246)   1,457  Provision for credit losses $ 331  $ 622  $ (291)

The provision for credit losses on collectively evaluated loans of $685 thousand for the quarter ended March 31, 2025, resulted mainly from loan growth, partially offset by net recoveries, which were primarily from the sale of non-performing loans noted above.

The decrease in the provision for credit losses of $291 thousand, compared to the prior year quarter, was due primarily to a net decrease in reserves on individually evaluated loans of $2.0 million, partially offset by an increase in reserves for unfunded commitments of $1.5 million.

The decrease in reserves on individually evaluated loans was due primarily to two commercial relationships that experienced improvement in their collateral valuation compared to the prior year period, while the increase in reserves for unfunded commitments resulted primarily from an increase in off-balance sheet commitments that required a reserve.

Non-Interest Income Non-interest income for the three months ended March 31, 2025, amounted to $5.2 million, a decrease of $307 thousand, or 6%, compared to the three months ended March 31, 2024. 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 three months ended March 31, 2024. 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, amounted to 23.3%, compared to 23.7% for the three months ended March 31, 2024.

Balance Sheet Total assets amounted to $4.90 billion at March 31, 2025, compared to $4.83 billion at December 31, 2024, an increase of 2%.

Total investment securities at fair value amounted to $603.9 million at March 31, 2025, compared to $593.6 million at December 31, 2024, an increase of 2%. The increase during the three months ended March 31, 2025, was largely attributable to a decrease in unrealized losses on debt securities resulting from decreases in market interest rates during the period, partially offset by principal pay-downs, calls and maturities. Unrealized losses on debt securities amounted to $79.9 million at March 31, 2025, compared to $101.8 million at December 31, 2024, a decrease of 22%.

Total loans amounted to $4.05 billion at March 31, 2025, compared to $3.98 billion at December 31, 2024, an increase of 2%. The increase during the three months ended March 31, 2025, was due primarily to an increase in commercial real estate loans of $70.2 million.

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. Excluding brokered deposits, total deposits decreased $37.0 million during the first quarter of 2025.

Total borrowed funds amounted to $94.5 million at March 31, 2025, compared to $153.1 million at December 31, 2024, a decrease of 38%. The decrease during the three months ended March 31, 2025, resulted primarily from the increase in brokered deposits during the period.

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.

Credit Quality

Selected credit quality metrics at March 31, 2025, compared to December 31, 2024, were as follows:

The allowance for credit losses ("ACL") for loans amounted to $64.0 million, or 1.58% of total loans, compared to $63.5 million, or 1.59% of total loans. The decrease in the ACL for loans to total loan ratio was due primarily to a decrease in reserves on individually evaluated loans.The reserve for unfunded commitments(included in other liabilities) amounted to $4.6 million, compared to $4.4 million. The increase was driven primarily by an increase in off-balance sheet commitments that required a reserve.Non-performing loans amounted to $28.5 million, or 0.70% of total loans, compared to $26.7 million, or 0.67% of total loans.

Net recoveries for the three months ended March 31, 2025, amounted to $424 thousand, or 0.04% of average total loans, which included $461 thousand in recoveries from the sale of non-performing loans noted above. Net charge-offs for the three months ended March 31, 2024, amounted to $122 thousand, or 0.01% of average total loans.

Wealth Management Wealth assets under management and administration, which are not carried as assets on the Company's consolidated balance sheets, amounted to $1.51 billion at March 31, 2025, a decrease of $24.7 million, or 2%, compared to December 31, 2024, resulting primarily from a decrease in market values.

ABOUT ENTERPRISE BANCORP, INC. Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 142 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, the Company offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. The Company's headquarters and Enterprise Bank's main office are located at 222 Merrimack Street in Lowell, Massachusetts. The Company's primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham.

FORWARD-LOOKING STATEMENTS This earnings release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words "believe," "expect," "anticipate," "intend," "upcoming," "estimate," "assume," "will," "should," "could," "plan," and other similar terms or expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties, and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, (i) disruption from the proposed merger with Independent; (ii) the risk that the proposed merger with Independent may not be completed in a timely manner or at all; (iii) the occurrence of any event, change, or other circumstances that could give rise to the termination of the proposed merger with Independent; (iv) the failure to obtain necessary regulatory approvals for the proposed merger with Independent; (v) the ability to successfully integrate the combined business; (vi) 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; (vii) the failure of the conditions to the proposed merger with Independent to be satisfied; (viii) reputational risk and the reaction of the parties' customers to the proposed merger with Independent; (xi) the risk of potential litigation or regulatory action related to the proposed merger with Independent; (x) the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; (xi) potential recession in the United States and our market areas; (xii) the impacts related to or resulting from uncertainty in the banking industry as a whole; (xiii) increased competition for deposits and related changes in deposit customer behavior; (xiv) the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; (xv) the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; (xvi) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; (xvii) increases in unemployment rates in the United States and our market areas; (xviii) adverse changes in customer spending and savings habits; (xix) declines in commercial real estate values and prices; (xx) a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; (xxi) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (xxii) severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade and tariff policies and the resulting impact on the Company and its customers; (xxiii) the effect of volatility in the capital markets on our fee income from our wealth management business; (xxiv) competition and market expansion opportunities; (xxv) changes in non-interest expenditures or in the anticipated benefits of such expenditures; (xxvi) changes in tax laws; (xxvii) the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; (xxviii) potential increased costs related to the impacts of climate change; and (xxix) current or future litigation, regulatory examinations or other legal and/or regulatory actions. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. For more information about these factors, please see our reports filed with or furnished to the U.S. Securities and Exchange Commission (the "SEC"), including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Any forward-looking statements contained in this earnings release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

ADDITIONAL INFORMATION AND WHERE TO FIND IT This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

In connection with the proposed transaction between Independent and Enterprise, Independent has filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that includes a proxy statement for a special meeting of Enterprise’s shareholders to approve the proposed transaction and that also constitutes a prospectus for the Independent common stock that will be issued in the proposed transaction, as well as other relevant documents concerning the proposed transaction. INVESTORS AND SHAREHOLDERS OF INDEPENDENT AND ENTERPRISE ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT INDEPENDENT, ENTERPRISE AND THE PROPOSED TRANSACTION. Copies of the Registration Statement and of the proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about Independent and Enterprise, can be obtained, free of charge, as they become available at the SEC’s website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Independent Investor Relations, 288 Union Street, Rockland, Massachusetts 02370, telephone (774) 363-9872 or to Enterprise Bancorp, Inc., 222 Merrimack Street, Lowell, MA 01852, Attention: Corporate Secretary, telephone (978) 656-5578.

ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(unaudited) (Dollars in thousands, except per share data) March 31,
2025 December 31,
2024 March 31,
2024Assets Cash and cash equivalents: Cash and due from banks $ 52,194  $ 42,689  $ 41,443 Interest-earning deposits with banks   34,543    41,152    106,391 Total cash and cash equivalents   86,737    83,841    147,834 Investments: Debt securities at fair value (amortized cost of $674,601, $685,766 and $749,561 respectively)   594,691    583,930    643,924 Equity securities at fair value   9,242    9,665    8,102 Total investment securities at fair value   603,933    593,595    652,026 Federal Home Loan Bank stock   4,932    7,093    2,482 Loans held for sale   1,069    520    400 Loans: Total loans   4,049,642    3,982,898    3,654,322 Allowance for credit losses   (64,042)   (63,498)   (60,741)Net loans   3,985,600    3,919,400    3,593,581 Premises and equipment, net   41,464    42,444    44,671 Lease right-of-use asset   23,946    24,126    24,645 Accrued interest receivable   21,782    20,553    20,501 Deferred income taxes, net   42,338    49,096    47,903 Bank-owned life insurance   67,927    67,421    65,878 Prepaid income taxes   4,099    2,583    5,771 Prepaid expenses and other assets   11,006    11,398    12,667 Goodwill   5,656    5,656    5,656 Total assets $4,900,489  $4,827,726  $4,624,015 Liabilities and Shareholders' Equity Liabilities Deposits: Customer deposits $4,150,668  $4,187,698  $4,106,119 Brokered deposits   149,975    —    — Total deposits   4,300,643    4,187,698    4,106,119 Borrowed funds   94,493    153,136    63,246 Subordinated debt   59,894    59,815    59,577 Lease liability   23,699    23,849    24,303 Accrued expenses and other liabilities   29,422    33,425    30,945 Accrued interest payable   6,983    9,055    6,386 Total liabilities   4,515,134    4,466,978    4,290,576 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, 12,447,308 and 12,376,562 shares issued and outstanding, respectively.   125    124    124 Additional paid-in capital   111,621    111,295    108,246 Retained earnings   335,568    328,243    306,943 Accumulated other comprehensive loss   (61,959)   (78,914)   (81,874)Total shareholders' equity   385,355    360,748    333,439 Total liabilities and shareholders' equity $4,900,489  $4,827,726  $4,624,015

ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(unaudited)  Three months ended(Dollars in thousands, except per share data) March 31,
2025 December 31,
2024 March 31,
2024Interest and dividend income: Other interest-earning assets $ 535  $ 833  $ 1,172Investment securities   3,608    3,881    4,034Loans and loans held for sale   55,408    54,528    48,817Total interest and dividend income   59,551    59,242    54,023Interest expense: Deposits   18,288    19,488    17,272Borrowed funds   1,706    394    694Subordinated debt   867    867    867Total interest expense   20,861    20,749    18,833Net interest income   38,690    38,493    35,190Provision for credit losses   331    (106)   622Net interest income after provision for credit losses   38,359    38,599    34,568Non-interest income: Wealth management fees   2,097    2,043    1,850Deposit and interchange fees   2,157    2,240    2,069Income on bank-owned life insurance, net   506    522    458Net gains on sales of loans   47    33    22Net (losses) gains on equity securities   (301)   (30)   465Other income   682    808    631Total non-interest income   5,188    5,616    5,495Non-interest expense: Salaries and employee benefits   19,936    19,276    19,176Occupancy and equipment expenses   2,582    2,364    2,459Technology and telecommunications expenses   2,709    2,687    2,745Advertising and public relations expenses   752    609    743Audit, legal and other professional fees   541    460    734Deposit insurance premiums   878    950    859Supplies and postage expenses   229    242    237Merger-related expenses   290    1,137    —Other operating expenses   2,032    2,117    1,955Total non-interest expense   29,949    29,842    28,908Income before income taxes   13,598    14,373    11,155Provision for income taxes   3,163    3,646    2,648Net income $ 10,435  $ 10,727  $ 8,507 Basic earnings per common share $ 0.84  $ 0.86  $ 0.69Diluted earnings per common share $ 0.84  $ 0.86  $ 0.69 Basic weighted average common shares outstanding   12,464,721    12,433,895    12,292,417Diluted weighted average common shares outstanding   12,495,458    12,460,063    12,304,203

ENTERPRISE BANCORP, INC.
Selected Consolidated Financial Data and Ratios
(unaudited)  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,
2024Balance Sheet Data Total cash and cash equivalents $ 86,737  $ 83,841  $ 88,632  $ 199,719  $ 147,834 Total investment securities at fair value   603,933    593,595    631,975    636,838    652,026 Total loans   4,049,642    3,982,898    3,858,940    3,768,649    3,654,322 Allowance for credit losses   (64,042)   (63,498)   (63,654)   (61,999)   (60,741)Total assets   4,900,489    4,827,726    4,742,809    4,773,681    4,624,015 Customer deposits   4,150,668    4,187,698    4,189,461    4,248,801    4,106,119 Brokered deposits   149,975    —    —    —    — Borrowed funds   94,493    153,136    59,949    61,785    63,246 Subordinated debt   59,894    59,815    59,736    59,657    59,577 Total shareholders' equity   385,355    360,748    368,109    340,441    333,439 Total liabilities and shareholders' equity   4,900,489    4,827,726    4,742,809    4,773,681    4,624,015  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 assets  8.98%  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 loans  0.70%  0.67%  0.67%  0.47%  0.51%Non-performing assets to total assets  0.58%  0.55%  0.55%  0.37%  0.40%ACL for loans to total loans  1.58%  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 losses   331    (106)   1,332    137    622 Total non-interest income   5,188    5,616    6,140    5,628    5,495 Total non-interest expense   29,949    29,842    29,353    29,029    28,908 Income before income taxes   13,598    14,373    13,475    12,623    11,155 Provision for income taxes   3,163    3,646    3,488    3,111    2,648 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 assets  0.87%  0.89%  0.82%  0.82%  0.75%Return on average shareholders' equity  11.45%  11.82%  11.20%  11.55%  10.47%Net interest margin (tax-equivalent)(2)  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)Tax-equivalent net interest margin is net interest income adjusted for the tax-equivalent effect associated with tax-exempt loan and investment income, expressed as a percentage of average interest-earning assets.

ENTERPRISE BANCORP, INC.
Consolidated Loan and Deposit Data
(unaudited) Major classifications of loans at the dates indicated were as follows: (Dollars in thousands) March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 March 31,
2024Commercial real estate owner-occupied $ 708,645  $ 704,634  $ 660,063  $ 660,478  $ 635,420 Commercial real estate non owner-occupied   1,629,394    1,563,201    1,579,827    1,544,386    1,524,174 Commercial and industrial   483,165    479,821    415,642    426,976    417,604 Commercial construction   664,936    679,969    674,434    622,094    583,711 Total commercial loans   3,486,140    3,427,625    3,329,966    3,253,934    3,160,909  Residential mortgages   450,456    443,096    424,030    413,323    400,093 Home equity loans and lines   105,779    103,858    95,982    93,220    85,144 Consumer   7,267    8,319    8,962    8,172    8,176 Total retail loans   563,502    555,273    528,974    514,715    493,413 Total loans   4,049,642    3,982,898    3,858,940    3,768,649    3,654,322  ACL for loans   (64,042)   (63,498)   (63,654)   (61,999)   (60,741)Net loans $ 3,985,600  $ 3,919,400  $ 3,795,286  $ 3,706,650  $ 3,593,581

Deposits are summarized at the periods indicated were as follows: (Dollars in thousands) March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 March 31,
2024Non-interest checking $ 1,028,326 $ 1,077,998 $ 1,064,424 $ 1,041,771 $ 1,038,887Interest-bearing checking   715,517   699,671   682,050   788,822   730,819Savings   284,960   270,367   279,824   294,566   285,090Money market   1,437,907   1,454,443   1,488,437   1,504,551   1,469,181CDs $250,000 or less   393,890   377,958   375,055   358,149   337,367CDs greater than $250,000   290,068   307,261   299,671   260,942   244,775Total customer deposits   4,150,668   4,187,698   4,189,461   4,248,801   4,106,119Brokered deposits   149,975   —   —   —   — Deposits $ 4,300,643 $ 4,187,698 $ 4,189,461 $ 4,248,801 $ 4,106,119

ENTERPRISE BANCORP, INC.
Consolidated Average Balance Sheets and Yields (tax-equivalent basis)
(unaudited) The following table presents the Company's average balance sheets, net interest income and average rates for the periods indicated:  Three months ended March 31, 2025 Three months ended December 31, 2024 Three months ended March 31, 2024(Dollars in thousands) Average
Balance Interest(1) Average
 Yield(1) Average
Balance Interest(1) Average
 Yield(1) Average
Balance Interest(1) Average
Yield(1)Assets: Other interest-earning assets(2) $ 44,673 $ 535 4.86% $ 68,224 $ 833 4.85% $ 86,078 $ 1,172 5.48%Investment securities(3) (tax-equivalent)   689,138   3,705 2.15%   704,629   3,985 2.26%   763,692   4,157 2.18%Loans and loans held for sale(4) (tax-equivalent)   4,015,667   55,555 5.60%   3,911,386   54,673 5.56%   3,608,157   48,960 5.46%Total interest-earnings assets (tax-equivalent)   4,749,478   59,795 5.10%   4,684,239   59,491 5.06%   4,457,927   54,289 4.89%Other assets   98,003       101,952       91,794 Total assets $ 4,847,481     $ 4,786,191     $ 4,549,721  Liabilities and stockholders' equity: Non-interest checking $ 1,034,122   —   $ 1,106,823   —   $ 1,069,145   — Interest checking, savings and money market   2,405,722   10,332 1.74%   2,471,854   11,728 1.89%   2,418,947   11,356 1.89%CDs   686,689   7,121 4.21%   683,248   7,760 4.52%   549,097   5,916 4.33%Brokered deposits   76,647   835 4.42%   —   — —%   —   — —%Total deposits   4,203,180   18,288 1.68%   4,261,925   19,488 1.82%   4,037,189   17,272 1.72%Borrowed funds   154,911   1,706 4.47%   37,812   394 4.15%   63,627   694 4.38%Subordinated debt(5)   59,847   867 5.79%   59,768   867 5.80%   59,530   867 5.82%Total funding liabilities   4,417,938   20,861 1.91%   4,359,505   20,749 1.89%   4,160,346   18,833 1.82%Other liabilities   59,976       65,720       62,500 Total liabilities   4,477,914       4,425,225       4,222,846 Stockholders' equity   369,567       360,966       326,875 Total liabilities and stockholders' equity $ 4,847,481     $ 4,786,191     $ 4,549,721  Net interest-rate spread (tax-equivalent)     3.19%     3.17%     3.07%Net interest income (tax-equivalent)     38,934       38,742       35,456 Net interest margin (tax-equivalent)     3.32%     3.29%     3.20%Less tax-equivalent adjustment     244       249       266 Net interest income   $ 38,690     $ 38,493     $ 35,190 Net interest margin     3.29%     3.27%     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% for each period presented, based on tax-equivalent adjustments associated with tax-exempt loans and investments interest income.(2)Average other interest-earning assets include interest-earning deposits with banks, federal funds sold and Federal Home Loan Bank stock.(3)Average investment securities are presented at average amortized cost.(4)Average loans and loans held for sale are presented at average amortized cost and include non-accrual loans.(5)Subordinated debt is net of average deferred debt issuance costs.

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