Enterprise Bancorp Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow

10-Q 1 ebtc33120-10q.htm 10-Q Document

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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, 2020

Commission File Number: 001-33912

Enterprise Bancorp, Inc.

(Exact name of registrant as specified in its charter)



Massachusetts	04-3308902
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

222 Merrimack Street, Lowell, Massachusetts	01852
(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	EBTC	NASDAQ 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 o		Accelerated filer x
Non-accelerated filer o	Smaller reporting company o	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes x No

As of May 5, 2020, there were 11,897,132 shares of the issuer's common stock outstanding, par value $0.01 per share.

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ENTERPRISE BANCORP, INC.

INDEX



		Page Number
	Cover Page	1

	Index	2
	PART I - FINANCIAL INFORMATION
Item 1	Financial Statements (unaudited)	3
	Consolidated Balance Sheets - March 31, 2020 and December 31, 2019	3
	Consolidated Statements of Income - Three months ended March 31, 2020 and 2019	4
	Consolidated Statements of Comprehensive Income - Three months ended March 31, 2020 and 2019	5
	Consolidated Statement of Changes in Stockholders' Equity - Three months ended March 31, 2020 and 2019	6
	Consolidated Statements of Cash Flows - Three months ended March 31, 2020 and 2019	7
	Notes to Unaudited Consolidated Interim Financial Statements	8
Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4	Controls and Procedures	58

	PART II - OTHER INFORMATION

Item 1	Legal Proceedings	60
Item 1A	Risk Factors	60
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	62
Item 3	Defaults Upon Senior Securities	62
Item 4	Mine Safety Disclosures	62
Item 5	Other Information	62
Item 6	Exhibits	63
	Signature page	64

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PART I-FINANCIAL INFORMATION

Item 1 -
Financial Statements

ENTERPRISE BANCORP, INC.

Consolidated Balance Sheets

(Unaudited)



(Dollars in thousands, except per share data)	March 31, 2020		December 31, 2019
Assets
Cash and cash equivalents:
Cash and due from banks	$	32,833	$	39,927
Interest-earning deposits	42,024		23,867
Total cash and cash equivalents	74,857		63,794
Investments:
Debt securities at fair value	505,671		504,788
Equity securities at fair value	588		467
Total investment securities at fair value	506,259		505,255
Federal Home Loan Bank ("FHLB") stock	5,624		4,484
Loans held for sale	476		601
Loans, less allowance for loan losses of $39,764 at March 31, 2020 and $33,614 at December 31, 2019	2,644,163		2,531,845
Premises and equipment, net	46,734		45,419
Lease right-of-use asset	18,893		19,048
Accrued interest receivable	12,977		12,295
Deferred income taxes, net	9,045		8,732
Bank-owned life insurance	30,929		30,776
Prepaid income taxes	1,005		572
Prepaid expenses and other assets	10,535		6,572
Goodwill	5,656		5,656
Total assets	$	3,367,153	$	3,235,049
Liabilities and Stockholders' Equity
Liabilities
Deposits	$	2,912,850	$	2,786,730
Borrowed funds	84,169		96,173
Subordinated debt	14,876		14,872
Lease liability	17,968		18,104
Accrued expenses and other liabilities	31,756		21,683
Accrued interest payable	897		846
Total liabilities	3,062,516		2,938,408
Commitments and Contingencies
Stockholders' 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; 11,897,322 shares issued and outstanding at March 31, 2020 and 11,825,331 shares issued and outstanding at December 31, 2019	119		118
Additional paid-in capital	94,920		94,170
Retained earnings	193,791		191,843
Accumulated other comprehensive income	15,807		10,510
Total stockholders' equity	304,637		296,641
Total liabilities and stockholders' equity	$	3,367,153	$	3,235,049

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

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ENTERPRISE BANCORP, INC.

Consolidated Statements of Income

(Unaudited)



	Three months ended March 31,
(Dollars in thousands, except per share data)	2020		2019
Interest and dividend income:
Loans and loans held for sale	$	31,298	$	29,616
Investment securities	3,484		3,222
Other interest-earning assets	165		459
Total interest and dividend income	34,947		33,297
Interest expense:
Deposits	4,405		4,706
Borrowed funds	415		279
Subordinated debt	231		228
Total interest expense	5,051		5,213
Net interest income	29,896		28,084
Provision for loan losses	6,147		(400		)
Net interest income after provision for loan losses	23,749		28,484
Non-interest income:
Wealth management fees	1,440		1,299
Deposit and interchange fees	1,691		1,564
Income on bank-owned life insurance, net	153		162
Net gains (losses) on sales of debt securities	100		(1		)
Net gains on sales of loans	147		36
Other income	667		776
Total non-interest income	4,198		3,836
Non-interest expense:
Salaries and employee benefits	14,819		13,481
Occupancy and equipment expenses	2,176		2,212
Technology and telecommunications expenses	2,188		1,726
Advertising and public relations expenses	645		705
Audit, legal and other professional fees	605		423
Deposit insurance premiums	404		351
Supplies and postage expenses	247		224
Other operating expenses	1,595		1,728
Total non-interest expense	22,679		20,850
Income before income taxes	5,268		11,470
Provision for income taxes	1,251		2,774
Net income	$	4,017	$	8,696

Basic earnings per share	$	0.34	$	0.74
Diluted earnings per share	$	0.34	$	0.74

Basic weighted average common shares outstanding	11,841,392		11,730,482
Diluted weighted average common shares outstanding	11,877,031		11,783,405

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

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ENTERPRISE BANCORP, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)



	Three months ended March 31,
(Dollars in thousands)	2020			2019
Net income	$	4,017		$	8,696
Other comprehensive income, net of tax
Net change in fair value of debt securities	7,360			3,134
Net change in fair value of cash flow hedges	(2,063		)	—
Total other comprehensive income, net of tax	5,297			3,134
Total comprehensive income, net	$	9,314		$	11,830

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

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ENTERPRISE BANCORP, INC.

Consolidated Statement of Changes in Stockholders' Equity

(Unaudited)



	Common Stock				Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Total Stockholders' Equity
(Dollars in thousands, except per share data)	Shares		Amount		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Total Stockholders' Equity
Balance at December 31, 2018	11,708,218		$	117	$	91,281		$	165,183		$	(1,284	)	$	255,297
Net income								8,696						8,696
Other comprehensive income, net											3,134			3,134
Common stock dividend declared ($0.16 per share)								(1,875		)				(1,875		)
Common stock issued under dividend reinvestment plan	9,341		—		298									298
Common stock issued, other	264		—		8									8
Stock-based compensation	62,523		1		598									599
Net settlement for employee taxes on restricted stock and options	(2,741	)	—		(240		)							(240		)
Stock options exercised, net	20,509		—		144									144
Balance at March 31, 2019	11,798,114		$	118	$	92,089		$	172,004		$	1,850		$	266,061

Balance at December 31, 2019	11,825,331		$	118	$	94,170		$	191,843		$	10,510		$	296,641
Net income								4,017						4,017
Other comprehensive income, net											5,297			5,297
Common stock dividend declared ($0.175 per share)								(2,069		)				(2,069		)
Common stock issued under dividend reinvestment plan	11,050		—		303									303
Common stock issued, other	473		—		7									7
Stock-based compensation	66,057		1		606									607
Net settlement for employee taxes on restricted stock and options	(6,329	)	—		(182		)							(182		)
Stock options exercised, net	740		—		16									16
Balance at March 31, 2020	11,897,322		$	119	$	94,920		$	193,791		$	15,807		$	304,637

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

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ENTERPRISE BANCORP, INC.

Consolidated Statements of Cash Flows

(Unaudited)



	Three months ended March 31,
(Dollars in thousands)	2020			2019
Cash flows from operating activities:
Net income	$	4,017		$	8,696
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	6,147			(400		)
Depreciation and amortization	1,609			1,476
Stock-based compensation expense	426			426
Income on bank-owned life insurance, net	(153		)	(162		)
Net (gains) losses on sales of debt securities	(100		)	1
Mortgage loans originated for sale	(7,957		)	(1,443		)
Proceeds from mortgage loans sold	8,229			1,848
Net gains on sales of loans	(147		)	(36		)
Net losses (gains) on equity securities	198			(186		)
Changes in:
Increase in other assets	(3,758		)	(902		)
Increase (decrease) in other liabilities	5,328			(3,355		)
Net cash provided by operating activities	13,839			5,963
Cash flows from investing activities:
Proceeds from sales of debt securities	2,627			3,648
Purchase of debt securities	(6,350		)	(38,788		)
Proceeds from maturities, calls and pay-downs of debt securities	11,283			7,228
Net purchases of equity securities	(319		)	(415		)
Net (purchases) proceeds from the sales of FHLB capital stock	(1,140		)	3,866
Net (increase) decrease in loans	(118,465		)	2,894
Additions to premises and equipment, net	(2,603		)	(1,969		)
Net cash used in investing activities	(114,967		)	(23,536		)
Cash flows from financing activities:
Net increase in deposits	126,120			191,384
Net decrease in borrowed funds	(12,004		)	(100,004		)
Cash dividends paid, net of DRP	(1,766		)	(1,577		)
Proceeds from issuance of common stock	7			8
Net settlement for employee taxes on restricted stock and options	(182		)	(240		)
Net proceeds from stock option exercises	16			144
Net cash provided by financing activities	112,191			89,715

Net increase in cash and cash equivalents	11,063			72,142
Cash and cash equivalents at beginning of period	63,794			63,120
Cash and cash equivalents at end of period	$	74,857		$	135,262

See accompanying notes to the unaudited consolidated interim financial statements.

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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, 2019 audited consolidated financial statements and notes thereto contained in the 2019 Annual Report on Form 10-K of Enterprise Bancorp, Inc. as filed with the Securities and Exchange Commission (the "SEC") on March 10, 2020 (the "2019 Annual Report on Form 10-K"). The Company has not materially changed its significant accounting policies from those disclosed in its 2019 Annual Report on Form 10-K, other than to elect options for the temporary deferral of certain accounting guidance as allowed under the recently enacted Coronavirus Aid, Relief, and Economic Security ("CARES") Act as discussed under Item (c) "Accounting Policies," below in this Note 1. See also Item (e) "Recent Accounting Pronouncements," under the subheading "Accounting pronouncements adopted by the Company," below in this Note 1.

The accompanying unaudited consolidated interim financial statements of Enterprise Bancorp, Inc. (the "Company," "Enterprise," "we," or "our"), a Massachusetts corporation, 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 Bank's subsidiaries include Enterprise Insurance Services, LLC and Enterprise Wealth Services, LLC, both organized under the laws of the State of Delaware, to engage in insurance sales activities and offer non-deposit investment products and services, respectively. In addition, the Bank has the following subsidiaries that are incorporated in the Commonwealth of Massachusetts and classified as security corporations in accordance with applicable Massachusetts General Laws: Enterprise Security Corporation; Enterprise Security Corporation II; and Enterprise Security Corporation III. The security corporations, which hold various types of qualifying securities, are limited to conducting securities investment activities that the Bank itself would be allowed to conduct under applicable laws.

The Company's headquarters and the Bank's main office are located at 222 Merrimack Street in Lowell, Massachusetts. At March 31, 2020, the Company had 25 full-service branch banking offices serving the Greater Merrimack Valley, Nashoba Valley and North Central regions of Massachusetts and Southern New Hampshire (Southern Hillsborough and Rockingham counties). The Company is also scheduled to open a branch in North Andover, Massachusetts in the second half of 2020. Through the 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, and commercial insurance services. The Company also provides a range of wealth management, wealth services and trust services delivered via two channels, Enterprise Wealth Management and Enterprise Wealth Services. 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 Federal Deposit Insurance Corporation (the "FDIC") and the Massachusetts Division of Banks (the "Division") have regulatory authority over the Bank. The Bank is also subject to certain regulatory requirements of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") and, with respect to its New Hampshire branch operations, the New Hampshire Banking Department. The business and operations of the Company are subject to the regulatory oversight of the Federal Reserve Board. The Division also retains supervisory jurisdiction over the Company.

The accompanying unaudited consolidated interim financial statements and notes thereto have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions for SEC Form 10-Q through the rules and interpretive releases of the SEC under federal securities law. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all necessary adjustments consisting of normal recurring accruals for a fair presentation. All significant intercompany balances and transactions have been eliminated in the accompanying unaudited consolidated interim financial statements. Certain previous years' amounts in the audited consolidated financial statements, and notes thereto, have been reclassified to conform to the current year's presentation. Interim results are not necessarily indicative of results to be expected for the entire year, or any future period.



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements

(b) Uses of Estimates

In preparing the unaudited consolidated interim financial statements in conformity with GAAP, management is required to exercise judgment in determining many of the methodologies, assumptions and estimates to be utilized. These assumptions and estimates affect the reported values of assets and liabilities as of the balance sheet dates and income and expenses for the period then ended. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates should the assumptions and estimates used be incorrect or change over time due to changes in circumstances. Changes in those estimates resulting from continuing changes in the economic environment and other factors will be reflected in the consolidated financial statements and results of operations in future periods.

As discussed in the Company's 2019 Annual Report on Form 10-K, the three most significant areas in which management applies critical assumptions and estimates are: the estimates of the allowance for loan losses, impairment review of investment securities, and the impairment review of goodwill. Refer to Note 1, "Summary of Significant Accounting Policies," to the Company's audited consolidated financial statements included in the Company's 2019 Annual Report on Form 10-K for accounting policies related to these significant estimates.

Restricted Cash and Investments

When the Company has pledged cash as collateral in relation to certain derivatives, the cash is carried as restricted cash within "Interest-earning deposits" on the Company's Consolidated Balance Sheet. See Note 8, "Derivatives and Hedging Activities," to the Company's unaudited consolidated interim financial statements below in Quarterly Report on this Form 10-Q ("this Form 10-Q") for more information about the Company's collateral related to its derivatives.

The Bank is also typically required by the Federal Reserve Bank of Boston ("FRB") to maintain in reserves certain amounts of vault cash and/or deposits with the FRB, however, in response to the COVID-19 pandemic, this requirement has been eliminated until further notice.

As a member of the FHLB, the Company is required to purchase certain levels of FHLB capital stock at par value in association with outstanding advances from the FHLB. This stock represents the only restricted investment held by the Company and is carried at cost, which management believes approximates fair value. Based on management's periodic review for other-than-temporary impairment ("OTTI"), the Company has not recorded any OTTI charges on this investment to date.

Other Accounting Policies

The CARES Act allows certain financial institutions the option to defer the adoption of the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-13 (Measurement of Credit Losses on Financial Instruments), including the current expected credit loss ("CECL") methodology for estimating allowances for credit losses, during the period beginning on March 27, 2020 until the earlier of (1) the date on which the national emergency concerning the COVID-19 pandemic declared under the National Emergencies Act terminates; or (2) December 31, 2020. The Company has elected to defer the adoption of CECL. See Item (e) "Recent Accounting Pronouncements," under the subheading "Accounting pronouncements not yet adopted by the Company," below in this Note 1 for additional information on CECL.

In addition, Section 4013 of the CARES Act provides the option for financial institutions to suspend troubled debt restructuring ("TDR") accounting under GAAP in certain circumstances, during the period beginning March 1, 2020 and ending on the (1) earlier of December 31, 2020; or (2) the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared under the National Emergencies Act terminates. The Company is suspending TDR accounting, which primarily impacts financial statement disclosure, for loans that have had a short-term payment deferral since March 1, 2020, as long as those loans were current and risk rated as “pass” prior to the onset of the COVID-19 pandemic.

(d) Subsequent Events

The Company has evaluated subsequent events and transactions from March 31, 2020 through the date this Form 10-Q was filed with the SEC for potential recognition or disclosure as required by GAAP and determined that outside of the items noted below, there were no material subsequent events requiring recognition or disclosure.



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements

From April 3, 2020 through May 4, 2020, covering the period that funding was approved for the Paycheck Protection Program (the “PPP”) though the most recently obtainable date, the Company had submitted and received approval from the U.S. Small Business Administration ("SBA") for approximately 2,400 PPP applications for approximately $500.0 million in PPP loans with the median approved loan size being $74 thousand. The PPP program is administered by the SBA and created under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act").

In April 2020, the Company established access to the FRB's PPP Liquidity Facility ("PPPLF"), which provides funding secured by PPP pledged loans at a borrowing rate of 0.35%. Advances issued under the PPPLF are non-recourse. The amount and term of an advance matches the amount and remaining term of the PPP loans pledged, which is a maximum of two years from the loan origination date. PPP loans are fully guaranteed by the SBA and have no impact on our risk-based capital ratios. PPP loans pledged as collateral for the PPPLF are excluded from the average assets used in the leverage ratio calculation. As of May 7th, the Company borrowed $43.7 million under the PPPLF.

As noted above, under Item (c) "Accounting Policies," section 4013 of the CARES Act provides financial institutions the option to suspend TDR accounting under GAAP in certain circumstances and the Company has elected that option. The Company has worked proactively with customers experiencing financial challenges from the COVID-19 pandemic.

The Company had granted short-term payment deferrals related to COVID-19 on 1,135 loans through April 30, 2020, the latest date information was obtainable. As of March 31, 2020, these loans had an outstanding balance as of $596.0 million, or 22.2% of the total loan portfolio. All loans remain accruing.

(e) Recent Accounting Pronouncements

The tables below summarize recent accounting pronouncements issued by the FASB that were either recently adopted by the Company or have not yet been adopted. For pronouncements not yet adopted, the effective date listed below is in line with the required adoption date for public business entities, such as the Company, though certain accounting pronouncements may permit early adoption. For more detailed information regarding these pronouncements, refer to the FASB's ASUs.



Accounting pronouncements adopted by the Company

Standard/Adoption Date	Description	Effect on Financial Statements or Other Significant Matters
ASU No. 2018-13, Fair Value Measurement (ASU Topic 820)-Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement January 1, 2020	The amendments in this ASU modify the disclosure requirements primarily related to level 3 fair value measurements of the fair value hierarchy.	The adoption of ASU No. 2018-13 in January 2020 did not have a material impact on the Company's consolidated financial statements and results of operations because this ASU primarily relates to disclosure requirements and the dollar amounts of related assets held by the Company are immaterial.
ASU No.2018-15, Intangibles-Goodwill and Other- Internal-Use Software (ASU Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract January 1, 2020	The major provision in the amendments in this ASU require an entity to capitalize certain implementation costs incurred in a hosting arrangement that is a service contract in accordance with current GAAP for internal-use software and expense these costs over the term of the hosting arrangement. Additionally, these capitalized implementation costs are required to be reviewed for impairment in accordance with current GAAP for internal-use software. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.	The adoption of ASU No. 2018-15 in January 2020 did not have a material impact on the Company's consolidated financial statements and results of operations.



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements



Accounting pronouncements not yet adopted by the Company

Standard/Anticipated Adoption Date	Description	Effect on Financial Statements or Other Significant Matters
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The earlier of (1) the date on which the national emergency concerning the COVID-19 pandemic declared by the National Emergencies Act terminates; or (2) December 31, 2020.	The amendments in this ASU require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss and generally recognition of the full amount of credit losses was delayed until the loss was probable of occurring. The amendments in this ASU eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity's current estimate of all expected credit losses ("CECL"). The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the report amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. The Statement of Income reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses on available-for-sale debt securities should be measured in a manner similar to current GAAP. However, the amendments in this ASU require that credit losses be presented as an allowance rather than as a write-down. Unlike current GAAP, the ASU provides for reversals of credit losses in future period net income in situations where the estimate of loss declines. Based on current regulatory guidance, as of the adoption date an entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of January 1, 2020 (that is, a modified-retrospective approach).	The Company was originally required to adopt this standard effective January 1, 2020, however, in accordance with the CARES Act, the Company elected to defer the adoption of this standard. Upon adoption, the Company estimates a reduction to retained earnings in the range of $1.0 to $5.0 million, net of tax. The Company continues to monitor regulatory guidance related to the deferment. In March 2020, the regulatory banking agencies issued an interim final rule that allows banking institutions that implement CECL during 2020 to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period. The Company is currently assessing its options at this time and will make its election when the Company adopts CECL. The foregoing observations are subject to change as management completes its analysis and adopts the standard later this year.
ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (ASU Subtopic 715-20) - Disclosure Framework- Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2021	The amendments in this ASU modify the disclosure requirements on defined benefit plans including requiring disclosures about significant gains and losses related to changes in the benefit obligation.	The adoption of ASU No. 2018-14 will not have a material impact on the Company's consolidated financial statements and results of operations because this ASU primarily relates to disclosure requirements and the balances of the benefit plans impacted by this ASU are immaterial to the Company.



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements



Accounting pronouncements not yet adopted by the Company-continued

Standard/Anticipated Adoption Date	Description	Effect on Financial Statements or Other Significant Matters
ASU No. 2020-04. Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting January 1, 2022	The amendments in the provision are effective for a limited period and mainly address accounting and reporting challenges due to the transition from LIBOR on existing contracts. The optional expedients may be applied to loans, borrowings, leases and derivatives. The standard 1) simplifies the accounting analyses for contract modifications and 2) simplifies the hedge effectiveness assessment and allows hedging relationships impacted by the LIBOR transition to continue.	The Company is assessing the impact of this standard but does not expect that it will have a material impact on the Company's consolidated financial statements, or results of operations.

(2) Investment Securities

As of March 31, 2020, and December 31, 2019, the investment portfolio was primarily comprised of debt securities, with a small portion of the portfolio invested in equity securities.

See also the section "Restricted Cash and Investments," under Item (c), "Accounting Policies," contained in Note 1, "Summary of Significant Accounting Policies," above in this Form 10-Q, for further information regarding the Company's investment in FHLB Stock. See Note 14, "Fair Value Measurements," to the Company's unaudited consolidated interim financial statements of this Form 10-Q, contained below, for further information regarding the Company's fair value measurements for investment securities.

Debt Securities

The amortized cost and fair values of debt securities at the dates specified are summarized as follows:



	March 31, 2020
(Dollars in thousands)	Amortized cost		Unrealized gains		Unrealized losses		Fair Value
Federal agency obligations⁽¹⁾	$	1,000	$	6	$	—	$	1,006
Residential federal agency MBS⁽¹⁾	181,399		7,361		47		188,713
Commercial federal agency MBS⁽¹⁾	110,441		6,372		—		116,813
Taxable municipal securities	84,034		4,077		237		87,874
Tax-exempt municipal securities	91,554		4,991		1		96,544
Corporate bonds	13,817		467		19		14,265
Certificate of deposits⁽²⁾("CDs")	454		2		—		456
Total debt securities, at fair value	$	482,699	$	23,276	$	304	$	505,671



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements



	December 31, 2019
(Dollars in thousands)	Amortized cost		Unrealized gains		Unrealized losses		Fair Value
Federal agency obligations⁽¹⁾	$	999	$	5	$	—	$	1,004
Residential federal agency MBS⁽¹⁾	190,392		2,599		333		192,658
Commercial federal agency MBS⁽¹⁾	111,182		3,453		—		114,635
Taxable municipal securities	79,095		2,726		134		81,687
Tax-exempt municipal securities	95,342		4,696		—		100,038
Corporate bonds	13,826		485		—		14,311
CDs⁽²⁾	454		1		—		455
Total debt securities, at fair value	$	491,290	$	13,965	$	467	$	504,788

__________________________________________


(1)	These categories may include investments issued or guaranteed by government sponsored enterprises such as Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), Federal Farm Credit Bank ("FFCB"), or one of several Federal Home Loan Banks, as well as, investments guaranteed by Ginnie Mae ("GNMA"), a wholly-owned government entity.


(2)	CDs represent term deposits issued by banks that are subject to FDIC insurance and purchased on the open market.

As of the dates reflected in the tables above, the majority of residential and commercial federal agency MBS categories were collateralized mortgage obligations ("CMOs") issued by U.S. agencies. The remaining MBS investments totaled $23.7 million and $23.5 million at March 31, 2020 and December 31, 2019, respectively.

As of the dates reflected in the tables above, all of the Company's debt securities were classified as available-for-sale and carried at fair value.

Net unrealized appreciation and depreciation on debt securities available-for-sale, net of applicable income taxes, are reflected as a component of accumulated other comprehensive income (loss). The net unrealized gain or loss in the Company's debt security portfolio fluctuates as market interest rates rise and fall. Due to the fixed rate nature of this portfolio, as market rates fall, the value of the portfolio rises, and as market rates rise, the value of the portfolio declines. The unrealized gains or losses on debt securities will also decline as the securities approach maturity. Unrealized losses on debt securities that are deemed OTTI are generally charged to earnings, as described further in Note 1, "Summary of Significant Accounting Policies," under Item (e), "Investments," to the Company's audited consolidated financial statements contained in the Company's 2019 Annual Report on Form 10-K. Gains or losses will be recognized in the Consolidated Statement of Income if the securities are sold.

The following tables summarize debt securities with unrealized losses, due to the fair values having declined below the amortized costs of the individual investments, by the duration of their continuous unrealized loss positions at March 31, 2020 and December 31, 2019:



	March 31, 2020
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of holdings
Residential federal agency MBS	$	9,392	$	47	$	—	$	—	$	9,392	$	47	3
Taxable municipal securities	6,804		237		—		—		6,804		237		7
Tax-exempt municipal securities	582		1		—		—		582		1		1
Corporate bonds	2,304		19		—		—		2,304		19		17
Total temporarily impaired debt securities	$	19,082	$	304	$	—	$	—	$	19,082	$	304	28



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements



	December 31, 2019
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of holdings
Residential federal agency MBS	$	36,464	$	263	$	5,060	$	70	$	41,524	$	333	11
Taxable municipal securities	16,826		134		—		—		16,826		134		15
Total temporarily impaired debt securities	$	53,290	$	397	$	5,060	$	70	$	58,350	$	467	26

During the three months ended March 31, 2020 and 2019, the Company did not record any OTTI on its investments in debt securities and at March 31, 2020, management did not consider any debt securities to have OTTI. Management regularly reviews the portfolio for debt securities with unrealized losses that are other-than-temporarily impaired. There have been no material changes to the Company's process for assessing investments for OTTI as reported in the Company's 2019 Annual Report on Form 10-K. For more information about the Company's assessment for OTTI, see Note 2, "Investment Securities," to the Company's audited consolidated financial statements contained in the Company's 2019 Annual Report on Form 10-K.

The contractual maturity distribution at March 31, 2020 of debt securities was as follows:



(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	11,425	$	11,478
Due after one, but within five years	85,244		89,501
Due after five, but within ten years	165,531		174,885
Due after ten years	220,499		229,807
Total debt securities	$	482,699	$	505,671

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 $89.8 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 $503.3 million at March 31, 2020.

Sales of debt securities for the three months ended March 31, 2020 and March 31, 2019 are summarized as follows:



	Three months ended March 31,
(Dollars in thousands)	2020		2019
Amortized cost of debt securities sold ⁽¹⁾	$	2,527	$	1,793
Gross realized gains on sales	100		2
Gross realized losses on sales	—		(3		)
Total proceeds from sales of debt securities	$	2,627	$	1,792

_________________________________________

(1)Amortized cost of investments sold is determined on a specific identification basis and includes pending trades based on trade date, if applicable.

Equity Securities

The Company held equity securities with a fair value of $588 thousand at March 31, 2020 and $467 thousand at December 31, 2019. At March 31, 2020, the equity portfolio consisted primarily of investments in common stock of individual entities in the financial services industry and mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements

Equity securities are accounted for under ASC Topic 321, "Investments-Equity Securities," and are recorded on the Company's consolidated balance sheet at fair value with changes in fair value recognized in the Company's consolidated income statement as a component of "Other Income." There were no sales of equity securities in either the three months ended March 31, 2020 or March 31, 2019. For the three months ended March 31, 2020, the Company recorded net losses of $198 thousand compared with net gains of $186 thousand for the three months ended March 31, 2019 to adjust the carrying value in each period to fair value. The amount recognized related to equity securities in "Other income" is dependent on the amount of dollars invested in equities, the magnitude of changes in equity market values, and the amount of gains or losses realized through equity sales.


(3)	Loans

The Company manages its loan portfolio to avoid concentration by industry, relationship size and source of repayment to lessen its credit risk exposure. For additional information on the Company's lending products, see the heading "Lending Products" under Item 1, "Business," contained in the Company's 2019 Annual Report on Form 10-K.

Loan Portfolio Classifications

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



(Dollars in thousands)	March 31, 2020			December 31, 2019
Commercial real estate	$	1,442,150		$	1,394,179
Commercial and industrial	537,790			501,227
Commercial construction	345,683			317,477
Total commercial loans	2,325,623			2,212,883

Residential mortgages	254,188			247,373
Home equity	97,223			98,252
Consumer	10,194			10,054
Total retail loans	361,605			355,679

Gross loans	2,687,228			2,568,562
Deferred loan origination fees, net	(3,301		)	(3,103		)
Total loans	2,683,927			2,565,459
Allowance for loan losses	(39,764		)	(33,614		)
Net loans	$	2,644,163		$	2,531,845

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 $101.0 million at March 31, 2020 and $104.3 million at December 31, 2019. See also "Loans serviced for others" below for information related to commercial loans participated out to various other institutions.

Loans serviced for others

At March 31, 2020 and December 31, 2019, the Company was servicing residential mortgage loans owned by investors amounting to $15.0 million and $15.7 million, respectively. Additionally, the Company was servicing commercial loans originated by the Company and participated out to various other institutions amounting to $82.2 million and $80.2 million at March 31, 2020 and December 31, 2019, respectively.



Table of Contents	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, 2020		December 31, 2019
Commercial real estate	$	227,585	$	246,865
Residential mortgages	240,305		231,028
Home equity	7,639		7,676
Total loans pledged to FHLB	$	475,529	$	485,569

See also Note 4, "Allowance for Loan Losses," to the Company's unaudited consolidated interim financial statements of this Form 10-Q, contained below, for information on the Company's credit risk management, non-accrual, impaired and troubled debt restructured loans and the allowance for loan losses. See Note 8, "Derivatives and Hedging Activities," to the Company's unaudited consolidated interim financial statements of this Form 10-Q, contained below, for information regarding interest-rate swap agreements related to certain commercial loans, and see Note 14, "Fair Value Measurements," to the Company's unaudited consolidated interim financial statements of this Form 10-Q, contained below, for further information regarding the Company's fair value measurements for loans.

(4) Allowance for Loan Losses

Allowance for probable loan losses methodology

On a quarterly basis, management prepares an estimate of the allowance necessary to cover estimated probable credit losses. The Company uses a systematic methodology to measure the amount of estimated loan loss exposure inherent in the portfolio for purposes of establishing a sufficient allowance for loan losses. The methodology makes use of specific reserves for loans individually evaluated and deemed impaired, and general reserves for larger pools of homogeneous loans, which are collectively evaluated relying on a combination of qualitative and quantitative factors that may affect credit quality of the pool.

There have been no material changes to the Company's underwriting practices, credit risk management system, or to the allowance assessment methodology used to estimate loan loss exposure as reported in Note 4, "Allowance for Loan Losses," to the Company's audited consolidated financial statements contained in the Company's 2019 Annual Report on Form 10-K.

As previously noted above, the Company has elected to defer the adoption of CECL, as allowed under the CARES Act, until the earlier of: (1) the date on which the national emergency concerning the COVID-19 pandemic declared under the National Emergencies Act terminates; or (2) December 31, 2020. The information that follows is presented under the incurred loss model.

The balances of loans as of March 31, 2020 by portfolio classification and evaluation method are summarized as follows:



(Dollars in thousands)	Loans individually evaluated for impairment		Loans collectively evaluated for impairment		Gross Loans
Commercial real estate	$	14,166	$	1,427,984	$	1,442,150
Commercial and industrial	6,901		530,889		537,790
Commercial construction	5,304		340,379		345,683
Residential mortgages	1,206		252,982		254,188
Home equity	394		96,829		97,223
Consumer	38		10,156		10,194
Total gross loans	$	28,009	$	2,659,219	$	2,687,228



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements

The balances of loans as of December 31, 2019 by portfolio classification and evaluation method are summarized as follows:



(Dollars in thousands)	Loans individually evaluated for impairment		Loans collectively evaluated for impairment		Gross Loans
Commercial real estate	$	17,515	$	1,376,664	$	1,394,179
Commercial and industrial	9,332		491,895		501,227
Commercial construction	3,347		314,130		317,477
Residential mortgages	1,229		246,144		247,373
Home equity	411		97,841		98,252
Consumer	44		10,010		10,054
Total gross loans	$	31,878	$	2,536,684	$	2,568,562

Credit quality indicators

Early detection of credit issues is critical to minimize credit losses. Accordingly, management regularly monitors internal credit quality indicators such as, among others, the risk classification of adversely classified loans, past due and non-accrual loans, impaired and restructured loans, and the level of foreclosure activity. These credit quality indicators are discussed below.

Adversely classified loans

The Company's loan risk rating system classifies loans depending on risk of loss characteristics. The classifications range from "substantially risk free" for the highest quality loans and loans that are secured by cash collateral, through a satisfactory range of "minimal," "moderate," "better than average," and "average" risk, to the regulatory problem-asset classifications of "criticized," for loans that may need additional monitoring, and the more severe adverse classifications of "substandard," "doubtful," and "loss" based on criteria established under banking regulations. Loans which are evaluated to be of weaker credit quality are placed on the "watch credit list" and reviewed on a more frequent basis by management.

Adversely classified loans may be accruing or in non-accrual status and may be additionally designated as impaired or restructured, or some combination thereof.

The following tables present the Company's credit risk profile for each portfolio classification by internally assigned adverse risk rating category as of the periods indicated:



	March 31, 2020
	Adversely Classified						Not Adversely
(Dollars in thousands)	Substandard		Doubtful		Loss		Classified		Gross Loans
Commercial real estate	$	13,273	$	—	$	—	$	1,428,877	$	1,442,150
Commercial and industrial	8,550		2,352		—		526,888		537,790
Commercial construction	5,809		—		—		339,874		345,683
Residential mortgages	1,799		—		—		252,389		254,188
Home equity	565		—		—		96,658		97,223
Consumer	65		1		—		10,128		10,194
Total gross loans	$	30,061	$	2,353	$	—	$	2,654,814	$	2,687,228



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements



	December 31, 2019
	Adversely Classified						Not Adversely
(Dollars in thousands)	Substandard		Doubtful		Loss		Classified		Gross Loans
Commercial real estate	$	16,664	$	—	$	—	$	1,377,515	$	1,394,179
Commercial and industrial	10,900		2,370		—		487,957		501,227
Commercial construction	4,836		—		—		312,641		317,477
Residential mortgages	1,825		—		—		245,548		247,373
Home equity	455		—		—		97,797		98,252
Consumer	69		3		—		9,982		10,054
Total gross loans	$	34,749	$	2,373	$	—	$	2,531,440	$	2,568,562

Total adversely classified loans amounted to 1.21% of total loans at March 31, 2020, compared to 1.45% at December 31, 2019.

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, 2020
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Past Due 90 days or more		Total Past Due Loans		Current Loans		Gross Loans		Non-accrual Loans
Commercial real estate	$	8,687	$	265	$	3,886	$	12,838	$	1,429,312	$	1,442,150	$	8,605
Commercial and industrial	1,042		722		579		2,343		535,447		537,790		2,942
Commercial construction	2,591		720		2,831		6,142		339,541		345,683		2,831
Residential mortgages	1,346		—		301		1,647		252,541		254,188		394
Home equity	270		—		167		437		96,786		97,223		1,014
Consumer	34		7		—		41		10,153		10,194		15
Total gross loans	$	13,970	$	1,714	$	7,764	$	23,448	$	2,663,780	$	2,687,228	$	15,801



	Balance at December 31, 2019
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Past Due 90 days or more		Total Past Due Loans		Current Loans		Gross Loans		Non-accrual Loans
Commercial real estate	$	1,469	$	3,914	$	4,158	$	9,541	$	1,384,638	$	1,394,179	$	8,280
Commercial and industrial	576		1,034		265		1,875		499,352		501,227		3,285
Commercial construction	576		3,325		1,735		5,636		311,841		317,477		1,735
Residential mortgages	700		283		623		1,606		245,767		247,373		411
Home equity	645		—		169		814		97,438		98,252		1,040
Consumer	12		—		6		18		10,036		10,054		20
Total gross loans	$	3,978	$	8,556	$	6,956	$	19,490	$	2,549,072	$	2,568,562	$	14,771

At March 31, 2020 and December 31, 2019, all loans past due 90 days or more were carried as non-accrual, in addition to those loans that were less than 90 days past due where reasonable doubt existed as to the full and timely collection of interest or principal that have also been designated as non-accrual, despite their payment due status shown in the tables above.

Non-accrual loans that were not adversely classified amounted to $59 thousand at March 31, 2020 and $84 thousand at December 31, 2019. These balances primarily represented the guaranteed portions of non-performing SBA loans. The majority of the non-accrual loan balances were also carried as impaired loans during the periods noted and are discussed further below.



Table of Contents	ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements

The ratio of non-accrual loans to total loans amounted to 0.59% at March 31, 2020 and 0.58% and at December 31, 2019.

At March 31, 2020, additional funding commitments for non-accrual loans were not material.

Impaired loans

Impaired loans are individually significant loans for which management considers it probable that not all amounts due (principal and interest) will be collected in accordance with the original contractual terms. Impaired loans include loans that have been modified in a troubled debt restructuring ("TDR"), see "Troubled Debt Restructurings" below. Impaired loans are individually evaluated and exclude large groups of smaller-balance homogeneous loans, such as residential mortgage loans and consumer loans, which are collectively evaluated for impairment, and loans that are measured at fair value, unless the loan is amended in a TDR.

The carrying value of impaired loans amounted to $28.0 million and $31.9 million at March 31, 2020 and December 31, 2019, respectively. Total accruing impaired loans amounted to $12.2 million and $17.1 million at March 31, 2020 and December 31, 2019, respectively, while non-accrual impaired loans amounted to $15.8 million and $14.8 million as of March 31, 2020 and December 31, 2019, respectively.

The following tables set forth the recorded investment in impaired loans and the related specific allowance allocated by portfolio classification as of the dates indicated:



	Balance at March 31, 2020
(Dollars in thousands)	Unpaid contractual principal balance		Total recorded investment in impaired loans		Recorded investment with no allowance		Recorded investment with allowance		Related specific allowance
Commercial real estate	$	15,257	$	14,166	$	13,783	$	383	$	29
Commercial and industrial	9,015		6,901		5,264		1,637		908
Commercial construction	5,330		5,304		2,796		2,508		1,473
Residential mortgages	1,317		1,206		1,206		—		—
Home equity	575		394		394		—		—
Consumer	39		38		—		38		38
Total	$	31,533	$	28,009	$	23,443	$	4,566	$	2,448



	Balance at December 31, 2019
(Dollars in thousands)	Unpaid contractual principal balance		Total recorded investment in impaired loans		Recorded investment with no allowance		Recorded investment with allowance		Related specific allowance
Commercial real estate	$	18,537	$	17,515	$	17,129	$	386	$	31
Commercial and industrial	11,455		9,332		7,405		1,927		974
Commercial construction	3,359		3,347		3,347		—		—
Residential mortgages	1,331		1,229		1,229		—		—
Home equity	607		411		411		—		—
Consumer	44		44		—		44		44

Price	30.39	EPS	3
Shares	12	P/E	11
MCap	360	P/FCF	27
Net Debt	-82	EBIT	64
TEV	278	TEV/EBIT	4
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-10
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-07
10-Q	2019-03-31	Filed 2019-05-07
10-K	2018-12-31	Filed 2019-03-13
10-Q	2018-09-30	Filed 2018-11-06
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-03-13
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-07
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-31	Filed 2017-03-14
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-03-15
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-03-13
10-Q	2014-09-30	Filed 2014-11-07
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-14
10-Q	2013-09-30	Filed 2013-11-08
10-Q	2013-06-30	Filed 2013-08-09
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-15
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-15
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-12

8-K	2020-05-05
8-K	2020-05-05
8-K	2020-04-27
8-K	2020-04-20
8-K	2020-03-20
8-K	2020-01-23
8-K	2020-01-21
8-K	2019-10-17
8-K	2019-10-15
8-K	2019-07-18
8-K	2019-07-16
8-K	2019-06-18
8-K	2019-05-10
8-K	2019-04-18
8-K	2019-04-16
8-K	2019-03-22
8-K	2019-01-24
8-K	2019-01-15
8-K	2018-12-11
8-K	2018-10-22
8-K	2018-10-18
8-K	2018-10-16
8-K	2018-07-19
8-K	2018-07-17
8-K	2018-05-01
8-K	2018-04-19
8-K	2018-04-17
8-K	2018-03-23
8-K	2018-01-25
8-K	2018-01-16
8-K	2018-01-05

EX-31.1	ebtc33120-ex311.htm
EX-31.2	ebtc33120-ex312.htm
EX-32	ebtc33120-ex32.htm

EBTC 10Q Quarterly Report

Enterprise Bancorp Earnings 2020-03-31