10-Q 1 ebtc-20220331.htm 10-Q ebtc-20220331
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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, 2022
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 29, 2022, there were 12,103,946 shares of the issuer's common stock outstanding, par value $0.01 per share.


ENTERPRISE BANCORP, INC.
INDEX
  Page Number
 
   
 
 
 
 
 
 
   
   
 


2

PART I-FINANCIAL INFORMATION
Item 1 -Financial Statements
ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except per share data)March 31, 2022December 31, 2021
Assets  
Cash and cash equivalents:  
Cash and due from banks$45,233 $33,572 
Interest-earning deposits with banks384,454 403,004 
Total cash and cash equivalents429,687 436,576 
Investments:
Debt securities at fair value (amortized cost of $959,181 and $950,523, respectively)
907,052 956,430 
Equity securities at fair value2,961 1,785 
Total investment securities at fair value910,013 958,215 
Federal Home Loan Bank ("FHLB") stock2,048 2,164 
Loans:
Total loans2,962,721 2,920,684 
Allowance for credit losses (48,424)(47,704)
Net loans2,914,297 2,872,980 
Premises and equipment, net45,130 44,689 
Lease right-of-use asset24,915 24,295 
Accrued interest receivable14,272 13,354 
Deferred income taxes, net32,999 19,644 
Bank-owned life insurance63,249 62,954 
Prepaid income taxes2,018 279 
Prepaid expenses and other assets10,190 7,013 
Goodwill5,656 5,656 
Total assets$4,454,474 $4,447,819 
Liabilities and shareholders' Equity  
Liabilities  
Deposits$4,034,500 $3,980,239 
Borrowed funds2,974 5,479 
Subordinated debt59,009 58,979 
Lease liability24,301 23,627 
Accrued expenses and other liabilities22,405 31,063 
Accrued interest payable746 1,537 
Total liabilities4,143,935 4,100,924 
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; 12,103,188 and 12,038,382 shares issued and outstanding, respectively
121 120 
Additional paid-in capital101,139 100,352 
Retained earnings249,579 241,761 
Accumulated other comprehensive (loss) income (40,300)4,662 
Total shareholders' equity310,539 346,895 
Total liabilities and shareholders' equity$4,454,474 $4,447,819 
See the accompanying notes to the unaudited consolidated interim financial statements.
3


ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
 Three months ended March 31,
(Dollars in thousands, except per share data)20222021
Interest and dividend income:
Loans and loans held for sale$30,695$33,650
Investment securities4,5883,394
Other interest-earning assets18165
Total interest and dividend income35,46437,109
Interest expense:
Deposits6001,323
Borrowed funds138
Subordinated debt8181,042
Total interest expense1,431 2,373 
Net interest income34,033 34,736 
Provision for credit losses530 680 
Net interest income after provision for credit losses33,503 34,056 
Non-interest income:
Wealth management fees1,7291,612
Deposit and interchange fees1,8021,606
Income on bank-owned life insurance, net295136
Net gains on sales of debt securities1,062128
Net gains on sales of loans22128
Other income685689
Total non-interest income5,595 4,299 
Non-interest expense:
Salaries and employee benefits16,79215,721
Occupancy and equipment expenses2,4152,381
Technology and telecommunications expenses2,6362,554
Advertising and public relations expenses667514
Audit, legal and other professional fees710567
Deposit insurance premiums556356
Supplies and postage expenses220227
Loss on extinguishment of subordinated debt713
Other operating expenses1,7611,651
Total non-interest expense25,757 24,684 
Income before income taxes13,341 13,671 
Provision for income taxes3,054 3,319 
Net income$10,287 $10,352 
Basic earnings per share$0.85 $0.87 
Diluted earnings per share$0.85 $0.86 
Basic weighted average common shares outstanding12,055,991 11,959,469 
Diluted weighted average common shares outstanding12,119,836 11,994,437 
See the accompanying notes to the unaudited consolidated interim financial statements.

4

ENTERPRISE BANCORP, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three months ended March 31,
(Dollars in thousands)20222021
Net income$10,287 $10,352 
Other comprehensive loss, net of tax
Net change in fair value of debt securities(44,962)(8,721)
Net change in fair value of cash flow hedges 583 
Total other comprehensive loss, net of tax (44,962)(8,138)
Total comprehensive (loss) income, net$(34,675)$2,214 


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

5

ENTERPRISE BANCORP, INC.
Consolidated Statement of Changes in Shareholders' Equity
(Unaudited)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive (Loss)/Income
Total
Shareholders'
Equity
(Dollars in thousands, except per share data)SharesAmount
Balance at December 31, 202112,038,382 $120 $100,352 $241,761 $4,662 $346,895 
Net income10,287 10,287 
Other comprehensive loss, net(44,962)(44,962)
Common stock dividend declared ($0.205 per share)
(2,469)(2,469)
Common stock issued under dividend reinvestment plan8,915 — 346 346 
Common stock issued, other241 — 10 10 
Stock-based compensation, net59,949 1 659 660 
Net settlement for employee taxes on restricted stock and options(7,728)— (286)(286)
Stock options exercised, net3,429 — 58 58 
Balance at March 31, 202212,103,188 $121 $101,139 $249,579 $(40,300)$310,539 
Balance at December 31, 202011,937,795 $119 $97,137 $214,977 $22,193 $334,426 
Net income10,352 10,352 
Cumulative effect adjustment for ("CECL") adoption(6,510)(6,510)
Other comprehensive loss, net(8,138)(8,138)
Common stock dividend declared ($0.185 per share)
(2,209)(2,209)
Common stock issued under dividend reinvestment plan10,241 — 313 313 
Common stock issued, other251 — 7 7 
Stock-based compensation, net64,725 1 670 671 
Net settlement for employee taxes on restricted stock and options(5,157)— (159)(159)
Stock options exercised, net143 — 2 2 
Balance at March 31, 202112,007,998 $120 $97,970 $216,610 $14,055 $328,755 








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

6

ENTERPRISE BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
 Three months ended March 31,
(Dollars in thousands)20222021
Cash flows from operating activities:
Net income$10,287 $10,352 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses530 680 
Depreciation and amortization1,733 1,890 
Stock-based compensation expense478 451 
Income on bank-owned life insurance, net(295)(136)
Net gains on sales of debt securities(1,062)(128)
Mortgage loans originated for sale(819)(12,009)
Proceeds from mortgage loans sold841 4,963 
Net gains on sales of loans(22)(128)
Net losses (gains) on equity securities66 (84)
Changes in:
  Net (increase) decrease in other assets(6,123)3,284 
  Net decrease in other liabilities(8,879)(4,352)
Net cash (used in) provided by operating activities(3,265)4,783 
Cash flows from investing activities:
Proceeds from sales of debt securities32,715 3,059 
Purchase of debt securities(66,833)(55,567)
Proceeds from maturities, calls and pay-downs of debt securities26,067 22,049 
Net purchases of equity securities(1,243)(367)
Net sales (purchases) of FHLB capital stock116 (105)
Net increase in loans(42,142)(37,336)
Additions to premises and equipment, net(1,719)(804)
Net cash used in investing activities(53,039)(69,071)
Cash flows from financing activities:
Net increase in deposits54,261 264,898 
Net (decrease) increase in borrowed funds(2,505)3,857 
Repayment of subordinated debt (15,600)
Loss on extinguishment of subordinated debt 713 
Cash dividends paid, net of dividend reinvestment plan(2,123)(1,896)
Proceeds from issuance of common stock10 7 
Net settlement for employee taxes on restricted stock and options(286)(159)
Net proceeds from stock option exercises58 2 
Net cash provided by financing activities49,415 251,822 
Net (decrease) increase in cash and cash equivalents(6,889)187,534 
Cash and cash equivalents at beginning of period436,576 253,782 
Cash and cash equivalents at end of period$429,687 $441,316 
See the accompanying notes to the unaudited consolidated interim financial statements.

7

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, 2021 audited consolidated financial statements and notes thereto contained in the 2021 Annual Report on Form 10-K of Enterprise Bancorp, Inc. (the "Company," "Enterprise," "we," or "our") as filed with the Securities and Exchange Commission (the "SEC") on March 10, 2022 (the "2021 Annual Report on Form 10-K"). The Company has not materially changed its significant accounting policies from those disclosed in its 2021 Annual Report on Form 10-K. See Item (c), "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 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, and 239 Littleton Road, LLC, organized in 2021 in the State of Massachusetts for the purpose of maintaining and disposing of real estate acquired through the Bank's lending functions. 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 investment activities that the Bank itself would be allowed to conduct under applicable laws. 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, 2022 (this "Form 10-Q"), have been prepared in accordance with U.S. generally accepted accounting principles ("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. Certain previous years' amounts in the unaudited 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.

(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 2021 Annual Report on Form 10-K, the most significant areas in which management applies critical assumptions and estimates are: the estimates of the allowance for credit losses ("ACL") for loans and available for sale securities, the reserve for unfunded commitments, 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 2021 Annual Report on Form 10-K for accounting policies related to these significant estimates.





8

ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
(c) Recent Accounting Pronouncements

Accounting pronouncements not yet adopted by the Company
In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. This ASU clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The ASU amends the guidance in ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, that, among other things, established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. ASU 2022-01 renames that method the “portfolio layer” method and addresses feedback from stakeholders regarding its application. For entities that have adopted ASU 2017-12, ASU 2022-01 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2017-12. The Company expects that this ASU will not have a material impact to the consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit loss ("CECL") methodology for estimating allowances for credit losses and enhances the disclosure requirements for loan restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross charge-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,, such as the Company, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. The Company is in the process of assessing the impact of this ASU on the consolidated financial statements.

Accounting pronouncements adopted by the Company
In August 2021, the FASB issued ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946). This ASU incorporates recent SEC rule changes into the FASB Codification, including SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. The rules reduce the required reporting periods to align them with the relevant financial statement periods required by SEC rules and requires certain statistical disclosures for annual periods, and interim disclosures if a material change in the information, or trend, has occurred. The amendments in this update are effective upon addition to the FASB Codification and apply to fiscal years ending on or after December 15, 2021. However, voluntary early compliance is permitted upon the effective date, provided that the rules are applied in their entirety. The amended disclosures did not have a material impact on the consolidated financial statements.

(d) Subsequent Events

The Company has evaluated subsequent events and transactions from March 31, 2022, 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, 2022
(Dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
U.S. treasury securities$65,840 $ $2,983 $62,857 
Residential federal agency MBS(1)
442,233 137 30,877 411,493 
Commercial federal agency MBS(1)
67,943 478 603 67,818 
Taxable municipal securities 279,183 765 20,062 259,886 
Tax-exempt municipal securities86,718 1,395 143 87,970 
Corporate bonds 7,264 122 8 7,378 
Subordinated corporate bonds10,000  350 9,650 
Total debt securities, at fair value$959,181 $2,897 $55,026 $907,052 

 December 31, 2021
(Dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
U.S. treasury securities$62,850 $ $684 $62,166 
Residential federal agency MBS(1)
412,902 2,406 9,113 406,195 
Commercial federal agency MBS(1)
99,681 3,783 52 103,412 
Taxable municipal securities 272,507 5,607 2,264 275,850 
Tax-exempt municipal securities87,024 5,648  92,672 
Corporate bonds 8,559 441  9,000 
Subordinated corporate bonds7,000 135  7,135 
Total debt securities, at fair value$950,523 $18,020 $12,113 $956,430 
__________________________________________
(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.

As of the dates reflected in the tables above, the majority of investments in the residential and commercial federal agency mortgage back securities ("MBS") categories were collateralized mortgage obligations ("CMOs") issued by U.S. government agencies. The remaining MBS investments totaled $23.0 million and $22.9 million at March 31, 2022 and December 31, 2021, respectively.

At March 31, 2022, management performed its quarterly analysis of all securities with unrealized losses and determined that all were attributable to significant increases in market interest rates. Management concluded that no ACL for available-for-sale securities was considered necessary as of March 31, 2022.

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 $4.1 million and $3.2 million at March 31, 2022 and December 31, 2021, respectively.

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, 2022 and December 31, 2021:
 March 31, 2022
 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$62,857 $2,983 $ $ $62,857 $2,983 10 
Residential federal agency MBS308,437 21,907 75,993 8,970 384,430 30,877 78 
Commercial federal agency MBS17,560 603   17,560 603 5 
Taxable municipal securities 214,772 19,245 6,152 817 220,924 20,062 219 
Tax-exempt municipal securities7,975 143   7,975 143 12 
Corporate bonds745 8   745 8 3 
Subordinated corporate bonds9,650 350  350000 9,650 350 5 
Total$621,996 $45,239 $82,145 $9,787 $704,141 $55,026 332 
 December 31, 2021
 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$62,166 $684 $ $ $62,166 $684 9
Residential federal agency MBS272,863 6,992 51,281 2,121 324,144 9,113 44
Commercial federal agency MBS4,897 52   4,897 52 1 
Taxable municipal securities 117,388 2,023 6,727 241 124,115 2,264 118
Total$457,314 $9,751 $58,008 $2,362 $515,322 $12,113 172 

The contractual maturity distribution at March 31, 2022 of debt securities was as follows:    
(Dollars in thousands)Amortized CostFair Value
Due in one year or less$13,518 $13,580 
Due after one, but within five years164,893 163,441 
Due after five, but within ten years276,771 261,097 
Due after ten years503,999 468,934 
 Total debt securities
$959,181 $907,052 

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 $169.3 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 Federal Reserve Bank of Boston ("FRB"). The fair value of debt securities pledged as collateral for these purposes was $895.9 million and $949.3 million at March 31, 2022 and December 31, 2021, respectively.


11

ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Sales of debt securities for the three months ended March 31, 2022 and March 31, 2021 are summarized as follows:     
Three months ended March 31,
(Dollars in thousands)20222021
Amortized cost of debt securities sold (1)
$31,653 $2,931 
Gross realized gains on sales1,062 128 
Gross realized losses on sales  
Total proceeds from sales of debt securities$32,715 $3,059 
_________________________________________
(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 $3.0 million at March 31, 2022 and $1.8 million at December 31, 2021. At March 31, 2022, the equity portfolio consisted primarily of investments in index funds and common stock of individual entities in the financial services industry held to support operations and mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.

Gains and losses on equity securities for the three months ended March 31, 2022 and March 31, 2021 are summarized as follows:
Three months ended March 31,
(Dollars in thousands)20222021
Net (losses) gains recognized during the period on equity securities $(66)$84 
Less: Net gains (losses) recognized on equity securities sold during the period  
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the end of the period (included in other income)$(66)$84 






12

ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
(3)Loans

Loan Portfolio Classifications

Major classifications of loans at the dates indicated were as follows:
(Dollars in thousands)March 31,
2022
December 31,
2021
Commercial real estate$1,779,691 $1,680,792 
Commercial and industrial408,341 412,070 
Commercial construction375,709 410,443 
SBA Paycheck Protection Program ("PPP")32,153 71,502 
Total commercial loans2,595,894 2,574,807 
Residential mortgages280,507 256,940 
Home equity loans and lines 78,557 80,467 
Consumer7,763 8,470 
Total retail loans366,827 345,877 
Total loans2,962,721 2,920,684 
ACL for loans(48,424)(47,704)
Net loans$2,914,297