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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 June 30, 2024
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 July 31, 2024, there were 12,424,254 shares of the issuer's common stock outstanding, par value $0.01 per share.

ENTERPRISE BANCORP, INC.
INDEX
  Page Number
 
   
 
 
 
 
 
 
   
 


2
ACRONYMS AND ABBREVIATIONS

The acronyms and abbreviations defined in the table below are provided to aid the reader when reviewing this Quarterly Report on Form 10-Q for the three months ended June 30, 2024:

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

3
PART I-FINANCIAL INFORMATION
Item 1 -Financial Statements
ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except per share data)June 30,
2024		December 31,
2023
Assets  
Cash and cash equivalents:  
Cash and due from banks$48,352 $37,443 
Interest-earning deposits with banks151,367 19,149 
Total cash and cash equivalents199,719 56,592 
Investments:
Debt securities at fair value (amortized cost of $734,523 and $763,981, respectively)
628,314 661,113 
Equity securities at fair value8,524 7,058 
Total investment securities at fair value636,838 668,171 
Federal Home Loan Bank stock
2,482 2,402 
Loans held for sale— 200 
Loans:
Total loans3,768,649 3,567,631 
Allowance for credit losses (61,999)(58,995)
Net loans3,706,650 3,508,636 
Premises and equipment, net44,209 44,931 
Lease right-of-use asset24,469 24,820 
Accrued interest receivable20,343 19,233 
Deferred income taxes, net48,619 49,166 
Bank-owned life insurance66,381 65,455 
Prepaid income taxes4,806 1,589 
Prepaid expenses and other assets13,509 19,183 
Goodwill5,656 5,656 
Total assets$4,773,681 $4,466,034 
Liabilities and shareholders' Equity  
Liabilities  
Deposits$4,248,801 $3,977,521 
Borrowed funds61,785 25,768 
Subordinated debt59,657 59,498 
Lease liability24,157 24,441 
Accrued expenses and other liabilities30,546 45,011 
Accrued interest payable8,294 4,678 
Total liabilities4,433,240 4,136,917 
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; 12,424,407 and 12,272,674 shares issued and outstanding, respectively
124 123 
Additional paid-in capital109,137 107,377 
Retained earnings313,486 301,380 
Accumulated other comprehensive loss(82,306)(79,763)
Total shareholders' equity340,441 329,117 
Total liabilities and shareholders' equity$4,773,681 $4,466,034 
See the accompanying notes to the unaudited consolidated interim financial statements.
4

ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
 Three months ended June 30,Six months ended June 30,
(Dollars in thousands, except per share data)2024202320242023
Interest and dividend income:  
Other interest-earning assets$1,697 $1,917 $2,869$4,125
Investment securities3,943 4,967 7,97710,040
Loans and loans held for sale51,224 41,798 100,04181,354
Total interest and dividend income56,86448,682110,88795,519
Interest expense:  
Deposits19,172 9,692 36,44415,679
Borrowed funds664 30 1,35842
Subordinated debt867 867 1,7341,734
Total interest expense20,703 10,589 39,536 17,455 
Net interest income36,161 38,093 71,351 78,064 
Provision for credit losses137 2,268 759 5,004 
Net interest income after provision for credit losses36,024 35,825 70,592 73,060 
Non-interest income:  
Wealth management fees1,970 1,673 3,8203,260
Deposit and interchange fees2,284 2,295 4,3534,343
Income on bank-owned life insurance, net503 316 961623
Net losses on sales of debt securities
— (2,419)—(2,419)
Net gains on sales of loans44 6 6620
Net gains on equity securities
101 189 566173
Other income726 759 1,3571,576
Total non-interest income5,628 2,819 11,123 7,576 
Non-interest expense:  
Salaries and employee benefits19,675 16,135 38,85134,656
Occupancy and equipment expenses2,406 2,505 4,8655,006
Technology and telecommunications expenses2,658 2,636 5,4035,311
Advertising and public relations expenses674 804 1,4171,485
Audit, legal and other professional fees711 782 1,4451,422
Deposit insurance premiums862 615 1,7211,290
Supplies and postage expenses240 247 477502
Other operating expenses1,803 1,899 3,7583,991
Total non-interest expense29,029 25,623 57,937 53,663 
Income before income taxes12,623 13,021 23,778 26,973 
Provision for income taxes3,111 3,337 5,759 6,521 
Net income$9,512 $9,684 $18,019 $20,452 
Basic earnings per share$0.77 $0.79 $1.46 $1.68 
Diluted earnings per share$0.77 $0.79 $1.46 $1.67 
Basic weighted average common shares outstanding12,389,917 12,228,081 12,341,630 12,191,857 
Diluted weighted average common shares outstanding12,394,463 12,244,863 12,349,573 12,218,735 
See the accompanying notes to the unaudited consolidated interim financial statements.

5
ENTERPRISE BANCORP, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
Three months ended June 30,Six months ended June 30,
(Dollars in thousands)2024202320242023
Net income$9,512 $9,684 $18,019 $20,452 
Other comprehensive (loss) income, net of tax
Net change in fair value of debt securities(432)(11,634)(2,543)8,614 
Total other comprehensive (loss) income, net of tax
(432)(11,634)(2,543)8,614 
Total comprehensive income (loss), net
$9,080 $(1,950)$15,476 $29,066 


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

6
ENTERPRISE BANCORP, INC.
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Total
Shareholders'
Equity
(Dollars in thousands, except per share data)SharesAmount
Balance at March 31, 202412,376,562 $124 $108,246 $306,943 $(81,874)$333,439 
Net income9,512 9,512 
Other comprehensive loss, net(432)(432)
Common stock dividend declared ($0.24 per share)
(2,969)(2,969)
Common stock issued under dividend reinvestment plan16,500 — 408 408 
Common stock issued, other574 — 15 15 
Stock-based compensation, net32,557 — 514 514 
Net settlement for employee taxes on restricted stock and options(1,938)— (48)(48)
Stock options exercised, net152 — 2 2 
Balance at June 30, 202412,424,407 $124 $109,137 $313,486 $(82,306)$340,441 
Balance at March 31, 202312,222,717 $122 $104,621 $282,534 $(75,959)$311,318 
Net income9,684 9,684 
Other comprehensive loss, net
(11,634)(11,634)
Common stock dividend declared ($0.23 per share)
(2,809)(2,809)
Common stock issued under dividend reinvestment plan13,824 — 376 376 
Common stock issued, other524 — 17 17 
Stock-based compensation, net8,638 — 571 571 
Net settlement for employee taxes on restricted stock and options(1,650)— (47)(47)
Stock options exercised, net680 — 14 14 
Balance at June 30, 202312,244,733 $122 $105,552 $289,409 $(87,593)$307,490 










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

7
ENTERPRISE BANCORP, INC.
Consolidated Statements of Changes in Shareholders' Equity (continued)
(Unaudited)
Common StockAdditional
Paid-in
Capital		Retained
Earnings
Accumulated
Other
Comprehensive Loss
Total
Stockholders'
Equity
(Dollars in thousands, except per share data)SharesAmount
Balance at December 31, 202312,272,674 $123 $107,377 $301,380 $(79,763)$329,117 
Net income18,019 18,019 
Other comprehensive loss, net(2,543)(2,543)
Common stock dividends declared ($0.48 per share)
(5,913)(5,913)
Common stock issued under dividend reinvestment plan30,996 — 806 806 
Common stock issued, other629 — 17 17 
Stock-based compensation, net123,520 1 1,174 1,175 
Net settlement for employee taxes on restricted stock and options(10,893)— (331)(331)
Stock options exercised, net7,481 — 94 94 
Balance at June 30, 202412,424,407 $124 $109,137 $313,486 $(82,306)$340,441 
Balance at December 31, 202212,133,516 $121 $103,793 $274,560 $(96,207)$282,267 
Net income20,452 20,452 
Other comprehensive income, net
8,614 8,614 
Common stock dividends declared ($0.46 per share)
(5,603)(5,603)
Common stock issued under dividend reinvestment plan24,219 — 746 746 
Common stock issued, other731 — 24 24 
Stock-based compensation, net79,581 1 1,281 1,282 
Net settlement for employee taxes on restricted stock and options(7,604)— (395)(395)
Stock options exercised, net14,290 — 103 103 
Balance at June 30, 202312,244,733 $122 $105,552 $289,409 $(87,593)$307,490 
See the accompanying notes to the unaudited consolidated interim financial statements.

8
ENTERPRISE BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
 Six months ended June 30,
(Dollars in thousands)20242023
Cash flows from operating activities:
Net income$18,019 $20,452 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses759 5,004 
Depreciation and amortization2,922 3,280 
Stock-based compensation expense1,069 1,151 
Income on bank-owned life insurance, net(961)(623)
Net losses on sales of debt securities
— 2,419 
Mortgage loans originated for sale(2,872)(1,188)
Proceeds from mortgage loans sold3,138 1,208 
Net gains on sales of loans(66)(20)
Net gains on equity securities
(566)(173)
Changes in:
  Net decrease (increase) in other assets
2,886 (22,102)
  Net decrease in other liabilities(8,439)(1,338)
Net cash provided by operating activities15,889 8,070 
Cash flows from investing activities:
Proceeds from sales of debt securities— 84,779 
Proceeds from maturities, calls and pay-downs of debt securities29,058 32,428 
Net purchases of equity securities(900)(1,456)
Net purchases of FHLB capital stock(80)(61)
Net increase in loans(201,010)(165,251)
Additions to premises and equipment, net(1,800)(2,058)
Net cash used in investing activities(174,732)(51,619)
Cash flows from financing activities:
Net increase in deposits
271,280 39,792 
Advancements from long-term borrowings
38,572 463 
Repayments of long-term borrowings
(2,555)(345)
Cash dividends paid, net of dividend reinvestment plan(5,107)(4,857)
Proceeds from issuance of common stock17 24 
Net settlement for employee taxes on restricted stock and options(331)(395)
Net proceeds from stock option exercises94 103 
Net cash provided by financing activities
301,970 34,785 
Net increase (decrease) in cash and cash equivalents
143,127 (8,764)
Cash and cash equivalents at beginning of period56,592 267,589 
Cash and cash equivalents at end of period$199,719 $258,825 
See the accompanying notes to the unaudited consolidated interim financial statements.

9
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, 2023 audited consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K of Enterprise Bancorp, Inc. (the "Company," "Enterprise," "we," or "our") for the year ended December 31, 2023 (the "2023 Annual Report on Form 10-K") as filed with the SEC on March 8, 2024. The Company has not materially changed its significant accounting policies from those disclosed in its 2024 Annual Report on Form 10-K. See Item (b), "Recent Accounting Pronouncements," below in this Note 1.

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

The accompanying unaudited consolidated interim financial statements, and notes thereto, in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (this "Form 10-Q"), have been prepared in accordance with U.S. GAAP for interim financial information and the SEC instructions for Quarterly Reports on Form 10-Q. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all necessary adjustments, consisting of normal recurring accruals and elimination of intercompany balances, for a fair presentation. Interim results are not necessarily indicative of results to be expected for the entire year, or any future period.

(b) Recent Accounting Pronouncements

Accounting pronouncements not yet adopted by the Company
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements — Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." This ASU amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532 — Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. ASU 2023-06 is not expected to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 is not expected to have a material impact on our consolidated financial statements.

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

The Company has evaluated subsequent events and transactions from June 30, 2024 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.

10
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:
 June 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
Federal agency obligations$5,001 $— $13 $4,988 
U.S. Treasury securities
13,997 — 954 13,043 
Federal agency CMO
374,678 — 64,206 310,472 
Federal agency MBS
21,250 — 3,255 17,995 
Taxable municipal securities 262,073 24 35,659 226,438 
Tax-exempt municipal securities42,098 2 646 41,454 
Corporate bonds 3,466 — 109 3,357 
Subordinated corporate bonds11,960 — 1,393 10,567 
Total debt securities, at fair value$734,523 $26 $106,235 $628,314 
 December 31, 2023
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
Federal agency obligations$5,006 $— $28 $4,978 
U.S. Treasury securities
16,993 — 1,068 15,925 
Federal agency CMO396,665 33 61,947 334,751 
Federal agency MBS21,586 31 2,805 18,812 
Taxable municipal securities 262,168 34 35,225 226,977 
Tax-exempt municipal securities45,548 156 285 45,419 
Corporate bonds 4,058 — 92 3,966 
Subordinated corporate bonds11,957 — 1,672 10,285 
Total debt securities, at fair value$763,981 $254 $103,122 $661,113 
Accrued interest receivable on available-for-sale debt securities, included in the "Accrued Interest Receivable" line item on the Company's Consolidated Balance Sheets, amounted to $3.0 million at June 30, 2024 and $3.1 million at December 31, 2023.

At June 30, 2024, management performed its quarterly analysis of all securities with unrealized losses and determined that the losses were attributable to significant increases in market interest rates. Management concluded that no ACL for available-for-sale securities was necessary as of June 30, 2024 and anticipates they will mature or be called at par value. The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis.


11
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
The following tables summarize the duration of unrealized losses for debt securities at June 30, 2024 and December 31, 2023:
 June 30, 2024
 Less than 12 months12 months or longerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		# of Holdings
Federal agency obligations$— $— $4,988 $13 $4,988 $13 1 
U.S. Treasury securities
— — 13,043 954 13,043 954 3 
Federal agency CMO13,194 209 297,278 63,997 310,472 64,206 86 
Federal agency MBS1,640 16 16,355 3,239 17,995 3,255 11 
Taxable municipal securities 1,989 321 223,425 35,338 225,414 35,659 251 
Tax-exempt municipal securities19,151 168 19,661 478 38,812 646 80 
Corporate bonds— — 3,357 109 3,357 109 15 
Subordinated corporate bonds— — 10,567 1,393 10,567 1,393 6 
Total$35,974 $714 $588,674 $105,521 $624,648 $106,235 453 
 December 31, 2023
 Less than 12 months12 months or longerTotal
(Dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		# of Holdings
Federal agency obligations$4,978 $28 $— $— $4,978 $28 1 
U.S. Treasury securities
— — 15,925 1,068 15,925 1,068 4
Federal agency CMO8,810 18 311,221 61,929 320,031 61,947 86
Federal agency MBS— — 17,114 2,805 17,114 2,805 10 
Taxable municipal securities 1,993 316 223,949 34,909 225,942 35,225 251
Tax-exempt municipal securities11,890 55 10,519 230 22,409 285 53 
Corporate bonds — — 3,966 92 3,966 92 18 
Subordinated corporate bonds— — 10,285 1,672 10,285 1,672 6 
Total$27,671 $417 $592,979 $102,705 $620,650 $103,122 429 

The contractual maturity distribution at June 30, 2024 of debt securities was as follows:
(Dollars in thousands)Amortized CostFair Value
Due in one year or less$25,452 $25,289 
Due after one, but within five years94,887 89,174 
Due after five, but within ten years239,770 205,832 
Due after ten years374,414 308,019 
 Total debt securities
$734,523 $628,314 

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 $131.5 million, which can be redeemed by the issuers prior to the maturity presented above. Management considers these factors when evaluating the interest-rate risk in the Company's asset-liability management program.

From time to time, the Company may pledge debt securities as collateral for deposit account balances of municipal customers, and for borrowing capacity with the FHLB and the FRB. The fair value of debt securities pledged as collateral for these purposes was $617.7 million and $650.8 million at June 30, 2024 and December 31, 2023, respectively.







12
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
During the three and six months ended June 30, 2024, the Company had no sales of debt securities. Sales of debt securities for the three and six months ended June 30, 2023 are summarized as follows:
(Dollars in thousands)Three months ended June 30, 2023Six months ended June 30, 2023
Amortized cost of debt securities sold (1)
$87,198 $87,198 
Gross realized gains on sales— — 
Gross realized losses on sales(2,419)(2,419)
Total proceeds from sales of debt securities$84,779 $84,779 
________________________________________
(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

At June 30, 2024 the Company held equity securities with a fair value of $8.5 million, which consisted of $5.3 million in management directed investments and $3.2 million in mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.

At December 31, 2023, the Company held equity securities with a fair value of $7.1 million, which consisted of $4.4 million in management directed investments and $2.7 million in mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan.

Net gains and losses recognized on equity securities for the three and six months ended June 30, 2024 and June 30, 2023 are summarized as follows:
Three months ended June 30,Six months ended June 30,
(Dollars in thousands)2024202320242023
Net gains recognized during the period on equity securities
$101 $189 $566 $173 
Less: Net (losses) gains recognized on equity securities sold during the period
— (29)1 (29)
Unrealized gains recognized during the reporting period on equity securities still held at the end of the period
$101 $218 $565 $202 

(3)Loans

Loan Portfolio Classifications

Major classifications of loans and their amortized cost as of the dates indicated were as follows:
(Dollars in thousands)June 30,
2024		December 31,
2023
Commercial real estate owner-occupied
$660,478 $619,302 
Commercial real estate non owner-occupied
1,544,386 1,445,435 
Commercial and industrial426,976 430,749 
Commercial construction622,094 585,113 
Total commercial loans3,253,934 3,080,599 
Residential mortgages413,323 393,142 
Home equity loans and lines 93,220 85,375 
Consumer8,172 8,515 
Total retail loans514,715 487,032 
Total loans3,768,649 3,567,631 
ACL for loans(61,999)(58,995)
Net loans$3,706,650 $3,508,636 


13
ENTERPRISE BANCORP, INC.
Notes to the Unaudited Consolidated Interim Financial Statements
Net deferred loan origination fees, included in the amortized costs of loans reflected in the table above, amounted to $4.4 million at June 30, 2024 and $5.4 million at December 31, 2023.

Accrued interest receivable on loans amounted to $17.3 million and $16.1 million at June 30, 2024 and December 31, 2023, respectively, and was included in the "Accrued interest receivable" line item on the Company's Consolidated Balance Sheets.

Commercial loans originated by other banks in which the Company is a participating institution are carried at the pro-rata share of ownership and amounted to $148.1 million at June 30, 2024 and $126.6 million at December 31, 2023.

Loans serviced for others

The Company was servicing residential mortgage loans owned by investors amounting to $7.4 million and $7.7 million at June 30, 2024 and December 31, 2023, respectively. Additionally, the Company was servicing commercial loans originated by the Company and participated out to various other institutions amounting to $73.0 million and $69.8 million at June 30, 2024 and December 31, 2023, respectively.

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)June 30, 2024December 31, 2023
Commercial real estate$444,578 $495,831 
Residential mortgages386,818 369,062 
Home equity35,789 35,540 
Total loans pledged to FHLB$867,185 $900,433 

(4)ACL for Loans

There have been no material changes to the Company's ACL for loans methodology, underwriting practices, or credit risk management system used to estimate credit loss exposure as described in the 2023 Annual Report on Form 10-K.

See Note 4, "Credit Risk Management and ACL for Loans," to the Company's audited consolidated financial statements contained in the 2023 Annual Report on Form 10-K and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the subheading "Accounting Policies/Critical Accounting Estimates," of the Company's 2023 Annual Report on Form 10-K.

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