Financial Performance - Net income for Q1 2025 was $10.4 million, or $0.84 per diluted share, compared to $10.7 million, or $0.86 per diluted share in Q4 2024, and $8.5 million, or $0.69 per diluted share in Q1 2024[1]. - Net income for the first quarter of 2025 was $10,435 thousand, a decrease of 2.7% compared to $10,727 thousand in the previous quarter[35]. - The diluted earnings per common share for the quarter was $0.84, a decrease from $0.86 in the previous quarter, reflecting a decline of 2.33%[37]. Loan and Deposit Growth - Total loans increased by 1.7% to $4.05 billion compared to the previous quarter, with a year-over-year growth of 11%[3][7]. - Total deposits increased to $4,300,643 thousand as of March 31, 2025, compared to $4,187,698 thousand at December 31, 2024, reflecting a growth of 2.7%[33]. - Total customer deposits decreased to $4,150,668 thousand as of March 31, 2025, down from $4,187,698 thousand at December 31, 2024, a decline of 0.87%[39]. Interest Income and Margin - Net interest income for Q1 2025 was $38.7 million, an increase of $3.5 million, or 10%, compared to Q1 2024[4]. - Net interest margin improved to 3.32% in Q1 2025, up from 3.20% in Q1 2024[5]. - Net interest income for the three months ended March 31, 2025, was $38,690 thousand, up 1.0% from $38,493 thousand in the previous quarter[35]. Non-Interest Income and Expenses - Non-interest income decreased by $307 thousand, or 6%, to $5.2 million compared to Q1 2024, primarily due to a decrease in gains on equity securities[13]. - Non-interest expense increased by $1.0 million, or 4%, to $29.9 million compared to Q1 2024, driven by higher salaries and merger-related expenses[14]. - Non-interest income for the first quarter of 2025 was $5,188 thousand, down from $5,616 thousand in the previous quarter, a decline of 7.6%[35]. Asset Growth - Total assets increased by 2% to $4.90 billion at March 31, 2025, compared to $4.83 billion at December 31, 2024[16]. - Total assets increased to $4,900,489 thousand as of March 31, 2025, up from $4,827,726 thousand at December 31, 2024, representing a growth of 1.5%[33]. - The total assets of the company were $4,847,481 thousand, reflecting an increase from $4,786,191 thousand in the previous quarter[40]. Credit Losses and Reserves - The provision for credit losses decreased by $291 thousand to $331 thousand compared to Q1 2024, mainly due to a net decrease in reserves on individually evaluated loans[11]. - Provision for credit losses was $331 thousand for Q1 2025, compared to a reversal of $106 thousand in the previous quarter[35]. - Non-performing loans increased to $28,479 thousand, representing 0.70% of total loans as of March 31, 2025, compared to 0.67% in the previous quarter[37]. Equity and Capital - Total shareholders' equity increased by 7% to $385.4 million at March 31, 2025, compared to $360.7 million at December 31, 2024[21]. - The book value per common share increased to $30.80 as of March 31, 2025, up from $28.98 at December 31, 2024, a growth of 6.28%[37]. - The Tier 1 capital to risk-weighted assets ratio remained stable at 10.39% as of March 31, 2025, compared to 10.38% in the previous quarter[37]. Mergers and Future Outlook - The anticipated merger with Rockland Trust is expected to close in the second half of 2025, with shareholder approval received on April 3, 2025[2][3]. - The company is in the process of a proposed merger with Independent, which may impact future performance and market position[30].

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☐ 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 Securities registered pursuant to Section 12(b) of the Exchange Act: | Title of each class | Trading Symbol(s) | Name of ...

Filed by Enterprise Bancorp, Inc. pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Exhibit 99.1 Subject Company: Enterprise Bancorp, Inc. SEC File No.: 001-33912 Date: January 28, 2025 Chief Executive Officer Steven Larochelle commented, "As we continue to work toward the upcoming completion of the proposed merger with Rockland Trust, I am pleased to announce that our team continued to deliver strong results in the fourt ...

Loan Portfolio and Credit Quality - The total loan portfolio amounts to $3,858,940,000, with a significant decrease from $6,358,660,000 in the previous period[47] - Current period charge-offs total $308,000, showing an increase from $470,000 in the previous period[47] - The pass-rated loans in commercial real estate owner-occupied category decreased to $35,994,000 from $93,047,000[47] - The total commercial real estate non-owner-occupied loans pass rating is $114,663,000, down from $143,443,000[47] - The commercial and industrial loans pass rating stands at $55,028,000, a decrease from $64,558,000[47] - The residential mortgages pass rating decreased to $52,699,000 from $80,896,000[47] - Home equity loans pass rating is $356,000, down from $457,000[47] - Consumer loans pass rating increased to $3,285,000 from $2,197,000[47] - The total current period charge-offs for consumer loans is $59,000, up from $3,000[47] - The company continues to monitor internal credit quality indicators to minimize credit losses[45] - Total loans amounted to $3,567,631 thousand, a decrease from $4,000,000 thousand in the previous year, reflecting a decline of approximately 10.8%[48] - The total amortized cost basis of adversely classified loans was $54.8 million, or 1.42% of total loans, as of September 30, 2024, compared to $56.7 million, or 1.59% of total loans, at December 31, 2023[48] - Current period charge-offs for total loans were $50 thousand, down from $248 thousand in the previous year, indicating a reduction of approximately 79.8%[48] - The total past due loans reached $6,732 thousand, with $3,184 thousand past due for 30-59 days and $2,708 thousand past due for 90 days or more[50] - Non-accrual loans totaled $25,946 thousand, with $14,773 thousand classified under commercial construction[52] - The balance of commercial real estate owner-occupied loans was $82,531 thousand, a decrease from $84,677 thousand year-over-year[48] - Residential mortgages totaled $393,142 thousand, down from $421,202 thousand, reflecting a decline of approximately 6.7%[50] - Commercial and industrial loans amounted to $430,749 thousand, a decrease from $585,113 thousand, indicating a decline of approximately 26.4%[50] - The total past due loans amounted to $7,906 million as of September 30, 2024, with no subsequent defaults on modified loans[64] - The company modified loans for borrowers experiencing financial difficulty, with various concessions including principal forgiveness and interest rate reductions[59] - The company closely monitors the performance of modified loans to assess the effectiveness of its modification efforts[63] - The ratio of non-accrual loans to total loans was 0.32% at December 31, 2023[53] - The provision for credit losses on loans was $1.332 million for the three months ended September 30, 2024, compared to $1.752 million for the same period in 2023, reflecting a decrease of 24%[65] - The allowance for credit losses (ACL) for loans increased to $63.7 million at September 30, 2024, from $59.0 million at December 31, 2023, representing a growth of 4.7%[66] Deposits and Borrowings - The total deposits amounted to $4.189 billion as of September 30, 2024, up from $3.978 billion at December 31, 2023, indicating an increase of 5.3%[75] - The reserve for unfunded commitments decreased to $4.6 million at September 30, 2024, down from $7.1 million at December 31, 2023, a reduction of 35.2%[69] - The total borrowed funds increased to $59.949 million at September 30, 2024, compared to $25.768 million at December 31, 2023, marking a significant rise of 132.8%[77] - The company had $875.3 million in reciprocal deposits at September 30, 2024, compared to $835.0 million at December 31, 2023, reflecting an increase of 4.9%[76] - The outstanding subordinated debt was $59.7 million at September 30, 2024, slightly up from $59.5 million at December 31, 2023[78] Capital and Equity - The Company had a total capital to risk-weighted assets ratio of 13.07% as of September 30, 2024, exceeding the minimum requirement of 8.00%[96] - The Tier 1 capital to risk-weighted assets ratio was 10.36% as of September 30, 2024, above the minimum requirement of 6.00%[96] - Total shareholders' equity increased by $39.0 million, or 12%, during the nine months ended September 30, 2024, primarily due to a $19.1 million rise in retained earnings[139] - The balance of shareholders' equity increased to $368,109,000 as of September 30, 2024, compared to $299,699,000 as of September 30, 2023[12] - Total stockholders' equity increased to $368,109 thousand as of September 30, 2024, up from $329,117 thousand at the end of 2023, reflecting a growth of 11.9%[15] Income and Expenses - Net income for Q3 2024 was $10.0 million, or $0.80 per diluted share, up from $9.7 million, or $0.79 per diluted share in Q3 2023, reflecting a $288 thousand increase primarily due to a $1.7 million rise in non-interest income[135] - For the nine months ended September 30, 2024, net income decreased to $28.0 million, or $2.26 per diluted share, from $30.2 million, or $2.46 per diluted share in the same period of 2023, a decline of $2.1 million attributed to a $7.2 million drop in net interest income[136] - Net interest income decreased by $482 thousand, or 1%, to $38.0 million, primarily due to a $7.7 million increase in deposit interest expense[143] - Net interest margin was 3.22% for Q3 2024, down from 3.46% in the prior year period, impacted by increased funding costs[145] - Non-interest income for the three months ended September 30, 2024, amounted to $6.1 million, an increase of $1.7 million compared to the prior year period[156] - Non-interest expense for the three months ended September 30, 2024, amounted to $29.4 million, an increase of $1.0 million, or 4%, compared to the prior year period[157] - The provision for credit losses for the three months ended September 30, 2024, was $1,332 million, a decrease of $420 thousand compared to the prior year period[153] Assets and Securities - Total assets for the Company as of September 30, 2024, amounted to $511.7 million, with a capital adequacy ratio of 13.12%[98] - Total assets increased to $4.74 billion as of September 30, 2024, a rise of $276.8 million, or 6%, driven by an $291.3 million increase in total loans, primarily in commercial real estate and construction loans[137] - The fair value of debt securities is $622,527,000, a decrease from $661,113,000 as of December 31, 2023, representing a decline of approximately 5.8%[113][114] - The fair value of individually evaluated loans (collateral dependent) increased to $11,181,000 as of September 30, 2024, compared to $1,595,000 at December 31, 2023, indicating a significant increase of 600%[120][119] - The specific reserve assigned to collateral dependent loans rose to $8,000,000 at September 30, 2024, up from $2,800,000 at December 31, 2023, reflecting a 185.7% increase[119] - The fair value of equity securities decreased to $9,448,000 as of September 30, 2024, from $7,058,000 at December 31, 2023, reflecting an increase of 33.8%[114][115] Dividends and Stock Compensation - The company declared cash dividends of $8.9 million for the nine months ended September 30, 2024[202] - The Company granted a total of 122,042 restricted stock awards during the nine months ended September 30, 2024, compared to 73,904 in the same period of 2023[106] - Total stock-based compensation expense for the three months ended September 30, 2024, was $622 thousand, compared to $584 thousand for the same period in 2023[102] - The average grant date fair value of restricted stock awards decreased from $32.04 in 2023 to $24.68 in 2024[106]

Exhibit 99.1 Contact Info: Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578 Enterprise Bancorp, Inc. Announces Third Quarter Financial Results LOWELL, MA, October 22, 2024 (GLOBE NEWSWIRE) - Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended September 30, 2024. Net income amounted to $10.0 million, or $0.80 per diluted common share, for the three months ended September 30, 2024 compar ...

Financial Performance - Total assets increased to $4,773,681 thousand as of June 30, 2024, compared to $4,466,034 thousand at December 31, 2023, reflecting a growth of 6.9%[8] - Total loans rose to $3,768,649 thousand, up from $3,567,631 thousand, marking an increase of 5.6%[8] - Deposits grew significantly to $4,248,801 thousand, compared to $3,977,521 thousand, representing a 6.8% increase[8] - Net income for Q2 2024 was $9,512, a decrease of 1.8% from $9,684 in Q2 2023[10] - Basic earnings per share for Q2 2024 was $0.77, down from $0.79 in Q2 2023[9] - Total comprehensive income for Q2 2024 was $9,080, compared to a loss of $1,950 in Q2 2023[10] - Net income for the six months ended June 30, 2024, was $18,019 thousand, compared to $20,452 thousand for the same period in 2023, representing a decrease of approximately 11.3%[16] Income and Expenses - Total interest and dividend income for Q2 2024 was $56,864, an increase of 16.5% compared to $48,682 in Q2 2023[9] - Net interest income after provision for credit losses was $36,024 for Q2 2024, slightly up from $35,825 in Q2 2023[9] - Non-interest income increased significantly to $5,628 in Q2 2024, compared to $2,819 in Q2 2023, representing a growth of 100.5%[9] - Total non-interest expense rose to $29,029 in Q2 2024, up from $25,623 in Q2 2023, marking an increase of 9.3%[9] - Net interest income for the six months ended June 30, 2024, was $71.4 million, a decrease of $6.7 million, or 9%, primarily due to an increase in deposit interest expense of $20.8 million[134] Credit Quality and Allowance for Credit Losses - The allowance for credit losses increased to $61,999 thousand from $58,995 thousand, reflecting a rise of 3.4%[8] - The provision for credit losses decreased significantly to $759 thousand in 2024 from $5,004 thousand in 2023, indicating improved credit quality[16] - The provision for credit losses for loans was $1,128 million for the three months ended June 30, 2024, compared to $2,043 million for the same period in 2023[56] - The ACL to total loans ratio was 1.65% at June 30, 2024, compared to 1.70% at June 30, 2023[128] Shareholders' Equity and Dividends - Shareholders' equity reached $340,441 thousand, up from $329,117 thousand, showing an increase of 3.9%[8] - The company declared a common stock dividend of $0.24 per share for Q2 2024, compared to $0.23 per share in Q2 2023[12] - The balance of total shareholders' equity increased to $340,441 as of June 30, 2024, from $311,318 as of June 30, 2023[12] - The company declared common stock dividends of $0.48 per share for the six months ended June 30, 2024, compared to $0.46 per share in 2023, reflecting a slight increase in shareholder returns[14] Liquidity and Cash Flow - The company reported net cash provided by operating activities increased to $15,889 thousand in 2024 from $8,070 thousand in 2023, reflecting a growth of approximately 96.5%[16] - Cash and cash equivalents at the end of the period were $199,719 thousand, compared to $258,825 thousand at the end of June 30, 2023, showing a decrease of approximately 22.8%[16] - The company reported net cash used in investing activities of $174,732 thousand for the six months ended June 30, 2024, compared to $51,619 thousand in 2023, representing a significant increase[16] Loans and Loan Portfolio - The total loan portfolio increased to $3.769 billion as of June 30, 2024, compared to $3.568 billion at December 31, 2023, reflecting a growth of approximately 5.6%[34] - The company serviced residential mortgage loans amounting to $7.4 million and commercial loans of $73.0 million as of June 30, 2024[36] - The total commercial real estate loans increased to $2.205 billion as of June 30, 2024, from $2.064 billion at December 31, 2023[34] - Non-performing loans increased to $17.73 million, or 0.47% of total loans, compared to $11.41 million, or 0.32% at December 31, 2023[154] Investment Securities - The total debt securities at fair value amounted to $628,314 thousand as of June 30, 2024, down from $734,523 thousand at the end of 2023, indicating a reduction in investment securities[25] - The fair value of the investment securities portfolio decreased by $31.3 million, or 5%, totaling $636.8 million at June 30, 2024[146] - The company does not intend to sell its investments in debt securities before recovering their amortized cost basis[26] Market Presence and Strategic Initiatives - The company is focused on expanding its market presence and enhancing product offerings through strategic initiatives[6] - Wealth assets under management and administration amounted to $1.40 billion, reflecting a 1.7% increase[110] - Wealth assets under management increased by $51.4 million, or 5%, to $1.13 billion, while wealth assets under administration rose by $25.2 million, or 10%, to $267.5 million as of June 30, 2024[175]

Contact Info: Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578 LOWELL, MA, July 23, 2024 (GLOBE NEWSWIRE) - Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended June 30, 2024. Net income amounted to $9.5 million, or $0.77 per diluted common share, for the three months ended June 30, 2024 compared to $8.5 million, or $0.69 per diluted common share, for the three months ended March 31, 20 ...

LOWELL, Mass., July 17, 2024 (GLOBE NEWSWIRE) -- Enterprise Bank announced the recent appointment of industry veteran David Lynch as Managing Director and Chief Investment Officer, of Enterprise Wealth Management. In his new role, Lynch will oversee the entire wealth management division and help set the team's strategic direction. "I am excited to join this talented team in providing smart, contemporary wealth management solutions for clients," said Lynch. "Enterprise is a well-respected institution with a ...

Core Points - John "Jack" P. Clancy Jr. is retiring after a distinguished 35-year career at Enterprise Bank, including over 17 years as CEO, and will serve as an executive advisor during the transition [4][5] - Steven R. Larochelle, previously Chief Banking Officer, has been appointed as the new CEO, bringing over 27 years of experience with the bank [2][4][3] - Under Clancy's leadership, Enterprise Bank expanded from 14 branches to 27 and increased total assets from $980 million in 2006 to $4.6 billion as of March 2024 [5] Company Overview - Enterprise Bancorp, Inc. operates primarily through Enterprise Bank and Trust Company, which has reported 138 consecutive profitable quarters [6] - The bank offers a variety of services including commercial, residential, and consumer loans, deposit products, cash management services, and wealth management [6] - Enterprise Bank has 27 full-service branches located in Massachusetts and New Hampshire, serving communities in Northern Middlesex, Northern Essex, and Northern Worcester counties in Massachusetts, as well as Southern Hillsborough and Southern Rockingham counties in New Hampshire [6]

Table of Contents 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, 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) Massachusetts 04-3308902 (State or ...