Enterprise Bancorp, Inc
Annual Report 2021

Plain-text annual report

The Power of Human and Digital Connection 2021 Annual Report VALUES TEAM MEMBERS PURPOSE Our core values support our mission, define our culture, and shape our future. EXCELLENCE - We are relentless in our pursuit of excellence and innovation, while staying true to our core values. We strive to deliver a superior customer experience by building long-term, positive relationships with our customers and our communities. INTEGRITY - We hold ourselves to the highest standards, reflected by our everyday actions and attitudes. We are transparent, respectful, and ethical in all our interactions and work each day to earn the trust placed in us by our team members, customers, shareholders, and community. TEAMWORK - We work together to create a collaborative, respectful, and caring environment where team members feel supported and comfortable sharing and celebrating diverse ideas. We recognize that the success of our organization is a reflection of the dedication and pursuit of excellence of the individuals making up our team. PROFESSIONALISM - We are committed to providing an environment that helps our team members develop to their fullest potential through career and educational advancement. We maintain an atmosphere that inspires confidence and empowers our team members to be their best and take ownership for providing solutions and support to each other, our customers, and our communities in a courteous and respectful manner, striving for excellence with all of our interactions. COMMUNITY - We are deeply committed to our communities by supporting local businesses in their pursuit of success and continually investing our time, resources, and expertise. We support our community organizations in their mission and stand beside them in service. We celebrate the diverse cultures that are the fabric of our communities. About the Cover: Enterprise Bank is built on meaningful connections and trusting relationships with our team members, customers, and the communities we serve. During an extremely challenging year amidst a continuing global pandemic, we have reinvented how we serve each other and our customers, with unrelenting focus on the power of connection that is at the core of who we are and what we do as a genuine community bank. Dear friends, With each year that passes and with every challenge we face, Enterprise Bank grows stronger because we are built on a lasting foundation. Over the past 33 years, we have continually grown and navigated through changing economic cycles by remaining committed to our core values, our deep sense of mission and purpose, and our focus on connection and meaningful relationships. Despite the complexities and demands of the past year, our Enterprise team remained committed to delivering the excellent customer service for which we are known. The challenges created by the COVID-19 pandemic high- lighted the dedication and resilience of our dedicated bank team. Relationships with our customers and community were solidified as Enterprise team members demonstrated what we have always known: it is our people that set Enterprise apart. Our Growth: Strong 2021 Over the past several years, Enterprise Bank has grown stronger and is better positioned to serve our customers and communities. Despite the ongoing challenges created by the pandemic, 2021 was a year of strong growth and progress for Enterprise Bank. We posted our 129th consecutive profitable quarter and increased the shareholder dividend for the 30th consecutive year. We are proud to share with you these financial highlights for 2021: Net income was $42.2 million, or $3.50 per diluted share, Total assets grew by 11% and ended 2021 at $4.45 billion, Total customer deposits grew by 14% and ended 2021 at $3.98 billion, Total loans grew by 8% and amounted to $2.85 billion at year end (net of PPP loans), Total wealth assets under management grew by 7% and amounted to $1.04 billion at year end, and Total wealth management fees increased by 17%. As expected, loan volume and growth in early 2021 were modest; however, growth increased in the second half of the year and resulted in $220 million in loan growth for all of 2021 (excluding PPP loans). Specifically, $195 million of this growth came in the third and fourth quarters. Our 26th branch location opened in North Andover in January 2021, and in August, we had an enthusiastic reception for customers and community leaders. Also in August, we relocated our Lawrence branch to an end cap unit within its original building; this new location offers our customers not only a larger interior space, but also a drive-up window. We began the process of relocating our Lexington branch in 2021 and we completed this relocation in March of 2022, moving from Bedford Street to 1666 Massachusetts Avenue. This new Lexington location is in the heart of downtown, and our customers now have dedicated parking and an ATM vestibule. In the spring of 2022, we will open our 27th branch location at 10 Michels Way in Londonderry, New Hampshire. We will have two drive-up lanes, a drive-up ATM, 28 dedicated parking spaces, and an open concept lobby with pods to provide areas for personalized service. W M I O N A L I S M • COMMUNITY S S E F O R O R K • P OUR PURPOSE TO MAKE A POSITIVE DIFFERENCE IN THE LIVES OF THE INDIVIDUALS, BUSINESSES, AND COMMUNITIES WE SO PASSIONATELY SERVE. TO PLAY AN ACTIVE ROLE IN MAKING EVERY COMMUNITY IN WHICH WE OPERATE A BETTER PLACE TO LIVE AND WORK. 1 EA Y • T T I R G E T N I • E C N E L L E C X E Our People: Resilient in Every Way Since our inception, we have never witnessed the level of resilience, fortitude, teamwork, and respect that we have seen in our Enterprise team members over the past two years. In the face of innumerable obstacles, our proactive team members have been able to pivot, adapt, and deliver. Far more than the buildings in which we work and the services we provide, the heart and soul of Enterprise Bank has always been our people and their steadfast commitment to both meaningful relationships and attentive service to each other, to our customers, and to the communities we serve. These solid relationships are the key to our success; they make Enterprise Bank all that we are. As a proof of our commitment to these relationships, Enterprise Bank was recognized in 2021 by the Boston Globe for the 10th consecutive year as one of the “Top Places to Work” among large-sized companies. Of the 40 companies recognized in this category, we were ranked 4th. In January of 2022, our Enterprise was named among the top workplaces in the entire country by Energage, the company that conducts the Boston Globe’s Top Places to Work survey. Our Enterprise ranked number nine among employers with 500-999 team members in the National Top Workplaces USA survey. Earning these recognitions, while navigating through a pandemic, demonstrates the outstanding character and people-first focus of each and every one of the 560 Enterprise team members whom we proudly call family. Our Customers: Relationships, Not Transactions Our customers are part of our Enterprise Bank family. We are deeply grateful for their trust in us, a trust we work hard to earn every day. Our team members have gone the extra metaphorical mile to exceed customer expectations during challenging times. Throughout the pandemic, our team members have employed their cross-training, flexibility, and passion to ensure that we were able to provide excellent and critically supportive service to our customers, while adhering to safety practices. 2 When our community’s businesses and non-profit organizations were hit hard by COVID-19 circumstances, they needed us to step up. During 2020 and 2021, Enterprise Bankers from all departments worked industriously, at times around the clock, with local businesses and non-profits to process three rounds of the Paycheck Protection Program (PPP) federal financial relief loans. They then followed up to ensure the funds were delivered and later checked in to confirm the organizations had completed the proper steps for the loans to be forgiven. Over the past two years, Enterprise Bank was a top provider of PPP loans among all financial institutions in our region, generating over 4,000 PPP loans totaling more than $700 million. These loans provided desperately needed relief to our most adversely impacted customers. As a result of our efforts, these PPP funds saved thousands of jobs in local businesses and non-profit organizations in the Massachusetts and New Hampshire communities we serve. These efforts are a reflection of the passion we have to serve our customers and our communities. Our customers know that we truly value and care about them, and they recognize and appreciate the personal attention, accessibility, and unique service that they receive at Enterprise Bank. Our Capabilities: High Tech, High Human Touch Our strong capabilities differentiate Enterprise Bank from other financial institutions. Our expertise in commercial lending, residential lending, cash management, digital banking, wealth management, and insurance, combined with our high service level, make us bankers who truly care about our customers. We continue to invest in our team members, branches, products, and technology so that we will adapt and evolve to improve our customers’ experience. At Enterprise Bank, technology enables us to strengthen the human connection and meaningful relationships we have with our valued customers, while also maintaining attentive, personal service that differentiates Enterprise Bank from other banks. We continue to expand and enhance our digital capabilities so that interactions— whether in person at one of our branches, online, or through a mobile app—are faster, easier, and secure. These technologies allow our customers to access their financial information on their own terms. Our continued progress, growth, pursuit of excellence, and deep sense of fiduciary duty to you germinate from the example, vision, mindset, and leadership of our Board of Directors. Our Board operates with the highest standard of diligence, thoughtfulness, responsibility, and appreciation for each Board member’s perspective, and this has set the overall culture and mindset of our Enterprise. On behalf of the entire Enterprise Bank Board of Directors and team, we sincerely thank our fellow team members, our customers, our communities, and our shareholders. With mutual support and trust in Enterprise Bank, we stand strong and well-positioned for the future. When we work together, there is nothing that we cannot accomplish. With deep gratitude, Richard W. Main President George L. Duncan Chairman Jack Clancy Chief Executive Officer Our Community: Passion and Commitment Enterprise Bank and our team members continue to support our communities with passion and commitment. As a bank deeply invested in our communities, we supported more than 350 non-profit organizations in 2021 with our annual charitable giving and our ongoing community involvement, including through our Enterprise Bank Non-Profit Collaborative speaker series. Our team members purposefully serve non-profits. Through volunteerism, either by serving on committees and boards, or participating in community events, our team members give their time, talent, and treasure. Our commitment to our community addressed social and racial justice through our other speaker series, the Series for Racial Equity and Inclusion that we provided with other community partners. Through active community service, our team members grow as individuals by learning from the experience they receive, and they connect to the needs and leadership in our communities. All of this benefits our Enterprise. In 2021 Enterprise Bank was once again recognized for our philanthropy and community leadership at Boston Business Journal’s virtual Corporate Citizenship Summit. Enterprise Bank was ranked #3 for the highest average hours (35.95 per team member) in community service and #51 of the largest corporate donors in Massachusetts. Looking Ahead: Positioned for the Future At Enterprise Bank, we constantly challenge ourselves to adapt and evolve while adhering to the enduring core values and principles of our institution: integrity, community, excellence, teamwork, and professionalism. These are our founding principles on which our long-term growth and success are based. Rooted in these principles is our “people first” culture. We will continue to anticipate and then meet the changing needs of our customers and communities. As we emerge from the pandemic years, the course ahead is clear: Enterprise Bank will continue our ongoing long-term focus, our organic growth, our consistent geographic expansion into new communities, and our steadfast commitment to remain an independent community bank. 3 Selected Financial Data Year Ended December 31 2021 2020 2019 2018 2017 EARNINGS DATA Net interest income Provision for credit losses Net interest income after provision for credit losses Non-interest income Non-interest expense Income before income taxes Provision for income taxes $ 141,556 $ 130,134 (dollars in thousands, except per share data) 115,857 $ $ 108,835 1,770 139,786 18,107 102,135 55,758 13,587 12,499 117,635 17,247 93,254 41,628 10,172 1,180 114,677 16,319 86,415 44,581 10,381 2,250 106,585 11,990 80,878 37,697 8,816 $ 97,522 1,430 96,092 15,674 76,145 35,621 16,228 Net income $ 42,171 $ 31,456 $ 34,200 $ 28,881 $ 19,393 COMMON SHARE DATA Diluted earnings per share Book value per share at year end Dividends paid per share Diluted weighted average shares outstanding $ $ 3.50 28.82 0.74 $ $ 2.64 28.01 0.70 $ $ 2.89 25.09 0.64 $ $ 2.46 21.80 0.58 12,051,293 11,919,508 11,829,818 11,750,462 $ $ 1.66 19.97 0.54 11,651,763 YEAR END BALANCE SHEET AND OTHER DATA Total assets $ 4,447,819 $ 4,014,324 $ 3,235,049 $ 2,964,358 $ 2,817,564 Wealth assets under management(1) 1,041,409 976,502 914,301 797,895 842,155 Total assets under management $ 5,489,228 $ 4,990,826 $ 4,149,350 $ 3,762,253 $ 3,659,719 Interest-earning deposits with banks $ 403,004 $ 213,146 $ 23,867 $ 19,255 $ 14,496 Total investment securities Total loans(2) Allowance for credit losses Customer deposits Wholesale funding(3) Subordinated debt Total stockholders’ equity RATIOS 958,215 2,849,182 47,704 583,049 2,630,790 44,565 505,255 432,921 2,565,459 2,387,506 33,614 33,849 3,980,239 3,476,268 2,786,730 2,507,999 5,479 58,979 346,895 79,769 73,744 334,426 96,173 14,872 296,641 1.10% 12.31% 1.31% 9.17% 22.07% 157,275 14,860 255,297 1.00% 12.15% 1.42% 8.61% 23.48% 405,206 2,269,904 32,915 2,293,872 236,490 14,847 231,810 0.73% 8.58% 1.45% 8.23% 32.14% Return on average total assets Return on average stockholders’ equity Allowance for credit losses to total loans(4) Stockholders’ equity to total assets Dividend payout ratio 0.98% 12.49% 1.67% 7.80% 21.08% 0.82% 9.95% 1.69% 8.33% 26.52% (1) Wealth assets under management are not carried as assets on the Company’s Consolidated Balance Sheet, and as such, total assets under management is not a financial measurement recognized under U.S. Generally Accepted Accounting Principals. Please refer to the Company’s Form 10-K for more information. (2) Balance has been adjusted to exclude PPP loans, net of $71.5 million and $443.1 million at December 31, 2021, and 2020, respectively. (3) Wholesale funding consists of brokered deposits and borrowed funds. (4) Ratio has been adjusted to exclude PPP loans, net of $71.5 million and $443.1 million at December 31, 2021, and 2020, respectively. The actual allowance to total loans ratio was 1.63% and 1.45% at December 31, 2021, and 2020, respectively. 4 Our Culture We are committed to a caring workplace that recognizes the importance of making a meaningful, positive difference in the lives of our team mem- bers, customers, and communities. Since our inception, Enterprise Bank caring workplace that recognizes the There is nothing more valuable to has been deeply committed to the importance of making a meaningful, us than our people, who have made growth, success, and well-being of positive difference in the lives of Enterprise what it is today and will our team members, fiercely embracing our team members, customers, and continue to be our greatest asset and a people-first philosophy that is communities.” ingrained in the culture that we live and breathe every day. This culture begins with creating a workplace where we respect and care for each other in a positive and rewarding environment. Our culture is reflected in Enterprise Bank’s recognition by the Boston Globe for 10 consecutive years as one of the Top Places to Work in Massachusetts. In 2021, we were ranked #4 among 40 large-sized Our focus on culture includes an companies in this category, and more what sets us apart from every other bank. We are truly a family—united by our core values of integrity, community, excellence, teamwork and professionalism—and this ongoing recognition is a reflection of the spirit and purpose on which our Enterprise operates. emphasis on Diversity, Equity, and than once we have been named We thank every one of our Enterprise Inclusion (DEI), reflected in our DEI the #1 place to work. Of the many Bank team members for truly making value statement: “At Enterprise Bank, recognitions we have earned over the a difference in our Enterprise and in people and relationships come first. past 33 years, none is more important our communities. We encourage and foster a culture than this one, because it came directly of diversity, equity, and inclusion, from our team members and their where everyone feels valued and experience at Enterprise. respected. We are committed to a 5 Our Community AS A GENUINE COMMUNITY BANK, OUR STATED PURPOSE IS “TO MAKE A POSITIVE DIFFERENCE IN THE LIVES OF THE INDIVIDUALS, BUSINESSES, AND COMMUNITIES WE SO PASSIONATELY SERVE, AND TO PLAY AN ACTIVE ROLE IN MAKING EVERY COMMUNITY IN WHICH WE OPERATE A BETTER PLACE TO LIVE AND WORK.” 6 Enterprise Bank supported more than 350 non-profit organizations in 2021 with our annual charitable giving and ongoing community involvement. As a result, in 2021 Enterprise Bank was once again recognized for our philanthropy and community leadership at Boston Business Journal’s Corporate Citizenship Summit. The Bank was ranked #3 for the highest average hours (35.96 per team member) in community service, as well as #51 of the largest corporate donors in Massachusetts. Now in its 14th year, the Non-Profit Deeply committed to Diversity, CollaborativeSM provides invaluable Equity, and Inclusion (DEI) progress support to our region’s non-profit in our Bank and in our community, we organizations, including a free continued the conversation regarding ongoing educational seminar series social and racial justice through our addressing topics ranging from board seminar Series for Racial Equity and development and strategic planning Inclusion. At Enterprise Bank, we believe that business should be a force for good, serving a social purpose and making a positive contribution to society. As a true community bank, we consider it both our privilege and responsibility to give back in meaningful ways. to inclusion and fundraising. In 2021, we held four well-attended virtual seminars open to members of the community and non-profit organizations: “Using Data to Advance Equity in our Community During the Pandemic and Moving Forward,” “Getting Started with Grant Writing,” “Stress to Strength: Leveraging Your Experience, Identity, and Values to Build Resilience and Gain Hope,” and “The Time is Now to UnErase LGBTQ History.” AT ENTERPRISE BANK, WE BELIEVE THAT BUSINESS SHOULD BE A FORCE FOR GOOD, SERVING A SOCIAL PURPOSE AND MAKING A POSITIVE CONTRIBUTION TO SOCIETY. 7 Serving Our Customers Enterprise Bank is built on human As part of our ongoing digital evolution, in all areas—commercial and connection and meaningful, trusting in 2021 the Bank launched real-time residential lending, cash management, relationships with our customers. As alerts, giving our customers immediate digital banking, wealth management, many business and personal clients updates on relevant financial events, and insurance—to enhance the have transitioned to remote/at-home such as a low balance, pending loan high-touch foundation on which our operations, Enterprise Bankers have payment, or a suspicious transaction. Enterprise is based. Whether in person or through electronic communication, we are committed to ensuring that even through a pandemic, relationships with our customers grow stronger every day. assisted them every step of the Bank customers can also now view way. They have helped them set up bank documents and account state- and adapt to new technologies and ments directly from their mobile products to enable them to succeed app. We also expanded the use of in this new environment, such as DocuSign® to enable customers to using Express Deposit to securely receive and sign many documents and conveniently deposit checks electronically, both from their PCs from their home or office. Our team and their mobile devices. members spend as much time as needed on the phone or video conferencing to ensure our customers are comfortable and confident with the technology created to make their banking easier. Enterprise Bankers make it a priority to reach out to our valued customers frequently to ensure they feel connected and supported, saying, “You matter to us. We’re in this with you. How can we help?” Our commitment to our bank branches is as strong as ever, with redesigned spaces and elevated training for our branch Relationship Bankers, who are skilled and well-versed in Enterprise Bank’s products, technology, and services, operating as skilled consultative bankers. Understanding that nothing can replace genuine human connection, our Bankers leverage high technology 8 ® N G I S U C O D S T R E L A E M I T L A E R • T I S O P E D E L I B O M NKERS NSULTATIVE BA SKILLED CO S & P R O D U C T S N E W T E C H N O L O G I E N NECTIO N HU M AN CO 9 Our Commitment to Diversity, Equity, and Inclusion DEEPLY COMMITTED TO DIVERSITY, EQUITY, AND INCLUSION (DEI) IN OUR BANK AND IN OUR COMMUNITY, ENTERPRISE BANK WAS FOUNDED ON THE CORE PRINCIPLES OF FAIRNESS, EQUITY, RESPECT, INCLUSION, AND LOVE. 10 Our commitment is reflected in our DEI value statement: “At Enterprise Bank, people and relationships come first. We encourage and foster a culture of diversity, equity, and inclusion, where everyone feels valued and respected. We are committed to a caring workplace that recognizes the importance of making a meaningful, positive difference in the lives of our team members, customers, and communities.” With diversity comes unique In 2021, Enterprise Bank proudly Through our ongoing commitment perspectives that shape our culture. observed Juneteenth, addressed the to DEI, all of us at Enterprise Bank Our Multicultural Alliance, a cross- increase of anti-Asian racism, and seek to create positive change in functional team of ambassadors established the Pride C.O.R.P.S. our community, working together within the bank, promotes diversity (Community of Respecting People’s to overcome a history of injustice and shares ideas to help celebrate Sexuality & Gender)—an LGBTQ+ toward a more inclusive and equitable our differences while seeking team member resource group—joining future for all. connections through intercultural our Veterans and Working Parents conversations, awareness, and resource groups and our Multicultural respect. Our Inclusion Council— Alliance and Inclusion Council. established in 2020 to help influence The purpose of these groups is to and impact positive change towards ensure that all Enterprise Bank team social justice and inclusivity within members are represented and have the communities we serve—took a a voice. leadership role in presenting “The Series on Racial Equity and Inclusion,” a community series with the goal to create a safe space to promote constructive engagement and broaden our perspectives. In 2021 we partnered with local organizations, hosting three thought-provoking presentations for the community: “Diversity and Inclusion in the Workplace,” “Make Room for Us: Changing the Racial Composition and Culture of Your Board,” and “Courageous Conversations.” In 2021 our Non-Profit CollaborativeSM, which provides support to our region’s non-profit organizations, presented “The Time is Now to UnErase LGBTQ History,” featuring Debra Fowler, Co-Founder and Executive Director of History UnErased, an education non-profit dedicated to helping K-12 schools bring LGBTQ history into the mainstream curriculum to ensure all students learn and understand a more empowering reflection of “we the people.” EQUITY RESPECT FAIRNESS 11 General Counsel Gallagher & Cavanaugh, LLP SEC & Regulatory Counsel Hunton Andrews Kurth LLP Financial Consultant Raymond L. Anstiss, Jr., CPA Advisor to the Enterprise Wealth Management Committee Marcia S. Wagner, Esquire Advisor to the Technology Committee Matthew Ferm, Managing Partner - Harvard Partners, LLP Honorary Board Members Kathleen M. Bradley Nancy L. Donahue Lucy A. Flynn Eric W. Hanson John P. Harrington Arnold S. Lerner Enterprise Bancorp, Inc. and Enterprise Bank Board of Directors George L. Duncan Founder and Chairman of the Board James F. Conway III Vice Chairman and Lead Director of the Board Former President, Chief Executive Officer and Chairman, Courier Corporation John A. Koutsos Secretary of the Board President, Alec’s Shoe Store, Inc. Luis M. Pedroso Assistant Secretary of the Board Co-Founder, President, and Chief Executive Officer, Accutronics, Inc. Kenneth S. Ansin President, Ansin Consulting Group Gino J. Baroni Owner and Managing Principal, Trident Project Advantage Group John P. Clancy, Jr. Chief Executive Officer, Enterprise Bank John R. Clementi Chief Executive Officer, Longview Development, LLC Former President, Plastican, Inc. Dr. Carole A. Cowan Former President, Middlesex Community College Normand E. Deschene Former Chief Executive Officer, Wellforce John T. Grady, Jr. Managing Partner, JTG Partners, LLC Mary Jane King President, Conway Management Company Joseph C. Lerner Managing Partner, 819 Energy, LLC Shelagh E. Mahoney Owner and Chief Executive Officer, Eastern Salt Company, Inc. Richard W. Main President, Enterprise Bank Dr. Jacqueline F. Moloney Chancellor, University of Massachusetts Lowell Michael T. Putziger Chairman, WinnCompanies Carol L. Reid Former Corporate Controller and Chief Accounting Officer, Avid Technology, Inc. Nickolas Stavropoulos Former President and Chief Operating Officer, Pacific Gas and Electric Company Anita R. Worden Former Co-Founder, Chief Executive Officer and Director, Yaskawa Solectria Solar 12 222 Merrimack Street, Lowell, MA 01852 • 978-459-9000 26 Convenient Locations in: MASSACHUSETTS: Acton Andover Billerica (2) Chelmsford (2) Dracut Fitchburg Lawrence Leominster Lexington Lowell (2) Methuen North Andover Tewksbury (2) Tyngsborough Westford NEW HAMPSHIRE: Derry Hudson MANCHESTER MANCHESTER MANCHESTER AUBURN AUBURN AUBURN CHESTER CHESTER CHESTER BEDFORD BEDFORD BEDFORD SANDOWN SANDOWN SANDOWN MERRIMACK MERRIMACK MERRIMACK LONDONDERRY LONDONDERRY LONDONDERRY LONDONDERRY LITCHFIELD LITCHFIELD LITCHFIELD DERRY DERRY DERRY HAMPSTEAD HAMPSTEAD HAMPSTEAD ATKINSON ATKINSON ATKINSON PLAISTOW PLAISTOW PLAISTOW Communities with branch locations are shown in gold. Our 27th branch will be in Londonderry, NH. HOLLIS HOLLIS HOLLIS NASHUA NASHUA NASHUA ASHBY ASHBY ASHBY TOWNSEND TOWNSEND TOWNSEND PEPPERELL PEPPERELL PEPPERELL DUNSTABLE DUNSTABLE DUNSTABLE G G G N N N Y Y Y T T T WINDHAM WINDHAM WINDHAM SALEM SALEM SALEM HUDSON HUDSON HUDSON HAVERHILL HAVERHILL HAVERHILL GROVELAND GROVELAND GROVELAND PELHAM PELHAM PELHAM METHUEN METHUEN METHUEN GEORGETOWN GEORGETOWN GEORGETOWN DRACUT DRACUT DRACUT LAWRENCE LAWRENCE LAWRENCE BOXFORD BOXFORD BOXFORD NORTH NORTH NORTH ANDOVER ANDOVER ANDOVER LOWELL LOWELL LOWELL ANDOVER ANDOVER ANDOVER H H H G G G U U U O O O R R R O O O B B B S S S FITCHBURG FITCHBURG FITCHBURG LUNENBURG LUNENBURG LUNENBURG GROTON GROTON GROTON WESTFORD WESTFORD WESTFORD CHELMSFORD CHELMSFORD CHELMSFORD TEWKSBURY TEWKSBURY TEWKSBURY MIDDLETON SHIRLEY SHIRLEY SHIRLEY AYERAYER AYER BILLERICA BILLERICA BILLERICA NORTH NORTH NORTH READING READING READING N N N O O O T T T G G G W I L M I N W I L M I N W I L M I N READING READING READING ASHBURNHAM ASHBURNHAM ASHBURNHAM WESTMINSTER WESTMINSTER WESTMINSTER N N N O O O T T T G G G L I N L I N L I N R R R U U U B B B WOBURN LEXINGTON LEXINGTON LEXINGTON WALTHAM WALTHAM WALTHAM HARVARD HARVARD HARVARD LITTLETON LITTLETON LITTLETON CARLISLE CARLISLE CARLISLE LEOMINSTER LEOMINSTER LEOMINSTER LANCASTER LANCASTER LANCASTER BOXBOROUGH BOXBOROUGH BOXBOROUGH ACTON ACTON ACTON BEDFORD BEDFORD BEDFORD PRINCETON PRINCETON PRINCETON STERLING STERLING STERLING BOLTON BOLTON BOLTON STOW STOWSTOW CONCORD CONCORD CONCORD MAYNARD MAYNARD MAYNARD LINCOLN LINCOLN LINCOLN Investor Relations Enterprise Bancorp, Inc. 222 Merrimack Street, Lowell, MA 01852 Londonderry (coming 2022) 978-459-9000 • shareholders@ebtc.com Nashua (2) Pelham Salem Windham Transfer Agent and Registrar Shareholders who have questions regarding their ownership of Enterprise Bancorp, Inc. stock should contact our transfer agent: Computershare Investor Services PO Box 505000, Louisville, KY 40233 888-218-4390 info@ebtc.com • EnterpriseBanking.com The common stock of Enterprise Bancorp, Inc. is traded on the NASDAQ Stock Market under the symbol “EBTC.” COMMUNITY TEAM MEMBERS CUSTOMERS SHAREHOLDERS EnterpriseBanking.com 002CSNCA0D 

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