ENTERPRISE BANCORP INC /MA/ (Form: 10-K, Received: 03/07/2025 15:56:05)

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Review Date: 12/10/2024 Statement of Insider Trading Policy 1 Confidential: For Bank Use Only Table of Contents 1. Purpose .............................................................................................................................. 2 2. Who Does This Policy Apply To? ......................................................................................... 2 3. Policy.................................................................................................................................. 3 4. Exempt/Non-Exempt Transactions ....................................................................................... 3 4.1 Rule 10b5-1 Plans ........................................................................................................ 3 4.2 Dividend Reinvestment and Employee Stock Purchase Plan..................................... 4 4.3 Direct Stock Purchase Plan ......................................................................................... 4 4.4 Stock Options............................................................................................................... 4 4.5 Restricted Stock ........................................................................................................... 5 4.6 401(k) Plan.................................................................................................................... 5 4.7 Company Offerings or Repurchases ........................................................................... 6 4.8 Mutual Fund Transactions ........................................................................................... 6 5. Material Information ............................................................................................................ 6 6. Non-public Information ........................................................................................................ 7 6.1 Twenty-Twenty Hindsight. ........................................................................................... 7 6.2 Tipping Information to Others ..................................................................................... 8 7. Additional Guidelines and Restrictions ................................................................................. 8 7.1 "Window Periods" and Pre-clearance of Trades Applicable to Directors, Board Advisors, Senior Officers and Certain Team members.................................................... 9 7.2 Post-termination Transactions .................................................................................. 11 7.3 Modification or Waiver ............................................................................................... 11 7.4 Company Imposed Sanctions .................................................................................... 11 8. Violations .......................................................................................................................... 12 9. References ....................................................................................................................... 12

Review Date: 12/10/2024 Statement of Insider Trading Policy 2 Confidential: For Bank Use Only 1. Purpose This Insider Trading Policy (the "Policy") provides the guidelines with respect to transactions in securities or disclosure of material nonpublic information of Enterprise Bancorp, Inc. (including any subsidiaries thereof, the "Company") and the companies with which the Company engages in transactions or does business. The U.S. Securities and Exchange Commission ("SEC"), the U.S. Attorneys, and similar state authorities, vigorously pursue violations of insider trading laws. In addition, the onus is on companies and other "controlling persons" for detecting violations by company personnel. Accordingly, the Company's board of directors ("Board") has adopted this Policy both to satisfy its obligation to prevent insider trading and to protect the Company and the persons covered by this Policy from the severe consequences associated with violations of the insider trading laws and regulations. The purpose of the Policy is to avoid the appearance of improper conduct on the part of any director, board advisor, executive officer, team member or other similar persons ("Insider") of the Company and Enterprise Bank and Trust Company (the "Bank"). 2. Who Does This Policy Apply To? This Policy applies to all Insiders of the Company and the Bank. For purposes of this Policy, "board advisors" is defined as special advisor to the Board of Directors and the Bank's general counsel. The same restrictions that apply to you also apply to the following (collectively, these are referred to as "affiliated persons"): • your "Family Members" (meaning your spouse or domestic partner, children, children away at college, stepchildren, sons and daughters-in-law, grandchildren, parents, stepparents, mothers and fathers-in-law, grandparents, siblings, brothers and sisters-in-law and anyone (other than domestic employees) who reside in the same household as you); • all corporations, partnerships, trusts, family partnerships, investment funds, retirement plans, and other types of entities formed for your benefit or for the benefit of a Family Member and over which you have the ability to influence or direct investment decisions; and • all persons who execute trades on your behalf . Team members are expected to be responsible for the compliance of such affiliated persons.

Review Date: 12/10/2024 Statement of Insider Trading Policy 3 Confidential: For Bank Use Only If you are considering buying, selling, or gifting shares of the Company's common stock, or have any questions about specific transactions or general questions about this Policy, you may obtain additional guidance from the Chief Financial Officer or Chief Executive Officer. Remember, however, the ultimate responsibility for adhering to this Policy and avoiding improper transactions rests with each individual that is covered by this Policy. 3. Policy Trading on Inside Information is Prohibited If anyone has material non-public information relating to the Company, including the Bank or another subsidiary or affiliate of the Company, it is our policy that neither that person nor any related person (including any fund, trust or other entity over which the director, board advisor, or team member exercises investment power or authority) may buy or sell securities of the Company, or derivative securities or engage in any other action to take advantage of, or pass on to others, that information. This Policy also applies to material non-public information relating to any other company, including our borrowers, other customers or suppliers, obtained in the course of being a director, board advisor, or team member. Even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct. Transactions that may be necessary or justifiable for independent reasons are not an exception to this Policy. For a list of transactions that are exempt and non-exempt to this Policy refer to Section 4 below. The Company has a Dividend Reinvestment and Direct Stock Purchase Plan as well as an Employee Stock Purchase Plan. This Policy addresses purchase and sale transactions under each of those plans as they relate to material non-public information and the closed window periods. 4. Exempt/Non-Exempt Transactions 4.1 Rule 10b5-1 Plans Purchase or sale transactions through a Rule 10b5-1 plan, which allows for systematic transactions to be conducted regardless of the possession of material non-public information at the time of the systematic purchase or sale. An initial decision to participate in, or establish, any such plan is subject to this Policy and requires the Company's prior approval and any changes to an

Review Date: 12/10/2024 Statement of Insider Trading Policy 4 Confidential: For Bank Use Only individual's preexisting elections or arrangements under any such plan remain subject to insider trading laws and the terms of this Policy. 4.2 Dividend Reinvestment and Employee Stock Purchase Plan Exempt This Policy does not apply to purchases of Company securities in the Company's Dividend Reinvestment and Employee Stock Purchase Plan (the "ESPP") resulting from your periodic contribution of money to the ESPP pursuant to the election you made at the time of your enrollment in the ESPP. This Policy also does not apply to purchases of Company securities resulting from lump sum contributions to the ESPP, provided that you elected to participate by lump sum payment at the beginning of the applicable enrollment period. Non-Exempt All purchases and sales except for those listed as exempt. In the event the Company purchases Company securities in the open market in order to fund participant purchases of Company securities in the ESPP, then this Policy would apply to your election to participate, or any changes to your election to participate, in the ESPP for any enrollment period during which the Company makes such purchases of Company securities in the open market in order to fund participant purchases of Company securities in the ESPP. This Policy will also apply to your sales of Company securities purchased pursuant to the ESPP. The commencement of a recurring transaction cannot occur while in possession of material non-public information or in a closed window period (if a team member is subject to the window). 4.3 Direct Stock Purchase Plan Exempt Purchases and sales under a 10b5-1 plan. Non-Exempt All purchases and sales except for those listed as exempt. The commencement of a recurring transaction cannot occur while in possession of material non-public information or in a closed window period (if the team member is subject to the window). 4.4 Stock Options Exempt Net and cash exercises. For clarity, a net exercise is defined as withholding shares of to cover the exercise price and related taxes. A cash exercise involves

Review Date: 12/10/2024 Statement of Insider Trading Policy 5 Confidential: For Bank Use Only paying the exercise price and related taxes in cash. In addition, this Policy does not apply to the exercise of a tax withholding right under which an option holder has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements. Non-Exempt A cashless exercise or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option or any tax withholding obligation. A cashless exercise is defined as the sale of stock through a broker- assisted transaction. In addition, this Policy does apply to the sale of Company securities acquired upon the exercise of a stock option. 4.5 Restricted Stock The vesting of restricted shares results in a tax withholding. Team members can have the Company withhold shares under a "net-withholding" process, sell shares or pay cash to pay for their taxes. Exempt Net withholding and cash payment transactions can occur during a closed window period. Non-Exempt Team members cannot sell shares during a closed window period or when in possession of material non-public information. 4.6 401(k) Plan Exempt To the extent that the Company's 401(k) plan may from time to time permit the acquisition of Company securities, this Policy does not apply to purchases of Company securities in the Company's 401(k) plan resulting from your periodic contribution of money to the plan under any payroll deduction election. Non-Exempt This Policy does apply, however, to certain elections you may make under the Company's 401(k) plan, including: (a) an election to increase or decrease the percentage of your periodic contributions that will be allocated to Company stock fund; (b) an election to make an intra-plan transfer of an existing account balance into or out of Company stock fund; (c) an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of your

Review Date: 12/10/2024 Statement of Insider Trading Policy 6 Confidential: For Bank Use Only Company stock fund balance; (d) an election to pre-pay a plan loan if the pre- payment will result in allocation of loan proceeds to your Company stock fund; and (e) an election to purchase Company securities in the open market pursuant to any open-brokerage account within the Company's 401(k) plan. 4.7 Company Offerings or Repurchases Exempt The purchase of Company securities from the Company, and the sale of Company securities to the Company, are not subject to this Policy. 4.8 Mutual Fund Transactions Exempt Transactions in mutual funds that are invested in Company securities are not subject to this Policy. 5. Material Information Material information is any information that a reasonable investor would consider important in a decision to buy, hold or sell stock or other securities; in short, any information which could reasonably affect the price of the stock or other securities. Examples of information that might be deemed material include, but are not limited to, the following: • annual or quarterly financial results, • financial projections, • dividend announcements, • earnings estimates or changes in previously announced earnings estimates, • significant expansion or curtailment of operations, • a significant increase or decline in business, • a significant merger or acquisition proposal or agreement, • unusual borrowings or securities offerings, • liquidity problems or bankruptcy proceedings, • significant changes in management, • purchases or sales of substantial assets, • plans for material changes to the Company's capital program,

Review Date: 12/10/2024 Statement of Insider Trading Policy 7 Confidential: For Bank Use Only • stock splits, • new equity or debt offerings, • purchases or redemptions of the Company's securities, • positive or negative developments in outstanding significant litigation, • material information related to cybersecurity risks and incidents, • significant litigation exposure due to actual or threatened litigation, • regulatory or governmental inquiry or investigation of the Company, its management or team members that could be material to the Company, • regulatory violations, • any other factors that would cause the Company's financial results to be substantially different from analyst estimates, • the same types of information about a customer or supplier of the Company, or • any substantial change in industry circumstances or competitive conditions which could significantly affect the Company's or its customer's earnings or prospects for expansion. This list is not exhaustive; other types of information may be material at any time depending upon the circumstances. Either positive or negative information may be material. 6. Non-public Information Non-public information is information that is not generally known or available to the public. Information is considered to be available to the public only when it has been released broadly to the marketplace (such as by a press release or an SEC filing) and the investing public has had time to absorb the information fully. As a general rule, information is considered non-public until the opening of the market on the third business day after the information has been released. 6.1 Twenty-Twenty Hindsight. Remember, if any securities transaction becomes the subject of scrutiny, this will be viewed after the fact with the benefit of 20/20 hindsight. Accordingly, before engaging in any transaction, it should carefully be considered how regulators and others might view the transaction with such hindsight.

Review Date: 12/10/2024 Statement of Insider Trading Policy 8 Confidential: For Bank Use Only 6.2 Tipping Information to Others. Material non-public information should not be passed on to others. Material non-public information should not be disclosed inadvertently or intentionally as this information could be used to the detriment of other shareholders. 7. Additional Guidelines and Restrictions Because the Company believes it is improper and inappropriate for anyone who applies to this policy to engage in short-term or speculative transactions involving the Company's stock or any other securities of Enterprise Bancorp, Inc., it is the Company's and the Bank's policy that there should be no engagement in any of the following activities with respect to the stock or any other securities of Enterprise Bancorp, Inc. • Trading in securities on a short-term basis. Any stock or other securities of the Company purchased should be held for a minimum of six months and ideally longer. Note that the SEC's short-swing profit rules prohibit "officers" (as defined in Rule 16a-1 of the Securities Exchange Act of 1934, as amended) and directors from selling or purchasing any stock or other security of the Company in the open market within six months of any "matchable" purchase or sale, respectively, of the Company's securities. Sales of stock or other securities of the Company within six months of purchase by team members other than "officers" must be approved by the Chief Financial Officer or Chief Executive Officer or Chairman in advance of conducting the transaction. • Short sales of the Company's stock. A short sale is the sale of a security that is not owned by the seller at the time of the sale. The shares that are sold are initially borrowed from a brokerage firm and later must be replaced by the seller by purchasing them in the open market. • Purchases of stock of the Company on margin. • Buying and selling puts or calls of the Company's stock. • Purchases or sales of derivative securities which are directly or indirectly related to the Company's securities, such as options, futures, indexes, exchange funds, forward sales, collars, swaps or other derivatives or hedging strategies. "Hedging" stock generally means making an investment to reduce the risk of adverse price movements in the stock. Certain forms of hedging or monetization transactions, such as zero-cost collars and forward sale contracts, allow an individual to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation in the stock.

Review Date: 12/10/2024 Statement of Insider Trading Policy 9 Confidential: For Bank Use Only • A transaction in puts, calls, or other options or derivative securities based on the Company stock is generally a bet on the short-term movement of the Company's stock and can therefore create the appearance that the officer or director is trading based on non-public information. Transactions in these derivative securities also may focus the officer or director's attention on short-term performance at the expense of the Company's long-term objectives. 7.1 "Window Periods" and Pre-clearance of Trades Applicable to Directors, Board Advisors, Senior Officers and Certain Team members It is improper to enter a trade for stock or any other security of the Company before or simultaneously with or immediately after the Company has made a public announcement of material information, including earnings releases. The Company's shareholders and the investing public must be afforded adequate time to digest information. Accordingly, the following individuals are prohibited from purchasing or selling stock or any other security of the Company unless the trade is made during a permissible "window period" and with the prior notice described below and the individual is not otherwise in possession of material non-public information: • Directors, • Board advisors who regularly attend board or Audit Committee meetings, • Officers with the title of Senior Vice President and above, • Team members within the Internal Audit, Finance/Accounting, or Corporate Communications Departments and administrative assistants of executive officers, • Team members with access to financial reporting, • Family Members of the parties listed above. Quarterly Window Periods. Each "window period" generally 1) commences at the open of the market on the third business day following the Company's public disclosure of quarterly or annual financial results or other material information concerning the Company and 2) expires at the close of the market on the third Friday of the third fiscal month of the current quarter. This means that all individuals subject to the window restrictions may trade only during the period from the opening of the market on the third business day after an announcement (i.e., if an announcement is made on Monday, they can trade on Thursday; if an announcement is made on Friday, they can trade on the following Wednesday) through the third Friday of the third fiscal month in the quarter during which such announcement is made (meaning that a trade would be prohibited after the close of the market on that Friday until the opening of the next "window period" in the subsequent fiscal quarter). Limit orders placed through a broker or brokerage portal are required to be cancelled when the "window period" expires and the trading window is closed.

Review Date: 12/10/2024 Statement of Insider Trading Policy 10 Confidential: For Bank Use Only It is the responsibility of all those subject to the window restrictions to know the exact dates of the "window period". The Chief Financial Officer, Senior Shareholder Services Manager, or Shareholder and Investor Relations Supervisor can provide team members with details on the "window period" at any time. Event-Specific Blackout Periods. Occasionally, an event may occur that is material to the Company and is known by only a few directors, officers or employees. In the event of developments that are deemed to constitute material non-public information, senior management may determine that window periods are unavailable or will be delayed. The existence of an event-specific blackout period will not be announced, other than to those who are aware of the event giving rise to the blackout. Any person made aware of the existence of an event-specific blackout period should not disclose the existence of the blackout to any other person. The failure of senior management to designate you as a person subject to an event-specific blackout will not relieve you of the obligation not to trade while aware of material non-public information. Pre-Clearance Procedures. As a general rule, and in addition to the "window period" requirement described above, if any individual who is subject to the window restrictions contemplates a transaction involving Company stock at any time (including a gift contribution to a trust or similar transfer, or any exercise of a stock option by any means other than by full payment of the exercise price in cash), he or she must contact the Chief Financial Officer or Chief Executive Officer or Chairman to request pre-clearance of the transaction in advance of conducting the transaction. Directors and executive officers of the Company, and any other persons designated under this Policy as being subject to the pre-clearance procedures, together with their respective Family Members, may not engage in any transaction in Company securities without first obtaining pre- clearance of the transaction from the Chief Financial Officer or Chief Executive Officer or Chairman. A request for pre-clearance should be submitted to the Chief Financial Officer or Chief Executive Officer or Chairman at least two business days in advance of the proposed transaction. The Chief Financial Officer or Chief Executive Officer or Chairman are under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction. If a person seeks pre-clearance to engage in the transaction and is denied, then he or she should refrain from initiating any transaction in Company securities and should not inform any other person of the restriction. Pre-cleared trades must be executed within five business days of receipt of pre-clearance, unless the Chief Financial Officer or Chief Executive Officer or Chairman grants an exception. When a request for pre-clearance is made, the requestor should carefully consider whether he or she may be aware of any material nonpublic information about the Company and should describe fully those circumstances to the Chief Financial Officer or Chief Executive Officer or Chairman. The requestor should also indicate whether he

Review Date: 12/10/2024 Statement of Insider Trading Policy 11 Confidential: For Bank Use Only or she has effected any transactions in Company securities within the past six months and should be prepared to report the proposed transaction on an appropriate Form 4 or Form 5. The requestor should also be prepared to comply with SEC Rule 144 and file a Form 144, if necessary, at the time of any sale. Pre-clearance of a trade does not constitute legal advice and does not relieve the requestor of his or her legal obligation to refrain from trading while in possession of material nonpublic information. The requirement for pre-clearance does not apply to those transactions to which this Policy does not apply, as described above under the heading "Exempt/Non-Exempt Transactions." Notwithstanding window periods or any prior notice having been given, the general rule always applies that trading on material non-public information relating to the Company, including the Bank and any other subsidiaries or affiliates of the Company, is not permitted at any time. 7.2 Post-termination Transactions This Policy continues to apply to transactions in Company securities even after a position has been terminated. If anyone who applies to this policy is in possession of material non-public information when their position terminates, they may not trade in Company securities until that information has become public or is no longer material. 7.3 Modification or Waiver Any modification or waiver of this Policy, or imposition of additional appropriate restrictions upon those contained in this Policy, may be made only by the Company's Board of Directors, and will be promptly disclosed to the extent required by applicable law, rule (including any rule of any applicable stock exchange) or regulation. 7.4 Company Imposed Sanctions Failure to comply with any of the requirements of this Policy may subject the director, board advisor, or team member to Company-imposed sanctions, including restrictions on trading or access to information or, in the case of a team member, dismissal for cause, whether or not the failure to comply results in a violation of law. The sanctions that may be imposed under this Section 7 do not limit in any way any other rights or remedies that the Company may have with respect to any such director, board advisor, or team member under any other policy or agreement or at law or in equity.

Review Date: 12/10/2024 Statement of Insider Trading Policy 12 Confidential: For Bank Use Only 8. Violations The purchase or sale of securities while aware of material nonpublic information, or the disclosure of material nonpublic information to others who then trade in Company securities, is prohibited by federal and applicable state laws. Insider trading violations are pursued vigorously by the SEC, U.S. Attorneys and applicable state enforcement authorities, among others. Punishment for insider trading violations is severe, and could include significant fines and imprisonment. While the regulatory authorities concentrate their efforts on the individuals who trade, or who tip inside information to others who trade, the federal securities laws also impose potential liability on companies and other "controlling persons" if they fail to take reasonable steps to prevent insider trading by company personnel. A violation of law, or even an SEC investigation that does not result in prosecution, can tarnish a person's reputation and irreparably damage a career. Accordingly, the Company strongly urges all persons covered by this Policy to strictly comply with its terms. Reporting Violations. Any Insider of the Company, or their affiliated persons, who violates this Policy or any federal or state laws governing insider trading or tipping, or knows of any such violation by any other Insider of the Company, or their affiliated persons, must report the violation immediately to the Chief Financial Officer or the Chief Executive Officer or the Chairman. Upon learning of any such violation, the Chief Financial Officer or the Chief Executive Officer or the Chairman, in consultation with the Company's outside legal counsel, will determine whether the Company should release any material nonpublic information, or whether the Company should report the violation to the SEC or other appropriate governmental authority. 9. References Directors, board advisors and team members will be required annually to certify their understanding of and intent to comply with this Insider Trading Policy. For related information, please also refer to the Company's Investor/Shareholder Communications Policy, Whistleblower and Non-Retaliation Policy and Code of Business Conduct and Ethics Policy. Prepared by: Lauren Adie Senior Officer Review: Joseph R. Lussier Compliance Review: Laura A. Feeney Risk Management Review Meaghan Lally-McGurl Outside Legal Counsel Review: Hunton, November 7, 2024 Audit Committee Approval November 15, 2024 Board Approval December 17, 2024 Replaces Policy Approved: December 12, 2023


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


		Page Number
	PART I
Item 1	Business	4
Item 1A	Risk Factors	26
Item 1B	Unresolved Staff Comments	37
Item 1C	Cybersecurity	37
Item 2	Properties	39
Item 3	Legal Proceedings	39
Item 4	Mine Safety Disclosures	39

	PART II
Item 5	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	39
Item 6	[Reserved]	41
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	63
Item 8	Financial Statements and Supplementary Data	65
	Reports of Independent Registered Public Accounting Firm (PCAOB ID: 49)	117
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	120
Item 9A	Controls and Procedures	120
Item 9B	Other Information	120
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	120

	Part III
Item 10	Directors, Executive Officers and Corporate Governance	120
Item 11	Executive Compensation	120
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	120
Item 13	Certain Relationships and Related Transactions, and Director Independence	120
Item 14	Principal Accounting Fees and Services	120

	Part IV
Item 15	Exhibits, Financial Statement Schedules	121
Item 16	Form 10-K Summary	125

	Signatures Page	126


Acronym						Description
ACH:						Automatic clearing house
ACL:						Allowance for credit losses
AOCI:						Accumulated other comprehensive income
ASC:						Accounting Standards Codification
ASU:						Accounting Standards Update
BTFP:						Bank Term Funding Program
BOLI:						Bank-owned life insurance
CBLR						Community Bank Leverage Ratio
CD:						Certificate of deposit
CDE:						Community Development Entities
CECL:						Current expected credit loss
CEO:						Chief executive officer
CERCLA:						Comprehensive Environmental Response, Compensation and Liability Act
CET1:						Common equity tier 1
CFPB:						Consumer Financial Protection Bureau
CFT:						Countering the financing of terrorism
CISO:						Chief information security officer
CMO:						Collateralized mortgage obligations
CMP:						Compliance Management Program
CODM:						Chief operating decision maker
CRA:						Community Reinvestment Act of 1977
CTA:						Corporate Transparency Act of 2019
DRSPP:						Dividend reinvestment and direct stock purchase plan
DIF:						Deposit Insurance Fund
DTA:						Deferred tax asset
EGRRCPA:						Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018
ERC:						Employee Retention Credit
ERG:						Employee Resource Group
EWMC:						Enterprise Wealth Management Committee
FASB:						Financial Accounting Standards Board
FDIA:						Federal Deposit Insurance Act
FDIC:						Federal Deposit Insurance Corporation
FHLB:						Federal Home Loan Bank
FinCEN:						Financial Crimes Enforcement Network
Fintech:						Financial technology
FIRREA:						Financial Institutions Reform, Recovery and Enforcement Act
FRB:						Federal Reserve Bank of Boston
FS-ISAC						Financial Services Information Sharing and Analysis Center
GAAP:						Generally Accepted Accounting Principles
HMDA:						Home Mortgage Disclosure Act
INDB / Independent						Independent Bancorp, Inc. (Rockland Bank & Trust Co.)
IRS:						Internal Revenue Service


MBS:						Mortgage-backed securities
Net Interest Margin:						Tax-equivalent net interest margin
NH BFA:						New Hampshire Business Finance Authority
NMTC:						New Market Tax Credit
OREO:						Other real estate owned
RESPA:						Real Estate Settlement Procedures Act
ROU:						Right-of-use
RPA:						Risk participation agreement
SAR:						Suspicious activity reports
SBA:						Small Business Administration
SERP:						Supplemental employee retirement plan
SOFR:						Secured Overnight Financing Rate
TILA:						Truth-in Lending Act
U.S.:						United States


	Basel III Minimum for Capital Adequacy Purposes	Basel III Additional Capital Conservation Buffer	Basel III Ratio with Capital Conservation Buffer
Total Risk-Based Capital (total capital to risk-weighted assets)	8.00%	2.50%	10.50%
Tier 1 Risk-Based Capital (tier 1 to risk-weighted assets)	6.00%	2.50%	8.50%
Tier 1 Leverage Ratio (tier 1 to average assets)(1)	4.00%	N/A	4.00%
Common Equity Tier 1 Risk-Based Capital (CET1 to risk-weighted assets)	4.50%	2.50%	7.00%


Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights	Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in second column from left)
Equity compensation plans approved by security holders	125,813	$	29.58	270,474
Equity compensation plans not approved by security holders	—	—		—
TOTAL	125,813	$	29.58	270,474



	Total Number of Shares Repurchased(1)	Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Announced	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
October	—	—	—	—
November	—	—	—	—
December	127	$39.54	—	—


	Period Ending
Index	12/31/19		12/31/20		12/31/21		12/31/22		12/31/23		12/31/24
Enterprise Bancorp, Inc.	$	100.00	$	77.68	$	139.60	$	112.32	$	105.89	$	134.24
S&P 500 Index	100.00		118.40		152.39		124.79		157.59		197.02
S&P U.S. Small Cap Banks Index	100.00		90.82		126.43		111.47		112.03		132.44


	At or for the year ended December 31,
(Dollars in thousands, except per share data)	2024			2023			2022			2021			2020
Balance Sheet Data
Total cash and cash equivalents	$	83,841		$	56,592		$	267,589		$	436,576		$	253,782
Total investment securities at fair value	593,595			668,171			820,371			958,215			583,049

Total loans	3,982,898			3,567,631			3,180,518			2,920,684			3,073,860
Allowance for credit losses	(63,498)			(58,995)			(52,640)			(47,704)			(44,565)
Total assets	4,827,726			4,466,034			4,438,333			4,447,819			4,014,324
Total deposits	4,187,698			3,977,521			4,035,806			3,980,239			3,551,263
Subordinated debt	59,815			59,498			59,182			58,979			73,744
Total shareholders' equity	360,748			329,117			282,267			346,895			334,426
Total liabilities and shareholders' equity	4,827,726			4,466,034			4,438,333			4,447,819			4,014,324

Wealth Management
Wealth assets under management(1)	$	1,230,014		$	1,077,761		$	891,451		$	1,041,409		$	976,502
Wealth assets under administration(1)	$	305,930		$	242,338		$	198,586		$	257,867		$	210,900

Shareholders' Equity Ratios
Book value per common share	$	28.98		$	26.82		$	23.26		$	28.82		$	28.01
Dividends paid per common share	$	0.96		$	0.92		$	0.82		$	0.74		$	0.70


Regulatory Capital Ratios
Total capital to risk-weighted assets	13.06		%	13.12		%	13.49		%	13.73		%	14.62		%
Tier 1 capital to risk-weighted assets(2)	10.38		%	10.34		%	10.56		%	10.62		%	10.77		%
Tier 1 capital to average assets	8.94		%	8.74		%	8.10		%	7.56		%	7.52		%

Credit Quality Data
Non-performing loans	$	26,687		$	11,414		$	6,122		$	26,522		$	38,050


Non-performing loans to total loans	0.67		%	0.32		%	0.19		%	0.91		%	1.24		%
Non-performing assets to total assets	0.55		%	0.26		%	0.14		%	0.60		%	0.95		%
ACL for loans to total loans	1.59		%	1.65		%	1.66		%	1.63		%	1.45		%
Net charge-offs	$	206		$	105		$	239		$	3,964		$	1,548

Income Statement Data
Net interest income	$	147,864		$	153,084		$	151,798		$	141,556		$	130,134
Provision for credit losses	1,985			9,249			5,800			1,770			12,499
Total non-interest income	22,879			17,609			18,462			18,107			17,247
Total non-interest expense	117,132			110,199			108,314			102,135			93,254
Income before income taxes	51,626			51,245			56,146			55,758			41,628
Provision for income taxes	12,893			13,187			13,430			13,587			10,172
Net income	$	38,733		$	38,058		$	42,716		$	42,171		$	31,456

Income Statement Ratios

Diluted earnings per common share	$	3.12		$	3.11		$	3.52		$	3.50		$	2.64
Return on average total assets	0.82		%	0.85		%	0.96		%	0.98		%	0.82		%
Return on average shareholders' equity	11.27		%	12.48		%	14.47		%	12.49		%	9.95		%
Net interest margin (tax-equivalent)(3)	3.23		%	3.51		%	3.54		%	3.44		%	3.59		%


	December 31,
	2024 vs 2023
			Increase (decrease) due to
(Dollars in thousands)	Net Change		Volume		Rate
Interest income
Other interest-earning assets(1)	$	(3,744)	$	(4,358)	$	614
Investment securities (tax-equivalent)	(3,134)		(2,877)		(257)
Loans and loans held for sale (tax-equivalent)	35,878		23,559		12,319
Total interest-earning assets (tax-equivalent)	29,000		16,324		12,676

Interest expense
Interest checking, savings, and money market	17,526		1,119		16,407
CDs	14,598		8,106		6,492

Borrowed funds	2,313		2,116		197
Subordinated debt	—		18		(18)
Total interest-bearing liabilities	34,437		11,359		23,078

Change in net interest income (tax-equivalent)	$	(5,437)	$	4,965	$	(10,402)


	Average Balances, Interest and Average Yields
	Year ended December 31, 2024						Year ended December 31, 2023						Year ended December 31, 2022
(Dollars in thousands)	Average Balance		Interest(1)		Average Yield(1)		Average Balance		Interest(1)		Average Yield (1)		Average Balance		Interest(1)		Average Yield(1)
Assets:
Other interest-earning assets(2)	$	115,171	$	6,199	5.38	%	$	196,931	$	9,943	5.05	%	$	333,433	$	6,014	1.80	%
Investment securities(3) (tax-equivalent)	737,633		16,144		2.19	%	868,137		19,278		2.22	%	955,927		19,891		2.08	%
Loans and loans held for sale(4) (tax-equivalent)	3,761,015		208,955		5.56	%	3,328,387		173,077		5.20	%	3,034,608		136,381		4.49	%
Total interest-earning assets (tax-equivalent)	4,613,819		231,298		5.01	%	4,393,455		202,298		4.60	%	4,323,968		162,286		3.75	%
Other assets	98,585						84,914						110,238
Total assets	$	4,712,404					$	4,478,369					$	4,434,206

Liabilities and shareholders' equity:
Non-interest checking	$	1,070,290	$	—			$	1,224,101	$	—			$	1,412,694	$	—
Interest checking, savings and money market	2,498,798		48,482		1.94	%	2,413,939		30,956		1.28	%	2,391,698		4,091		0.17	%
CDs	621,576		28,031		4.51	%	415,840		13,433		3.23	%	221,050		1,620		0.73	%

Total deposits	4,190,664		76,513		1.83	%	4,053,880		44,389		1.09	%	4,025,442		5,711		0.14	%
Borrowed funds	56,259		2,426		4.31	%	5,090		113		2.23	%	3,286		52		1.58	%
Subordinated debt(5)	59,649		3,467		5.81	%	59,333		3,467		5.84	%	59,050		3,352		5.68	%
Total funding liabilities	4,306,572		82,406		1.91	%	4,118,303		47,969		1.16	%	4,087,778		9,115		0.22	%
Other liabilities	62,258						55,163						51,274
Total liabilities	4,368,830						4,173,466						4,139,052
Shareholders' equity	343,574						304,903						295,154
Total liabilities and shareholders' equity	$	4,712,404					$	4,478,369					$	4,434,206

Net interest-rate spread (tax-equivalent)					3.10	%					3.44	%					3.53	%
Net interest income (tax-equivalent)			148,892						154,329						153,171
Net interest margin (tax-equivalent)					3.23	%					3.51	%					3.54	%
Less tax-equivalent adjustment			1,028						1,245						1,373
Net interest income			$	147,864					$	153,084					$	151,798
Net interest margin					3.20	%					3.48	%					3.51	%


	Year ended				Increase / (Decrease)
(Dollars in thousands)	December 31, 2024		December 31, 2023
Provision for credit losses on loans - collectively evaluated	$	1,463	$	4,184	$	(2,721)
Provision for credit losses on loans - individually evaluated	3,246		2,276		970
Provision for credit losses on loans	4,709		6,460		(1,751)

Provision for unfunded commitments	(2,724)		2,789		(5,513)

Provision for credit losses	$	1,985	$	9,249	$	(7,264)


	Year Ended December 31,
(Dollars in thousands)	2024		2023		Change		% Change
Wealth management fees	$	7,888	$	6,730	$	1,158	17	%
Deposit and interchange fees	8,875		8,475		400		5	%
Income on bank-owned life insurance, net	2,001		1,264		737		58	%
Net losses on sales of debt securities	(2)		(2,419)		2,417		(100)	%
Net gains on sales of loans	156		34		122		359	%



Gains on equity securities	1,140		666		474		71	%
Other income	2,821		2,859		(38)		(1)	%
Total non-interest income	$	22,879	$	17,609	$	5,270	30	%


	Under 1 Year				>1 – 5 Years				>5 – 10 Years				Over 10 Years
(Dollars in thousands)	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
At amortized cost:

U.S. Treasury securities	$	—	—	%	$	6,998	1.01	%	$	—	—	%	$	—	—	%
Federal agency CMO	7,745		2.77	%	715		2.57	%	4,968		1.60	%	334,073		1.85	%
Federal agency MBS	—		—	%	5,700		2.72	%	306		2.69	%	14,192		2.12	%
Taxable municipal securities	660		2.79	%	71,350		2.56	%	187,127		2.16	%	2,000		2.57	%
Tax-exempt municipal securities	4,481		3.23	%	16,979		3.36	%	13,862		3.49	%	1,137		2.96	%
Corporate bonds	900		3.51	%	2,573		3.68	%	—		—	%	—		—	%
Subordinated corporate bonds	—		—	%	—		—	%	10,000		3.73	%	—		—	%

Total debt securities	$	13,786	2.97	%	$	104,315	2.62	%	$	216,263	2.31	%	$	351,402	1.87	%

Total debt securities at fair value	$	13,684			$	98,143			$	186,185			$	285,918


(Dollars in thousands)	Commercial Real Estate Owner-Occupied		Commercial Real Estate Non Owner-Occupied		Commercial & Industrial		Commercial Construction
Amounts due(1):
One year or less, and demand notes	$	18,469	$	64,731	$	194,040	$	308,004
After one year through five years	149,895		367,187		144,348		152,345
After five years through fifteen years	379,634		804,378		126,593		118,745
Beyond fifteen years	157,655		325,886		14,840		100,875
	$	705,653	$	1,562,182	$	479,821	$	679,969

Interest rate terms on amounts due after one year:
Fixed	$	80,086	$	144,817	$	126,048	$	62,546
Adjustable(2)	$	607,098	$	1,352,634	$	159,733	$	309,419


	Years Ended December 31,
(Dollars in thousands)	2024			2023			2022			2021			2020
Beginning balance	$	58,995		$	52,640		$	47,704		$	44,565		$	33,614

Day one CECL adjustment	—			—			—			6,560			—
Provision for credit losses on loans	4,709			6,460			5,175			543			12,499
Recoveries on charged-off loans:
Commercial real estate owner-occupied	—			—			—			39			—
Commercial real estate non owner-occupied	—			—			—			—			—
Commercial and industrial	366			497			242			139			265
Commercial construction	—			1			—			105			—

Residential mortgages	—			—			—			—			—
Home equity	7			12			11			71			45
Consumer	39			17			19			9			36
Total recovered	$	412		$	527		$	272		$	363		$	346
Charged-off loans:
Commercial real estate owner-occupied	—			—			—			—			—
Commercial real estate non owner-occupied	—			—			250			1,825			—
Commercial and industrial	519			596			210			2,477			561
Commercial construction	—			—			—			—			1,300

Residential mortgages	—			—			—			—			—
Home equity	—			—			—			—			—
Consumer	99			36			51			25			33
Total charged-off	$	618		$	632		$	511		$	4,327		$	1,894

Net loans charged-off	$	206		$	105		$	239		$	3,964		$	1,548

Ending balance	$	63,498		$	58,995		$	52,640		$	47,704		$	44,565

Average loans outstanding	$	3,761,041		$	3,328,729		$	3,035,012		$	2,969,371		$	2,984,100
Net charge-offs to average loans	0.01		%	—		%	0.01		%	0.13		%	0.05		%

Recoveries to charge-offs	66.67		%	83.39		%	53.23		%	8.39		%	18.27		%
Net loans charged-off to allowance	0.32		%	0.18		%	0.45		%	8.31		%	3.47		%


	Year Ended December 31,
(Dollars in thousands)	2024		2023		Change		% Change
Salaries and employee benefits	$	78,224	$	72,283	$	5,941	8	%
Occupancy and equipment expenses	9,667		9,722		(55)		(1)	%
Technology and telecommunications expenses	10,708		10,656		52		—	%
Advertising and public relations expenses	2,585		2,786		(201)		(7)	%
Audit, legal and other professional fees	2,474		2,945		(471)		(16)	%
Deposit insurance premiums	3,571		2,712		859		32	%
Supplies and postage expenses	980		998		(18)		(2)	%
Merger-related expenses	1,137		—		1,137		100	%
Other operating expenses	7,786		8,097		(311)		(4)	%
Total non-interest expense	$	117,132	$	110,199	$	6,933	6	%


	December 31, 2024				December 31, 2023				December 31, 2022
(Dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Non-interest checking	$	1,077,998	26	%	$	1,061,009	27	%	$	1,351,932	34	%
Interest-bearing checking	699,671		17	%	697,632		18	%	678,715		17	%

Savings	270,367		6	%	294,865		7	%	336,322		8	%
Money markets	1,454,443		35	%	1,402,939		35	%	1,381,645		34	%

CDs	685,219		16	%	521,076		13	%	287,192		7	%



Deposits	$	4,187,698	100	%	$	3,977,521	100	%	$	4,035,806	100	%


(Dollars in thousands)	December 31, 2024		December 31, 2023
Due in three months or less	$	140,066	$	49,545
Due in greater than three months through six months	64,510		82,034
Due in greater than six months through twelve months	79,893		86,622
Due in greater than twelve months	22,792		7,086
Total CDs greater than $250,000	$	307,261	$	225,287


	Payments Due by Period
(Dollars in thousands)	Total		Within 1 Year		>1 – 5 Years		>5 – 15 Years		After 15 Years
Contractual cash obligations:
CDs	$	685,219	$	650,541	$	34,676	$	2	$	—
FHLB borrowings	147,746		145,000		—		391		2,355
Other borrowings	5,390		—		270		2,837		2,283
Subordinated debt	60,000		—		—		—		60,000
Supplemental retirement plans	1,111		276		811		24		—
Operating lease obligations	37,598		1,457		5,901		14,153		16,087

Total contractual obligations	$	937,064	$	797,274	$	41,658	$	17,407	$	80,725


	Commitment Expiration — By Period
(Dollars in thousands)	Total		Within 1 Year		>1 – 5 Years		>5 – 15 Years		After 15 Years
Other Commitments:
Unadvanced loans and lines	$	1,107,168	$	709,247	$	268,788	$	120,389	$	8,744
Commitments to originate loans	35,327		35,327		—		—		—
Letters of credit	20,166		16,089		3,953		124		—
Commitments to originate loans for sale	1,008		1,008		—		—		—
Commitments to sell loans	520		520		—		—		—
Customer related interest-rate swaps notional amount(1)	3,212		—		—		—		3,212
Risk participation agreement notional amount	46,387		—		—		—		46,387
Total commitments	$	1,213,788	$	762,191	$	272,741	$	120,513	$	58,343


	December 31, 2024		December 31, 2023


Scenarios	Percentage Change		Percentage Change
Rates rise 400 basis points	(14.19)	%	(11.71)	%
Rates rise 200 basis points	(7.05)	%	(5.71)	%

Rates unchanged	—	%	—	%
Rates decline 200 basis points	5.07	%	3.26	%


			Page
Consolidated Balance Sheets as of December 31, 202 4 and 20 23			66
Consolidated Statements of Income for the years ended December 31, 202 4 , 202 3 and 20 2 2			67
Consolidated Statements of Comprehensive Income for the years ended December 31, 202 4 , 202 3 and 20 2 2			68
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 202 4 , 202 3 and 20 2 2			69
Consolidated Statements of Cash Flows for the years ended December 31, 202 4 , 202 3 , and 20 2 2			70
Notes to the Consolidated Financial Statements			71
Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements			117
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting			119


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income/(Loss)		Total Shareholders’ Equity
(Dollars in thousands, except per share data)	Shares	Amount
Balance at December 31, 2021	12,038,382	$	120	$	100,352	$	241,761	$	4,662	$	346,895
Net income						42,716				42,716

Other comprehensive loss, net								(100,869)		(100,869)

Common stock dividend declared ($0.82 per share)						(9,917)				(9,917)
Common stock issued under dividend reinvestment plan	40,640	—		1,396						1,396
Common stock issued, other	1,378	—		47						47
Stock-based compensation, net	59,338	1		2,313						2,314
Net settlement for employee taxes on restricted stock and options	(11,713)	—		(433)						(433)
Stock option exercised, net	5,491	—		118						118
Balance at December 31, 2022	12,133,516	$	121	$	103,793	$	274,560	$	(96,207)	$	282,267
Net income						38,058				38,058

Other comprehensive income, net								16,444		16,444

Common stock dividend declared ($0.92 per share)						(11,238)				(11,238)
Common stock issued under dividend reinvestment plan	50,443	1		1,503						1,504
Common stock issued, other	1,474	—		44						44
Stock-based compensation, net	79,074	1		2,304						2,305
Net settlement for employee taxes on restricted stock and options	(9,229)	—		(447)						(447)
Stock options exercised, net	17,396	—		180						180
Balance at December 31, 2023	12,272,674	$	123	$	107,377	$	301,380	$	(79,763)	$	329,117
Net income						38,733				38,733


Other comprehensive income, net								849		849
Common stock dividend declared ($0.96 per share)						(11,870)				(11,870)
Common stock issued under dividend reinvestment plan	54,698	—		1,593						1,593
Common stock issued, other	1,241	—		37						37
Stock-based compensation, net	112,886	1		2,334						2,335
Net settlement for employee taxes on restricted stock and options	(12,643)	—		(409)						(409)
Stock options exercised, net	18,452	—		363						363
Balance at December 31, 2024	12,447,308	$	124	$	111,295	$	328,243	$	(78,914)	$	360,748


Bank premises, land improvements and leasehold improvements						10 to 39 years
Computer software and equipment						3 to 5 years
Furniture, fixtures and equipment						3 to 10 years


	2024
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Federal agency obligations	$	—	$	—	$	—	$	—
U.S. Treasury securities	6,998		—		766		6,232
Federal agency CMO	347,500		—		63,313		284,187
Federal agency MBS	20,199		—		3,007		17,192
Taxable municipal securities	261,137		10		32,926		228,221
Tax-exempt municipal securities	36,459		3		483		35,979
Corporate bonds	3,473		—		54		3,419
Subordinated corporate bonds	10,000		—		1,300		8,700

Total debt securities, at fair value	$	685,766	$	13	$	101,849	$	583,930


	2024
	Less than 12 months				12 months or longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		# of Holdings
Federal agency obligations	$	—	$	—	$	—	$	—	$	—	$	—	—
U.S. Treasury securities	—		—		6,232		766		6,232		766		1
Federal agency CMO	19,341		548		264,846		62,765		284,187		63,313		85
Federal agency MBS	1,623		22		15,569		2,985		17,192		3,007		11
Taxable municipal securities	1,881		124		224,469		32,802		226,350		32,926		248
Tax-exempt municipal securities	16,212		92		16,465		391		32,677		483		64
Corporate bonds	338		4		3,081		50		3,419		54		15
Subordinated corporate bonds	—		—		8,700		1,300		8,700		1,300		5
Total temporarily impaired debt securities	$	39,395	$	790	$	539,362	$	101,059	$	578,757	$	101,849	429


(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	13,786	$	13,684
Due after one, but within five years	104,315		98,143
Due after five, but within ten years	216,263		186,185
Due after ten years	351,402		285,918
Total debt securities	$	685,766	$	583,930


	At or for the year ended December 31, 2024
	Term Loans by Origination Year
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term		Total
Commercial real estate owner-occupied
Pass	$	49,097	$	126,723	$	101,658	$	83,937	$	49,526	$	277,331	$	7,312	$	—	$	695,584
Special mention	—		130		—		—		—		6,546		—		—		6,676
Substandard	—		—		1,228		423		—		723		—		—		2,374


Total commercial real estate owner-occupied	49,097		126,853		102,886		84,360		49,526		284,600		7,312		—		704,634

Current period charge-offs	—		—		—		—		—		—		—		—		—

Commercial real estate non owner-occupied
Pass	154,004		141,723		292,192		287,506		147,374		520,370		827		300		1,544,296
Special mention	—		—		15,448		—		—		—		—		—		15,448
Substandard	—		—		218		340		445		2,454		—		—		3,457


Total commercial real estate non owner-occupied	154,004		141,723		307,858		287,846		147,819		522,824		827		300		1,563,201

Current period charge-offs	—		—		—		—		—		—		—		—		—

Commercial and industrial
Pass	81,891		60,997		39,791		32,536		20,325		50,476		182,184		5,924		474,124
Special mention	—		—		—		—		203		258		270		—		731
Substandard	—		17		3,248		691		—		504		303		203		4,966


Total commercial and industrial	81,891		61,014		43,039		33,227		20,528		51,238		182,757		6,127		479,821

Current period charge-offs	12		44		—		196		—		267		—		—		519

Commercial construction
Pass	138,845		229,116		127,493		106,452		9,517		21,582		32,325		—		665,330

Substandard	—		—		14,639		—		—		—		—		—		14,639


Total commercial construction	138,845		229,116		142,132		106,452		9,517		21,582		32,325		—		679,969




Current period charge-offs	—		—		—		—		—		—		—		—		—

Residential mortgages
Pass	79,540		79,929		101,910		64,219		44,149		71,188		—		—		440,935

Substandard	—		—		—		1,042		—		1,119		—		—		2,161

Total residential mortgages	79,540		79,929		101,910		65,261		44,149		72,307		—		—		443,096

Current period charge-offs	—		—		—		—		—		—		—		—		—

Home equity
Pass	623		454		783		528		433		2,033		97,217		1,507		103,578

Substandard	—		—		—		—		—		83		—		197		280

Total home equity	623		454		783		528		433		2,116		97,217		1,704		103,858

Current period charge-offs	—		—		—		—		—		—		—		—		—

Consumer
Pass	3,211		2,014		1,209		982		461		442		—		—		8,319



Total consumer	3,211		2,014		1,209		982		461		442		—		—		8,319

Current period charge-offs	94		3		1		—		—		1		—		—		99

Total loans	$	507,211	$	641,103	$	699,817	$	578,656	$	272,433	$	955,109	$	320,438	$	8,131	$	3,982,898

Total current period charge-offs	$	106	$	47	$	1	$	196	$	—	$	268	$	—	$	—	$	618


	Balance at December 31, 2024
(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Past Due 90 Days or More		Total Past Due Loans(1)		Current Loans(1)		Total Loans
Commercial real estate owner-occupied	$	1,333	$	—	$	522	$	1,855	$	702,779	$	704,634
Commercial real estate non owner-occupied	1,856		366		2,665		4,887		1,558,314		1,563,201
Commercial and industrial	1,319		69		3,702		5,090		474,731		479,821
Commercial construction	1,688		2,484		7,905		12,077		667,892		679,969

Residential mortgages	690		940		—		1,630		441,466		443,096
Home equity	467		133		—		600		103,258		103,858
Consumer	34		3		—		37		8,282		8,319
Total loans	$	7,387	$	3,995	$	14,794	$	26,176	$	3,956,722	$	3,982,898


	Balance at December 31, 2024
(Dollars in thousands)	Total Non-accrual Loans		Non-accrual Loans without a Specific Reserve		Non-accrual Loans with a Specific Reserve		Related Specific Reserve
Commercial real estate owner-occupied	$	2,374	$	2,374	$	—	$	—
Commercial real estate non owner-occupied	3,457		2,532		925		185
Commercial and industrial	4,029		714		3,315		2,398
Commercial construction	14,639		—		14,639		3,649

Residential mortgages	1,931		1,931		—		—
Home equity	257		257		—		—
Consumer	—		—		—		—
Total loans	$	26,687	$	7,808	$	18,879	$	6,232


	Balance at December 31, 2024

(Dollars in thousands)	Unpaid Contractual Principal Balance		Total Recorded Investment in Collateral Dependent Loans		Recorded Investment without a Specific Reserve		Recorded Investment with a Specific Reserve		Related Specific Reserve
Commercial real estate owner-occupied	$	2,921	$	2,374	$	2,374	$	—	$	—
Commercial real estate non owner-occupied	4,368		3,457		2,532		925		185
Commercial and industrial	5,507		4,184		921		3,263		2,346
Commercial construction	14,824		14,639		—		14,639		3,649

Residential mortgages	2,347		2,161		2,161		—		—
Home equity	145		108		108		—		—
Consumer	—		—		—		—		—
Total	$	30,112	$	26,923	$	8,096	$	18,827	$	6,180


	Balance at December 31, 2024
(Dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		Past Due 90 Days or More		Total Past Due
Commercial real estate owner-occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non owner-occupied	—		—		—		—		—
Commercial and industrial	1,640		—		—		—		—
Commercial construction	—		—		—		7,906		7,906
Residential mortgages	—		—		—		—		—
Home equity	23		—		—		—		—
Consumer	—		—		—		—		—
Total	$	1,663	$	—	$	—	$	7,906	$	7,906


(Dollars in thousands)	Operating Leases
2025	$	1,457
2026	1,468
2027	1,474
2028	1,477
2029	1,481
Thereafter	30,241
Total lease payments	$	37,598
Less: Imputed interest	13,749
Total lease liability	$	23,849


	As of December 31, 2024
(Dollars in thousands)	Asset Notional Amount		Asset Derivatives(1)(2)		Liability Notional Amount		Liability Derivatives(1)(2)
Derivatives designated as hedging instruments
Interest-rate positions:
Interest-rate swaps - loans	$	—	$	—	$	100,000	$	336
Total cash flow hedge interest-rate swaps	$	—	$	—	$	100,000	$	336

Derivatives not subject to hedge accounting
Customer related positions:
Loan level derivatives - pay floating, receive fixed	$	—	$	—	$	3,212	$	321
Loan level derivatives - pay fixed, receive floating	3,212		321		—		—
Risk participation agreements sold	—		—		46,387		25
Total derivatives not subject to hedge accounting	$	3,212	$	321	$	49,599	$	346


	As of December 31, 2023
(Dollars in thousands)	Asset Notional Amount		Asset Derivatives(1)(2)		Liability Notional Amount		Liability Derivatives(1)(2)
Derivatives designated as hedging instruments
Interest-rate positions:
Interest-rate swaps - loans	$	—	$	—	$	100,000	$	760
Total cash flow hedge interest-rate swaps	$	—	$	—	$	100,000	$	760

Derivatives not subject to hedge accounting
Customer related positions:
Loan level derivatives - pay floating, receive fixed	$	—	$	—	$	7,524	$	630
Loan level derivatives - pay fixed, receive floating	7,524		630		—		—
Risk participation agreements sold	—		—		46,910		65
Total back-to-back interest-rate swaps	$	7,524	$	630	$	54,434	$	695


		Year ended
(Dollars in thousands)	Affected Income Statement Line Item	December 31, 2024		December 31, 2023
Derivatives designated as fair value hedges:
Fair value adjustments on derivatives	Net interest income	$	424	$	(760)
Fair value adjustments on hedged instrument	Net interest income	(451)		755
Total		$	(27)	$	(5)


	Actual				Minimum Capital for Capital Adequacy Purposes(1)				Minimum Capital to be Well-Capitalized(2)
(Dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2024
The Company
Total Capital to risk-weighted assets	$	546,283	13.06	%	$	334,522	8.00	%	N/A		N/A
Tier 1 Capital to risk-weighted assets	434,006		10.38	%	250,892		6.00	%	N/A		N/A
Tier 1 Capital to average assets (or Leverage Ratio)	434,006		8.94	%	194,242		4.00	%	N/A		N/A
Common Equity Tier 1 Capital to risk-weighted assets	434,006		10.38	%	188,169		4.50	%	N/A		N/A

The Bank
Total Capital to risk-weighted assets	$	544,937	13.03	%	$	334,522	8.00	%	$	418,153	10.00	%
Tier 1 Capital to risk-weighted assets	492,475		11.78	%	250,892		6.00	%	334,522		8.00	%
Tier 1 Capital to average assets (or Leverage Ratio)	492,475		10.14	%	194,242		4.00	%	242,802		5.00	%
Common Equity Tier 1 Capital to risk-weighted assets	492,475		11.78	%	188,169		4.50	%	271,799		6.50	%


	Basel III Minimum for Capital Adequacy Purposes	Basel III Additional Capital Conservation Buffer	Basel III "Adequate" Ratio with Capital Conservation Buffer
Total Capital to RWA	8.00%	2.50%	10.50%
Tier 1 Capital to RWA	6.00%	2.50%	8.50%
Tier 1 Capital to AA, or Leverage Ratio	4.00%	N/A	4.00%
Common equity tier 1 capital to RWA	4.50%	2.50%	7.00%


(Dollars in thousands)	Payments
2025	$	276
2026	276
2027	276
2028	165
2029	95
2030-2034	24