Enterprise Bancorp, Inc. Announces 93rd Consecutive Profitable Quarter; 2012 Annual Net Income Of $12.4 Million; Deposit Growth Of $141.9 Million; And Loan Growth Of $114.2 Million

The Enterprise Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11408

The above text contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by reference to a future period or periods or by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "will," "should," and other similar terms or expressions. Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations and competition. For more information about these factors, please see our most recent Annual Report on Form 10-K on file with the SEC, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Any forward-looking statements contained in this press release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise. 

ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(unaudited)
(Dollars in thousands)	December 31, 2012	December 31, 2011
Assets
Cash and cash equivalents:
Cash and due from banks	$ 38,007	$ 30,231
Interest-earning deposits	12,218	6,785
Fed funds sold	2,510	2,115
Total cash and cash equivalents	52,735	39,131
Investment securities at fair value	184,464	140,405
Federal Home Loan Bank stock	4,260	4,740
Loans held for sale	8,557	5,061
Loans, less allowance for loan losses of $24,254 at December 31, 2012 and $23,160 at December 31, 2011	1,335,401	1,222,268
Premises and equipment	27,206	27,310
Accrued interest receivable	5,828	5,821
Deferred income taxes, net	12,548	12,411
Bank-owned life insurance	15,443	14,937
Prepaid income taxes	174	287
Prepaid expenses and other assets	13,454	11,136
Goodwill	5,656	5,656
Total assets	$ 1,665,726	$ 1,489,163
Liabilities and Stockholders' Equity
Liabilities
Deposits	$ 1,475,027	$ 1,333,158
Borrowed funds	26,540	4,494
Junior subordinated debentures	10,825	10,825
Accrued expenses and other liabilities	13,182	12,487
Accrued interest payable	603	751
Total liabilities	1,526,177	1,361,715
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued	—	—
Common stock $0.01 par value per share; 20,000,000 shares authorized; 9,676,477 issued and outstanding at December 31, 2012 (including 154,186 shares of unvested participating restricted awards) and 9,472,748 shares issued and outstanding at December 31, 2011(including 132,800 shares of unvested participating restricted awards)	97	95
Additional paid-in capital	48,194	45,158
Retained earnings	87,159	78,999
Accumulated other comprehensive income	4,099	3,196
Total stockholders' equity	139,549	127,448
Total liabilities and stockholders' equity	$ 1,665,726	$ 1,489,163

ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(unaudited)
	Three months ended December 31,		Year ended December 31,
(Dollars in thousands, except per share data)	2012	2011	2012	2011
Interest and dividend income:
Loans and loans held for sale	$ 16,435	$ 16,448	$ 64,945	$ 63,363
Investment securities	911	860	3,378	3,539
Other interest-earning assets	14	18	82	67
Total interest and dividend income	17,360	17,326	68,405	66,969
Interest expense:
Deposits	1,131	1,703	5,264	7,379
Borrowed funds	13	21	54	87
Junior subordinated debentures	294	294	1,177	1,177
Total interest expense	1,438	2,018	6,495	8,643
Net interest income	15,922	15,308	61,910	58,326
Provision for loan losses	600	1,243	2,750	5,197
Net interest income after provision for loan losses	15,322	14,065	59,160	53,129
Non-interest income:
Investment advisory fees	958	884	3,838	3,728
Deposit and interchange fees	1,219	1,125	4,500	4,438
Income on bank-owned life insurance, net	122	139	506	548
Net gains on sales of investment securities	39	44	236	791
Gains on sales of loans	320	284	989	687
Other income	606	475	2,106	1,750
Total non-interest income	3,264	2,951	12,175	11,942
Non-interest expense:
Salaries and employee benefits	8,500	7,396	32,034	28,671
Occupancy and equipment expenses	1,434	1,338	5,678	5,485
Technology and telecommunications expenses	1,118	993	4,316	3,886
Advertising and public relations expenses	573	944	2,267	2,661
Audit, legal and other professional fees	369	390	1,675	1,393
Deposit insurance premiums	221	270	1,064	1,319
Supplies and postage expenses	266	246	925	882
Investment advisory and custodial expenses	119	85	438	412
Other operating expenses	1,212	1,207	4,215	4,257
Total non-interest expense	13,812	12,869	52,612	48,966
Income before income taxes	4,774	4,147	18,723	16,105
Provision for income taxes	1,540	1,289	6,348	5,161
Net income	$ 3,234	$ 2,858	$ 12,375	$ 10,944
Basic earnings per share	$ 0.34	$ 0.30	$ 1.29	$ 1.16
Diluted earnings per share	$ 0.33	$ 0.30	$ 1.28	$ 1.16
Basic weighted average common shares outstanding	9,644,826	9,455,235	9,586,783	9,401,714
Diluted weighted average common shares outstanding	9,725,941	9,483,429	9,660,676	9,445,725

ENTERPRISE BANCORP, INC.
Selected Consolidated Financial Data and Ratios
(unaudited)
(Dollars in thousands, except per share data)	At or for the year ended December 31, 2012	At or for the year ended December 31, 2011
BALANCE SHEET AND OTHER DATA
Total assets	$ 1,665,726	$ 1,489,163
Loans serviced for others	75,854	67,367
Investment assets under management	592,355	505,163
Total assets under management	$ 2,333,935	$ 2,061,693
Book value per share	$ 14.42	$ 13.45
Dividends paid per common share	$ 0.44	$ 0.42
Total capital to risk weighted assets	11.46%	11.42%
Tier 1 capital to risk weighted assets	10.15%	10.14%
Tier 1 capital to average assets	8.64%	8.63%
Allowance for loan losses to total loans	1.78%	1.86%
Non-performing assets	$ 22,101	$ 27,321
Non-performing assets to total assets	1.33%	1.83%
INCOME STATEMENT DATA
Return on average total assets	0.78%	0.75%
Return on average stockholders' equity	9.27%	8.98%
Net interest margin (tax equivalent)	4.27%	4.37%

CONTACT: Mary Ellen Fitzpatrick, Senior Vice President,
         Corporate Communications [phone]

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