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Exhibit 99 Contact Info : Joseph R. Lussier , Executive Vice President , Chief Financial Officer and Treasurer ( 978 ) 656-5578 Enterprise Bancorp , Inc. Announces First Quarter Financial Results LOWELL , MA , April 22 , 2021 ( GLOBE NEWSWIRE ) - Enterprise Bancorp , Inc. ( NASDAQ : EBTC ) , parent of Enterprise Bank , announced net income for the three months ended March 31 , 2021 of $ 10.4 million , or $ 0.86 per diluted common share , compared to $ 4.0 million , or $ 0.34 per diluted common share , for the three months ended March 31 , 2020 . As previously announced on April 20 , 2021 , the Company declared a quarterly dividend of $ 0.185 per common share to be paid on June 1 , 2021 to shareholders of record as of May 11 , 2021 . Chief Executive Officer Jack Clancy commented , “ Our first quarter 2021 results compared to 2020 were largely the result of growth in net interest income and a decrease in the provision for credit losses . As of March 31 , 2021 , both loans and customer deposits have grown significantly compared to March 31 , 2020 , with loan growth derived principally from PPP loans , which has also positively impacted deposit growth . Deposit growth has additionally benefited from government stimulus checks and customers proactively building liquidity in response to the economic uncertainty caused by the pandemic . We anticipate that as the majority of outstanding PPP loans are forgiven or paid off , which we believe will occur principally during the remainder of 2021 , and as customers spend down their PPP funds , that we will likely experience a reduction in assets , loans and deposits . " Mr. Clancy further commented , " The government's extension of the Paycheck Protection Program has continued to be a significant initiative for the Bank in 2021 and has provided much needed financial support to many of our customers . We have actively participated in round three of the PPP , which began on January 11 , 2021 , and through April 20 , 2021 we have received approval from the SBA for 1,317 PPP loans amounting to $ 200.9 million with an average loan size of $ 153 thousand . In total , we have received approval from the SBA for 4,080 PPP loans amounting to $ 710.3 million and received $ 25.8 million in SBA fees since the program began in April 2020. " As previously announced on April 2 , 2021 , the Company redeemed on March 31 , 2021 , $ 15.0 million in 6.00 % fixed - to - floating rate subordinated notes that were issued in January 2015 and due on January 30 , 2030. Founder and Chairman of the Board George Duncan noted , " The opportunity to prepay the subordinated notes resulted from our strong capital and allowance for credit loss positions , the $ 60.0 million in subordinated notes we issued last July , and the stabilizing economy . The early redemption resulted in an expense of approximately $ 713 thousand which will be recovered through a reduction in interest expense in approximately nine months and will result in annual pre - tax savings of approximately $ 900 thousand beginning in 2022. " Mr. Duncan further commented , " We remain steadfastly committed to our long - term focus of serving our customers , building relationships , investing in our future , cultivating our digital evolution , expanding our market area , and further developing our services and products . Regarding our branch network , we opened our 26th branch in North Andover , Massachusetts in January 2021 and expect to open our 27th branch in Londonderry , New Hampshire in early 2022. We are relocating our Lawrence , Massachusetts branch this summer within the same building to the end unit to provide for a drive - up window and drive - up ATM and will also move from our temporary Lexington , Massachusetts location later this year to a prime location in the Lexington downtown area where we will have dedicated parking and a vestibule for an ATM and night - time deposit drop . " Mr. Clancy and Mr. Duncan jointly added , “ We want to thank our valued customers for their patience and understanding over the past year as we navigated through the various pandemic protocols which were all intended to keep everyone safe . We have been intensely focused on our team members ' and customers ' safety and well - being . We want to thank every team member in our Enterprise family . We could not be prouder of the dedication , care and teamwork each team member has displayed for our customers and each other . It has really energized us both and we look forward to continued growth and achievement in the years to come . ' 1