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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 Second Quarter Financial Results LOWELL , MA , July 22 , 2021 ( GLOBE NEWSWIRE ) - Enterprise Bancorp , Inc. ( NASDAQ : EBTC ) , parent of Enterprise Bank , announced net income for the three months ended June 30 , 2021 of $ 11.1 million , or $ 0.92 per diluted common share , compared to $ 7.3 million , or $ 0.61 per diluted common share , for the three months ended June 30 , 2020. Net income for the six months ended June 30 , 2021 amounted to $ 21.5 million , or $ 1.79 per diluted common share , compared to $ 11.3 million , or $ 0.95 per diluted common share , for the six months ended June 30 , 2020 . As previously announced on July 20 , 2021 , the Company declared a quarterly dividend of $ 0.185 per common share to be paid on September 1 , 2021 to shareholders of record as of August 11 , 2021 . Chief Executive Officer Jack Clancy commented , “ Our strong second quarter and year to date results compared to 2020 were driven primarily by a decrease in the provision for loan losses and growth in net interest income . The growth in net interest income is attributable primarily to an increase in PPP loan income and a decrease in interest expense partially offset by a decrease in non - PPP loan income . We have been a regional and national leader in PPP loan originations and PPP income was $ 5.6 million and $ 11.6 million for the quarter and year to date , compared to $ 2.5 million in the second quarter of 2020 , when the program commenced . As experienced by many banks , our net interest income , excluding PPP loan income , has declined compared to 2020 as a result of lower interest rates and low loan growth since the pandemic began . " Mr. Clancy continued , “ During the second quarter , our balance sheet figures continued to be impacted significantly by PPP related activity . PPP loans outstanding decreased $ 184.1 million in the second quarter primarily from $ 209.3 million in loans being forgiven by the SBA . Customer deposits , which we expect to decrease as customers spend down their PPP funds , increased $ 148.5 million as customers continued to maintain higher deposit balances . " Executive Chairman & Founder George Duncan commented , " Our PPP efforts have been one of the most notable initiatives in our Bank's history and has provided much needed financial support to many of our customers . We actively participated in round three of the PPP , which began in January of 2021 and ended in May of 2021. We originated 1,386 PPP loans in round three amounting to $ 207.8 million with an average loan size of $ 150 thousand . In total , since the inception of the PPP program in April 2020 we have received approval from the SBA for 4,149 PPP loans amounting to $ 717.2 million . " Mr. Duncan further noted , “ Regarding our branch network , planning is coming along well , and we expect to open our 27th branch in Londonderry , New Hampshire in the second quarter of 2022. We are also proceeding on schedule with our Lawrence and Lexington , Massachusetts branch relocations . In Lawrence we are moving this September to the end unit within our existing building , where we will have a drive - up window and a drive - up ATM , which we do not have now . In Lexington we anticipate moving this October to a prime location in the downtown area where we will have dedicated parking and a vestibule for a walk - up ATM and night - time deposit drop , which we do not have now . " Net Income Net income for the three and six months ended June 30 , 2021 amounted to $ 11.1 million , an increase of $ 3.9 million , and $ 21.5 million , an increase of $ 10.2 million compared to the prior year periods . The increases were primarily attributable to an increase in net interest income and a decrease in the provision for credit losses . 1