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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 Third Quarter Financial Results LOWELL , MA , October 21 , 2021 ( GLOBE NEWSWIRE ) - Enterprise Bancorp , Inc. ( NASDAQ : EBTC ) , parent of Enterprise Bank , announced net income for the three months ended September 30 , 2021 of $ 9.8 million , or $ 0.81 per diluted common share , compared to $ 10.3 million , or $ 0.87 per diluted common share , for the three months ended September 30 , 2020. Net income for the nine months ended September 30 , 2021 amounted to $ 31.3 million , or $ 2.60 per diluted common share , compared to $ 21.6 million , or $ 1.81 per diluted common share , for the nine months ended September 30 , 2020 . As previously announced on October 19 , 2021 , the Company declared a quarterly dividend of $ 0.185 per common share to be paid on December 1 , 2021 to shareholders of record as of November 10 , 2021 . Chief Executive Officer Jack Clancy commented , “ I am pleased to report our strong third quarter and year - to - date financial results . Our financial results during the third quarter of 2021 were derived primarily from strong net interest income , which included $ 4.9 million in PPP loan income , and a lower provision for credit losses , partially offset by higher non - interest expense . During the quarter we reduced future interest expense by paying off a borrowing and terminating interest - rate hedges , resulting in a loss on termination of $ 1.8 million . ” Mr. Clancy continued , “ Our balance sheet remains characterized by high liquidity with interest - earning deposits with banks amounting to $ 606.3 million or 14 % of total assets at September 30 , 2021. During the third quarter of 2021 we invested significantly in our bond portfolio increasing total investments to $ 819.2 million at September 30 , 2021 , compared to $ 634.0 million at June 30 , 2021. Despite the increase , our liquidity remained elevated as we experienced $ 156.2 million in PPP loan forgiveness and $ 81.3 million in deposit growth over the same period . As of September 30 , 2021 , PPP loans outstanding amounted to $ 148.2 million , net of deferred SBA fees . Excluding PPP loans , we had strong loan growth of $ 45.8 million during the third quarter of 2021. ” Executive Chairman & Founder George Duncan commented , “ During the third quarter of 2021 , we achieved very positive accomplishments in our branch network . We completed the Lawrence , Massachusetts branch relocation and made great progress towards our Lexington , Massachusetts relocation , which we expect to complete in late December or early January . Construction on our 27th branch , which will be located in Londonderry , New Hampshire , has begun and we anticipate opening in the second quarter of 2022. " On September 9 , 2021 , Enterprise Bank was recognized at the Boston Business Journal's Corporate Citizenship Summit as ranking 3rd for the highest average hours of community service and 51st among the largest corporate donors in Massachusetts . Mr. Duncan said , " I am personally very proud of this team accomplishment . Our commitment to the communities we serve is entrenched in our culture and reflects our deep sense of purpose as a genuine community bank . " Net Income Net income for the three and nine months ended September 30 , 2021 amounted to $ 9.8 million , a decrease of $ 494 thousand , and $ 31.3 million , an increase of $ 9.7 million , compared to the respective prior year periods . The changes in net income were primarily attributable to increases in net interest income and decreases in the provision for credit losses , partially offset by decreases in non - interest income and increases in non - interest expense . Non - interest income for the third quarter of 2021 included a $ 1.8 million loss from the termination of interest - rate swaps used in hedge transactions . Excluding this realized loss , non - interest income increased over the respective prior year periods . 1