UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-15373 ENTERPRISE FINANCIAL SERVICES CORP (Exact name of registrant as specified in its charter) (State or ...

Technical Analysis - Enterprise Financial Services Corporation (EFSC) has reached a key level of support, with its 50-day simple moving average crossing above the 200-day simple moving average, indicating a "golden cross" [1] - A golden cross is a bullish technical chart pattern that suggests a potential breakout, formed when a stock's short-term moving average surpasses a longer-term moving average [2] Market Performance - Over the past four weeks, EFSC has gained 9.6%, and currently holds a 3 (Hold) rating on the Zacks Rank, suggesting the stock may be poised for further breakout [4] - The positive earnings outlook for EFSC is supported by one upward revision in earnings estimates over the past 60 days, with no downward revisions, and an increase in the Zacks Consensus Estimate [4] Future Outlook - Given the positive technical indicators and the upward movement in earnings estimates, EFSC may present a favorable opportunity for investors seeking gains in the near future [6]

Core Insights - Enterprise Financial Services reported a net income of $201 million for 2025, translating to $5.31 per diluted share, with a balance sheet growth of 11% driven by organic growth and a branch acquisition in Arizona and Kansas [1][6] Financial Performance - In Q4, the company achieved earnings of $1.45 per diluted share, an increase from $1.19 in the prior quarter and $1.28 in Q4 2024, with a return on average assets of 1.27% and a pre-provision return of 1.74% [3][6] - Net interest income rose to $168 million, up $10 million from the previous quarter and $22 million year-over-year, with a net interest margin of 4.26% attributed to disciplined pricing strategies [2][6] Credit Quality - Non-performing assets (NPAs) increased to 95 basis points, with net charge-offs rising to $20.7 million, although the company maintains a well-reserved portfolio with an allowance of approximately 1.19% [4][14] - The company expects NPAs to decrease to 35-40 basis points as it negotiates sales of other real estate owned (OREO) properties [14] Deposits and Growth - Deposits grew by $1 billion in Q4 and approximately 11% year-over-year, with organic deposit growth at 6.5% [5][11] - The company anticipates a net interest margin run rate of around 4.2% for 2026, despite potential loan repricing and deposit attrition [12] Shareholder Returns - The company increased its dividend by $0.01 per share to $0.32 for Q4 and further to $0.33 for Q1 2026, alongside repurchasing 67,000 shares at an average price of $52.64 [7][9] Strategic Focus - Management emphasized priorities for 2026, including improving credit metrics, growing the balance sheet with a focus on core deposits, and enhancing productivity through technology investments, while deemphasizing M&A activities [18]

Financial Data and Key Metrics Changes - The company reported earnings of $1.45 per diluted share for Q4 2025, an increase from $1.19 in the linked quarter and $1.28 in Q4 2024 [4] - Return on average assets was 1.27%, and pre-provision return on average assets was 1.74% [4] - Net interest income for the quarter reached $168 million, up $10 million from the linked quarter and $22 million from Q4 2024 [4][24] - The tangible common equity to tangible assets ratio was 9.07%, with a return on tangible common equity of 14.02% for Q4 [6][7] Business Line Data and Key Metrics Changes - Loan growth for the quarter was $217 million, primarily due to acquired loans from the branch acquisition [8] - The loan portfolio saw a mix of growth across commercial and industrial businesses, with C&I, CRE owner-occupied, and SBA lending making up over 50% of the portfolio [16] - Specialty lending, particularly in SBA 7(a) owner-occupied CRE, topped $250 million in originations for the year [18] Market Data and Key Metrics Changes - Deposits grew by $1 billion in Q4, with $400 million from new and existing clients and approximately $600 million from the branch purchase [9] - The cost of deposits decreased to 1.64%, and the level of DDA to total deposits improved to 33.4% [9] - Organic deposit growth for the year was 6.5%, amounting to $854 million [19] Company Strategy and Development Direction - The branch acquisition accelerated the company's strategy in higher growth markets by several years, enhancing long-term performance [5] - The company aims to continue growing its balance sheet at a mid- to high single-digit pace, achieving an 11% growth in 2025 [6] - The focus remains on improving productivity and efficiency through technology investments while maintaining a diversified, relationship-oriented business model [12] Management's Comments on Operating Environment and Future Outlook - Clients remain optimistic about the economy, particularly in sectors related to power generation and infrastructure improvements [13] - The company expects to see a reduction in non-performing assets (NPAs) to more historical levels in the next couple of quarters [22] - Management is confident in the ability to produce high-quality earnings and maintain a strong balance sheet moving into 2026 [14][35] Other Important Information - The company increased its dividend by $0.01 per share to $0.32 for Q4 and repurchased 67,000 shares at an average price of $52.64 [8] - Non-interest income for Q4 was $25.4 million, a decrease from the linked quarter, but an increase when excluding the impact of tax credit recapture [32] Q&A Session Summary Question: Update on foreclosed properties and timing for NPAs reduction - Management confirmed that six of the seven properties were taken into OREO in December, with expectations for resolution by the end of Q2 [41][42] Question: Insights on fee income and non-interest expense growth - Fee income is expected to grow at about 5% year-over-year, with non-interest expenses projected to increase around 5% as well [49][50] Question: Details on loans migrating to non-accrual and timing for resolution - Two loans totaling $28 million migrated to non-accrual, with management confident in their secured position and actively negotiating exits [60][61] Question: Expectations for SBA gain on sale revenue growth - SBA gain on sale revenue is expected to grow modestly by about 5% from 2025 levels [62] Question: Outlook on provisioning and charge-offs - Management anticipates charge-offs to decrease from elevated levels as they approach a more normalized state [76][78] Question: Capital management and buyback plans - The company has remaining capacity for buybacks and plans to continue focusing on growth and dividend increases in 2026 [80][84]

Financial Data and Key Metrics Changes - The company reported earnings of $1.45 per diluted share for Q4 2025, an increase from $1.19 in the linked quarter and $1.28 in Q4 2024 [4] - Return on average assets was 1.27% and pre-provision return on average assets was 1.74% [4] - Net interest income for the quarter reached $168 million, up $10 million from the linked quarter and $22 million from Q4 2024 [4][5] - The tangible common equity to tangible assets ratio was 9.07% and return on tangible common equity was 14.02% for Q4 [6][7] - Tangible book value per share remained stable at $41.37, reflecting an 11% increase for the year [7][8] Business Line Data and Key Metrics Changes - Loan growth for the quarter was $217 million, primarily due to acquired loans from the branch acquisition [8] - Deposits grew by $1 billion in Q4, with $400 million from new and existing clients and $600 million from the branch purchase [9] - The cost of deposits decreased to 1.64%, and the level of demand deposits to total deposits improved to 33.4% [9] Market Data and Key Metrics Changes - The Southwest market showed the strongest growth, driven by quality commercial and industrial relationships [18] - Organic deposit growth for the year was 6.5% or $854 million, with non-interest-bearing deposits representing 63% of growth in Q4 [19] Company Strategy and Development Direction - The branch acquisition accelerated the company's strategy in higher growth markets [5] - The company aims to improve credit metrics and reduce non-performing assets (NPAs) to historical levels [12][23] - There is a focus on automating non-value-added tasks to enhance productivity and efficiency [12] Management's Comments on Operating Environment and Future Outlook - Clients remain optimistic about the economy, particularly in sectors related to power generation and infrastructure improvements [13][14] - The company expects to continue producing high-quality earnings and maintain a diversified, relationship-oriented model [15] Other Important Information - The company increased its dividend by $0.01 per share to $0.32 for Q4 and repurchased 67,000 shares at an average price of $52.64 [8] - The provision for credit losses increased due to net charge-offs and changes in the mix of non-performing loans [26] Q&A Session Summary Question: Timing of foreclosed properties and NPAs reduction - The company took control of six properties in mid-December and expects to see resolutions by the end of Q2 2026 [43][44] Question: Fee income and non-interest expense expectations - Fee income is expected to grow at about 5% year-over-year, with core expenses projected to grow around 5% as well [50][51] Question: Details on loans migrating to non-accrual - Two loans totaling $28 million migrated to non-accrual, with good loan-to-value ratios and active negotiations for resolution [60][61] Question: Expectations for SBA gain on sale revenue - SBA gain on sale revenue is expected to grow modestly by about 5% in 2026 [63] Question: Charge-offs and provisioning outlook - Charge-offs are expected to decrease from elevated levels as the company approaches a more normalized level [76][79]

Financial Data and Key Metrics Changes - The company reported earnings of $1.45 per diluted share for Q4 2025, an increase from $1.19 in the linked quarter and $1.28 in Q4 2024 [3] - Return on average assets was 1.27%, and pre-provision return on average assets was 1.74% [3] - Net interest income for the quarter reached $168 million, up $10 million from the linked quarter and $22 million from Q4 2024 [3][4] - The tangible common equity to tangible assets ratio was 9.07%, with a return on tangible common equity of 14.02% for Q4 [5] Business Line Data and Key Metrics Changes - Loan growth for the quarter was $217 million, primarily due to acquired loans from the branch acquisition [6] - Deposits grew by $1 billion in Q4, with $400 million from new and existing clients and $600 million from the branch purchase [7] - The cost of deposits decreased to 1.64%, and the level of demand deposits to total deposits improved to 33.4% [8] Market Data and Key Metrics Changes - The Southwest market showed the strongest growth, driven by quality commercial and industrial relationships [17] - Organic deposit growth for the year was 6.5%, amounting to $854 million, with Q4 organic deposit growth at $432 million [18] Company Strategy and Development Direction - The branch acquisition accelerated the company's strategy in higher growth markets by several years [4] - The company aims to continue producing high-quality earnings and has a clear path to improve credit statistics in the upcoming quarters [10][11] - The focus remains on automating non-value-added tasks to enhance productivity and efficiency [11] Management's Comments on Operating Environment and Future Outlook - Clients remain optimistic about the economy, particularly in sectors related to power generation and infrastructure improvements [12] - The company expects to maintain a diversified, relationship-oriented model that has compounded tangible book value per share at over 11% for the last 14 years [13] Other Important Information - The company increased its dividend by $0.01 per share to $0.32 for Q4 and repurchased 67,000 shares at an average price of $52.64 [6] - Non-performing assets (NPAs) increased to 95 basis points of total assets, with expectations to reduce this to historical levels in the next couple of quarters [32] Q&A Session Summary Question: Timing and details on foreclosed properties - The company took control of six properties in December after a favorable ruling from the bankruptcy court, with expectations for resolution by the end of Q2 2026 [42][43] Question: Fee income and non-interest expense expectations - Fee income is expected to grow at about 5% year-over-year, with non-interest expenses projected to grow around 5% as well [50][51] Question: Charge-offs and provisioning outlook - The company anticipates charge-offs to decrease from elevated levels seen in 2025, with a focus on maintaining appropriate reserves [76][79] Question: Capital management and buyback plans - The company has approximately 150,000 shares remaining for buyback and is focused on leveraging capital for growth in 2026 [81][82]

Exhibit 99.2 Enterprise Financial Services Corp 2025 Fourth Quarter Earnings Webcast Forward-Looking Statements Some of the information in this report may contain "forward-looking statements" within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include projections based on management's current expectations and beliefs concerning future developments and their potential effects on the Company ...

分组1 - Enterprise Financial Services (EFSC) reported quarterly earnings of $1.36 per share, missing the Zacks Consensus Estimate of $1.37 per share, but showing an increase from $1.32 per share a year ago, resulting in an earnings surprise of -0.37% [1] - The company posted revenues of $193.59 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.90%, compared to year-ago revenues of $167 million [2] - The stock has gained about 3% since the beginning of the year, outperforming the S&P 500's gain of 1% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $1.28 on revenues of $181.35 million, and for the current fiscal year, it is $5.54 on revenues of $752.6 million [7] - The Zacks Industry Rank for Banks - Midwest is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges for performance compared to higher-ranked industries [8]

Core Viewpoint - The company reported a successful year in 2025, highlighted by the completion of branch acquisitions in Arizona and Kansas, which improved its funding profile and market position [1] Financial Performance - The company achieved diluted earnings per share of $1.45 for the fourth quarter [1]

Financial Performance - Diluted earnings per share for Q4 2025 was $1.45, an increase from $1.19 in the linked quarter and $1.28 in the prior year quarter[3] - Net income for the full year 2025 was $201.4 million, or $5.31 per diluted share, compared to $185.3 million, or $4.83 per diluted share, in 2024[5] - Net income for Q4 2025 was $54,794,000, compared to $45,235,000 in Q3 2025, reflecting a 21.5% increase[56] - Return on average assets improved to 1.27% from 1.11% in the previous quarter[53] - Basic earnings per common share for Q4 2025 was $1.46, compared to $1.20 in Q3 2025, indicating a 21.7% increase[56] - Adjusted diluted earnings per share (non-GAAP) was $1.36, compared to $1.20 in the previous quarter, indicating a 13.33% increase[68] Loan and Deposit Growth - Total loans increased to $11.8 billion, a quarterly increase of $217.2 million, including $292.0 million from branch acquisitions[3] - Total deposits reached $14.6 billion, a quarterly increase of $1.0 billion, with $609.5 million attributed to branch acquisitions[3] - Total loans reached $11.800 billion in Q4 2025 from $11.583 billion in Q3 2025, with adjusted loans (non-GAAP) at $10.840 billion[69] - Total deposits increased to $14,609,342,000 as of December 31, 2025, up from $13,567,912,000 in Q3 2025, a rise of 7.7%[58] Interest Income and Expense - Net interest income for 2025 was $626.7 million, an increase of $58.6 million compared to the prior year, with a net interest margin of 4.21%[5] - Net interest income for Q4 2025 was $171.7 million, an increase of $9.9 million from the linked quarter and $21.8 million from the prior year quarter[17] - Interest income for Q4 2025 increased by $6.9 million and $16.9 million compared to the linked and prior year quarters, driven by a $340.3 million increase in average loan balances and a $270.7 million increase in average securities balance[19] - Interest expense decreased by $3.0 million and $4.9 million in Q4 2025 compared to the linked and prior year quarters, with the average cost of interest-bearing deposits at 2.46%[21] Noninterest Income and Expense - Noninterest income for 2025 was $113.1 million, an increase of $43.4 million from $69.7 million in 2024[6] - Noninterest income for Q4 2025 was $25.4 million, a decrease of $23.2 million from the linked quarter but an increase of $4.8 million from the prior year quarter[32] - Noninterest expense for 2025 was $429.8 million, a 12% increase from $385.0 million in 2024, primarily due to higher deposit costs and branch acquisition expenses[7] - Noninterest expense for Q4 2025 was $114.5 million, reflecting a $4.7 million increase from the linked quarter and a $15.0 million increase from the prior year quarter[36] Credit Quality - The allowance for credit losses to loans was 1.19% at the end of 2025, compared to 1.23% at the end of 2024[7] - Nonperforming loans amounted to $82.8 million, representing 0.70% of total loans, a decrease from 1.10% in the previous quarter[26] - The provision for credit losses was $9.2 million in Q4 2025, an increase from $8.4 million in the previous quarter, primarily due to net charge-offs[29] - Quarterly net charge-offs totaled $20.7 million, resulting in an annualized net charge-off rate of 70 basis points for Q4 2025, up from 14 basis points in the previous quarter[28] Capital and Equity - Total equity reached $2.0 billion as of December 31, 2025, reflecting an increase of $57.1 million from the previous quarter[39] - The tangible common book value per common share was $41.37, compared to $41.58 in the linked quarter and $37.27 in the prior year quarter[39] - The Company's total risk-based capital ratio was 13.9% for Q4 2025, down from 14.4% in the previous quarter[38] - Common equity tier 1 capital to risk-weighted assets was 11.6% in Q4 2025, down from 12.0% in Q3 2025, indicating a slight decline in capital adequacy[64] Operational Efficiency - The Company's core efficiency ratio improved to 58.3% in Q4 2025, down from 61.0% in the previous quarter and slightly up from 57.1% in the same quarter last year[37] - Efficiency ratio for the quarter was 59.2%, compared to 53.1% in the prior quarter[53] - The company reported an adjusted income before income tax expense of $69.818 million in Q4 2025, compared to $56.561 million in Q3 2025, with total adjusted income for the year at $251.605 million[69] Market and Future Outlook - The company will host a conference call on January 27, 2026, to discuss Q4 2025 results[44] - The company anticipates $32.1 million in proceeds from a pending insurance claim related to a solar tax credit recapture event, impacting noninterest income[69] - Enterprise Financial Services Corp has approximately $17.3 billion in assets and operates in multiple states across the U.S.[45]