Core Viewpoint - Enterprise Financial Services (EFSC) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for EFSC indicates expected earnings of $4.98 per share for the fiscal year ending December 2025, reflecting a year-over-year increase of 2.1% [9]. - Over the past three months, analysts have raised their earnings estimates for EFSC by 9.6%, showcasing a positive trend in earnings outlook [9]. Zacks Rating System - The Zacks rating system is based solely on changes in a company's earnings picture, with a strong correlation between earnings estimate revisions and stock price movements [2][5]. - The Zacks Rank system classifies stocks into five groups, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - EFSC's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Financial Performance and Strategy - The company was awarded $60.0 million and $50.0 million in New Markets Tax Credit allocations for 2023 and 2024, respectively, bringing the total allocations to $353.0 million[27]. - The company focuses on specialized lending niches, including SBA 7(a) loans, life insurance premium finance, and tax credit related lending, which enhances its competitive advantage[26]. - The efficiency ratio, which measures noninterest expense divided by total revenue, is a key metric for the company's expense management strategy[31]. - The company emphasizes a relationship-driven growth strategy, targeting privately-held businesses and their owner families[23]. - The company maintains a disciplined approach to acquisitions, which has significantly contributed to its growth and expansion[31]. - The company offers a broad range of treasury management products and services, generating significant fee income[28]. - The company operates in highly competitive markets, facing competition from various financial institutions and fintech companies[32]. Regulatory Compliance and Capital Requirements - The company has more than $10 billion in assets, making it subject to examination by the Consumer Financial Protection Bureau (CFPB)[34]. - The company is subject to regulation and supervision by the Federal Reserve and the FDIC, ensuring compliance with banking regulations[33]. - The Company is required to maintain a Common Equity Tier 1 (CET1) capital ratio of 7.0% to avoid restrictions on capital distributions[59]. - All of the Bank's capital ratios were at levels that qualify it to be "well-capitalized" for regulatory purposes as of December 31, 2024[62]. - The Company must continue to be considered well-managed and well-capitalized by the Federal Reserve to remain a financial holding company[40]. - The Federal Reserve requires prior approval for the Company to acquire substantially all the assets of any bank or to merge with another bank holding company[41]. - The Company is subject to capital requirements established by the Federal Reserve, which are applied on a consolidated basis[45]. - The Dodd-Frank Act requires bank holding companies to serve as a source of strength for their subsidiary depository institutions[44]. - The Bank is subject to extensive federal and state regulatory oversight, including capital adequacy standards set by the FDIC[54]. - The Bank's payment of dividends is subject to statutory and regulatory limitations, including the requirement to maintain capital above regulatory guidelines[71]. Consumer Protection and Compliance - The CFPB has broad rule-making authority that may significantly impact consumer mortgage lending and servicing, particularly with new regulations on mortgage origination standards[66]. - The Bank is subject to various consumer protection laws, including the Truth in Lending Act and the Fair Credit Reporting Act, which mandate disclosure requirements and regulate customer interactions[67]. - The USA PATRIOT Act requires the establishment of an anti-money laundering program and due diligence policies for financial institutions[79]. - The proposed rule by FinCEN in June 2024 aims to amend AML/CFT program requirements, including risk assessment processes for financial institutions[78]. - The FDIC's proposed rulemaking in September 2023 aims to establish standards for corporate governance and risk management for banks with total consolidated assets of $10 billion or more[84]. Employee and Workplace Policies - As of December 31, 2024, the company employed 1,218 regular full-time and 38 part-time associates[87]. - Approximately 67% of associates are eligible for the Short Term Incentive Plan (STIP), which aligns compensation with performance[90]. - The company's minimum wage is set at $17 per hour, ensuring all associates earn above this threshold[91]. - The company has been recognized as one of the "Best Banks to Work for" for seven consecutive years, ranking fourth among similar financial institutions in 2024[93]. - The company offers a comprehensive benefits package, including 401(k), paid time off, and wellness programs[92]. - The Career Acceleration Program provides training in credit and commercial banking, with successful participants placed in roles that match their strengths[98]. - The company emphasizes a safe and healthy workplace, adhering to local, state, and federal safety regulations[96]. - The Belonging & Inclusion Council aims to foster an inclusive environment and improve diversity within the workforce[95]. - The company conducts annual talent reviews to identify high-performing associates and future leaders[88]. - The company regularly compares compensation and benefits with peer companies to maintain competitiveness[89].

Core Insights - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, capitalizing on established price movements [1] - Enterprise Financial Services (EFSC) currently holds a Momentum Style Score of B, indicating strong potential based on price changes and earnings estimate revisions [2][8] - EFSC has a Zacks Rank of 1 (Strong Buy), suggesting it is expected to outperform the market in the near term [3] Performance Metrics - EFSC shares have increased by 0.97% over the past week, outperforming the Zacks Banks - Midwest industry, which rose by 0.22% [5] - Over the last month, EFSC's price change is 9.8%, compared to the industry's 8.08% [5] - In the last quarter, EFSC shares rose by 2.34%, and over the past year, they have gained 47.08%, while the S&P 500 increased by only 1.46% and 22.19%, respectively [6] Trading Volume - The average 20-day trading volume for EFSC is 146,000 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Estimates - In the past two months, three earnings estimates for EFSC have been revised upwards, increasing the consensus estimate from $4.54 to $4.84 [9] - For the next fiscal year, two estimates have also moved higher, with no downward revisions during the same period [9] Conclusion - Given the strong performance metrics and positive earnings outlook, EFSC is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling investment option [11]

Core Viewpoint - Investors are encouraged to consider Enterprise Financial Services (EFSC) due to improving earnings estimates and positive stock momentum [1][7] Estimate Revisions - There is a rising trend in earnings estimate revisions driven by analyst optimism, which is expected to positively impact the stock price [2] - The earnings estimate for the current quarter is $1.14 per share, reflecting a +6.54% change from the previous year, with a recent increase of 8.68% in consensus estimates over the last 30 days [4] - For the full year, the expected earnings are $4.84 per share, showing a -0.82% change from the prior year, but consensus estimates have risen by 6.03% due to three upward revisions [5] Zacks Rank - Enterprise Financial Services holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts in raising earnings estimates, which historically correlates with stock outperformance [3][6] - Stocks with Zacks Rank 1 and 2 have shown significant outperformance compared to the S&P 500 [6] Stock Performance - The stock has gained 8.4% over the past four weeks, reflecting investor confidence in its earnings growth prospects [7]

Core Viewpoint - Enterprise Financial Services (EFSC) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based solely on a company's changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The Zacks rating upgrade for EFSC reflects an improvement in the company's earnings outlook, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimate Revisions - There is a strong correlation between changes in earnings estimates and near-term stock price movements, making the Zacks rating system valuable for investors [3][7]. - Rising earnings estimates for EFSC indicate an improvement in the company's underlying business, which should lead to higher stock prices as investors recognize this trend [6]. Zacks Rank System Performance - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade of EFSC to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11]. Earnings Estimate Data for EFSC - EFSC is projected to earn $4.84 per share for the fiscal year ending December 2025, reflecting a year-over-year change of -0.8%. However, the Zacks Consensus Estimate has increased by 6.6% over the past three months [9].

Core Insights - Three stocks are highlighted with strong momentum characteristics and a buy rank, including Moelis & Company, Society Pass Incorporated, and Enterprise Financial Services Corp [1][2][3] Company Summaries - **Moelis & Company (MC)**: - Zacks Rank 1 - Current year earnings estimate increased by 8.3% over the last 60 days - Shares gained 17.2% over the last three months, outperforming the S&P 500's 6.0% increase - Momentum Score of A [1] - **Society Pass Incorporated (SOPA)**: - Zacks Rank 1 - Current year earnings estimate increased by 6.7% over the last 60 days - Shares gained 9.6% over the last month, compared to the S&P 500's 3.3% increase - Momentum Score of B [2] - **Enterprise Financial Services Corp (EFSC)**: - Zacks Rank 1 - Current year earnings estimate increased by 7.5% over the last 60 days - Shares gained 14.6% over the last three months, outperforming the S&P 500's 6.0% increase - Momentum Score of A [3]

Financial Data and Key Metrics Changes - The company reported earnings of $1.28 per diluted share for Q4 2024, a decrease from $1.32 in the linked quarter but an increase from $1.16 in Q4 2023 [5] - Adjusted return on assets was 1.31% and pre-provision return on assets was 1.80%, with net interest margin remaining above 4% [6][8] - The tangible common equity to tangible assets ratio was 9.05% at quarter-end, with an adjusted return on tangible common equity of 14.05% for Q4 [16] Business Line Data and Key Metrics Changes - Overall loan growth was around 3% for the year, with Q4 growth of $140 million or 5% annualized, driven by increases in general C&I, construction, and life insurance premium finance segments [28][30] - Life insurance premium finance grew $158 million or 16.5% for the year, while SBA loans increased by $25 million or 7.9% annualized in Q4 [30][31] - The sponsor finance business experienced a net reduction in the loan portfolio of roughly 10% due to slowed originations [32] Market Data and Key Metrics Changes - The Midwest region grew modestly to $3.2 billion in Q4, while the Southwestern markets saw strong growth of $104 million in Q4 and $218 million for the full year, a 13.9% increase [33][35] - California's loan balances slipped $85 million during the quarter, attributed to timing on larger line paydowns [36] - Deposits increased by $681 million in Q4 and $970 million or 8% year-over-year, primarily from core client deposits [37][38] Company Strategy and Development Direction - The company focuses on diversification across various markets and business lines, avoiding reliance on any single market for success [9] - The strategy includes a client-centric approach, emphasizing holistic solutions and relationship management [10] - The company plans to leverage market disruptions and continue talent acquisition to enhance growth and profitability [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid to high-single-digit balance sheet growth in 2025, supported by strong deposit growth and a quality deposit base [14][25] - The overall economic outlook for clients is positive, with expectations for sound C&I growth in 2025 [24][25] - Management remains cautious about loan demand but anticipates slight increases without compromising credit and pricing disciplines [12][21] Other Important Information - The company increased its dividend by $0.01 per share for Q1 2025 to $0.29 per share and repurchased $11 million in common stock during the quarter [17][68] - Non-performing loans to total loans and non-performing assets to total assets showed slight increases but remained at modest levels [18][61] Q&A Session Summary Question: Margin outlook and impact of rate cuts - Management indicated that the expectation for net interest margin around 4% includes a reset of the SBA portfolio and does not account for further rate cuts [75][79] Question: Non-interest-bearing deposits sustainability - Management noted that the increase in non-interest-bearing deposits is typically seasonal and may decrease in Q1, but they remain confident in the ability to grow deposits [89][90] Question: Credit quality and monitoring of specific loans - Management confirmed that credit quality remains strong, with net charge-offs at 16 basis points and non-performing assets at 30 basis points, indicating no significant early warning signs [92][93] Question: Loan growth outlook - Management expressed confidence in achieving mid-single-digit loan growth, supported by market opportunities and a selective approach to lending [100][101] Question: Capital management and regulatory ratios - Management targets CET1, Tier 1, and total capital ratios of 10%, 12%, and 14% respectively, and is currently managing capital levels prudently [110][112]

Financial Data and Key Metrics Changes - The company reported earnings of $1.28 per diluted share for Q4 2024, compared to $1.32 in the previous quarter and $1.16 in Q4 2023 [4] - Adjusted return on assets was 1.31% and pre-provision return on assets was 1.80% [4] - Net interest income expanded while net interest margin remained flat above 4% [5][6] - The tangible common equity to tangible assets ratio was 9.05% at quarter-end, with an adjusted return on tangible common equity of 14.05% for Q4 [11][12] Business Line Data and Key Metrics Changes - Overall loan growth was around 3% for the year, with Q4 growth of $140 million or 5% annualized [18] - Life insurance premium finance grew by $158 million or 16.5% for the year, showing consistent growth [19] - The SBA segment posted a strong quarter with a growth of $25 million or 7.9% annualized [20] - The agricultural portfolio declined by $27 million as it continues to wind down [8] Market Data and Key Metrics Changes - Client deposits increased by $677 million in Q4, marking the fifth quarter of growth in six [9] - The cost of deposits declined to 2%, with DDA to total deposits increasing to over 34% [10] - The Midwest region saw modest growth, while the Southwestern markets experienced strong growth of $104 million in Q4 [21][22] Company Strategy and Development Direction - The company focuses on diversification, aiming for revenue growth from various markets and business lines [6] - The strategy emphasizes a client-centric approach, providing holistic solutions to clients [7] - The company plans to continue leveraging market disruptions and talent acquisitions to enhance growth and profitability [15][17] Management's Comments on Operating Environment and Future Outlook - Management noted a shift in client sentiment post-presidential election, with expectations for slight increases in loan demand [7][16] - The company anticipates sound growth in C and I sectors in 2025, supported by client investments in infrastructure and reshoring [16] - Management expressed confidence in maintaining a mid to high single-digit growth rate for the balance sheet in 2025 [10][18] Other Important Information - The company increased its dividend by $0.01 per share for Q1 2025 to $0.29 per share [12] - The allowance for credit losses was 1.34% of unguaranteed total loans, reflecting strong credit quality [12][40] - Non-performing assets increased slightly but remained at modest levels [12][39] Q&A Session Summary Question: Margin outlook and impact of rate cuts - Management indicated that the margin could hold above 4% even with potential rate cuts, depending on the shape of the yield curve and deposit cost management [49][52] Question: Non-interest bearing deposits sustainability - Management noted that the increase in non-interest bearing deposits is typically seasonal but expressed confidence in maintaining a strong deposit mix [57] Question: Credit quality concerns - Management reassured that credit quality remains strong, with net charge-offs at 16 basis points and non-performing assets at 30 basis points [58][59] Question: Loan growth outlook - Management believes mid-single-digit loan growth is achievable, supported by ongoing market opportunities and a selective approach to lending [64] Question: Capital management and M&A interest - Management confirmed a focus on organic growth rather than M&A, while remaining open to opportunities that align with strategic goals [76]

Exhibit 99.2 Enterprise Financial Services Corp 2024 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 ...

Core Insights - Enterprise Financial Services (EFSC) reported $167 million in revenue for Q4 2024, marking a year-over-year increase of 0.5% and a surprise of +5.83% over the Zacks Consensus Estimate of $157.8 million [1] - The earnings per share (EPS) for the same period was $1.32, compared to $1.21 a year ago, resulting in an EPS surprise of +11.86% against the consensus estimate of $1.18 [1] Financial Performance Metrics - Efficiency Ratio stood at 59.6%, better than the three-analyst average estimate of 60.4% [4] - Net Interest Margin was reported at 4.1%, matching the average estimate based on three analysts [4] - Total nonperforming loans amounted to $42.69 million, exceeding the average estimate of $32.66 million from two analysts [4] - Average Balance of Total Interest Earning Assets was $14.32 billion, surpassing the two-analyst average estimate of $14.07 billion [4] - Net charge-offs to average loans were 0.3%, higher than the two-analyst average estimate of 0.2% [4] - Total Noninterest Income reached $20.63 million, exceeding the three-analyst average estimate of $17.72 million [4] - Net Interest Income was reported at $146.37 million, compared to the average estimate of $140.72 million from two analysts [4] - Deposit service charges were $4.73 million, slightly below the average estimate of $4.83 million from two analysts [4] - Tax credit income was $6.02 million, significantly higher than the average estimate of $3 million from two analysts [4] - Net interest income (FTE) was $148.64 million, compared to the average estimate of $143.56 million from two analysts [4] - Wealth management income was $2.72 million, slightly below the average estimate of $2.81 million from two analysts [4] Stock Performance - Shares of Enterprise Financial Services have returned +0.2% over the past month, while the Zacks S&P 500 composite has changed by +1.1% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]