Financial Data and Key Metrics Changes - The company reported net income of $44.7 million or $1.17 per diluted share, with a return on average assets (ROAA) of 1.26% and a pre-provision net revenue (PPNR) ROAA of 1.84% [23] - Net interest income increased by over $900,000 in the quarter, continuing a trend since the beginning of 2022, with a net interest margin of 4.33% [26][51] - Total outstanding loans at the end of the quarter reached $10.6 billion, reflecting a loan growth of $104 million during the quarter [28] Business Line Data and Key Metrics Changes - Life insurance premium finance grew nearly 19% year-over-year, while Sponsor Finance experienced modest growth due to seasonal softness [2] - The specialized businesses grew by 15% annualized for the quarter and 19% year-over-year, with Practice Finance unit growing by approximately $70 million year-to-date [5] - The construction category rose as projects resumed momentum post-COVID, with existing projects moving forward despite a slowdown in new development loan requests [12] Market Data and Key Metrics Changes - Client deposits grew by $290 million in the quarter, with net client deposits increasing by $488 million, reflecting a successful sales plan [10][29] - The Midwest region saw client balances increase by $125 million, while the Southwest region experienced a loan growth of 26% year-over-year [6][7] - Southern California's portfolio grew by 9.3% year-over-year, following a strategic shift away from higher-risk lending [8] Company Strategy and Development Direction - The company aims to continue funding loan growth with client deposits and improve shareholder value through strategic execution [34] - The management emphasizes diversification in its business model to avoid dependence on any single market or asset class [22] - The focus remains on maintaining a stable deposit base while expanding specialized deposits, particularly in property management and third-party escrow [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong backlogs and consistent sales volumes among manufacturing distribution clients [35] - The company anticipates a slower 2024 for commercial real estate projects but expects demand in industrial and housing sectors to stabilize [36][37] - Management noted that credit metrics have normalized, with a slight increase in non-performing loans but still at relatively low levels [31][62] Other Important Information - The company was awarded a $60 million new markets tax credit allocation, which will help attract new clients and projects [39] - The provision for credit loss increased due to net charge-offs and loan growth, with non-interest expenses rising to $89 million [48][66] - The tangible common equity ratio was 8.5% at the end of the quarter, reflecting a stable capital position [56] Q&A Session Summary Question: What is the strategy regarding the deposit base impacted by variable deposit costs? - Management clarified that the strategy blends well with the overall deposit base, focusing on stability and long-term client relationships [72][73] Question: What is the outlook for fee income regarding the tax credit line item? - Management expects a rebound in fee income in the fourth quarter, with stabilization in rates potentially aiding this recovery [81] Question: How does the company view the trends in non-performing loans? - Management indicated that the increase in non-performing loans is primarily due to a few specific credits, with overall levels remaining low compared to historical averages [62][99] Question: What are the expectations for SBA loan sales in the future? - Management noted that while SBA loan sales may occur, the focus will be on maintaining a healthy funding profile and managing growth effectively [107] Question: How does the company anticipate managing non-interest expenses moving forward? - Management emphasized a disciplined approach to managing expenses, particularly in light of inflationary pressures, while continuing to invest in key areas [110]

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 including, without limitation, plans, strategies and goals, and statements about the Company's expectations reg ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023. ☐ 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 Incorporated in the State of Delaware I.R.S. Employer Identification # 43-1706259 Addr ...

Enterprise Financial Services Corp (NASDAQ:EFSC) Q2 2023 Earnings Conference Call July 25, 2023 11:00 AM ET Company Participants Jim Lally - President & Chief Executive Officer Scott Goodman - President, Enterprise Bank & Trust Keene Turner - Chief Financial Officer & Chief Operating Officer Conference Call Participants Jeff Rulis - D.A. Davidson Damon DelMonte - KBW Andrew Liesch - Piper Sandler Brian Martin - Janney Operator Hello, and welcome to the Enterprise Financial Services Corp. Second Quarter 2023 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023. ☐ 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 Incorporated in the State of Delaware I.R.S. Employer Identification # 43-1706259 Add ...

Enterprise Financial Services Corp (NASDAQ:EFSC) Q1 2023 Earnings Conference Call April 25, 2023 11:00 AM ET Company Participants Jim Lally - President and Chief Executive Officer Scott Goodman - President, Enterprise Bank & Trust Keene Turner - Chief Financial Officer and Chief Operating Officer Conference Call Participants Jeff Rulis - D.A. Davidson Andrew Liesch - Piper Sandler Damon DelMonte - KBW Brian Martin - Janney Operator Good morning. My name is David, and I'll be your conference operator today. ...

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, 2022 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 ...

Enterprise Financial Services Corp (NASDAQ:EFSC) Q4 2022 Earnings Conference Call January 24, 2022 11:00 AM ET Company Participants Jim Lally - President & Chief Executive Officer Scott Goodman - President, Enterprise Bank & Trust Keene Turner - Chief Financial Officer & Chief Operating Officer Conference Call Participants Jeff Rulis - D.A. Davidson Damon DelMonte - KBW Brian Martin - Janney Montgomery Operator [Call starts abruptly] At this time, I would like to welcome everyone to the Enterprise Financial ...

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements and accompanying notes for the specified periods [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20%28Unaudited%29) As of September 30, 2022, total assets decreased to $13.0 billion from $13.5 billion at year-end 2021, primarily due to a $1.28 billion reduction in cash and cash equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$12,994,787** | **$13,537,358** | | Total cash and cash equivalents | $744,876 | $2,021,689 | | Total loans, net | $9,214,415 | $8,872,601 | | **Total Liabilities** | **$11,548,569** | **$12,008,242** | | Total deposits | $11,057,594 | $11,343,799 | | **Total Shareholders' Equity** | **$1,446,218** | **$1,529,116** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) For Q3 2022, net income surged to $50.2 million from $13.9 million in Q3 2021, driven by increased net interest income Key Operational Results (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $124,290 | $97,273 | $335,068 | $258,134 | | Provision (benefit) for credit losses | $676 | $19,668 | $(2,734) | $17,045 | | Total Noninterest Income | $9,454 | $17,619 | $42,289 | $45,113 | | Total Noninterest Expense | $68,843 | $76,885 | $197,067 | $182,225 | | **Net Income** | **$50,200** | **$13,913** | **$143,042** | **$82,244** | | **Diluted EPS** | **$1.32** | **$0.38** | **$3.73** | **$2.48** | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Unaudited%29) Comprehensive income for Q3 2022 was $5.5 million, nearly flat, while the nine-month period recorded a $28.9 million comprehensive loss Comprehensive Income (Loss) Summary (in thousands) | Period | Net Income | Total other comprehensive loss, after-tax | Comprehensive income (loss) | | :--- | :--- | :--- | :--- | | **Three Months Ended Sep 30, 2022** | $50,200 | $(44,710) | $5,490 | | **Nine Months Ended Sep 30, 2022** | $143,042 | $(171,968) | $(28,926) | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity%20%28Unaudited%29) Total shareholders' equity decreased from $1.53 billion at year-end 2021 to $1.45 billion at September 30, 2022, primarily due to other comprehensive loss and stock repurchases - For the nine months ended September 30, 2022, total shareholders' equity decreased by **$82.9 million**. Key changes included **+$143.0 million** from net income, **-$172.0 million** from other comprehensive loss, **-$32.9 million** from stock repurchases, and **-$27.8 million** from dividends[19](index=19&type=chunk)[207](index=207&type=chunk) - In the second quarter of 2022, the company retired **1,980,093 shares** of treasury stock, which reduced additional paid-in capital by **$27.7 million** and retained earnings by **$45.8 million**[122](index=122&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%28Unaudited%29) For the nine months ended September 30, 2022, cash and cash equivalents decreased by $1.28 billion due to investing and financing activities Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Category | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $187,857 | $105,630 | | Net cash (used in) provided by investing activities | $(912,124) | $13,432 | | Net cash (used in) provided by financing activities | $(552,546) | $732,522 | | **Net (decrease) increase in cash and cash equivalents** | **$(1,276,813)** | **$851,584** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The notes detail accounting policies, loan portfolio composition, and credit loss allowances, with nonperforming loans significantly decreasing Loan Portfolio Composition (in thousands) | Loan Category | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Commercial and industrial | $3,710,012 | $3,396,590 | | Commercial real estate - investor owned | $2,286,458 | $2,141,143 | | Commercial real estate - owner occupied | $2,152,189 | $2,035,785 | | Construction and land development | $583,649 | $734,073 | | **Total Loans** | **$9,354,987** | **$9,017,642** | - The Allowance for Credit Losses (ACL) on loans was **$140.6 million** at September 30, 2022, down from **$145.0 million** at December 31, 2021, including a **$40.8 million** qualitative adjustment[59](index=59&type=chunk)[62](index=62&type=chunk) - Nonperforming loans decreased to **$18.2 million** at September 30, 2022, from **$28.0 million** at December 31, 2021[64](index=64&type=chunk) - Off-balance-sheet commitments to extend credit increased to **$2.91 billion** at September 30, 2022, from **$2.48 billion** at year-end 2021[91](index=91&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, highlighting loan growth, deposit management, improved credit quality, and the impact of acquisitions [Executive Summary](index=38&type=section&id=Executive%20Summary) The company reported strong Q3 2022 earnings with **$50.2 million** net income, expanded net interest margin, and improved asset quality Q3 2022 Financial Highlights | Metric | Q3 2022 | Q2 2022 (Linked) | | :--- | :--- | :--- | | Net Income (in thousands) | $50,200 | $45,149 | | Diluted EPS | $1.32 | $1.19 | | Net Interest Margin | 4.10% | 3.55% | | Return on Average Assets | 1.51% | 1.34% | - Paycheck Protection Program (PPP) loans outstanding declined to **$13.2 million** at September 30, 2022, from **$272.0 million** at year-end 2021[148](index=148&type=chunk)[188](index=188&type=chunk) - Excluding PPP loans, total loans grew by **$596.1 million**, or **7%**, year-to-date from December 31, 2021[152](index=152&type=chunk) [Results of Operations](index=41&type=section&id=RESULTS%20OF%20OPERATIONS) Net interest income for Q3 2022 was **$124.3 million**, driven by higher loan balances and expanding yields, while noninterest income decreased - Net interest margin (NIM) increased to **4.10%** in Q3 2022 from **3.55%** in the linked quarter, due to higher yields on loans and investments[170](index=170&type=chunk) - Noninterest income decreased by **$4.7 million** from the linked quarter, mainly due to a **$4.8 million** drop in tax credit income and a **$0.9 million** decline in card services revenue[173](index=173&type=chunk) - Noninterest expense increased by **$3.4 million** from the linked quarter, driven by higher employee compensation and **$1.8 million** in variable deposit costs[180](index=180&type=chunk) [Financial Condition](index=46&type=section&id=Financial%20Condition) Total assets decreased to **$13.0 billion** as cash was deployed into loan growth, while deposits decreased due to strategic shifts Balance Sheet Changes (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Total Assets | $12,994,787 | $13,537,358 | $(542,571) | | Loans (excluding PPP) | $9,341,822 | $8,921,989 | $419,833 | | Deposits | $11,057,594 | $11,343,799 | $(286,205) | - Specialty loan categories, including sponsor finance and life insurance premium financing, saw significant growth of **28%** and **21%** respectively since year-end 2021[188](index=188&type=chunk) - Nonperforming assets decreased to **$18.5 million** from **$31.5 million** at year-end 2021, improving the ratio to total assets to **0.14%** from **0.23%**[155](index=155&type=chunk)[200](index=200&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial borrowing capacity, and all capital ratios exceed regulatory requirements - The company has substantial available liquidity, including an additional **$832 million** from the FHLB and **$1.4 billion** from the Federal Reserve Bank[213](index=213&type=chunk) Regulatory Capital Ratios (EFSC) | Ratio | September 30, 2022 | Well-Capitalized Minimum | | :--- | :--- | :--- | | Common Equity Tier 1 | 11.0% | 6.5% | | Tier 1 Capital | 12.6% | 8.0% | | Total Capital | 14.2% | 10.0% | | Leverage Ratio | 10.4% | 5.0% | - The tangible common equity to tangible assets ratio, a non-GAAP measure, was **7.86%** at September 30, 2022, down from **8.13%** at December 31, 2021, primarily due to a decrease in accumulated other comprehensive income[156](index=156&type=chunk)[230](index=230&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk using earnings simulations and is transitioning **$1.6 billion** in loans from LIBOR Interest Rate Shock Impact on Net Interest Income | Rate Shock | Annual % change in net interest income | | :--- | :--- | | +300 bp | 13.5% | | +200 bp | 9.0% | | +100 bp | 4.4% | | -100 bp | (5.7)% | | -200 bp | (13.9)% | - The company is managing its transition away from LIBOR, with **$1.6 billion** in loans, **$118 million** in borrowings, and **$660.9 million** (notional) in derivatives indexed to LIBOR[242](index=242&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[248](index=248&type=chunk) - No material changes were made to internal controls over financial reporting during the quarter ended September 30, 2022[249](index=249&type=chunk) [PART II - OTHER INFORMATION](index=58&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) Management believes no pending legal proceedings would have a material adverse effect on the company's financial condition - Management believes there are no pending or threatened legal proceedings that would have a material adverse effect on the company's business, financial condition, or results of operations[251](index=251&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been no material changes to the risk factors described in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021[253](index=253&type=chunk) [Other Required Disclosures (Items 2, 3, 4, 5 & 6)](index=58&type=section&id=Other%20Items) This section covers standard disclosures, reporting no unregistered equity sales, defaults, or other material information - The company reported no unregistered sales of equity securities, defaults upon senior securities, or other material information for the period[254](index=254&type=chunk)[255](index=255&type=chunk)[259](index=259&type=chunk) - Mine safety disclosures are not applicable to the company[256](index=256&type=chunk)[257](index=257&type=chunk)

Enterprise Financial Services Corp (NASDAQ:EFSC) Q3, 2022, Earnings Call October 25, 2022 11:00 AM ET Company Participants Jim Lally - President and Chief Executive Officer Keene Turner - Chief Financial Officer and Chief Operating Officer Scott Goodman - President, Enterprise Bank and Trust Conference Call Participants Jeffrey Rulis - D.A. Davidson Andrew Liesch - Piper Sandler Damon DelMonte - KBW Brian Martin - Janney Montgomery Operator Good day. And welcome to the Enterprise Financial Services Corporat ...