Financial Performance - Net income for Q4 2024 was $48.8 million, or $1.28 per diluted share, compared to $1.32 in the linked quarter and $1.16 in the prior year quarter [3]. - For the full year 2024, net income was $185.3 million, or $4.83 per diluted share, down from $5.07 in 2023 [4]. - Net interest income for 2024 was $568.1 million, an increase of $5.5 million compared to the prior year [4]. - Net interest income for Q4 2024 was $148.6 million, an increase of $2.9 million from the linked quarter and $5.6 million from the prior year quarter [13]. - Total noninterest income for Q4 2024 was $20.6 million, a decrease of $0.8 million from the linked quarter and $4.8 million from the prior year quarter [23]. - Net income for Q4 2024 was $48,834 million, compared to $50,585 million in Q3 2024, and $185,266 million for the year, down from $194,059 million in 2023 [44]. - Diluted earnings per share for Q4 2024 was $1.28, a decrease from $1.32 in Q3 2024, with annual diluted earnings per share at $4.83, down from $5.07 in 2023 [44]. - Return on average assets for Q4 2024 was 1.27%, down from 1.36% in Q3 2024, while the annual return on average assets was 1.25%, compared to 1.41% in 2023 [44]. Loans and Deposits - Total loans increased to $11.2 billion, a quarterly increase of $140.5 million, representing a 5% annualized growth [3]. - Total deposits reached $13.1 billion, with a quarterly increase of $681.2 million [3]. - Total loans reached $11.2 billion at December 31, 2024, an increase of $140.5 million, or 5% on an annualized basis, from the linked quarter [19]. - Total deposits reached $13.1 billion as of December 31, 2024, an increase of $681.2 million from the linked quarter and $970.1 million from the prior year quarter [22]. - Average loans for Q4 2024 were $11,100,112 thousand, compared to $10,685,961 thousand in Q4 2023, an increase of 3.87% [53]. - Noninterest-bearing demand accounts rose to $4,484,072 thousand in Q4 2024, compared to $3,958,743 thousand in Q4 2023, marking an increase of 13.24% [53]. Expenses and Efficiency - Noninterest expense for 2024 was $385.0 million, an 11% increase from $348.2 million in 2023 [5]. - Noninterest expense was $99.5 million in Q4 2024, increasing by $1.5 million from the linked quarter and $6.9 million from the prior year quarter [27]. - The core efficiency ratio improved to 57.1% in Q4 2024, compared to 58.4% in the linked quarter and 53.1% in the prior year quarter [28]. - Efficiency ratio improved to 59.59% in Q4 2024 from 59.44% in Q3 2024, with an annual efficiency ratio of 60.37%, compared to 55.15% in 2023 [44]. Capital and Ratios - Total equity was $1.824 billion at December 31, 2024, a decrease of $8.0 million from the previous quarter [30]. - The tangible common book value per common share was $37.27, compared to $37.26 in the previous quarter and $33.85 in the same quarter last year [30]. - The total risk-based capital to risk-weighted assets ratio was 14.6% for the current quarter, down from 14.8% in the previous quarter [29]. - The Tier 1 capital to risk-weighted assets ratio was 13.1%, slightly down from 13.2% in the previous quarter [29]. - The common equity tier 1 capital to risk-weighted assets ratio was 11.8%, compared to 11.9% in the previous quarter [29]. - The leverage ratio stood at 11.1%, consistent with the previous quarter [29]. - The tangible common equity to tangible assets ratio was 9.05%, down from 9.50% in the previous quarter [29]. - The company continues to exceed the "well-capitalized" regulatory benchmark for capital ratios [30]. Credit Quality - The allowance for credit losses was 1.23% of total loans at the end of 2024, compared to 1.24% at the end of 2023 [5]. - Nonperforming loans to total loans ratio increased to 0.38% in Q4 2024 from 0.26% in the prior quarter [20]. - The provision for credit losses was $6.8 million in Q4 2024, down from $18.1 million in the prior year quarter, reflecting a reduction in net charge-offs [21]. - Annualized net charge-offs totaled 26 basis points of average loans in Q4 2024, compared to 14 basis points in the linked quarter and 106 basis points in the prior year quarter [20]. - The allowance for credit losses to nonperforming loans ratio was 323.2% in Q4 2024, down from 492.6% in Q3 2024 [55]. Market and Shareholder Information - The Company repurchased 206,529 shares in Q4 2024 and increased the quarterly dividend to $0.29 per common share [3]. - Dividends per common share increased to $0.28 in Q4 2024 from $0.27 in Q3 2024, with annual dividends per share at $1.06, up from $1.00 in 2023 [44]. - The company will host a conference call on January 28, 2025, to review the fourth quarter 2024 results [35]. - Enterprise Financial Services Corp has approximately $15.6 billion in assets and operates in multiple states across the U.S. [36].
ENTERPRISE FINL(EFSCP) - 2024 Q4 - Annual Results