Enterprise Financial(US:EFSC)2025-01-28 16:08Financial Performance - Q4 2024 - Net income was $48.8 million, a decrease of $1.8 million compared to the linked quarter, with earnings per share (EPS) at $1.28[7] - Net interest income increased to $146.4 million, up by $2.9 million, with a net interest margin (NIM) of 4.13%[7] - Pre-provision net revenue (PPNR) reached $69.4 million, an increase of $4.3 million[7] - Adjusted return on average assets (ROAA) was 1.31%, slightly down from 1.32%, while PPNR ROAA was 1.80%, up from 1.74%[7] - Adjusted return on average tangible common equity (ROATCE) was 14.05%, compared to 14.16%[7] Financial Performance - Full Year 2024 - Net income for the year was $185.3 million, a decrease of $8.8 million, with EPS at $4.83[12] - Net interest income was $568.1 million, an increase of $5.5 million, with a NIM of 4.16%[12] - PPNR was $255.2 million, a decrease of $29.6 million[12] - Adjusted ROAA was 1.26%, compared to 1.41%, and PPNR ROAA was 1.72%, compared to 2.06%[12] - Adjusted ROATCE was 13.71%, compared to 16.35%[12] Balance Sheet - Loans totaled $11.2 billion, an increase of $140.5 million for the quarter and $336.2 million (3%) year-over-year[8, 12] - Deposits reached $13.1 billion, an increase of $681.2 million for the quarter and $970.1 million (8%) year-over-year[11, 12] - The loan-to-deposit ratio was 85.3%[8] - Noninterest-bearing deposits accounted for 34% of total deposits[11] Asset Quality - Nonperforming loans (NPLs) to total loans ratio was 0.38%[11] - Nonperforming assets (NPAs) to total assets ratio was 0.30%[11] - The allowance coverage ratio was 1.23%, or 1.34% when adjusted for guaranteed loans[11] - Net charge-offs were $7.1 million for the quarter and $17.5 million (0.16% of average loans) for the year[11, 12] Capital Management - Tangible common equity to tangible assets ratio was 9.05%, compared to 9.50% in the previous quarter and 8.96% in the prior year[7, 12] - Tangible book value per common share was $37.27, a slight increase from $37.26 in the previous quarter and a 10% increase from $33.85 in the prior year[7, 12] - The company repurchased 206,529 shares at an average price of $54.01 during the quarter and 626,778 shares at an average price of $46.95 for the year[7, 12] - The quarterly common stock dividend was increased to $0.28 per share in the fourth quarter of 2024, a $0.01 increase[7] Strategic Focus - The company is focused on organic loan and deposit growth, disciplined loan and deposit pricing, focused credit underwriting and monitoring, and a core system conversion completed on October 11, 2024[15, 16]