0001025835FALSE150 N. Meramec AvenueSt. LouisMissouri6310500010258352024-01-222024-01-220001025835us-gaap:CommonStockMember2024-01-222024-01-220001025835efsc:DepositarySharesMember2024-01-222024-01-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) 
January 22, 2024
ENTERPRISE FINANCIAL SERVICES CORP
(Exact name of registrant as specified in its charter)
Delaware 
001-15373 
43-1706259 
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
150 N. Meramec Avenue, St. Louis, Missouri
(Address of principal executive offices)
63105
(Zip Code)

Registrant's telephone number, including area code
(314) 725-5500

Not applicable 
(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 ☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEFSCNasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series AEFSCPNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.

On January 22, 2024, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
On January 23, 2024, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended December 31, 2023. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference.
The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed “filed” with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit     
Number    Description

104        The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ENTERPRISE FINANCIAL SERVICES CORP
Date:January 22, 2024By:/s/ Troy R. Dumlao
Troy R. Dumlao
Senior Vice President and Chief Accounting Officer





EXHIBIT 99.1
enterprisefinancialservices.jpg
ENTERPRISE FINANCIAL REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Fourth Quarter Results
•Net income of $44.5 million, $1.16 per diluted common share, or $1.21 per diluted common share when excluding $2.4 million FDIC special assessment1
•Net interest margin (“NIM”) of 4.23%, quarterly decrease of 10 basis points
•Net interest income of $140.7 million, quarterly decrease of $0.9 million
•Total loans of $10.9 billion, quarterly increase of $267.3 million, or 10% annualized
•Total deposits of $12.2 billion, quarterly increase of $266.5 million
•Return on Average Assets (“ROAA”) of 1.23%, or 1.28% adjusted for FDIC special assessment1
•Return on Average Tangible Common Equity (“ROATCE”)1 of 14.38%, or 14.98% adjusted for FDIC special assessment1
•Tangible common equity to tangible assets1 of 8.96%
•Tangible book value per share1 of $33.85, quarterly increase of 9%

2023 Results
•Net income of $194.1 million, $5.07 per diluted common share, or $5.12 per diluted common share when excluding $2.4 million FDIC special assessment1
•Net interest income of $562.6 million, increase of $88.7 million
•Total loans increased $1.1 billion, or 12%
•Total deposits increased $1.3 billion, or 12%
•ROAA of 1.41%, or 1.42% adjusted for FDIC special assessment1
•ROATCE1 of 16.25% or 16.40% adjusted for FDIC special assessment1
•Tangible book value per share1 increased $5.18, or 18%

St. Louis, Mo. January 22, 2024 – Jim Lally, President and Chief Executive Officer of Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), commented, “I am pleased with how strong we finished 2023, although we unfortunately had an elevated level of charge-offs in the fourth quarter, with the largest charge-off attributable to a single agricultural relationship. This relationship had specific aspects that drove the loss that we believe is an isolated issue.”

Lally added, “While the charge-offs and related provision for credit losses reduced our earnings for the year, we achieved a 1.4% ROAA1 driven by a 10% increase in pre-provision net revenue (“PPNR”)1. Our consistent marketing efforts and partnership with our customers resulted in a 12% increase in net loan growth, with the increase being primarily funded with core deposits. For the full year, we reported earnings per share (“EPS”) of $5.07 and a 16.4% return on average tangible common equity1. As we look to 2024, we expect to continue to capitalize on opportunities to grow and strengthen the Company.”

1 ROATCE, tangible common equity to tangible assets, tangible book value per share, and PPNR are non-GAAP measures. EPS, ROAA and ROATCE when excluding FDIC special assessment are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.




Full-Year Highlights
For 2023, net income was $194.1 million, or $5.07 per diluted share, compared to $203.0 million, or $5.31 per diluted share, in 2022. Excluding the impact of the FDIC special assessment of $2.4 million, EPS was $5.12 for 2023. PPNR1 for 2023 was $284.8 million, compared to $258.9 million in 2022. Organic earning-asset growth and expansion of net interest income due to the increase in market interest rates were the primary contributors to the PPNR increase in 2023. Offsetting the increase in PPNR was a $37.2 million increase in the provision for credit losses in 2023 compared to 2022.

The Company’s asset sensitive balance sheet benefited from the increase in market interest rates during 2023. NIM expanded to 4.43% in 2023, from 3.89% in 2022. The increase in NIM and average interest-earning asset growth of $508.2 million resulted in total net interest income of $562.6 million in 2023, a 19% increase from $473.9 million in 2022.

Noninterest income was $68.7 million, an increase of 16% from $59.2 million in 2022. The increase was primarily due to higher volumes in tax credit income, private equity and community development income, and gains on the sale of SBA loans. Offsetting these amounts were a decrease in deposit services charges due to higher earnings credit rates, and a decrease in card services due to the full year impact of the Durbin Amendment. Total noninterest expense was $348.2 million in 2023, a 27% increase from $274.2 million in 2022. The increase was primarily from higher customer servicing deposit costs due to higher deposit balances and an increase in earnings credit rates, and an increase in compensation from a larger associate base, and annual merit increases. The core efficiency ratio2 was 53.4% in 2023, compared to 49.8% in 2022.

Nonperforming assets were 0.34% of total assets at the end of 2023, compared to 0.08% at the end of 2022. Net charge-offs were 0.37% of average loans in 2023, compared to 0.04% in 2022. The allowance for credit losses declined to 1.24% of total loans at the end of 2023, from 1.41% at the end of 2022. The decrease was primarily due to the charge-off of certain nonperforming loans and an improvement in forecasted economic factors. Excluding guaranteed portions of loans, the allowance to loans ratio was 1.35% and 1.56% at the end of 2023 and 2022, respectively. A provision for credit losses of $36.6 million was recorded in 2023 primarily due to net charge-offs in the year, compared to a benefit for credit losses of $0.6 million in 2022.

The Company maintained a strong liquidity position in 2023, with total deposits of $12.2 billion, a loan-to-deposit ratio of 89.4% and cash and investment securities of $2.9 billion. This compares to total deposits of $10.8 billion, a loan-to-deposit ratio of 89.9% and cash and investment securities of $2.6 billion at the end of 2022. Non-interest bearing deposits comprise 32.5% of total deposits at December 31, 2023, compared to 42.9% at the end of 2022. Excluding brokered certificates of deposits, core deposits as of December 31, 2023 totaled $11.7 billion, an increase of $983.4 million from the prior year.

Total shareholders’ equity was $1.7 billion and $1.5 billion as of December 31, 2023 and December 31, 2022, respectively. The increase was primarily due to net income of $194.1 million and an increase in accumulated other comprehensive income (“AOCI”) of $29.3 million. The change in AOCI was primarily due to an improvement in the fair value of available for sale investment securities due to a decline in longer-term market interest rates. The Company returned $37.4 million, or $1.00 per share, to common shareholders and $3.8 million, or $50.00 per share, to preferred shareholders in 2023.
Fourth Quarter Highlights

•Earnings - Net income in the fourth quarter 2023 was $44.5 million, a decrease of $0.1 million compared to the linked quarter and a decrease of $15.5 million from the prior year quarter. EPS was $1.16 for the fourth quarter 2023, compared to $1.17 and $1.58 for the linked and prior year quarters, respectively. Excluding the impact of the FDIC special assessment of $2.4 million, EPS was $1.21 for the fourth quarter 2023.
2 Core efficiency ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

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•PPNR - PPNR1 of $75.8 million in the fourth quarter 2023 increased $10.7 million and decreased $2.8 million from the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to an increase in noninterest income, partially offset by an increase in noninterest expense. The decrease from the prior year quarter was primarily due to an increase in customer deposit servicing costs as a result of higher market interest rates.

•Net interest income and NIM - Net interest income of $140.7 million for the fourth quarter 2023 decreased $0.9 million and increased $1.9 million from the linked and prior year quarters, respectively. NIM was 4.23% for the fourth quarter 2023, compared to 4.33% and 4.66% for the linked and prior year quarters, respectively. Compared to the linked quarter, net interest income declined due to higher deposit interest expense, partially offset by higher average loan and investment balances and expanding yields on earning assets.
•Noninterest income - Noninterest income of $25.5 million for the fourth quarter 2023 increased $13.4 million from the linked quarter and increased $8.6 million from the prior year quarter. The increase from the linked and prior year quarters was primarily due to an increase in tax credit income. Tax credit income improved due to higher volumes and from the impact on fair value from the decrease in market interest rates on projects carried at fair value.
•Loans - Total loans increased $267.3 million from the linked quarter to $10.9 billion as of December 31, 2023. Loans grew 10% on an annualized basis, from the linked quarter and 12% for the year. Average loans totaled $10.7 billion for the fourth quarter 2023, compared to $10.5 billion and $9.4 billion for the linked and prior year quarters, respectively.

•Asset quality - The allowance for credit losses to loans was 1.24% at December 31, 2023, compared to 1.34% at September 30, 2023 and 1.41% at December 31, 2022. Nonperforming assets to total assets was 0.34% at December 31, 2023, compared to 0.40% and 0.08% at September 30, 2023 and December 31, 2022, respectively. A provision for credit losses of $18.1 million was recorded in the fourth quarter 2023, compared to $8.0 million and $2.1 million for the linked and prior year quarters, respectively.

•Deposits - Total deposits increased $266.5 million from the linked quarter to $12.2 billion as of December 31, 2023. Average deposits totaled $12.2 billion for the fourth quarter 2023, compared to $11.9 billion and $11.0 billion for the linked and prior year quarters, respectively. At December 31, 2023, noninterest-bearing deposit accounts represented 32.5% of total deposits, and the loan to deposit ratio was 89.4%.

•Capital - Total shareholders’ equity was $1.7 billion and the tangible common equity to tangible assets ratio1 was 8.96% at December 31, 2023, compared to 8.43% at December 31, 2022. The tangible common equity to tangible assets ratio increased due to strong earnings growth and an increase in accumulated other comprehensive income from an improvement in the fair value of available-for-sale securities. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.2% and a total risk-based capital ratio of 13.2% as of December 31, 2023. The Company’s common equity tier 1 ratio and total risk-based capital ratio was 11.3% and 14.2%, respectively, at December 31, 2023.

The Company’s Board of Directors approved a quarterly dividend of $0.25 per common share, payable on March 29, 2024 to shareholders of record as of March 15, 2024. The Board of Directors also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) December 15, 2023 to (but excluding) March 15, 2024. The dividend will be payable on March 15, 2024 to shareholders of record on February 29, 2024.



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Net Interest Income and NIM
Average Balance Sheets
The following table presents, for the periods indicated, certain information related to our average interest-earning assets and interest-bearing liabilities, as well as, the corresponding interest rates earned and paid, all on a tax-equivalent basis.
Quarter ended
December 31, 2023September 30, 2023December 31, 2022
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans1, 2
$10,685,961 $184,982 6.87 %$10,521,966 $180,382 6.80 %$9,423,984 $139,432 5.87 %
Securities2
2,276,915 18,385 3.20 2,302,850 18,076 3.11 2,204,211 16,191 2.91 
Interest-earning deposits420,762 5,631 5.31 335,771 4,509 5.33 367,100 3,097 3.35 
Total interest-earning assets13,383,638 208,998 6.20 13,160,587 202,967 6.12 11,995,295 158,720 5.25 
Noninterest-earning assets949,166 908,273 991,273 
Total assets$14,332,804 $14,068,860 $12,986,568 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts$2,844,847 $17,248 2.41 %$2,672,084 $13,701 2.03 %$2,242,268 $4,136 0.73 %
Money market accounts3,342,979 30,579 3.63 3,079,221 26,427 3.40 2,696,417 9,509 1.40 
Savings accounts609,645 268 0.17 646,187 250 0.15 775,488 100 0.05 
Certificates of deposit1,373,808 14,241 4.11 1,519,119 14,976 3.91 524,938 1,017 0.77 
Total interest-bearing deposits8,171,279 62,336 3.03 7,916,611 55,354 2.77 6,239,111 14,762 0.94 
Subordinated debentures and notes155,907 2,475 6.30 155,769 2,466 6.28 155,359 2,376 6.07 
FHLB advances— — — 10,326 141 5.42 8,864 104 4.65 
Securities sold under agreements to repurchase150,827 1,226 3.22 146,893 969 2.61 182,362 282 0.61 
Other borrowings49,013 314 2.54 50,571 337 2.66 26,993 378 5.56 
Total interest-bearing liabilities8,527,026 66,351 3.09 8,280,170 59,267 2.84 6,612,689 17,902 1.07 
Noninterest-bearing liabilities:
Demand deposits3,992,067 4,005,923 4,763,503 
Other liabilities160,829 134,162 119,784 
Total liabilities12,679,922 12,420,255 11,495,976 
Shareholders' equity1,652,882 1,648,605 1,490,592 
Total liabilities and shareholders' equity$14,332,804 $14,068,860 $12,986,568 
Total net interest income$142,647 $143,700 $140,818 
Net interest margin4.23 %4.33 %4.66 %
1 Average balances include nonaccrual loans. Interest income includes loan fees of $3.1 million, $3.3 million, and $3.7 million for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively.
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $1.9 million, $2.1 million, and $2.0 million for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively.


4

Net interest income for the fourth quarter was $140.7 million, a decrease of $0.9 million from the linked quarter and an increase of $1.9 million from the prior year period. Net interest income on a tax equivalent basis was $142.6 million, $143.7 million, and $140.8 million for the current, linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to the impact of rising rates and continued remixing into higher cost categories on the deposit portfolio. The increase from the prior year quarter reflects the benefit of higher market interest rates on the Company’s asset sensitive balance sheet combined with organic growth.

Interest income increased $6.2 million during the quarter primarily due to a $4.6 million increase in loan interest income and a $1.1 million increase in interest income on cash accounts. Interest on loans benefited from a 7 basis point increase in average yield and a $164.0 million increase in average loan balances, compared to the linked quarter. The average interest rate of new loan originations in the fourth quarter 2023 was 7.95%. Interest on cash accounts increased due to a $85.0 million increase in average balances.

Interest expense increased $7.1 million in the fourth quarter 2023 primarily due to increased deposit interest expense. The increase in deposit interest expense reflects higher rates paid on deposits as well as successful marketing efforts that increased average deposits. The average cost of interest-bearing deposits was 3.03%, an increase of 26 basis points compared to the linked quarter. The total cost of deposits, including noninterest-bearing demand accounts, was 2.03% during the fourth quarter 2023, compared to 1.84% in the linked quarter.

NIM, on a tax equivalent basis, was 4.23% in the fourth quarter 2023, a decrease of 10 basis points from the linked quarter and a decrease of 43 basis points from the prior year quarter. For the month of December 2023, the loan portfolio yield was 6.92% and the cost of total deposits was 2.07%.

Investments

Quarter ended
December 31, 2023September 30, 2023December 31, 2022
($ in thousands)Carrying ValueNet Unrealized LossCarrying ValueNet Unrealized LossCarrying ValueNet Unrealized Loss
Available-for-sale (AFS)$1,618,273 $(150,861)$1,487,104 $(235,013)$1,535,807 $(193,247)
Held-to-maturity (HTM)750,434 (54,572)730,655 (108,780)709,915 (82,133)
Total$2,368,707 $(205,433)$2,217,759 $(343,793)$2,245,722 $(275,380)

Investment securities totaled $2.4 billion at December 31, 2023, an increase of $150.9 million from the linked quarter. The increase was primarily due to a $84.2 million increase in the fair value of available-for-sale securities due to a decline in longer-term rates in the quarter. Investment purchases in the fourth quarter 2023 had a weighted average, tax equivalent yield of 5.4%.

The average duration of the investment portfolio was approximately 6 years at December 31, 2023. The Company utilizes the investment portfolio to lengthen the overall duration of the balance sheet. The expected cash flow from pay downs, maturities and interest over the next 12 months is approximately $325 million. The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities was 8.67% at December 31, 2023, compared to 7.91% at September 30, 2023.


5


Loans
The following table presents total loans for the most recent five quarters:
Quarter ended
($ in thousands)December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
C&I$2,186,203 $2,020,303 $2,029,370 $2,005,539 $1,904,654 
CRE investor owned2,291,660 2,260,220 2,290,701 2,239,932 2,176,424 
CRE owner occupied1,262,264 1,255,885 1,208,675 1,173,985 1,174,094 
SBA loans*1,281,632 1,309,497 1,327,667 1,315,732 1,312,378 
Sponsor finance*872,264 888,000 879,491 677,529 635,061 
Life insurance premium finance*956,162 928,486 912,274 859,910 817,115 
Tax credits*734,594 683,580 609,137 547,513 559,605 
Residential real estate359,957 364,618 354,588 348,726 379,924 
Construction and land development670,567 639,555 599,375 590,509 534,753 
Other268,815 266,676 301,345 252,543 243,130 
Total loans$10,884,118 $10,616,820 $10,512,623 $10,011,918 $9,737,138 
Total loan yield6.87 %6.80 %6.64 %6.33 %5.87 %
Variable interest rate loans to total loans61 %61 %62 %63 %63 %
*Specialty loan category

Loans totaled $10.9 billion at December 31, 2023, increasing $267.3 million, or 10% on an annualized basis, from the linked quarter. The increase was driven primarily by a C&I increase of $165.9 million, a CRE and construction increase of $68.8 million and a specialty lending increase of $35.1 million. Average line utilization was approximately 42% for the quarter ended December 31, 2023, compared to 41% for both the linked and prior year quarters, respectively.

Asset Quality
The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:
Quarter ended
($ in thousands)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Nonperforming loans*$43,728 $48,932 $16,112 $11,972 $9,981 
Other 5,736 6,933 — 250 269 
Nonperforming assets*$49,464 $55,865 $16,112 $12,222 $10,250 
Nonperforming loans to total loans0.40 %0.46 %0.15 %0.12 %0.10 %
Nonperforming assets to total assets0.34 %0.40 %0.12 %0.09 %0.08 %
Allowance for credit losses to loans1.24 %1.34 %1.34 %1.38 %1.41 %
Net charge-offs (recoveries)$28,479 $6,856 $2,973 $(264)$2,075 
*Guaranteed balances excluded$10,682 $5,974 $6,666 $6,835 $6,708 

Nonperforming assets decreased $6.4 million during the fourth quarter 2023 and increased $39.2 million from the prior year quarter. The decrease from the linked quarter was primarily due to a $5.2 million reduction in nonperforming loans. In the fourth quarter 2023, $32.2 million of new loans moved into nonperforming status, $24.4 million of which were charged-off in the quarter. The bulk of the charged-off amount was related to two relationships, one in the agricultural portfolio that surfaced late in the quarter and another to a commercial real

6

estate developer. The agricultural and commercial real estate developer relationships totaled $16.4 million and $10.0 million, respectively, of which $13.0 million and $10.0 million, respectively, were charged-off in the fourth quarter 2023. The increase in nonperforming loans from the prior year quarter was primarily due to a $30.4 million increase in real estate loans and a $3.3 million increase in C&I loans. Net charge-offs totaled 37 basis points of average loans in 2023, compared to 4 basis points in 2022.

The $43.7 million in nonperforming loans at December 31, 2023 consists primarily of 8 relationships representing 81% of total nonperforming loans that each have a balance greater than $1 million.

The provision for credit losses totaled $18.1 million in the fourth quarter 2023, compared to $8.0 million and $2.1 million in the linked and prior year quarters, respectively. The provision for credit losses in the fourth quarter primarily relates to charge-offs and loan growth, partially offset by an improvement in the economic forecast.

The allowance for credit losses to loans was 1.24% at December 31, 2023, a decrease of 10 basis points from the linked quarter.

Deposits
The following table presents deposits broken out by type for the most recent five quarters:
Quarter ended
($ in thousands)December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Noninterest-bearing demand accounts$3,958,743 $3,852,486 $3,880,561 $4,192,523 $4,642,732 
Interest-bearing demand accounts2,950,259 2,749,598 2,629,339 2,395,901 2,256,295 
Money market and savings accounts3,994,455 3,837,145 3,577,856 3,672,539 3,399,415 
Brokered certificates of deposit482,759 695,551 893,808 369,505 118,968 
Other certificates of deposit790,155 775,127 638,296 524,168 411,740 
Total deposit portfolio$12,176,371 $11,909,907 $11,619,860 $11,154,636 $10,829,150 
Noninterest-bearing deposits to total deposits32.5 %32.3 %33.4 %37.6 %42.9 %
Total costs of deposits2.03 %1.84 %1.46 %0.92 %0.53 %

Total deposits at December 31, 2023 were $12.2 billion, an increase of $266.5 million and $1.3 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $479.3 million and $983.4 million from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.2 billion at December 31, 2023, compared to $1.1 billion at September 30, 2023.

Total estimated insured deposits, which includes collateralized deposits, reciprocal accounts and accounts that qualify for pass-through insurance, totaled $8.3 billion, or 69% of total deposits, at the end of December 31, 2023, compared to $8.5 billion, or 71% of total deposits, in the linked quarter.


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Noninterest Income
The following table presents a comparative summary of the major components of noninterest income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)December 31, 2023September 30, 2023Increase (decrease)December 31, 2022Increase (decrease)
Deposit service charges4,334 4,187 $147 4 %$4,463 $(129)(3)%
Wealth management revenue2,428 2,614 (186)(7)%2,423 5 — %
Card services revenue2,666 2,560 106 4 %2,345 321 14 %
Tax credit income (loss)9,688 (2,673)12,361 462 %2,389 7,299 306 %
Other income6,336 5,397 939 17 %5,253 1,083 21 %
Total noninterest income$25,452 $12,085 $13,367 111 %$16,873 $8,579 51 %

Total noninterest income for the fourth quarter 2023 was $25.5 million, an increase of $13.4 million from the linked quarter and an increase of $8.6 million from the prior year quarter. The increase from both the linked and prior year quarters was primarily due to an increase in tax credit income. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes on credits carried at fair value. The discount rate used in the fair value determination is the 10-year SOFR swap rate, which decreased approximately 80 basis points in the fourth quarter.

The following table presents a comparative summary of the major components of other income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter endedQuarter ended
($ in thousands)December 31, 2023September 30, 2023Increase (decrease)December 31, 2022Increase (decrease)
BOLI$1,279 $822 $457 56 %$773 $506 65 %
Community development investments1,027 338 689 204 %2,775 (1,748)(63)%
Private equity fund distributions725 181 544 301 %433 292 67 %
Servicing fees774 701 73 10 %181 593 328 %
Swap fees163 54 109 202 %189 (26)(14)%
Gain on SBA loan sales— 1,514 (1,514)(100)%— — — %
Miscellaneous income2,368 1,787 581 33 %902 1,466 163 %
Total other income$6,336 $5,397 $939 17 %$5,253 $1,083 21 %

The increase in bank-owned life insurance income in the fourth quarter 2023 compared to the linked and prior year quarters was related to a policy benefit payment. While a small portfolio of SBA loans was sold in the linked quarter, no loans were sold in the fourth quarter 2023. However, $11 million of investment securities were sold in the fourth quarter 2023 resulting in a gain of $0.2 million that is included in miscellaneous income.


8

Noninterest Expense
The following table presents a comparative summary of the major components of noninterest expense for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)December 31, 2023September 30, 2023Increase (decrease)December 31, 2022Increase (decrease)
Employee compensation and benefits$39,651 $40,771 $(1,120)(3)%$38,175 $1,476 4 %
Occupancy4,313 4,198 115 3 %4,248 65 2 %
Deposit costs21,606 20,987 619 3 %13,256 8,350 63 %
FDIC special assessment2,412 — 2,412 — %— 2,412 — %
Other expense24,621 22,688 1,933 9 %21,470 3,151 15 %
Total noninterest expense$92,603 $88,644 $3,959 4 %$77,149 $15,454 20 %
Noninterest expense was $92.6 million for the fourth quarter 2023, a $4.0 million increase from the linked quarter, and a $15.5 million increase from the prior year quarter. Included in noninterest expense in the fourth quarter 2023 was an assessment of $2.4 million from the FDIC to recover losses in the Deposit Insurance Fund related to the 2023 bank failures. Employee compensation and benefits decreased $1.1 million from the linked quarter primarily due to lower performance-based incentive accruals and a reduction in accrued PTO from vacation usage. Deposit costs increased $0.6 million from the linked quarter, primarily due to growth in average balances that receive an earnings credit rate. Other expense increased due to higher OREO and loan workout expenses, along with an increase in charitable contributions and data processing expenses.

The increase in noninterest expense of $15.5 million from the prior year quarter was primarily due to an $8.4 million increase in variable deposit costs, an increase in the associate base, merit increases throughout 2022 and 2023, and the FDIC special assessment.

For the fourth quarter 2023, the Company’s core efficiency ratio2 was 53.1% for the quarter ended December 31, 2023, compared to 56.2% for the linked quarter and 48.1% for the prior year quarter.

Income Taxes
The Company’s effective tax rate was 19.8% in the fourth quarter 2023, compared to 21.7% and 21.5% in the linked and prior year quarters, respectively. In conjunction with the completion of the 2022 tax returns in the fourth quarter 2023, the effective tax rate was decreased due to a lower state tax apportionment. The anticipated effective tax rate for 2024 is approximately 21%.

9


Capital
The following table presents total equity and various EFSC capital ratios for the most recent five quarters:
Quarter ended
PercentDecember 31, 2023*September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Shareholders’ equity$1,716,068 $1,611,880 $1,618,233 $1,592,820 $1,522,263 
Total risk-based capital to risk-weighted assets14.2 %14.1 %14.1 %14.3 %14.2 %
Tier 1 capital to risk-weighted assets12.7 %12.6 %12.5 %12.6 %12.6 %
Common equity tier 1 capital to risk-weighted assets11.3 %11.2 %11.1 %11.2 %11.1 %
Leverage ratio11.0 %10.9 %11.0 %11.1 %10.9 %
Tangible common equity to tangible assets8.96 %8.51 %8.65 %8.81 %8.43 %
*Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

Total equity was $1.7 billion at December 31, 2023, an increase of $104.2 million from the linked quarter. The increase from the linked quarter was primarily due to the current quarter’s net income of $44.5 million and a $66.8 million increase in accumulated other comprehensive income due to a net fair value increase in the Company’s fixed-rate, available-for-sale investment portfolio. Offsetting these increases were $10.3 million in common and preferred dividends. The Company’s tangible common book value per share was $33.85 at December 31, 2023, compared to $31.06 and $28.67 in the linked and prior year quarters, respectively.

The Company’s regulatory capital ratios continue to exceed the “well-capitalized” regulatory benchmark. Capital ratios for the current quarter are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

Use of Non-GAAP Financial Measures
The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROACE, ROATCE, ROAA, PPNR return on average assets (“PPNR ROAA”), core efficiency ratio, the tangible common equity ratio, and tangible book value per common share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

The Company considers its tangible common equity, PPNR, ROACE, ROATCE, ROAA, PPNR ROAA, core efficiency ratio, the tangible common equity ratio, and tangible book value per common share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, merger-related expenses, facilities charges, and the gain or loss on sale of investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.


10

The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated.

Conference Call and Webcast Information
The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, January 23, 2024. During the call, management will review the fourth quarter 2023 results and related matters. This press release as well as a related slide presentation will be accessible on the Company’s website at www.enterprisebank.com under “Investor Relations” prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-888-330-2413 (Conference ID 70045, press # to reach an operator). We encourage participants to pre-register for the conference call using the following link:
https://bit.ly/EFSC4Q2023EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call’s completion. The replay will be available for at least two weeks following the conference call.

About Enterprise Financial Services Corp
Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $14.5 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com.

Enterprise Financial Services Corp’s common stock is traded on the Nasdaq Stock Market under the symbol “EFSC.” Please visit our website at www.enterprisebank.com to see our regularly posted material information.

Forward-looking Statements
Readers should note that, in addition to the historical information contained herein, this press release contains “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 are 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 regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, shareholder value creation and the impact of acquisitions.

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that

11

any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, as well as credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results.

For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made.

For more information contact
Investor Relations: Keene Turner, Senior Executive Vice President and CFO (314) 512-7233
Media: Steve Richardson, Senior Vice President (314) 995-5695

12

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
Quarter endedYear ended
(in thousands, except per share data)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Dec 31,
2023		Dec 31,
2022
EARNINGS SUMMARY
Net interest income$140,732 $141,639 $140,692 $139,529 $138,835 $562,592 $473,903 
Provision (benefit) for credit losses18,053 8,030 6,339 4,183 2,123 36,605 (611)
Noninterest income25,452 12,085 14,290 16,898 16,873 68,725 59,162 
Noninterest expense92,603 88,644 85,956 80,983 77,149 348,186 274,216 
Income before income tax expense55,528 57,050 62,687 71,261 76,436 246,526 259,460 
Income tax expense10,999 12,385 13,560 15,523 16,435 52,467 56,417 
Net income44,529 44,665 49,127 55,738 60,001 194,059 203,043 
Preferred stock dividends937 938 937 938 937 $3,750 $4,041 
Net income available to common shareholders$43,592 $43,727 $48,190 $54,800 $59,064 $190,309 $199,002 
Diluted earnings per common share$1.16 $1.17 $1.29 $1.46 $1.58 $5.07 $5.31 
Return on average assets1
1.28 %1.26 %1.44 %1.72 %1.83 %1.42 %1.52 %
Return on average common equity1
11.40 %11.00 %12.48 %14.85 %16.52 %12.39 %13.95 %
ROATCE1
14.98 %14.49 %16.53 %19.93 %22.62 %16.40 %19.10 %
Net interest margin (tax equivalent)4.23 %4.33 %4.49 %4.71 %4.66 %4.43 %3.89 %
Efficiency ratio55.72 %57.66 %55.46 %51.77 %49.55 %55.15 %51.44 %
Core efficiency ratio1
53.06 %56.18 %54.04 %50.47 %48.10 %53.42 %49.77 %
Assets$14,518,590 $14,025,042 $13,871,154 $13,325,982 $13,054,172 
Average assets$14,332,804 $14,068,860 $13,671,985 $13,131,195 $12,986,568 $13,805,236 $13,319,624 
Period end common shares outstanding37,416 37,385 37,359 37,311 37,253 
Dividends per common share$0.25 $0.25 $0.25 $0.25 $0.24 $1.00 $0.90 
Tangible book value per common share1
$33.85 $31.06 $31.23 $30.55 $28.67 
Tangible common equity to tangible assets1
8.96 %8.51 %8.65 %8.81 %8.43 %
Total risk-based capital to risk-weighted assets2
14.2 %14.1 %14.1 %14.3 %14.2 %
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.




13

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter endedYear ended
($ in thousands, except per share data)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Dec 31,
2023		Dec 31,
2022
INCOME STATEMENTS
NET INTEREST INCOME
Interest income$207,083 $200,906 $187,897 $169,033 $156,737 $764,919 $515,082 
Interest expense66,351 59,267 47,205 29,504 17,902 202,327 41,179 
Net interest income140,732 141,639 140,692 139,529 138,835 562,592 473,903 
Provision (benefit) for credit losses18,053 8,030 6,339 4,183 2,123 36,605 (611)
Net interest income after provision (benefit) for credit losses122,679 133,609 134,353 135,346 136,712 525,987 474,514 
NONINTEREST INCOME
Deposit service charges4,334 4,187 3,910 4,128 4,463 16,559 18,326 
Wealth management revenue2,428 2,614 2,472 2,516 2,423 10,030 10,010 
Card services revenue2,666 2,560 2,464 2,338 2,345 10,028 11,551 
Tax credit income (loss)9,688 (2,673)368 1,813 2,389 9,196 2,558 
Other income6,336 5,397 5,076 6,103 5,253 22,912 16,717 
Total noninterest income25,452 12,085 14,290 16,898 16,873 68,725 59,162 
NONINTEREST EXPENSE
Employee compensation and benefits39,651 40,771 41,641 42,503 38,175 164,566 147,029 
Occupancy4,313 4,198 3,954 4,061 4,248 16,526 17,640 
Deposit costs21,606 20,987 16,980 12,720 13,256 72,293 31,082 
FDIC special assessment2,412 — — — — 2,412 — 
Other expense24,621 22,688 23,381 21,699 21,470 92,389 78,465 
Total noninterest expense92,603 88,644 85,956 80,983 77,149 348,186 274,216 
Income before income tax expense55,528 57,050 62,687 71,261 76,436 246,526 259,460 
Income tax expense10,999 12,385 13,560 15,523 16,435 52,467 56,417 
Net income $44,529 $44,665 $49,127 $55,738 $60,001 $194,059 $203,043 
Preferred stock dividends937 938 937 938 937 3,750 4,041 
Net income available to common shareholders$43,592 $43,727 $48,190 $54,800 $59,064 $190,309 $199,002 
Basic earnings per common share$1.16 $1.17 $1.29 $1.47 $1.59 $5.09 $5.32 
Diluted earnings per common share$1.16 $1.17 $1.29 $1.46 $1.58 $5.07 $5.31 


14

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
    
Quarter ended
($ in thousands)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022
BALANCE SHEETS
ASSETS
Cash and due from banks$193,275 $190,806 $202,702 $210,813 $229,580 
Interest-earning deposits243,610 184,245 125,328 81,241 69,808 
Debt and equity investments2,434,902 2,279,578 2,340,821 2,338,746 2,309,512 
Loans held for sale359 212 551 261 1,228 
Loans10,884,118 10,616,820 10,512,623 10,011,918 9,737,138 
Allowance for credit losses(134,771)(142,133)(141,319)(138,295)(136,932)
Total loans, net10,749,347 10,474,687 10,371,304 9,873,623 9,600,206 
Fixed assets, net42,681 41,268 41,988 42,340 42,985 
Goodwill365,164 365,164 365,164 365,164 365,164 
Intangible assets, net12,318 13,425 14,544 15,680 16,919 
Other assets476,934 475,657 408,752 398,114 418,770 
Total assets$14,518,590 $14,025,042 $13,871,154 $13,325,982 $13,054,172 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits$3,958,743 $3,852,486 $3,880,561 $4,192,523 $4,642,732 
Interest-bearing deposits8,217,628 8,057,421 7,739,299 6,962,113 6,186,418 
Total deposits12,176,371 11,909,907 11,619,860 11,154,636 10,829,150 
Subordinated debentures and notes155,984 155,844 155,706 155,569 155,433 
FHLB advances— — 150,000 100,000 100,000 
Other borrowings297,829 182,372 199,390 213,489 324,119 
Other liabilities172,338 165,039 127,965 109,468 123,207 
Total liabilities12,802,522 12,413,162 12,252,921 11,733,162 11,531,909 
Shareholders’ equity:
Preferred stock71,988 71,988 71,988 71,988 71,988 
Common stock374 374 374 373 373 
Additional paid-in capital995,208 992,044 988,355 984,281 982,660 
Retained earnings749,513 715,303 680,981 642,153 597,574 
Accumulated other comprehensive loss(101,015)(167,829)(123,465)(105,975)(130,332)
Total shareholders’ equity1,716,068 1,611,880 1,618,233 1,592,820 1,522,263 
Total liabilities and shareholders’ equity$14,518,590 $14,025,042 $13,871,154 $13,325,982 $13,054,172 
















15

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Year ended
December 31, 2023December 31, 2022
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans1, 2
$10,324,951 $688,439 6.67 %$9,193,682 $456,703 4.97 %
Securities2
2,291,552 71,129 3.10 2,100,687 54,822 2.61 
Interest-earning deposits260,214 13,430 5.16 1,074,165 10,599 0.99 
Total interest-earning assets12,876,717 772,998 6.00 12,368,534 522,124 4.22 
Noninterest-earning assets928,519 951,090 
Total assets$13,805,236 $13,319,624 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts$2,559,238 $46,976 1.84 %$2,318,363 $7,038 0.30 %
Money market accounts3,043,794 92,976 3.05 2,781,579 19,306 0.69 
Savings accounts668,368 975 0.15 819,043 305 0.04 
Certificates of deposit1,198,551 42,796 3.57 569,272 3,509 0.62 
Total interest-bearing deposits7,469,951 183,723 2.46 6,488,257 30,158 0.46 
Subordinated debentures and notes155,702 9,781 6.28 155,160 9,166 5.91 
FHLB advances54,615 2,752 5.04 33,467 599 1.79 
Securities sold under agreements to repurchase168,745 3,647 2.16 211,039 506 0.24 
Other borrowings71,738 2,424 3.38 22,812 750 3.29 
Total interest-bearing liabilities7,920,751 202,327 2.55 6,910,735 41,179 0.60 
Noninterest-bearing liabilities:
Demand deposits4,131,163 4,805,549 
Other liabilities130,201 104,581 
Total liabilities12,182,115 11,820,865 
Shareholders' equity1,623,121 1,498,759 
Total liabilities and shareholders' equity$13,805,236 $13,319,624 
Total net interest income$570,671 $480,945 
Net interest margin4.43 %3.89 %
1 Average balances include nonaccrual loans. Interest income includes loan fees of $13.8 million and $16.7 million for the years ended December 31, 2023 and December 31, 2022, respectively.
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $8.1 million and $7.0 million for the years ended December 31, 2023 and December 31, 2022, respectively.
    




16

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter ended
($ in thousands)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022
LOAN PORTFOLIO
Commercial and industrial$4,672,559 $4,448,535 $4,360,862 $4,032,189 $3,859,882 
Commercial real estate4,803,571 4,794,355 4,802,293 4,699,302 4,628,371 
Construction real estate760,425 723,796 671,573 663,264 611,565 
Residential real estate372,188 376,120 368,867 364,059 395,537 
Other275,375 274,014 309,028 253,104 241,783 
Total loans$10,884,118 $10,616,820 $10,512,623 $10,011,918 $9,737,138 
DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts$3,958,743 $3,852,486 $3,880,561 $4,192,523 $4,642,732 
Interest-bearing demand accounts2,950,259 2,749,598 2,629,339 2,395,901 2,256,295 
Money market and savings accounts3,994,455 3,837,145 3,577,856 3,672,539 3,399,415 
Brokered certificates of deposit482,759 695,551 893,808 369,505 118,968 
Other certificates of deposit790,155 775,127 638,296 524,168 411,740 
Total deposits$12,176,371 $11,909,907 $11,619,860 $11,154,636 $10,829,150 
AVERAGE BALANCES
Loans$10,685,961 $10,521,966 $10,284,873 $9,795,045 $9,423,984 
Securities2,276,915 2,302,850 2,297,995 2,288,451 2,204,211 
Interest-earning assets13,383,638 13,160,587 12,756,653 12,189,750 11,995,295 
Assets14,332,804 14,068,860 13,671,985 13,131,195 12,986,568 
Deposits12,163,346 11,922,534 11,387,813 10,913,489 11,002,614 
Shareholders’ equity1,652,882 1,648,605 1,621,337 1,568,451 1,490,592 
Tangible common equity1
1,202,872 1,197,486 1,169,091 1,115,052 1,035,896 
YIELDS (tax equivalent)
Loans6.87 %6.80 %6.64 %6.33 %5.87 %
Securities3.20 3.11 3.06 3.03 2.91 
Interest-earning assets6.20 6.12 5.97 5.69 5.25 
Interest-bearing deposits3.03 2.77 2.26 1.56 0.94 
Deposits2.03 1.84 1.46 0.92 0.53 
Subordinated debentures and notes6.30 6.28 6.27 6.28 6.07 
FHLB advances and other borrowed funds3.06 2.76 3.45 2.60 1.39 
Interest-bearing liabilities3.09 2.84 2.40 1.72 1.07 
Net interest margin4.23 4.33 4.49 4.71 4.66 
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.






17

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter ended
(in thousands, except per share data)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022
ASSET QUALITY
Net charge-offs (recoveries)$28,479 $6,856 $2,973 $(264)$2,075 
Nonperforming loans43,728 48,932 16,112 11,972 9,981 
Classified assets185,389 184,393 108,065 110,384 99,122 
Nonperforming loans to total loans0.40 %0.46 %0.15 %0.12 %0.10 %
Nonperforming assets to total assets0.34 %0.40 %0.12 %0.09 %0.08 %
Allowance for credit losses to total loans1.24 %1.34 %1.34 %1.38 %1.41 %
Allowance for credit losses to loans, excluding guaranteed loans1.35 %1.47 %1.48 %1.53 %1.56 %
Allowance for credit losses to nonperforming loans308.2 %290.5 %877.1 %1,155.2 %1,371.9 %
Net charge-offs (recoveries) to average loans -annualized1.06 %0.26 %0.12 %(0.01)%0.09 %
WEALTH MANAGEMENT
Trust assets under management$2,235,073 $2,129,408 $1,992,563 $1,956,146 $1,885,394 
SHARE DATA
Book value per common share$43.94 $41.19 $41.39 $40.76 $38.93 
Tangible book value per common share1
$33.85 $31.06 $31.23 $30.55 $28.67 
Market value per share$44.65 $37.50 $39.10 $44.59 $48.96 
Period end common shares outstanding37,416 37,385 37,359 37,311 37,253 
Average basic common shares37,421 37,405 37,347 37,305 37,257 
Average diluted common shares37,554 37,520 37,495 37,487 37,415 
CAPITAL
Total risk-based capital to risk-weighted assets2
14.2 %14.1 %14.1 %14.3 %14.2 %
Tier 1 capital to risk-weighted assets2
12.7 %12.6 %12.5 %12.6 %12.6 %
Common equity tier 1 capital to risk-weighted assets2
11.3 %11.2 %11.1 %11.2 %11.1 %
Tangible common equity to tangible assets1
8.96 %8.51 %8.65 %8.81 %8.43 %
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

18

ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Quarter endedYear ended
($ in thousands)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Dec 31,
2023		Dec 31,
2022
CORE EFFICIENCY RATIO
Net interest income (GAAP)$140,732 $141,639 $140,692 $139,529 $138,835 $562,592 $473,903 
Tax equivalent adjustment1,915 2,061 2,062 2,041 1,983 8,079 7,042 
Noninterest income (GAAP)25,452 12,085 14,290 16,898 16,873 68,725 59,162 
Less gain on sale of investment securities220 — — 381 — 601 — 
Less gain (loss) on sale of other real estate owned— — 97 90 — 187 (93)
Core revenue (non-GAAP)167,879 155,785 156,947 157,997 157,691 638,608 540,200 
Noninterest expense (GAAP)92,603 88,644 85,956 80,983 77,149 348,186 274,216 
Less FDIC special assessment2,412 — — — — 2,412 — 
Less amortization on intangibles1,108 1,118 1,136 1,239 1,299 4,601 5,367 
Core noninterest expense (non-GAAP)89,083 87,526 84,820 79,744 75,850 341,173 268,849 
Core efficiency ratio (non-GAAP)53.06 %56.18 %54.04 %50.47 %48.10 %53.42 %49.77 %

Quarter ended
(in thousands, except per share data)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO
Shareholders’ equity$1,716,068 $1,611,880 $1,618,233 $1,592,820 $1,522,263 
Less preferred stock71,988 71,988 71,988 71,988 71,988 
Less goodwill365,164 365,164 365,164 365,164 365,164 
Less intangible assets12,318 13,425 14,544 15,680 16,919 
Tangible common equity (non-GAAP)$1,266,598 $1,161,303 $1,166,537 $1,139,988 $1,068,192 
Less net unrealized losses on HTM securities, after tax41,038 81,367 53,611 48,630 61,435 
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)$1,225,560 $1,079,936 $1,112,926 $1,091,358 $1,006,757 
Common shares outstanding37,416 37,385 37,359 37,311 37,253 
Tangible book value per share (non-GAAP)$33.85 $31.06 $31.23 $30.55 $28.67 
Total assets$14,518,590 $14,025,042 $13,871,154 $13,325,982 $13,054,172 
Less goodwill365,164 365,164 $365,164 365,164 365,164 
Less intangible assets12,318 13,425 $14,544 15,680 16,919 
Tangible assets (non-GAAP)$14,141,108 $13,646,453 $13,491,446 $12,945,138 $12,672,089 
Tangible common equity to tangible assets (non-GAAP)8.96 %8.51 %8.65 %8.81 %8.43 %
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)8.67 %7.91 %8.25 %8.43 %7.94 %


19

Quarter EndedYear ended
($ in thousands)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Dec 31,
2023		Dec 31,
2022
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE)
Average shareholder’s equity$1,652,882 $1,648,605 $1,621,337 $1,568,451 $1,490,592 $1,623,121 $1,498,759 
Less average preferred stock71,988 71,988 71,988 71,988 71,988 71,988 71,988 
Less average goodwill365,164 365,164 365,164 365,164 365,164 365,164 365,164 
Less average intangible assets12,858 13,967 15,094 16,247 17,544 14,531 19,516 
Average tangible common equity$1,202,872 $1,197,486 $1,169,091 $1,115,052 $1,035,896 $1,171,438 $1,042,091 
Net income available to common shareholders (GAAP)$43,592 $43,727 $48,190 $54,800 $59,064 $190,309 $199,002 
FDIC special assessment (after tax)1,814 — — — — 1,814 — 
Net income available to common shareholders adjusted (non-GAAP)$45,406 $43,727 $48,190 $54,800 $59,064 $192,123 $199,002 
Return on average common equity excluding FDIC assessment (non-GAAP)11.40 %11.00 %12.48 %14.85 %16.52 %12.39 %13.95 %
ROATCE (non-GAAP)14.38 %14.49 %16.53 %19.93 %22.62 %16.25 %19.10 %
ROATCE excluding FDIC special assessment (non-GAAP)14.98 %14.49 %16.53 %19.93 %22.62 %16.40 %19.10 %
Quarter endedYear ended
($ in thousands)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Dec 31,
2023		Dec 31,
2022
CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)
Net interest income$140,732 $141,639 $140,692 $139,529 $138,835 $562,592 $473,903 
Noninterest income25,452 12,085 14,290 16,898 16,873 68,725 59,162 
FDIC special assessment2,412 — — — — 2,412 — 
Less gain on sale of investment securities220 — — 381 — 601 — 
Less gain (loss) on sale of other real estate owned— — 97 90 — 187 (93)
Less noninterest expense92,603 88,644 85,956 80,983 77,149 348,186 274,216 
PPNR (non-GAAP)$75,773 $65,080 $68,929 $74,973 $78,559 $284,755 $258,942 
Average assets$14,332,804 $14,068,860 $13,671,985 $13,131,195 $12,986,568 $13,805,236 $13,319,624 
PPNR ROAA (non-GAAP)2.10 %1.84 %2.02 %2.32 %2.40 %2.06 %1.94 %
Quarter ended
($ in thousands)Dec 31,
2023		Sep 30,
2023
CALCULATION OF ESTIMATED INSURED DEPOSITS
Estimated uninsured deposits per Call Report$4,297,447 $3,886,299 
Collateralized/affiliate deposits(459,872)(455,553)
Accrued interest on deposits(7,291)(6,231)
Adjusted uninsured/uncollateralized deposits3,830,284 3,424,515 
Estimated insured/collateralized deposits8,346,087 8,485,392 
Total deposits$12,176,371 $11,909,907 



20

Quarter endedYear ended
(in thousands, except per share data)Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Dec 31,
2023		Dec 31,
2022
RETURN ON AVERAGE ASSETS AND DILUTED EARNINGS PER SHARE
Net income$44,529 $44,665 $49,127 $55,738 $60,001 $194,059 $203,043 
FDIC special assessment (after tax)1,814 — — — — 1,814 — 
Net income adjusted (non-GAAP)$46,343 $44,665 $49,127 $55,738 $60,001 $195,873 $203,043 
Average assets$14,332,804 $14,068,860 $13,671,985 $13,131,195 $12,986,568 $13,805,236 $13,319,624 
ROAA (GAAP)1.23 %1.26 %1.44 %1.72 %1.83 %1.41 %1.52 %
ROAA adjusted for FDIC special assessment (non-GAAP)1.28 %1.26 %1.44 %1.72 %1.83 %1.42 %1.52 %
Average diluted common shares37,555 37,520 37,495 37,487 37,415 37,506 37,500 
EPS excluding FDIC special assessment (non-GAAP)$1.21 $1.17 $1.29 $1.46 $1.58 $5.12 $5.31 

21
Enterprise Financial Services Corp 2023 Fourth Quarter Earnings Webcast Exhibit 99.2

 
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 including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, shareholder value creation and the impact of acquisitions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, as well as credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results. For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made. 2

 
*Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. Capital • Tangible Common Equity/Tangible Assets** 8.96%, compared to 8.51% • Tangible Book Value Per Common Share** $33.85, compared to $31.06 • CET1 Ratio 11.3%, compared to 11.2% • Quarterly common stock dividend of 0.25 per share in fourth quarter 2023 • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depository share) • Net Income $44.5 million, down $0.1 million; EPS $1.16 • Net Interest Income $140.7 million, down $0.9 million; NIM 4.23% • PPNR** $75.8 million, up $10.7 million • ROAA** 1.28%, compared to 1.26%; PPNR ROAA** 2.10%, compared to 1.84% • ROATCE** 14.98%, compared to 14.49% Earnings Financial Highlights - 4Q23* 3

 
*Comparisons noted below are to the linked quarter unless otherwise noted. Loans & Deposits • Loans $10.9 billion, up $267.3 million • Loan/Deposit Ratio 89% • Deposits $12.2 billion, up $266.5 million • Noninterest-bearing Deposits/Total Deposits 33% Asset Quality • Nonperforming Loans/Loans 0.40% • Nonperforming Assets/Assets 0.34% • Allowance Coverage Ratio 1.24%; 1.35% adjusted for guaranteed loans • Net Charge-offs $28.5 million Financial Highlights, continued - 4Q23* 4

 
Capital • Tangible Common Equity/Tangible Assets** 8.96%, compared to 8.43% • Tangible Book Value Per Share** $33.85, compared to $28.67, increase of 18% • Common stock dividend increased to $1.00 per share, compared to $0.90 per share • Net Income $194.1 million, down $9.0 million; EPS $5.07 compared to $5.31 • Net Interest Income $562.6 million, up $88.7 million; NIM 4.43%, compared to 3.89% • PPNR** $284.8 million, up $25.8 million • ROAA** 1.42%, compared to 1.52%; PPNR ROAA**2.06%, compared to 1.94% • ROATCE** 16.40%, compared to 19.10% Earnings *Comparisons noted below are to the prior year. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. Loans, Deposits, & Asset Quality • Loans $10.9 billion, up $1.1 billion, or 12% • Deposits $12.2 billion, up $1.3 billion, or 12% • Net Charge-offs $38.0 million, or 0.37% of average loans, compared to 0.04% Financial Highlights, continued - 2023* 5

 
Areas of Focus Organic Loan and Deposit Growth • Continue Funding Loan Growth with Customer Deposits • Build Franchise Value by Expanding Existing and Acquiring New Relationships Disciplined Loan and Deposit Pricing Focused Credit Underwriting and Monitoring • Third Party Agricultural Loan Portfolio Review Maintain a Strong Balance Sheet Focus on Long-term Earnings Trajectory Core System Conversion 6

 
$9,737 $10,012 $10,513 $10,617 $10,884 4Q22 1Q23 2Q23 3Q23 4Q23 In Millions 12% Total Loan Grow th Loan Trends 7

 
4Q23 4Q22 LTM Change C&I $ 2,186 $ 1,905 $ 281 CRE Investor Owned 2,292 2,176 116 CRE Owner Occupied 1,262 1,174 88 SBA loans* 1,282 1,312 (30) Sponsor Finance* 872 635 237 Life Insurance Premium Finance* 956 817 139 Tax Credits* 735 560 175 Residential Real Estate 360 380 (20) Construction and Land Development 670 535 135 Other 269 243 26 Total loans $ 10,884 $ 9,737 $ 1,147 *Specialty loan category. In Millions Loan Details - LTM 8

 
4Q23 3Q23 QTR Change C&I $ 2,186 $ 2,020 $ 166 CRE Investor Owned 2,292 2,260 32 CRE Owner Occupied 1,262 1,256 6 SBA loans* 1,282 1,309 (27) Sponsor Finance* 872 888 (16) Life Insurance Premium Finance* 956 928 28 Tax Credits* 735 684 51 Residential Real Estate 360 365 (5) Construction and Land Development 670 640 30 Other 269 267 2 Total loans $ 10,884 $ 10,617 $ 267 *Specialty loan category. In Millions Loan Details - QTR 9

 
Specialty Lending $3,382 $3,871 $3,898 4Q22 3Q23 4Q23 In Millions Midwest $3,214 $3,260 $3,338 4Q22 3Q23 4Q23 Southwest $1,242 $1,464 $1,566 4Q22 3Q23 4Q23 West $1,656 $1,755 $1,813 4Q22 3Q23 4Q23 Note: Excludes “Other” loans Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) Loan By Region 10

 
Deposit Details - LTM 4Q23 4Q22 LTM Change Noninterest-bearing demand accounts $ 3,959 $ 4,643 $ (684) Interest-bearing demand accounts 2,950 2,256 694 Money market accounts 3,399 2,655 744 Savings accounts 595 744 (149) Certificates of deposit: Brokered 483 119 364 Other 790 412 378 Total deposits $ 12,176 $ 10,829 $ 1,347 Specialty deposits (included in total deposits)* $ 2,778 $ 2,051 $ 727 In Millions * Note: prior period amounts have been reclassified among categories to conform to the current period presentation. Deposits related to specialty lending (i.e., Sponsor Finance and Life Insurance Premium Finance) are no longer included in Specialty deposits. 11

 
Deposit Details - QTR 4Q23 3Q23 QTR Change Noninterest-bearing demand accounts $ 3,959 $ 3,852 $ 107 Interest-bearing demand accounts 2,950 2,750 200 Money market accounts 3,399 3,211 188 Savings accounts 595 626 (31) Certificates of deposit: Brokered 483 696 (213) Other 790 775 15 Total deposits $ 12,176 $ 11,910 $ 266 Specialty deposits (included in total deposits)** $ 2,778 $ 2,693 $ 85 In Millions * Total deposits excluding specialty and brokered CDs increased $394 million in 4Q23. ** Note: prior period amounts have been reclassified among categories to conform to the current period presentation. Deposits related to specialty lending (i.e., Sponsor Finance and Life Insurance Premium Finance) are no longer included in Specialty deposits. * 12

 
Specialty Deposits** $2,051 $2,693 $2,778 4Q22 3Q23 4Q23 In Millions Midwest (*)** $5,413 $6,098 $6,219 4Q22 3Q23 4Q23 Southwest $1,845 $1,802 $1,828 4Q22 3Q23 4Q23 West* $1,520 $1,317 $1,351 4Q22 3Q23 4Q23 Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) *Includes brokered balances ** Note, prior period amounts have been reclassified among categories to conform to the current period presentation. Deposits related to specialty lending (i.e., Sponsor Finance and Life Insurance Premium Finance) are no longer included in Specialty deposits. Deposit By Region 13

 
Specialty Deposits 39.6% 30.7% 29.7% Community Associations $1.1 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $854 million in deposits. Specializing in the compliance of Property Management Trust Accounts. Third Party Escrow and Trust Services $824 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $2.78 billion - Specialty deposits, representing 23% of total deposits • $2.81 billion - Average specialty deposits for 4Q23 • $21.6 million - Related deposit costs in noninterest expense, resulting in an average specialty deposit cost of 3.05% • $126.7 thousand - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B* • 22 - Number of traditional branches that would support the EFSC specialty deposit portfolio *Data Source: Deposit data as of June 30th, 2023, per the FDIC Summary of Deposits. 4Q22 1Q23 2Q23 3Q23 4Q23 Community Assoc Property Mgmt Third-Party Escrow and Trust Services $— $500 $1,000 In Millions 14

 
37% 32% 30% 43% 35% 17% 4% 7% 31% 18% 18% 24% 2% Core Funding Mix Commercial Business Banking Consumer In Millions $2,879$1,270$4,512 1At December 31, 2023 2Excludes insured accounts, collateralized accounts, accounts that qualify for pass- through insurance, reciprocal accounts, and affiliated accounts. Note: Brokered deposits: 4Q23 $0.7 billion; 3.32% cost of funds Specialty $2,778 58% 7% 34%4Q23 Net New/Closed Deposit Accounts COMMERCIAL BUSINESS BANKING CONSUMER SPECIALTY Total net average balance ($ in thousands) 4Q23 $ 85,358 $ 18,529 $ 26,556 $ 214,189 3Q23 $ 51,792 $ 35,842 $ 27,182 $ 228,800 2Q23 $ 52,313 $ 15,031 $ 687 $ 161,683 1Q23 $ 99,087 $ 41,931 $ 6,502 $ 106,043 Number of accounts 4Q23 84 (77) 842 1,452 3Q23 96 (23) 996 1,229 2Q23 (54) (110) 482 1,792 1Q23 (46) (206) 188 1,190 Total Portfolio Average Account Size & Cost of Funds Average account size ($ in thousands) 4Q23 $ 292 $ 66 $ 25 $ 127 Cost of funds 4Q231 2.27 % 1.12 % 1.59 % 1.25 % • Estimated uninsured deposits of $3.8 billion, or 31% of total deposits2 • ~80% of commercial deposits utilize Treasury Management services • ~90% of checking and savings accounts utilize online banking services • ~60% of commercial deposits have a lending relationship • ~ 129% of on- and off-balance sheet liquidity to estimated uninsured deposits Overview 15

 
Earnings Per Share Trend - 4Q23 $1.17 $0.26 $(0.21) $(0.08) $0.02 $1.16 3Q23 Operating Revenue Provision for Credit Losses Noninterest Expense Change in Effective Tax Rate 4Q23 Change in EPS 16

 
$138.8 $139.5 $140.7 $141.6 $140.7 4.66% 4.71% 4.49% 4.33% 4.23%3.65% 4.52% 4.99% 5.26% 5.33% Net Interest Income Net Interest Margin Avg Fed Funds Rate 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income Trend In Millions Stable Net Interest Income 17

 
Net Interest Margin 5.87% 6.33% 6.64% 6.80% 6.87% 2.91% 3.03% 3.06% 3.11% 3.20% 5.25% 5.69% 5.97% 6.12% 6.20% Earning asset yield Securities yield Loan yield 4Q22 1Q23 2Q23 3Q23 4Q23 0.94% 1.56% 2.26% 2.77% 3.03% 0.53% 0.92% 1.46% 1.84% 2.03% 1.07% 1.72% 2.40% 2.84% 3.09% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 4Q22 1Q23 2Q23 3Q23 4Q23 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.33% 0.06% 0.01% 0.01% (0.04)% (0.14)% 4.23% 3Q23 Loans Securities Other Earning Asset Mix Funding Mix Cost of Funds 4Q23 Margin Bridge 18

 
9 (1) 12 26 106 4Q22 1Q23 2Q23 3Q23 4Q23 $382 $275 $501 $104 $267 41.0% 42.4% 44.6% 41.0% 42.0% Organic Loans Avg Line Draw % 4Q22 1Q23 2Q23 3Q23 4Q23 4Q23 3Q23 4Q22 NPLs/Loans 0.40 % 0.46 % 0.10 % NPAs/Assets 0.34 % 0.40 % 0.08 % ACL/NPLs 308.2 % 290.5 % 1371.9 % ACL/Loans** 1.35 % 1.47 % 1.56 % Annualized Net Charge-offs (Recoveries) to Average Loans Provision for Credit Losses* $2.1 $4.2 $6.3 $8.0 $18.1 4Q22 1Q23 2Q23 3Q23 4Q23 In Millions bps bps bps bps bps In Millions Loan Growth and Average Line of Credit Utilization *Includes credit loss expense on loans, investments and unfunded commitments. **Excludes guaranteed loans. Credit Trends 19

 
$142.1 $21.2 $(28.5) $134.8 ACL 3Q23 Portfolio Changes Net Charge-offs ACL 4Q23 Allowance for Credit Losses for Loans In Millions • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors 4Q23 In Millions Loans ACL ACL as a % of Loans Commercial and industrial $ 4,673 $ 59 1.26 % Commercial real estate 4,804 55 1.14 % Construction real estate 760 10 1.32 % Residential real estate 372 6 1.61 % Other 275 5 1.82 % Total $ 10,884 $ 135 1.24 % Reserves on sponsor finance, which is included in the categories above, represented $23.0 million. Total ACL percentage of loans excluding government guaranteed loans was 1.35%. Key Assumptions: • Reasonable and supportable forecast period is one year with a one year reversion period. • Forecast considers a weighted average of baseline, upside and downside scenarios. • Primary macroeconomic factors: ◦ Percentage change in GDP ◦ Unemployment ◦ Percentage change in Retail Sales ◦ Percentage change in CRE Index 20

 
Noninterest Income Trend Other Noninterest Income DetailNoninterest Income In Millions $16.9 $16.9 $14.3 $12.1 $25.5 $5.3 $6.1 $5.1 $5.4 $6.3 $2.4 $1.9 $0.4 $(2.7) $9.7$4.5 $4.1 $3.9 $4.2 $4.3 $2.3 $2.3 $2.4 $2.6 $2.7 $2.4 $2.5 $2.5 $2.6 $2.5 10.8% 10.8% 9.2% 7.9% 15.3% Other Tax Credit Income Deposit Services Charge Card Services Wealth Management Noninterest income/Total income 4Q22 1Q23 2Q23 3Q23 4Q23 $5.3 $6.1 $5.1 $5.4 $6.3 $0.9 $1.7 $1.2 $1.8 $2.3 $0.2 $0.5 $0.4 $0.7 $0.8 $0.8 $0.8 $0.8 $0.8 $1.3 $0.2 $0.3 $0.2 $0.1 $0.2 $2.8 $0.6 $2.1 $0.3 $1.0$0.4 $1.7 $0.4 $0.2 $0.7$0.5 $1.5 Miscellaneous Servicing Fees BOLI Swap Fees CDE Private Equity Fund Distribution Gain on SBA loan sales Mortgage 4Q22 1Q23 2Q23 3Q23 4Q23 21

 
Noninterest Expense Trend Other Noninterest Expense DetailNoninterest Expense In Millions $77.1 $81.0 $86.0 $88.6 $92.6 $21.4 $21.7 $23.4 $22.7 $24.6 $13.3 $12.7 $17.0 $21.0 $21.6 $2.4 $4.2 $4.1 $4.0 $4.2 $4.3 $38.2 $42.5 $41.6 $40.7 $39.7 48.1% 50.5% 54.0% 56.2% 53.1% Other Deposit costs FDIC special assessment Occupancy Employee compensation and benefits Core efficiency ratio* 4Q22 1Q23 2Q23 3Q23 4Q23 $21.4 $21.7 $23.4 $22.7 $24.6 $11.2 $10.7 $12.5 $11.4 $10.6 $3.6 $3.7 $3.7 $3.8 $4.0 $2.8 $1.6 $1.6 $1.4 $1.1 $1.6 $2.6 $2.6 $2.9 $5.1 $0.9 $1.9 $1.9 $2.1 $2.7 $1.3 $1.2 $1.1 $1.1 $1.1 Miscellaneous Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 4Q22 1Q23 2Q23 3Q23 4Q23 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. 22

 
Capital Tangible Common Equity/Tangible Assets* 8.43% 8.81% 8.65% 8.51% 8.96% Tangible Common Equity/Tangible Assets 4Q22 1Q23 2Q23 3Q23 4Q23 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. **Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.2% 14.3% 14.1% 14.1% 14.2% 6.5% 11.1% 11.2% 11.1% 11.2% 11.3% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 4Q22 1Q23 2Q23 3Q23 4Q23** 8.0% 12.6% 12.6% 12.5% 12.6% EFSC Capital Strategy: Low Cost - Highly Flexible High Capital Retention Rate – Strong earnings profile – Sustainable dividend profile Supporting Robust Asset Growth – Organic loan and deposit growth – High quality M&A to enhance commercial franchise and geographic diversification Maintain High Quality Capital Stack – Minimize WACC over time (preferred, sub debt, etc.) – Optimize capital levels CET1 ~10%, Tier 1 ~12%, and Total Capital ~14% Maintain 8-9% TCE – Common stock repurchases – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $28.67 $30.55 $31.23 $31.06 $33.85 $0.24 $0.25 $0.25 $0.25 $0.25 TBV/Share Dividends per Share 4Q22 1Q23 2Q23 3Q23 4Q23 12.7% 23

 
Appendix

 
Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 12% Obligations of states and political subdivisions 42% Agency mortgage- backed securities, 32% Corporate debt securities 6% U.S. Treasury bills 8% TOTAL $2.4 Billion • Effective duration of 5.9 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $324.7 million • 3.20% tax-equivalent yield • Municipal bond portfolio rated A or better • Laddered maturity and repayment structure for consistent cash flows Overview Total AFS (Fair Value) Total HTM (Fair Value) AFS Securities (Net Unrealized) HTM Securities (Net Unrealized) 4Q22 1Q23 2Q23 3Q23 4Q23 $— $600 $1,200 $1,800 $(320) $(160) $— $160 In Millions $158.8 $101.3 $74.6 $53.9 $144.6 5.22% 4.79% 5.07% 5.60% 5.36% Principal Cost Yield (TEQ) 4Q22 1Q23 2Q23 3Q23 4Q23 Investment Purchase Yield In Millions Investment Portfolio 25

 
EFSC Borrowing Capacity $4.2 $4.3 $4.4 $0.8 $0.9 $1.0 $2.6 $2.5 $2.5 $0.1 $0.1 $0.1$0.7 $0.8 $0.8 36% 36% 37% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 2Q23 3Q23 4Q23 In Billions End of Period and Average Loans to Deposits 90% 90% 91% 89% 89%86% 90% 90% 88% 88% End of period Loans/Deposits Avg Loans/Avg Deposits 4Q22 1Q23 2Q23 3Q23 4Q23 • $1.0 billion available FHLB capacity • $2.5 billion available FRB capacity • $120 million in six federal funds lines • $809 million unpledged investment securities • $433.0 million cash • $25 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 16% • FHLB maximum credit capacity is 45% of assets $0.3 $0.3 $0.4 $0.2 $0.2 $0.3 $0.5 $0.9 $1.1 $1.4 Annual Cash Flows Cumulative Cash Flows 2024 2025 2026 2027 2028 Investment Portfolio Cash Flows* In Billions Strong Liquidity Profile *Trailing 12 months ending December 31 of each year Liquidity 26

 
Office CRE (Non-owner Occupied) Total $482.0 Million Midwest 50.3% Southwest 29.6% West 14.9% Specialty 5.2% Office CRE Loans by Location Real Estate/ Rental/Leasing 85.2% Health Care and Social Assistance 3.3% Other 11.5% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.40 10 $ 145.2 $ 14.5 $5-10 Million 4.91 11 73.1 6.6 $2-5 Million 5.20 45 144.1 3.2 < $2 Million 5.22 207 119.6 0.6 Total 5.21 273 $ 482.0 $ 1.8 Office CRE Loans by Size $ In Millions• Average loan-to-origination value 49% • 71% of loans have recourse to owners • Average debt-service coverage ratio (DSCR) of 1.48x (2022) • Average market occupancy of 88%; average rents of $24 psf • 42% Class A, 54% Class B, 4% Class C • $14.3 million unfunded commitments 27

 
Use of Non-GAAP Financial Measures The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, ROAA, PPNR return on average assets (“PPNR ROAA”), core efficiency ratio, the tangible common equity ratio, and tangible book value per common share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The Company considers its tangible common equity, PPNR, ROATCE, ROAA, PPNR ROAA, core efficiency ratio, the tangible common equity ratio, and tangible book value per common share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, merger-related expenses, facilities charges, and the gain or loss on sale of investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject. The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated. 28

 
Quarter ended ($ in thousands) Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 SHAREHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS Shareholders’ equity $ 1,716,068 $ 1,611,880 $ 1,618,233 $ 1,592,820 $ 1,522,263 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 12,318 13,425 14,544 15,680 16,919 Tangible common equity (non-GAAP) $ 1,266,598 $ 1,161,303 $ 1,166,537 $ 1,139,988 $ 1,068,192 Less net unrealized losses on HTM securities, after tax 41,038 81,367 53,611 48,630 61,435 Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) $ 1,225,560 $ 1,079,936 $ 1,112,926 $ 1,091,358 $ 1,006,757 Common shares outstanding 37,416 37,385 37,359 37,311 37,253 Tangible book value per share (non-GAAP) $ 33.85 $ 31.06 $ 31.23 $ 30.55 $ 28.67 Total assets $ 14,518,590 $ 14,025,042 $ 13,871,154 $ 13,325,982 $ 13,054,172 Less goodwill 365,164 365,164 $ 365,164 365,164 365,164 Less intangible assets 12,318 13,425 $ 14,544 15,680 16,919 Tangible assets (non-GAAP) $ 14,141,108 $ 13,646,453 $ 13,491,446 $ 12,945,138 $ 12,672,089 Tangible common equity to tangible assets (non-GAAP) 8.96 % 8.51 % 8.65 % 8.81 % 8.43 % Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) 8.67 % 7.91 % 8.25 % 8.43 % 7.94 % Quarter ended Year ended ($ in thousands) Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 RETURN ON AVERAGE ASSETS Net income $ 44,529 $ 44,665 $ 49,127 $ 55,738 $ 60,001 $ 194,059 $ 203,043 FDIC special assessment (after tax) $ 1,814 $ — $ — $ — $ — $ 1,814 $ — Net income adjusted (non-GAAP) $ 46,343 $ 44,665 $ 49,127 $ 55,738 $ 60,001 $ 195,873 $ 203,043 Average Assets $ 14,332,804 $ 14,068,860 $ 13,671,985 $ 13,131,195 $ 12,986,568 $ 13,805,236 $ 13,319,624 ROAA adjusted for FDIC special assessment (non-GAAP) 1.28 % 1.26 % 1.44 % 1.72 % 1.83 % 1.42 % 1.52 % Reconciliation of Non-GAAP Financial Measures 29

 
Quarter ended Year ended ($ in thousands) Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 CALCULATION OF PRE-PROVISION NET REVENUE Net interest income $ 140,732 $ 141,639 $ 140,692 $ 139,529 $ 138,835 $ 562,592 $ 473,903 Noninterest income 25,452 12,085 14,290 16,898 16,873 68,725 59,162 FDIC special assessment 2,412 — — — — 2,412 — Less noninterest expense 92,603 88,644 85,956 80,983 77,149 348,186 274,216 Less gain (loss) on sale of other real estate owned — — 97 90 — 187 (93) Less gain on sale of investment securities 220 — — 381 — 601 — PPNR (non-GAAP) $ 75,773 $ 65,080 $ 68,929 $ 74,973 $ 78,559 $ 284,755 $ 258,942 Average assets $ 14,332,804 $ 14,068,860 $ 13,671,985 $ 13,131,195 $ 12,986,568 $ 13,805,236 $ 13,319,624 PPNR ROAA (non-GAAP) 2.10 % 1.84 % 2.02 % 2.32 % 2.40 % 2.06 % 1.94 % Quarter ended Year ended ($ in thousands) Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average shareholder’s equity $ 1,652,882 $ 1,648,605 $ 1,621,337 $ 1,568,451 $ 1,490,592 $ 1,623,121 $ 1,498,759 Less average preferred stock 71,988 71,988 71,988 71,988 71,988 71,988 71,988 Less average goodwill 365,164 365,164 365,164 365,164 365,164 365,164 365,164 Less average intangible assets 12,858 13,967 15,094 16,247 17,544 14,531 19,516 Average tangible common equity $ 1,202,872 $ 1,197,486 $ 1,169,091 $ 1,115,052 $ 1,035,896 $ 1,171,438 $ 1,042,091 Net income available to common shareholders (GAAP) $ 43,592 $ 43,727 $ 48,190 $ 54,800 $ 59,064 $ 190,309 $ 199,002 FDIC special assessment (after tax) $ 1,814 $ — $ — $ — $ — $ 1,814 $ — Net income available to common shareholders adjusted (non-GAAP) $ 45,406 $ 43,727 $ 48,190 $ 54,800 $ 59,064 $ 192,123 $ 199,002 ROATCE adjusted for FDIC special assessment (non-GAAP) 14.98 % 14.49 % 16.53 % 19.93 % 22.62 % 16.40 % 19.10 % Reconciliation of Non-GAAP Financial Measures 30

 
Quarter ended Year ended ($ in thousands) Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 140,732 $ 141,639 $ 140,692 $ 139,529 $ 138,835 $ 562,592 $ 473,903 Tax-equivalent adjustment 1,915 2,061 2,062 2,041 1,983 8,079 7,042 Net interest income - FTE (non-GAAP) 142,647 143,700 142,754 141,570 140,818 570,671 480,945 Noninterest income (GAAP) 25,452 12,085 14,290 16,898 16,873 68,725 59,162 Less gain on sale of investment securities 220 — — 381 — 601 — Less gain (loss) on sale of other real estate owned — — 97 90 — 187 (93) Core revenue (non-GAAP) 167,879 155,785 156,947 157,997 157,691 638,608 540,200 Noninterest expense (GAAP) 92,603 88,644 85,956 80,983 77,149 348,186 274,216 Less FDIC special assessment 2,412 — — — — 2,412 — Less amortization on intangibles 1,108 1,118 1,136 1,239 1,299 4,601 5,367 Core noninterest expense (non-GAAP) 89,083 87,526 84,820 79,744 75,850 341,173 268,849 Core efficiency ratio (non-GAAP) 53.06 % 56.18 % 54.04 % 50.47 % 48.10 % 53.42 % 49.77 % Quarter ended ($ in thousands) Dec 31, 2023 CALCULATION OF ESTIMATED INSURED DEPOSITS Estimated uninsured deposits per Call Report $ 4,297,447 Collateralized/affiliate deposits (459,872) Accrued interest on deposits (7,291) Adjusted uninsured/uncollateralized deposits 3,830,284 Estimated insured/collateralized deposits 8,346,087 Total deposits $ 12,176,371 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) Dec 31, 2023 CET1 RATIO ADJUSTED FOR UNREALIZED LOSSES CET1 capital $ 1,387,802 Less unrealized losses on investment portfolio, after tax 153,882 CET1 capital excluding unrealized losses on securities $ 1,233,920 Total risk-weighted assets 12,235,391 CET1 capital to risk-weighted assets 11.3 % CET1 capital excluding unrealized losses to risk-weighted assets 10.1 % 31

 

 
v3.23.4
Document and Entity Information Document
Jan. 22, 2024
Document Type 8-K
Document Period End Date Jan. 22, 2024
Entity Registrant Name ENTERPRISE FINANCIAL SERVICES CORP
Entity Incorporation, State or Country Code DE
Entity File Number 001-15373
Entity Tax Identification Number 43-1706259
Entity Address, Address Line One 150 N. Meramec Avenue
Entity Address, City or Town St. Louis
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63105
City Area Code 314
Local Phone Number 725-5500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001025835
Amendment Flag false
Common Stock  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol EFSC
Security Exchange Name NASDAQ
Depositary Shares  
Title of 12(b) Security Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol EFSCP
Security Exchange Name NASDAQ
Enterprise Financial Ser... (NASDAQ:EFSC)
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