Enterprise Financial Services Corporation (EFSC)

Enterprise Financial Services Corp Reports First Quarter 2026 ResultsApril 22, 2026 4:05 PM
Business Wire
First Quarter Results



Net income of $49.4 million, or $1.30 per diluted common share, compared to $1.45 in the linked quarter and $1.31 in the prior year quarter



Net interest margin (“NIM”) of 4.28%, quarterly increase of two basis points



Net interest income of $166.1 million, quarterly decrease of $2.0 million



Total loans of $11.7 billion, quarterly decrease of $107.6 million



Total deposits of $14.5 billion, quarterly decrease of $84.9 million



Return on average assets (“ROAA”) of 1.16% in the current quarter, compared to 1.27% in the linked quarter and 1.30% in the prior year quarter



Return on average tangible common equity (“ROATCE”)1 of 12.53%, compared to 14.02% in both the linked and prior year quarters, respectively



Tangible common equity to tangible assets1 of 9.01%, a decrease of six basis points and 29 basis points from the linked and prior year quarters, respectively



Tangible book value per common share1 of $41.38, stable compared to the linked quarter and an increase of 7% from the prior year quarter



Returned $27.3 million to stockholders through the repurchase of 483,000 shares and $12.2 million through common stock dividends



Increased quarterly dividend $0.01 to $0.34 per common share for the second quarter 2026



Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the first quarter of 2026. “Our first quarter results demonstrated a stable net interest margin, improved credit quality, along with a strong balance sheet,” said Jim Lally, President and Chief Executive Officer. “With a 1.16% return on average assets, we continued to return capital to stockholders through an increased dividend and share repurchases. These fundamentally sound results represent a solid start to 2026, even accounting for seasonal loan and deposit trends. Given our capital strength and diversified model, we remain optimistic about the opportunities ahead in our markets.”


Comparisons to the prior year quarter are impacted by the acquisition of 12 branches in Arizona and Kansas in the fourth quarter 2025 (the “Branch Acquisition”).


Highlights



Earnings - Net income in the first quarter 2026 was $49.4 million, a decrease of $5.4 million and $0.6 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the first quarter 2026 was $1.30, compared to $1.45 and $1.31 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share1 was $1.31 in the current and prior year quarters, respectively, and $1.36 in the linked quarter.




Pre-provision net revenue (“PPNR”)2 - PPNR of $70.4 million in the first quarter 2026 decreased $4.4 million from the linked quarter and increased $4.3 million from the prior year quarter. The decrease from the linked quarter was primarily due to a decrease in net interest income due to a lower day count and noninterest income, specifically tax credit income that is typically highest in the fourth quarter of each year, and an increase in noninterest expense, primarily due to the reset of payroll tax limits and paid time-off accruals. The increase compared to the prior year quarter was primarily due to higher net interest income from organic and acquired loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by a decline in asset yields due to lower short-term interest rates.




Net interest income and NIM - Net interest income of $166.1 million for the first quarter 2026 decreased $2.0 million and increased $18.6 million from the linked and prior year quarters, respectively. Net interest income during the current quarter was impacted by lower short-term interest rates that decreased asset yields and fewer days in the period, partially offset by a favorable decrease on rates paid on interest-bearing liabilities. Compared to the prior year quarter, net interest income also benefitted from higher average loan and investment securities balances, and higher yields on the investment portfolio. NIM was 4.28% for the first quarter 2026, compared to 4.26% and 4.15% for the linked and prior year quarters, respectively. The total cost of deposits of 1.52% for the first quarter 2026 decreased 12 and 31 basis points from the linked and prior year quarters, respectively.




Noninterest income - Noninterest income of $19.1 million for the first quarter 2026 decreased $6.3 million and increased $0.6 million from the linked and prior year quarters, respectively. The decrease in noninterest income from the linked quarter was primarily due to a gain on other real estate owned (“OREO”) in the linked quarter that did not reoccur and tax credit income, which is typically highest in the fourth quarter of each year, partially offset by a gain on the guaranteed portion of Small Business Administration (“SBA”) loans sold during the current quarter. The Company opportunistically sold $25.4 million of SBA guaranteed loans during the first quarter 2026 for a gain of $1.4 million.




Noninterest expense - Noninterest expense of $115.1 million for the first quarter 2026 increased $0.6 million and $15.4 million from the linked and prior year quarters, respectively. The increase from the prior year quarter was primarily driven by higher employee compensation cost, variable deposit costs and loan and legal expenses related to loan workouts and OREO.




Loans - Loans totaled $11.7 billion at March 31, 2026, a decrease of $107.6 million from the linked quarter and an increase of $394.0 million from the prior year quarter. Average loans totaled $11.8 billion for the current and linked quarters, respectively, and $11.2 billion for the prior year quarter.




Asset quality - The allowance for credit losses to total loans was 1.21% at March 31, 2026, compared to 1.19% at December 31, 2025 and 1.27% at March 31, 2025. The provision for credit losses in the first quarter 2026 was $7.2 million, compared to $9.2 million and $5.2 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.87% at March 31, 2026, compared to 0.95% and 0.72% at December 31, 2025 and March 31, 2025, respectively.




Deposits - Deposits totaled $14.5 billion at March 31, 2026, a decrease of $84.9 million and an increase of $1.5 billion from the linked and prior year quarters, respectively. Average deposits were $14.6 billion, $14.5 billion and $13.1 billion for the current, linked and prior year quarters, respectively. At March 31, 2026, noninterest-bearing deposit accounts totaled $4.8 billion, or 33% of total deposits, and the loan to deposit ratio was 81%.




Capital - Total stockholders’ equity was $2.0 billion and the tangible common equity to tangible assets ratio3 was 9.01% at March 31, 2026, compared to 9.07% at December 31, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.1% and a total risk-based capital ratio of 13.2% at March 31, 2026. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.7% and 13.9%, respectively, at March 31, 2026.



The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.34 per common share, payable on June 30, 2026 to stockholders of record as of June 15, 2026. The Board 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) March 15, 2026 to (but excluding) June 15, 2026. The dividend will be payable on June 15, 2026 to stockholders of record of Series A Preferred Stock as of May 29, 2026.



_______________________________



1 ROATCE, tangible common equity to tangible assets, tangible book value per common share, and adjusted diluted earnings per share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.








2 PPNR is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.








3 Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.







Net Interest Income and NIM


Average Balance Sheets


The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis.




 






Quarter ended








 






March 31, 2026






 






December 31, 2025






 






March 31, 2025








($ in thousands)






Average




Balance






 






Interest




Income/




Expense






 






Average Yield/ Rate






 






Average




Balance






 






Interest




Income/




Expense






 






Average Yield/ Rate






 






Average




Balance






 






Interest




Income/




Expense






 






Average Yield/ Rate








Assets






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest-earning assets:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Loans1, 2






$






11,777,727







 






$






185,380







 






6.38






%






 






$






11,794,459







 






$






193,587







 






6.51






%






 






$






11,240,806







 






$






182,039







 






6.57






%








Taxable securities






 






2,481,169






 






 






 






26,108






 






 






4.27






 






 






 






2,331,562






 






 






 






24,464






 






 






4.16






 






 






 






1,818,615






 






 






 






17,625






 






 






3.93






 








Non-taxable securities2






 






1,301,675






 






 






 






12,390






 






 






3.86






 






 






 






1,292,403






 






 






 






12,263






 






 






3.76






 






 






 






1,112,297






 






 






 






9,467






 






 






3.45






 








Total securities






 






3,782,844






 






 






 






38,498






 






 






4.13






 






 






 






3,623,965






 






 






 






36,727






 






 






4.02






 






 






 






2,930,912






 






 






 






27,092






 






 






3.75






 








Interest-earning deposits






 






504,541






 






 






 






4,533






 






 






3.64






 






 






 






552,843






 






 






 






5,436






 






 






3.90






 






 






 






479,136






 






 






 






5,124






 






 






4.34






 








Total interest-earning assets






 






16,065,112






 






 






 






228,411






 






 






5.77






 






 






 






15,971,267






 






 






 






235,750






 






 






5.86






 






 






 






14,650,854






 






 






 






214,255






 






 






5.93






 








Noninterest-earning assets






 






1,245,991






 






 






 






 






 






 






 






1,128,162






 






 






 






 






 






 






 






992,145






 






 






 






 






 








Total assets






$






17,311,103






 






 






 






 






 






 






$






17,099,429






 






 






 






 






 






 






$






15,642,999






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Liabilities and Stockholders’ Equity






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest-bearing liabilities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest-bearing demand accounts






$






3,453,650






 






 






$






14,940






 






 






1.75






%






 






$






3,550,349






 






 






$






17,236






 






 






1.93






%






 






$






3,167,428






 






 






$






17,056






 






 






2.18






%








Money market accounts






 






3,952,475






 






 






 






25,198






 






 






2.59






 






 






 






3,948,405






 






 






 






27,611






 






 






2.77






 






 






 






3,601,535






 






 






 






28,505






 






 






3.21






 








Savings accounts






 






538,597






 






 






 






152






 






 






0.11






 






 






 






540,764






 






 






 






168






 






 






0.12






 






 






 






534,512






 






 






 






189






 






 






0.14






 








Certificates of deposit






 






1,665,977






 






 






 






14,459






 






 






3.52






 






 






 






1,659,905






 






 






 






15,223






 






 






3.64






 






 






 






1,374,693






 






 






 






13,516






 






 






3.99






 








Total interest-bearing deposits






 






9,610,699






 






 






 






54,749






 






 






2.31






 






 






 






9,699,423






 






 






 






60,238






 






 






2.46






 






 






 






8,678,168






 






 






 






59,266






 






 






2.77






 








Subordinated debentures and notes






 






93,725






 






 






 






1,522






 






 






6.59






 






 






 






93,654






 






 






 






1,561






 






 






6.61






 






 






 






156,615






 






 






 






2,562






 






 






6.63






 








FHLB advances






 






5,756






 






 






 






56






 






 






3.95






 






 






 






11,620






 






 






 






127






 






 






4.34






 






 






 






25,300






 






 






 






287






 






 






4.60






 








Securities sold under agreements to repurchase






 






270,057






 






 






 






1,614






 






 






2.42






 






 






 






170,058






 






 






 






1,065






 






 






2.48






 






 






 






263,608






 






 






 






2,017






 






 






3.10






 








Other borrowings






 






94,910






 






 






 






1,003






 






 






4.29






 






 






 






97,196






 






 






 






1,108






 






 






4.52






 






 






 






39,535






 






 






 






132






 






 






1.35






 








Total interest-bearing liabilities






 






10,075,147






 






 






 






58,944






 






 






2.37






 






 






 






10,071,951






 






 






 






64,099






 






 






2.52






 






 






 






9,163,226






 






 






 






64,264






 






 






2.84






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Noninterest-bearing liabilities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Demand deposits






 






4,998,734






 






 






 






 






 






 






 






4,837,958






 






 






 






 






 






 






 






4,463,388






 






 






 






 






 








Other liabilities






 






160,718






 






 






 






 






 






 






 






167,048






 






 






 






 






 






 






 






153,113






 






 






 






 






 








Total liabilities






 






15,234,599






 






 






 






 






 






 






 






15,076,957






 






 






 






 






 






 






 






13,779,727






 






 






 






 






 








Stockholders' equity






 






2,076,504






 






 






 






 






 






 






 






2,022,472






 






 






 






 






 






 






 






1,863,272






 






 






 






 






 








Total liabilities and stockholders' equity






$






17,311,103






 






 






 






 






 






 






$






17,099,429






 






 






 






 






 






 






$






15,642,999






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total net interest income






 






 






$






169,467






 






 






 






 






 






 






$






171,651






 






 






 






 






 






 






$






149,991






 






 






 








Net interest margin






 






 






 






 






4.28






%






 






 






 






 






 






4.26






%






 






 






 






 






 






4.15






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.4 million, $1.7 million, and $1.6 million for each of the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, 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 $3.3 million, $3.5 million, and $2.5 million for each of the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.







Net interest income of $166.1 million for the first quarter 2026 decreased $2.0 million and increased $18.6 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $169.5 million, $171.7 million and $150.0 million for the current, linked and prior year quarters, respectively. The change from the linked and prior year quarters was related to the impact of lower short-term interest rates on loan yields and the cost of interest-bearing liabilities, in addition to growth in both interest-earning assets and interest-bearing liabilities. Net interest income also declined from the linked quarter due to two fewer days in the current quarter.


Since September 2024, the Federal Reserve has reduced the federal funds target rate 175 basis points. In response, the Company has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans.


Interest income for the first quarter 2026 decreased $7.2 million and increased $13.3 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a 13 basis point decrease in loan yields and two fewer days in the period, partially offset by a $158.9 million increase in average investment securities balances and an 11 basis point increase in yield on securities. The average interest rate of new loan originations in the first quarter 2026 was 6.58%, a decrease of 17 basis points from the linked quarter. Investment purchases in the first quarter 2026 had a weighted average, tax equivalent yield of 4.51%. Compared to the prior year quarter, interest-earning assets increased $1.4 billion.


Interest expense in the first quarter 2026 decreased $5.2 million and $5.3 million from the linked and prior year quarters, respectively, primarily due to a reduction in the cost of interest-bearing deposits due to decreased interest paid on interest-bearing deposits. The total cost of deposits, including noninterest-bearing demand accounts, was 1.52% during the first quarter 2026, compared to 1.64% and 1.83% in the linked and prior year quarters, respectively.


NIM, on a tax equivalent basis, was 4.28% in the first quarter 2026, an increase of two basis points and 13 basis points from the linked and prior year quarters, respectively. For the month of March 2026, the loan portfolio yield was 6.31% and the cost of total deposits was 1.50%.


Investments




 






At








 






March 31, 2026






 






December 31, 2025






 






March 31, 2025








($ in thousands)






Carrying Value






 






Net Unrealized Loss






 






Carrying Value






 






Net Unrealized Loss






 






Carrying Value






 






Net Unrealized Loss








Available-for-sale (AFS)






$






2,773,667







 






$






(116,745






)






 






$






2,655,035







 






$






(83,258






)






 






$






1,990,068







 






$






(146,184






)








Held-to-maturity (HTM)






 






1,055,495






 






 






 






(52,176






)






 






 






1,074,957






 






 






 






(35,288






)






 






 






1,034,282






 






 






 






(74,228






)








Total






$






3,829,162






 






 






$






(168,921






)






 






$






3,729,992






 






 






$






(118,546






)






 






$






3,024,350






 






 






$






(220,412






)








 






 






 






 






 






 






 






 






 






 






 






 







Investment securities totaled $3.8 billion at March 31, 2026, an increase of $99.2 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities4 was 8.78% at March 31, 2026, compared to 8.91% at December 31, 2025.



_______________________________



4 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.







Loans


The following table presents total loans for the most recent five quarters:




 






At








($ in thousands)






March 31,

2026






 






December 31,

2025






 






September 30,

2025






 






June 30,

2025






 






March 31,

2025








C&I






$






2,655,273






 






 






$






2,606,472






 






 






$






2,320,868






 






 






$






2,316,609






 






 






$






2,198,802






 








CRE investor owned






 






2,763,227






 






 






 






2,786,139






 






 






 






2,626,657






 






 






 






2,547,859






 






 






 






2,487,375






 








CRE owner occupied






 






1,452,350






 






 






 






1,404,704






 






 






 






1,296,902






 






 






 






1,281,572






 






 






 






1,292,162






 








SBA loans*






 






1,230,455






 






 






 






1,262,456






 






 






 






1,257,817






 






 






 






1,249,225






 






 






 






1,283,067






 








Sponsor finance*






 






661,946






 






 






 






694,905






 






 






 






774,142






 






 






 






771,280






 






 






 






784,017






 








Life insurance premium financing*






 






1,208,098






 






 






 






1,187,128






 






 






 






1,151,700






 






 






 






1,155,623






 






 






 






1,149,119






 








Tax credits*






 






702,080






 






 






 






802,818






 






 






 






780,767






 






 






 






708,401






 






 






 






677,434






 








Residential real estate






 






340,966






 






 






 






362,278






 






 






 






359,315






 






 






 






356,722






 






 






 






357,615






 








Construction and land development






 






621,988






 






 






 






633,803






 






 






 






784,218






 






 






 






773,122






 






 






 






800,985






 








Consumer**






 






56,397






 






 






 






59,635






 






 






 






230,723






 






 






 






248,427






 






 






 






268,187






 








Total loans






$






11,692,780






 






 






$






11,800,338






 






 






$






11,583,109






 






 






$






11,408,840






 






 






$






11,298,763






 








 






 






 






 






 






 






 






 






 






 








Quarterly loan yield






 






6.38






%






 






 






6.51






%






 






 






6.64






%






 






 






6.64






%






 






 






6.57






%








 






 






 






 






 






 






 






 






 






 








Loans by rate type (to total loans):






 






 






 






 






 






 






 






 






 








Fixed






 






37






%






 






 






40






%






 






 






41






%






 






 






40






%






 






 






39






%








Variable:






 






63






%






 






 






60






%






 






 






59






%






 






 






60






%






 






 






61






%








SOFR






 






32






%






 






 






30






%






 






 






29






%






 






 






29






%






 






 






29






%








Prime






 






24






%






 






 






23






%






 






 






23






%






 






 






24






%






 






 






24






%








Other






 






7






%






 






 






7






%






 






 






7






%






 






 






7






%






 






 






8






%








 






 






 






 






 






 






 






 






 






 








Variable rate loans to total loans, adjusted for interest rate hedges






 






59






%






 






 






56






%






 






 






55






%






 






 






56






%






 






 






56






%








 








*Specialty loan category








**Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted.







Loans totaled $11.7 billion at March 31, 2026, a decrease of $107.6 million compared to the linked quarter. Repayment activity outpaced loan production in the quarter with repayment activity of $921.1 million compared to loan volume of $813.5 million. Repayment activity was strongest in the tax credit and C&I portfolios in the current quarter. Loan sales of $25.4 million also mitigated growth in the SBA category during the current period. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Average line utilization was approximately 45% for the current quarter, compared to 44% and 42% for 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:




 






At








($ in thousands)






March 31,

2026






 






December 31,

2025






 






September 30,

2025






 






June 30,

2025






 






March 31,

2025








Nonperforming loans*






$






64,941






 






 






$






82,809






 






 






$






127,878






 






 






$






105,807






 






 






$






109,882






 








Other1






 






84,482






 






 






 






81,544






 






 






 






7,821






 






 






 






8,221






 






 






 






3,271






 








Nonperforming assets*






$






149,423






 






 






$






164,353






 






 






$






135,699






 






 






$






114,028






 






 






$






113,153






 








 






 






 






 






 






 






 






 






 






 








Nonperforming loans to total loans






 






0.56






%






 






 






0.70






%






 






 






1.10






%






 






 






0.93






%






 






 






0.97






%








Nonperforming assets to total assets






 






0.87






%






 






 






0.95






%






 






 






0.83






%






 






 






0.71






%






 






 






0.72






%








Allowance for credit losses






$






142,064






 






 






$






140,022






 






 






$






148,854






 






 






$






145,133






 






 






$






142,944






 








Allowance for credit losses to total loans






 






1.21






%






 






 






1.19






%






 






 






1.29






%






 






 






1.27






%






 






 






1.27






%








Allowance for credit losses to nonperforming loans*






 






218.8






%






 






 






169.1






%






 






 






116.4






%






 






 






137.2






%






 






 






130.1






%








Quarterly net charge-offs (recoveries)






$






4,407






 






 






$






20,674






 






 






$






4,057






 






 






$






630






 






 






$






(1,059






)








 






 






 






 






 






 






 






 






 






 








*Guaranteed balances excluded






$






28,243






 






 






$






28,903






 






 






$






33,475






 






 






$






26,536






 






 






$






22,607






 








1OREO and repossessed assets







Nonperforming assets decreased $14.9 million and increased $36.3 million from the linked and prior year quarters, respectively. The decrease in nonperforming assets compared to the linked quarter is primarily due to two loans totaling $17.5 million that went on nonaccrual in the second half of 2025 and were subsequently paid off in the first quarter 2026. The increase in nonperforming assets from the prior year quarter is primarily related to one commercial real estate loan totaling $22.6 million that went on nonaccrual in the fourth quarter 2025. Four properties in OREO at March 31, 2026 with a carrying value of $46 million are currently under contract to sell.


The provision for credit losses totaled $7.2 million in the first quarter 2026, compared to $9.2 million and $5.2 million in the linked and prior year quarters, respectively. The provision for credit losses in the first quarter 2026 was primarily related to net charge-offs and qualitative adjustments to recognize the broader macroeconomic risks to the loan portfolio from the conflict in Iran. Annualized net charge-offs totaled 15 basis points of average loans in the current quarter, compared to 70 basis points in the linked quarter and annualized net recoveries totaled 4 basis points of average loans in the prior year quarter.


Deposits


The following table presents deposits broken out by type for the most recent five quarters:




 






At








($ in thousands)






March 31,

2026






 






December 31,

2025






 






September 30,

2025






 






June 30,

2025






 






March 31,

2025








Noninterest-bearing demand accounts






$






4,828,375






 






 






$






4,874,115






 






 






$






4,386,513






 






 






$






4,322,332






 






 






$






4,285,061






 








Interest-bearing demand accounts






 






3,395,680






 






 






 






3,537,334






 






 






 






3,301,621






 






 






 






3,184,670






 






 






 






3,193,903






 








Money market and savings accounts






 






4,610,662






 






 






 






4,528,510






 






 






 






4,228,605






 






 






 






4,209,032






 






 






 






4,167,375






 








Brokered certificates of deposit






 






724,788






 






 






 






721,977






 






 






 






762,499






 






 






 






752,422






 






 






 






542,172






 








Other certificates of deposit






 






964,892






 






 






 






947,406






 






 






 






888,674






 






 






 






848,903






 






 






 






845,719






 








Total deposit portfolio






$






14,524,397






 






 






$






14,609,342






 






 






$






13,567,912






 






 






$






13,317,359






 






 






$






13,034,230






 








 






 






 






 






 






 






 






 






 






 








Noninterest-bearing deposits to total deposits






 






33.2






%






 






 






33.4






%






 






 






32.3






%






 






 






32.5






%






 






 






32.9






%








Quarterly cost of deposits






 






1.52






%






 






 






1.64






%






 






 






1.80






%






 






 






1.82






%






 






 






1.83






%







Total deposits at March 31, 2026 were $14.5 billion, a decrease of $84.9 million and an increase of $1.5 billion from the linked and prior year quarters, respectively. Average deposits for the three months ended March 31, 2026 were $14.6 billion, compared to $14.5 billion and $13.1 billion for the three months ended December 31, 2025 and March 31, 2025, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.3 billion and $1.4 billion at March 31, 2026 and December 31, 2025, respectively.


Noninterest Income


The following table presents a comparative summary of the major components of noninterest income for the periods indicated:




 






Linked quarter comparison






 






Prior year comparison








 






Quarter ended






 






Quarter ended








($ in thousands)






March 31,

2026






 






December 31,

2025






 






Increase (decrease)






 






March 31,

2025






 






Increase (decrease)








Deposit service charges






$






5,256






 






 






$






5,081







 






$






175






 






 






3






%






 






$






4,420







 






$






836






 






 






19






%








Wealth management revenue






 






2,712






 






 






 






2,642






 






 






 






70






 






 






3






%






 






 






2,659






 






 






 






53






 






 






2






%








Card services revenue






 






2,535






 






 






 






2,621






 






 






 






(86






)






 






(3






)%






 






 






2,395






 






 






 






140






 






 






6






%








Tax credit income (loss)






 






(179






)






 






 






3,180






 






 






 






(3,359






)






 






(106






)%






 






 






2,610






 






 






 






(2,789






)






 






(107






)%








Other income






 






8,764






 






 






 






11,888






 






 






 






(3,124






)






 






(26






)%






 






 






6,399






 






 






 






2,365






 






 






37






%








Total noninterest income






$






19,088






 






 






$






25,412






 






 






$






(6,324






)






 






(25






)%






 






$






18,483






 






 






$






605






 






 






3






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 







Total noninterest income was $19.1 million for the first quarter 2026, a decrease of $6.3 million and an increase of $0.6 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a seasonal decrease in tax credit income and a gain on OREO in the linked quarter that did not reoccur, partially offset by higher private equity fund distributions and a gain on the sale of the guaranteed portion of SBA loans included in other income. Compared to the prior year quarter, tax credit income decreased $2.8 million, partially offset by higher BOLI income and private equity fund distributions. Tax credit income varies based on transaction volumes and fair value changes on credits carried at fair value.


The following table presents a comparative summary of the major components of other income for the periods indicated:




 






Linked quarter comparison






 






Prior year comparison








 






Quarter ended






 






Quarter ended








($ in thousands)






March 31,

2026






 






December 31,

2025






 






Increase (decrease)






 






March 31,

2025






 






Increase (decrease)








BOLI






$






2,533






 






 






$






1,925







 






$






608






 






 






32






%






 






$






871






 






 






$






1,662






 






 






191






%








Community development investments






 






1,067






 






 






 






922






 






 






 






145






 






 






16






%






 






 






707






 






 






 






360






 






 






51






%








Gain on SBA loan sales






 






1,414






 






 






 






—






 






 






 






1,414






 






 






—






%






 






 






1,895






 






 






 






(481






)






 






(25






)%








Net gain (loss) on OREO






 






(295






)






 






 






6,169






 






 






 






(6,464






)






 






(105






)%






 






 






23






 






 






 






(318






)






 






(1,383






)%








Private equity fund distributions






 






1,837






 






 






 






226






 






 






 






1,611






 






 






713






%






 






 






653






 






 






 






1,184






 






 






181






%








Servicing fees






 






448






 






 






 






517






 






 






 






(69






)






 






(13






)%






 






 






555






 






 






 






(107






)






 






(19






)%








Swap fees






 






97






 






 






 






159






 






 






 






(62






)






 






(39






)%






 






 






(2






)






 






 






99






 






 






(4,950






)%








Miscellaneous income






 






1,663






 






 






 






1,970






 






 






 






(307






)






 






(16






)%






 






 






1,697






 






 






 






(34






)






 






(2






)%








Total other income






$






8,764






 






 






$






11,888






 






 






$






(3,124






)






 






(26






)%






 






$






6,399






 






 






$






2,365






 






 






37






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 







The decrease in other income from the linked quarter was primarily due to a $6.2 million net gain on OREO in the linked quarter that did not reoccur, partially offset by a $1.6 million increase in private equity fund distributions, a $1.4 million gain on the sale of $25.4 million of guaranteed SBA loans, and the payout of a BOLI policy that increased BOLI income in the current quarter.


Compared to the prior year quarter, other income increased $2.4 million primarily driven by an increase of $1.7 million in BOLI income due to the purchase of additional life insurance policies, and to a lesser extent, the payout of a BOLI policy, as well as a $1.2 million increase in private equity fund distributions. Private equity fund distributions are not a consistent source of income and fluctuate based on distributions from the underlying funds.


Noninterest Expense


The following table presents a comparative summary of the major components of noninterest expense for the periods indicated:




 






Linked quarter comparison






 






Prior year comparison








 






Quarter ended






 






Quarter ended








($ in thousands)






March 31,

2026






 






December 31,

2025






 






Increase (decrease)






 






March 31,

2025






 






Increase (decrease)








Employee compensation and benefits






$






55,759







 






$






50,149






 






 






$






5,610






 






 






11






%






 






$






48,208







 






$






7,551







 






16






%








Deposit costs






 






25,996






 






 






 






27,471






 






 






 






(1,475






)






 






(5






)%






 






 






23,823






 






 






 






2,173






 






 






9






%








Occupancy






 






5,902






 






 






 






5,764






 






 






 






138






 






 






2






%






 






 






4,430






 






 






 






1,472






 






 






33






%








Acquisition costs






 






—






 






 






 






2,548






 






 






 






(2,548






)






 






(100






)%






 






 






—






 






 






 






—






 






 






100






%








FDIC special assessment






 






—






 






 






 






(652






)






 






 






652






 






 






(100






)%






 






 






—






 






 






 






—






 






 






100






%








Other expense






 






27,480






 






 






 






29,252






 






 






 






(1,772






)






 






(6






)%






 






 






23,322






 






 






 






4,158






 






 






18






%








Total noninterest expense






$






115,137






 






 






$






114,532






 






 






$






605






 






 






1






%






 






$






99,783






 






 






$






15,354






 






 






15






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 







Noninterest expense increased $0.6 million and $15.4 million from the linked and prior year quarters, respectively. Employee compensation and benefits increased $5.6 million from the linked quarter primarily due to the first quarter reset of payroll taxes and paid time-off accruals, along with annual merit increases that became effective March 1, 2026. Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit-related services provided to us. These earnings credit allowances are impacted by, among other things, interest rates and average balances. Deposit costs decreased $1.5 million from the linked quarter primarily due to the expiration of certain allowances that were not used. The decline in acquisition costs from the linked quarter is due to the completion of the Branch Acquisition that closed in the fourth quarter 2025.


The increase in noninterest expense from the prior year quarter was primarily due to an increase in the associate base as a result of the Branch Acquisition, merit increases throughout 2025 and 2026, an increase of $2.2 million in deposit costs due to higher earnings credit allowances and deposit vertical average balances, and an increase of $1.8 million in loan and legal expenses due to loan workouts and the foreclosure of certain properties. For the first quarter 2026, the core efficiency ratio5 was 60.2%, compared to 58.3% for the linked quarter and 58.8% for the prior year quarter.



_______________________________



5 Core efficiency ratio, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.







Income Taxes


The effective tax rate for the current and linked quarters was 21.5%, respectively, compared to 18.1% in the prior year quarter. The increase in the effective tax rate from the prior year quarter was due to an increase in state taxes from apportionment factors and a decrease in tax credit investments.


Capital


The following table presents total equity and various capital ratios for the most recent five quarters:




 






At








($ in thousands)






March 31,

2026*






 






December 31,

2025






 






September 30,

2025






 






June 30,

2025






 






March 31,

2025








Stockholders’ equity






$






2,022,204






 






 






$






2,039,386






 






 






$






1,982,332






 






 






$






1,922,899






 






 






$






1,868,073






 








Total risk-based capital to risk-weighted assets






 






13.9






%






 






 






13.9






%






 






 






14.4






%






 






 






14.7






%






 






 






14.7






%








Tier 1 capital to risk weighted assets






 






12.9






%






 






 






12.8






%






 






 






13.3






%






 






 






13.2






%






 






 






13.1






%








Common equity tier 1 capital to risk-weighted assets






 






11.7






%






 






 






11.6






%






 






 






12.0






%






 






 






11.9






%






 






 






11.8






%








Leverage ratio






 






10.4






%






 






 






10.5






%






 






 






11.1






%






 






 






11.1






%






 






 






11.0






%








Tangible common equity to tangible assets5






 






9.01






%






 






 






9.07






%






 






 






9.60






%






 






 






9.42






%






 






 






9.30






%








 




*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 $2.0 billion at March 31, 2026, a decrease of $17.2 million and an increase of $154.1 million from the linked and prior year quarters, respectively. Tangible book value per common share5 was $41.38 at March 31, 2026, compared to $41.37 and $38.54 at December 31, 2025 and March 31, 2025, respectively. The Company repurchased 483,000 shares at an average price of $56.13 in the first quarter 2026. The Company has 631,483 shares remaining under a Board-approved stock repurchase plan.


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, ROATCE, adjusted ROATCE, core efficiency ratio, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, adjusted return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, and adjusted diluted earnings per 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, adjusted ROATCE, core efficiency ratio, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, adjusted return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA and adjusted diluted earnings per 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, acquisition costs, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, the net gain or loss on OREO and the net gain or loss on sales 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 to tangible assets 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.


Conference Call and Webcast Information


The Company will host a conference call and webcast at 10:00 a.m. Central Time on Thursday, April 23, 2026. During the call, management will review the first quarter 2026 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-888-500-3691. After connecting, you may say the name of the conference or enter the Conference ID 78356. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC1Q2026EarningsCallRegistration. 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 $17.2 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 Global Select 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, stockholder 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”, “pipeline” 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, the Company’s ability to collect insurance proceeds from claims made related to tax recapture events, 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), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters (including the effect of a prolonged U.S. federal government shutdown), 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, changes in business prospects that could impact goodwill estimates and assumptions, 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, natural disasters (including wildfires and earthquakes), terrorist activities, war and geopolitical matters (including in Israel, Iran and Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, or other health emergencies 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, 2025, 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.




 




ENTERPRISE FINANCIAL SERVICES CORP




CONSOLIDATED FINANCIAL SUMMARY (unaudited)




 








 






Quarter ended








(in thousands, except per share data)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








EARNINGS SUMMARY






 






 






 






 






 






 






 






 






 








Net interest income






$






166,147






 






 






$






168,174






 






 






$






158,286






 






 






$






152,762






 






 






$






147,516






 








Provision for credit losses






 






7,243






 






 






 






9,236






 






 






 






8,447






 






 






 






3,470






 






 






 






5,184






 








Noninterest income






 






19,088






 






 






 






25,412






 






 






 






48,624






 






 






 






20,604






 






 






 






18,483






 








Noninterest expense






 






115,137






 






 






 






114,532






 






 






 






109,790






 






 






 






105,702






 






 






 






99,783






 








Income before income tax expense






 






62,855






 






 






 






69,818






 






 






 






88,673






 






 






 






64,194






 






 






 






61,032






 








Income tax expense






 






13,493






 






 






 






15,024






 






 






 






43,438






 






 






 






12,810






 






 






 






11,071






 








Net income






 






49,362






 






 






 






54,794






 






 






 






45,235






 






 






 






51,384






 






 






 






49,961






 








Preferred stock dividends






 






938






 






 






 






937






 






 






 






938






 






 






 






937






 






 






 






938






 








Net income available to common stockholders






$






48,424






 






 






$






53,857






 






 






$






44,297






 






 






$






50,447






 






 






$






49,023






 








 






 






 






 






 






 






 






 






 






 








Diluted earnings per common share






$






1.30






 






 






$






1.45






 






 






$






1.19






 






 






$






1.36






 






 






$






1.31






 








Adjusted diluted earnings per common share1






 






1.31






 






 






 






1.36






 






 






 






1.20






 






 






 






1.37






 






 






 






1.31






 








Return on average assets






 






1.16






%






 






 






1.27






%






 






 






1.11






%






 






 






1.30






%






 






 






1.30






%








Adjusted return on average assets1






 






1.16






%






 






 






1.19






%






 






 






1.12






%






 






 






1.31






%






 






 






1.29






%








Return on average common equity1






 






9.80






%






 






 






10.95






%






 






 






9.29






%






 






 






11.03






%






 






 






11.10






%








Adjusted return on average common equity1






 






9.84






%






 






 






10.28






%






 






 






9.40






%






 






 






11.12






%






 






 






11.08






%








ROATCE1






 






12.53






%






 






 






14.02






%






 






 






11.56






%






 






 






13.84






%






 






 






14.02






%








Adjusted ROATCE1






 






12.59






%






 






 






13.15






%






 






 






11.70






%






 






 






13.96






%






 






 






13.99






%








Net interest margin (tax equivalent)






 






4.28






%






 






 






4.26






%






 






 






4.23






%






 






 






4.21






%






 






 






4.15






%








Efficiency ratio






 






62.2






%






 






 






59.2






%






 






 






53.1






%






 






 






61.0






%






 






 






60.1






%








Core efficiency ratio1






 






60.2






%






 






 






58.3






%






 






 






61.0






%






 






 






59.3






%






 






 






58.8






%








 






 






 






 






 






 






 






 






 






 








Assets






$






17,227,828






 






 






$






17,300,884






 






 






$






16,402,405






 






 






$






16,076,299






 






 






$






15,676,594






 








Average assets






$






17,311,103






 






 






$






17,099,429






 






 






$






16,178,088






 






 






$






15,859,721






 






 






$






15,642,999






 








Period end common shares outstanding






 






36,581






 






 






 






36,965






 






 






 






37,011






 






 






 






36,950






 






 






 






36,928






 








Dividends per common share






$






0.33






 






 






$






0.32






 






 






$






0.31






 






 






$






0.30






 






 






$






0.29






 








Tangible book value per common share1






$






41.38






 






 






$






41.37






 






 






$






41.58






 






 






$






40.02






 






 






$






38.54






 








Tangible common equity to tangible assets1






 






9.01






%






 






 






9.07






%






 






 






9.60






%






 






 






9.42






%






 






 






9.30






%








Total risk-based capital to risk-weighted assets2






 






13.9






%






 






 






13.9






%






 






 






14.4






%






 






 






14.7






%






 






 






14.7






%








 






 






 






 






 






 






 






 






 






 








1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.








2 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.









 




ENTERPRISE FINANCIAL SERVICES CORP




CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)




 








 






Quarter ended








(in thousands, except per share data)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








INCOME STATEMENTS






 






 






 






 






 






 






 






 






 








NET INTEREST INCOME






 






 






 






 






 






 






 






 






 








Interest income






$






225,091






 






 






$






232,273






 






 






$






225,390






 






 






$






218,967







 






$






211,780









Interest expense






 






58,944






 






 






 






64,099






 






 






 






67,104






 






 






 






66,205






 






 






 






64,264






 








Net interest income






 






166,147






 






 






 






168,174






 






 






 






158,286






 






 






 






152,762






 






 






 






147,516






 








Provision for credit losses






 






7,243






 






 






 






9,236






 






 






 






8,447






 






 






 






3,470






 






 






 






5,184






 








Net interest income after provision for credit losses






 






158,904






 






 






 






158,938






 






 






 






149,839






 






 






 






149,292






 






 






 






142,332






 








 






 






 






 






 






 






 






 






 






 








NONINTEREST INCOME






 






 






 






 






 






 






 






 






 








Deposit service charges






 






5,256






 






 






 






5,081






 






 






 






4,935






 






 






 






4,940






 






 






 






4,420






 








Wealth management revenue






 






2,712






 






 






 






2,642






 






 






 






2,571






 






 






 






2,584






 






 






 






2,659






 








Card services revenue






 






2,535






 






 






 






2,621






 






 






 






2,535






 






 






 






2,444






 






 






 






2,395






 








Tax credit income (loss)






 






(179






)






 






 






3,180






 






 






 






(300






)






 






 






2,207






 






 






 






2,610






 








Insurance recoveries1






 






—






 






 






 






—






 






 






 






32,112






 






 






 






—






 






 






 






—






 








Other income






 






8,764






 






 






 






11,888






 






 






 






6,771






 






 






 






8,429






 






 






 






6,399






 








Total noninterest income






 






19,088






 






 






 






25,412






 






 






 






48,624






 






 






 






20,604






 






 






 






18,483






 








 






 






 






 






 






 






 






 






 






 








NONINTEREST EXPENSE






 






 






 






 






 






 






 






 






 








Employee compensation and benefits






 






55,759






 






 






 






50,149






 






 






 






49,640






 






 






 






50,164






 






 






 






48,208






 








Deposit costs






 






25,996






 






 






 






27,471






 






 






 






27,172






 






 






 






24,765






 






 






 






23,823






 








Occupancy






 






5,902






 






 






 






5,764






 






 






 






4,895






 






 






 






5,065






 






 






 






4,430






 








FDIC special assessment






 






—






 






 






 






(652






)






 






 






—






 






 






 






—






 






 






 






—






 








Acquisition costs






 






—






 






 






 






2,548






 






 






 






609






 






 






 






518






 






 






 






—






 








Other expense






 






27,480






 






 






 






29,252






 






 






 






27,474






 






 






 






25,190






 






 






 






23,322






 








Total noninterest expense






 






115,137






 






 






 






114,532






 






 






 






109,790






 






 






 






105,702






 






 






 






99,783






 








 






 






 






 






 






 






 






 






 






 








Income before income tax expense






 






62,855






 






 






 






69,818






 






 






 






88,673






 






 






 






64,194






 






 






 






61,032






 








 






 






 






 






 






 






 






 






 






 








Income tax expense






 






13,493






 






 






 






15,024






 






 






 






11,326






 






 






 






12,810






 






 






 






11,071






 








Tax credit recapture and provision for anticipated tax applied to related insurance recoveries2






 






—






 






 






 






—






 






 






 






32,112






 






 






 






—






 






 






 






—






 








Total income tax expense






 






13,493






 






 






 






15,024






 






 






 






43,438






 






 






 






12,810






 






 






 






11,071






 








Net income






$






49,362






 






 






$






54,794






 






 






$






45,235






 






 






$






51,384






 






 






$






49,961






 








Preferred stock dividends






 






938






 






 






 






937






 






 






 






938






 






 






 






937






 






 






 






938






 








Net income available to common stockholders






$






48,424






 






 






$






53,857






 






 






$






44,297






 






 






$






50,447






 






 






$






49,023






 








 






 






 






 






 






 






 






 






 






 








Basic earnings per common share






$






1.31






 






 






$






1.46






 






 






$






1.20






 






 






$






1.36






 






 






$






1.33






 








Diluted earnings per common share






$






1.30






 






 






$






1.45






 






 






$






1.19






 






 






$






1.36






 






 






$






1.31






 








 






 






 






 






 






 






 






 






 






 








1 Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.








2 Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to a third quarter 2025 recapture event.









 




ENTERPRISE FINANCIAL SERVICES CORP




CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)




 








 






At








($ in thousands)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








BALANCE SHEET






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 








ASSETS






 






 






 






 






 






 






 






 






 








Cash and due from banks






$






258,542






 






 






$






208,080






 






 






$






208,455






 






 






$






252,817






 






 






$






260,280






 








Interest-earning deposits






 






376,824






 






 






 






474,720






 






 






 






264,399






 






 






 






239,602






 






 






 






222,780






 








Debt and equity investments






 






3,911,106






 






 






 






3,810,876






 






 






 






3,527,467






 






 






 






3,384,347






 






 






 






3,108,763






 








Loans held for sale






 






418






 






 






 






928






 






 






 






681






 






 






 






586






 






 






 






—






 








 






 






 






 






 






 






 






 






 






 








Loans






 






11,692,780






 






 






 






11,800,338






 






 






 






11,583,109






 






 






 






11,408,840






 






 






 






11,298,763






 








Allowance for credit losses






 






(142,064






)






 






 






(140,022






)






 






 






(148,854






)






 






 






(145,133






)






 






 






(142,944






)








Total loans, net






 






11,550,716






 






 






 






11,660,316






 






 






 






11,434,255






 






 






 






11,263,707






 






 






 






11,155,819






 








 






 






 






 






 






 






 






 






 






 








Fixed assets, net






 






57,956






 






 






 






58,993






 






 






 






49,248






 






 






 






48,639






 






 






 






48,083






 








Goodwill






 






416,968






 






 






 






416,968






 






 






 






365,164






 






 






 






365,164






 






 






 






365,164






 








Intangible assets, net






 






19,525






 






 






 






21,175






 






 






 






6,140






 






 






 






6,876






 






 






 






7,628






 








Other assets






 






635,773






 






 






 






648,828






 






 






 






546,596






 






 






 






514,561






 






 






 






508,077






 








Total assets






$






17,227,828






 






 






$






17,300,884






 






 






$






16,402,405






 






 






$






16,076,299






 






 






$






15,676,594






 








 






 






 






 






 






 






 






 






 






 








LIABILITIES AND STOCKHOLDERS’ EQUITY






 






 






 






 






 






 






 






 






 








Noninterest-bearing deposits






$






4,828,375






 






 






$






4,874,115






 






 






$






4,386,513






 






 






$






4,322,332






 






 






$






4,285,061






 








Interest-bearing deposits






 






9,696,022






 






 






 






9,735,227






 






 






 






9,181,399






 






 






 






8,995,027






 






 






 






8,749,169






 








Total deposits






 






14,524,397






 






 






 






14,609,342






 






 






 






13,567,912






 






 






 






13,317,359






 






 






 






13,034,230






 








Subordinated debentures and notes






 






93,759






 






 






 






93,688






 






 






 






93,617






 






 






 






156,796






 






 






 






156,695






 








FHLB advances






 






—






 






 






 






—






 






 






 






327,000






 






 






 






294,000






 






 






 






205,000






 








Other borrowings






 






319,345






 






 






 






387,717






 






 






 






247,006






 






 






 






210,641






 






 






 






255,635






 








Other liabilities






 






268,123






 






 






 






170,751






 






 






 






184,538






 






 






 






174,604






 






 






 






156,961






 








Total liabilities






 






15,205,624






 






 






 






15,261,498






 






 






 






14,420,073






 






 






 






14,153,400






 






 






 






13,808,521






 








Stockholders’ equity:






 






 






 






 






 






 






 






 






 








Preferred stock






 






71,988






 






 






 






71,988






 






 






 






71,988






 






 






 






71,988






 






 






 






71,988






 








Common stock






 






366






 






 






 






370






 






 






 






370






 






 






 






369






 






 






 






369






 








Additional paid-in capital






 






990,394






 






 






 






1,000,775






 






 






 






997,446






 






 






 






991,663






 






 






 






988,554






 








Retained earnings






 






1,041,038






 






 






 






1,020,840






 






 






 






980,548






 






 






 






947,864






 






 






 






908,553






 








Accumulated other comprehensive loss






 






(81,582






)






 






 






(54,587






)






 






 






(68,020






)






 






 






(88,985






)






 






 






(101,391






)








Total stockholders’ equity






 






2,022,204






 






 






 






2,039,386






 






 






 






1,982,332






 






 






 






1,922,899






 






 






 






1,868,073






 








Total liabilities and stockholders’ equity






$






17,227,828






 






 






$






17,300,884






 






 






$






16,402,405






 






 






$






16,076,299






 






 






$






15,676,594






 








 






 






 






 






 






 






 






 






 






 









 




ENTERPRISE FINANCIAL SERVICES CORP




CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)




 








 






At or for the quarter ended








($ in thousands)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








LOAN PORTFOLIO






 






 






 






 






 






 






 






 






 








Commercial and industrial






$






5,168,533






 






 






$






5,231,616






 






 






$






4,943,561






 






 






$






4,870,268






 






 






$






4,729,707






 








Commercial real estate






 






5,453,966






 






 






 






5,453,821






 






 






 






5,178,649






 






 






 






5,074,100






 






 






 






5,046,293






 








Construction real estate






 






667,703






 






 






 






687,584






 






 






 






858,146






 






 






 






844,497






 






 






 






880,708






 








Residential real estate






 






346,181






 






 






 






367,682






 






 






 






365,010






 






 






 






364,281






 






 






 






366,353






 








Consumer






 






56,397






 






 






 






59,635






 






 






 






237,743






 






 






 






255,694






 






 






 






275,702






 








Total loans






$






11,692,780






 






 






$






11,800,338






 






 






$






11,583,109






 






 






$






11,408,840






 






 






$






11,298,763






 








 






 






 






 






 






 






 






 






 






 








DEPOSIT PORTFOLIO






 






 






 






 






 






 






 






 






 








Noninterest-bearing demand accounts






$






4,828,375






 






 






$






4,874,115






 






 






$






4,386,513






 






 






$






4,322,332






 






 






$






4,285,061






 








Interest-bearing demand accounts






 






3,395,680






 






 






 






3,537,334






 






 






 






3,301,621






 






 






 






3,184,670






 






 






 






3,193,903






 








Money market and savings accounts






 






4,610,662






 






 






 






4,528,510






 






 






 






4,228,605






 






 






 






4,209,032






 






 






 






4,167,375






 








Brokered certificates of deposit






 






724,788






 






 






 






721,977






 






 






 






762,499






 






 






 






752,422






 






 






 






542,172






 








Other certificates of deposit






 






964,892






 






 






 






947,406






 






 






 






888,674






 






 






 






848,903






 






 






 






845,719






 








Total deposits






$






14,524,397






 






 






$






14,609,342






 






 






$






13,567,912






 






 






$






13,317,359






 






 






$






13,034,230






 








 






 






 






 






 






 






 






 






 






 








AVERAGE BALANCES






 






 






 






 






 






 






 






 






 








Loans






$






11,777,727






 






 






$






11,794,459






 






 






$






11,454,183






 






 






$






11,358,209






 






 






$






11,240,806






 








Securities






 






3,782,844






 






 






 






3,623,965






 






 






 






3,353,305






 






 






 






3,149,010






 






 






 






2,930,912






 








Interest-earning assets






 






16,065,112






 






 






 






15,971,267






 






 






 






15,135,880






 






 






 






14,822,957






 






 






 






14,650,854






 








Assets






 






17,311,103






 






 






 






17,099,429






 






 






 






16,178,088






 






 






 






15,859,721






 






 






 






15,642,999






 








Deposits






 






14,609,433






 






 






 






14,537,381






 






 






 






13,604,302






 






 






 






13,245,241






 






 






 






13,141,556






 








Stockholders’ equity






 






2,076,504






 






 






 






2,022,472






 






 






 






1,964,126






 






 






 






1,906,089






 






 






 






1,863,272






 








Tangible common equity1






 






1,567,129






 






 






 






1,524,453






 






 






 






1,520,476






 






 






 






1,461,700






 






 






 






1,418,094






 








 






 






 






 






 






 






 






 






 






 








YIELDS (tax equivalent)






 






 






 






 






 






 






 






 






 








Loans






 






6.38






%






 






 






6.51






%






 






 






6.64






%






 






 






6.64






%






 






 






6.57






%








Securities






 






4.13






 






 






 






4.02






 






 






 






3.93






 






 






 






3.86






 






 






 






3.75






 








Interest-earning assets






 






5.77






 






 






 






5.86






 






 






 






5.99






 






 






 






6.00






 






 






 






5.93






 








Interest-bearing deposits






 






2.31






 






 






 






2.46






 






 






 






2.67






 






 






 






2.70






 






 






 






2.77






 








Deposits






 






1.52






 






 






 






1.64






 






 






 






1.80






 






 






 






1.82






 






 






 






1.83






 








Subordinated debentures and notes






 






6.59






 






 






 






6.61






 






 






 






7.78






 






 






 






7.00






 






 






 






6.63






 








FHLB advances and other borrowed funds






 






2.92






 






 






 






3.27






 






 






 






3.47






 






 






 






3.48






 






 






 






3.01






 








Interest-bearing liabilities






 






2.37






 






 






 






2.52






 






 






 






2.77






 






 






 






2.81






 






 






 






2.84






 








Net interest margin






 






4.28






 






 






 






4.26






 






 






 






4.23






 






 






 






4.21






 






 






 






4.15






 








1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.









 




ENTERPRISE FINANCIAL SERVICES CORP




CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)




 








 






Quarter ended








(in thousands, except per share data)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








ASSET QUALITY






 






 






 






 






 






 






 






 






 








Net charge-offs (recoveries)






$






4,407






 






 






$






20,674






 






 






$






4,057






 






 






$






630






 






 






$






(1,059






)








Nonperforming loans






 






64,941






 






 






 






82,809






 






 






 






127,878






 






 






 






105,807






 






 






 






109,882






 








Classified assets






 






430,288






 






 






 






410,485






 






 






 






352,792






 






 






 






281,162






 






 






 






264,460






 








Nonperforming loans to total loans






 






0.56






%






 






 






0.70






%






 






 






1.10






%






 






 






0.93






%






 






 






0.97






%








Nonperforming assets to total assets






 






0.87






%






 






 






0.95






%






 






 






0.83






%






 






 






0.71






%






 






 






0.72






%








Allowance for credit losses to total loans






 






1.21






%






 






 






1.19






%






 






 






1.29






%






 






 






1.27






%






 






 






1.27






%








Allowance for credit losses to total loans, excluding guaranteed loans1






 






1.32






%






 






 






1.29






%






 






 






1.40






%






 






 






1.38






%






 






 






1.38






%








Allowance for credit losses to nonperforming loans






 






218.8






%






 






 






169.1






%






 






 






116.4






%






 






 






137.2






%






 






 






130.1






%








Net charge-offs (recoveries) to average loans - annualized






 






0.15






%






 






 






0.70






%






 






 






0.14






%






 






 






0.02






%






 






 






(0.04






)%








 






 






 






 






 






 






 






 






 






 








WEALTH MANAGEMENT






 






 






 






 






 






 






 






 






 








Trust assets under management






$






2,882,919






 






 






$






2,750,803






 






 






$






2,566,784






 






 






$






2,457,471






 






 






$






2,250,004






 








 






 






 






 






 






 






 






 






 






 








SHARE DATA






 






 






 






 






 






 






 






 






 








Book value per common share






$






53.31






 






 






$






53.22






 






 






$






51.62






 






 






$






50.09






 






 






$






48.64






 








Tangible book value per common share1






$






41.38






 






 






$






41.37






 






 






$






41.58






 






 






$






40.02






 






 






$






38.54






 








Market value per share






$






54.11






 






 






$






54.00






 






 






$






57.98






 






 






$






55.10






 






 






$






53.74






 








Period end common shares outstanding






 






36,581






 






 






 






36,965






 






 






 






37,011






 






 






 






36,950






 






 






 






36,928






 








Average basic common shares






 






36,907






 






 






 






36,997






 






 






 






37,015






 






 






 






36,963






 






 






 






36,971






 








Average diluted common shares






 






37,152






 






 






 






37,265






 






 






 






37,333






 






 






 






37,172






 






 






 






37,287






 








 






 






 






 






 






 






 






 






 






 








CAPITAL






 






 






 






 






 






 






 






 






 








Total risk-based capital to risk-weighted assets2






 






13.9






%






 






 






13.9






%






 






 






14.4






%






 






 






14.7






%






 






 






14.7






%








Tier 1 capital to risk-weighted assets2






 






12.9






%






 






 






12.8






%






 






 






13.3






%






 






 






13.2






%






 






 






13.1






%








Common equity tier 1 capital to risk-weighted assets2






 






11.7






%






 






 






11.6






%






 






 






12.0






%






 






 






11.9






%






 






 






11.8






%








Tangible common equity to tangible assets1






 






9.01






%






 






 






9.07






%






 






 






9.60






%






 






 






9.42






%






 






 






9.30






%








 






 






 






 






 






 






 






 






 






 








1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.








2 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.









 




ENTERPRISE FINANCIAL SERVICES CORP




RECONCILIATION OF NON-GAAP FINANCIAL MEASURES




 








 






Quarter ended








($ in thousands)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








CORE EFFICIENCY RATIO








Net interest income (GAAP)






$






166,147






 






 






$






168,174






 






 






$






158,286






 






 






$






152,762






 






 






$






147,516






 








Tax-equivalent adjustment






 






3,320






 






 






 






3,477






 






 






 






3,045






 






 






 






2,738






 






 






 






2,475






 








Noninterest income (GAAP)






 






19,088






 






 






 






25,412






 






 






 






48,624






 






 






 






20,604






 






 






 






18,483






 








Less insurance recoveries1






 






—






 






 






 






—






 






 






 






32,112






 






 






 






—






 






 






 






—






 








Less net gain (loss) on sale of investment securities






 






—






 






 






 






(57






)






 






 






—






 






 






 






—






 






 






 






106






 








Less net gain (loss) on OREO






 






(295






)






 






 






6,169






 






 






 






7






 






 






 






56






 






 






 






23






 








Core revenue (non-GAAP)






$






188,850






 






 






$






190,951






 






 






$






177,836






 






 






$






176,048






 






 






$






168,345






 








 






 






 






 






 






 






 






 






 






 








Noninterest expense (GAAP)






$






115,137






 






 






$






114,532






 






 






$






109,790






 






 






$






105,702






 






 






$






99,783






 








Less FDIC special assessment






 






—






 






 






 






(652






)






 






 






—






 






 






 






—






 






 






 






—






 








Less amortization on intangibles






 






1,400






 






 






 






1,380






 






 






 






736






 






 






 






753






 






 






 






855






 








Less acquisition costs






 






—






 






 






 






2,548






 






 






 






609






 






 






 






518






 






 






 






—






 








Core noninterest expense (non-GAAP)






$






113,737






 






 






$






111,256






 






 






$






108,445






 






 






$






104,431






 






 






$






98,928






 








 






 






 






 






 






 






 






 






 






 








Core efficiency ratio (non-GAAP)






 






60.2






%






 






 






58.3






%






 






 






61.0






%






 






 






59.3






%






 






 






58.8






%








1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.









 






Quarter ended








(in thousands, except per share data)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO








Stockholders’ equity (GAAP)






$






2,022,204






 






 






$






2,039,386






 






 






$






1,982,332






 






 






$






1,922,899






 






 






$






1,868,073






 








Less preferred stock






 






71,988






 






 






 






71,988






 






 






 






71,988






 






 






 






71,988






 






 






 






71,988






 








Less goodwill






 






416,968






 






 






 






416,968






 






 






 






365,164






 






 






 






365,164






 






 






 






365,164






 








Less intangible assets






 






19,525






 






 






 






21,175






 






 






 






6,140






 






 






 






6,876






 






 






 






7,628






 








Tangible common equity (non-GAAP)






$






1,513,723






 






 






$






1,529,255






 






 






$






1,539,040






 






 






$






1,478,871






 






 






$






1,423,293






 








Less net unrealized losses on HTM securities, after tax






 






39,080






 






 






 






26,431






 






 






 






37,341






 






 






 






56,508






 






 






 






55,819






 








Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)






$






1,474,643






 






 






$






1,502,824






 






 






$






1,501,699






 






 






$






1,422,363






 






 






$






1,367,474






 








 






 






 






 






 






 






 






 






 






 








Common shares outstanding






 






36,581






 






 






 






36,965






 






 






 






37,011






 






 






 






36,950






 






 






 






36,928






 








Tangible book value per common share (non-GAAP)






$






41.38






 






 






$






41.37






 






 






$






41.58






 






 






$






40.02






 






 






$






38.54






 








 






 






 






 






 






 






 






 






 






 








Total assets (GAAP)






$






17,227,828






 






 






$






17,300,884






 






 






$






16,402,405






 






 






$






16,076,299






 






 






$






15,676,594






 








Less goodwill






 






416,968






 






 






 






416,968






 






 






 






365,164






 






 






 






365,164






 






 






 






365,164






 








Less intangible assets






 






19,525






 






 






 






21,175






 






 






 






6,140






 






 






 






6,876






 






 






 






7,628






 








Tangible assets (non-GAAP)






$






16,791,335






 






 






$






16,862,741






 






 






$






16,031,101






 






 






$






15,704,259






 






 






$






15,303,802






 








 






 






 






 






 






 






 






 






 






 








Tangible common equity to tangible assets (non-GAAP)






 






9.01






%






 






 






9.07






%






 






 






9.60






%






 






 






9.42






%






 






 






9.30






%








Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)






 






8.78






%






 






 






8.91






%






 






 






9.37






%






 






 






9.06






%






 






 






8.94






%









 






Quarter ended








($ in thousands)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE








Average stockholder’s equity (GAAP)






$






2,076,504






 






 






$






2,022,472






 






 






$






1,964,126






 






 






$






1,906,089






 






 






$






1,863,272






 








Less average preferred stock






 






71,988






 






 






 






71,988






 






 






 






71,988






 






 






 






71,988






 






 






 






71,988






 








Less average goodwill






 






416,968






 






 






 






414,858






 






 






 






365,164






 






 






 






365,164






 






 






 






365,164






 








Less average intangible assets






 






20,419






 






 






 






11,173






 






 






 






6,498






 






 






 






7,237






 






 






 






8,026






 








Average tangible common equity (non-GAAP)






$






1,567,129






 






 






$






1,524,453






 






 






$






1,520,476






 






 






$






1,461,700






 






 






$






1,418,094






 








 






 






 






 






 






 






 






 






 






 








Net income (GAAP)






$






49,362






 






 






$






54,794






 






 






$






45,235






 






 






$






51,384






 






 






$






49,961






 








FDIC special assessment (after tax)






 






—






 






 






 






(488






)






 






 






—






 






 






 






—






 






 






 






—






 








Acquisition costs (after tax)






 






—






 






 






 






1,742






 






 






 






549






 






 






 






462






 






 






 






—






 








Less net gain (loss) on sale of investment securities (after tax)






 






—






 






 






 






(43






)






 






 






—






 






 






 






—






 






 






 






80






 








Less net gain (loss) on OREO (after tax)






 






(221






)






 






 






4,621






 






 






 






5






 






 






 






42






 






 






 






17






 








Net income adjusted (non-GAAP)






$






49,583






 






 






$






51,470






 






 






$






45,779






 






 






$






51,804






 






 






$






49,864






 








Less preferred stock dividends






 






938






 






 






 






937






 






 






 






938






 






 






 






937






 






 






 






938






 








Net income available to common stockholders adjusted (non-GAAP)






$






48,645






 






 






$






50,533






 






 






$






44,841






 






 






$






50,867






 






 






$






48,926






 








 






 






 






 






 






 






 






 






 






 








Return on average common equity (non-GAAP)






 






9.80






%






 






 






10.95






%






 






 






9.29






%






 






 






11.03






%






 






 






11.10






%








Adjusted return on average common equity (non-GAAP)






 






9.84






%






 






 






10.28






%






 






 






9.40






%






 






 






11.12






%






 






 






11.08






%








ROATCE (non-GAAP)






 






12.53






%






 






 






14.02






%






 






 






11.56






%






 






 






13.84






%






 






 






14.02






%








Adjusted ROATCE (non-GAAP)






 






12.59






%






 






 






13.15






%






 






 






11.70






%






 






 






13.96






%






 






 






13.99






%








 






 






 






 






 






 






 






 






 






 








Average assets






$






17,311,103






 






 






$






17,099,429






 






 






$






16,178,088






 






 






$






15,859,721






 






 






$






15,642,999






 








Return on average assets (GAAP)






 






1.16






%






 






 






1.27






%






 






 






1.11






%






 






 






1.30






%






 






 






1.30






%








Adjusted return on average assets (non-GAAP)






 






1.16






%






 






 






1.19






%






 






 






1.12






%






 






 






1.31






%






 






 






1.29






%








Average diluted common shares






 






37,152






 






 






 






37,265






 






 






 






37,333






 






 






 






37,172






 






 






 






37,287






 








Diluted earnings per share (GAAP)






$






1.30






 






 






$






1.45






 






 






$






1.19






 






 






$






1.36






 






 






$






1.31






 








Adjusted diluted earnings per share (non-GAAP)






$






1.31






 






 






$






1.36






 






 






$






1.20






 






 






$






1.37






 






 






$






1.31






 









 






Quarter ended








($ in thousands)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)








Net interest income (GAAP)






$






166,147






 






 






$






168,174






 






 






$






158,286







 






$






152,762







 






$






147,516









Noninterest income (GAAP)






 






19,088






 






 






 






25,412






 






 






 






48,624






 






 






 






20,604






 






 






 






18,483






 








FDIC special assessment






 






—






 






 






 






(652






)






 






 






—






 






 






 






—






 






 






 






—






 








Acquisition costs






 






—






 






 






 






2,548






 






 






 






609






 






 






 






518






 






 






 






—






 








Less net gain (loss) on sale of investment securities






 






—






 






 






 






(57






)






 






 






—






 






 






 






—






 






 






 






106






 








Less net gain (loss) on OREO






 






(295






)






 






 






6,169






 






 






 






7






 






 






 






56






 






 






 






23






 








Less insurance recoveries






 






—






 






 






 






—






 






 






 






32,112






 






 






 






—






 






 






 






—






 








Less noninterest expense (GAAP)






 






115,137






 






 






 






114,532






 






 






 






109,790






 






 






 






105,702






 






 






 






99,783






 








PPNR (non-GAAP)






$






70,393






 






 






$






74,838






 






 






$






65,610






 






 






$






68,126






 






 






$






66,087






 








 






 






 






 






 






 






 






 






 






 









 






At








($ in thousands)






Mar 31,

2026






 






Dec 31,

2025






 






Sep 30,

2025






 






Jun 30,

2025






 






Mar 31,

2025








ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS








Loans (GAAP)






$






11,692,780






 






 






$






11,800,338






 






 






$






11,583,109






 






 






$






11,408,840






 






 






$






11,298,763






 








Less guaranteed loans






 






935,409






 






 






 






960,132






 






 






 






922,168






 






 






 






913,118






 






 






 






942,651






 








Adjusted loans (non-GAAP)






$






10,757,371






 






 






$






10,840,206






 






 






$






10,660,941






 






 






$






10,495,722






 






 






$






10,356,112






 








 






 






 






 






 






 






 






 






 






 








Allowance for credit losses






$






142,064






 






 






$






140,022






 






 






$






148,854






 






 






$






145,133






 






 






$






142,944






 








Allowance for credit losses/loans (GAAP)






 






1.21






%






 






 






1.19






%






 






 






1.29






%






 






 






1.27






%






 






 






1.27






%








Allowance for credit losses/adjusted loans (non-GAAP)






 






1.32






%






 






 






1.29






%






 






 






1.40






%






 






 






1.38






%






 






 






1.38






%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422662226/en/
For more information contact

Investor Relations:

Keene Turner, Senior Executive Vice President, CFO and COO (314) 512-7233

Dakota Danescu, Senior Investor Relations Analyst (314) 810-3623
Media:

Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695


Original: Enterprise Financial Services Corp Reports First Quarter 2026 Results