$EFSC

ENTERPRISE FINANCIAL SERVICES CORP

CIK:0001025835|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans	$ 188,493	$ 187,845	$ 373,663	$ 369,757
Debt securities:
Taxable	27,192	19,310	52,859	36,527
Nontaxable	9,225	7,814	18,505	14,933
Interest-earning deposits	3,697	3,368	8,230	8,492
Dividends on equity securities	706	630	1,147	1,038
Total interest income	229,313	218,967	454,404	430,747
Interest expense:
Deposits	55,670	59,979	110,419	119,245
Subordinated debentures and notes	2,061	2,737	3,583	5,299
FHLB advances	861	1,801	917	2,088
Other borrowings	2,005	1,688	4,622	3,837
Total interest expense	60,597	66,205	119,541	130,469
Net interest income	168,716	152,762	334,863	300,278
Provision for credit losses	14,210	3,470	21,453	8,654
Net interest income after provision for credit losses	154,506	149,292	313,410	291,624
Noninterest income:
Total noninterest income	13,478	20,604	32,566	39,087
Noninterest expense:
Employee compensation and benefits	53,114	50,164	108,873	98,372
Deposit costs	27,832	24,765	53,828	48,588
Occupancy	5,909	5,065	11,811	9,495
Data processing	5,999	4,713	11,643	9,522
Professional fees	1,965	2,029	3,536	3,757
Other expense	20,920	18,966	41,185	35,751
Total noninterest expense	115,739	105,702	230,876	205,485
Income before income tax expense	52,245	64,194	115,100	125,226
Income tax expense	11,318	12,810	24,811	23,881
Net income	40,927	51,384	90,289	101,345
Dividends on preferred stock	937	937	1,875	1,875
Net income available to common stockholders	$ 39,990	$ 50,447	$ 88,414	$ 99,470
Earnings per common share
Basic (usd per share)	$ 1.10	$ 1.36	$ 2.41	$ 2.69
Diluted (usd per share)	$ 1.09	$ 1.36	$ 2.39	$ 2.67
Deposit service charges
Noninterest income:
Total noninterest income	$ 5,477	$ 4,940	$ 10,733	$ 9,360
Wealth management revenue
Noninterest income:
Total noninterest income	2,804	2,584	5,516	5,243
Card services revenue
Noninterest income:
Total noninterest income	2,545	2,444	5,080	4,839
Tax credit income (loss)
Noninterest income:
Total noninterest income	(1,733)	2,207	(1,912)	4,817
Other income
Noninterest income:
Total noninterest income	$ 4,385	$ 8,429	$ 13,149	$ 14,828

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 90,289	$ 101,345
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	4,105	3,091
Provision for credit losses	21,453	8,654
Deferred income taxes	2,907	(2,789)
Net amortization of discount/premiums on debt securities	1,427	2,085
Net amortization on loans	3,538	975
Amortization of intangible assets	2,697	1,608
Amortization of servicing assets	506	476
Mortgage loans originated-for-sale	(13,778)	(12,150)
Proceeds from mortgage loans sold	13,631	11,744
Investment securities	2,146	(106)
SBA loans	(1,414)	(3,048)
OREO	597	(79)
Fixed assets	(687)	0
State tax credits	(153)	(110)
Stock-based compensation	7,878	6,192
Net change in other assets and liabilities	(7,975)	(16,579)
Net cash provided by operating activities	127,167	101,309
Cash flows from investing activities:
Net increase in loans	(157,957)	(255,212)
Branch acquisition	250	0
Sale of debt and equity securities, available-for-sale	178,256	9,631
Paydown or maturity of debt securities, available-for-sale	321,700	198,032
Paydown or maturity of debt securities, held-to-maturity	35,361	9,400
Redemption of other investments	42,988	63,144
Sale of SBA loans	27,278	60,028
Sale of state tax credits held for sale	872	725
Sale of OREO	16,845	3,619
Sale of fixed assets	939	0
Settlement of bank-owned life insurance policies	1,581	2,079
Payments for the purchase of:
Available-for-sale debt securities	(643,652)	(488,484)
Held-to-maturity debt securities	0	(175,052)
Other investments	(95,150)	(78,102)
Bank-owned life insurance	0	(75,000)
State tax credits held for sale	0	(360)
Fixed assets	(2,682)	(6,721)
Net cash used in investing activities	(273,371)	(732,273)
Cash flows from financing activities:
Net increase (decrease) in noninterest-bearing demand accounts	36,120	(161,740)
Net increase (decrease) in interest-bearing demand accounts	(142,911)	332,607
Net increase in short term FHLB advances, net	208,000	294,000
Repayment of term loan	(58,732)	0
Net decrease in other borrowings	(120,819)	(70,180)
Proceeds from issuance of subordinated debentures, net	172,080	0
Repurchase of common stock	(50,043)	(10,630)
Cash dividends paid on common stock	(24,501)	(21,798)
Cash dividends paid on preferred stock	(1,875)	(1,875)
Other	(956)	(2,070)
Net cash provided by financing activities	16,363	358,314
Net decrease in cash and cash equivalents	(129,841)	(272,650)
Cash and cash equivalents, beginning of period	681,902	764,170
Cash and cash equivalents, end of period	552,061	491,520
Cash paid during the period for:
Interest	122,266	130,213
Income taxes	21,647	24,626
Noncash investing and financing transactions:
Transfer to OREO in settlement of loans	16,779	7,821
Right-of-use assets obtained in exchange for lease obligations	1,346	0
Unsettled purchases of available-for-sale securities	$ 16,773	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets [Abstract]
Cash and due from banks	$ 273,875	$ 208,080
Federal funds sold	11,179	5,793
Interest-earning deposits	267,007	468,029
Total cash and cash equivalents	552,061	681,902
Interest-earning deposits greater than 90 days	666	898
Securities available-for-sale	2,795,725	2,655,035
Securities held-to-maturity, net	1,036,477	1,074,957
Loans held-for-sale	1,145	928
Loans, before unearned loan fees	11,892,399	11,800,338
ACL on loans	(139,238)	(140,022)
Total loans, net	11,753,161	11,660,316
Other investments	128,632	80,884
Fixed assets, net	57,318	58,993
Goodwill	416,968	416,968
Intangible assets, net	18,228	21,175
Other assets	638,628	648,828
Total assets	17,399,009	17,300,884
Liabilities and Stockholders' Equity
Noninterest-bearing demand accounts	4,910,235	4,874,115
Interest-bearing demand accounts	3,406,505	3,537,334
Money market accounts	3,944,742	3,991,110
Savings accounts	537,269	537,400
Certificates of deposit:
Brokered	736,377	721,977
Customer	967,423	947,406
Total deposits	14,502,551	14,609,342
Subordinated debentures and notes	265,910	93,688
FHLB advances	208,000	0
Other borrowings	208,166	387,717
Other liabilities	173,536	170,751
Total liabilities	15,358,163	15,261,498
Commitments and contingent liabilities (Note 5)
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding ($1,000 per share liquidation preference)	71,988	71,988
Common stock, $0.01 par value; 75,000,000 shares authorized; 36,257,707 and 36,965,398 shares issued and outstanding	363	370
Additional paid-in capital	986,133	1,000,775
Retained earnings	1,056,072	1,020,840
Accumulated other comprehensive loss, net	(73,710)	(54,587)
Total stockholders’ equity	2,040,846	2,039,386
Total liabilities and stockholders’ equity	$ 17,399,009	$ 17,300,884