Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

October 21, 2024

ENTERPRISE FINANCIAL SERVICES CORP

(Exact name of registrant as specified in its charter)


Delaware	001-15373	43-1706259
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


150 N. Meramec Avenue, St. Louis, Missouri (Address of principal executive offices)			63105 (Zip Code)

Registrant's telephone number, including area code

(314) 725-5500


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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

EFSC

Nasdaq Global Select Market

Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

EFSCP

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On October 21, 2024, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

On October 22, 2024, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended September 30, 2024. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference.

The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed “filed” with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number Description

99.1 Press Release dated October 21, 2024.

99.2 Presentation to be conducted October 22, 2024.

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

SIGNATURES

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

ENTERPRISE FINANCIAL SERVICES CORP

Date:

October 21, 2024

By:

/s/ Troy R. Dumlao

Troy R. Dumlao

Executive Vice President and Chief Accounting Officer

EXHIBIT 99.1

ENTERPRISE FINANCIAL REPORTS THIRD QUARTER 2024 RESULTS

Third Quarter Results

•Net income of $50.6 million, or $1.32 per diluted common share, compared to $1.19 in the linked quarter and $1.17 in the prior year quarter

•Net interest margin of 4.17%, quarterly decrease of 2 basis points

•Net interest income of $143.5 million, quarterly increase of $2.9 million

•Total loans of $11.1 billion, quarterly increase of $79.9 million

•Total deposits of $12.5 billion, quarterly increase of $182.9 million

•Return on Average Assets (“ROAA”) of 1.36%, compared to 1.25% and 1.26% in the linked and prior year quarters, respectively

•Return on Average Tangible Common Equity (“ROATCE”)1 of 14.55%, compared to 13.77% and 14.49% in the linked and prior year quarters, respectively

•Tangible common equity to tangible assets1 of 9.50%, an increase of 32 basis points and 99 basis points from the linked and prior year quarters, respectively

•Tangible book value per share1 of $37.26, annualized quarterly increase of 25%

•Repurchased 195,114 shares and increased quarterly dividend $0.01 to $0.28 per common share for the fourth quarter 2024

St. Louis, Mo. October 21, 2024 – Jim Lally, President and Chief Executive Officer of Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), said today upon the release of EFSC’s third quarter earnings, “We are proud of our third quarter results, with a stable net interest margin, expansion in net interest income and an 11% increase in diluted earnings per share over the linked quarter. Our consistent return profile increased tangible book value per share 25% on an annualized basis from the linked quarter, and 20% over the prior year’s third quarter. With the strength of our balance sheet and capital position as a foundation, I believe we are well positioned to continue executing on the opportunities within our markets.”

Highlights

•Earnings - Net income in the third quarter 2024 was $50.6 million, an increase of $5.1 million and $5.9 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the third quarter 2024 was $1.32, compared to $1.19 and $1.17 for the linked and prior year quarters, respectively. Adjusted diluted earnings per common share1 was $1.29 for the third quarter 2024, compared to $1.21 and $1.17 for the linked and prior year quarters, respectively.

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

•Pre-provision net revenue (“PPNR”)1 - PPNR of $65.1 million in the third quarter 2024 increased $1.8 million from the linked quarter and was relatively stable with the prior year quarter. The increase from the linked quarter was primarily due to higher noninterest income from sales of other real estate owned, and higher net interest income that benefited from an increase in average earning assets. The increase in operating revenue was partially offset by an increase in noninterest expense, primarily variable deposit services costs and employee compensation and benefits.

•Net interest income and net interest margin (“NIM”) - Net interest income of $143.5 million for the third quarter 2024 increased $2.9 million and $1.8 million from the linked and prior year quarters, respectively. Compared to the linked quarter, net interest income for the third quarter 2024 increased primarily due to higher interest-earning asset balances and an additional day in the quarter. NIM was 4.17% for the third quarter 2024, compared to 4.19% and 4.33% for the linked and prior year quarters, respectively. The total cost of deposits of 2.18% for the third quarter 2024 increased 2 basis points and 34 basis points from the linked and prior year quarters, respectively.

•Noninterest income - Noninterest income of $21.4 million for the third quarter 2024 increased $5.9 million and $9.3 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to an increase in tax credit income, a net gain on the sale of other real estate owned and an increase in income on community development investments.

•Noninterest expense - Noninterest expense of $98.0 million for the third quarter 2024 increased $4.0 million and $9.4 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by higher employee compensation and variable deposit servicing costs. The Company continues to have success in recruiting new relationship managers and in deposit generation from existing relationships, both of which have contributed to an increase in average deposit balances. The increase from the prior year quarter was also affected by expenses related to the core system conversion.

•Loans - Loans totaled $11.1 billion at September 30, 2024, an increase of $79.9 million from the linked quarter and an increase of $463.1 million from the prior year quarter. Average loans totaled $11.0 billion for both the current and linked quarter and $10.5 billion in the prior year quarter.

•Asset quality - The allowance for credit losses to total loans was 1.26% at September 30, 2024, compared to 1.27% at June 30, 2024 and 1.34% at September 30, 2023. The ratio of nonperforming assets to total assets was 0.22% at September 30, 2024, compared to 0.33% and 0.40% at June 30, 2024 and September 30, 2023, respectively. The provision for credit losses recorded in the third quarter 2024 was $4.1 million, compared to $4.8 million and $8.0 million for the linked and prior year quarters, respectively.

•Deposits - Deposits totaled $12.5 billion at September 30, 2024, an increase of $182.9 million from the linked quarter. Excluding brokered certificates of deposits, deposits increased $196.9 million. Average deposits were $12.5 billion, $12.3 billion and $11.9 billion for the current, linked and prior year quarters, respectively. At September 30, 2024, noninterest-bearing deposit accounts totaled $3.9 billion, or 31.6% of total deposits, and the loan to deposit ratio was 88.9%.

•Liquidity - The total available on- and off-balance-sheet liquidity was approximately $5.8 billion at September 30, 2024. On-balance-sheet liquidity consisted of cash of $426.4 million and $1.4 billion in unpledged investment securities at September 30, 2024. Off-balance-sheet liquidity consisted of $1.2 billion available through the Federal Home Loan Bank, $2.6 billion available through the Federal Reserve and $140.0 million through correspondent bank lines. The Company also has an unused $25.0 million revolving line of credit and maintains a shelf registration allowing for the issuance of various forms of equity and debt securities.

•Capital - Total shareholders’ equity was $1.8 billion and the tangible common equity to tangible assets ratio2 was 9.50% at September 30, 2024, compared to 9.18% at June 30, 2024. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.5% and a total risk-based capital ratio of 13.6% at September 30, 2024. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.9% and 14.8%, respectively, at September 30, 2024.

The Company’s board of directors approved a quarterly dividend of $0.28 per common share, payable on December 31, 2024 to shareholders of record as of December 16, 2024. The board of directors also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) September 15, 2024 to (but excluding) December 15, 2024. The dividend will be payable on December 15, 2024 and will be paid on December 16, 2024 to holders of record of Series A Preferred Stock as of November 29, 2024.

2 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
	September 30, 2024						June 30, 2024						September 30, 2023
($ 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	$	10,971,575	$	191,638	6.95	%	$	10,962,488	$	189,346	6.95	%	$	10,521,966	$	180,382	6.80	%


Securities2	2,503,124		21,404		3.40		2,396,519		19,956		3.35		2,302,850		18,076		3.11
Interest-earning deposits	402,932		5,348		5.28		325,452		4,389		5.42		335,771		4,509		5.33
Total interest-earning assets	13,877,631		218,390		6.26		13,684,459		213,691		6.28		13,160,587		202,967		6.12




Noninterest-earning assets	971,824						961,922						908,273

Total assets	$	14,849,455					$	14,646,381					$	14,068,860

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts	$	3,018,309	$	20,002	2.64	%	$	2,950,827	$	18,801	2.56	%	$	2,672,084	$	13,701	2.03	%
Money market accounts	3,551,492		33,493		3.75		3,434,712		31,926		3.74		3,079,221		26,427		3.40
Savings accounts	561,466		345		0.24		573,115		335		0.24		646,187		250		0.15
Certificates of deposit	1,368,339		14,928		4.34		1,412,263		15,312		4.36		1,519,119		14,976		3.91
Total interest-bearing deposits	8,499,606		68,768		3.22		8,370,917		66,374		3.19		7,916,611		55,354		2.77
Subordinated debentures and notes	156,329		2,695		6.86		156,188		2,684		6.91		155,769		2,466		6.28
FHLB advances	4,565		59		5.14		40,308		561		5.60		10,326		141		5.42
Securities sold under agreements to repurchase	140,255		1,217		3.45		158,969		1,401		3.54		146,893		969		2.61
Other borrowings	36,226		96		1.05		36,203		95		1.06		50,571		337		2.66
Total interest-bearing liabilities	8,836,981		72,835		3.28		8,762,585		71,115		3.26		8,280,170		59,267		2.84

Noninterest-bearing liabilities:
Demand deposits	4,046,480						3,973,336						4,005,923
Other liabilities	161,625						162,220						134,162
Total liabilities	13,045,086						12,898,141						12,420,255
Shareholders' equity	1,804,369						1,748,240						1,648,605
Total liabilities and shareholders' equity	$	14,849,455					$	14,646,381					$	14,068,860






Total net interest income			$	145,555					$	142,576					$	143,700
Net interest margin					4.17	%					4.19	%					4.33	%

1 Average balances include nonaccrual loans. Interest income includes net loan fees of $2.6 million, $2.2 million, and $3.3 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, 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 $2.1 million for each of the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

Net interest income of $143.5 million for the third quarter 2024 increased $2.9 million and $1.8 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $145.6 million, $142.6 million and $143.7 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior quarters reflects the benefit of higher yields combined with organic growth. In late September 2024 the Federal Reserve reduced the federal funds target rate by 50 basis points. In response, since the Company maintains an asset-sensitive balance sheet, deposit pricing has been adjusted to partially mitigate the impact on income from the repricing of variable rate loans.

Interest income increased $4.7 million during the third quarter 2024 due to increases in all interest earning categories, including loans, securities and interest earning cash accounts. Interest income increased primarily due to an increase in average balances compared to the linked quarter. Continued success in deposit generation has increased liquidity, which has been primarily deployed into the securities portfolio.

The average interest rate of new loan originations in the third quarter 2024 was 7.84%, a decrease of 23 basis points from the linked quarter. Investment purchases in the third quarter 2024 had a weighted average, tax equivalent yield of 4.97%.

Interest expense increased $1.7 million in the third quarter 2024 primarily due to an increase in deposit interest expense, partially offset by a decline in interest expense on borrowings. The average cost of interest-bearing deposits was 3.22%, an increase of 3 basis points compared to the linked quarter. The total cost of deposits, including noninterest-bearing demand accounts, was 2.18% during the third quarter 2024, compared to 2.16% in the linked quarter.

NIM, on a tax equivalent basis, was 4.17% in the third quarter 2024, a decrease of 2 basis points from the linked quarter and a decrease of 16 basis points from the prior year quarter. For the month of September 2024, the loan portfolio yield was 6.90% and the cost of total deposits was 2.18%.

Investments


	At
	September 30, 2024				June 30, 2024				September 30, 2023
($ in thousands)	Carrying Value		Net Unrealized Loss		Carrying Value		Net Unrealized Loss		Carrying Value		Net Unrealized Loss
Available-for-sale (AFS)	$	1,786,793	$	(122,158)	$	1,615,930	$	(172,734)	$	1,487,104	$	(235,013)
Held-to-maturity (HTM)	851,647		(46,351)		772,648		(69,442)		730,655		(108,780)
Total	$	2,638,440	$	(168,509)	$	2,388,578	$	(242,176)	$	2,217,759	$	(343,793)

Investment securities totaled $2.6 billion at September 30, 2024, an increase of $249.9 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities3 was 9.26% at September 30, 2024, compared to 8.82% at June 30, 2024.

3 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)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
C&I	$	2,145,286		$	2,107,097		$	2,263,817		$	2,186,203		$	2,020,303
CRE investor owned	2,346,575			2,308,926			2,280,990			2,291,660			2,260,220
CRE owner occupied	1,322,714			1,313,742			1,279,929			1,262,264			1,255,885
SBA loans*	1,272,679			1,269,145			1,274,780			1,281,632			1,309,497
Sponsor finance*	819,079			865,883			865,180			872,264			888,000
Life insurance premium financing*	1,030,273			996,154			1,003,597			956,162			928,486
Tax credits*	724,441			738,249			718,383			734,594			683,580
Residential real estate	346,460			339,889			354,615			359,957			364,618
Construction and land development	796,586			791,780			726,742			670,567			639,555
Other	275,799			269,142			260,459			268,815			266,676
Total loans	$	11,079,892		$	11,000,007		$	11,028,492		$	10,884,118		$	10,616,820

Quarterly loan yield	6.95		%	6.95		%	6.87		%	6.87		%	6.80		%

Variable interest rate loans to total loans	61		%	61		%	61		%	61		%	61		%


*Specialty loan category

Loans totaled $11.1 billion at September 30, 2024, an increase of $79.9 million compared to the linked quarter. During the current quarter, C&I loans and CRE loans increased $38.2 million and $46.6 million, respectively. Average line utilization was approximately 44% for the quarter ended September 30, 2024, compared to 46% and 41% 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)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Nonperforming loans*	$	28,376		$	39,384		$	35,642		$	43,728		$	48,932
Other	4,516			8,746			8,466			5,736			6,933
Nonperforming assets*	$	32,892		$	48,130		$	44,108		$	49,464		$	55,865

Nonperforming loans to total loans	0.26		%	0.36		%	0.32		%	0.40		%	0.46		%
Nonperforming assets to total assets	0.22		%	0.33		%	0.30		%	0.34		%	0.40		%
Allowance for credit losses	$	139,778		$	139,464		$	135,498		$	134,771		$	142,133
Allowance for credit losses to total loans	1.26		%	1.27		%	1.23		%	1.24		%	1.34		%
Quarterly net charge-offs	$	3,850		$	605		$	5,864		$	28,479		$	6,856

*Guaranteed balances excluded	$	11,899		$	12,933		$	9,630		$	10,682		$	5,974

Nonperforming assets decreased $15.2 million and $23.0 million from the linked and prior year quarters, respectively. The decrease in nonperforming assets in the current quarter was primarily related to the sale of other real estate owned, the positive resolution on several loans, principal repayments and charge-offs in the quarter. Annualized net charge-offs totaled 14 basis points of average loans in the third quarter 2024, compared to 2 basis points in the linked quarter and 26 basis point in the prior year quarter.

The provision for credit losses totaled $4.1 million in the third quarter 2024, compared to $4.8 million and $8.0 million in the linked and prior year quarters, respectively. The provision for credit losses in the third quarter 2024 was primarily related to charge-offs and updates to qualitative factors used in the allowance calculation.

Deposits

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


	At

($ in thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Noninterest-bearing demand accounts	$	3,934,245		$	3,928,308		$	3,805,334		$	3,958,743		$	3,852,486
Interest-bearing demand accounts	3,048,981			2,951,899			2,956,282			2,950,259			2,749,598
Money market and savings accounts	4,121,543			4,039,626			4,006,702			3,994,455			3,837,145
Brokered certificates of deposit	480,934			494,870			659,005			482,759			695,551
Other certificates of deposit	879,619			867,680			826,378			790,155			775,127
Total deposit portfolio	$	12,465,322		$	12,282,383		$	12,253,701		$	12,176,371		$	11,909,907

Noninterest-bearing deposits to total deposits	31.6		%	32.0		%	31.1		%	32.5		%	32.3		%
Quarterly cost of deposits	2.18		%	2.16		%	2.13		%	2.03		%	1.84		%

Total deposits at September 30, 2024 were $12.5 billion, an increase of $182.9 million and $555.4 million from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $196.9 million and $770.0 million, from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.2 billion at both September 30, 2024 and June 30, 2024.

Total estimated insured deposits,4 which includes collateralized deposits, reciprocal accounts and accounts that qualify for pass-through insurance, totaled $8.8 billion, or 70% of total deposits, at September 30, 2024 compared to $8.7 billion, or 71% of total deposits, at June 30, 2024.

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)	September 30, 2024		June 30, 2024		Increase (decrease)				September 30, 2023		Increase (decrease)
Deposit service charges	$	4,649	$	4,542	$	107	2	%	$	4,187	$	462	11	%
Wealth management revenue	2,599		2,590		9		—	%	2,614		(15)		(1)	%
Card services revenue	2,573		2,497		76		3	%	2,560		13		1	%
Tax credit income (loss)	3,252		1,874		1,378		74	%	(2,673)		5,925		222	%

Other income	8,347		3,991		4,356		109	%	5,397		2,950		55	%

Total noninterest income	$	21,420	$	15,494	$	5,926	38	%	$	12,085	$	9,335	77	%

Total noninterest income was $21.4 million for the third quarter 2024, an increase of $5.9 million and $9.3 million from the linked and prior year quarter, respectively. The increase from the linked and prior year quarters was primarily due to an increase in tax credit income from a positive change in credits carried at fair value, and a net gain on the sale of other real estate that is included in Other income. Tax credit income varies based on transaction volumes and fair value changes on credits carried at fair value.

4 Estimated insured deposits is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

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)	September 30, 2024		June 30, 2024		Increase (decrease)				September 30, 2023		Increase (decrease)
Gain on sales of other real estate owned	$	3,159	$	—	$	3,159	100	%	$	—	$	3,159	100	%
BOLI	1,123		855		268		31	%	822		301		37	%
Community development investments	1,177		381		796		209	%	338		839		248	%
Private equity fund distributions	614		411		203		49	%	181		433		239	%
Servicing fees	539		594		(55)		(9)	%	701		(162)		(23)	%
Swap fees	17		217		(200)		(92)	%	54		(37)		(69)	%
Gain on SBA loan sales	—		—		—		—	%	1,514		(1,514)		(100)	%
Miscellaneous income	1,718		1,533		185		12	%	1,787		(69)		(4)	%
Total other income	$	8,347	$	3,991	$	4,356	109	%	$	5,397	$	2,950	55	%

The increase in other income from the linked and prior year quarters was primarily driven by a $3.2 million net gain on the sale of other real estate in the third quarter 2024 and higher community development income. Community development income and private equity fund distributions are not consistent sources of income and fluctuate based on distributions from the underlying funds. The increase from the prior year quarter was partially offset by a decline in the gain on SBA loan sales that were transacted in the prior year.

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)	September 30, 2024		June 30, 2024		Increase (decrease)				September 30, 2023			Increase (decrease)
Employee compensation and benefits	$	45,359	$	44,524	$	835	2	%		$	40,771		$	4,588	11	%
Deposit costs	23,781		21,706		2,075		10	%		20,987			2,794		13	%
Occupancy	4,372		4,197		175		4	%		4,198			174		4	%




Core conversion expense	1,375		1,250		125		10	%		—			1,375		100	%
Other expense	23,120		22,340		780		3	%		22,688			432		2	%

Total noninterest expense	$	98,007	$	94,017	$	3,990	4	%		$	88,644		$	9,363	11	%

Employee compensation and benefits increased $0.8 million from the linked quarter primarily due to an increase in the number of work days in the quarter and the success in recruiting new relationship bankers. Deposit costs relate to certain specialized deposit businesses that receive an earnings credit allowance for deposit related expenses that are impacted by interest rates and average balances. Deposit costs increased $2.1 million from the linked quarter primarily due to an increase of $151.6 million in average deposit vertical balances from the linked quarter. Expenses related to the core system conversion for the current and linked quarters were $1.4 million and $1.3 million, respectively, due to the continued progress on the project, which is expected to be completed during the fourth quarter 2024.

The increase in noninterest expense of $9.4 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2023 and 2024, an increase in variable deposit costs due to higher earnings credit rates and average balances, and additional expenses incurred related to the core system conversion.

For the third quarter 2024, the core efficiency ratio5 was 58.4%, compared to 58.1% for the linked quarter and 56.2% for the prior year quarter.

Income Taxes

The effective tax rate was 19.4%, compared to 20.5% and 21.7% in the linked and prior year quarters, respectively. The decrease in the effective tax rate from the linked and prior year quarters was driven by tax credit opportunities the Company has deployed as part of its tax planning strategy.

Capital

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


	At
($ in thousands)	September 30, 2024*			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Shareholders’ equity	$	1,832,011		$	1,755,273		$	1,731,725		$	1,716,068		$	1,611,880
Total risk-based capital to risk-weighted assets	14.8		%	14.6		%	14.3		%	14.2		%	14.1		%
Tier 1 capital to risk weighted assets	13.2		%	13.0		%	12.8		%	12.7		%	12.6		%
Common equity tier 1 capital to risk-weighted assets	11.9		%	11.7		%	11.4		%	11.3		%	11.2		%
Leverage ratio	11.2		%	11.1		%	11.0		%	11.0		%	10.9		%
Tangible common equity to tangible assets	9.50		%	9.18		%	9.01		%	8.96		%	8.51		%

*Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

Total equity was $1.8 billion at September 30, 2024, an increase of $76.7 million from the linked quarter. Tangible common book value per share was $37.26 at September 30, 2024, compared to $35.02 and $31.06 at June 30, 2024 and September 30, 2023, respectively.

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

Use of Non-GAAP Financial Measures

The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides additional financial measures, such as tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible book value per common share, estimated insured deposits 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, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible book value per common share, estimated insured deposits 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

5 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, merger-related expenses, facilities charges, and the gain or loss on the sale of other real estate owned and 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 Tuesday, October 22, 2024. During the call, management will review the third quarter 2024 results and related matters. This press release as well as a related slide presentation will be accessible on the Company’s website at www.enterprisebank.com under “Investor Relations” prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC3Q2024EarningsCallRegistration. 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 $15.0 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com.

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

Forward-looking Statements

Readers should note that, in addition to the historical information contained herein, this press release contains “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, shareholder value creation and the impact of acquisitions.

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma”, “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, as well as credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results.

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

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

For more information contact

Investor Relations: Keene Turner, Senior Executive Vice President and CFO (314) 512-7233

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

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited)


	Quarter ended															Nine months ended
(in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
EARNINGS SUMMARY
Net interest income	$	143,469		$	140,529		$	137,728		$	140,732		$	141,639		$	421,726		$	421,860
Provision for credit losses	4,099			4,819			5,756			18,053			8,030			14,674			18,552
Noninterest income	21,420			15,494			12,158			25,452			12,085			49,072			43,273
Noninterest expense	98,007			94,017			93,501			92,603			88,644			285,525			255,583
Income before income tax expense	62,783			57,187			50,629			55,528			57,050			170,599			190,998
Income tax expense	12,198			11,741			10,228			10,999			12,385			34,167			41,468
Net income	50,585			45,446			40,401			44,529			44,665			136,432			149,530
Preferred stock dividends	938			937			938			937			938			2,813			2,813
Net income available to common shareholders	$	49,647		$	44,509		$	39,463		$	43,592		$	43,727		$	133,619		$	146,717

Diluted earnings per common share	$	1.32		$	1.19		$	1.05		$	1.16		$	1.17		$	3.56		$	3.91
Adjusted diluted earnings per common share1	$	1.29		$	1.21		$	1.07		$	1.20		$	1.17		$	3.57		$	3.90
Return on average assets	1.36		%	1.25		%	1.12		%	1.23		%	1.26		%	1.24		%	1.47		%
Adjusted return on average assets1	1.32		%	1.27		%	1.14		%	1.28		%	1.26		%	1.24		%	1.46		%
Return on average common equity1	11.40		%	10.68		%	9.52		%	10.94		%	11.00		%	10.55		%	12.73		%
Adjusted return on average common equity1	11.09		%	10.90		%	9.70		%	11.35		%	11.00		%	10.58		%	12.69		%
ROATCE1	14.55		%	13.77		%	12.31		%	14.38		%	14.49		%	13.56		%	16.90		%
Adjusted ROATCE1	14.16		%	14.06		%	12.53		%	14.92		%	14.49		%	13.60		%	16.85		%
Net interest margin (tax equivalent)	4.17		%	4.19		%	4.13		%	4.23		%	4.33		%	4.17		%	4.50		%

Efficiency ratio	59.44		%	60.26		%	62.38		%	55.72		%	57.66		%	60.65		%	54.95		%
Core efficiency ratio1	58.42		%	58.09		%	60.21		%	53.06		%	56.18		%	58.89		%	53.55		%



Assets	$	14,954,125		$	14,615,666		$	14,613,338		$	14,518,590		$	14,025,042
Average assets	$	14,849,455		$	14,646,381		$	14,556,119		$	14,332,804		$	14,068,860		$	14,684,589		$	13,627,448


Period end common shares outstanding	37,184			37,344			37,515			37,416			37,385
Dividends per common share	$	0.27		$	0.26		$	0.25		$	0.25		$	0.25		$	0.78		$	0.75
Tangible book value per common share1	$	37.26		$	35.02		$	34.21		$	33.85		$	31.06
Tangible common equity to tangible assets1	9.50		%	9.18		%	9.01		%	8.96		%	8.51		%
Total risk-based capital to risk-weighted assets2	14.8		%	14.6		%	14.3		%	14.2		%	14.1		%

1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)


	Quarter ended										Nine months ended
(in thousands, except per share data)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
INCOME STATEMENTS
NET INTEREST INCOME
Interest income	$	216,304	$	211,644	$	207,723	$	207,083	$	200,906	$	635,671	$	557,836
Interest expense	72,835		71,115		69,995		66,351		59,267		213,945		135,976
Net interest income	143,469		140,529		137,728		140,732		141,639		421,726		421,860
Provision for credit losses	4,099		4,819		5,756		18,053		8,030		14,674		18,552
Net interest income after provision for credit losses	139,370		135,710		131,972		122,679		133,609		407,052		403,308

NONINTEREST INCOME
Deposit service charges	4,649		4,542		4,423		4,334		4,187		13,614		12,225
Wealth management revenue	2,599		2,590		2,544		2,428		2,614		7,733		7,602
Card services revenue	2,573		2,497		2,412		2,666		2,560		7,482		7,362
Tax credit income (loss)	3,252		1,874		(2,190)		9,688		(2,673)		2,936		(492)




Other income	8,347		3,991		4,969		6,336		5,397		17,307		16,576
Total noninterest income	21,420		15,494		12,158		25,452		12,085		49,072		43,273

NONINTEREST EXPENSE
Employee compensation and benefits	45,359		44,524		45,262		39,651		40,771		135,145		124,915
Deposit costs	23,781		21,706		20,277		21,606		20,987		65,764		50,688
Occupancy	4,372		4,197		4,326		4,313		4,198		12,895		12,213




FDIC special assessment	—		—		625		2,412		—		625		—
Core conversion expense	1,375		1,250		350		—		—		2,975		—
Other expense	23,120		22,340		22,661		24,621		22,688		68,121		67,767
Total noninterest expense	98,007		94,017		93,501		92,603		88,644		285,525		255,583

Income before income tax expense	62,783		57,187		50,629		55,528		57,050		170,599		190,998
Income tax expense	12,198		11,741		10,228		10,999		12,385		34,167		41,468
Net income	$	50,585	$	45,446	$	40,401	$	44,529	$	44,665	$	136,432	$	149,530
Preferred stock dividends	938		937		938		937		938		2,813		2,813
Net income available to common shareholders	$	49,647	$	44,509	$	39,463	$	43,592	$	43,727	$	133,619	$	146,717

Basic earnings per common share	$	1.33	$	1.19	$	1.05	$	1.16	$	1.17	$	3.57	$	3.93
Diluted earnings per common share	$	1.32	$	1.19	$	1.05	$	1.16	$	1.17	$	3.56	$	3.91

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)


	At
($ in thousands)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
BALANCE SHEET

ASSETS
Cash and due from banks	$	210,984	$	176,698	$	157,697	$	193,275	$	190,806
Interest-earning deposits	218,919		219,342		215,951		243,610		184,245
Debt and equity investments	2,714,194		2,460,549		2,443,977		2,434,902		2,279,578
Loans held for sale	304		606		610		359		212

Loans	11,079,892		11,000,007		11,028,492		10,884,118		10,616,820
Allowance for credit losses	(139,778)		(139,464)		(135,498)		(134,771)		(142,133)
Total loans, net	10,940,114		10,860,543		10,892,994		10,749,347		10,474,687


Fixed assets, net	44,368		44,831		44,382		42,681		41,268


Goodwill	365,164		365,164		365,164		365,164		365,164
Intangible assets, net	9,400		10,327		11,271		12,318		13,425
Other assets	450,678		477,606		481,292		476,934		475,657
Total assets	$	14,954,125	$	14,615,666	$	14,613,338	$	14,518,590	$	14,025,042

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	3,934,245	$	3,928,308	$	3,805,334	$	3,958,743	$	3,852,486
Interest-bearing deposits	8,531,077		8,354,075		8,448,367		8,217,628		8,057,421
Total deposits	12,465,322		12,282,383		12,253,701		12,176,371		11,909,907
Subordinated debentures and notes	156,407		156,265		156,124		155,984		155,844
FHLB advances	150,000		78,000		125,000		—		—

Other borrowings	170,815		178,269		195,246		297,829		182,372
Other liabilities	179,570		165,476		151,542		172,338		165,039
Total liabilities	13,122,114		12,860,393		12,881,613		12,802,522		12,413,162
Shareholders’ equity:
Preferred stock	71,988		71,988		71,988		71,988		71,988
Common stock	372		373		375		374		374

Additional paid-in capital	992,642		994,116		995,969		995,208		992,044
Retained earnings	845,844		810,935		778,784		749,513		715,303
Accumulated other comprehensive loss	(78,835)		(122,139)		(115,391)		(101,015)		(167,829)
Total shareholders’ equity	1,832,011		1,755,273		1,731,725		1,716,068		1,611,880
Total liabilities and shareholders’ equity	$	14,954,125	$	14,615,666	$	14,613,338	$	14,518,590	$	14,025,042

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)



	Nine months ended
	September 30, 2024					September 30, 2023
($ in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate	Average Balance		Interest Income/ Expense		Average Yield/ Rate
AVERAGE BALANCE SHEET

ASSETS
Interest-earning assets:



Loans1, 2	$	10,954,063	$	567,687	6.92%	$	10,203,291	$	503,458	6.60%
Securities2	2,433,659		60,851		3.34	2,296,485		52,743		3.07
Interest-earning deposits	332,409		13,306		5.35	206,110		7,799		5.06
Total interest-earning assets	13,720,131		641,844		6.25	12,705,886		564,000		5.93




Noninterest-earning assets	964,458					921,562

Total assets	$	14,684,589				$	13,627,448

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest-bearing demand accounts	$	2,964,667	$	57,415	2.59%	$	2,462,988	$	29,728	1.61%
Money market accounts	3,462,993		96,777		3.73	2,942,970		62,397		2.83
Savings accounts	573,853		983		0.23	688,157		707		0.14
Certificates of deposit	1,374,176		44,441		4.32	1,139,489		28,555		3.35
Total interest-bearing deposits	8,375,689		199,616		3.18	7,233,604		121,387		2.24
Subordinated debentures and notes	156,188		7,863		6.72	155,633		7,306		6.28
FHLB advances	39,427		1,649		5.59	73,020		2,752		5.04
Securities sold under agreements to repurchase	167,939		4,422		3.52	174,783		2,422		1.85
Other borrowings	38,381		395		1.37	79,396		2,109		3.55
Total interest-bearing liabilities	8,777,624		213,945		3.26	7,716,436		135,976		2.36

Noninterest-bearing liabilities:
Demand deposits	3,982,015					4,178,038
Other liabilities	161,033					119,883
Total liabilities	12,920,672					12,014,357
Shareholders' equity	1,763,917					1,613,091
Total liabilities and shareholders' equity	$	14,684,589				$	13,627,448






Total net interest income			$	427,899				$	428,024
Net interest margin					4.17%					4.50%

1 Average balances include nonaccrual loans. Interest income includes net loan fees of $7.2 million and $10.7 million for the nine months ended September 30, 2024 and September 30, 2023, 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 $6.2 million for both the nine months ended September 30, 2024 and September 30, 2023, respectively.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)


	At or for the quarter ended
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
LOAN PORTFOLIO
Commercial and industrial	$	4,628,488		$	4,619,448		$	4,766,310		$	4,672,559		$	4,448,535
Commercial real estate	4,915,176			4,856,751			4,804,803			4,803,571			4,794,355
Construction real estate	896,325			893,672			820,416			760,425			723,796
Residential real estate	355,279			351,934			367,218			372,188			376,120
Other	284,624			278,202			269,745			275,375			274,014
Total loans	$	11,079,892		$	11,000,007		$	11,028,492		$	10,884,118		$	10,616,820

DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts	$	3,934,245		$	3,928,308		$	3,805,334		$	3,958,743		$	3,852,486
Interest-bearing demand accounts	3,048,981			2,951,899			2,956,282			2,950,259			2,749,598
Money market and savings accounts	4,121,543			4,039,626			4,006,702			3,994,455			3,837,145
Brokered certificates of deposit	480,934			494,870			659,005			482,759			695,551
Other certificates of deposit	879,619			867,680			826,378			790,155			775,127
Total deposits	$	12,465,322		$	12,282,383		$	12,253,701		$	12,176,371		$	11,909,907

AVERAGE BALANCES


Loans	$	10,971,575		$	10,962,488		$	10,927,932		$	10,685,961		$	10,521,966

Securities	2,503,124			2,396,519			2,400,571			2,276,915			2,302,850
Interest-earning assets	13,877,631			13,684,459			13,596,571			13,383,638			13,160,587
Assets	14,849,455			14,646,381			14,556,119			14,332,804			14,068,860
Deposits	12,546,086			12,344,253			12,180,703			12,163,346			11,922,534
Shareholders’ equity	1,804,369			1,748,240			1,738,698			1,652,882			1,648,605
Tangible common equity1	1,357,362			1,300,305			1,289,776			1,202,872			1,197,486

YIELDS (tax equivalent)


Loans	6.95		%	6.95		%	6.87		%	6.87		%	6.80		%
Securities	3.40			3.35			3.27			3.20			3.11
Interest-earning assets	6.26			6.28			6.20			6.20			6.12
Interest-bearing deposits	3.22			3.19			3.14			3.03			2.77
Deposits	2.18			2.16			2.13			2.03			1.84
Subordinated debentures and notes	6.86			6.91			6.40			6.30			6.28
FHLB advances and other borrowed funds	3.01			3.52			3.80			3.06			2.76
Interest-bearing liabilities	3.28			3.26			3.22			3.09			2.84
Net interest margin	4.17			4.19			4.13			4.23			4.33

1Refer 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)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
ASSET QUALITY
Net charge-offs	$	3,850		$	605		$	5,864		$	28,479		$	6,856
Nonperforming loans	28,376			39,384			35,642			43,728			48,932
Classified assets	179,883			169,822			185,150			185,389			184,393
Nonperforming loans to total loans	0.26		%	0.36		%	0.32		%	0.40		%	0.46		%
Nonperforming assets to total assets	0.22		%	0.33		%	0.30		%	0.34		%	0.40		%
Allowance for credit losses to total loans	1.26		%	1.27		%	1.23		%	1.24		%	1.34		%
Allowance for credit losses to total loans, excluding guaranteed loans	1.38		%	1.38		%	1.34		%	1.35		%	1.47		%
Allowance for credit losses to nonperforming loans	492.6		%	354.1		%	380.2		%	308.2		%	290.5		%
Net charge-offs to average loans -annualized	0.14		%	0.02		%	0.22		%	1.06		%	0.26		%

WEALTH MANAGEMENT
Trust assets under management	$	2,499,807		$	2,367,409		$	2,352,902		$	2,235,073		$	2,129,408


SHARE DATA
Book value per common share	$	47.33		$	45.08		$	44.24		$	43.94		$	41.19
Tangible book value per common share1	$	37.26		$	35.02		$	34.21		$	33.85		$	31.06
Market value per share	$	51.26		$	40.91		$	40.56		$	44.65		$	37.50
Period end common shares outstanding	37,184			37,344			37,515			37,416			37,385
Average basic common shares	37,337			37,485			37,490			37,421			37,405
Average diluted common shares	37,483			37,540			37,597			37,554			37,520

CAPITAL
Total risk-based capital to risk-weighted assets2	14.8		%	14.6		%	14.3		%	14.2		%	14.1		%
Tier 1 capital to risk-weighted assets2	13.2		%	13.0		%	12.8		%	12.7		%	12.6		%
Common equity tier 1 capital to risk-weighted assets2	11.9		%	11.7		%	11.4		%	11.3		%	11.2		%
Tangible common equity to tangible assets1	9.50		%	9.18		%	9.01		%	8.96		%	8.51		%

1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

ENTERPRISE FINANCIAL SERVICES CORP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


	Quarter ended															Nine months ended
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
CORE EFFICIENCY RATIO
Net interest income (GAAP)	$	143,469		$	140,529		$	137,728		$	140,732		$	141,639		$	421,726		$	421,860
Tax-equivalent adjustment	2,086			2,047			2,040			1,915			2,061			6,173			6,164
Noninterest income (GAAP)	21,420			15,494			12,158			25,452			12,085			49,072			43,273
Less gain on sale of investment securities	—			—			—			220			—			—			381
Less gain (loss) on sale of other real estate owned	3,159			—			(2)			—			—			3,157			187
Core revenue (non-GAAP)	163,816			158,070			151,928			167,879			155,785			473,814			470,729

Noninterest expense (GAAP)	98,007			94,017			93,501			92,603			88,644			285,525			255,583
Less FDIC special assessment	—			—			625			2,412			—			625			—
Less core conversion expense	1,375			1,250			350			—			—			2,975			—
Less amortization on intangibles	927			944			1,047			1,108			1,118			2,918			3,493


Core noninterest expense (non-GAAP)	$	95,705		$	91,823		$	91,479		$	89,083		$	87,526		$	279,007		$	252,090

Core efficiency ratio (non-GAAP)	58.42		%	58.09		%	60.21		%	53.06		%	56.18		%	58.89		%	53.55		%


	Quarter ended
(in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023




















TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO
Shareholders’ equity (GAAP)	$	1,832,011		$	1,755,273		$	1,731,725		$	1,716,068		$	1,611,880
Less preferred stock	71,988			71,988			71,988			71,988			71,988
Less goodwill	365,164			365,164			365,164			365,164			365,164
Less intangible assets	9,400			10,327			11,271			12,318			13,425
Tangible common equity (non-GAAP)	$	1,385,459		$	1,307,794		$	1,283,302		$	1,266,598		$	1,161,303
Less net unrealized losses on HTM securities, after tax	34,856			52,220			47,822			41,038			81,367
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)	$	1,350,603		$	1,255,574		$	1,235,480		$	1,225,560		$	1,079,936

Common shares outstanding	37,184			37,344			37,515			37,416			37,385
Tangible book value per share (non-GAAP)	$	37.26		$	35.02		$	34.21		$	33.85		$	31.06

Total assets (GAAP)	$	14,954,125		$	14,615,666		$	14,613,338		$	14,518,590		$	14,025,042
Less goodwill	365,164			365,164			365,164			365,164			365,164
Less intangible assets	9,400			10,327			11,271			12,318			13,425
Tangible assets (non-GAAP)	$	14,579,561		$	14,240,175		$	14,236,903		$	14,141,108		$	13,646,453

Tangible common equity to tangible assets (non-GAAP)	9.50		%	9.18		%	9.01		%	8.96		%	8.51		%
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)	9.26		%	8.82		%	8.68		%	8.67		%	7.91		%


	Quarter Ended															Nine months ended
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE
Average shareholder’s equity (GAAP)	$	1,804,369		$	1,748,240		$	1,738,698		$	1,652,882		$	1,648,605		$	1,763,917		$	1,613,091
Less average preferred stock	71,988			71,988			71,988			71,988			71,988			71,988			71,988
Less average goodwill	365,164			365,164			365,164			365,164			365,164			365,164			365,164
Less average intangible assets	9,855			10,783			11,770			12,858			13,967			10,799			15,094
Average tangible common equity (non-GAAP)	$	1,357,362		$	1,300,305		$	1,289,776		$	1,202,872		$	1,197,486		$	1,315,966		$	1,160,845

Net income (GAAP)	$	50,585		$	45,446		$	40,401		$	44,529		$	44,665		$	136,432		$	149,530
FDIC special assessment (after tax)	—			—			470			1,814			—			470			—
Core conversion expense (after tax)	1,034			940			263			—			—			2,237			—
Less gain on sale of investment securities (after tax)	—			—			—			165			—			—			287
Less gain (loss) on sales of other real estate owned (after tax)	2,375			—			(1)			—			—			2,374			141
Net income adjusted (non-GAAP)	$	49,244		$	46,386		$	41,135		$	46,178		$	44,665		$	136,765		$	149,102
Less preferred stock dividends	938			937			938			937			938			2,813			2,813
Net income available to common shareholders adjusted (non-GAAP)	$	48,306		$	45,449		$	40,197		$	45,241		$	43,727		$	133,952		$	146,289

Return on average common equity (non-GAAP)	11.40		%	10.68		%	9.52		%	10.94		%	11.00		%	10.55		%	12.73		%
Adjusted return on average common equity (non-GAAP)	11.09		%	10.90		%	9.70		%	11.35		%	11.00		%	10.58		%	12.69		%
ROATCE (non-GAAP)	14.55		%	13.77		%	12.31		%	14.38		%	14.49		%	13.56		%	16.90		%
Adjusted ROATCE (non-GAAP)	14.16		%	14.06		%	12.53		%	14.92		%	14.49		%	13.60		%	16.85		%

Average assets	$	14,849,455		$	14,646,381		$	14,556,119		$	14,332,804		$	14,068,860		$	14,684,589		$	13,627,448
Return on average assets (GAAP)	1.36		%	1.25		%	1.12		%	1.23		%	1.26		%	1.24		%	1.47		%
Adjusted return on average assets (non-GAAP)	1.32		%	1.27		%	1.14		%	1.28		%	1.26		%	1.24		%	1.46		%
Average diluted common shares	37,483			37,540			37,597			37,554			37,520			37,547			37,493
Diluted earnings per share (GAAP)	$	1.32		$	1.19		$	1.05		$	1.16		$	1.17		$	3.56		$	3.91
Adjusted diluted earnings per share (non-GAAP)	$	1.29		$	1.21		$	1.07		$	1.20		$	1.17		$	3.57		$	3.90


	Quarter ended
($ in thousands)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)
Net interest income	$	143,469	$	140,529	$	137,728	$	140,732	$	141,639
Noninterest income	21,420		15,494		12,158		25,452		12,085
FDIC special assessment	—		—		625		2,412		—
Core conversion expense	1,375		1,250		350		—		—
Less gain on sale of investment securities	—		—		—		220		—
Less gain (loss) on sales of other real estate owned	3,159		—		(2)		—		—
Less noninterest expense	98,007		94,017		93,501		92,603		88,644


PPNR (non-GAAP)	$	65,098	$	63,256	$	57,362	$	75,773	$	65,080


	Quarter ended
($ in thousands)	Sep 30, 2024		Jun 30, 2024
CALCULATION OF ESTIMATED INSURED DEPOSITS
Estimated uninsured deposits per Call Report	$	4,180,066	$	4,020,979
Collateralized/affiliate deposits	(463,103)		(454,084)
Accrued interest on deposits	(5,830)		(5,632)
Adjusted uninsured/uncollateralized deposits	3,711,133		3,561,263
Estimated insured/collateralized deposits	8,754,189		8,721,120
Total deposits	$	12,465,322	$	12,282,383

Enterprise Financial Services Corp 2024 Third Quarter Earnings Webcast Exhibit 99.2

2 Forward-Looking Statements Some of the information in this report may contain “forward-looking statements” within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include projections based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, shareholder value creation and the impact of acquisitions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma,” “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: our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations; credit risk; changes in the appraised valuation of real estate securing impaired loans; our ability to recover our investment in loans; fluctuations in the fair value of collateral underlying loans; outcomes of litigation and other contingencies; exposure to general and local economic and market conditions, including risk of recession, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth; risks associated with rapid increases or decreases in prevailing interest rates; changes in business prospects that could impact goodwill estimates and assumptions; consolidation within the banking industry; competition from banks and other financial institutions; the 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 business, including rules and regulations relating to bank products and financial services; changes in accounting policies and practices or accounting standards; natural disasters; terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, 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 other 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, 2023, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results. For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made.

3 Financial Highlights - 3Q24* Capital • Tangible Common Equity/Tangible Assets** 9.50%, compared to 9.18% • Tangible Book Value Per Common Share** $37.26, compared to $35.02 • CET1 Ratio 11.9%, compared to 11.7% • Repurchased 195,114 shares at an average price of $49.73 • Quarterly common stock dividend of $0.27 per share in third quarter 2024 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share) • Net Income $50.6 million, up $5.1 million; EPS $1.32 • Net Interest Income $143.5 million, up $2.9 million; NIM 4.17% • PPNR** $65.1 million, up $1.8 million • Adjusted ROAA** 1.32%, compared to 1.27%; PPNR ROAA** 1.74%, compared to 1.74% • Adjusted ROATCE** 14.16%, compared to 14.06% Earnings *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation.

4 Financial Highlights, continued - 3Q24* *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. Loans & Deposits • Loans $11.1 billion, up $79.9 million • Loan/Deposit Ratio 89% • Deposits $12.5 billion, up $182.9 million or $196.9 million excluding brokered CDs • Noninterest-bearing Deposits/Total Deposits 32% Asset Quality • Nonperforming Loans/Loans 0.26% • Nonperforming Assets/Assets 0.22% • Allowance Coverage Ratio 1.26%; 1.38% adjusted for guaranteed loans** • Net Charge-offs $3.9 million

5 Areas of Focus Organic Loan and Deposit Growth • Continue Funding Loan Growth with Customer Deposits • Build Franchise Value by Expanding Existing and Acquiring New Relationships Disciplined Loan and Deposit Pricing Focused Credit Underwriting and Monitoring Focus on Long-term Earnings Trajectory Core System Conversion • Completed on October 11, 2024

6 $10,617 $10,884 $11,028 $11,000 $11,080 3Q23 4Q23 1Q24 2Q24 3Q24 $ In Millions 4% Total Loan Growth Loan Trends

7 Loan Details 3Q24 2Q24 3Q23 Qtr Change LTM Change C&I $ 2,145 $ 2,107 $ 2,020 $ 38 $ 125 CRE Investor Owned 2,347 2,309 2,260 38 87 CRE Owner Occupied 1,323 1,314 1,256 9 67 SBA loans* 1,273 1,269 1,309 4 (36) Sponsor Finance* 819 866 888 (47) (69) Life Insurance Premium Financing* 1,030 996 928 34 102 Tax Credits* 724 738 684 (14) 40 Residential Real Estate 346 340 365 6 (19) Construction and Land Development 797 792 640 5 157 Other 276 269 267 7 9 Total Loans $ 11,080 $ 11,000 $ 10,617 $ 80 $ 463 *Specialty loan category. $ In Millions

8 Loans By Region Specialty Lending $3,871 $3,959 $3,990 3Q23 2Q24 3Q24 $ In Millions Midwest $3,260 $3,279 $3,194 3Q23 2Q24 3Q24 Southwest $1,464 $1,649 $1,680 3Q23 2Q24 3Q24 Note: Excludes “Other” loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) West $1,755 $1,844 $1,940 3Q23 2Q24 3Q24

9 Deposit Details 3Q24 2Q24 3Q23 Qtr Change LTM Change Noninterest-bearing demand accounts $ 3,934 $ 3,928 $ 3,852 $ 6 $ 82 Interest-bearing demand accounts 3,049 2,952 2,750 97 299 Money market accounts 3,568 3,474 3,211 94 357 Savings accounts 553 565 626 (12) (73) Certificates of deposit: Brokered 481 495 696 (14) (215) Customer 880 868 775 12 105 Total Deposits $ 12,465 $ 12,282 $ 11,910 $ 183 $ 555 Deposit Verticals (included in total deposits)** $ 3,093 $ 3,033 $ 2,693 $ 60 $ 400 $ In Millions * Total deposits excluding Deposit Verticals and brokered CDs increased $137 million from 2Q24 and increased $370 million from 3Q23 ** Note: prior period amounts have been reclassified among categories to conform to the current period presentation. Deposits related to specialty lending (i.e., Sponsor Finance and Life Insurance Premium Finance) are no longer included in Deposit Verticals. *

10 Deposits By Region Deposit Verticals** $2,693 $3,033 $3,093 3Q23 2Q24 3Q24 $ In Millions Midwest(*)** $6,098 $6,111 $6,205 3Q23 2Q24 3Q24 Southwest $1,802 $1,984 $1,971 3Q23 2Q24 3Q24 West* $1,317 $1,154 $1,196 3Q23 2Q24 3Q24 Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) *Includes brokered balances ** Note, prior period amounts have been reclassified among categories to conform to the current period presentation. Deposits related to specialty lending (i.e., Sponsor Finance and Life Insurance Premium Finance) are no longer included in Deposit Verticals.

11 Differentiated Deposit Verticals 37.7% 36.8% 25.5% Community Associations $1.2 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $1.1 billion in deposits. Specializing in the compliance of Property Management Trust Accounts. Legal Industry and Escrow Services $791 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $3.09 billion - 25% of total deposits • $3.24 billion - Average deposits for 3Q24 • $23.8 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.92% in 3Q24 • $144.3 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B* • 21 - Number of traditional branches that would support the EFSC deposit vertical portfolio *Data Source: Deposit data as of June 30th, 2024, per the FDIC Summary of Deposits. 3Q23 4Q23 1Q24 2Q24 3Q24 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $ In Millions

12 Core Funding Mix Commercial Business Banking Consumer $ In Millions 1At September 30, 2024 2Excludes insured accounts, collateralized accounts, accounts that qualify for pass-through insurance, reciprocal accounts, and affiliated accounts. Note: Brokered deposits were $0.7 billion at 3Q24 Deposit Verticals 3Q24 Net New/Closed Deposit Accounts COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Total net average balance ($ in thousands) 3Q24 $ 91,386 $ 8,093 $ 14,866 $ 138,514 2Q24 $ 64,583 $ 13,825 $ 20,882 $ 131,394 1Q24 $ 81,742 $ 16,921 $ 3,986 $ 142,484 4Q23 $ 85,358 $ 18,529 $ 26,556 $ 214,189 Number of accounts 3Q24 56 (89) (57) 828 2Q24 (73) (60) 215 878 1Q24 (48) 31 759 2,260 4Q23 84 (77) 842 1,452 Total Portfolio Average Account Size & Cost of Funds Average account size ($ in thousands) 3Q24 $ 283 $ 71 $ 23 $ 111 Cost of funds 3Q241 2.45 % 1.25 % 1.83 % 1.11 % • Estimated uninsured deposits of $3.7 billion, or 30% of total deposits2 • ~80% of commercial deposits utilize Treasury Management services • ~90% of checking and savings accounts utilize online banking services • ~60% of commercial deposits have a lending relationship • ~155% of on- and off-balance sheet liquidity to estimated uninsured deposits Overview 30% 38% 30% 41% 32% 19% 4% 6% 30% 21% 17% 22% 4% 60% 3% 36% $4,453 $3,093$2,794$1,404

Earnings Per Share Trend - 3Q24 $1.19 $0.18 $0.02 $(0.09) $0.02 $1.32 2Q24 Operating Revenue Provision for Credit Losses Noninterest Expense Change in ETR 3Q24 Change in Diluted EPS 13

14 $141.6 $140.7 $137.7 $140.5 $143.5 4.33% 4.23% 4.13% 4.19% 4.17% 5.26% 5.33% 5.33% 5.33% 5.27% Net Interest Income Net Interest Margin Avg Fed Funds Rate 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Income Trend $ In Millions Stable Net Interest Income 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Income - FTE $ 143.7 $ 142.6 $ 139.8 $ 142.6 $ 145.6 Purchase Accounting Amortization/(Accretion) 0.6 (0.5) 0.5 (0.2) 0.5 Adjusted Net Interest Income - FTE $ 144.3 $ 142.1 $ 140.3 $ 142.4 $ 146.1 Net Interest Margin 4.33 % 4.23 % 4.13 % 4.19 % 4.17 % Purchase Accounting Amortization/(Accretion) 0.02 % (0.02) % 0.02 % 0.00 % 0.01 % Adjusted Net Interest Margin 4.35 % 4.21 % 4.15 % 4.19 % 4.18 %

15 Net Interest Margin 6.80% 6.87% 6.87% 6.95% 6.95% 3.11% 3.20% 3.27% 3.35% 3.40% 6.12% 6.20% 6.20% 6.28% 6.26% Earning asset yield Securities yield Loan yield 3Q23 4Q23 1Q24 2Q24 3Q24 2.77% 3.03% 3.14% 3.19% 3.22% 1.84% 2.03% 2.13% 2.16% 2.18% 2.84% 3.09% 3.22% 3.26% 3.28% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 3Q23 4Q23 1Q24 2Q24 3Q24 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.19% (0.02)% 0.01% (0.01)% 4.17% 2Q24 Other Earning Asset Mix Funding Mix Cost of Funds 3Q24 Margin Bridge

16 26 106 22 2 14 3Q23 4Q23 1Q24 2Q24 3Q24 $104 $267 $144 $(28.5) $80 41.0% 42.0% 44.4% 45.8% 44.1% Organic Loans Avg Line Draw % 3Q23 4Q23 1Q24 2Q24 3Q24 3Q24 2Q24 3Q23 NPLs/Loans 0.26 % 0.36 % 0.46 % NPAs/Assets 0.22 % 0.33 % 0.40 % ACL/NPLs 492.6 % 354.1 % 290.5 % ACL/Loans** 1.38 % 1.38 % 1.47 % Annualized Net Charge-offs to Average Loans Provision for Credit Losses* $8.0 $18.1 $5.8 $4.8 $4.1 3Q23 4Q23 1Q24 2Q24 3Q24 $ In Millions bps bps bps bps bps $ In Millions Loan Growth and Average Line of Credit Utilization *Includes credit loss expense on loans, investments and unfunded commitments. **Excludes guaranteed loans. A Non-GAAP Measure, Refer to Appendix for Reconciliation. Credit Trends

17 $139.5 $4.2 $(3.9) $139.8 ACL 2Q24 Portfolio Changes Net Charge-offs ACL 3Q24 Allowance for Credit Losses for Loans $ In Millions • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors 3Q24 $ In Millions Loans ACL ACL as a % of Loans Commercial and industrial $ 4,628 $ 64 1.38 % Commercial real estate 4,915 56 1.14 % Construction real estate 896 10 1.12 % Residential real estate 355 6 1.69 % Other 286 4 1.40 % Total $ 11,080 $ 140 1.26 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $23.0 million, $5.1 million, and $11.7 million, respectively. Total ACL percentage of loans excluding government guaranteed loans was 1.38%*. Key Assumptions: • Reasonable and supportable forecast period is one year with a one year reversion period. • Forecast considers a weighted average of baseline, upside and downside scenarios. • Primary macroeconomic factors: ◦ Percentage change in GDP ◦ Unemployment ◦ Percentage change in Retail Sales ◦ Percentage change in CRE Index *A Non-GAAP Measure, Refer to Appendix for Reconciliation.

18 Noninterest Income Trend $12.1 $25.5 $12.2 $15.5 $21.4 $5.4 $6.3 $5.0 $4.0 $8.3 $(2.7) $9.7 $(2.2) $1.9 $3.3 $4.2 $4.3 $4.4 $4.5 $4.6 $2.6 $2.7 $2.4 $2.5 $2.6 $2.6 $2.5 $2.6 $2.6 $2.6 7.9% 15.3% 8.1% 9.9% 13.0% Other Tax Credit Income Deposit Services Charge Card Services Wealth Management Noninterest income/Total income 3Q23 4Q23 1Q24 2Q24 3Q24 $5.4 $6.3 $5.0 $4.0 $8.3 $1.8 $2.3 $1.6 $1.6 $1.7 $0.7 $0.8 $0.3 $0.6 $0.5 $0.8 $1.3 $0.9 $0.9 $1.1 $0.1 $0.2 $0.2 $0.3 $1.0 $0.6 $0.3 $1.2$0.2 $0.7 $0.2 $0.4 $0.6$1.5 $1.4 $3.2 Miscellaneous Servicing Fees BOLI Swap Fees CDE Private Equity Fund Distribution Gain on SBA loan sales Gain on sale of OREO 3Q23 4Q23 1Q24 2Q24 3Q24 $ In Millions Noninterest Income Other Noninterest Income Detail

19 Noninterest Expense Trend Other Noninterest Expense DetailNoninterest Expense $ In Millions $88.6 $92.6 $93.5 $94.0 $98.0 $22.7 $24.6 $23.0 $23.6 $24.4 $21.0 $21.6 $20.3 $21.7 $23.8 $2.4 $0.6 $4.2 $4.3 $4.3 $4.2 $4.4 $40.7 $39.7 $45.3 $44.5 $45.4 56.2% 53.1% 60.2% 58.1% 58.4% Other Deposit costs FDIC special assessment Occupancy Employee compensation and benefits Core efficiency ratio* 3Q23 4Q23 1Q24 2Q24 3Q24 $22.7 $24.6 $23.0 $23.6 $24.4 $11.4 $13.0 $11.2 $10.7 $10.9 $3.8 $4.0 $4.3 $5.3 $5.5 $1.4 $1.1 $1.4 $1.3 $1.6 $2.9 $2.7 $3.0 $3.1 $3.3 $2.1 $2.7 $2.1 $2.3 $2.2$1.1 $1.1 $1.0 $0.9 $0.9 Miscellaneous Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 3Q23 4Q23 1Q24 2Q24 3Q24 *A Non-GAAP Measure, Refer to Appendix for Reconciliation.

20 Capital Tangible Common Equity/Tangible Assets 8.51% 8.96% 9.01% 9.18% 9.50% Tangible Common Equity/Tangible Assets* 3Q23 4Q23 1Q24 2Q24 3Q24 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. **Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.1% 14.2% 14.3% 14.6% 14.8% 6.5% 11.2% 11.3% 11.4% 11.7% 11.9% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 3Q23 4Q23 1Q24 2Q24 3Q24 8.0% 12.6% 12.7% 12.8% 13.0% EFSC Capital Strategy: Low Cost - Highly Flexible High Capital Retention Rate – Strong earnings profile – Sustainable dividend profile Supporting Robust Asset Growth – Organic loan and deposit growth – High quality M&A to enhance commercial franchise and geographic diversification Maintain High Quality Capital Stack – Minimize WACC over time (preferred, sub debt, etc.) – Optimize capital levels CET1 ~10%, Tier 1 ~12%, and Total Capital ~14% Maintain 8-9% TCE – Common stock repurchases ◦ 420,249 shares repurchased at an average price of $43.49 in 2024 – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $31.06 $33.85 $34.21 $35.02 $37.26 $0.25 $0.25 $0.25 $0.26 $0.27 TBV/Share* Dividends per Share 3Q23 4Q23 1Q24 2Q24 3Q24 13.2% **

Appendix

22 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 11% Obligations of states and political subdivisions 42% Agency mortgage- backed securities, 35% Corporate debt securities 6% U.S. Treasury bills 6% TOTAL $2.6 billion • Effective duration of 4.9 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $434.5 million • 3.40% tax-equivalent yield • Municipal bond portfolio rated A or better • Laddered maturity and repayment structure for consistent cash flows Overview Total AFS (Fair Value) Total HTM (Fair Value) AFS Securities (Net Unrealized) HTM Securities (Net Unrealized) 3Q23 4Q23 1Q24 2Q24 3Q24 $— $800 $1,600 $2,400 $(320) $(160) $— $160 $ In Millions $53.9 $144.6 $69.8 $67.2 $241.4 5.60% 5.36% 5.21% 5.43% 4.97% Principal Cost Yield (TEQ) 3Q23 4Q23 1Q24 2Q24 3Q24 Investment Purchase Yield $ In Millions Investment Portfolio

23 EFSC Borrowing Capacity $5.1 $5.1 $5.3 $1.3 $1.2 $1.2 $2.6 $2.6 $2.6 $0.1 $0.1 $0.1 $1.1 $1.2 $1.4 42% 42% 43% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 1Q24 2Q24 3Q24 $ In Billions End of Period and Average Loans to Deposits 89% 89% 90% 90% 89%88% 88% 90% 89% 87% End of period Loans/Deposits Avg Loans/Avg Deposits 3Q23 4Q23 1Q24 2Q24 3Q24 • $1.2 billion available FHLB capacity • $2.6 billion available FRB capacity • $140.0 million in seven federal funds lines • $1.4 billion in unpledged investment securities • $426.4 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 18% • FHLB maximum credit capacity is 45% of assets $0.4 $0.4 $0.4 $0.3 $0.3 $0.4 $0.8 $1.2 $1.5 $1.8 Annual Cash Flows Cumulative Cash Flows 2024 2025 2026 2027 2028 Investment Portfolio Cash Flows* $ In Billions Strong Liquidity Profile *Trailing 12 months ending September 30 of each year Liquidity

24 Office CRE (Non-owner Occupied) Total $503.1 million Midwest 46.9% Southwest 27.5% West 20.6% Specialty 5.0% Office CRE Loans by Location Real Estate/ Rental/Leasing 87.7% Health Care and Social Assistance 3.4% Other 8.9% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.58 12 $ 187.5 $ 15.6 $5-10 Million 5.00 10 66.3 6.6 $2-5 Million 5.17 42 134.2 3.2 < $2 Million 5.30 202 115.1 0.6 Total 5.28 266 $ 503.1 $ 1.9 Office CRE Loans by Size $ In Millions • Average loan-to-origination value 52% • 71% of loans have recourse to owners • Average debt-service coverage ratio (DSCR) of 1.52x • Average market occupancy of 88%; average rents of $24 psf • 42% Class A, 54% Class B, 4% Class C • $11.5 million unfunded commitments • Limited near-term maturity risk: 10% to mature in 2024, 90% maturing in 2025 and beyond 24

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

26 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 SHAREHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS Shareholders’ equity $ 1,832,011 $ 1,755,273 $ 1,731,725 $ 1,716,068 $ 1,611,880 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 9,400 10,327 11,271 12,318 13,425 Tangible common equity $ 1,385,459 $ 1,307,794 $ 1,283,302 $ 1,266,598 $ 1,161,303 Common shares outstanding 37,184 37,344 37,515 37,416 37,385 Tangible book value per share (non-GAAP) $ 37.26 $ 35.02 $ 34.21 $ 33.85 $ 31.06 Total assets $ 14,954,125 $ 14,615,666 $ 14,613,338 $ 14,518,590 $ 14,025,042 Less goodwill 365,164 365,164 $ 365,164 365,164 365,164 Less intangible assets 9,400 10,327 $ 11,271 12,318 13,425 Tangible assets (non-GAAP) $ 14,579,561 $ 14,240,175 $ 14,236,903 $ 14,141,108 $ 13,646,453 Tangible common equity to tangible assets (non-GAAP) 9.50 % 9.18 % 9.01 % 8.96 % 8.51 % Quarter ended ($ in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 CALCULATION OF PRE-PROVISION NET REVENUE Net interest income $ 143,469 $ 140,529 $ 137,728 $ 140,732 $ 141,639 Noninterest income 21,420 15,494 12,158 25,452 12,085 FDIC special assessment — — 625 2,412 — Core conversion expense 1,375 1,250 350 — — Less gain on sale of investment securities — — — 220 — Less gain (loss) on sale of other real estate owned 3,159 — (2) Less noninterest expense 98,007 94,017 93,501 92,603 88,644 PPNR (non-GAAP) $ 65,098 $ 63,256 $ 57,362 $ 75,773 $ 65,080 Average assets $ 14,849,455 $ 14,646,381 $ 14,556,119 $ 14,332,804 $ 14,068,860 PPNR ROAA (non-GAAP) 1.74 % 1.74 % 1.58 % 2.10 % 1.84 %

27 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) AND RETURN ON AVERAGE ASSETS (ROAA) Average shareholder’s equity $ 1,804,369 $ 1,748,240 $ 1,738,698 $ 1,652,882 $ 1,648,605 Less average preferred stock 71,988 71,988 71,988 71,988 71,988 Less average goodwill 365,164 365,164 365,164 365,164 365,164 Less average intangible assets 9,855 10,783 11,770 12,858 13,967 Average tangible common equity $ 1,357,362 $ 1,300,305 $ 1,289,776 $ 1,202,872 $ 1,197,486 Net income (GAAP) $ 50,585 $ 45,446 $ 40,401 $ 44,529 $ 44,665 FDIC special assessment (after tax) — — 470 1,814 — Core conversion expense (after tax) 1,034 940 263 — — Less gain on sale of investment securities (after tax) — — — 165 — Less gain on sales of other real estate owned (after tax) 2,375 — (1) — — Net income adjusted (non-GAAP) $ 49,244 $ 46,386 $ 41,135 $ 46,178 $ 44,665 Less preferred stock dividends 938 937 938 937 938 Net income available to common shareholders adjusted (non-GAAP) $ 48,306 $ 45,449 $ 40,197 $ 45,241 $ 43,727 ROATCE (non-GAAP) 14.55 % 13.77 % 12.31 % 14.38 % 14.49 % Adjusted ROATCE (non-GAAP) 14.16 % 14.06 % 12.53 % 14.92 % 14.49 % Average assets $ 14,849,455 $ 14,646,381 $ 14,556,119 $ 14,332,804 $ 14,068,860 Return on average assets (GAAP) 1.36 % 1.25 % 1.12 % 1.23 % 1.26 % Adjusted return on average assets (non-GAAP) 1.32 % 1.27 % 1.14 % 1.28 % 1.26 %

28 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $ 11,079,892 $ 11,000,007 $ 11,028,492 $ 10,884,118 $ 10,616,820 Less guaranteed loans 928,272 923,794 924,633 932,118 950,909 Adjusted loans (non-GAAP) $ 10,151,620 $ 10,076,213 $ 10,103,859 $ 9,952,000 $ 9,665,911 Allowance for credit losses $ 139,778 $ 139,464 $ 135,498 $ 134,771 $ 142,133 Allowance for credit losses/loans (GAAP) 1.26 % 1.27 % 1.23 % 1.24 % 1.34 % Allowance for credit losses/adjusted loans (non-GAAP) 1.38 % 1.38 % 1.34 % 1.35 % 1.47 % Quarter ended ($ in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 143,469 $ 140,529 $ 137,728 $ 140,732 $ 141,639 Tax-equivalent adjustment 2,086 2,047 2,040 1,915 2,061 Noninterest income (GAAP) 21,420 15,494 12,158 25,452 12,085 Less gain on sale of investment securities — — — 220 — Less gain (loss) on sale of other real estate owned 3,159 — (2) — — Core revenue (non-GAAP) $ 163,816 $ 158,070 $ 151,928 $ 167,879 $ 155,785 Noninterest expense (GAAP) $ 98,007 $ 94,017 $ 93,501 $ 92,603 $ 88,644 Less FDIC special assessment — — 625 2,412 — Less core conversion expense 1,375 1,250 350 — — Less amortization on intangibles 927 944 1,047 1,108 1,118 Core revenue (non-GAAP) $ 95,705 $ 91,823 $ 91,479 $ 89,083 $ 87,526 Core efficiency ratio (non-GAAP) 58.4 % 58.1 % 60.2 % 53.1 % 56.2 %

Document and Entity Information Document	Oct. 21, 2024
Document Type	8-K
Document Period End Date	Oct. 21, 2024
Entity Registrant Name	ENTERPRISE FINANCIAL SERVICES CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-15373
Entity Tax Identification Number	43-1706259
Entity Address, Address Line One	150 N. Meramec Avenue
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	725-5500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001025835
Amendment Flag	false
Common Stock
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EFSC
Security Exchange Name	NASDAQ
Depositary Shares
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	EFSCP
Security Exchange Name	NASDAQ

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