Investor Presentation January 2025 Exhibit 99.1
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; 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; 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 (including wildfires and earthquakes); 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 Empowered associates providing industry-leading service, supported by digital technology solutions Tenured and experienced management team Strong capital foundation and consistent history of delivering results Differentiated strategies delivering growth Focused commercial bank, diversified across verticals and geographic markets EFSC’s Unique Value Proposition
EFSC Overview
5 Differentiated Business Model Focused on privately owned businesses and business owners Commercial Deposits • Highly productive network of 42 branches with $232M2 average deposits per branch • Complete and easy-to-use cash management services Deposit Verticals • Community associations • Property management • Third party escrow • Trust services Deposit and SBA loan production offices across the country Commercial Lending • C&I focus • Business banking • CRE lending • Blend of stable and growth MSAs Lending Verticals • SBA 7(a) lending • Sponsor finance • Tax credits • Life insurance premium finance EFSC NASDAQ $15.6B Total Assets 9.05% TCE Ratio1 2.06% Dividend Yield As of 1/24/2025 $2.1B Market Cap As of 1/24/2025 10.1% 10-Year CAGR of TBV/Share 13.7% Adjusted ROATCE YTD1 Clayton, MO HQ Note: 4Q24 data; *Loan production office 1A Non-GAAP Measure, Refer to Appendix for Reconciliation 2Excluding national deposit verticals St. Louis Kansas City Phoenix New Mexico Los Angeles Las Vegas San Diego Dallas* Orlando EFSC At-a-Glance Regional National
6 Midwest-focused FDIC-assisted acquisitions Expanded deposit base Expanded footprint through four acquisitions Delivered performance improvements Tackled challenges, including COVID and bank liquidity crisis Aligned incentives Diversified across geographies and verticals Consistent growth Compounding tangible book value per share 2012 and earlier ROAA: 0.78% (2012) 1.25% (2024) 2013 – 2024 2025 and beyond Top Quartile ROAA Since 2013, Continually Optimizing Performance
7 $13.1B Total Deposits Note: 4Q24 data Interest- Bearing Demand Accounts by Typeby Region Deposit Verticals 26% Southwest 15% Midwest 49% West 10% DDA 34% MMA & Savings 31% CD 11% Interest-Bearing Demand Accounts 24% Diversified Deposit Base
8 CRE-IO 23% CRE-OO 21% C&I 42% Construction 8% Residential 3% Other 3% by Product Type $11.2B Total Loans 1Excluding "Other" loans by Region1 Specialty 38% Southwest 16% Midwest 29% West 17% Note: 4Q24 data Balanced Loan Portfolio
9 Aligned teams providing customer-focused solutions Vision: To be a company where our associates are proud to work, that delivers ease of navigation to our customers and value to our investors, while helping our communities flourish. Mission: Guiding people to a lifetime of financial success. EFSC’s Customer-Focused Culture
10 Jim Lally 57, President & Chief Executive Officer, EFSC Enterprise Tenure: 21 years Keene Turner 45, SEVP, Chief Financial Officer, EFSC Enterprise Tenure: 11 years Scott Goodman 61, SEVP, President, Enterprise Bank & Trust Enterprise Tenure: 21 years Doug Bauche 55, SEVP, Chief Credit Officer, Enterprise Bank & Trust Enterprise Tenure: 24 years Mark Ponder 54, SEVP, Chief Administrative Officer, Enterprise Bank & Trust Enterprise Tenure: 12 years Nicole Iannacone 45, SEVP, Chief Legal Officer, Enterprise Bank & Trust Enterprise Tenure: 10 years Bridget Huffman 42, SEVP, Chief Risk Officer, Enterprise Bank & Trust Enterprise Tenure: 14 years Average tenure: 16 years Average industry experience: 23 years Seasoned Executive Leadership Team
11 • Focus on process excellence, automation, and scale • Completed core system conversion in 2024 • Continuing technology investments • Focus on client experience enhancement • Relentless cost discipline • Top quartile1 performance (2024) • NIM: 4.16% • Adjusted ROAA:2 1.26% 2A Non-GAAP Measure, Refer to Appendix for Reconciliation Net Interest Margin 3.41% 4.16% 2021 2024 Delivering Efficiency & Top Quartile NIM 12024 results available as of January 24, 2025. All figures are as reported by S&P.
12 Approach • Strong credit process • Effective controls • High quality assets • Well positioned for different rate environments Managing risk • Diversification across asset classes, geography, and industry • Reducing agriculture exposure over time • Well managed CRE concentration Nonperforming Loans/Loans 0.38% Nonperforming Assets/Assets 0.30% Allowance Coverage Ratio 1.23%; 1.34% adjusted for guaranteed loans1 Net Charge-offs $7.1 million Key Performance Metrics (4Q24) Effective Risk Management as a Key Enabler 1A Non-GAAP Measure, Refer to Appendix for Reconciliation
Growth Strategy
14 Focused loan growth strategies High-quality talent additions through focused efforts Best-in-class technology partnerships Differentiated deposit verticals Well positioned in attractive markets1. 2. 3. 4. 5. Strategic Growth Pillars
15 Significant opportunities for growth and share gain in our markets Region Total Deposits ($B) Total Loans ($B) Market Profile Metro Midwest $6.4 $3.2 Stable St. Louis Kansas City Southwest $2.0 $1.8 Stable Albuquerque Santa Fe Growth Phoenix Dallas Las Vegas West $1.3 $1.8 Growth Los Angeles San Diego Deposit Verticals / Specialty Lending $3.4 $4.4 Total $13.1 $11.2 Note: 4Q24 data 1Specialty Lending includes "Other" Loans 1 1. Well-Positioned in Attractive Markets
16 27% 37% 36% Community Associations $1.2B in deposit accounts Specifically designed to serve the needs of community associations Property Management $1.2B in deposits Specializing in the compliance of Property Management Trust Accounts Legal Industry and Escrow Services $922M in deposits Product lines providing services to independent escrow and non-depository trust companies $13.1B Total Deposits Deposit Verticals Note: 4Q24 data Deposit Verticals 26% Southwest 15% West 10% Midwest 49% 2. Differentiated Deposit Verticals
17 Lending verticals provide a competitive advantage, risk-adjusted pricing, and fee income opportunities SBA Loans • $1.3B in loans outstanding in SBA 7(a) loans, including $948M guaranteed Life Insurance Premium Finance • $1.1B in loans outstanding related to high-net-worth estate planning Sponsor Finance • $783M in M&A related loans outstanding, partnering with SBIC and PE firms Tax Credit Programs • $760M in loans outstanding related to Federal, Historic, and Affordable Housing tax credits • $353M in Federal & State New Market Tax Credits awarded to date $11.2B Total Loans Note: 4Q24 data 12% 10% 7% 7% Other 64% 3. Focused Loan Growth Strategies
18 Food Manufacturer Boosts Production and Sales with Enterprise as Its Partner OPPORTUNITY Food manufacturer faced inflation and capacity challenges • Client needed a way to increase capacity and production efficiency to keep up with inflation and increased customer demand • Client was unsure of how to expand and what the total cost associated with this expansion would be SOLUTION Enterprise provided loan which enabled client to purchase new equipment • Enterprise was a flexible and impactful partner that was able to help the client navigate their unique situation • Enterprise provided a new term loan and additionally worked with the client to refinance debt RESULTS Sales up 15% YoY; client currently working with Enterprise to continue to increase output • “Gradually, our sales are increasing and, in turn, our profitability is, too. Having Enterprise working with us has been very impactful. We just didn't have the cash resources to do all of this ourselves, so we're very much dependent upon Enterprise to support our growth and help us reach our goals.” -Business Owner 3. Case Study / CLIENT-FOCUSED TEAMS DELIVERING SOLUTIONS
19 Additional talent delivering deposit and loan growth 11: Los Angeles 10: San Diego 5: Phoenix & Las Vegas Talent acquisitions between 2021 & 2024 4. High-Quality Talent Additions Through Focused Efforts 26 Producers Opportunistically Hired: Adds Density and Capability in Focus Geographies
20 Leading technology solutions support growth and deliver best-in-class client experience TARGET ONBOARD SERVICE PROTECT GROW Customer Surveys Salesforce Integrated with Core for 360 Client View Client Portal Positive Pay (Check & ACH) Integrations for APIs for HOA/PM Successful Conversion to FIS Leading Core Solution FIS XAA Account Analysis Online Banking integrated with treasury products Client life cycle supported by a competitive digital product set 5. Best-In-Class Technology Partnerships
Financial Overview and Outlook
221A Non-GAAP Measure, Refer to Appendix for Reconciliation Pre-Provision Net Revenue1 $ in Millions Pre-Provision Net Revenue ROAA1 $207 $259 $285 $255 2021 2022 2023 2024 1.80% 1.94% 2.06% 1.72% 2021 2022 2023 2024 Our Focused Strategy is Generating Growth
23 Loan & Deposits Trends ($B) $2.4 $11.2 $2.5 $13.1 EFSC Loans EFSC Deposits 2014 2024 Balance sheet growth driving earnings growth 10-Year TBV CAGR510-Year TTM4 EPS CAGR5 110-Year CAGR from 4Q14 – 4Q24; 210.6% excluding acquisitions; 312.5% excluding acquisitions and brokered CDs 4TTM – Trailing Twelve Months; 54Q24 results available as of January 24, 2025. All figures are as reported by S&P. 10-Year CAGR1 Loans2: 16.5% Deposits3: 18.1% 6.3% 8.6% 13.5% KRX Median KRX Top Quartile EFSC 5.8% 8.0% 10.1% KRX Median KRX Top Quartile EFSC Consistently Growing and Creating Value
24 $6.3B Available Liquidity 60% Adjustable Rate Loans3 11.8% CET1 Ratio1 85% Loans to Deposits Note: 4Q24 data; 110.4% adjusting for unrealized losses on securities. These are non-GAAP measures, refer to appendix for reconciliation 28.71% adjusted for unrealized losses on held-to-maturity securities. These are non-GAAP measures, refer to appendix for reconciliation 3$400 million of adjustable-rate loans have been hedged against declining interest rates 4Non-GAAP measure, refer to appendix for reconciliation 9.05% TCE Ratio2 13.7% Adjusted ROATCE YTD4 Flexible Balance Sheet Positioned for Growth
25 High Capital Retention Rate • Strong earnings profile • Sustainable dividend profile Support 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 of 626,778 shares at an average price per share of $46.95 • M&A deal structures • Drives ROATCE above peer levels Capital Allocation Priorities • Maintain TCE ratio of 8-9% • Active share repurchase program • Regular dividend increases • Strategic flexibility for organic growth, M&A and other uses of capital Low Cost, Highly Flexible Capital Strategy
26 $5.3 $5.6 $7.3 $9.8 $13.5 $13.1 $14.5 $15.6 $4.4 $6.1 $8.5 $11.3 $0.9 $1.2 $1.3 $2.2 Merger Contribution EFSC Assets 2017 2018 2019 2020 2021 2022 2023 2024 Strategically enhanced geographic diversification and product lines through select M&A transactions Growth History $ in Billions Granular, low-cost deposit base in New Mexico and St. Louis (Trinity and JC Bankshares) National Deposit Vertical Platform and National SBA Lending Platform (Seacoast) Deepened C&I focus in California market (First Choice) M&A Track Record Criteria For Potential Future M&A • Quality deposit portfolios • Differentiated specialty businesses • Selective, disciplined approach
27 Maximizing returns on investment Systems People Markets Deliver compounding tangible book value Consistent, reliable performance Continuously refining and improving Driving efficiency Optimizing processes Realizing system returns Grow balance sheet mid-single-digit % to high-single-digit % annually Seek returns in the top quartile and above Growth focus areas: Southwest and West regions Emphasize specialty Compelling Opportunities for Future Value Creation
28 Empowered associates providing industry-leading service, supported by digital technology solutions Tenured and experienced management team Strong capital foundation and consistent history of delivering results Differentiated strategies delivering growth Focused commercial bank, diversified across verticals and geographic markets Invest with EFSC
Appendix
30 • Selected by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury to receive $353M of New Markets Tax Credits allocations since 2011 • In 2023, our portfolio included the financing of over $2.1B in small business, small farm and community development-qualified loans • Enterprise University, which provides training courses, has helped more than 39,000 professionals • The Company has been named a best bank to work for numerous times Framework Governance • Board-driven sustainability commitment • Strategic oversight of environmental and social impact • Parameters set for responsible business practices Climate • Board and Risk Committee oversight • Developing climate risk assessment framework • Focus on long-term business values Community Involvement • Positive impact on associates, clients, and communities • Long-standing community support • Community Impact Report available online Human Capital • Guiding Principles emphasize community connection • Inclusive and transparent culture • Recognition of teamwork across all levels Additional Policies • Robust policies for responsible operations • Regulatory compliance focus • Aligned with Guiding Principles Results The 2023 Environmental, Social and Governance Report is available at www.enterprisebank.com/about/ corporate-responsibility Our Sustainability Strategy
31 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, the tangible common equity ratio, tangible book value per common share, common equity tier 1 ratio adjusted for unrealized losses, PPNR, PPNR ROAA, allowance for coverage ratio adjusted for guaranteed loans, adjusted ROAA, and ROATCE, 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, the tangible common equity ratio, tangible book value per common share, common equity tier 1 ratio adjusted for unrealized losses, PPNR, PPNR ROAA, allowance for coverage ratio adjusted for guaranteed loans, adjusted ROAA, and ROATCE, 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, core conversion expenses, merger-related expenses, branch closure expenses, and the gain or loss on 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 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. Use of Non-GAAP Financial Measures
32 At (in thousands, except per share data) December 31, 2024 Shareholders' equity (GAAP) $ 1,824,002 Less preferred stock 71,988 Less goodwill 365,164 Less intangible assets 8,484 Tangible common equity (non-GAAP) $ 1,378,366 Less net unrealized loss on HTM securities, after tax1 52,881 Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) $ 1,325,485 Common shares outstanding 36,988 Tangible book value per share (non-GAAP) $ 37.27 Total assets (GAAP) $ 15,596,431 Less goodwill 365,164 Less intangible assets 8,484 Tangible assets (non-GAAP) $ 15,222,783 Tangible common equity to tangible assets (non-GAAP) 9.05 % Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) 8.71 % 1Tax rate is approximately 25%. Tangible Common Equity Ratio Reconciliation of Non-GAAP Financial Measures
33 At (in thousands, except per share data) December 31, 2024 CET1 capital $ 1,505,162 Less unrealized loss on investment portfolio, after tax1 175,013 CET1 capital excluding unrealized loss (gain) on securities $ 1,330,149 Total risk-weighted assets $ 12,753,383 CET1 capital / risk-weighted assets (GAAP) 11.8 % CET1 capital excluding unrealized loss on securities / risk-weighted assets (non-GAAP) 10.4 % CET1 Ratio Adjusted For Unrealized Loss (Gain) Reconciliation of Non-GAAP Financial Measures 1Tax rate is approximately 25%.
34 Year ended ($ in thousands) 2024 2023 2022 2021 Net interest income $ 568,096 $ 562,592 $ 473,903 $ 360,194 Noninterest income 69,703 68,725 59,162 67,743 FDIC special assessment 625 2,412 — — Core conversion expense 4,868 — — — Branch closure expense — — — 3,441 Merger-related expense — — — 22,082 Less gain on sale of investment securities — 601 — — Less gain (loss) on sale of other real estate owned 3,089 187 (93) 884 Less noninterest expense 385,047 348,186 274,216 245,919 PPNR (non-GAAP) $ 255,156 $ 284,755 $ 258,942 $ 206,657 Average assets $ 14,841,690 $ 13,805,236 $ 13,319,624 $ 11,467,310 ROAA (GAAP) 1.25 % 1.41 % 1.52 % 1.16 % PPNR ROAA (non-GAAP) 1.72 % 2.06 % 1.94 % 1.80 % PPNR & PPNR ROAA Reconciliation of Non-GAAP Financial Measures
35 Allowance Coverage Ratio Adjusted for Guaranteed Loans At ($ in thousands) December 31, 2024 Loans (GAAP) $ 11,220,355 Less guaranteed loans, net 947,665 Adjusted loans (non-GAAP) $ 10,272,690 Allowance for credit losses on loans (GAAP) $ 137,950 Allowance for credit losses on loans / total loans (GAAP) 1.23 % Allowance for credit losses on loans / adjusted loans (non-GAAP) 1.34 % Reconciliation of Non-GAAP Financial Measures
36 Return on Average Tangible Common Equity (ROATCE) and Return on Average Assets (ROAA) Quarter ended Year ended ($ in thousands) December 31, 2024 December 31, 2024 Average shareholder’s equity $ 1,844,509 $ 1,784,175 Less average preferred stock 71,988 71,988 Less average goodwill 365,164 365,164 Less average intangible assets 8,930 10,329 Average tangible common equity $ 1,398,427 $ 1,336,694 Net income (GAAP) $ 48,834 $ 185,266 FDIC special assessment (after tax1) — 470 Core conversion expense (after tax1) 1,424 3,661 Less gain on sale of investment securities (after tax1) — — Less gain (loss) on sales of other real estate owned (after tax1) (51) 2,323 Net income adjusted (non-GAAP) $ 50,309 $ 187,074 Less preferred stock dividends 937 3,750 Net income available to common shareholders adjusted (non-GAAP) $ 49,372 $ 183,324 ROATCE (non-GAAP) 13.63 % 13.58 % Adjusted ROATCE (non-GAAP) 14.05 % 13.71 % Average assets $ 15,309,577 $ 14,841,690 Return on average assets (GAAP) 1.27 % 1.25 % Adjusted return on average assets (non-GAAP) 1.31 % 1.26 % Reconciliation of Non-GAAP Financial Measures 1Tax rate is approximately 25%.
