efsc-20250428

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)

April 28, 2025

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 April 28, 2025, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended March 31, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

On April 29, 2025, 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 March 31, 2025. 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 28, 2025, the Company announced that Mr. Scott Goodman, 61, President of Enterprise Bank & Trust ("Enterprise Bank") and a Senior Executive Vice President of the Company, will transition from his current position into the role of a Vice-Chairman of Enterprise Bank, a part-time, non-management role focusing on strategic advisory and client-liason activities. The transition is expected to occur on October 1, 2025 (the "Transition Date"). Mr. Goodman has been President of Enterprise Bank for 12 years and has been with the Company for 22 years.

Also as of the anticipated Transition Date, Mr. Doug Bauche, 55, currently the Chief Credit Officer, will be promoted to the newly-created role of Chief Banking Officer where he will be responsible for the Company's revenue-producing businesses. Mr. Bauche has been with the Company for more than 25 years. Also in connection with the planned transition, Mr. Kevin Handley, 55, will be promoted to the role of Chief Credit Officer, Mr. Bauche's current role, as of the Transition Date. Mr. Handley has been with the Company since 2018 in his role of an Executive Vice President, Regional Senior Lender.

There is no arrangement or understanding between either of the new officers and any other person pursuant to which either of the new officers were appointed. There are no family relationships, as defined in Item 401 of Regulation S-K, between either of the new officers and any of the Company’s executive officers or directors or persons nominated or chosen to become a director or executive officer. There are no transactions that would be required to be reported under Item 404(a) of Regulation S-K for either of the new officers.

Item 7.01 Regulation FD Disclosure.

On April 28, 2025, the Company issued a joint press release with First Interstate BancSystem, Inc. announcing the entry by the Company’s wholly owned subsidiary, Enterprise Bank into a Purchase and Assumption Agreement (the “Purchase Agreement”) with First Interstate Bank ("First Interstate") as discussed in Item 8.01 of this Current Report on Form 8-K. A copy of this press release is attached as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated by reference herein.

On April 28, 2025, the Company issued a press release announcing the appointment of Mr. Bauche to Chief Banking Officer and Mr. Handley to Chief Credit Officer as discussed in Item 5.02 of this Current Report on Form 8-K. A copy of this press release is attached as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated by reference herein.

Information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.3 and 99.4, shall not be deemed filed for purposes of the Securities Exchange Act of 1934, as amended, nor shall such information and Exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.

On April 28, 2025, the Company's wholly owned subsidiary, Enterprise Bank entered into a Purchase Agreement with First Interstate pursuant to which Enterprise Bank will acquire twelve branches (the "Branches") from First Interstate, including certain deposits and loans, and the owned real estate and fixed and other assets associated with the Branches.

The twelve branches Enterprise Bank will acquire are:

•18511 N. Scottsdale Rd., Scottsdale, AZ

•4141 N. Scottsdale Rd. Ste. 101, Scottsdale, AZ

•180 S. Arizona Ave., Chandler, AZ

•19750 N. Maricopa Rd., Maricopa, AZ

•1300 E. Florence Blvd., Casa Grande, AZ

•712 Main St., Eloy, AZ

•635 N. Arizona Blvd., Coolidge, AZ

•161 W. Oak St., Globe, AZ

•3002 N. Campbell Ave. Ste. 100, Tucson, AZ

•357 W. Mariposa Rd., Nogales, AZ

•8001 Metcalf Ave. Ste. 100, Overland Park, KS

•10610 Shawnee Mission Pkwy., Shawnee, KS

Consummation of the transaction is subject to regulatory approvals and other customary conditions of closing. It is currently anticipated that the closing of the transaction will take place by early fourth quarter of 2025.

Enterprise Bank was advised in the transaction by Janney Montgomery Scott LLC acting as financial advisor and Holland & Knight LLP acting as legal counsel.

Forward-looking Statements

This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, statements about the Company’s plans, strategies, goals, objectives, expectations, or consequences of statements about the future performance, operations, products and services of the Company and its subsidiaries, as well as statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, products and services, shareholder value creation and the impact of acquisitions. Forward-looking statements typically are identified with use of terms such as “may,” “might,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “could,” “continue” and the negative and other variations of these terms and similar words, although some forward-looking statements may be expressed differently. Forward-looking

statements are inherently subject to risks and uncertainties and our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. You should be aware that our actual results could differ materially from those contained in the forward-looking statements.

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), impacts of trade and tariff policies, 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, natural disasters (such as 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, 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 discussed under the caption “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the SEC, all of which could cause actual results to differ from those set forth in the forward-looking statements. 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.

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.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number						Description
99.1						Press Release dated April 28, 2025.
99.2						Presentation to be conducted April 29, 2025.
99.3						Joint Press Release Relating to Entry into Purchase and Assumption Agreement dated April 28, 2025.
99.4						Press Release Relating to Executive Officer Announcements dated April 28, 2025.
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:

April 28, 2025

By:

/s/ Troy R. Dumlao

Troy R. Dumlao

Executive Vice President and Chief Accounting Officer

EXHIBIT 99.1

ENTERPRISE FINANCIAL SERVICES CORP REPORTS FIRST QUARTER 2025 RESULTS

First Quarter Results

•Net income of $50.0 million, or $1.31 per diluted common share, compared to $1.28 in the linked quarter and $1.05 in the prior year quarter

•Net interest margin (“NIM”) of 4.15%, quarterly increase of 2 basis points

•Net interest income of $147.5 million, quarterly increase of $1.1 million

•Total loans of $11.3 billion, quarterly increase of $78.4 million

•Total deposits of $13.0 billion, quarterly decrease of $112.3 million

•Return on average assets (“ROAA”) of 1.30%, compared to 1.27% and 1.12% in the linked and prior year quarters, respectively

•Return on average tangible common equity (“ROATCE”)1 of 14.02%, compared to 13.63% and 12.31% in the linked and prior year quarters, respectively

•Tangible common equity to tangible assets1 of 9.30%, an increase of 25 basis points and 29 basis points from the linked and prior year quarters, respectively

•Tangible book value per common share1 of $38.54, annualized quarterly increase of 14%

•Returned $10.6 million to stockholders through common stock repurchases and $10.7 million through common dividends; increased quarterly dividend $0.01 to $0.30 per common share for the second quarter 2025

St. Louis, MO. April 28, 2025 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), today announced financial results for the first quarter of 2025. “EFSC’s first quarter results were a positive start to 2025,” said Jim Lally, President and Chief Executive Officer. “Our proactive management of the balance sheet and cost of deposits has led to expansion in both net interest income and NIM. Strong earnings resulted in a 1.30% ROAA and a 14.02% ROATCE. We were also excited to announce the acquisition of 10 branches in Arizona and two branches in Kansas from First Interstate Bank. This is an attractive deposit franchise that will strengthen our position and allow us to accelerate growth in two of our existing markets.”

Highlights

•Earnings - Net income in the first quarter 2025 was $50.0 million, an increase of $1.1 million and $9.6 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the first quarter 2025 was $1.31, compared to $1.28 and $1.05 for the linked and prior year quarters, respectively.

•Pre-provision net revenue (“PPNR”)1 - PPNR of $66.1 million in the first quarter 2025 decreased $3.4 million from the linked quarter and increased $8.7 million from the prior year quarter. The decrease from the linked quarter was primarily due to a decrease in noninterest income, specifically tax credit income that is typically highest in the fourth quarter of each year and an increase in noninterest expense, primarily due to the reset of payroll tax limits and paid time-off accruals. The increase compared to the prior year quarter was primarily due to higher net interest income from organic loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by a decline in asset yields due to lower short-term interest rates.

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

•Net interest income and NIM - Net interest income of $147.5 million for the first quarter 2025 increased $1.1 million and $9.8 million from the linked and prior year quarters, respectively. Net interest income for the first quarter 2025 increased from the linked and prior year quarters primarily due to higher average loan and other interest-earning asset balances, as well as lower short-term interest rates that decreased interest expense. NIM was 4.15% for the first quarter 2025, compared to 4.13% for both the linked and prior year quarters, respectively. The total cost of deposits of 1.83% for the first quarter 2025 decreased 17 basis points and 30 basis points from the linked and prior year quarters, respectively.

•Noninterest income - Noninterest income of $18.5 million for the first quarter 2025 decreased $2.1 million from the linked quarter and increased $6.3 million from the prior year quarter. The change in noninterest income from the linked and prior year quarters was primarily due to tax credit income, which is typically highest in the fourth quarter of each year. Tax credit income can also fluctuate due to changes in market interest rates that impact projects carried at fair value.

•Noninterest expense - Noninterest expense of $99.8 million for the first quarter 2025 increased $0.3 million and $6.3 million from the linked and prior year quarters, respectively. The increase from the linked quarter was primarily driven by higher employee compensation due to the reset of payroll tax limits and paid time-off accruals, partially offset by a decline in core conversion costs. The increase from the prior year quarter was driven by higher employee compensation due to annual merit increases and an increase in deposit servicing costs due to growth in average deposit vertical balances.

•Loans - Loans totaled $11.3 billion at March 31, 2025, an increase of $78.4 million, or 3% on an annualized basis, from the linked quarter, and $270.3 million from the prior year quarter. Average loans totaled $11.2 billion, compared to $11.1 billion and $10.9 billion for the linked and prior year quarters, respectively.

•Asset quality - The allowance for credit losses to total loans was 1.27% at March 31, 2025, compared to 1.23% at both December 31, 2024, and March 31, 2024. The provision for credit losses in the first quarter 2025 was $5.2 million, compared to $6.8 million and $5.8 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.72% at March 31, 2025, compared to 0.30% at both December 31, 2024 and March 31, 2024, respectively. The increase in nonperforming assets largely reflects two borrowing relationships sharing a common general partner where the entities filed bankruptcy as a result of a business dispute between partners. The loans are well secured with both collateral and strong guarantees, and as the Company expects to collect the balance of the loans, there are no individual reserves on these loans.

•Deposits - Deposits totaled $13.0 billion at March 31, 2025, a decrease of $112.3 million from the linked quarter and an increase of $780.5 million from the prior year quarter. Excluding brokered certificates of deposits, deposits decreased $169.8 million from the linked quarter and increased $897.4 million from the prior year quarter. The decrease from the linked quarter was primarily in noninterest bearing commercial deposits that typically decline in the first part of the year due to tax and bonus distributions. Average deposits were $13.1 billion, $13.0 billion and $12.2 billion for the current, linked and prior year quarters, respectively. At March 31, 2025, noninterest-bearing deposit accounts totaled $4.3 billion, or 33% of total deposits, and the loan to deposit ratio was 87%.

•Branch acquisition - The Company has announced the signing of a purchase and assumption agreement to purchase 10 Arizona branches and two Kansas branches from First Interstate Bank. The branch acquisition is subject to regulatory approvals and other customary closing conditions and is expected to be completed by early fourth quarter of 2025.

•Capital - Total stockholders’ equity was $1.9 billion and the tangible common equity to tangible assets ratio2 was 9.30% at March 31, 2025, compared to 9.05% at December 31, 2024. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.4% and a total risk-based capital ratio of 13.5% at March 31, 2025. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.8% and 14.7%, respectively, at March 31, 2025.

The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.30 per common share, payable on June 30, 2025 to stockholders of record as of June 16, 2025. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) March 15, 2025 to (but excluding) June 15, 2025. The dividend will be payable on June 15, 2025 and will be paid on June 16, 2025 to holders of record of Series A Preferred Stock as of May 30, 2025.

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
	March 31, 2025						December 31, 2024						March 31, 2024
($ in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:



Loans1, 2	$	11,240,806	$	182,039	6.57	%	$	11,100,112	$	187,761	6.73	%	$	10,927,932	$	186,703	6.87	%


Securities2	2,930,912		27,092		3.75		2,748,063		24,279		3.51		2,400,571		19,491		3.27
Interest-earning deposits	479,136		5,124		4.34		474,878		5,612		4.70		268,068		3,569		5.35
Total interest-earning assets	14,650,854		214,255		5.93		14,323,053		217,652		6.05		13,596,571		209,763		6.20




Noninterest-earning assets	992,145						986,524						959,548

Total assets	$	15,642,999					$	15,309,577					$	14,556,119

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts	$	3,167,428	$	17,056	2.18	%	$	3,238,964	$	19,517	2.40	%	$	2,924,276	$	18,612	2.56	%
Money market accounts	3,601,535		28,505		3.21		3,588,326		30,875		3.42		3,401,802		31,357		3.71
Savings accounts	534,512		189		0.14		547,176		278		0.20		587,113		303		0.21
Certificates of deposit	1,374,693		13,516		3.99		1,361,575		14,323		4.18		1,341,990		14,201		4.26
Total interest-bearing deposits	8,678,168		59,266		2.77		8,736,041		64,993		2.96		8,255,181		64,473		3.14
Subordinated debentures and notes	156,615		2,562		6.63		156,472		2,634		6.70		156,046		2,484		6.40
FHLB advances	25,300		287		4.60		3,370		42		4.96		73,791		1,029		5.61
Securities sold under agreements to repurchase	263,608		2,017		3.10		156,082		1,245		3.17		204,898		1,804		3.54
Other borrowings	39,535		132		1.35		36,201		96		1.05		42,736		205		1.93
Total interest-bearing liabilities	9,163,226		64,264		2.84		9,088,166		69,010		3.02		8,732,652		69,995		3.22

Noninterest-bearing liabilities:
Demand deposits	4,463,388						4,222,115						3,925,522
Other liabilities	153,113						154,787						159,247
Total liabilities	13,779,727						13,465,068						12,817,421
Stockholders' equity	1,863,272						1,844,509						1,738,698
Total liabilities and stockholders' equity	$	15,642,999					$	15,309,577					$	14,556,119






Total net interest income			$	149,991					$	148,642					$	139,768
Net interest margin					4.15	%					4.13	%					4.13	%

1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.6 million for the three months ended March 31, 2025, and $2.4 million for both the three months ended December 31, 2024 and March 31, 2024, 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 $2.5 million, $2.3 million, and $2.0 million for each of the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Net interest income of $147.5 million for the first quarter 2025 increased $1.1 million and $9.8 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $150.0 million, $148.6 million and $139.8 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters reflects organic loan growth and continued investment in the securities portfolio, partially offset by a decline in asset yields due to lower short-term interest rates. The cost of interest bearing deposits has also declined due to lower short-term rates, partially offset by an increase in deposit balances. Since September 2024, the Federal Reserve has reduced the federal funds target rate 100 basis points. In response, the Company adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans.

Interest income for the first quarter 2025 decreased $3.6 million from the linked quarter, primarily due to fewer days in the current quarter and a 16 basis point decrease in average loan yield. This decrease was partially offset by higher average loan balances and an improved yield on investment securities due to new purchases and the reinvestment of cash flows from the runoff of lower yielding investments. The average interest rate of new loan originations in the first quarter 2025 was 7.12%, an increase of 2 basis points from the linked quarter. Investment purchases in the first quarter 2025 had a weighted average, tax equivalent yield of 5.20%.

Interest expense in the first quarter 2025 decreased $4.7 million from the linked quarter, primarily due to a 19 basis point decline in the average cost of interest bearing deposits, partially offset by an increase in interest expense on customer repurchase agreements as a result of higher average balances. The total cost of deposits, including noninterest-bearing demand accounts, was 1.83% during the first quarter 2025, compared to 2.00% in the linked quarter.

NIM, on a tax equivalent basis, was 4.15% in the first quarter 2025, an increase of 2 basis points from the linked and prior year quarters, respectively. For the month of March 2025, the loan portfolio yield was 6.59% and the cost of total deposits was 1.82%.

Investments


	At
	March 31, 2025				December 31, 2024				March 31, 2024
($ in thousands)	Carrying Value		Net Unrealized Loss		Carrying Value		Net Unrealized Loss		Carrying Value		Net Unrealized Loss
Available-for-sale (AFS)	$	1,990,068	$	(146,184)	$	1,862,270	$	(163,212)	$	1,611,883	$	(165,586)
Held-to-maturity (HTM)	1,034,282		(74,228)		928,935		(70,321)		758,017		(63,593)
Total	$	3,024,350	$	(220,412)	$	2,791,205	$	(233,533)	$	2,369,900	$	(229,179)

Investment securities totaled $3.0 billion at March 31, 2025, an increase of $233.1 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities3 was 8.94% at March 31, 2025, compared to 8.71% at December 31, 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)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
C&I	$	2,198,802		$	2,139,032		$	2,145,286		$	2,107,097		$	2,263,817
CRE investor owned	2,487,375			2,405,356			2,346,575			2,308,926			2,280,990
CRE owner occupied	1,292,162			1,305,025			1,322,714			1,313,742			1,279,929
SBA loans*	1,283,067			1,298,007			1,272,679			1,269,145			1,274,780
Sponsor finance*	784,017			782,722			819,079			865,883			865,180
Life insurance premium financing*	1,149,119			1,114,299			1,030,273			996,154			1,003,597
Tax credits*	677,434			760,229			724,441			738,249			718,383
Residential real estate	357,615			350,640			346,460			339,889			354,615
Construction and land development	800,985			794,240			796,586			791,780			726,742
Other	268,187			270,805			275,799			269,142			260,459
Total loans	$	11,298,763		$	11,220,355		$	11,079,892		$	11,000,007		$	11,028,492

Quarterly loan yield	6.57		%	6.73		%	6.95		%	6.95		%	6.87		%


Loans by rate type (to total loans):
Fixed	39		%	40		%	39		%	39		%	39		%
Variable:	61		%	60		%	61		%	61		%	61		%
SOFR	29		%	28		%	28		%	28		%	25		%
WSJ Prime	24		%	24		%	25		%	25		%	26		%
Other	8		%	8		%	8		%	8		%	10		%

Variable rate loans to total loans, adjusted for interest rate hedges	56		%	55		%	57		%	57		%	57		%

Loans totaled $11.3 billion at March 31, 2025, an increase of $78.4 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume increasing $846.5 million compared to repayment activity of $768.1 million. Loan originations and advances were strongest in the C&I portfolio in the current quarter. Loan sales of $31.3 million mitigated growth in both the SBA category and in total during the current quarter. Average line utilization was approximately 42% for the current and linked quarters, and 44% for the prior year quarter.

Asset Quality

The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:


	At
($ in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonperforming loans*	$	109,882		$	42,687		$	28,376		$	39,384		$	35,642
Other	3,271			3,955			4,516			8,746			8,466
Nonperforming assets*	$	113,153		$	46,642		$	32,892		$	48,130		$	44,108

Nonperforming loans to total loans	0.97		%	0.38		%	0.26		%	0.36		%	0.32		%
Nonperforming assets to total assets	0.72		%	0.30		%	0.22		%	0.33		%	0.30		%
Allowance for credit losses	$	142,944		$	137,950		$	139,778		$	139,464		$	135,498
Allowance for credit losses to total loans	1.27		%	1.23		%	1.26		%	1.27		%	1.23		%
Allowance for credit losses to nonperforming loans*	130.1		%	323.2		%	492.6		%	354.1		%	380.2		%
Quarterly net charge-offs (recoveries)	$	(1,059)		$	7,131		$	3,850		$	605		$	5,864

*Guaranteed balances excluded	$	22,607		$	21,974		$	11,899		$	12,933		$	9,630

Nonperforming assets increased $66.5 million and $69.0 million from the linked and prior year quarters, respectively. The increase in nonperforming assets in the current quarter was primarily related to seven commercial real estate loans to two commercial banking relationships in Southern California that share common managing general partners. Six loans totaling $41.7 million are personally guaranteed by one individual, and the seventh loan totaling $26.7 million is guaranteed by a separate party. Litigation resulting from a business dispute between the general/managing partner and certain limited partners has resulted in all seven of the borrowing entities filing bankruptcy, and the Company expects to collect the full balance of these loans. These commercial real estate investor-owned loans and residential real estate loans are well-secured by real estate properties with up-to-date appraisals. Loan-to-value ratios for the individual properties range from 39% to 79% based on current March 2025 valuations. Furthermore, all seven loans include substantial personal guarantees, and $48.6 million of the $68.4 million relationship remains on accrual despite being 90+ days past due. A summary of the relationship is as follows:


	At
	March 31, 2025
($ in thousands)	Amount		Loan-to-value %
Commercial real estate - investor owned:
Multifamily	$	19,811	75.3	%
Mixed use	43,078		69.3	%
Total commercial real estate - investor owned	62,889

Residential real estate:
Duplex	$	1,668	37.9	%
Condominiums	3,857		64.3	%
Total residential real estate	5,525

Total relationship	$	68,414

The provision for credit losses totaled $5.2 million in the first quarter 2025, compared to $6.8 million and $5.8 million in the linked and prior year quarters, respectively. The provision for credit losses in the first quarter 2025 was primarily related to changes in default assumptions and the economic forecast, updates to qualitative factors used in the allowance calculation and loan growth. The seven Southern California commercial real estate loans that contributed to the increase in nonperforming assets did not have individual reserves as the Company expects to collect the full balance of the loans. Annualized net recoveries totaled 4 basis points of average loans in the first quarter 2025, compared to annualized net charge-offs of 26 basis points in the linked quarter and 22 basis points in the prior year quarter.

Deposits

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


	At

($ in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Noninterest-bearing demand accounts	$	4,285,061		$	4,484,072		$	3,934,245		$	3,928,308		$	3,805,334
Interest-bearing demand accounts	3,193,903			3,175,292			3,048,981			2,951,899			2,956,282
Money market and savings accounts	4,167,375			4,117,524			4,121,543			4,039,626			4,006,702
Brokered certificates of deposit	542,172			484,588			480,934			494,870			659,005
Other certificates of deposit	845,719			885,016			879,619			867,680			826,378
Total deposit portfolio	$	13,034,230		$	13,146,492		$	12,465,322		$	12,282,383		$	12,253,701

Noninterest-bearing deposits to total deposits	32.9		%	34.1		%	31.6		%	32.0		%	31.1		%
Quarterly cost of deposits	1.83		%	2.00		%	2.18		%	2.16		%	2.13		%

Total deposits at March 31, 2025 were $13.0 billion, a decrease of $112.3 million from the linked quarter and an increase of $780.5 million from the prior year quarter. The decrease from the linked quarter was primarily in noninterest bearing commercial deposits that typically decline in the first part of the year due to tax and bonus distributions. Excluding brokered certificates of deposits, total deposits decreased $169.8 million from the linked quarter and increased $897.4 million from the prior year quarter. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.3 billion at both March 31, 2025 and December 31, 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)	March 31, 2025		December 31, 2024		Increase (decrease)				March 31, 2024		Increase (decrease)
Deposit service charges	$	4,420	$	4,730	$	(310)	(7)	%	$	4,423	$	(3)	—	%
Wealth management revenue	2,659		2,719		(60)		(2)	%	2,544		115		5	%
Card services revenue	2,395		2,484		(89)		(4)	%	2,412		(17)		(1)	%
Tax credit income (loss)	2,610		6,018		(3,408)		(57)	%	(2,190)		4,800		219	%

Other income	6,399		4,680		1,719		37	%	4,969		1,430		29	%

Total noninterest income	$	18,483	$	20,631	$	(2,148)	(10)	%	$	12,158	$	6,325	52	%

Total noninterest income was $18.5 million for the first quarter 2025, a decrease of $2.1 million from the linked quarter and an increase of $6.3 million from the prior year quarter. The decrease from the linked quarter was primarily due to a seasonal decrease in the first quarter in tax credit income, partially offset by a gain on the sale of the guaranteed portion of SBA loans included in other income. The increase from the prior year quarter was primarily due to an increase in tax credit income as a result of decreased market interest rates that improved the fair value of certain tax credits. Tax credit income varies based on transaction volumes and fair value changes on credits carried at fair value.

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


	Linked quarter comparison								Prior year comparison
	Quarter ended								Quarter ended
($ in thousands)	March 31, 2025		December 31, 2024		Increase (decrease)				March 31, 2024		Increase (decrease)
BOLI	$	871	$	895	$	(24)	(3)	%	$	864	$	7	1	%
Community development investments	707		297		410		138	%	585		122		21	%
Gain on SBA loan sales	1,895		—		1,895		—	%	1,415		480		34	%
Gain (loss) on sales of other real estate owned	23		(68)		91		(134)	%	(2)		25		(1,250)	%
Private equity fund distributions	653		320		333		104	%	162		491		303	%
Servicing fees	555		528		27		5	%	287		268		93	%
Swap fees	(2)		972		(974)		(100)	%	45		(47)		(104)	%
Miscellaneous income	1,697		1,736		(39)		(2)	%	1,613		84		5	%
Total other income	$	6,399	$	4,680	$	1,719	37	%	$	4,969	$	1,430	29	%

The increase in other income from the linked and prior year quarters was primarily driven by a $1.9 million gain on the sale of the guaranteed portion of SBA loans in the first quarter 2025. Community development income and private equity fund distributions are not consistent sources of income and fluctuate based on distributions from the underlying funds.

Noninterest Expense

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


	Linked quarter comparison								Prior year comparison
	Quarter ended								Quarter ended
($ in thousands)	March 31, 2025		December 31, 2024		Increase (decrease)				March 31, 2024			Increase (decrease)
Employee compensation and benefits	$	48,208	$	46,168	$	2,040	4	%		$	45,262		$	2,946	7	%
Deposit costs	23,823		22,881		942		4	%		20,277			3,546		17	%
Occupancy	4,430		4,336		94		2	%		4,326			104		2	%



FDIC special assessment	—		—		—		—	%		625			(625)		(100)	%
Core conversion expense	—		1,893		(1,893)		(100)	%		350			(350)		(100)	%
Other expense	23,322		24,244		(922)		(4)	%		22,661			661		3	%

Total noninterest expense	$	99,783	$	99,522	$	261	—	%		$	93,501		$	6,282	7	%

Employee compensation and benefits increased $2.0 million from the linked quarter primarily due to the first quarter reset of payroll taxes and paid time-off accruals, along with annual merit increases that became effective March 1, 2025. Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit related expenses that are impacted by interest rates and average balances. Deposit costs increased $0.9 million from the linked quarter primarily due to an increase of $255.3 million in average deposit vertical balances from the linked quarter. The decline in core conversion expenses from the linked quarter is due to the completion of the core migration in the fourth quarter of 2024.

The increase in noninterest expense of $6.3 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2024 and 2025, and an increase in variable deposit costs due to higher average balances. For the first quarter 2025, the core efficiency ratio4 was 58.8%, compared to 57.1% for the linked quarter and 60.2% for the prior year quarter.

Income Taxes

The effective tax rate was 18.1%, compared to 19.5% and 20.2% 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)	March 31, 2025*			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Stockholders’ equity	$	1,868,073		$	1,824,002		$	1,832,011		$	1,755,273		$	1,731,725
Total risk-based capital to risk-weighted assets	14.7		%	14.6		%	14.8		%	14.6		%	14.3		%
Tier 1 capital to risk weighted assets	13.1		%	13.1		%	13.2		%	13.0		%	12.8		%
Common equity tier 1 capital to risk-weighted assets	11.8		%	11.8		%	11.9		%	11.7		%	11.4		%
Leverage ratio	11.0		%	11.1		%	11.2		%	11.1		%	11.0		%
Tangible common equity to tangible assets	9.30		%	9.05		%	9.50		%	9.18		%	9.01		%

*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 $1.9 billion at March 31, 2025, an increase of $44.1 million from the linked quarter. Tangible book value per common share was $38.54 at March 31, 2025, compared to $37.27 and $34.21 at December 31, 2024 and March 31, 2024, respectively. The Company repurchased 191,739 shares for $55.28 in the first quarter 2025. The Company has 1,181,483 shares remaining under a Board-approved stock repurchase plan.

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

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

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, core efficiency ratio, the tangible common equity ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA and adjusted diluted earnings per share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

The Company considers its tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA and adjusted diluted earnings per share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, merger-related expenses, facilities charges, 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.

Conference Call and Webcast Information

The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, April 29, 2025. During the call, management will review the first quarter 2025 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. After connecting, you may say the name of the conference or enter the Conference ID 95072. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC1Q2025EarningsCallRegistration. 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 $15.7 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, stockholder value creation and the impact of acquisitions.

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma”, “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, 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), impacts of trade and tariff policies, 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, natural disasters (such as 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, 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, 2024, 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
(in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
EARNINGS SUMMARY
Net interest income	$	147,516		$	146,370		$	143,469		$	140,529		$	137,728
Provision for credit losses	5,184			6,834			4,099			4,819			5,756
Noninterest income	18,483			20,631			21,420			15,494			12,158
Noninterest expense	99,783			99,522			98,007			94,017			93,501
Income before income tax expense	61,032			60,645			62,783			57,187			50,629
Income tax expense	11,071			11,811			12,198			11,741			10,228
Net income	49,961			48,834			50,585			45,446			40,401
Preferred stock dividends	938			937			938			937			938
Net income available to common stockholders	$	49,023		$	47,897		$	49,647		$	44,509		$	39,463

Diluted earnings per common share	$	1.31		$	1.28		$	1.32		$	1.19		$	1.05
Adjusted diluted earnings per common share1	1.31			1.32			1.29			1.21			1.07
Return on average assets	1.30		%	1.27		%	1.36		%	1.25		%	1.12		%
Adjusted return on average assets1	1.29		%	1.31		%	1.32		%	1.27		%	1.14		%
Return on average common equity1	11.10		%	10.75		%	11.40		%	10.68		%	9.52		%
Adjusted return on average common equity1	11.08		%	11.08		%	11.09		%	10.90		%	9.70		%
ROATCE1	14.02		%	13.63		%	14.55		%	13.77		%	12.31		%
Adjusted ROATCE1	13.99		%	14.05		%	14.16		%	14.06		%	12.53		%
Net interest margin (tax equivalent)	4.15		%	4.13		%	4.17		%	4.19		%	4.13		%

Efficiency ratio	60.11		%	59.59		%	59.44		%	60.26		%	62.38		%
Core efficiency ratio1	58.77		%	57.11		%	58.42		%	58.09		%	60.21		%



Assets	$	15,676,594		$	15,596,431		$	14,954,125		$	14,615,666		$	14,613,338
Average assets	$	15,642,999		$	15,309,577		$	14,849,455		$	14,646,381		$	14,556,119


Period end common shares outstanding	36,928			36,988			37,184			37,344			37,515
Dividends per common share	$	0.29		$	0.28		$	0.27		$	0.26		$	0.25
Tangible book value per common share1	$	38.54		$	37.27		$	37.26		$	35.02		$	34.21
Tangible common equity to tangible assets1	9.30		%	9.05		%	9.50		%	9.18		%	9.01		%
Total risk-based capital to risk-weighted assets2	14.7		%	14.6		%	14.8		%	14.6		%	14.3		%

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
(in thousands, except per share data)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
INCOME STATEMENTS
NET INTEREST INCOME
Interest income	$	211,780	$	215,380	$	216,304	$	211,644	$	207,723
Interest expense	64,264		69,010		72,835		71,115		69,995
Net interest income	147,516		146,370		143,469		140,529		137,728
Provision for credit losses	5,184		6,834		4,099		4,819		5,756
Net interest income after provision for credit losses	142,332		139,536		139,370		135,710		131,972

NONINTEREST INCOME
Deposit service charges	4,420		4,730		4,649		4,542		4,423
Wealth management revenue	2,659		2,719		2,599		2,590		2,544
Card services revenue	2,395		2,484		2,573		2,497		2,412
Tax credit income (loss)	2,610		6,018		3,252		1,874		(2,190)




Other income	6,399		4,680		8,347		3,991		4,969
Total noninterest income	18,483		20,631		21,420		15,494		12,158

NONINTEREST EXPENSE
Employee compensation and benefits	48,208		46,168		45,359		44,524		45,262
Deposit costs	23,823		22,881		23,781		21,706		20,277
Occupancy	4,430		4,336		4,372		4,197		4,326




FDIC special assessment	—		—		—		—		625
Core conversion expense	—		1,893		1,375		1,250		350
Other expense	23,322		24,244		23,120		22,340		22,661
Total noninterest expense	99,783		99,522		98,007		94,017		93,501

Income before income tax expense	61,032		60,645		62,783		57,187		50,629
Income tax expense	11,071		11,811		12,198		11,741		10,228
Net income	$	49,961	$	48,834	$	50,585	$	45,446	$	40,401
Preferred stock dividends	938		937		938		937		938
Net income available to common stockholders	$	49,023	$	47,897	$	49,647	$	44,509	$	39,463

Basic earnings per common share	$	1.33	$	1.29	$	1.33	$	1.19	$	1.05
Diluted earnings per common share	$	1.31	$	1.28	$	1.32	$	1.19	$	1.05

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)


	At
($ in thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
BALANCE SHEET

ASSETS
Cash and due from banks	$	260,280	$	270,975	$	210,984	$	176,698	$	157,697
Interest-earning deposits	222,780		495,076		218,919		219,342		215,951
Debt and equity investments	3,108,763		2,863,989		2,714,194		2,460,549		2,443,977
Loans held for sale	—		110		304		606		610

Loans	11,298,763		11,220,355		11,079,892		11,000,007		11,028,492
Allowance for credit losses	(142,944)		(137,950)		(139,778)		(139,464)		(135,498)
Total loans, net	11,155,819		11,082,405		10,940,114		10,860,543		10,892,994


Fixed assets, net	48,083		45,009		44,368		44,831		44,382


Goodwill	365,164		365,164		365,164		365,164		365,164
Intangible assets, net	7,628		8,484		9,400		10,327		11,271
Other assets	508,077		465,219		450,678		477,606		481,292
Total assets	$	15,676,594	$	15,596,431	$	14,954,125	$	14,615,666	$	14,613,338

LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits	$	4,285,061	$	4,484,072	$	3,934,245	$	3,928,308	$	3,805,334
Interest-bearing deposits	8,749,169		8,662,420		8,531,077		8,354,075		8,448,367
Total deposits	13,034,230		13,146,492		12,465,322		12,282,383		12,253,701
Subordinated debentures and notes	156,695		156,551		156,407		156,265		156,124
FHLB advances	205,000		—		150,000		78,000		125,000

Other borrowings	255,635		280,821		170,815		178,269		195,246
Other liabilities	156,961		188,565		179,570		165,476		151,542
Total liabilities	13,808,521		13,772,429		13,122,114		12,860,393		12,881,613
Stockholders’ equity:
Preferred stock	71,988		71,988		71,988		71,988		71,988
Common stock	369		370		372		373		375

Additional paid-in capital	988,554		990,733		992,642		994,116		995,969
Retained earnings	908,553		877,629		845,844		810,935		778,784
Accumulated other comprehensive loss	(101,391)		(116,718)		(78,835)		(122,139)		(115,391)
Total stockholders’ equity	1,868,073		1,824,002		1,832,011		1,755,273		1,731,725
Total liabilities and stockholders’ equity	$	15,676,594	$	15,596,431	$	14,954,125	$	14,615,666	$	14,613,338

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)


	At or for the quarter ended
($ in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
LOAN PORTFOLIO
Commercial and industrial	$	4,729,707		$	4,716,689		$	4,628,488		$	4,619,448		$	4,766,310
Commercial real estate	5,046,293			4,974,787			4,915,176			4,856,751			4,804,803
Construction real estate	880,708			891,059			896,325			893,672			820,416
Residential real estate	366,353			359,263			355,279			351,934			367,218
Other	275,702			278,557			284,624			278,202			269,745
Total loans	$	11,298,763		$	11,220,355		$	11,079,892		$	11,000,007		$	11,028,492

DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts	$	4,285,061		$	4,484,072		$	3,934,245		$	3,928,308		$	3,805,334
Interest-bearing demand accounts	3,193,903			3,175,292			3,048,981			2,951,899			2,956,282
Money market and savings accounts	4,167,375			4,117,524			4,121,543			4,039,626			4,006,702
Brokered certificates of deposit	542,172			484,588			480,934			494,870			659,005
Other certificates of deposit	845,719			885,016			879,619			867,680			826,378
Total deposits	$	13,034,230		$	13,146,492		$	12,465,322		$	12,282,383		$	12,253,701

AVERAGE BALANCES


Loans	$	11,240,806		$	11,100,112		$	10,971,575		$	10,962,488		$	10,927,932

Securities	2,930,912			2,748,063			2,503,124			2,396,519			2,400,571
Interest-earning assets	14,650,854			14,323,053			13,877,631			13,684,459			13,596,571
Assets	15,642,999			15,309,577			14,849,455			14,646,381			14,556,119
Deposits	13,141,556			12,958,156			12,546,086			12,344,253			12,180,703
Stockholders’ equity	1,863,272			1,844,509			1,804,369			1,748,240			1,738,698
Tangible common equity1	1,418,094			1,398,427			1,357,362			1,300,305			1,289,776

YIELDS (tax equivalent)


Loans	6.57		%	6.73		%	6.95		%	6.95		%	6.87		%
Securities	3.75			3.51			3.40			3.35			3.27
Interest-earning assets	5.93			6.05			6.26			6.28			6.20
Interest-bearing deposits	2.77			2.96			3.22			3.19			3.14
Deposits	1.83			2.00			2.18			2.16			2.13
Subordinated debentures and notes	6.63			6.70			6.86			6.91			6.40
FHLB advances and other borrowed funds	3.01			2.81			3.01			3.52			3.80
Interest-bearing liabilities	2.84			3.02			3.28			3.26			3.22
Net interest margin	4.15			4.13			4.17			4.19			4.13

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)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
ASSET QUALITY
Net charge-offs (recoveries)	$	(1,059)		$	7,131		$	3,850		$	605		$	5,864
Nonperforming loans	109,882			42,687			28,376			39,384			35,642
Classified assets	264,460			193,838			179,883			169,822			185,150
Nonperforming loans to total loans	0.97		%	0.38		%	0.26		%	0.36		%	0.32		%
Nonperforming assets to total assets	0.72		%	0.30		%	0.22		%	0.33		%	0.30		%
Allowance for credit losses to total loans	1.27		%	1.23		%	1.26		%	1.27		%	1.23		%
Allowance for credit losses to total loans, excluding guaranteed loans1	1.38		%	1.34		%	1.38		%	1.38		%	1.34		%
Allowance for credit losses to nonperforming loans	130.1		%	323.2		%	492.6		%	354.1		%	380.2		%
Net charge-offs (recoveries) to average loans -annualized	(0.04)		%	0.26		%	0.14		%	0.02		%	0.22		%

WEALTH MANAGEMENT
Trust assets under management	$	2,250,004		$	2,412,471		$	2,499,807		$	2,367,409		$	2,352,902


SHARE DATA
Book value per common share	$	48.64		$	47.37		$	47.33		$	45.08		$	44.24
Tangible book value per common share1	$	38.54		$	37.27		$	37.26		$	35.02		$	34.21
Market value per share	$	53.74		$	56.40		$	51.26		$	40.91		$	40.56
Period end common shares outstanding	36,928			36,988			37,184			37,344			37,515
Average basic common shares	36,971			37,118			37,337			37,485			37,490
Average diluted common shares	37,287			37,447			37,483			37,540			37,597

CAPITAL
Total risk-based capital to risk-weighted assets2	14.7		%	14.6		%	14.8		%	14.6		%	14.3		%
Tier 1 capital to risk-weighted assets2	13.1		%	13.1		%	13.2		%	13.0		%	12.8		%
Common equity tier 1 capital to risk-weighted assets2	11.8		%	11.8		%	11.9		%	11.7		%	11.4		%
Tangible common equity to tangible assets1	9.30		%	9.05		%	9.50		%	9.18		%	9.01		%

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
($ in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
CORE EFFICIENCY RATIO
Net interest income (GAAP)	$	147,516		$	146,370		$	143,469		$	140,529		$	137,728
Tax-equivalent adjustment	2,475			2,272			2,086			2,047			2,040
Noninterest income (GAAP)	18,483			20,631			21,420			15,494			12,158
Less gain on sale of investment securities	106			—			—			—			—
Less gain (loss) on sale of other real estate owned	23			(68)			3,159			—			(2)
Core revenue (non-GAAP)	168,345			169,341			163,816			158,070			151,928

Noninterest expense (GAAP)	99,783			99,522			98,007			94,017			93,501
Less FDIC special assessment	—			—			—			—			625
Less core conversion expense	—			1,893			1,375			1,250			350
Less amortization on intangibles	855			916			927			944			1,047


Core noninterest expense (non-GAAP)	$	98,928		$	96,713		$	95,705		$	91,823		$	91,479

Core efficiency ratio (non-GAAP)	58.77		%	57.11		%	58.42		%	58.09		%	60.21		%


	Quarter ended
(in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024




















TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO
Stockholders’ equity (GAAP)	$	1,868,073		$	1,824,002		$	1,832,011		$	1,755,273		$	1,731,725
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	7,628			8,484			9,400			10,327			11,271
Tangible common equity (non-GAAP)	$	1,423,293		$	1,378,366		$	1,385,459		$	1,307,794		$	1,283,302
Less net unrealized losses on HTM securities, after tax	55,819			52,881			34,856			52,220			47,822
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)	$	1,367,474		$	1,325,485		$	1,350,603		$	1,255,574		$	1,235,480

Common shares outstanding	36,928			36,988			37,184			37,344			37,515
Tangible book value per common share (non-GAAP)	$	38.54		$	37.27		$	37.26		$	35.02		$	34.21

Total assets (GAAP)	$	15,676,594		$	15,596,431		$	14,954,125		$	14,615,666		$	14,613,338
Less goodwill	365,164			365,164			365,164			365,164			365,164
Less intangible assets	7,628			8,484			9,400			10,327			11,271
Tangible assets (non-GAAP)	$	15,303,802		$	15,222,783		$	14,579,561		$	14,240,175		$	14,236,903

Tangible common equity to tangible assets (non-GAAP)	9.30		%	9.05		%	9.50		%	9.18		%	9.01		%
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)	8.94		%	8.71		%	9.26		%	8.82		%	8.68		%


	Quarter Ended
($ in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE
Average stockholder’s equity (GAAP)	$	1,863,272		$	1,844,509		$	1,804,369		$	1,748,240		$	1,738,698
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	8,026			8,930			9,855			10,783			11,770
Average tangible common equity (non-GAAP)	$	1,418,094		$	1,398,427		$	1,357,362		$	1,300,305		$	1,289,776

Net income (GAAP)	$	49,961		$	48,834		$	50,585		$	45,446		$	40,401
FDIC special assessment (after tax)	—			—			—			—			470
Core conversion expense (after tax)	—			1,424			1,034			940			263
Less gain on sale of investment securities (after tax)	80			—			—			—			—
Less gain (loss) on sales of other real estate owned (after tax)	17			(51)			2,375			—			(1)
Net income adjusted (non-GAAP)	$	49,864		$	50,309		$	49,244		$	46,386		$	41,135
Less preferred stock dividends	938			937			938			937			938
Net income available to common stockholders adjusted (non-GAAP)	$	48,926		$	49,372		$	48,306		$	45,449		$	40,197

Return on average common equity (non-GAAP)	11.10		%	10.75		%	11.40		%	10.68		%	9.52		%
Adjusted return on average common equity (non-GAAP)	11.08		%	11.08		%	11.09		%	10.90		%	9.70		%
ROATCE (non-GAAP)	14.02		%	13.63		%	14.55		%	13.77		%	12.31		%
Adjusted ROATCE (non-GAAP)	13.99		%	14.05		%	14.16		%	14.06		%	12.53		%

Average assets	$	15,642,999		$	15,309,577		$	14,849,455		$	14,646,381		$	14,556,119
Return on average assets (GAAP)	1.30		%	1.27		%	1.36		%	1.25		%	1.12		%
Adjusted return on average assets (non-GAAP)	1.29		%	1.31		%	1.32		%	1.27		%	1.14		%
Average diluted common shares	37,287			37,447			37,483			37,540			37,597
Diluted earnings per share (GAAP)	$	1.31		$	1.28		$	1.32		$	1.19		$	1.05
Adjusted diluted earnings per share (non-GAAP)	$	1.31		$	1.32		$	1.29		$	1.21		$	1.07


	Quarter ended
($ in thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
PRE-PROVISION NET REVENUE (PPNR)
Net interest income	$	147,516	$	146,370	$	143,469	$	140,529	$	137,728
Noninterest income	18,483		20,631		21,420		15,494		12,158
FDIC special assessment	—		—		—		—		625
Core conversion expense	—		1,893		1,375		1,250		350
Less gain on sale of investment securities	106		—		—		—		—
Less gain (loss) on sales of other real estate owned	23		(68)		3,159		—		(2)
Less noninterest expense	99,783		99,522		98,007		94,017		93,501


PPNR (non-GAAP)	$	66,087	$	69,440	$	65,098	$	63,256	$	57,362


	At
($ in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS
Loans	$	11,298,763		$	11,220,355		$	11,079,892		$	11,000,007		$	11,028,492
Less guaranteed loans	942,651			947,665			928,272			923,794			924,633
Adjusted loans (non-GAAP)	$	10,356,112		$	10,272,690		$	10,151,620		$	10,076,213		$	10,103,859

Allowance for credit losses	$	142,944		$	137,950		$	139,778		$	139,464		$	135,498
Allowance for credit losses/loans (GAAP)	1.27		%	1.23		%	1.26		%	1.27		%	1.23		%
Allowance for credit losses/adjusted loans (non-GAAP)	1.38		%	1.34		%	1.38		%	1.38		%	1.34		%

Exhibit 99.2 Enterprise Financial Services Corp 2025 First Quarter Earnings Webcast

2 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, stockholder value creation and the impact of acquisitions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma,” “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: 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), impacts of trade and tariff policies, 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, 2024, 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. Forward-Looking Statements

3 Financial Highlights - 1Q25* Capital • Tangible Common Equity/Tangible Assets** 9.30%, compared to 9.05% • Tangible Book Value Per Common Share** $38.54, compared to $37.27 • CET1 Ratio 11.8%, stable with linked quarter • Returned $10.6 million to stockholders through common stock repurchases • Quarterly common stock dividend of $0.29 per share in first quarter 2025 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share) • Net Income $50.0 million, up $1.1 million; EPS $1.31 • Net Interest Income $147.5 million, up $1.1 million; NIM 4.15% • PPNR** $66.1 million, down $3.4 million • Adjusted ROAA** 1.29%, compared to 1.31%; PPNR ROAA** 1.71%, compared to 1.80% • Adjusted ROATCE** 13.99%, compared to 14.05% 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 - 1Q25* *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. Loans & Deposits • Loans $11.3 billion, up $78.4 million • Loan/Deposit Ratio 86.7% • Deposits $13.0 billion, down $112.3 million or $169.8 million excluding brokered CDs • Noninterest-bearing Deposits/Total Deposits 33% Asset Quality • Nonperforming Loans/Loans 0.97% • Nonperforming Assets/Assets 0.72% • Allowance Coverage Ratio 1.27%; 1.38% adjusted for guaranteed loans** • Net Recoveries $1.1 million • Expands presence in attractive markets • 10 locations in Arizona; 2 locations in Kansas • $739.6 million deposits; $199.6 million loans Announced Branch Acquisition

5 ($ in thousands) % of Total CRE $ 113,668 56.9 % C&I 76,865 38.5 % Other 9,109 4.6 % Total Loans $ 199,642 100.0 % Strategic Branch Acquisition Strategic Rationale Loans Deposits 10 Branches $656M Total Deposits $161M Total Loans 69% Variable Rate Loans 38% NIB $84M Total Deposits $39M Total Loans 55% Variable Rate Loans • Unique opportunity to accelerate investment and scale for AZ and KC markets • Commercially oriented banking franchise ($ in thousands) % of Total Transaction Accounts $ 405,423 54.8 % MMDA + Savings 267,070 36.1 % Retail Time (<$250K) 31,439 4.3 % Jumbo Time (>$250K) 35,686 4.8 % Total Deposits $ 739,618 100.0 % Commercial Government Retail • Expands branch presence and market share in “scarce” Phoenix MSA • Immediately leverages excess capital in strategic, low risk transaction 55% 16% 29% 2 Branches 33% NIB Kansas • Favorable earnback compared to alternative capital uses • Attractively priced deposit portfolio • High quality talent acquisitions • Top 15 pro forma deposit market share in both markets • Mid to high single digit full year EPS accretion Transaction Overview • Acquisition of 12 branches in Arizona and Kansas • No capital raise or share issuance required • Structured as a purchase and assumption agreement • Expected to close by early fourth quarter of 2025 • Balances are as of March 31, 2025 and are subject to change upon closing Arizona

6 Loan Details 1Q25 4Q24 1Q24 Qtr Change LTM Change C&I $ 2,199 $ 2,139 $ 2,264 $ 60 $ (65) CRE Investor Owned 2,487 2,405 2,281 82 206 CRE Owner Occupied 1,292 1,305 1,280 (13) 12 SBA loans* 1,283 1,298 1,275 (15) 8 Sponsor Finance* 784 783 865 1 (81) Life Insurance Premium Financing* 1,149 1,114 1,004 35 145 Tax Credits* 678 760 718 (82) (40) Residential Real Estate 358 351 355 7 3 Construction and Land Development 801 794 727 7 74 Other 268 271 260 (3) 8 Total Loans $ 11,299 $ 11,220 $ 11,029 $ 79 $ 270 *Specialty loan category. $ In Millions

7 Loans By Region Specialty Lending $3,918 $4,109 $4,096 1Q24 4Q24 1Q25 $ In Millions Midwest $3,412 $3,201 $3,153 1Q24 4Q24 1Q25 Southwest $1,605 $1,784 $1,867 1Q24 4Q24 1Q25 Note: Excludes “Other” loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) West $1,833 $1,855 $1,915 1Q24 4Q24 1Q25

8 Deposit Details 1Q25 4Q24 1Q24 Qtr Change LTM Change Noninterest-bearing demand accounts $ 4,285 $ 4,484 $ 3,805 $ (199) $ 480 Interest-bearing demand accounts 3,194 3,175 2,956 19 238 Money market accounts 3,632 3,564 3,431 68 201 Savings accounts 535 553 576 (18) (41) Certificates of deposit: Brokered 542 485 659 57 (117) Customer 846 885 827 (39) 19 Total Deposits $ 13,034 $ 13,146 $ 12,254 $ (112) $ 780 Deposit Verticals (included in total deposits)* $ 3,522 $ 3,388 $ 2,901 $ 134 $ 621 $ In Millions * Total deposits excluding Deposit Verticals and brokered CDs decreased $303 million from 4Q24 and increased $276 million from 1Q24

9 Deposits By Region Deposit Verticals $2,901 $3,388 $3,522 1Q24 4Q24 1Q25 $ In Millions Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) *Includes brokered balances Midwest* $6,206 $6,433 $6,187 1Q24 4Q24 1Q25 West* $1,261 $1,268 $1,229 1Q24 4Q24 1Q25 Southwest $1,886 $2,057 $2,096 1Q24 4Q24 1Q25

10 Differentiated Deposit Verticals Community Associations 40.5% Property Management 36.0% Third Party Escrow and Trust Services 23.5% Community Associations $1.4 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $1.3 billion in deposits. Specializing in the compliance of Property Management Trust Accounts. Legal Industry and Escrow Services $827 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $3.52 billion - 27% of total deposits • $3.60 billion - Average deposits for 1Q25 • $23.8 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.68% in 1Q25 • $144.3 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B* ◦ 25 - 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. 1Q24 2Q24 3Q24 4Q24 1Q25 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $ In Millions

11 Core Funding Mix Commercial Business Banking Consumer $ In Millions 1At March 31, 2025. Note: Brokered deposits were $0.8 billion at 1Q25; 3.71% cost of funds Deposit Verticals 1Q25 Total Portfolio Average Account Size & Cost of Funds COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Average account size ($ in thousands) 1Q25 $ 326 $ 79 $ 23 $ 107 Cost of funds 1Q251 2.28 % 1.44 % 1.50 % 0.92 % • ~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 Overview 29% 35% 32% 37% 36% 19% 5% 7% 31% 25% 18% 18% 64%6% 29% $4,583 $3,522$2,613$1,535 DDA NOW MMA SAV CD 1 yr or less CD > 1 yr

12 Earnings Per Share Trend - 1Q25 $1.28 $0.02 $(0.05) $0.04 $(0.01) $0.02 $0.01 $1.31 4Q24 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest Expense Change in ETR Change in Shares 1Q25 Change in Diluted EPS

13 $137.7 $140.5 $143.5 $146.4 $147.5 4.13% 4.19% 4.17% 4.13% 4.15% 5.33% 5.33% 5.27% 4.66% 4.33% Net Interest Income Net Interest Margin Avg Fed Funds Rate 1Q24 2Q24 3Q24 4Q24 1Q25 Net Interest Income Trend $ In Millions Stable Net Interest Income 1Q24 2Q24 3Q24 4Q24 1Q25 Net Interest Income - FTE $ 139.8 $ 142.6 $ 145.6 $ 148.6 $ 150.0 Purchase Accounting Amortization/(Accretion) 0.5 (0.2) 0.5 0.8 0.2 Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $ 140.3 $ 142.4 $ 146.1 $ 149.4 $ 150.2 Net Interest Margin 4.13 % 4.19 % 4.17 % 4.13 % 4.15 % Purchase Accounting Amortization/(Accretion) 0.02 % — % 0.01 % 0.02 % 0.01 % Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) 4.15 % 4.19 % 4.18 % 4.15 % 4.16 %

14 Net Interest Margin 6.87% 6.95% 6.95% 6.73% 6.57% 3.27% 3.35% 3.40% 3.51% 3.75% 6.20% 6.28% 6.26% 6.05% 5.93% Earning asset yield Securities yield Loan yield 1Q24 2Q24 3Q24 4Q24 1Q25 3.14% 3.19% 3.22% 2.96% 2.77% 2.13% 2.16% 2.18% 2.00% 1.83% 3.22% 3.26% 3.28% 3.02% 2.84% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 1Q24 2Q24 3Q24 4Q24 1Q25 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.13% (0.11)% 0.10% (0.11)% (0.02)% 0.16% 4.15% 4Q24 Loans Securities Other Earning Asset Mix Funding Mix Cost of Funds 1Q25 Margin Bridge

15 22 2 14 26 (4) 1Q24 2Q24 3Q24 4Q24 1Q25 $144 $(29) $80 $140 $78 44.4% 45.8% 44.1% 41.5% 41.9% Organic Loans Avg Line Draw % 1Q24 2Q24 3Q24 4Q24 1Q25 1Q25 4Q24 1Q24 NPLs/Loans 0.97 % 0.38 % 0.32 % NPAs/Assets 0.72 % 0.30 % 0.30 % ACL/NPLs 130.1 % 323.2 % 380.2 % ACL/Loans** 1.38 % 1.34 % 1.34 % Annualized Net Charge-offs (Recoveries) to Average Loans Provision for Credit Losses* $5.8 $4.8 $4.1 $6.8 $5.2 1Q24 2Q24 3Q24 4Q24 1Q25 $ 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

16 $138.0 $3.8 $1.1 $142.9 ACL 4Q24 Portfolio Changes Net Recoveries ACL 1Q25 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 $ In Millions 1Q25 Loans ACL ACL as a % of Loans Commercial and industrial $ 4,730 $ 70 1.48 % Commercial real estate 5,046 49 0.97 % Construction real estate 881 12 1.36 % Residential real estate 366 8 2.19 % Other 276 4 1.45 % Total $ 11,299 $ 143 1.27 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $21.7 million, $3.2 million, and $10.9 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.

17 Noninterest Income Trend $12.2 $15.5 $21.4 $20.6 $18.5 $5.0 $4.0 $8.3 $4.7 $6.4 $(2.2) $1.9 $3.3 $6.0 $2.6$4.4 $4.5 $4.6 $4.7 $4.4$2.4 $2.5 $2.6 $2.5 $2.4 $2.6 $2.6 $2.6 $2.7 $2.7 8.1% 9.9% 13.0% 12.4% 11.1% Other Tax Credit Income Deposit Services Charge Card Services Wealth Management Noninterest income/Total income 1Q24 2Q24 3Q24 4Q24 1Q25 $5.0 $4.0 $8.3 $4.7 $6.4 $1.6 $1.6 $1.7 $1.7 $1.7 $0.3 $0.6 $0.5 $0.5 $0.5 $0.9 $0.9 $1.1 $0.9 $0.9 $0.2 $1.0 $0.6 $0.3 $1.2 $0.3 $0.7$0.2 $0.4 $0.6 $0.3 $0.7$1.4 $1.9 $3.2 Miscellaneous Servicing Fees BOLI Swap Fees CDE Private Equity Fund Distribution Gain on SBA Loan Sales Gain on Sale of OREO 1Q24 2Q24 3Q24 4Q24 1Q25 $ In Millions Noninterest Income Other Noninterest Income Detail

18 Noninterest Expense Trend Noninterest Expense $ In Millions $22.6 $22.3 $23.0 $24.2 $23.4 $0.4 $1.3 $1.4 $1.9 $20.3 $21.7 $23.8 $22.9 $23.8 $0.6 $4.3 $4.2 $4.4 $4.3 $4.4 $45.3 $44.5 $45.4 $46.2 $48.2 60.2% 58.1% 58.4% 57.1% 58.8% $93.5 $94.0 $98.0 $99.5 $99.8 Other Core conversion expense Deposit costs FDIC special assessment Occupancy Employee compensation and benefits Core efficiency ratio* 1Q24 2Q24 3Q24 4Q24 1Q25 $22.6 $22.3 $23.0 $24.2 $23.4 $11.2 $10.7 $10.9 $11.9 $10.7 $3.9 $4.0 $4.1 $4.6 $4.8 $1.4 $1.3 $1.6 $1.6 $1.7 $3.0 $3.1 $3.3 $3.1 $3.1 $2.1 $2.3 $2.2 $2.1 $2.2 $1.0 $0.9 $0.9 $0.9 $0.9 Miscellaneous Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 1Q24 2Q24 3Q24 4Q24 1Q25 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail

19 Capital Tangible Common Equity/Tangible Assets 9.01% 9.18% 9.50% 9.05% 9.30% Tangible Common Equity/Tangible Assets* 1Q24 2Q24 3Q24 4Q24 1Q25 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. **Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.3% 14.6% 14.8% 14.6% 14.7% 6.5% 11.4% 11.7% 11.9% 11.8% 11.8% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 1Q24 2Q24 3Q24 4Q24 1Q25 8.0% 12.8% 13.0% 13.2% 13.1% 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 ◦ 191,739 shares repurchased at an average price of $55.28 in 2025 – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $34.21 $35.02 $37.26 $37.27 $38.54 $0.25 $0.26 $0.27 $0.28 $0.29 TBV/Share* Dividends per Share 1Q24 2Q24 3Q24 4Q24 1Q25 13.1% **

Appendix

21 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 8% Obligations of states and political subdivisions 42% Agency mortgage- backed securities, 41% Corporate debt securities 5% U.S. Treasury bills 4% TOTAL $3.0 billion • Effective duration of 5.2 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $500.9 million • 3.75% 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) 1Q24 2Q24 3Q24 4Q24 1Q25 $— $800 $1,600 $2,400 $(200) $(100) $— $100 $ In Millions $69.8 $67.2 $241.4 $359.4 $314.9 5.21% 5.43% 4.97% 5.10% 5.20% Principal Cost Yield (TEQ) 1Q24 2Q24 3Q24 4Q24 1Q25 Investment Purchase Yield $ In Millions Investment Portfolio

22 EFSC Borrowing Capacity $5.3 $5.5 $5.7 $1.2 $1.3 $1.1 $2.6 $2.8 $2.9 $0.1 $0.1 $0.1 $1.4 $1.3 $1.6 43% 42% 44% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 3Q24 4Q24 1Q25 $ In Billions End of Period and Average Loans to Deposits 90% 90% 89% 85% 87%90% 89% 87% 86% 86% End of period Loans/Deposits Avg Loans/Avg Deposits 1Q24 2Q24 3Q24 4Q24 1Q25 • $1.1 billion available FHLB capacity • $2.9 billion available FRB capacity • $140.0 million in seven federal funds lines • $1.6 billion in unpledged investment securities • $481.7 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 19% • FHLB maximum credit capacity is 45% of assets $0.5 $0.4 $0.4 $0.3 $0.3 $0.5 $0.9 $1.3 $1.6 $1.9 Annual Cash Flows Cumulative Cash Flows 2025 2026 2027 2028 2029 Investment Portfolio Cash Flows* $ In Billions Strong Liquidity Profile *Trailing 12 months ending March 31 of each year Liquidity

23 Office CRE (Non-owner Occupied) Total $531.1 million Midwest 45.4% Southwest 29.0% West 21.6% Specialty 4.0% Office CRE Loans by Location Real Estate/ Rental/Leasing 89.5% Health Care and Social Assistance 2.9% Other 7.6% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.62 13 $ 201.0 $ 15.5 $5-10 Million 5.08 13 86.0 6.6 $2-5 Million 5.23 40 129.2 3.2 < $2 Million 5.26 195 114.9 0.6 Total 5.26 261 $ 531.1 $ 2.0 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 • $23.4 million unfunded commitments • Limited near-term maturity risk: 8% to mature in 2025, 92% maturing in 2026 and beyond 23

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

25 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Stockholders’ equity $ 1,868,073 $ 1,824,002 $ 1,832,011 $ 1,755,273 $ 1,731,725 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 7,628 8,484 9,400 10,327 11,271 Tangible common equity (non-GAAP) $ 1,423,293 $ 1,378,366 $ 1,385,459 $ 1,307,794 $ 1,283,302 Common shares outstanding 36,928 36,988 37,184 37,344 37,515 Tangible book value per common share (non-GAAP) $ 38.54 $ 37.27 $ 37.26 $ 35.02 $ 34.21 Total assets $ 15,676,594 $ 15,596,431 $ 14,954,125 $ 14,615,666 $ 14,613,338 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 7,628 8,484 9,400 10,327 11,271 Tangible assets (non-GAAP) $ 15,303,802 $ 15,222,783 $ 14,579,561 $ 14,240,175 $ 14,236,903 Tangible common equity to tangible assets (non-GAAP) 9.30 % 9.05 % 9.50 % 9.18 % 9.01 % Quarter ended ($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 PRE-PROVISION NET REVENUE Net interest income $ 147,516 $ 146,370 $ 143,469 $ 140,529 $ 137,728 Noninterest income 18,483 20,631 21,420 15,494 12,158 FDIC special assessment — — — — 625 Core conversion expense — 1,893 1,375 1,250 350 Less gain on sale of investment securities 106 — — — — Less net gain (loss) on sale of other real estate owned 23 (68) 3,159 — (2) Less noninterest expense 99,783 99,522 98,007 94,017 93,501 PPNR (non-GAAP) $ 66,087 $ 69,440 $ 65,098 $ 63,256 $ 57,362 Average assets $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 14,646,381 $ 14,556,119 PPNR ROAA (non-GAAP) 1.71 % 1.80 % 1.74 % 1.74 % 1.58 %

26 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) AND RETURN ON AVERAGE ASSETS (ROAA) Average stockholder’s equity $ 1,863,272 $ 1,844,509 $ 1,804,369 $ 1,748,240 $ 1,738,698 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 8,026 8,930 9,855 10,783 11,770 Average tangible common equity $ 1,418,094 $ 1,398,427 $ 1,357,362 $ 1,300,305 $ 1,289,776 Net income (GAAP) $ 49,961 $ 48,834 $ 50,585 $ 45,446 $ 40,401 FDIC special assessment (after tax) — — — — 470 Core conversion expense (after tax) — 1,424 1,034 940 263 Less gain on sale of investment securities (after tax) 80 — — — — Less net gain on sales of other real estate owned (after tax) 17 (51) 2,375 — (1) Net income adjusted (non-GAAP) $ 49,864 $ 50,309 $ 49,244 $ 46,386 $ 41,135 Less preferred stock dividends 938 937 938 937 938 Net income available to common stockholders adjusted (non-GAAP) $ 48,926 $ 49,372 $ 48,306 $ 45,449 $ 40,197 ROATCE (non-GAAP) 14.02 % 13.63 % 14.55 % 13.77 % 12.31 % Adjusted ROATCE (non-GAAP) 13.99 % 14.05 % 14.16 % 14.06 % 12.53 % Average assets $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 14,646,381 $ 14,556,119 Return on average assets (GAAP) 1.30 % 1.27 % 1.36 % 1.25 % 1.12 % Adjusted return on average assets (non-GAAP) 1.29 % 1.31 % 1.32 % 1.27 % 1.14 %

27 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $ 11,298,763 $ 11,220,355 $ 11,079,892 $ 11,000,007 $ 11,028,492 Less guaranteed loans 942,651 947,665 928,272 923,794 924,633 Adjusted loans (non-GAAP) $ 10,356,112 $ 10,272,690 $ 10,151,620 $ 10,076,213 $ 10,103,859 Allowance for credit losses $ 142,944 $ 137,950 $ 139,778 $ 139,464 $ 135,498 Allowance for credit losses/loans (GAAP) 1.27 % 1.23 % 1.26 % 1.27 % 1.23 % Allowance for credit losses/adjusted loans (non-GAAP) 1.38 % 1.34 % 1.38 % 1.38 % 1.34 % Quarter ended ($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 147,516 $ 146,370 $ 143,469 $ 140,529 $ 137,728 Tax-equivalent adjustment 2,475 2,272 2,086 2,047 2,040 Noninterest income (GAAP) 18,483 20,631 21,420 15,494 12,158 Less gain on sale of investment securities 106 — — — — Less net gain (loss) on sale of other real estate owned 23 (68) 3,159 — (2) Core revenue (non-GAAP) $ 168,345 $ 169,341 $ 163,816 $ 158,070 $ 151,928 Noninterest expense (GAAP) $ 99,783 $ 99,522 $ 98,007 $ 94,017 $ 93,501 Less FDIC special assessment — — — — 625 Less core conversion expense — 1,893 1,375 1,250 350 Less amortization on intangibles 855 916 927 944 1,047 Core revenue (non-GAAP) $ 98,928 $ 96,713 $ 95,705 $ 91,823 $ 91,479 Core efficiency ratio (non-GAAP) 58.8 % 57.1 % 58.4 % 58.1 % 60.2 %

EXHIBIT 99.3

Enterprise Bank & Trust to Expand in Arizona and Kansas through acquisition of Twelve Banking Offices from First Interstate Bank

April 28, 2025, ST. LOUIS, MO. and BILLINGS, MT. — Enterprise Financial Services Corp (“Enterprise”) (Nasdaq: EFSC) and First Interstate BancSystem, Inc. (“First Interstate”) (Nasdaq: FIBK) have announced the signing of a purchase and assumption agreement by their respective wholly-owned subsidiaries, Enterprise Bank & Trust and First Interstate Bank, pursuant to which Enterprise Bank & Trust will acquire twelve branches from First Interstate Bank. The acquisition consists of two separate franchises, with ten branches in Arizona and two branches in Kansas. The purchase and assumption agreement provides for the transfer by First Interstate Bank to Enterprise Bank & Trust of the facilities and other associated assets of the branches, approximately $740 million in deposits, and certain, mostly commercially-oriented, loans with outstanding balances of roughly $200 million. Upon closing of the transaction, the following branches will become a part of Enterprise Bank & Trust:


Arizona Locations:

–North Scottsdale						–Eloy
–Old Town Scottsdale						–Coolidge
–Chandler						–Globe
–Maricopa						–Tucson
–Casa Grande						–Nogales

Kansas Locations:

–Overland Park						–Shawnee

The purchase of the branches by Enterprise Bank & Trust is subject to regulatory approval and satisfaction of certain customary closing conditions. The parties expect to close on the purchase and sale of the First Interstate Bank branches by early fourth quarter of 2025, at which point the branches will be fully converted to operate as Enterprise Bank & Trust branch offices. On a pro forma basis, following the branch acquisition, Enterprise will expand its market presence in Arizona to twelve full-service branch locations with approximately $1.3 billion of deposits. In the greater Kansas City metropolitan area, the transaction will increase Enterprise’s physical presence to nine full-service branch locations with approximately $1.1 billion of deposits.

James B. Lally, President and Chief Executive Officer of Enterprise Financial Services Corp stated, “We are pleased to enter into this agreement with First Interstate Bank. This is a unique and strategically-aligned opportunity to expand our access to markets with both attractive growth opportunities and familiarity and to continue to generate long-term value for our shareholders. Since entering the Arizona market nearly fifteen years ago, we have grown our business significantly. We believe our expanded presence will reinforce our ability to continue growing by offering favorable locations and improved access to our customers. In addition, we are also very excited to solidify our presence in Kansas City through this transaction. We have differentiated our strategy from other banks in this market through our proven expertise and reputation in commercial banking.”

Lally continued, “By acquiring the banking operations in these two markets from an organization that aligns with our business-oriented and relationship-driven values, we believe we have found the ideal strategic move to advance our customer and community-centric approach. We warmly welcome the existing customers and employees of these twelve branch locations and are excited about our future together. We place a high value on personal connections and trust, and understand the importance of both when it comes to fostering successful, long-lasting relationships. We will be focused on ensuring a seamless transition while building on the valued franchises First Interstate Bank has established in these markets.”

James A. Reuter, President and Chief Executive Officer of First Interstate BancSystem, Inc. and First Interstate Bank stated, “We are pleased to enter into this agreement with Enterprise Bank & Trust. I am confident that Enterprise’s relationship-driven and customer and community-centric approach aligns with our values, allowing these clients, employees, and communities to continue to flourish. This agreement provides us an opportunity to shift our capital investment and drive growth in areas where we enjoy increased market share, while creating additional capital flexibility.”

Janney Montgomery Scott LLC and Holland & Knight LLP are acting as financial advisor and legal advisor, respectively, to Enterprise on the transaction.

Keefe, Bruyette and Woods Inc. and Luse Gorman, PC are acting as financial advisor and legal advisor, respectively, to First Interstate on the transaction.

About Enterprise Financial Services Corp

About First Interstate BancSystem, Inc.

First Interstate BancSystem, Inc. (Nasdaq: FIBK) is a financial services holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with $29.1 billion in assets as of December 31, 2024. First Interstate proudly delivers financial solutions across Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming. A recognized leader in community banking services, First Interstate is driven by strong values as well as a commitment to delivering a rewarding experience to its employees, strong returns to shareholders, exceptional products and services to its clients, and resources to the communities it serves. More information is available at www.FIBK.com.

Forward-Looking Statements

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the branch acquisition transaction between Enterprise Bank & Trust and First Interstate Bank, the plans, objectives, expectations and intentions of Enterprise Bank & Trust and First Interstate Bank, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. All statements other than statements of historical fact, including statements about beliefs and expectations, are “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 Enterprise or First Interstate including, without limitation, plans, strategies and goals, and statements about either company’s expectations regarding their respective 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 strategic transactions.

limitation: our ability to efficiently integrate acquisitions such as the branch acquisition from First Interstate Bank, 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), impacts of trade and tariff policies, 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 either company’s 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 the company’s operate, including the related disruption to the financial market and other economic activity; and other risks referenced from time to time in the Enterprise’s and First Interstate’s respective filings with the Securities and Exchange Commission (the “SEC”), including in their Annual Reports on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the SEC. Enterprise and First Interstate both caution that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect their results of operation or financial condition.

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.

The branch sale is subject to regulatory approval and other customary closing conditions. The foregoing description of the branch sale reflects loan and deposit balances as of March 31, 2025, and the actual amounts of loans and deposits that are acquired under the purchase and assumption agreement are subject to change prior to closing. Targeted financial benefits are subject to uncertainty, including but not limited to the pro forma results and underlying assumptions related to the branch sale, and may be affected or offset by other conditions related to Enterprise’s and First Interstate’s operations. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, each of Enterprise and First Interstate 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 please contact:

Enterprise Financial Services Corp:

Investor inquiries:

Keene Turner, Senior Executive Vice President and Chief Financial Officer

(314) 512-7233

Media inquiries:

Steve Richardson, Senior Vice President, Corporate Communications

(314) 512-7141

First Interstate BancSystem, Inc.:

Investor inquiries:

David Della Camera, Deputy Chief Financial Officer

[email protected]

Media inquiries:

Sara Becker, Director of Marketing and Communication

[email protected]