efsc-20250728
0001025835FALSE150 N. Meramec AvenueSt. LouisMissouri6310500010258352025-07-282025-07-280001025835us-gaap:CommonStockMember2025-07-282025-07-280001025835efsc:DepositarySharesMember2025-07-282025-07-28

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) 
July 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEFSCNasdaq 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 AEFSCPNasdaq 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 July 28, 2025, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

On July 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 June 30, 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 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit NumberDescription
99.1
99.2
104The 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:July 28, 2025By:/s/ Troy R. Dumlao
Troy R. Dumlao
Executive Vice President and Chief Accounting Officer





EXHIBIT 99.1
enterprisefinancialservices.jpg
ENTERPRISE FINANCIAL SERVICES CORP REPORTS SECOND QUARTER 2025 RESULTS

Second Quarter Results
•Net income of $51.4 million, or $1.36 per diluted common share, compared to $1.31 in the linked quarter and $1.19 in the prior year quarter
•Net interest margin (“NIM”) of 4.21%, quarterly increase of 6 basis points
•Net interest income of $152.8 million, quarterly increase of $5.2 million
•Total loans of $11.4 billion, quarterly increase of $110.1 million
•Total deposits of $13.3 billion, quarterly increase of $283.1 million
•Return on average assets (“ROAA”) of 1.30% in the current and linked quarters, compared to 1.25% in the prior year quarter
•Return on average tangible common equity (“ROATCE”)1 of 13.84%, compared to 14.02% and 13.77% in the linked and prior year quarters, respectively
•Tangible common equity to tangible assets1 of 9.42%, an increase of 12 basis points and 23 basis points from the linked and prior year quarters, respectively
•Tangible book value per common share1 of $40.02, annualized quarterly increase of 15%
•Quarterly dividend increased $0.01 to $0.31 per common share for the third quarter 2025

St. Louis, MO. July 28, 2025 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), today announced financial results for the second quarter of 2025. “Our second quarter results demonstrated expansion in net interest income and net interest margin, continuing the strong start to 2025,” said Jim Lally, President and Chief Executive Officer. “Loan growth spanned the portfolio and geographic regions and displayed the strength of our diversified business. We successfully scaled the balance sheet and deployed liquidity to drive a 1.30% ROAA and a 13.84% ROATCE. Notably, tangible book value per share has increased over 14% in the past year.”

Highlights

•Earnings - Net income in the second quarter 2025 was $51.4 million, an increase of $1.4 million and $5.9 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the second quarter 2025 was $1.36, compared to $1.31 and $1.19 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share1 was $1.37 in the second quarter 2025, compared to $1.31 and $1.21 in the linked and prior year quarters, respectively.

•Pre-provision net revenue (“PPNR”)1 - PPNR of $68.1 million in the second quarter 2025 increased $2.0 million and $4.9 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to an increase in net interest income from organic loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by an increase in noninterest expense.

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


•Net interest income and NIM - Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income for the second quarter 2025 increased from the linked and prior year quarters primarily due to higher average loan and securities balances and yields, as well as lower short-term interest rates that decreased deposit interest expense. NIM was 4.21% for the second quarter 2025, compared to 4.15% and 4.19% for the linked and prior year quarters, respectively. The total cost of deposits of 1.82% for the second quarter 2025 decreased one basis point and 34 basis points from the linked and prior year quarters, respectively.

•Noninterest income - Noninterest income of $20.6 million for the second quarter 2025 increased $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase in noninterest income from the linked and prior year quarters was primarily due to higher BOLI income and community development investment income. The Company also sold $24.4 million of SBA guaranteed loans during the quarter for a gain of $1.2 million.

•Noninterest expense - Noninterest expense of $105.7 million for the second quarter 2025 increased $5.9 million and $11.7 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by higher employee compensation, variable deposit costs and higher loan and legal expenses related to loan workouts and other real estate owned (“OREO”).

•Loans - Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million, or 4% on an annualized basis, from the linked quarter, and $408.8 million from the prior year quarter. Average loans totaled $11.4 billion, compared to $11.2 billion and $11.0 billion for the linked and prior year quarters, respectively.

•Asset quality - The allowance for credit losses to total loans was 1.27% at June 30, 2025, March 31, 2025 and June 30, 2024. The provision for credit losses in the second quarter 2025 was $3.5 million, compared to $5.2 million and $4.8 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.71% at June 30, 2025, compared to 0.72% and 0.33% at March 31, 2025 and June 30, 2024, respectively.

•Deposits - Deposits totaled $13.3 billion at June 30, 2025, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Average deposits were $13.2 billion, $13.1 billion and $12.3 billion for the current, linked and prior year quarters, respectively. At June 30, 2025, noninterest-bearing deposit accounts totaled $4.3 billion, or 32% of total deposits, and the loan to deposit ratio was 86%.

•Capital - Total stockholders’ equity was $1.9 billion and the tangible common equity to tangible assets ratio2 was 9.42% at June 30, 2025, compared to 9.30% at March 31, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.5% and a total risk-based capital ratio of 13.6% at June 30, 2025. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.9% and 14.7%, respectively, at June 30, 2025.

The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.31 per share of common stock, payable on September 30, 2025 to stockholders of record as of September 15, 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) June 15, 2025 to (but excluding) September 15, 2025. The dividend will be payable on September 15, 2025 to holders of record of Series A Preferred Stock as of August 29, 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.

2

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
June 30, 2025March 31, 2025June 30, 2024
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans1, 2
$11,358,209 $188,007 6.64 %$11,240,806 $182,039 6.57 %$10,962,488 $189,346 6.95 %
Securities2
3,149,010 30,330 3.86 2,930,912 27,092 3.75 2,396,519 19,956 3.35 
Interest-earning deposits315,738 3,368 4.28 479,136 5,124 4.34 325,452 4,389 5.42 
Total interest-earning assets14,822,957 221,705 6.00 14,650,854 214,255 5.93 13,684,459 213,691 6.28 
Noninterest-earning assets1,036,764 992,145 961,922 
Total assets$15,859,721 $15,642,999 $14,646,381 
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts$3,225,611 $17,152 2.13 %$3,167,428 $17,056 2.18 %$2,950,827 $18,801 2.56 %
Money market accounts3,660,053 28,437 3.12 3,601,535 28,505 3.21 3,434,712 31,926 3.74 
Savings accounts532,754 183 0.14 534,512 189 0.14 573,115 335 0.24 
Certificates of deposit1,486,522 14,207 3.83 1,374,693 13,516 3.99 1,412,263 15,312 4.36 
Total interest-bearing deposits8,904,940 59,979 2.70 8,678,168 59,266 2.77 8,370,917 66,374 3.19 
Subordinated debentures and notes156,753 2,737 7.00 156,615 2,562 6.63 156,188 2,684 6.91 
FHLB advances156,868 1,801 4.61 25,300 287 4.60 40,308 561 5.60 
Securities sold under agreements to repurchase209,493 1,592 3.05 263,608 2,017 3.10 158,969 1,401 3.54 
Other borrowings36,208 96 1.06 39,535 132 1.35 36,203 95 1.06 
Total interest-bearing liabilities9,464,262 66,205 2.81 9,163,226 64,264 2.84 8,762,585 71,115 3.26 
Noninterest-bearing liabilities:
Demand deposits4,340,301 4,463,388 3,973,336 
Other liabilities149,069 153,113 162,220 
Total liabilities13,953,632 13,779,727 12,898,141 
Stockholders' equity1,906,089 1,863,272 1,748,240 
Total liabilities and stockholders' equity$15,859,721 $15,642,999 $14,646,381 
Total net interest income$155,500 $149,991 $142,576 
Net interest margin4.21 %4.15 %4.19 %
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 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 $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.



3

Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $155.5 million, $150.0 million and $142.6 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 an increase in wholesale borrowings (FHLB advances and brokered certificates of deposits). Net interest income for the current quarter also benefited by one additional day compared to the linked quarter. On June 1, 2025, $63.3 million of subordinated debt converted from a fixed 5.75% rate to a floating rate of three-month term SOFR plus a spread of 5.66%, resulting in a higher rate incurred for one month. The subordinated debt also became callable on each quarterly interest payment date. The cost of interest-bearing deposits has 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 has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans.

Interest income for the second quarter 2025 increased $7.2 million primarily due to an increase of $117.4 million in average loan balances and a seven basis point increase in the average loan yield. The average securities balance increased $218.1 million and the yield increased 11 basis points 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 second quarter 2025 was 7.26%, an increase of 14 basis points from the linked quarter. Investment purchases in the second quarter 2025 had a weighted average, tax equivalent yield of 5.30%.

Interest expense in the second quarter 2025 increased $1.9 million primarily due to higher organic growth in deposits, an increase in wholesale borrowings and the higher rate incurred on subordinated debt for one month in the quarter. These increases were partially offset by a decline in the average balance of customer repurchase agreements. The total cost of deposits, including noninterest-bearing demand accounts, was 1.82% during the second quarter 2025, compared to 1.83% in the linked quarter.

NIM, on a tax equivalent basis, was 4.21% in the second quarter 2025, an increase of six basis points and two basis points from the linked and prior year quarters, respectively. For the month of June 2025, the loan portfolio yield was 6.64% and the cost of total deposits was 1.81%.

Investments

At
June 30, 2025March 31, 2025June 30, 2024
($ in thousands)Carrying ValueNet Unrealized LossCarrying ValueNet Unrealized LossCarrying ValueNet Unrealized Loss
Available-for-sale (AFS)$2,204,511 $(131,094)$1,990,068 $(146,184)$1,615,930 $(172,734)
Held-to-maturity (HTM)1,091,238 (75,144)1,034,282 (74,228)772,648 (69,442)
Total$3,295,749 $(206,238)$3,024,350 $(220,412)$2,388,578 $(242,176)

Investment securities totaled $3.3 billion at June 30, 2025, an increase of $271.4 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities3 was 9.06% at June 30, 2025, compared to 8.94% at March 31, 2025.

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.


4

Loans
The following table presents total loans for the most recent five quarters:
At
($ in thousands)June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
C&I$2,316,609 $2,198,802 $2,139,032 $2,145,286 $2,107,097 
CRE investor owned2,547,859 2,487,375 2,405,356 2,346,575 2,308,926 
CRE owner occupied1,281,572 1,292,162 1,305,025 1,322,714 1,313,742 
SBA loans*1,249,225 1,283,067 1,298,007 1,272,679 1,269,145 
Sponsor finance*771,280 784,017 782,722 819,079 865,883 
Life insurance premium financing*1,155,623 1,149,119 1,114,299 1,030,273 996,154 
Tax credits*708,401 677,434 760,229 724,441 738,249 
Residential real estate356,722 357,615 350,640 346,460 339,889 
Construction and land development773,122 800,985 794,240 796,586 791,780 
Other248,427 268,187 270,805 275,799 269,142 
Total loans$11,408,840 $11,298,763 $11,220,355 $11,079,892 $11,000,007 
Quarterly loan yield6.64 %6.57 %6.73 %6.95 %6.95 %
Loans by rate type (to total loans):
Fixed40 %39 %40 %39 %39 %
Variable:60 %61 %60 %61 %61 %
SOFR29 %29 %28 %28 %28 %
Prime24 %24 %24 %25 %25 %
Other7 %8 %8 %8 %8 %
Variable rate loans to total loans, adjusted for interest rate hedges56 %56 %55 %57 %57 %
*Specialty loan category

Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume of $875.5 million compared to repayment and sale activity of $765.4 million. Loan originations and advances were strongest in the C&I portfolio in the current quarter. Loan sales of $24.4 million mitigated growth in the SBA category during the current quarter. Average line utilization was approximately 46% for the current and prior year quarters, respectively, compared to 42% for the linked quarter.



5

Asset Quality
The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:
At
($ in thousands)June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Nonperforming loans*$105,807 $109,882 $42,687 $28,376 $39,384 
Other1
8,221 3,271 3,955 4,516 8,746 
Nonperforming assets*$114,028 $113,153 $46,642 $32,892 $48,130 
Nonperforming loans to total loans0.93 %0.97 %0.38 %0.26 %0.36 %
Nonperforming assets to total assets0.71 %0.72 %0.30 %0.22 %0.33 %
Allowance for credit losses$145,133 $142,944 $137,950 $139,778 $139,464 
Allowance for credit losses to total loans1.27 %1.27 %1.23 %1.26 %1.27 %
Allowance for credit losses to nonperforming loans*137.2 %130.1 %323.2 %492.6 %354.1 %
Quarterly net charge-offs (recoveries)
$630 $(1,059)$7,131 $3,850 $605 
*Guaranteed balances excluded$26,536 $22,607 $21,974 $11,899 $12,933 
1OREO and repossessed assets

Nonperforming assets increased $0.9 million and $65.9 million from the linked and prior year quarters, respectively. During the quarter, certain nonperforming loans migrated to OREO and repossessed assets. The OREO balance at June 30, 2025 includes four properties, one of which has an SBA guarantee of $3.0 million. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans totaling $68.4 million to two commercial banking relationships in Southern California that share common managing general partners. Litigation resulting from a business dispute between the general/managing partner and certain limited partners resulted in all seven of the borrowing entities filing bankruptcy in the first quarter of 2025. The Company expects to collect the full balance of these loans.

The provision for credit losses totaled $3.5 million in the second quarter 2025, compared to $5.2 million and $4.8 million in the linked and prior year quarters, respectively. The provision for credit losses in the second quarter 2025 was primarily related to loan growth and changes in the economic forecast that influences projected future losses in the allowance calculation. The provision for credit losses in the second quarter 2025 benefited from $3.2 million in recoveries. Annualized net charge-offs totaled two basis points of average loans in the current and prior year quarters, compared to annualized net recoveries of four basis points in the linked quarter.

Deposits
The following table presents deposits broken out by type for the most recent five quarters:
At
($ in thousands)June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Noninterest-bearing demand accounts$4,322,332 $4,285,061 $4,484,072 $3,934,245 $3,928,308 
Interest-bearing demand accounts3,184,670 3,193,903 3,175,292 3,048,981 2,951,899 
Money market and savings accounts4,209,032 4,167,375 4,117,524 4,121,543 4,039,626 
Brokered certificates of deposit752,422 542,172 484,588 480,934 494,870 
Other certificates of deposit848,903 845,719 885,016 879,619 867,680 
Total deposit portfolio$13,317,359 $13,034,230 $13,146,492 $12,465,322 $12,282,383 
Noninterest-bearing deposits to total deposits32.5 %32.9 %34.1 %31.6 %32.0 %
Quarterly cost of deposits1.82 %1.83 %2.00 %2.18 %2.16 %


6

Total deposits at June 30, 2025 were $13.3 billion, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.4 billion at June 30, 2025, compared to $1.3 billion at March 31, 2025.

Noninterest Income
The following table presents a comparative summary of the major components of noninterest income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)June 30,
2025		March 31,
2025		Increase (decrease)June 30,
2024		Increase (decrease)
Deposit service charges$4,940 $4,420 $520 12 %$4,542 $398 9 %
Wealth management revenue2,584 2,659 (75)(3)%2,590 (6)— %
Card services revenue2,444 2,395 49 2 %2,497 (53)(2)%
Tax credit income2,207 2,610 (403)(15)%1,874 333 18 %
Other income8,429 6,399 2,030 32 %3,991 4,438 111 %
Total noninterest income$20,604 $18,483 $2,121 11 %$15,494 $5,110 33 %

Total noninterest income was $20.6 million for the second quarter 2025, an increase of $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to higher deposit service charges and other income, which is discussed further below.

The following table presents a comparative summary of the major components of other income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter endedQuarter ended
($ in thousands)June 30,
2025		March 31,
2025		Increase (decrease)June 30,
2024		Increase (decrease)
BOLI$2,561 $871 $1,690 194 %$855 $1,706 200 %
Community development investments1,426 707 719 102 %381 1,045 274 %
Gain on SBA loan sales1,153 1,895 (742)(39)%— 1,153 — %
Gain on sales of other real estate owned56 23 33 143 %— 56 100 %
Private equity fund distributions502 653 (151)(23)%411 91 22 %
Servicing fees485 555 (70)(13)%594 (109)(18)%
Swap fees86 (2)88 (4,400)%217 (131)(60)%
Miscellaneous income2,160 1,697 463 27 %1,533 627 41 %
Total other income$8,429 $6,399 $2,030 32 %$3,991 $4,438 111 %

The increase in other income from the linked and prior year quarters was primarily driven by an increase in BOLI income, as well as community development investment income. The increase in BOLI income was primarily due to the purchase of additional policies in the first quarter 2025 and, to a lesser extent, the payout of a policy in the second quarter of 2025. Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Loan sales were executed in the current and linked quarters, while no loans were sold in the prior year quarter.


7


Noninterest Expense
The following table presents a comparative summary of the major components of noninterest expense for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)June 30,
2025		March 31,
2025		Increase (decrease)June 30,
2024		Increase (decrease)
Employee compensation and benefits$50,164 $48,208 $1,956 4 %$44,524 $5,640 13 %
Deposit costs24,765 23,823 942 4 %21,706 3,059 14 %
Occupancy5,065 4,430 635 14 %4,197 868 21 %
Core conversion expense— — — 100 %1,250 (1,250)(100)%
Acquisition costs518 — 518 100 %— 518 100 %
Other expense25,190 23,322 1,868 8 %22,340 2,850 13 %
Total noninterest expense$105,702 $99,783 $5,919 6 %$94,017 $11,685 12 %
Employee compensation and benefits increased $2.0 million from the linked quarter primarily due to a full quarter of merit increases that were effective on March 1, 2025, an increase in variable compensation and the number of working days in the quarter. 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 $62.1 million in average deposit vertical balances from the linked quarter. Acquisition costs relate to the previously announced branch acquisition that is expected to close in the fourth quarter 2025. Loan and legal expenses, included in other expense, increased $1.1 million during the quarter due to loan workouts and the foreclosure of certain properties related to nonperforming loans.

The increase in noninterest expense of $11.7 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 deposit costs due to higher earnings credit allowances and deposit vertical average balances, partially offset by a decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. For the second quarter 2025, the core efficiency ratio4 was 59.3%, compared to 58.8% for the linked quarter and 58.1% for the prior year quarter.

Income Taxes
The effective tax rate was 20.0%, compared to 18.1% and 20.5% in the linked and prior year quarters, respectively. The Company continues to leverage tax credit opportunities as part of its overall tax planning strategy that contributes to a lower effective tax rate.

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

8

Capital
The following table presents total equity and various capital ratios for the most recent five quarters:
At
($ in thousands)June 30, 2025*March 31,
2025		December 31, 2024September 30, 2024June 30,
2024
Stockholders’ equity$1,922,899 $1,868,073 $1,824,002 $1,832,011 $1,755,273 
Total risk-based capital to risk-weighted assets14.7 %14.7 %14.6 %14.8 %14.6 %
Tier 1 capital to risk weighted assets13.2 %13.1 %13.1 %13.2 %13.0 %
Common equity tier 1 capital to risk-weighted assets11.9 %11.8 %11.8 %11.9 %11.7 %
Leverage ratio11.1 %11.0 %11.1 %11.2 %11.1 %
Tangible common equity to tangible assets9.42 %9.30 %9.05 %9.50 %9.18 %
                
*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 June 30, 2025, an increase of $54.8 million from the linked quarter. Tangible book value per common share was $40.02 at June 30, 2025, compared to $38.54 and $35.02 at March 31, 2025 and June 30, 2024, respectively.

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

Use of Non-GAAP Financial Measures
The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, 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 to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, 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, acquisition costs, 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 to tangible assets ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

9

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, July 29, 2025. During the call, management will review the second quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. After connecting, you may say the name of the conference or enter the Conference ID 87261. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC2Q2025EarningsCallRegistration. 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 $16.1 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.

10

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
11

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
Quarter endedSix months ended
(in thousands, except per share data)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Jun 30,
2025		Jun 30,
2024
EARNINGS SUMMARY
Net interest income$152,762 $147,516 $146,370 $143,469 $140,529 $300,278 $278,257 
Provision for credit losses3,470 5,184 6,834 4,099 4,819 8,654 10,575 
Noninterest income20,604 18,483 20,631 21,420 15,494 39,087 27,652 
Noninterest expense105,702 99,783 99,522 98,007 94,017 205,485 187,518 
Income before income tax expense64,194 61,032 60,645 62,783 57,187 125,226 107,816 
Income tax expense12,810 11,071 11,811 12,198 11,741 23,881 21,969 
Net income51,384 49,961 48,834 50,585 45,446 101,345 85,847 
Preferred stock dividends937 938 937 938 937 1,875 1,875 
Net income available to common stockholders$50,447 $49,023 $47,897 $49,647 $44,509 $99,470 $83,972 
Diluted earnings per common share$1.36 $1.31 $1.28 $1.32 $1.19 $2.67 $2.24 
Adjusted diluted earnings per common share1
1.37 1.31 1.32 1.29 1.21 2.68 2.28 
Return on average assets1.30 %1.30 %1.27 %1.36 %1.25 %1.30 %1.18 %
Adjusted return on average assets1
1.31 %1.29 %1.31 %1.32 %1.27 %1.30 %1.21 %
Return on average common equity1
11.03 %11.10 %10.75 %11.40 %10.68 %11.07 %10.10 %
Adjusted return on average common equity1
11.12 %11.08 %11.08 %11.09 %10.90 %11.10 %10.30 %
ROATCE1
13.84 %14.02 %13.63 %14.55 %13.77 %13.93 %13.04 %
Adjusted ROATCE1
13.96 %13.99 %14.05 %14.16 %14.06 %13.97 %13.30 %
Net interest margin (tax equivalent)4.21 %4.15 %4.13 %4.17 %4.19 %4.18 %4.16 %
Efficiency ratio60.97 %60.11 %59.59 %59.44 %60.26 %60.55 %61.30 %
Core efficiency ratio1
59.32 %58.77 %57.11 %58.42 %58.09 %59.05 %59.13 %
Assets$16,076,299 $15,676,594 $15,596,431 $14,954,125 $14,615,666 
Average assets$15,859,721 $15,642,999 $15,309,577 $14,849,455 $14,646,381 $15,751,959 $14,601,250 
Period end common shares outstanding36,950 36,928 36,988 37,184 37,344 
Dividends per common share$0.30 $0.29 $0.28 $0.27 $0.26 $0.59 $0.51 
Tangible book value per common share1
$40.02 $38.54 $37.27 $37.26 $35.02 
Tangible common equity to tangible assets1
9.42 %9.30 %9.05 %9.50 %9.18 %
Total risk-based capital to risk-weighted assets2
14.7 %14.7 %14.6 %14.8 %14.6 %
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.


12

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter endedSix months ended
(in thousands, except per share data)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Jun 30,
2025		Jun 30,
2024
INCOME STATEMENTS
NET INTEREST INCOME
Interest income$218,967 $211,780 $215,380 $216,304 $211,644 $430,747 $419,367 
Interest expense66,205 64,264 69,010 72,835 71,115 130,469 141,110 
Net interest income152,762 147,516 146,370 143,469 140,529 300,278 278,257 
Provision for credit losses3,470 5,184 6,834 4,099 4,819 8,654 10,575 
Net interest income after provision for credit losses149,292 142,332 139,536 139,370 135,710 291,624 267,682 
NONINTEREST INCOME
Deposit service charges4,940 4,420 4,730 4,649 4,542 9,360 8,965 
Wealth management revenue2,584 2,659 2,719 2,599 2,590 5,243 5,134 
Card services revenue2,444 2,395 2,484 2,573 2,497 4,839 4,909 
Tax credit income (loss)2,207 2,610 6,018 3,252 1,874 4,817 (316)
Other income8,429 6,399 4,680 8,347 3,991 14,828 8,960 
Total noninterest income20,604 18,483 20,631 21,420 15,494 39,087 27,652 
NONINTEREST EXPENSE
Employee compensation and benefits50,164 48,208 46,168 45,359 44,524 98,372 89,786 
Deposit costs24,765 23,823 22,881 23,781 21,706 48,588 41,983 
Occupancy5,065 4,430 4,336 4,372 4,197 9,495 8,523 
FDIC special assessment— — — — — — 625 
Core conversion expense— — 1,893 1,375 1,250 — 1,600 
Acquisition costs518 — — — — 518 — 
Other expense25,190 23,322 24,244 23,120 22,340 48,512 45,001 
Total noninterest expense105,702 99,783 99,522 98,007 94,017 205,485 187,518 
Income before income tax expense64,194 61,032 60,645 62,783 57,187 125,226 107,816 
Income tax expense12,810 11,071 11,811 12,198 11,741 23,881 21,969 
Net income $51,384 $49,961 $48,834 $50,585 $45,446 $101,345 $85,847 
Preferred stock dividends937 938 937 938 937 1,875 1,875 
Net income available to common stockholders$50,447 $49,023 $47,897 $49,647 $44,509 $99,470 $83,972 
Basic earnings per common share$1.36 $1.33 $1.29 $1.33 $1.19 $2.69 $2.24 
Diluted earnings per common share$1.36 $1.31 $1.28 $1.32 $1.19 $2.67 $2.24 

13

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
    
At
($ in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
BALANCE SHEET
ASSETS
Cash and due from banks$252,817 $260,280 $270,975 $210,984 $176,698 
Interest-earning deposits239,602 222,780 495,076 218,919 219,342 
Debt and equity investments3,384,347 3,108,763 2,863,989 2,714,194 2,460,549 
Loans held for sale586 — 110 304 606 
Loans11,408,840 11,298,763 11,220,355 11,079,892 11,000,007 
Allowance for credit losses(145,133)(142,944)(137,950)(139,778)(139,464)
Total loans, net11,263,707 11,155,819 11,082,405 10,940,114 10,860,543 
Fixed assets, net48,639 48,083 45,009 44,368 44,831 
Goodwill365,164 365,164 365,164 365,164 365,164 
Intangible assets, net6,876 7,628 8,484 9,400 10,327 
Other assets514,561 508,077 465,219 450,678 477,606 
Total assets$16,076,299 $15,676,594 $15,596,431 $14,954,125 $14,615,666 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits$4,322,332 $4,285,061 $4,484,072 $3,934,245 $3,928,308 
Interest-bearing deposits8,995,027 8,749,169 8,662,420 8,531,077 8,354,075 
Total deposits13,317,359 13,034,230 13,146,492 12,465,322 12,282,383 
Subordinated debentures and notes156,796 156,695 156,551 156,407 156,265 
FHLB advances294,000 205,000 — 150,000 78,000 
Other borrowings210,641 255,635 280,821 170,815 178,269 
Other liabilities174,604 156,961 188,565 179,570 165,476 
Total liabilities14,153,400 13,808,521 13,772,429 13,122,114 12,860,393 
Stockholders’ equity:
Preferred stock71,988 71,988 71,988 71,988 71,988 
Common stock369 369 370 372 373 
Additional paid-in capital991,663 988,554 990,733 992,642 994,116 
Retained earnings947,864 908,553 877,629 845,844 810,935 
Accumulated other comprehensive loss(88,985)(101,391)(116,718)(78,835)(122,139)
Total stockholders’ equity1,922,899 1,868,073 1,824,002 1,832,011 1,755,273 
Total liabilities and stockholders’ equity$16,076,299 $15,676,594 $15,596,431 $14,954,125 $14,615,666 


14

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Six months ended
June 30, 2025June 30, 2024
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
AVERAGE BALANCE SHEET
ASSETS
Interest-earning assets:
Loans1, 2
$11,299,832 $370,046 6.60%$10,945,211 $376,049 6.91%
Securities2
3,040,563 57,422 3.812,398,545 39,447 3.31
Interest-earning deposits396,986 8,492 4.31296,759 7,958 5.39
Total interest-earning assets14,737,381 435,960 5.9713,640,515 423,454 6.24
Noninterest-earning assets1,014,578 960,735 
Total assets$15,751,959 $14,601,250 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest-bearing demand accounts$3,196,680 $34,209 2.16%$2,937,551 $37,413 2.56%
Money market accounts3,630,955 56,941 3.163,418,257 63,283 3.72
Savings accounts533,629 372 0.14580,115 637 0.22
Certificates of deposit1,430,917 27,723 3.911,377,126 29,514 4.31
Total interest-bearing deposits8,792,181 119,245 2.748,313,049 130,847 3.17
Subordinated debentures and notes156,684 5,299 6.82156,117 5,168 6.66
FHLB advances91,448 2,088 4.6057,049 1,590 5.60
Securities sold under agreements to repurchase238,058 3,609 3.06181,933 3,205 3.54
Other borrowings36,205 228 1.2739,470 300 1.53
Total interest-bearing liabilities9,314,576 130,469 2.828,747,618 141,110 3.24
Noninterest-bearing liabilities:
Demand deposits4,401,504 3,949,429 
Other liabilities151,080 160,734 
Total liabilities13,867,160 12,857,781 
Stockholders' equity1,884,799 1,743,469 
Total liabilities and stockholders' equity$15,751,959 $14,601,250 
Total net interest income$305,491 $282,344 
Net interest margin4.18%4.16%
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 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 $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively.



15

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
At or for the quarter ended
($ in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
LOAN PORTFOLIO
Commercial and industrial$4,870,268 $4,729,707 $4,716,689 $4,628,488 $4,619,448 
Commercial real estate5,074,100 5,046,293 4,974,787 4,915,176 4,856,751 
Construction real estate844,497 880,708 891,059 896,325 893,672 
Residential real estate364,281 366,353 359,263 355,279 351,934 
Other255,694 275,702 278,557 284,624 278,202 
Total loans$11,408,840 $11,298,763 $11,220,355 $11,079,892 $11,000,007 
DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts$4,322,332 $4,285,061 $4,484,072 $3,934,245 $3,928,308 
Interest-bearing demand accounts3,184,670 3,193,903 3,175,292 3,048,981 2,951,899 
Money market and savings accounts4,209,032 4,167,375 4,117,524 4,121,543 4,039,626 
Brokered certificates of deposit752,422 542,172 484,588 480,934 494,870 
Other certificates of deposit848,903 845,719 885,016 879,619 867,680 
Total deposits$13,317,359 $13,034,230 $13,146,492 $12,465,322 $12,282,383 
AVERAGE BALANCES
Loans$11,358,209 $11,240,806 $11,100,112 $10,971,575 $10,962,488 
Securities3,149,010 2,930,912 2,748,063 2,503,124 2,396,519 
Interest-earning assets14,822,957 14,650,854 14,323,053 13,877,631 13,684,459 
Assets15,859,721 15,642,999 15,309,577 14,849,455 14,646,381 
Deposits13,245,241 13,141,556 12,958,156 12,546,086 12,344,253 
Stockholders’ equity1,906,089 1,863,272 1,844,509 1,804,369 1,748,240 
Tangible common equity1
1,461,700 1,418,094 1,398,427 1,357,362 1,300,305 
YIELDS (tax equivalent)
Loans6.64 %6.57 %6.73 %6.95 %6.95 %
Securities3.86 3.75 3.51 3.40 3.35 
Interest-earning assets6.00 5.93 6.05 6.26 6.28 
Interest-bearing deposits2.70 2.77 2.96 3.22 3.19 
Deposits1.82 1.83 2.00 2.18 2.16 
Subordinated debentures and notes7.00 6.63 6.70 6.86 6.91 
FHLB advances and other borrowed funds3.48 3.01 2.81 3.01 3.52 
Interest-bearing liabilities2.81 2.84 3.02 3.28 3.26 
Net interest margin4.21 4.15 4.13 4.17 4.19 
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.


16

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter ended
(in thousands, except per share data)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
ASSET QUALITY
Net charge-offs (recoveries)
$630 $(1,059)$7,131 $3,850 $605 
Nonperforming loans105,807 109,882 42,687 28,376 39,384 
Classified assets281,162 264,460 193,838 179,883 169,822 
Nonperforming loans to total loans0.93 %0.97 %0.38 %0.26 %0.36 %
Nonperforming assets to total assets0.71 %0.72 %0.30 %0.22 %0.33 %
Allowance for credit losses to total loans1.27 %1.27 %1.23 %1.26 %1.27 %
Allowance for credit losses to total loans, excluding guaranteed loans1
1.38 %1.38 %1.34 %1.38 %1.38 %
Allowance for credit losses to nonperforming loans137.2 %130.1 %323.2 %492.6 %354.1 %
Net charge-offs (recoveries) to average loans -annualized
0.02 %(0.04)%0.26 %0.14 %0.02 %
WEALTH MANAGEMENT
Trust assets under management$2,457,471 $2,250,004 $2,412,471 $2,499,807 $2,367,409 
SHARE DATA
Book value per common share$50.09 $48.64 $47.37 $47.33 $45.08 
Tangible book value per common share1
$40.02 $38.54 $37.27 $37.26 $35.02 
Market value per share$55.10 $53.74 $56.40 $51.26 $40.91 
Period end common shares outstanding36,950 36,928 36,988 37,184 37,344 
Average basic common shares36,963 36,971 37,118 37,337 37,485 
Average diluted common shares37,172 37,287 37,447 37,483 37,540 
CAPITAL
Total risk-based capital to risk-weighted assets2
14.7 %14.7 %14.6 %14.8 %14.6 %
Tier 1 capital to risk-weighted assets2
13.2 %13.1 %13.1 %13.2 %13.0 %
Common equity tier 1 capital to risk-weighted assets2
11.9 %11.8 %11.8 %11.9 %11.7 %
Tangible common equity to tangible assets1
9.42 %9.30 %9.05 %9.50 %9.18 %
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.
17

ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Quarter endedSix months ended
($ in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Jun 30,
2025		Jun 30,
2024
CORE EFFICIENCY RATIO
Net interest income (GAAP)$152,762 $147,516 $146,370 $143,469 $140,529 $300,278 $278,257 
Tax-equivalent adjustment2,738 2,475 2,272 2,086 2,047 5,213 4,087 
Noninterest income (GAAP)20,604 18,483 20,631 21,420 15,494 39,087 27,652 
Less gain on sale of investment securities— 106 — — — 106 — 
Less gain (loss) on sale of other real estate owned56 23 (68)3,159 — 79 (2)
Core revenue (non-GAAP)176,048 168,345 169,341 163,816 158,070 344,393 309,998 
Noninterest expense (GAAP)105,702 99,783 99,522 98,007 94,017 205,485 187,518 
Less FDIC special assessment— — — — — — 625 
Less core conversion expense— — 1,893 1,375 1,250 — 1,600 
Less amortization on intangibles753 855 916 927 944 1,608 1,991 
Less acquisition costs518 — — — — 518 — 
Core noninterest expense (non-GAAP)$104,431 $98,928 $96,713 $95,705 $91,823 $203,359 $183,302 
Core efficiency ratio (non-GAAP)59.32 %58.77 %57.11 %58.42 %58.09 %59.05 %59.13 %

Quarter ended
(in thousands, except per share data)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS
Stockholders’ equity (GAAP)$1,922,899 $1,868,073 $1,824,002 $1,832,011 $1,755,273 
Less preferred stock71,988 71,988 71,988 71,988 71,988 
Less goodwill365,164 365,164 365,164 365,164 365,164 
Less intangible assets6,876 7,628 8,484 9,400 10,327 
Tangible common equity (non-GAAP)$1,478,871 $1,423,293 $1,378,366 $1,385,459 $1,307,794 
Less net unrealized losses on HTM securities, after tax56,508 55,819 52,881 34,856 52,220 
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)$1,422,363 $1,367,474 $1,325,485 $1,350,603 $1,255,574 
Common shares outstanding36,950 36,928 36,988 37,184 37,344 
Tangible book value per common share (non-GAAP)$40.02 $38.54 $37.27 $37.26 $35.02 
Total assets (GAAP)$16,076,299 $15,676,594 $15,596,431 $14,954,125 $14,615,666 
Less goodwill365,164 365,164 365,164 365,164 365,164 
Less intangible assets6,876 7,628 8,484 9,400 10,327 
Tangible assets (non-GAAP)$15,704,259 $15,303,802 $15,222,783 $14,579,561 $14,240,175 
Tangible common equity to tangible assets (non-GAAP)9.42 %9.30 %9.05 %9.50 %9.18 %
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)9.06 %8.94 %8.71 %9.26 %8.82 %



18

Quarter EndedSix months ended
($ in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Jun 30,
2025		Jun 30,
2024
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE
Average stockholder’s equity (GAAP)$1,906,089 $1,863,272 $1,844,509 $1,804,369 $1,748,240 $1,884,799 $1,743,469 
Less average preferred stock71,988 71,988 71,988 71,988 71,988 71,988 71,988 
Less average goodwill365,164 365,164 365,164 365,164 365,164 365,164 365,164 
Less average intangible assets7,237 8,026 8,930 9,855 10,783 7,629 11,277 
Average tangible common equity (non-GAAP)$1,461,700 $1,418,094 $1,398,427 $1,357,362 $1,300,305 $1,440,018 $1,295,040 
Net income (GAAP)$51,384 $49,961 $48,834 $50,585 $45,446 $101,345 $85,847 
FDIC special assessment (after tax)— — — — — — 470 
Core conversion expense (after tax)— — 1,424 1,034 940 — 1,203 
Acquisition costs (after tax)462 — — — — 462 — 
Less gain on sale of investment securities (after tax)— 80 — — — 80 — 
Less gain (loss) on sales of other real estate owned (after tax)42 17 (51)2,375 — 59 (1)
Net income adjusted (non-GAAP)$51,804 $49,864 $50,309 $49,244 $46,386 $101,668 $87,521 
Less preferred stock dividends937 938 937 938 937 1,875 1,875 
Net income available to common stockholders adjusted (non-GAAP)$50,867 $48,926 $49,372 $48,306 $45,449 $99,793 $85,646 
Return on average common equity (non-GAAP)11.03 %11.10 %10.75 %11.40 %10.68 %11.07 %10.10 %
Adjusted return on average common equity (non-GAAP)11.12 %11.08 %11.08 %11.09 %10.90 %11.10 %10.30 %
ROATCE (non-GAAP)13.84 %14.02 %13.63 %14.55 %13.77 %13.93 %13.04 %
Adjusted ROATCE (non-GAAP)13.96 %13.99 %14.05 %14.16 %14.06 %13.97 %13.30 %
Average assets$15,859,721 $15,642,999 $15,309,577 $14,849,455 $14,646,381 $15,751,959 $14,601,250 
Return on average assets (GAAP)1.30 %1.30 %1.27 %1.36 %1.25 %1.30 %1.18 %
Adjusted return on average assets (non-GAAP)1.31 %1.29 %1.31 %1.32 %1.27 %1.30 %1.21 %
Average diluted common shares37,17237,28737,44737,48337,54037,22437,564
Diluted earnings per share (GAAP)$1.36 $1.31 $1.28 $1.32 $1.19 $2.67 $2.24 
Adjusted diluted earnings per share (non-GAAP) $1.37 $1.31 $1.32 $1.29 $1.21 $2.68 $2.28 

Quarter ended
($ in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
PRE-PROVISION NET REVENUE (PPNR)
Net interest income$152,762 $147,516 $146,370 $143,469 $140,529 
Noninterest income20,604 18,483 20,631 21,420 15,494 
Core conversion expense— — 1,893 1,375 1,250 
Acquisition costs518 — — — — 
Less gain on sale of investment securities— 106 — — — 
Less gain (loss) on sales of other real estate owned56 23 (68)3,159 — 
Less noninterest expense105,702 99,783 99,522 98,007 94,017 
PPNR (non-GAAP)$68,126 $66,087 $69,440 $65,098 $63,256 

19

At
($ in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS
Loans (GAAP)$11,408,840 $11,298,763 $11,220,355 $11,079,892 $11,000,007 
Less guaranteed loans913,118 942,651 947,665 928,272 923,794 
Adjusted loans (non-GAAP)$10,495,722 $10,356,112 $10,272,690 $10,151,620 $10,076,213 
Allowance for credit losses$145,133 $142,944 $137,950 $139,778 $139,464 
Allowance for credit losses/loans (GAAP)1.27 %1.27 %1.23 %1.26 %1.27 %
Allowance for credit losses/adjusted loans (non-GAAP)1.38 %1.38 %1.34 %1.38 %1.38 %
20
Exhibit 99.2 Enterprise Financial Services Corp 2025 Second 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 - 2Q25* Capital • Tangible Common Equity/Tangible Assets** 9.42%, compared to 9.30% • Tangible Book Value Per Common Share** $40.02, compared to $38.54 • CET1 Ratio 11.9%, compared to 11.8% • Quarterly common stock dividend of $0.30 per share in second quarter 2025 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share) • Net Income $51.4 million, up $1.4 million; EPS $1.36 • Net Interest Income $152.8 million, up $5.2 million; NIM 4.21% • PPNR** $68.1 million, up $2.0 million • Adjusted ROAA** 1.31%, compared to 1.29%; PPNR ROAA** 1.72%, compared to 1.71% • Adjusted ROATCE** 13.96%, compared to 13.99% 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 - 2Q25* *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. Loans & Deposits • Loans $11.4 billion, up $110.1 million • Loan/Deposit Ratio 85.7% • Sold $24.4 million of SBA loans, gain of $1.2 million • Deposits $13.3 billion, up $283.1 million or $72.9 million excluding brokered CDs • Noninterest-bearing Deposits/Total Deposits 32% Asset Quality • Nonperforming Loans/Loans 0.93% • Nonperforming Assets/Assets 0.71% • Allowance Coverage Ratio 1.27%; 1.38% adjusted for guaranteed loans** • Net Charge-Offs $0.6 million

 
5 Loan Details 2Q25 1Q25 2Q24 Qtr Change LTM Change C&I $ 2,317 $ 2,199 $ 2,107 $ 118 $ 210 CRE Investor Owned 2,548 2,487 2,309 61 239 CRE Owner Occupied 1,282 1,292 1,314 (10) (32) SBA loans* 1,249 1,283 1,269 (34) (20) Sponsor Finance* 771 784 866 (13) (95) Life Insurance Premium Financing* 1,156 1,149 996 7 160 Tax Credits* 708 678 738 30 (30) Residential Real Estate 357 358 340 (1) 17 Construction and Land Development 773 801 792 (28) (19) Other 248 268 269 (20) (21) Total Loans $ 11,409 $ 11,299 $ 11,000 $ 110 $ 409 *Specialty loan category. $ In Millions

 
6 Loans By Region Specialty Lending $3,959 $4,096 $4,141 2Q24 1Q25 2Q25 $ In Millions Midwest $3,279 $3,153 $3,186 2Q24 1Q25 2Q25 Southwest $1,649 $1,867 $1,890 2Q24 1Q25 2Q25 Note: Excludes “Other” loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) West $1,844 $1,915 $1,944 2Q24 1Q25 2Q25

 
7 Deposit Details 2Q25 1Q25 2Q24 Qtr Change LTM Change Noninterest-bearing demand accounts $ 4,322 $ 4,285 $ 3,928 $ 37 $ 394 Interest-bearing demand accounts 3,185 3,194 2,952 (9) 233 Money market accounts 3,676 3,632 3,474 44 202 Savings accounts 533 535 565 (2) (32) Certificates of deposit: Brokered 752 542 495 210 257 Customer 849 846 868 3 (19) Total Deposits $ 13,317 $ 13,034 $ 12,282 $ 283 $ 1,035 Deposit Verticals (included in total deposits)* $ 3,585 $ 3,522 $ 3,033 $ 63 $ 552 $ In Millions * Total deposits excluding Deposit Verticals and brokered CDs increased $10 million from 1Q25 and increased $226 million from 2Q24

 
8 Deposits By Region Deposit Verticals $3,033 $3,522 $3,585 2Q24 1Q25 2Q25 $ In Millions Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) *Includes brokered balances Midwest* $6,111 $6,187 $6,340 2Q24 1Q25 2Q25 West* $1,154 $1,229 $1,333 2Q24 1Q25 2Q25 Southwest $1,984 $2,096 $2,059 2Q24 1Q25 2Q25

 
9 Differentiated Deposit Verticals Community Associations 41.6% Property Management 37.4% Third Party Escrow and Trust Services 21.0% Community Associations $1.5 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 $754 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $3.59 billion - 27% of total deposits • $3.66 billion - Average deposits for 2Q25 • $24.8 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.71% in 2Q25 • $144.3 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B* ◦ 25 - The national deposit vertical portfolio is the equivalent of 25 traditional bank branches *Data Source: Deposit data as of June 30th, 2024, per the FDIC Summary of Deposits. 2Q24 3Q24 4Q24 1Q25 2Q25 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $1,500 $ In Millions

 
10 Core Funding Mix Commercial Business Banking Consumer $ In Millions 1At June 30, 2025. Note: Brokered deposits were $1.0 billion at 2Q25; 3.71% cost of funds Deposit Verticals 2Q25 Total Portfolio Average Account Size & Cost of Funds COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Average account size ($ in thousands) 2Q25 $ 325 $ 81 $ 23 $ 104 Cost of funds 2Q251 2.21 % 1.35 % 1.53 % 0.87 % • ~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% 34% 32% 38% 36% 18% 5% 6% 30% 26% 18% 19% 64%7% 28% $4,564 $3,585$2,608$1,568 DDA IB DDA MMA SAV CD 1 yr or less CD > 1 yr

 
11 Earnings Per Share Trend - 2Q25 $1.31 $0.12 $0.05 $0.04 $(0.13) $(0.03) $1.36 1Q25 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest Expense Change in ETR 2Q25 Change in Diluted EPS

 
12 $140.5 $143.5 $146.4 $147.5 $152.8 4.19% 4.17% 4.13% 4.15% 4.21% 5.33% 5.27% 4.66% 4.33% 4.33% Net Interest Income Net Interest Margin Avg Fed Funds Rate 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income Trend $ In Millions Net Interest Income 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income - FTE $ 142.6 $ 145.6 $ 148.6 $ 150.0 $ 155.5 Purchase Accounting Amortization/(Accretion) (0.2) 0.5 0.8 0.2 0.4 Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $ 142.4 $ 146.1 $ 149.4 $ 150.2 $ 155.9 Net Interest Margin 4.19 % 4.17 % 4.13 % 4.15 % 4.21 % Purchase Accounting Amortization/(Accretion) — % 0.01 % 0.02 % 0.01 % 0.01 % Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) 4.19 % 4.18 % 4.15 % 4.16 % 4.22 %

 
13 Net Interest Margin 6.95% 6.95% 6.73% 6.57% 6.64% 3.35% 3.40% 3.51% 3.75% 3.86% 6.28% 6.26% 6.05% 5.93% 6.00% Earning asset yield Securities yield Loan yield 2Q24 3Q24 4Q24 1Q25 2Q25 3.19% 3.22% 2.96% 2.77% 2.70% 2.16% 2.18% 2.00% 1.83% 1.82% 3.26% 3.28% 3.02% 2.84% 2.81% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 2Q24 3Q24 4Q24 1Q25 2Q25 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.15% 0.05% 0.02% 0.02% (0.08)% 0.05% 4.21% 1Q25 Loans Securities Other Earning Asset Mix Funding Mix Cost of Funds 2Q25 Margin Bridge

 
14 2 14 26 (4) 2 2Q24 3Q24 4Q24 1Q25 2Q25 $(29) $80 $140 $78 $110 45.8% 44.1% 41.5% 41.9% 45.9% Organic Loans Avg Line Draw % 2Q24 3Q24 4Q24 1Q25 2Q25 2Q25 1Q25 2Q24 NPLs/Loans 0.93 % 0.97 % 0.36 % NPAs/Assets 0.71 % 0.72 % 0.33 % ACL/NPLs 137.2 % 130.1 % 354.1 % ACL/Loans** 1.38 % 1.38 % 1.38 % Annualized Net Charge-offs (Recoveries) to Average Loans Provision for Credit Losses* $4.8 $4.1 $6.8 $5.2 $3.5 2Q24 3Q24 4Q24 1Q25 2Q25 $ 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

 
15 $142.9 $2.8 $(0.6) $145.1 ACL 1Q25 Portfolio Changes Net Charge-offs ACL 2Q25 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 2Q25 Loans ACL ACL as a % of Loans Commercial and industrial $ 4,870 $ 72 1.48 % Commercial real estate 5,074 48 0.95 % Construction real estate 845 13 1.54 % Residential real estate 364 8 2.20 % Other 256 4 1.56 % Total $ 11,409 $ 145 1.27 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $26.5 million, $2.9 million, and $8.4 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.

 
16 Noninterest Income Trend $15.5 $21.4 $20.6 $18.5 $20.6 $4.0 $8.3 $4.7 $6.4 $8.5$1.9 $3.3 $6.0 $2.6 $2.2 $4.5 $4.6 $4.7 $4.4 $4.9 $2.5 $2.6 $2.5 $2.4 $2.4 $2.6 $2.6 $2.7 $2.7 $2.6 9.9% 13.0% 12.4% 11.1% 11.9% Other Tax Credit Income Deposit Services Charge Card Services Wealth Management Noninterest income/Total income 2Q24 3Q24 4Q24 1Q25 2Q25 $4.0 $8.3 $4.7 $6.4 $8.5 $1.6 $1.7 $1.7 $1.7 $2.1 $0.6 $0.5 $0.5 $0.5 $0.5 $0.9 $1.1 $0.9 $0.9 $2.6 $0.2 $1.0 $0.1 $0.3 $1.2 $0.3 $0.7 $1.4 $0.4 $0.6 $0.3 $0.7 $0.5 $3.2 $0.1 $1.9 $1.2 Miscellaneous Servicing Fees BOLI Swap Fees CDE Private Equity Fund Distribution Gain on Sale of OREO Gain on SBA Loan Sales 2Q24 3Q24 4Q24 1Q25 2Q25 $ In Millions Noninterest Income Other Noninterest Income Detail

 
17 Noninterest Expense Trend Noninterest Expense $ In Millions $22.3 $23.0 $24.2 $23.4 $25.1 $1.3 $1.4 $1.9 $0.5 $21.7 $23.8 $22.9 $23.8 $24.8 $4.2 $4.4 $4.3 $4.4 $5.1 $44.5 $45.4 $46.2 $48.2 $50.2 58.1% 58.4% 57.1% 58.8% 59.3% $94.0 $98.0 $99.5 $99.8 $105.7 Other Core conversion expense Acquisition costs Deposit costs Occupancy Employee compensation and benefits Core efficiency ratio* 2Q24 3Q24 4Q24 1Q25 2Q25 $22.3 $23.0 $24.2 $23.4 $25.1 $10.7 $10.9 $11.9 $10.7 $11.4 $4.0 $4.1 $4.6 $4.8 $4.8 $1.3 $1.6 $1.6 $1.7 $1.5 $3.1 $3.3 $3.1 $3.1 $3.4 $2.3 $2.2 $2.1 $2.2 $3.2 $0.9 $0.9 $0.9 $0.9 $0.8 Miscellaneous Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 2Q24 3Q24 4Q24 1Q25 2Q25 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail

 
18 Capital Tangible Common Equity/Tangible Assets 9.18% 9.50% 9.05% 9.30% 9.42% Tangible Common Equity/Tangible Assets* 2Q24 3Q24 4Q24 1Q25 2Q25 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. **Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.6% 14.8% 14.6% 14.7% 14.7% 6.5% 11.7% 11.9% 11.8% 11.8% 11.9% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 2Q24 3Q24 4Q24 1Q25 2Q25 8.0% 13.0% 13.2% 13.1% 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 – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $35.02 $37.26 $37.27 $38.54 $40.02 $0.26 $0.27 $0.28 $0.29 $0.30 TBV/Share* Dividends per Share 2Q24 3Q24 4Q24 1Q25 2Q25 13.2% **

 
Appendix

 
20 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 7% Obligations of states and political subdivisions 43% Agency mortgage- backed securities 42% Corporate debt securities 4% U.S. Treasury bills 4% TOTAL $3.3 billion • Effective duration of 5.1 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $547.5 million • 3.86% 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) 2Q24 3Q24 4Q24 1Q25 2Q25 $— $800 $1,600 $2,400 $(200) $(100) $— $100 $ In Millions $67.2 $241.4 $359.4 $314.9 $348.6 5.43% 4.97% 5.10% 5.20% 5.30% Principal Cost Yield (TEQ) 2Q24 3Q24 4Q24 1Q25 2Q25 Investment Purchase Yield $ In Millions Investment Portfolio

 
21 EFSC Borrowing Capacity $5.5 $5.7 $6.1 $1.3 $1.1 $1.1 $2.8 $2.9 $3.2 $0.1 $0.1 $0.2 $1.3 $1.6 $1.6 42% 44% 45% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 4Q24 1Q25 2Q25 $ In Billions End of Period and Average Loans to Deposits 90% 89% 85% 87% 86%89% 87% 86% 86% 86% End of period Loans/Deposits Avg Loans/Avg Deposits 2Q24 3Q24 4Q24 1Q25 2Q25 • $1.1 billion available FHLB capacity • $3.2 billion available FRB capacity • $160.0 million in eight federal funds lines • $1.6 billion in unpledged investment securities • $491.5 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 21% • FHLB maximum credit capacity is 45% of assets $0.5 $0.4 $0.4 $0.4 $0.3 $0.5 $0.9 $1.3 $1.7 $2.0 Annual Cash Flows Cumulative Cash Flows 2025 2026 2027 2028 2029 Investment Portfolio Cash Flows* $ In Billions Strong Liquidity Profile *Trailing 12 months ending June 30 of each year Liquidity

 
22 Office CRE (Non-owner Occupied) Total $542.1 million Midwest 44.9% Southwest 30.2% West 20.8% Specialty 4.1% Office CRE Loans by Location Real Estate/ Rental/Leasing 88.6% Health Care and Social Assistance 4.2% Other 7.2% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.64 14 $ 210.6 $ 15.0 $5-10 Million 4.92 12 80.9 6.7 $2-5 Million 5.24 41 136.1 3.3 < $2 Million 5.28 194 114.5 0.6 Total 5.28 261 $ 542.1 $ 2.1 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 • $18.8 million unfunded commitments • Limited near-term maturity risk: 6% to mature in 2025, 94% maturing in 2026 and beyond 22

 
23 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 to tangible assets, 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 to tangible assets, 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, acquisition costs, core conversion expenses, and the gain or loss on sale of other real estate 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.

 
24 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 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 (GAAP) $ 1,922,899 $ 1,868,073 $ 1,824,002 $ 1,832,011 $ 1,755,273 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 6,876 7,628 8,484 9,400 10,327 Tangible common equity (non-GAAP) $ 1,478,871 $ 1,423,293 $ 1,378,366 $ 1,385,459 $ 1,307,794 Common shares outstanding 36,950 36,928 36,988 37,184 37,344 Tangible book value per common share (non-GAAP) $ 40.02 $ 38.54 $ 37.27 $ 37.26 $ 35.02 Total assets (GAAP) $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 $ 14,615,666 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 6,876 7,628 8,484 9,400 10,327 Tangible assets (non-GAAP) $ 15,704,259 $ 15,303,802 $ 15,222,783 $ 14,579,561 $ 14,240,175 Tangible common equity to tangible assets (non-GAAP) 9.42 % 9.30 % 9.05 % 9.50 % 9.18 % Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 PRE-PROVISION NET REVENUE Net interest income $ 152,762 $ 147,516 $ 146,370 $ 143,469 $ 140,529 Noninterest income 20,604 18,483 20,631 21,420 15,494 Core conversion expense — — 1,893 1,375 1,250 Acquisition costs 518 — — — — Less gain on sale of investment securities — 106 — — — Less net gain (loss) on sale of other real estate owned 56 23 (68) 3,159 — Less noninterest expense 105,702 99,783 99,522 98,007 94,017 PPNR (non-GAAP) $ 68,126 $ 66,087 $ 69,440 $ 65,098 $ 63,256 Average assets $ 15,859,721 $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 14,646,381 PPNR ROAA (non-GAAP) 1.72 % 1.71 % 1.80 % 1.74 % 1.74 %

 
25 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) AND RETURN ON AVERAGE ASSETS (ROAA) Average stockholder’s equity (GAAP) $ 1,906,089 $ 1,863,272 $ 1,844,509 $ 1,804,369 $ 1,748,240 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 7,237 8,026 8,930 9,855 10,783 Average tangible common equity (non-GAAP) $ 1,461,700 $ 1,418,094 $ 1,398,427 $ 1,357,362 $ 1,300,305 Net income (GAAP) $ 51,384 $ 49,961 $ 48,834 $ 50,585 $ 45,446 Core conversion expense (after tax) — — 1,424 1,034 940 Acquisition costs (after tax) 462 — — — — Less gain on sale of investment securities (after tax) — 80 — — — Less net gain (loss) on sale of other real estate owned (after tax) 42 17 (51) 2,375 — Net income adjusted (non-GAAP) $ 51,804 $ 49,864 $ 50,309 $ 49,244 $ 46,386 Less preferred stock dividends 937 938 937 938 937 Net income available to common stockholders adjusted (non-GAAP) $ 50,867 $ 48,926 $ 49,372 $ 48,306 $ 45,449 ROATCE (non-GAAP) 13.84 % 14.02 % 13.63 % 14.55 % 13.77 % Adjusted ROATCE (non-GAAP) 13.96 % 13.99 % 14.05 % 14.16 % 14.06 % Average assets $ 15,859,721 $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 14,646,381 Return on average assets (GAAP) 1.30 % 1.30 % 1.27 % 1.36 % 1.25 % Adjusted return on average assets (non-GAAP) 1.31 % 1.29 % 1.31 % 1.32 % 1.27 %

 
26 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $ 11,408,840 $ 11,298,763 $ 11,220,355 $ 11,079,892 $ 11,000,007 Less guaranteed loans 913,118 942,651 947,665 928,272 923,794 Adjusted loans (non-GAAP) $ 10,495,722 $ 10,356,112 $ 10,272,690 $ 10,151,620 $ 10,076,213 Allowance for credit losses $ 145,133 $ 142,944 $ 137,950 $ 139,778 $ 139,464 Allowance for credit losses/loans (GAAP) 1.27 % 1.27 % 1.23 % 1.26 % 1.27 % Allowance for credit losses/adjusted loans (non-GAAP) 1.38 % 1.38 % 1.34 % 1.38 % 1.38 % Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 152,762 $ 147,516 $ 146,370 $ 143,469 $ 140,529 Tax-equivalent adjustment 2,738 2,475 2,272 2,086 2,047 Noninterest income (GAAP) 20,604 18,483 20,631 21,420 15,494 Less gain on sale of investment securities — 106 — — — Less net gain (loss) on sale of other real estate owned 56 23 (68) 3,159 — Core revenue (non-GAAP) $ 176,048 $ 168,345 $ 169,341 $ 163,816 $ 158,070 Noninterest expense (GAAP) $ 105,702 $ 99,783 $ 99,522 $ 98,007 $ 94,017 Less core conversion expense — — 1,893 1,375 1,250 Less amortization on intangibles 753 855 916 927 944 Less acquisition costs 518 — — — — Core revenue (non-GAAP) $ 104,431 $ 98,928 $ 96,713 $ 95,705 $ 91,823 Core efficiency ratio (non-GAAP) 59.3 % 58.8 % 57.1 % 58.4 % 58.1 %