Enterprise Financial Services Corp 8-K, filed Oct 21, 2026
Enterprise Financial Services Corp (EFSC)
8-K
2026-10-21
For: 2026-10-21
View Original
Added on
October 22, 2026
About this 8-K
Enterprise Financial Services Corp filed this 8-K on October 21, 2026.
Enterprise Financial Services Corp reported third-quarter net income of $42.4 million, diluted EPS of $1.14, and NIM of 4.30%; loans reached $12.3 billion, deposits $15.1 billion, and the common dividend increased to $0.36 per share. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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)
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) | (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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 21, 2026, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
On October 22, 2026, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended September 30, 2026. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference.
The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed “filed” with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ENTERPRISE FINANCIAL SERVICES CORP | ||||||||||||||
| Date: | October 21, 2026 | By: | /s/ Troy R. Dumlao | |||||||||||
| Troy R. Dumlao | ||||||||||||||
| Executive Vice President and Chief Accounting Officer | ||||||||||||||
EXHIBIT 99.1
ENTERPRISE FINANCIAL SERVICES CORP REPORTS THIRD QUARTER 2026 RESULTS
Third Quarter Results
•Net income of $42.4 million, or $1.14 per diluted common share, compared to $1.09 for the linked quarter and $1.19 for the prior year quarter
•Net interest margin (“NIM”) of 4.30%, stable with the linked quarter
•Net interest income of $174.6 million, quarterly increase of $5.9 million
•Total loans of $12.3 billion, quarterly increase of $452.3 million
•Total deposits of $15.1 billion, quarterly increase of $624.4 million
•Return on average assets (“ROAA”) of 0.95% for the current and linked quarters, compared to 1.11% for the prior year quarter
•Return on average tangible common equity (“ROATCE”)1 of 10.74%, compared to 10.39% for the linked quarter and 11.56% for the prior year quarter
•Tangible common equity to tangible assets1 of 8.13%, compared to 9.04% in the linked quarter and 9.60% in the prior year quarter
•Tangible book value per common share1 of $39.45, compared to $42.30 for the linked quarter and $41.58 for the prior year quarter
•Returned $46.5 million to stockholders through the repurchase of 525,767 shares for $34.0 million and $12.5 million through common stock dividends
•Increased quarterly dividend $0.01 to $0.36 per common share for the fourth quarter 2026
St. Louis, MO. October 21, 2026 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the third quarter of 2026. “The strong loan and deposit growth that our team delivered this quarter reflects our associates’ continued commitment to our clients and the strength of our diversified business platform,” said Jim Lally, President and Chief Executive Officer. “We have continued to grow net interest income which helped offset a higher provision for credit losses for the quarter. The strength of our balance sheet and solid return profile provides the foundation to support our growth while continuing to return capital to stockholders.”
Comparisons to the prior year quarter are affected by the acquisition of 12 branches in Arizona and Kansas in the fourth quarter 2025 (the “Branch Acquisition”). Noninterest income for the prior year quarter also included $32.1 million of anticipated insurance proceeds from a pending claim related to a recapture event with respect to a $24.1 million solar tax credit that the Company purchased and applied to prior taxable periods. The anticipated proceeds from the insurance policy and tax liability resulting from the recapture event, both totaling $32.1 million, are included in “Noninterest Income” and “Income Tax Expense”, respectively, in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025.
1 ROATCE, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.
Highlights
•Earnings - Net income in the third quarter 2026 was $42.4 million, an increase of $1.5 million and a decrease of $2.8 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the third quarter 2026 was $1.14, compared to $1.09 and $1.19 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share2 was $1.17 in the third quarter 2026, compared to $1.13 and $1.20 in the linked and prior year quarters, respectively.
•Pre-provision net revenue (“PPNR”)2 - PPNR of $74.6 million in the third quarter 2026 increased $6.4 million and $9.0 million from the linked and prior year quarter, respectively. The increase from the linked and prior year quarters was primarily due to an increase in net interest income. Compared to the prior year quarter, the increase was partially offset by an increase in noninterest expense.
•Net interest income and NIM - Net interest income of $174.6 million for the third quarter 2026 increased $5.9 million and $16.3 million from the linked and prior year quarters, respectively. Compared to the linked quarter, net interest income benefitted from organic loan growth, as well as an additional day during the period. Compared to the prior year quarter, net interest income increased primarily due to higher average loan and investment balances and a decrease on rates paid on interest-bearing liabilities. NIM was 4.30% for the current and linked quarters, respectively, and 4.23% for the prior year quarter. The total cost of deposits of 1.54% for the third quarter 2026 increased one basis point and decreased 26 basis points from the linked and prior year quarters, respectively.
•Noninterest income - Noninterest income of $13.2 million for the third quarter 2026 decreased $0.3 million and $35.4 million from the linked and prior year quarters, respectively. Excluding the anticipated insurance proceeds from the pending claim related to the tax credit recapture event included in the prior year quarter, noninterest income decreased $3.3 million from the prior year quarter. The decrease in noninterest income from the linked and prior year quarters was primarily due to a decrease in tax credit income and a net loss on other real estate owned (“OREO”), partially offset by higher rental income included in other income.
•Noninterest expense - Noninterest expense of $114.7 million for the third quarter 2026 decreased $1.1 million from the linked quarter and increased $4.9 million from the prior year quarter. The decrease from the linked quarter was primarily driven by lower employee compensation, partially offset by an increase in loan and legal expenses related to OREO and loan workouts. Compared to the prior year quarter, the increase was primarily due to an increase in loan and legal expenses related to OREO and loan workouts, and higher employee compensation as a result of an increase in the associate base and merit increases.
•Loans - Loans totaled $12.3 billion at September 30, 2026, an increase of $452.3 million and $761.6 million from the linked and prior year quarters, respectively. Average loans totaled $12.1 billion for the current quarter, compared to $11.8 billion and $11.5 billion for the linked and prior year quarters, respectively.
•Asset quality - The allowance for credit losses to total loans was 1.17% at September 30, 2026 and June 30, 2026, respectively, and 1.29% at September 30, 2025. The provision for credit losses in the third quarter 2026 was $18.1 million, compared to $14.2 million and $8.4 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 1.03% at September 30, 2026, compared to 0.92% and 0.83% at June 30, 2026 and September 30, 2025, respectively.
2 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.
2
•Deposits - Deposits totaled $15.1 billion at September 30, 2026, an increase of $624.4 million and $1.6 billion from the linked and prior year quarters, respectively. Average deposits were $15.0 billion for the current quarter, compared to $14.6 billion and $13.6 billion for the linked and prior year quarter, respectively. At September 30, 2026, noninterest-bearing deposit accounts totaled $5.0 billion, or 33% of total deposits, and the loan to deposit ratio was 82%.
•Capital - Total stockholders’ equity was $1.9 billion and the tangible common equity to tangible assets ratio3 was 8.13% at September 30, 2026, compared to $2.0 billion and 9.04%, respectively, at June 30, 2026. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 11.8% and a total risk-based capital ratio of 12.8% at September 30, 2026. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.1% and 14.4%, respectively, at September 30, 2026.
The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.36 per common share, payable on December 31, 2026 to stockholders of record as of December 15, 2026. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) September 15, 2026 to (but excluding) December 15, 2026. The dividend will be payable on December 15, 2026 to stockholders of record of Series A Preferred Stock as of November 30, 2026.
3 Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.
3
Net Interest Income and NIM
Average Balance Sheets
The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis.
| Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ 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 | $ | 12,067,288 | $ | 195,309 | 6.42 | % | $ | 11,775,879 | $ | 188,819 | 6.43 | % | $ | 11,454,183 | $ | 191,589 | 6.64 | % | |||||||||||||||||||||||||||||||||||
| Taxable securities | 2,589,972 | 29,378 | 4.50 | 2,539,301 | 27,898 | 4.41 | 2,100,748 | 21,705 | 4.10 | ||||||||||||||||||||||||||||||||||||||||||||
Non-taxable securities2 | 1,294,511 | 12,510 | 3.83 | 1,294,693 | 12,317 | 3.82 | 1,252,557 | 11,503 | 3.64 | ||||||||||||||||||||||||||||||||||||||||||||
| Total securities | 3,884,483 | 41,888 | 4.28 | 3,833,994 | 40,215 | 4.21 | 3,353,305 | 33,208 | 3.93 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest-earning deposits | 465,119 | 4,343 | 3.70 | 431,044 | 3,697 | 3.44 | 328,392 | 3,638 | 4.40 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 16,416,890 | 241,540 | 5.84 | 16,040,917 | 232,731 | 5.82 | 15,135,880 | 228,435 | 5.99 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-earning assets | 1,279,189 | 1,266,799 | 1,042,208 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 17,696,079 | $ | 17,307,716 | $ | 16,178,088 | |||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand accounts | $ | 3,641,074 | $ | 16,877 | 1.84 | % | $ | 3,438,895 | $ | 15,149 | 1.77 | % | $ | 3,298,022 | $ | 17,488 | 2.10 | % | |||||||||||||||||||||||||||||||||||
| Money market accounts | 4,047,970 | 26,316 | 2.58 | 4,009,504 | 25,788 | 2.58 | 3,706,891 | 28,734 | 3.08 | ||||||||||||||||||||||||||||||||||||||||||||
| Savings accounts | 536,184 | 170 | 0.13 | 546,880 | 164 | 0.12 | 532,015 | 183 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||
| Certificates of deposit | 1,697,479 | 14,648 | 3.42 | 1,698,565 | 14,569 | 3.44 | 1,609,346 | 15,210 | 3.75 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 9,922,707 | 58,011 | 2.32 | 9,693,844 | 55,670 | 2.30 | 9,146,274 | 61,615 | 2.67 | ||||||||||||||||||||||||||||||||||||||||||||
| Subordinated debentures and notes | 262,795 | 4,408 | 6.65 | 120,277 | 2,061 | 6.87 | 136,895 | 2,683 | 7.78 | ||||||||||||||||||||||||||||||||||||||||||||
| FHLB advances | 19,511 | 200 | 4.07 | 88,011 | 861 | 3.92 | 106,130 | 1,207 | 4.51 | ||||||||||||||||||||||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 169,322 | 914 | 2.14 | 200,060 | 1,162 | 2.33 | 159,039 | 1,155 | 2.88 | ||||||||||||||||||||||||||||||||||||||||||||
| Other borrowings | 36,262 | 95 | 1.04 | 84,609 | 843 | 4.00 | 56,164 | 444 | 3.14 | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 10,410,597 | 63,628 | 2.42 | 10,186,801 | 60,597 | 2.39 | 9,604,502 | 67,104 | 2.77 | ||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Demand deposits | 5,065,373 | 4,914,670 | 4,458,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 179,865 | 154,012 | 151,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 15,655,835 | 15,255,483 | 14,213,962 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' equity | 2,040,244 | 2,052,233 | 1,964,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 17,696,079 | $ | 17,307,716 | $ | 16,178,088 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total net interest income | $ | 177,912 | $ | 172,134 | $ | 161,331 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net interest margin | 4.30 | % | 4.30 | % | 4.23 | % | |||||||||||||||||||||||||||||||||||||||||||||||
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $2.0 million, $1.5 million, and $1.9 million for each of the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, 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 $3.3 million, $3.4 million, and $3.0 million for each of the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4
Net interest income of $174.6 million for the third quarter 2026 increased $5.9 million and $16.3 million from the linked and prior year quarters, respectively. Net interest income on a tax-equivalent basis was $177.9 million, $172.1 million and $161.3 million for the current, linked and prior year quarters, respectively. The increase from the linked quarter reflects organic loan growth and the benefit of one additional day compared to the linked quarter. These increases were partially offset by an increase in the average balance of interest-bearing liabilities. Compared to the prior year quarter, the increase in net interest income was primarily due to growth in the average balance of interest-earning assets and lower rates paid on interest-bearing liabilities, specifically certificates of deposit and money market accounts.
Interest income for the third quarter 2026 increased $8.9 million and $12.8 million from the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to a $291.4 million increase in average loans, a $50.5 million increase in average securities balances and one additional day during the period. Compared to the prior year quarter, the increase in interest income was primarily due to an increase of $613.1 million and $531.2 million in average loan and investment securities balances, respectively, partially offset by a 15 basis point decrease in the yield on interest-earning assets. The average interest rate of new loan originations in the third quarter 2026 was 6.61%, and investment purchases in the third quarter 2026 had a weighted average, tax-equivalent yield of 4.74%.
Interest expense in the third quarter 2026 increased $3.0 million and decreased $3.5 million from the linked and prior year quarters, respectively. Compared to the linked quarter, the increase in interest expense was primarily due to the first full quarter of $175 million of subordinated debt issued in the linked quarter and higher interest-bearing demand account balances, partially offset by the redemption of $7.7 million of 10.2% fixed rate trust preferred securities in the current quarter. Compared to the prior year quarter, the decrease was primarily due to decreased interest paid on interest-bearing liabilities, partially offset by a $806.1 million increase in the average balance of interest-bearing liabilities. The rate paid on interest-bearing liabilities was 2.42% during the third quarter 2026, compared to 2.39% and 2.77% in the linked and prior year quarters, respectively.
NIM, on a tax-equivalent basis, was 4.30% in the third quarter 2026, stable with the linked quarter and an increase of seven basis points from the prior year quarter. For the month of September 2026, the loan portfolio yield was 6.47% and the cost of total deposits was 1.57%.
Investments
| At | |||||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||
| ($ in thousands) | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss | |||||||||||||||||||||||||||||
| Available-for-sale (AFS) | $ | 2,730,596 | $ | (251,071) | $ | 2,795,725 | $ | (101,080) | $ | 2,351,493 | $ | (102,269) | |||||||||||||||||||||||
| Held-to-maturity (HTM) | 1,030,084 | (116,265) | 1,036,477 | (38,163) | 1,081,847 | (49,656) | |||||||||||||||||||||||||||||
| Total | $ | 3,760,680 | $ | (367,336) | $ | 3,832,202 | $ | (139,243) | $ | 3,433,340 | $ | (151,925) | |||||||||||||||||||||||
Investment securities totaled $3.8 billion at September 30, 2026, a decrease of $71.5 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities4 was 7.63% at September 30, 2026, compared to 8.87% at June 30, 2026.
4 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.
5
Loans
The following table presents total loans for the most recent five quarters:
| At | |||||||||||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| C&I | $ | 2,707,185 | $ | 2,628,065 | $ | 2,655,273 | $ | 2,606,472 | $ | 2,320,868 | |||||||||||||||||||
| CRE investor owned | 3,040,845 | 2,902,890 | 2,763,227 | 2,786,139 | 2,626,657 | ||||||||||||||||||||||||
| CRE owner occupied | 1,454,715 | 1,421,859 | 1,452,350 | 1,404,704 | 1,296,902 | ||||||||||||||||||||||||
| SBA loans* | 1,245,288 | 1,237,294 | 1,230,455 | 1,262,456 | 1,257,817 | ||||||||||||||||||||||||
| Sponsor finance* | 713,614 | 708,449 | 661,946 | 694,905 | 774,142 | ||||||||||||||||||||||||
| Life insurance premium financing* | 1,349,925 | 1,250,250 | 1,208,098 | 1,187,128 | 1,151,700 | ||||||||||||||||||||||||
| Tax credits* | 749,810 | 725,452 | 702,080 | 802,818 | 780,767 | ||||||||||||||||||||||||
| Residential real estate | 352,075 | 356,342 | 340,966 | 362,278 | 359,315 | ||||||||||||||||||||||||
| Construction and land development | 681,068 | 608,923 | 621,988 | 633,803 | 784,218 | ||||||||||||||||||||||||
| Consumer** | 50,180 | 52,875 | 56,397 | 59,635 | 230,723 | ||||||||||||||||||||||||
| Total loans | $ | 12,344,705 | $ | 11,892,399 | $ | 11,692,780 | $ | 11,800,338 | $ | 11,583,109 | |||||||||||||||||||
| Quarterly loan yield | 6.42 | % | 6.43 | % | 6.38 | % | 6.51 | % | 6.64 | % | |||||||||||||||||||
| Loans by rate type (to total loans): | |||||||||||||||||||||||||||||
| Fixed | 37 | % | 37 | % | 37 | % | 40 | % | 41 | % | |||||||||||||||||||
| Variable: | 63 | % | 63 | % | 63 | % | 60 | % | 59 | % | |||||||||||||||||||
| SOFR | 33 | % | 32 | % | 32 | % | 30 | % | 29 | % | |||||||||||||||||||
| Prime | 23 | % | 24 | % | 24 | % | 23 | % | 23 | % | |||||||||||||||||||
| Other | 7 | % | 7 | % | 7 | % | 7 | % | 7 | % | |||||||||||||||||||
| Variable rate loans to total loans, adjusted for interest rate hedges | 57 | % | 58 | % | 59 | % | 56 | % | 55 | % | |||||||||||||||||||
| *Specialty loan category | |||||||||||||||||||||||||||||
**Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | |||||||||||||||||||||||||||||
Loans totaled $12.3 billion at September 30, 2026, an increase of $452.3 million compared to the linked quarter. The increase from the linked quarter was primarily driven by a 12% increase in the construction and land development portfolio, an 8% increase in the life insurance premium financing portfolio and a 5% increase in the CRE investor owned portfolio. Combined, these three categories accounted for $310 million in net loan growth during the current quarter. Loan production outpaced repayment activity in the quarter with loan volume of $1.3 billion compared to repayment activity of $800.7 million. Average line utilization was approximately 47% for the current and linked quarters, respectively, compared to 45% for the prior year quarter.
6
Asset Quality
The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:
| At | |||||||||||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Nonperforming loans* | $ | 87,270 | $ | 76,144 | $ | 64,941 | $ | 82,809 | $ | 127,878 | |||||||||||||||||||
Other1 | 95,582 | 84,259 | 84,482 | 81,544 | 7,821 | ||||||||||||||||||||||||
| Nonperforming assets* | $ | 182,852 | $ | 160,403 | $ | 149,423 | $ | 164,353 | $ | 135,699 | |||||||||||||||||||
| Nonperforming loans to total loans | 0.71 | % | 0.64 | % | 0.56 | % | 0.70 | % | 1.10 | % | |||||||||||||||||||
| Nonperforming assets to total assets | 1.03 | % | 0.92 | % | 0.87 | % | 0.95 | % | 0.83 | % | |||||||||||||||||||
| Allowance for credit losses | $ | 144,519 | $ | 139,238 | $ | 142,064 | $ | 140,022 | $ | 148,854 | |||||||||||||||||||
| Allowance for credit losses to total loans | 1.17 | % | 1.17 | % | 1.21 | % | 1.19 | % | 1.29 | % | |||||||||||||||||||
| Allowance for credit losses to nonperforming loans* | 165.6 | % | 182.9 | % | 218.8 | % | 169.1 | % | 116.4 | % | |||||||||||||||||||
Quarterly net charge-offs | $ | 11,036 | $ | 13,555 | $ | 4,407 | $ | 20,674 | $ | 4,057 | |||||||||||||||||||
| *Guaranteed balances excluded | $ | 53,650 | $ | 40,698 | $ | 28,243 | $ | 28,903 | $ | 33,475 | |||||||||||||||||||
1OREO and repossessed assets transferred at fair value, and carried at the lesser of cost or market value. | |||||||||||||||||||||||||||||
The following table presents a summary of nonperforming assets by loan category as of September 30, 2026:
| ($ in thousands) | Nonperforming Loans | Government Guaranteed | Nonperforming Loans, net | ACL Reserve Allocation | |||||||||||||||||||
| C&I | $ | 34,193 | $ | (1,155) | $ | 33,038 | $ | (14,977) | |||||||||||||||
| CRE investor owned | 32,762 | (7,189) | 25,573 | (22) | |||||||||||||||||||
| CRE owner occupied | 69,004 | (43,300) | 25,704 | (1,482) | |||||||||||||||||||
| SBA (included in CRE owner occupied) | 55,318 | (43,300) | 12,018 | (658) | |||||||||||||||||||
| Other | 4,961 | (2,006) | 2,955 | (267) | |||||||||||||||||||
| Total | $ | 140,920 | $ | (53,650) | $ | 87,270 | $ | (16,748) | |||||||||||||||
Other1 | 95,582 | ||||||||||||||||||||||
| Nonperforming assets | $ | 182,852 | |||||||||||||||||||||
1OREO and repossessed assets transferred at fair value, and carried at the lesser of cost or market value. | |||||||||||||||||||||||
Nonperforming assets increased $22.4 million and $47.2 million from the linked and prior year quarters, respectively. In the current quarter, the Company foreclosed on a CRE relationship with a book value of $15.5 million that was transferred to OREO at fair market value, less selling costs, resulting in a partial charge-off of $2.6 million. The increase in nonperforming assets compared to the linked quarter is primarily due to $18.0 million in agricultural-related loans, a $7.5 million CRE relationship and a $4.1 million C&I relationship that went on nonaccrual.
The provision for credit losses totaled $18.1 million in the third quarter 2026, compared to $14.2 million and $8.4 million in the linked and prior year quarters, respectively. The third quarter 2026 provision for credit losses was driven mainly by $11.0 million in net charge-offs, the increase in nonperforming loans and organic loan growth. Charge-offs during the period primarily consisted of a $7.0 million C&I relationship in Missouri and the $2.6 million charge-off noted above. Annualized net charge-offs totaled 36 basis points of average loans in the current quarter, compared to 46 basis points in the linked quarter and 14 basis points of average loans in the prior year quarter.
7
Deposits
The following table presents deposits broken out by type for the most recent five quarters:
| At | |||||||||||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Noninterest-bearing demand accounts | $ | 5,043,875 | $ | 4,910,235 | $ | 4,828,375 | $ | 4,874,115 | $ | 4,386,513 | |||||||||||||||||||
| Interest-bearing demand accounts | 3,723,393 | 3,406,505 | 3,395,680 | 3,537,334 | 3,301,621 | ||||||||||||||||||||||||
| Money market and savings accounts | 4,664,512 | 4,482,011 | 4,610,662 | 4,528,510 | 4,228,605 | ||||||||||||||||||||||||
| Brokered certificates of deposit | 735,993 | 736,377 | 724,788 | 721,977 | 762,499 | ||||||||||||||||||||||||
| Other certificates of deposit | 959,191 | 967,423 | 964,892 | 947,406 | 888,674 | ||||||||||||||||||||||||
| Total deposit portfolio | $ | 15,126,964 | $ | 14,502,551 | $ | 14,524,397 | $ | 14,609,342 | $ | 13,567,912 | |||||||||||||||||||
| Noninterest-bearing deposits to total deposits | 33.3 | % | 33.9 | % | 33.2 | % | 33.4 | % | 32.3 | % | |||||||||||||||||||
| Quarterly cost of deposits | 1.54 | % | 1.53 | % | 1.52 | % | 1.64 | % | 1.80 | % | |||||||||||||||||||
Total deposits at September 30, 2026 were $15.1 billion, an increase of $624.4 million and $1.6 billion from the linked and prior year quarters, respectively. Average deposits for the three months ended September 30, 2026 were $15.0 billion, compared to $14.6 billion and $13.6 billion for the three months ended June 30, 2026 and September 30, 2025, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.3 billion and $1.2 billion at September 30, 2026 and June 30, 2026, respectively.
Noninterest Income
The following table presents a comparative summary of the major components of noninterest income for the periods indicated:
| Linked quarter comparison | Prior year comparison | ||||||||||||||||||||||||||||||||||||||||
| Quarter ended | Quarter ended | ||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | Increase (decrease) | September 30, 2025 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||
| Deposit service charges | $ | 5,407 | $ | 5,477 | $ | (70) | (1) | % | $ | 4,935 | $ | 472 | 10 | % | |||||||||||||||||||||||||||
| Wealth management revenue | 2,864 | 2,804 | 60 | 2 | % | 2,571 | 293 | 11 | % | ||||||||||||||||||||||||||||||||
| Card services revenue | 2,621 | 2,545 | 76 | 3 | % | 2,535 | 86 | 3 | % | ||||||||||||||||||||||||||||||||
Tax credit loss | (5,030) | (1,733) | (3,297) | (190) | % | (300) | (4,730) | (1,577) | % | ||||||||||||||||||||||||||||||||
| Other income | 7,352 | 4,385 | 2,967 | 68 | % | 38,883 | (31,531) | (81) | % | ||||||||||||||||||||||||||||||||
| Total noninterest income | $ | 13,214 | $ | 13,478 | $ | (264) | (2) | % | $ | 48,624 | $ | (35,410) | (73) | % | |||||||||||||||||||||||||||
Total noninterest income was $13.2 million for the third quarter 2026, a decrease of $0.3 million and $35.4 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to lower tax credit income, partially offset by an increase in other income, which is discussed further below. Compared to the prior year quarter, the decrease was primarily due to a decrease in other income, consisting primarily of the anticipated insurance proceeds from the tax credit recapture, and lower tax credit income. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes. Changes in the interest rate environment had a negative impact on tax credit projects carried at fair value.
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The following table presents a comparative summary of the major components of other income for the periods indicated:
| Linked quarter comparison | Prior year comparison | ||||||||||||||||||||||||||||||||||||||||
| Quarter ended | Quarter ended | ||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | Increase (decrease) | September 30, 2025 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||
| BOLI | $ | 1,803 | $ | 2,427 | $ | (624) | (26) | % | $ | 2,062 | $ | (259) | (13) | % | |||||||||||||||||||||||||||
| Community development investments | 495 | 404 | 91 | 23 | % | 309 | 186 | 60 | % | ||||||||||||||||||||||||||||||||
| Gain on SBA loan sales | — | — | — | — | % | 1,140 | (1,140) | (100) | % | ||||||||||||||||||||||||||||||||
| Gain on sales of fixed assets | — | 687 | (687) | (100) | % | — | — | — | % | ||||||||||||||||||||||||||||||||
Net gain (loss) on OREO | (1,402) | (302) | (1,100) | 364 | % | 7 | (1,409) | (20,129) | % | ||||||||||||||||||||||||||||||||
| Net loss on sales of investment securities | — | (2,146) | 2,146 | (100) | % | — | — | — | % | ||||||||||||||||||||||||||||||||
| Private equity fund distributions | 149 | 283 | (134) | (47) | % | 626 | (477) | (76) | % | ||||||||||||||||||||||||||||||||
| Servicing fees | 679 | 540 | 139 | 26 | % | 587 | 92 | 16 | % | ||||||||||||||||||||||||||||||||
| Swap fees | 9 | 131 | (122) | (93) | % | 341 | (332) | (97) | % | ||||||||||||||||||||||||||||||||
| Anticipated insurance recoveries | — | — | — | — | % | 32,112 | (32,112) | (100) | % | ||||||||||||||||||||||||||||||||
| Miscellaneous income | 5,619 | 2,361 | 3,258 | 138 | % | 1,699 | 3,920 | 231 | % | ||||||||||||||||||||||||||||||||
| Total other income | $ | 7,352 | $ | 4,385 | $ | 2,967 | 68 | % | $ | 38,883 | $ | (31,531) | (81) | % | |||||||||||||||||||||||||||
Other income in the third quarter 2026 increased $3.0 million and decreased $31.5 million compared to the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to a $3.8 million increase in rental income from OREO included in miscellaneous income and a $2.1 million net loss on sales of investment securities in the linked quarter that did not reoccur, partially offset by a $1.4 million net loss on OREO. Compared to the prior year quarter, the decrease was primarily driven by the $32.1 million in accrued insurance proceeds that are anticipated to be received as a result of the recaptured tax credits recognized in the prior year quarter that did not reoccur.
Noninterest Expense
The following table presents a comparative summary of the major components of noninterest expense for the periods indicated:
| Linked quarter comparison | Prior year comparison | |||||||||||||||||||||||||||||||||||||||||||
| Quarter ended | Quarter ended | |||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | September 30, 2026 | June 30, 2026 | Increase (decrease) | September 30, 2025 | Increase (decrease) | |||||||||||||||||||||||||||||||||||||||
| Employee compensation and benefits | $ | 50,581 | $ | 53,114 | $ | (2,533) | (5) | % | $ | 49,640 | $ | 941 | 2 | % | ||||||||||||||||||||||||||||||
| Deposit costs | 27,482 | 27,832 | (350) | (1) | % | 27,172 | 310 | 1 | % | |||||||||||||||||||||||||||||||||||
| Occupancy | 5,893 | 5,909 | (16) | — | % | 4,895 | 998 | 20 | % | |||||||||||||||||||||||||||||||||||
| Acquisition costs | — | — | — | — | % | 609 | (609) | (100) | % | |||||||||||||||||||||||||||||||||||
| Other expense | 30,698 | 28,884 | 1,814 | 6 | % | 27,474 | 3,224 | 12 | % | |||||||||||||||||||||||||||||||||||
| Total noninterest expense | $ | 114,654 | $ | 115,739 | $ | (1,085) | (1) | % | $ | 109,790 | $ | 4,864 | 4 | % | ||||||||||||||||||||||||||||||
Noninterest expense decreased $1.1 million from the linked quarter and increased $4.9 million from the prior year quarter. The decrease from the linked quarter was primarily due to a $2.5 million decrease in employee compensation and benefits from a lower associate base and a reduction in variable compensation accruals, partially offset by an increase in loan, legal, foreclosure and property maintenance expenses related to OREO and loan workouts.
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The increase in noninterest expense from the prior year quarter was primarily due to an increase of $2.5 million in loan, legal, foreclosure and property maintenance expenses related to OREO and loan workouts, and an increase in the associate base as a result of the Branch Acquisition and merit increases throughout 2025 and 2026. For the third quarter 2026, the core efficiency ratio5 was 58.9%, compared to 61.1% for the linked quarter and 61.0% for the prior year quarter.
Income Taxes
The effective tax rate for the current quarter was 22.9%, compared to 21.7% and 49.0% in the linked and prior year quarters, respectively. Included in tax expense during the prior year quarter is $24.1 million in transferrable tax credits that were recaptured as discussed above and approximately $8.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Excluding these items, the adjusted effective tax rate5 for the third quarter 2025 was 20.0%. The increase in the effective tax rate from the linked and prior year quarters was due to an increase in state taxes.
Capital
The following table presents total equity and various capital ratios for the most recent five quarters:
| At | |||||||||||||||||||||||||||||
| ($ in thousands) | September 30, 2026* | June 30, 2026 | March 31, 2026 | December 31 2025 | September 30, 2025 | ||||||||||||||||||||||||
| Stockholders’ equity | $ | 1,917,326 | $ | 2,040,846 | $ | 2,022,204 | $ | 2,039,386 | $ | 1,982,332 | |||||||||||||||||||
| Total risk-based capital to risk-weighted assets | 14.4 | % | 15.0 | % | 13.9 | % | 13.9 | % | 14.4 | % | |||||||||||||||||||
| Tier 1 capital to risk weighted assets | 12.2 | % | 12.7 | % | 12.9 | % | 12.8 | % | 13.3 | % | |||||||||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 11.1 | % | 11.5 | % | 11.7 | % | 11.6 | % | 12.0 | % | |||||||||||||||||||
| Leverage ratio | 10.2 | % | 10.4 | % | 10.4 | % | 10.5 | % | 11.1 | % | |||||||||||||||||||
Tangible common equity to tangible assets5 | 8.13 | % | 9.04 | % | 9.01 | % | 9.07 | % | 9.60 | % | |||||||||||||||||||
*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 September 30, 2026, a decrease of $123.5 million and $65.0 million from the linked and prior year quarters, respectively. The decrease in total equity was primarily due to higher unrealized losses on the AFS investment securities portfolio due to an increase in interest rates. Tangible book value per common share5 was $39.45 at September 30, 2026, compared to $42.30 and $41.58 at June 30, 2026 and September 30, 2025, respectively. The Company repurchased 525,767 shares at an average price of $64.74 in the third quarter 2026.
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.
5 Core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.
10
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 ROATCE, core efficiency ratio, adjusted effective tax rate, 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, adjusted 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, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, 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, adjusted 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, acquisition costs, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, the net gain or loss on sales of fixed assets, the net gain or loss on OREO and the net gain or loss on sales 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 to tangible assets ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.
The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated.
Conference Call and Webcast Information
The Company will host a conference call and webcast at 10:00 a.m. Central Time on Thursday, October 22, 2026. During the call, management will review the third quarter 2026 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 1-833-461-5787. After connecting, you may say the name of the conference or enter the Conference ID 416436528. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC3Q2026EarningsCallRegistration. 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.
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About Enterprise Financial Services Corp
Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $17.8 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, 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 Global Select 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, the Company’s ability to collect insurance proceeds from claims made related to tax recapture events, 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, debt ceiling 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, changes in business prospects that could impact goodwill estimates and assumptions, 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 (including wildfires and earthquakes), terrorist activities, war and geopolitical instability (including in Israel, Iran and 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, cybersecurity threats and the cost of defending against them, 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, 2025,
12
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, CFO and COO (314) 512-7233
Dakota Danescu, Senior Investor Relations Analyst (314) 810-3623
Media
Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695
13
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
| Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||||||||||||||||||||||||||
| EARNINGS SUMMARY | |||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 174,606 | $ | 168,716 | $ | 166,147 | $ | 168,174 | $ | 158,286 | $ | 509,469 | $ | 458,564 | |||||||||||||||||||||||||||
| Provision for credit losses | 18,107 | 14,210 | 7,243 | 9,236 | 8,447 | 39,560 | 17,101 | ||||||||||||||||||||||||||||||||||
| Noninterest income | 13,214 | 13,478 | 19,088 | 25,412 | 48,624 | 45,780 | 87,711 | ||||||||||||||||||||||||||||||||||
| Noninterest expense | 114,654 | 115,739 | 115,137 | 114,532 | 109,790 | 345,530 | 315,275 | ||||||||||||||||||||||||||||||||||
| Income before income tax expense | 55,059 | 52,245 | 62,855 | 69,818 | 88,673 | 170,159 | 213,899 | ||||||||||||||||||||||||||||||||||
| Income tax expense | 12,615 | 11,318 | 13,493 | 15,024 | 43,438 | 37,426 | 67,319 | ||||||||||||||||||||||||||||||||||
| Net income | 42,444 | 40,927 | 49,362 | 54,794 | 45,235 | 132,733 | 146,580 | ||||||||||||||||||||||||||||||||||
| Preferred stock dividends | 938 | 937 | 938 | 937 | 938 | 2,813 | 2,813 | ||||||||||||||||||||||||||||||||||
| Net income available to common stockholders | $ | 41,506 | $ | 39,990 | $ | 48,424 | $ | 53,857 | $ | 44,297 | $ | 129,920 | $ | 143,767 | |||||||||||||||||||||||||||
| Diluted earnings per common share | $ | 1.14 | $ | 1.09 | $ | 1.30 | $ | 1.45 | $ | 1.19 | $ | 3.54 | $ | 3.86 | |||||||||||||||||||||||||||
Adjusted diluted earnings per common share1 | 1.17 | 1.13 | 1.31 | 1.36 | 1.20 | 3.61 | 3.88 | ||||||||||||||||||||||||||||||||||
| Return on average assets | 0.95 | % | 0.95 | % | 1.16 | % | 1.27 | % | 1.11 | % | 1.02 | % | 1.23 | % | |||||||||||||||||||||||||||
Adjusted return on average assets1 | 0.98 | % | 0.98 | % | 1.16 | % | 1.19 | % | 1.12 | % | 1.04 | % | 1.24 | % | |||||||||||||||||||||||||||
Return on average common equity1 | 8.37 | % | 8.10 | % | 9.80 | % | 10.95 | % | 9.29 | % | 8.75 | % | 10.45 | % | |||||||||||||||||||||||||||
Adjusted return on average common equity1 | 8.58 | % | 8.37 | % | 9.84 | % | 10.28 | % | 9.40 | % | 8.93 | % | 10.51 | % | |||||||||||||||||||||||||||
ROATCE1 | 10.74 | % | 10.39 | % | 12.53 | % | 14.02 | % | 11.56 | % | 11.22 | % | 13.10 | % | |||||||||||||||||||||||||||
Adjusted ROATCE1 | 11.01 | % | 10.73 | % | 12.59 | % | 13.15 | % | 11.70 | % | 11.44 | % | 13.18 | % | |||||||||||||||||||||||||||
| Net interest margin (tax-equivalent) | 4.30 | % | 4.30 | % | 4.28 | % | 4.26 | % | 4.23 | % | 4.29 | % | 4.20 | % | |||||||||||||||||||||||||||
| Efficiency ratio | 61.0 | % | 63.5 | % | 62.2 | % | 59.2 | % | 53.1 | % | 62.2 | % | 57.7 | % | |||||||||||||||||||||||||||
Core efficiency ratio1 | 58.9 | % | 61.1 | % | 60.2 | % | 58.3 | % | 61.0 | % | 60.1 | % | 59.7 | % | |||||||||||||||||||||||||||
| Assets | $ | 17,792,510 | $ | 17,399,009 | $ | 17,227,828 | $ | 17,300,884 | $ | 16,402,405 | |||||||||||||||||||||||||||||||
| Average assets | $ | 17,696,079 | $ | 17,307,716 | $ | 17,311,103 | $ | 17,099,429 | $ | 16,178,088 | $ | 17,439,709 | $ | 15,895,563 | |||||||||||||||||||||||||||
| Period end common shares outstanding | 35,775 | 36,258 | 36,581 | 36,965 | 37,011 | ||||||||||||||||||||||||||||||||||||
| Dividends per common share | $ | 0.35 | $ | 0.34 | $ | 0.33 | $ | 0.32 | $ | 0.31 | $ | 1.02 | $ | 0.90 | |||||||||||||||||||||||||||
Tangible book value per common share1 | $ | 39.45 | $ | 42.30 | $ | 41.38 | $ | 41.37 | $ | 41.58 | |||||||||||||||||||||||||||||||
Tangible common equity to tangible assets1 | 8.13 | % | 9.04 | % | 9.01 | % | 9.07 | % | 9.60 | % | |||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets2 | 14.4 | % | 15.0 | % | 13.9 | % | 13.9 | % | 14.4 | % | |||||||||||||||||||||||||||||||
1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP. | |||||||||||||||||||||||||||||||||||||||||
2 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. | |||||||||||||||||||||||||||||||||||||||||
14
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
| Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||||||||||||||||||||||||||
| INCOME STATEMENTS | |||||||||||||||||||||||||||||||||||||||||
| NET INTEREST INCOME | |||||||||||||||||||||||||||||||||||||||||
| Interest income | $ | 238,234 | $ | 229,313 | $ | 225,091 | $ | 232,273 | $ | 225,390 | $ | 692,638 | $ | 656,137 | |||||||||||||||||||||||||||
| Interest expense | 63,628 | 60,597 | 58,944 | 64,099 | 67,104 | 183,169 | 197,573 | ||||||||||||||||||||||||||||||||||
| Net interest income | 174,606 | 168,716 | 166,147 | 168,174 | 158,286 | 509,469 | 458,564 | ||||||||||||||||||||||||||||||||||
| Provision for credit losses | 18,107 | 14,210 | 7,243 | 9,236 | 8,447 | 39,560 | 17,101 | ||||||||||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 156,499 | 154,506 | 158,904 | 158,938 | 149,839 | 469,909 | 441,463 | ||||||||||||||||||||||||||||||||||
| NONINTEREST INCOME | |||||||||||||||||||||||||||||||||||||||||
| Deposit service charges | 5,407 | 5,477 | 5,256 | 5,081 | 4,935 | 16,140 | 14,295 | ||||||||||||||||||||||||||||||||||
| Wealth management revenue | 2,864 | 2,804 | 2,712 | 2,642 | 2,571 | 8,380 | 7,814 | ||||||||||||||||||||||||||||||||||
| Card services revenue | 2,621 | 2,545 | 2,535 | 2,621 | 2,535 | 7,701 | 7,374 | ||||||||||||||||||||||||||||||||||
Tax credit income (loss) | (5,030) | (1,733) | (179) | 3,180 | (300) | (6,942) | 4,517 | ||||||||||||||||||||||||||||||||||
Insurance recoveries1 | — | — | — | — | 32,112 | — | 32,112 | ||||||||||||||||||||||||||||||||||
| Other income | 7,352 | 4,385 | 8,764 | 11,888 | 6,771 | 20,501 | 21,599 | ||||||||||||||||||||||||||||||||||
| Total noninterest income | 13,214 | 13,478 | 19,088 | 25,412 | 48,624 | 45,780 | 87,711 | ||||||||||||||||||||||||||||||||||
| NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||||||||||||
| Employee compensation and benefits | 50,581 | 53,114 | 55,759 | 50,149 | 49,640 | 159,454 | 148,012 | ||||||||||||||||||||||||||||||||||
| Deposit costs | 27,482 | 27,832 | 25,996 | 27,471 | 27,172 | 81,310 | 75,760 | ||||||||||||||||||||||||||||||||||
| Occupancy | 5,893 | 5,909 | 5,902 | 5,764 | 4,895 | 17,704 | 14,390 | ||||||||||||||||||||||||||||||||||
| FDIC special assessment | — | — | — | (652) | — | — | — | ||||||||||||||||||||||||||||||||||
| Acquisition costs | — | — | — | 2,548 | 609 | — | 1,127 | ||||||||||||||||||||||||||||||||||
| Other expense | 30,698 | 28,884 | 27,480 | 29,252 | 27,474 | 87,062 | 75,986 | ||||||||||||||||||||||||||||||||||
| Total noninterest expense | 114,654 | 115,739 | 115,137 | 114,532 | 109,790 | 345,530 | 315,275 | ||||||||||||||||||||||||||||||||||
| Income before income tax expense | 55,059 | 52,245 | 62,855 | 69,818 | 88,673 | 170,159 | 213,899 | ||||||||||||||||||||||||||||||||||
| Income tax expense | 12,615 | 11,318 | 13,493 | 15,024 | 11,326 | 37,426 | 35,207 | ||||||||||||||||||||||||||||||||||
Tax credit recapture and provision for anticipated tax applied to related insurance recoveries2 | — | — | — | — | 32,112 | — | 32,112 | ||||||||||||||||||||||||||||||||||
| Total income tax expense | 12,615 | 11,318 | 13,493 | 15,024 | 43,438 | 37,426 | 67,319 | ||||||||||||||||||||||||||||||||||
| Net income | $ | 42,444 | $ | 40,927 | $ | 49,362 | $ | 54,794 | $ | 45,235 | $ | 132,733 | $ | 146,580 | |||||||||||||||||||||||||||
| Preferred stock dividends | 938 | 937 | 938 | 937 | 938 | 2,813 | 2,813 | ||||||||||||||||||||||||||||||||||
| Net income available to common stockholders | $ | 41,506 | $ | 39,990 | $ | 48,424 | $ | 53,857 | $ | 44,297 | $ | 129,920 | $ | 143,767 | |||||||||||||||||||||||||||
| Basic earnings per common share | $ | 1.15 | $ | 1.10 | $ | 1.31 | $ | 1.46 | $ | 1.20 | $ | 3.56 | $ | 3.89 | |||||||||||||||||||||||||||
| Diluted earnings per common share | $ | 1.14 | $ | 1.09 | $ | 1.30 | $ | 1.45 | $ | 1.19 | $ | 3.54 | $ | 3.86 | |||||||||||||||||||||||||||
1 Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | |||||||||||||||||||||||||||||||||||||||||
2 Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to a third quarter 2025 recapture event. | |||||||||||||||||||||||||||||||||||||||||
15
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
| At | |||||||||||||||||||||||||||||
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||
| BALANCE SHEET | |||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Cash and due from banks | $ | 213,259 | $ | 273,875 | $ | 258,542 | $ | 208,080 | $ | 208,455 | |||||||||||||||||||
| Interest-earning deposits | 275,281 | 278,852 | 376,824 | 474,720 | 264,399 | ||||||||||||||||||||||||
| Debt and equity investments | 3,881,344 | 3,960,834 | 3,911,106 | 3,810,876 | 3,527,467 | ||||||||||||||||||||||||
| Loans held for sale | 202 | 1,145 | 418 | 928 | 681 | ||||||||||||||||||||||||
| Loans | 12,344,705 | 11,892,399 | 11,692,780 | 11,800,338 | 11,583,109 | ||||||||||||||||||||||||
| Allowance for credit losses | (144,519) | (139,238) | (142,064) | (140,022) | (148,854) | ||||||||||||||||||||||||
| Total loans, net | 12,200,186 | 11,753,161 | 11,550,716 | 11,660,316 | 11,434,255 | ||||||||||||||||||||||||
| Fixed assets, net | 56,819 | 57,318 | 57,956 | 58,993 | 49,248 | ||||||||||||||||||||||||
| Goodwill | 416,968 | 416,968 | 416,968 | 416,968 | 365,164 | ||||||||||||||||||||||||
| Intangible assets, net | 16,948 | 18,228 | 19,525 | 21,175 | 6,140 | ||||||||||||||||||||||||
| Other assets | 731,503 | 638,628 | 635,773 | 648,828 | 546,596 | ||||||||||||||||||||||||
| Total assets | $ | 17,792,510 | $ | 17,399,009 | $ | 17,227,828 | $ | 17,300,884 | $ | 16,402,405 | |||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 5,043,875 | $ | 4,910,235 | $ | 4,828,375 | $ | 4,874,115 | $ | 4,386,513 | |||||||||||||||||||
| Interest-bearing deposits | 10,083,089 | 9,592,316 | 9,696,022 | 9,735,227 | 9,181,399 | ||||||||||||||||||||||||
| Total deposits | 15,126,964 | 14,502,551 | 14,524,397 | 14,609,342 | 13,567,912 | ||||||||||||||||||||||||
| Subordinated debentures and notes | 258,409 | 265,910 | 93,759 | 93,688 | 93,617 | ||||||||||||||||||||||||
| FHLB advances | 64,000 | 208,000 | — | — | 327,000 | ||||||||||||||||||||||||
| Other borrowings | 179,532 | 208,166 | 319,345 | 387,717 | 247,006 | ||||||||||||||||||||||||
| Other liabilities | 246,279 | 173,536 | 268,123 | 170,751 | 184,538 | ||||||||||||||||||||||||
| Total liabilities | 15,875,184 | 15,358,163 | 15,205,624 | 15,261,498 | 14,420,073 | ||||||||||||||||||||||||
| Stockholders’ equity: | |||||||||||||||||||||||||||||
| Preferred stock | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | ||||||||||||||||||||||||
| Common stock | 358 | 363 | 366 | 370 | 370 | ||||||||||||||||||||||||
| Additional paid-in capital | 976,905 | 986,133 | 990,394 | 1,000,775 | 997,446 | ||||||||||||||||||||||||
| Retained earnings | 1,064,907 | 1,056,072 | 1,041,038 | 1,020,840 | 980,548 | ||||||||||||||||||||||||
| Accumulated other comprehensive loss | (196,832) | (73,710) | (81,582) | (54,587) | (68,020) | ||||||||||||||||||||||||
| Total stockholders’ equity | 1,917,326 | 2,040,846 | 2,022,204 | 2,039,386 | 1,982,332 | ||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 17,792,510 | $ | 17,399,009 | $ | 17,227,828 | $ | 17,300,884 | $ | 16,402,405 | |||||||||||||||||||
16
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
| Nine months ended | |||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||
| AVERAGE BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||
Loans1, 2 | $ | 11,874,692 | $ | 569,508 | 6.41 | % | $ | 11,351,848 | $ | 561,635 | 6.61 | % | |||||||||||||||||||||||||||||
| Taxable securities | 2,537,213 | 83,384 | 4.39 | 1,964,496 | 59,270 | 4.03 | |||||||||||||||||||||||||||||||||||
Nontaxable securities2 | 1,296,933 | 37,217 | 3.84 | 1,181,460 | 31,360 | 3.55 | |||||||||||||||||||||||||||||||||||
| Total securities | 3,834,146 | 120,601 | 4.21 | 3,145,956 | 90,630 | 3.85 | |||||||||||||||||||||||||||||||||||
| Interest-earning deposits | 466,757 | 12,573 | 3.60 | 373,870 | 12,130 | 4.34 | |||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 16,175,595 | 702,682 | 5.81 | 14,871,674 | 664,395 | 5.97 | |||||||||||||||||||||||||||||||||||
| Noninterest-earning assets | 1,264,114 | 1,023,889 | |||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 17,439,709 | $ | 15,895,563 | |||||||||||||||||||||||||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand accounts | $ | 3,511,893 | $ | 46,966 | 1.79 | % | $ | 3,230,832 | $ | 51,697 | 2.14 | % | |||||||||||||||||||||||||||||
| Money market accounts | 4,003,666 | 77,302 | 2.58 | 3,656,546 | 85,675 | 3.13 | |||||||||||||||||||||||||||||||||||
| Savings accounts | 540,544 | 486 | 0.12 | 533,084 | 555 | 0.14 | |||||||||||||||||||||||||||||||||||
| Certificates of deposit | 1,687,456 | 43,676 | 3.46 | 1,491,047 | 42,933 | 3.85 | |||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 9,743,559 | 168,430 | 2.31 | 8,911,509 | 180,860 | 2.71 | |||||||||||||||||||||||||||||||||||
| Subordinated debentures and notes | 159,552 | 7,991 | 6.70 | 150,015 | 7,982 | 7.11 | |||||||||||||||||||||||||||||||||||
| FHLB advances | 37,810 | 1,117 | 3.95 | 96,396 | 3,295 | 4.57 | |||||||||||||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 212,777 | 3,690 | 2.32 | 211,429 | 4,764 | 3.01 | |||||||||||||||||||||||||||||||||||
| Other borrowings | 71,712 | 1,941 | 3.62 | 42,932 | 672 | 2.09 | |||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 10,225,410 | 183,169 | 2.39 | 9,412,281 | 197,573 | 2.81 | |||||||||||||||||||||||||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||
| Demand deposits | 4,993,391 | 4,420,552 | |||||||||||||||||||||||||||||||||||||||
| Other liabilities | 164,714 | 151,199 | |||||||||||||||||||||||||||||||||||||||
| Total liabilities | 15,383,515 | 13,984,032 | |||||||||||||||||||||||||||||||||||||||
| Stockholders' equity | 2,056,194 | 1,911,531 | |||||||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 17,439,709 | $ | 15,895,563 | |||||||||||||||||||||||||||||||||||||
| Total net interest income | $ | 519,513 | $ | 466,822 | |||||||||||||||||||||||||||||||||||||
| Net interest margin | 4.29 | % | 4.20 | % | |||||||||||||||||||||||||||||||||||||
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $4.9 million and $5.3 million for the nine months ended September 30, 2026 and September 30, 2025, 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 $10.0 million and $8.3 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. | |||||||||||||||||||||||||||||||||||||||||
17
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
| At or for the quarter ended | |||||||||||||||||||||||||||||
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||
| LOAN PORTFOLIO | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 5,467,434 | $ | 5,257,840 | $ | 5,168,533 | $ | 5,231,616 | $ | 4,943,561 | |||||||||||||||||||
| Commercial real estate | 5,725,119 | 5,556,856 | 5,453,966 | 5,453,821 | 5,178,649 | ||||||||||||||||||||||||
| Construction real estate | 744,787 | 663,480 | 667,703 | 687,584 | 858,146 | ||||||||||||||||||||||||
| Residential real estate | 357,184 | 361,346 | 346,181 | 367,682 | 365,010 | ||||||||||||||||||||||||
| Consumer | 50,181 | 52,877 | 56,397 | 59,635 | 237,743 | ||||||||||||||||||||||||
| Total loans | $ | 12,344,705 | $ | 11,892,399 | $ | 11,692,780 | $ | 11,800,338 | $ | 11,583,109 | |||||||||||||||||||
| DEPOSIT PORTFOLIO | |||||||||||||||||||||||||||||
| Noninterest-bearing demand accounts | $ | 5,043,875 | $ | 4,910,235 | $ | 4,828,375 | $ | 4,874,115 | $ | 4,386,513 | |||||||||||||||||||
| Interest-bearing demand accounts | 3,723,393 | 3,406,505 | 3,395,680 | 3,537,334 | 3,301,621 | ||||||||||||||||||||||||
| Money market and savings accounts | 4,664,512 | 4,482,011 | 4,610,662 | 4,528,510 | 4,228,605 | ||||||||||||||||||||||||
| Brokered certificates of deposit | 735,993 | 736,377 | 724,788 | 721,977 | 762,499 | ||||||||||||||||||||||||
| Other certificates of deposit | 959,191 | 967,423 | 964,892 | 947,406 | 888,674 | ||||||||||||||||||||||||
| Total deposits | $ | 15,126,964 | $ | 14,502,551 | $ | 14,524,397 | $ | 14,609,342 | $ | 13,567,912 | |||||||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||||||||||||
| Loans | $ | 12,067,288 | $ | 11,775,879 | $ | 11,777,727 | $ | 11,794,459 | $ | 11,454,183 | |||||||||||||||||||
| Securities | 3,884,483 | 3,833,994 | 3,782,844 | 3,623,965 | 3,353,305 | ||||||||||||||||||||||||
| Interest-earning assets | 16,416,890 | 16,040,917 | 16,065,112 | 15,971,267 | 15,135,880 | ||||||||||||||||||||||||
| Assets | 17,696,079 | 17,307,716 | 17,311,103 | 17,099,429 | 16,178,088 | ||||||||||||||||||||||||
| Deposits | 14,988,080 | 14,608,514 | 14,609,433 | 14,537,381 | 13,604,302 | ||||||||||||||||||||||||
| Stockholders’ equity | 2,040,244 | 2,052,233 | 2,076,504 | 2,022,472 | 1,964,126 | ||||||||||||||||||||||||
Tangible common equity1 | 1,533,720 | 1,544,417 | 1,567,129 | 1,524,453 | 1,520,476 | ||||||||||||||||||||||||
| YIELDS (tax-equivalent) | |||||||||||||||||||||||||||||
| Loans | 6.42 | % | 6.43 | % | 6.38 | % | 6.51 | % | 6.64 | % | |||||||||||||||||||
| Securities | 4.28 | 4.21 | 4.13 | 4.02 | 3.93 | ||||||||||||||||||||||||
| Interest-earning assets | 5.84 | 5.82 | 5.77 | 5.86 | 5.99 | ||||||||||||||||||||||||
| Interest-bearing deposits | 2.32 | 2.30 | 2.31 | 2.46 | 2.67 | ||||||||||||||||||||||||
| Deposits | 1.54 | 1.53 | 1.52 | 1.64 | 1.80 | ||||||||||||||||||||||||
| Subordinated debentures and notes | 6.65 | 6.87 | 6.59 | 6.61 | 7.78 | ||||||||||||||||||||||||
| FHLB advances and other borrowed funds | 2.13 | 3.08 | 2.92 | 3.27 | 3.47 | ||||||||||||||||||||||||
| Interest-bearing liabilities | 2.42 | 2.39 | 2.37 | 2.52 | 2.77 | ||||||||||||||||||||||||
| Net interest margin | 4.30 | 4.30 | 4.28 | 4.26 | 4.23 | ||||||||||||||||||||||||
1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
18
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
| Quarter ended | |||||||||||||||||||||||||||||
| (in thousands, except per share data) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||
| ASSET QUALITY | |||||||||||||||||||||||||||||
Net charge-offs | $ | 11,036 | $ | 13,555 | $ | 4,407 | $ | 20,674 | $ | 4,057 | |||||||||||||||||||
| Nonperforming loans | 87,270 | 76,144 | 64,941 | 82,809 | 127,878 | ||||||||||||||||||||||||
| Classified assets | 416,025 | 413,779 | 430,288 | 410,485 | 352,792 | ||||||||||||||||||||||||
| Nonperforming loans to total loans | 0.71 | % | 0.64 | % | 0.56 | % | 0.70 | % | 1.10 | % | |||||||||||||||||||
| Nonperforming assets to total assets | 1.03 | % | 0.92 | % | 0.87 | % | 0.95 | % | 0.83 | % | |||||||||||||||||||
| Allowance for credit losses to total loans | 1.17 | % | 1.17 | % | 1.21 | % | 1.19 | % | 1.29 | % | |||||||||||||||||||
Allowance for credit losses to total loans, excluding guaranteed loans1 | 1.27 | % | 1.27 | % | 1.32 | % | 1.29 | % | 1.40 | % | |||||||||||||||||||
| Allowance for credit losses to nonperforming loans | 165.6 | % | 182.9 | % | 218.8 | % | 169.1 | % | 116.4 | % | |||||||||||||||||||
Net charge-offs to average loans - annualized | 0.36 | % | 0.46 | % | 0.15 | % | 0.70 | % | 0.14 | % | |||||||||||||||||||
| WEALTH MANAGEMENT | |||||||||||||||||||||||||||||
| Trust assets under management | $ | 3,128,732 | $ | 3,060,836 | $ | 2,882,919 | $ | 2,750,803 | $ | 2,566,784 | |||||||||||||||||||
| SHARE DATA | |||||||||||||||||||||||||||||
| Book value per common share | $ | 51.58 | $ | 54.30 | $ | 53.31 | $ | 53.22 | $ | 51.62 | |||||||||||||||||||
Tangible book value per common share1 | $ | 39.45 | $ | 42.30 | $ | 41.38 | $ | 41.37 | $ | 41.58 | |||||||||||||||||||
| Market value per share | $ | 58.95 | $ | 65.88 | $ | 54.11 | $ | 54.00 | $ | 57.98 | |||||||||||||||||||
| Period end common shares outstanding | 35,775 | 36,258 | 36,581 | 36,965 | 37,011 | ||||||||||||||||||||||||
| Average basic common shares | 36,055 | 36,438 | 36,907 | 36,997 | 37,015 | ||||||||||||||||||||||||
| Average diluted common shares | 36,359 | 36,697 | 37,152 | 37,265 | 37,333 | ||||||||||||||||||||||||
| CAPITAL | |||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets2 | 14.4 | % | 15.0 | % | 13.9 | % | 13.9 | % | 14.4 | % | |||||||||||||||||||
Tier 1 capital to risk-weighted assets2 | 12.2 | % | 12.7 | % | 12.9 | % | 12.8 | % | 13.3 | % | |||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets2 | 11.1 | % | 11.5 | % | 11.7 | % | 11.6 | % | 12.0 | % | |||||||||||||||||||
Tangible common equity to tangible assets1 | 8.13 | % | 9.04 | % | 9.01 | % | 9.07 | % | 9.60 | % | |||||||||||||||||||
1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP. | |||||||||||||||||||||||||||||
2 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. | |||||||||||||||||||||||||||||
19
ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
| Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||||||||||||||||||||||||||
| CORE EFFICIENCY RATIO | |||||||||||||||||||||||||||||||||||||||||
| Net interest income (GAAP) | $ | 174,606 | $ | 168,716 | $ | 166,147 | $ | 168,174 | $ | 158,286 | $ | 509,469 | $ | 458,564 | |||||||||||||||||||||||||||
| Tax-equivalent adjustment | 3,306 | 3,418 | 3,320 | 3,477 | 3,045 | 10,044 | 8,258 | ||||||||||||||||||||||||||||||||||
| Noninterest income (GAAP) | 13,214 | 13,478 | 19,088 | 25,412 | 48,624 | 45,780 | 87,711 | ||||||||||||||||||||||||||||||||||
Less insurance recoveries1 | — | — | — | — | 32,112 | — | 32,112 | ||||||||||||||||||||||||||||||||||
| Less gain on sales of fixed assets | — | 687 | — | — | — | 687 | — | ||||||||||||||||||||||||||||||||||
Less net gain (loss) on sales of investment securities | — | (2,146) | — | (57) | — | (2,146) | 106 | ||||||||||||||||||||||||||||||||||
Less net gain (loss) on OREO | (1,402) | (302) | (295) | 6,169 | 7 | (1,999) | 86 | ||||||||||||||||||||||||||||||||||
| Core revenue (non-GAAP) | $ | 192,528 | $ | 187,373 | $ | 188,850 | $ | 190,951 | $ | 177,836 | $ | 568,751 | $ | 522,229 | |||||||||||||||||||||||||||
| Noninterest expense (GAAP) | $ | 114,654 | $ | 115,739 | $ | 115,137 | $ | 114,532 | $ | 109,790 | $ | 345,530 | $ | 315,275 | |||||||||||||||||||||||||||
| Less FDIC special assessment | — | — | — | (652) | — | — | — | ||||||||||||||||||||||||||||||||||
| Less amortization on intangibles | 1,279 | 1,297 | 1,400 | 1,380 | 736 | 3,976 | 2,344 | ||||||||||||||||||||||||||||||||||
| Less acquisition costs | — | — | — | 2,548 | 609 | — | 1,127 | ||||||||||||||||||||||||||||||||||
| Core noninterest expense (non-GAAP) | $ | 113,375 | $ | 114,442 | $ | 113,737 | $ | 111,256 | $ | 108,445 | $ | 341,554 | $ | 311,804 | |||||||||||||||||||||||||||
| Core efficiency ratio (non-GAAP) | 58.9 | % | 61.1 | % | 60.2 | % | 58.3 | % | 61.0 | % | 60.1 | % | 59.7 | % | |||||||||||||||||||||||||||
1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | |||||||||||||||||||||||||||||||||||||||||
| Quarter ended | |||||||||||||||||||||||||||||
| (in thousands, except per share data) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||
| TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO | |||||||||||||||||||||||||||||
| Stockholders’ equity (GAAP) | $ | 1,917,326 | $ | 2,040,846 | $ | 2,022,204 | $ | 2,039,386 | $ | 1,982,332 | |||||||||||||||||||
| Less preferred stock | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | ||||||||||||||||||||||||
| Less goodwill | 416,968 | 416,968 | 416,968 | 416,968 | 365,164 | ||||||||||||||||||||||||
| Less intangible assets | 16,948 | 18,228 | 19,525 | 21,175 | 6,140 | ||||||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 1,411,422 | $ | 1,533,662 | $ | 1,513,723 | $ | 1,529,255 | $ | 1,539,040 | |||||||||||||||||||
| Less net unrealized losses on HTM securities, after tax | 87,082 | 28,584 | 39,080 | 26,431 | 37,341 | ||||||||||||||||||||||||
| Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) | $ | 1,324,340 | $ | 1,505,078 | $ | 1,474,643 | $ | 1,502,824 | $ | 1,501,699 | |||||||||||||||||||
| Common shares outstanding | 35,775 | 36,258 | 36,581 | 36,965 | 37,011 | ||||||||||||||||||||||||
| Tangible book value per common share (non-GAAP) | $ | 39.45 | $ | 42.30 | $ | 41.38 | $ | 41.37 | $ | 41.58 | |||||||||||||||||||
| Total assets (GAAP) | $ | 17,792,510 | $ | 17,399,009 | $ | 17,227,828 | $ | 17,300,884 | $ | 16,402,405 | |||||||||||||||||||
| Less goodwill | 416,968 | 416,968 | 416,968 | 416,968 | 365,164 | ||||||||||||||||||||||||
| Less intangible assets | 16,948 | 18,228 | 19,525 | 21,175 | 6,140 | ||||||||||||||||||||||||
| Tangible assets (non-GAAP) | $ | 17,358,594 | $ | 16,963,813 | $ | 16,791,335 | $ | 16,862,741 | $ | 16,031,101 | |||||||||||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 8.13 | % | 9.04 | % | 9.01 | % | 9.07 | % | 9.60 | % | |||||||||||||||||||
| Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) | 7.63 | % | 8.87 | % | 8.78 | % | 8.91 | % | 9.37 | % | |||||||||||||||||||
20
| Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||||||||||||||||||||||||||
| RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||||||||
| Average stockholder’s equity (GAAP) | $ | 2,040,244 | $ | 2,052,233 | $ | 2,076,504 | $ | 2,022,472 | $ | 1,964,126 | $ | 2,056,194 | $ | 1,911,531 | |||||||||||||||||||||||||||
| Less average preferred stock | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | ||||||||||||||||||||||||||||||||||
| Less average goodwill | 416,968 | 416,968 | 416,968 | 414,858 | 365,164 | 416,968 | 365,164 | ||||||||||||||||||||||||||||||||||
| Less average intangible assets | 17,568 | 18,860 | 20,419 | 11,173 | 6,498 | 18,938 | 7,248 | ||||||||||||||||||||||||||||||||||
| Average tangible common equity (non-GAAP) | $ | 1,533,720 | $ | 1,544,417 | $ | 1,567,129 | $ | 1,524,453 | $ | 1,520,476 | $ | 1,548,300 | $ | 1,467,131 | |||||||||||||||||||||||||||
| Net income (GAAP) | $ | 42,444 | $ | 40,927 | $ | 49,362 | $ | 54,794 | $ | 45,235 | $ | 132,733 | $ | 146,580 | |||||||||||||||||||||||||||
| FDIC special assessment (after tax) | — | — | — | (488) | — | — | — | ||||||||||||||||||||||||||||||||||
| Acquisition costs (after tax) | — | — | — | 1,742 | 549 | — | 1,011 | ||||||||||||||||||||||||||||||||||
| Less net gain on sales of fixed assets (after tax) | — | 515 | — | — | — | 515 | — | ||||||||||||||||||||||||||||||||||
Less net gain (loss) on sales of investment securities (after tax) | — | (1,607) | — | (43) | — | (1,607) | 80 | ||||||||||||||||||||||||||||||||||
Less net gain (loss) on OREO (after tax) | (1,050) | (226) | (221) | 4,621 | 5 | (1,497) | 64 | ||||||||||||||||||||||||||||||||||
| Net income adjusted (non-GAAP) | $ | 43,494 | $ | 42,245 | $ | 49,583 | $ | 51,470 | $ | 45,779 | $ | 135,322 | $ | 147,447 | |||||||||||||||||||||||||||
| Less preferred stock dividends | 938 | 937 | 938 | 937 | 938 | 2,813 | 2,813 | ||||||||||||||||||||||||||||||||||
| Net income available to common stockholders adjusted (non-GAAP) | $ | 42,556 | $ | 41,308 | $ | 48,645 | $ | 50,533 | $ | 44,841 | $ | 132,509 | $ | 144,634 | |||||||||||||||||||||||||||
| Return on average common equity (non-GAAP) | 8.37 | % | 8.10 | % | 9.80 | % | 10.95 | % | 9.29 | % | 8.75 | % | 10.45 | % | |||||||||||||||||||||||||||
| Adjusted return on average common equity (non-GAAP) | 8.58 | % | 8.37 | % | 9.84 | % | 10.28 | % | 9.40 | % | 8.93 | % | 10.51 | % | |||||||||||||||||||||||||||
| ROATCE (non-GAAP) | 10.74 | % | 10.39 | % | 12.53 | % | 14.02 | % | 11.56 | % | 11.22 | % | 13.10 | % | |||||||||||||||||||||||||||
| Adjusted ROATCE (non-GAAP) | 11.01 | % | 10.73 | % | 12.59 | % | 13.15 | % | 11.70 | % | 11.44 | % | 13.18 | % | |||||||||||||||||||||||||||
| Average assets | $ | 17,696,079 | $ | 17,307,716 | $ | 17,311,103 | $ | 17,099,429 | $ | 16,178,088 | $ | 17,439,709 | $ | 15,895,563 | |||||||||||||||||||||||||||
| Return on average assets (GAAP) | 0.95 | % | 0.95 | % | 1.16 | % | 1.27 | % | 1.11 | % | 1.02 | % | 1.23 | % | |||||||||||||||||||||||||||
| Adjusted return on average assets (non-GAAP) | 0.98 | % | 0.98 | % | 1.16 | % | 1.19 | % | 1.12 | % | 1.04 | % | 1.24 | % | |||||||||||||||||||||||||||
| Average diluted common shares | 36,359 | 36,697 | 37,152 | 37,265 | 37,333 | 36,727 | 37,273 | ||||||||||||||||||||||||||||||||||
| Diluted earnings per share (GAAP) | $ | 1.14 | $ | 1.09 | $ | 1.30 | $ | 1.45 | $ | 1.19 | $ | 3.54 | $ | 3.86 | |||||||||||||||||||||||||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 1.17 | $ | 1.13 | $ | 1.31 | $ | 1.36 | $ | 1.20 | $ | 3.61 | $ | 3.88 | |||||||||||||||||||||||||||
| Quarter ended | |||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||||||||||||||
| CALCULATION OF PRE-PROVISION NET REVENUE (PPNR) | |||||||||||||||||||||||||||||||||||||||||
| Net interest income (GAAP) | $ | 174,606 | $ | 168,716 | $ | 166,147 | $ | 168,174 | $ | 158,286 | |||||||||||||||||||||||||||||||
| Noninterest income (GAAP) | 13,214 | 13,478 | 19,088 | 25,412 | 48,624 | ||||||||||||||||||||||||||||||||||||
| FDIC special assessment | — | — | — | (652) | — | ||||||||||||||||||||||||||||||||||||
| Acquisition costs | — | — | — | 2,548 | 609 | ||||||||||||||||||||||||||||||||||||
Less net loss on sales of investment securities | — | (2,146) | — | (57) | — | ||||||||||||||||||||||||||||||||||||
Less net gain (loss) on OREO | (1,402) | (302) | (295) | 6,169 | 7 | ||||||||||||||||||||||||||||||||||||
| Less gain on sales of fixed assets | — | 687 | — | — | — | ||||||||||||||||||||||||||||||||||||
| Less insurance recoveries | — | — | — | — | 32,112 | ||||||||||||||||||||||||||||||||||||
| Less noninterest expense (GAAP) | 114,654 | 115,739 | 115,137 | 114,532 | 109,790 | ||||||||||||||||||||||||||||||||||||
| PPNR (non-GAAP) | $ | 74,568 | $ | 68,216 | $ | 70,393 | $ | 74,838 | $ | 65,610 | |||||||||||||||||||||||||||||||
21
| At | |||||||||||||||||||||||||||||
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||
| ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS | |||||||||||||||||||||||||||||
| Loans (GAAP) | $ | 12,344,705 | $ | 11,892,399 | $ | 11,692,780 | $ | 11,800,338 | $ | 11,583,109 | |||||||||||||||||||
| Less guaranteed loans | 946,578 | 939,255 | 935,409 | 960,132 | 922,168 | ||||||||||||||||||||||||
| Adjusted loans (non-GAAP) | $ | 11,398,127 | $ | 10,953,144 | $ | 10,757,371 | $ | 10,840,206 | $ | 10,660,941 | |||||||||||||||||||
| Allowance for credit losses | $ | 144,519 | $ | 139,238 | $ | 142,064 | $ | 140,022 | $ | 148,854 | |||||||||||||||||||
| Allowance for credit losses/loans (GAAP) | 1.17 | % | 1.17 | % | 1.21 | % | 1.19 | % | 1.29 | % | |||||||||||||||||||
| Allowance for credit losses/adjusted loans (non-GAAP) | 1.27 | % | 1.27 | % | 1.32 | % | 1.29 | % | 1.40 | % | |||||||||||||||||||
| Quarter ended | |||||||||||||||||||||||||||||
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||
| ADJUSTED EFFECTIVE TAX RATE | |||||||||||||||||||||||||||||
| Income before income tax expense (GAAP) | $ | 55,059 | $ | 52,245 | $ | 62,855 | $ | 69,818 | $ | 88,673 | |||||||||||||||||||
Less insurance recoveries1 | — | — | — | — | 32,112 | ||||||||||||||||||||||||
| Adjusted income before income tax expense (non-GAAP) | $ | 55,059 | $ | 52,245 | $ | 62,855 | $ | 69,818 | $ | 56,561 | |||||||||||||||||||
| Income tax expense (GAAP) | $ | 12,615 | $ | 11,318 | $ | 13,493 | $ | 15,024 | $ | 43,438 | |||||||||||||||||||
Less tax credit recapture and provision for anticipated tax applied to related insurance recoveries1 | — | — | — | — | 32,112 | ||||||||||||||||||||||||
| Adjusted income tax expense (non-GAAP) | $ | 12,615 | $ | 11,318 | $ | 13,493 | $ | 15,024 | $ | 11,326 | |||||||||||||||||||
| Effective tax rate (GAAP) | 22.9 | % | 21.7 | % | 21.5 | % | 21.5 | % | 49.0 | % | |||||||||||||||||||
| Adjusted effective tax rate (non-GAAP) | 22.9 | % | 21.7 | % | 21.5 | % | 21.5 | % | 20.0 | % | |||||||||||||||||||
1Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. | |||||||||||||||||||||||||||||
22
Exhibit 99.2 Enterprise Financial Services Corp 2026 Third 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 Enterprise Financial Services Corp (the “Company” or “EFSC”) 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; our ability to collect insurance proceeds from claims made related to tax recapture events; 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, debt ceiling 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; 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 instability (including in Israel, Iran and 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, cybersecurity threats and the cost of defending against them, 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, 2025, 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 - 3Q26* Capital • Tangible Common Equity/Tangible Assets** 8.13%, compared to 9.04% • Tangible Book Value Per Common Share** $39.45, compared to $42.30 • CET1 Ratio 11.1%, compared to 11.5% • Quarterly common stock dividend of $0.35 per share in third quarter 2026 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share) • Returned $34.0 million to stockholders through common stock repurchases • Net Income $42.4 million, up $1.5 million; EPS $1.14 • Net Interest Income $174.6 million, up $5.9 million; NIM 4.30% • PPNR** $74.6 million, up $6.4 million • ROAA 0.95%, stable compared to linked quarter; PPNR ROAA** 1.67%, compared to 1.58% • ROATCE** 10.74%, compared to 10.39% 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 - 3Q26* Loans & Deposits • Loans $12.3 billion, up $452.3 million • Loan/Deposit Ratio 81.6% • Deposits $15.1 billion, up $624.4 million • Noninterest-bearing Deposits/Total Deposits 33% Asset Quality • Nonperforming Loans/Loans 0.71% • Nonperforming Assets/Assets 1.03% • Allowance Coverage Ratio 1.17%; 1.27% adjusted for guaranteed loans** • Net Charge-Offs $11.0 million *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation.
5 2026 Priorities Improve Asset Quality • Reduce criticized and classified loans • Reduce nonperforming assets • Focused credit underwriting and monitoring Leverage Technology to Enhance Productivity and Efficiency • Expand use of existing technology framework • Evaluate business automation opportunities • Integrate manual procedures into automated workflow processes Organic Loan and Deposit Growth • Disciplined pricing • Expand existing relationships and new client acquisitions • Leverage investment in sales associates
6 Loan Details 3Q26** 2Q26** 3Q25 Qtr Change LTM Change C&I $ 2,707 $ 2,628 $ 2,321 $ 79 $ 386 CRE Investor Owned 3,041 2,903 2,627 138 414 CRE Owner Occupied 1,455 1,422 1,297 33 158 SBA loans* 1,245 1,237 1,258 8 (13) Sponsor Finance* 714 709 774 5 (60) Life Insurance Premium Financing* 1,350 1,250 1,152 100 198 Tax Credits* 750 725 781 25 (31) Residential Real Estate 352 356 359 (4) (7) Construction and Land Development 681 609 784 72 (103) Consumer*** 50 53 230 (3) (180) Total Loans $ 12,345 $ 11,892 $ 11,583 $ 453 $ 762 *Specialty loan category. **Branch acquisition completed in October 2025. ***Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. $ In Millions
7 Loans By Region Specialty Lending $4,213 $4,249 $4,404 3Q25 2Q26* 3Q26* $ In Millions Midwest $3,193 $3,277 $3,319 3Q25 2Q26* 3Q26* Southwest $2,005 $2,415 $2,600 3Q25 2Q26* 3Q26* Excludes “Consumer” loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California); *Branch acquisition completed in October 2025. West $1,942 $1,898 $1,972 3Q25 2Q26* 3Q26*
8 Deposit Details 3Q26* 2Q26* 3Q25 Qtr Change LTM Change Noninterest-bearing demand accounts $ 5,044 $ 4,910 $ 4,387 $ 134 $ 657 Interest-bearing demand accounts 3,723 3,407 3,302 316 421 Money market accounts 4,140 3,945 3,703 195 437 Savings accounts 525 538 526 (13) (1) Certificates of deposit: Brokered 736 736 762 — (26) Customer 959 967 888 (8) 71 Total Deposits $ 15,127 $ 14,503 $ 13,568 $ 624 $ 1,559 Deposit Verticals (included in total deposits)** $ 4,187 $ 4,064 $ 3,774 $ 123 $ 413 $ In Millions * Branch acquisition completed in October 2025 ** Total deposits excluding Deposit Verticals and brokered CDs increased $501 million from 2Q26 and increased $1.2 billion from 3Q25
9 Deposits By Region Deposit Verticals $3,774 $4,064 $4,187 3Q25 2Q26** 3Q26** $ In Millions Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) *Includes brokered balances **Branch acquisition completed in October 2025. Midwest* $6,392 $6,558 $6,923 3Q25 2Q26** 3Q26** West* $1,340 $1,220 $1,322 3Q25 2Q26** 3Q26** Southwest $2,062 $2,661 $2,695 3Q25 2Q26** 3Q26**
10 Differentiated Deposit Verticals Community Associations 36.0% Property Management 42.5% Legal Industry and Escrow Services 21.5% Community Associations $1.5 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $1.8 billion in deposits. Specializing in the compliance of Property Management Trust Accounts. Legal Industry and Escrow Services $901 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $4.19 billion - 28% of total deposits • $4.32 billion - Average deposits for 3Q26 • $27.5 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.52% in 3Q26 • $132.6 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B* ◦ 32 - The national deposit vertical portfolio is the equivalent of 32 traditional bank branches *Data Source: Deposit data as of June 30th, 2026, per the FDIC Summary of Deposits. 3Q25 4Q25 1Q26 2Q26 3Q26 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $1,500 $2,000 $ In Millions
11 Core Funding Mix Commercial Business Banking Consumer $ In Millions Note: Brokered deposits were $980.5 million at 3Q26; 3.55% cost of funds Deposit Verticals 3Q26 Total Portfolio Average Account Size & Cost of Funds COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Average account size ($ in thousands) 3Q26 $ 374 $ 79 $ 23 $ 101 2Q26 $ 341 $ 78 $ 23 $ 99 3Q25 $ 324 $ 82 $ 23 $ 105 Cost of funds 3Q26 2.17 % 1.17 % 1.46 % 0.57 % 2Q26 2.00 % 1.05 % 1.38 % 0.58 % 3Q25 2.19 % 1.36 % 1.49 % 0.81 % • ~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 25% 39% 32% 41% 32% 18% 6% 6% 29% 30% 16% 19% 68% 6% 24% $5,375 $4,187$2,862$1,721 DDA IB DDA MMA SAV CD 1 yr or less CD > 1 yr
12 Earnings Per Share Trend - 3Q26 $1.09 $0.13 $(0.01) $(0.08) $0.02 $(0.02) $0.01 $1.14 2Q26 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest Expense Change in ETR Change in Shares 3Q26 Change in Diluted EPS
13 $158.3 $168.2 $166.1 $168.7 $174.6 4.23% 4.26% 4.28% 4.30% 4.30%4.30% 3.90% 3.64% 3.63% 3.67% Net Interest Income Net Interest Margin Avg Fed Funds Rate 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income Trend $ In Millions Net Interest Income 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income - FTE $ 161.3 $ 171.7 $ 169.5 $ 172.1 $ 177.9 Purchase Accounting Amortization/(Accretion) 0.6 (0.2) (0.5) (0.7) 0.2 Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $ 161.9 $ 171.5 $ 169.0 $ 171.4 $ 178.1 Net Interest Margin 4.23 % 4.26 % 4.28 % 4.30 % 4.30 % Purchase Accounting Amortization/(Accretion) 0.02 % 0.00 % (0.01) % (0.02) % 0.00 % Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) 4.25 % 4.26 % 4.27 % 4.28 % 4.30 %
14 Net Interest Margin 6.64% 6.51% 6.38% 6.43% 6.42% 3.93% 4.02% 4.13% 4.21% 4.28% 5.99% 5.86% 5.77% 5.82% 5.84% Earning asset yield Securities yield Loan yield 3Q25 4Q25 1Q26 2Q26 3Q26 2.67% 2.46% 2.31% 2.30% 2.32% 1.80% 1.64% 1.52% 1.53% 1.54% 2.77% 2.52% 2.37% 2.39% 2.42% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 3Q25 4Q25 1Q26 2Q26 3Q26 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.30% 0.01% 0.01% (0.01)% (0.01)% 4.30% 2Q26 Short Term Funds Securities Borrowing Mix Deposits 3Q26 Margin Bridge
15 14 70 15 46 36 3Q25 4Q25 1Q26 2Q26 3Q26 $174 $(75) $(108) $200 $452 $292 45.0% 43.9% 44.7% 46.7% 46.6% Organic Loans Acquired Loans Avg Line Draw % 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 2Q26 3Q26 NPLs/Loans 1.10 % 0.64 % 0.71 % NPAs/Assets 0.83 % 0.92 % 1.03 % ACL/NPLs 116.4 % 182.9 % 165.6 % ACL/Loans** 1.40 % 1.27 % 1.27 % Annualized Net Charge-Offs to Average Loans Provision for Credit Losses* $8.4 $9.2 $7.2 $14.2 $18.1 3Q25 4Q25 1Q26 2Q26 3Q26 $ 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 $139.2 $16.3 $(11.0) $144.5 ACL 2Q26 Portfolio Changes Net Charge-offs ACL 3Q26 Allowance for Credit Losses on 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 3Q26 Loans ACL ACL as a % of Loans Commercial and industrial $ 5,468 $ 82 1.50 % Commercial real estate 5,725 41 0.72 % Construction real estate 745 13 1.74 % Residential real estate 357 7 1.96 % Consumer 50 2 4.00 % Total $ 12,345 $ 145 1.17 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $31.6 million, $2.6 million, and $6.0 million, respectively. Total ACL as a percentage of loans excluding $946.6 million of government guaranteed loans was 1.27%*. 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 $48.6 $25.4 $19.1 $13.5 $13.2 $6.8 $11.9 $8.8 $4.4 $7.3 $32.1 $(0.3) $3.2 $(0.2) $(1.7) $(5.0) $4.9 $5.1 $5.3 $5.5 $5.4 $2.5 $2.6 $2.5 $2.5 $2.6 $2.6 $2.6 $2.7 $2.8 $2.9 23.5% 13.1% 10.3% 7.4% 7.0% Other income Recaptured tax credit insurance proceeds* Tax credit income (loss) Deposit service charges Card services revenue Wealth management revenue Noninterest income/Total income 3Q25 4Q25 1Q26 2Q26 3Q26 $6.8 $11.9 $8.8 $4.4 $7.3 $1.8 $2.2 $1.8 $3.1 $5.6 $0.6 $0.5 $0.4 $0.5 $0.7 $2.1 $1.9 $2.5 $2.4 $1.8 $0.3 $0.1 $0.1 $0.1 $0.3 $0.9 $1.1 $0.4 $0.5 $0.6 $0.2 $1.8 $0.3 $0.1$6.2 $(0.3) $(0.3) $(1.4) $1.1 $1.4 $(0.1) $(2.1) Miscellaneous income Servicing fees BOLI Swap fees CDE Private equity fund distribution Net gain (loss) on OREO Gain on SBA loan sales Net loss on sales of investment securities 3Q25 4Q25 1Q26 2Q26 3Q26 $ In Millions Noninterest Income Other Noninterest Income Detail *Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.
18 Noninterest Expense Trend Noninterest Expense $ In Millions $27.5 $28.6 $27.4 $28.9 $30.7 $0.6 $2.5 $27.2 $27.5 $26.0 $27.8 $27.5 $4.9 $5.8 $5.9 $5.9 $5.9 $49.6 $50.1 $55.8 $53.1 $50.6 61.0% 58.3% 60.2% 61.1% 58.9% $109.8 $114.5 $115.1 $115.7 $114.7 Other expense Acquisition costs Deposit costs Occupancy Employee compensation and benefits Core efficiency ratio* 3Q25 4Q25 1Q26 2Q26 3Q26 $27.5 $28.6 $27.4 $28.9 $30.7 $12.6 $12.8 $11.3 $11.7 $12.3 $5.0 $5.2 $5.6 $6.0 $5.7 $2.2 $2.3 $1.6 $2.0 $1.7 $3.6 $3.2 $3.5 $4.0 $3.8 $3.4 $3.7 $4.0 $3.9 $5.9 $0.7 $1.4 $1.4 $1.3 $1.3 Miscellaneous expense Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 3Q25 4Q25 1Q26 2Q26 3Q26 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail
19 Capital Tangible Common Equity/Tangible Assets 9.60% 9.07% 9.01% 9.04% 8.13% Tangible Common Equity/Tangible Assets* 3Q25 4Q25 1Q26 2Q26 3Q26 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. **Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.4% 13.9% 13.9% 15.0% 14.4% 6.5% 12.0% 11.6% 11.7% 11.5% 11.1% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 3Q25 4Q25 1Q26 2Q26 3Q26 8.0% 13.3% 12.8% 12.9% 12.7% 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 – 525,767 shares repurchased at an average price of $64.74 during 3Q26 – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $41.58 $41.37 $41.38 $42.30 $39.45 $0.31 $0.32 $0.33 $0.34 $0.35 TBV/Share* Dividends per Share 3Q25 4Q25 1Q26 2Q26 3Q26 12.2% **
Appendix
21 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 4% Obligations of states and political subdivisions 38% Agency mortgage- backed securities 52% Corporate debt securities 3% U.S. Treasury bills 3% TOTAL $3.8 billion • Effective duration of 5.2 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $675.6 million • 4.28% 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 Loss) HTM Securities (Net Unrealized Loss) 3Q25 4Q25 1Q26 2Q26 3Q26 $— $1,000 $2,000 $3,000 $(400) $(200) $— $ In Millions $226.6 $575.8 $206.2 $437.5 $153.2 4.99% 4.61% 4.51% 5.03% 4.74% Principal Cost Yield (TEQ) 3Q25 4Q25 1Q26 2Q26 3Q26 Investment Purchase Yield $ In Millions Investment Portfolio
22 EFSC Borrowing Capacity $6.9 $6.6 $6.6 $1.5 $1.2 $1.5 $3.1 $3.0 $2.9 $0.1 $0.1 $0.1 $2.2 $2.3 $2.1 47% 46% 44% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 1Q26 2Q26 3Q26 $ In Billions End of Period and Average Loans to Deposits 85% 81% 81% 82% 82%84% 81% 81% 81% 81% End of period Loans/Deposits Avg Loans/Avg Deposits 3Q25 4Q25 1Q26 2Q26 3Q26 • $1.4 billion available FHLB capacity • $2.9 billion available FRB capacity • $135.0 million in eight federal funds lines • $2.1 billion in unpledged investment securities • $487.9 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 $0.7 $0.5 $0.5 $0.4 $0.4 $0.7 $1.2 $1.7 $2.1 $2.5 Annual Cash Flows Cumulative Cash Flows 2026 2027 2028 2029 2030 Investment Portfolio Cash Flows* $ In Billions Strong Liquidity Profile *Trailing 12 months ending September 30 of each year Liquidity
23 Office CRE (Non-owner Occupied) Total $644.9 million Midwest 35.7% Southwest 37.2% West 23.3% Specialty 3.8% Office CRE Loans by Location Real Estate/ Rental/Leasing 88.6% Health Care and Social Assistance 3.0% Other 8.4% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.37 19 $ 285.1 $ 15.0 $5-10 Million 5.36 14 93.6 6.7 $2-5 Million 5.47 51 165.5 3.2 < $2 Million 5.34 185 100.7 0.5 Total 5.37 269 $ 644.9 $ 2.4 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 • $51.8 million unfunded commitments 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, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets (“PPNR ROAA”), core efficiency ratio, 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, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets (“PPNR ROAA”), core efficiency ratio, 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, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, the net gain or loss on sales of fixed assets, the net gain or loss on other real estate owned (“OREO”), and the net gain or loss on sales 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 At (in thousands, except per share data) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 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) $ 1,917,326 $ 2,040,846 $ 2,022,204 $ 2,039,386 $ 1,982,332 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 416,968 416,968 416,968 416,968 365,164 Less intangible assets 16,948 18,228 19,525 21,175 6,140 Tangible common equity (non-GAAP) $ 1,411,422 $ 1,533,662 $ 1,513,723 $ 1,529,255 $ 1,539,040 Common shares outstanding 35,775 36,258 36,581 36,965 37,011 Tangible book value per common share (non-GAAP) $ 39.45 $ 42.30 $ 41.38 $ 41.37 $ 41.58 Total assets (GAAP) $ 17,792,510 $ 17,399,009 $ 17,227,828 $ 17,300,884 $ 16,402,405 Less goodwill 416,968 416,968 416,968 416,968 365,164 Less intangible assets 16,948 18,228 19,525 21,175 6,140 Tangible assets (non-GAAP) $ 17,358,594 $ 16,963,813 $ 16,791,335 $ 16,862,741 $ 16,031,101 Tangible common equity to tangible assets (non-GAAP) 8.13 % 9.04 % 9.01 % 9.07 % 9.60 % Quarter ended ($ in thousands) September 30, 2026 June 30, 2026 PRE-PROVISION NET REVENUE (PPNR) AND PPNR RETURN ON AVERAGE ASSETS (PPNR ROAA) Net interest income (GAAP) $ 174,606 $ 168,716 Noninterest income (GAAP) 13,214 13,478 Less gain on sales of fixed assets — 687 Less net loss on sales of investment securities — (2,146) Less net loss on OREO (1,402) (302) Less noninterest expense (GAAP) 114,654 115,739 PPNR (non-GAAP) $ 74,568 $ 68,216 Average assets $ 17,696,079 $ 17,307,716 PPNR ROAA (non-GAAP) 1.67 % 1.58 %
26 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) September 30, 2026 June 30, 2026 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average stockholder’s equity (GAAP) $ 2,040,244 $ 2,052,233 Less average preferred stock 71,988 71,988 Less average goodwill 416,968 416,968 Less average intangible assets 17,568 18,860 Average tangible common equity (non-GAAP) $ 1,533,720 $ 1,544,417 Net income available to common stockholders (GAAP) $ 41,506 $ 39,990 ROATCE (non-GAAP) 10.74 % 10.39 % At ($ in thousands) September 30, 2026 June 30, 2026 September 30, 2025 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $ 12,344,705 $ 11,892,399 $ 11,583,109 Less guaranteed loans 946,578 939,255 922,168 Adjusted loans (non-GAAP) $ 11,398,127 $ 10,953,144 $ 10,660,941 Allowance for credit losses $ 144,519 $ 139,238 $ 148,854 Allowance for credit losses/loans (GAAP) 1.17 % 1.17 % 1.29 % Allowance for credit losses/adjusted loans (non-GAAP) 1.27 % 1.27 % 1.40 %
27 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 174,606 $ 168,716 $ 166,147 $ 168,174 $ 158,286 Tax-equivalent adjustment 3,306 3,418 3,320 3,477 3,045 Noninterest income (GAAP) 13,214 13,478 19,088 25,412 48,624 Less insurance recoveries1 — — — — 32,112 Less gain on sales of fixed assets — 687 — — — Less net loss on sales of investment securities — (2,146) — (57) — Less net gain (loss) on OREO (1,402) (302) (295) 6,169 7 Core revenue (non-GAAP) $ 192,528 $ 187,373 $ 188,850 $ 190,951 $ 177,836 Noninterest expense (GAAP) $ 114,654 $ 115,739 $ 115,137 $ 114,532 $ 109,790 Less FDIC special assessment — — — (652) — Less amortization on intangibles 1,279 1,297 1,400 1,380 736 Less acquisition costs — — — 2,548 609 Core revenue (non-GAAP) $ 113,375 $ 114,442 $ 113,737 $ 111,256 $ 108,445 Core efficiency ratio (non-GAAP) 58.9 % 61.1 % 60.2 % 58.3 % 61.0 % 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.
