Enterprise Financial Services Corp Reports First Quarter 2026 Results

First Quarter Results Net income of $49.4 million, or $1.30 per diluted common share, compared to $1.45 in the linked quarter and $1.31 in the prior year quarter Net interest margin (“NIM”) of 4.28%, quarterly increase of two basis points Net interest income of $166.1 million, quarterly decrease of $2.0 million Total loans of $11.7 billion, quarterly decrease of $107.6 million Total deposits of $14.5 billion, quarterly decrease of $84.9 million Return on average assets (“ROAA”) of 1.16% in the current quarter, compared to 1.27% in the linked quarter and 1.30% in the prior year quarter Return on average tangible common equity (“ROATCE”)1 of 12.53%, compared to 14.02% in both the linked and prior year quarters, respectively Tangible common equity to tangible assets1 of 9.01%, a decrease of six basis points and 29 basis points from the linked and prior year quarters, respectively Tangible book value per common share1 of $41.38, stable compared to the linked quarter and an increase of 7% from the prior year quarter Returned $27.3 million to stockholders through the repurchase of 483,000 shares and $12.2 million through common stock dividends Increased quarterly dividend $0.01 to $0.34 per common share for the second quarter 2026 Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the first quarter of 2026. “Our first quarter results demonstrated a stable net interest margin, improved credit quality, along with a strong balance sheet,” said Jim Lally, President and Chief Executive Officer. “With a 1.16% return on average assets, we continued to return capital to stockholders through an increased dividend and share repurchases. These fundamentally sound results represent a solid start to 2026, even accounting for seasonal loan and deposit trends. Given our capital strength and diversified model, we remain optimistic about the opportunities ahead in our markets.” Comparisons to the prior year quarter are impacted by the acquisition of 12 branches in Arizona and Kansas in the fourth quarter 2025 (the “Branch Acquisition”). Highlights Earnings - Net income in the first quarter 2026 was $49.4 million, a decrease of $5.4 million and $0.6 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the first quarter 2026 was $1.30, compared to $1.45 and $1.31 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share 1 was $1.31 in the current and prior year quarters, respectively, and $1.36 in the linked quarter.Pre-provision net revenue (“PPNR”)2 - PPNR of $70.4 million in the first quarter 2026 decreased $4.4 million from the linked quarter and increased $4.3 million from the prior year quarter. The decrease from the linked quarter was primarily due to a decrease in net interest income due to a lower day count and noninterest income, specifically tax credit income that is typically highest in the fourth quarter of each year, and an increase in noninterest expense, primarily due to the reset of payroll tax limits and paid time-off accruals. The increase compared to the prior year quarter was primarily due to higher net interest income from organic and acquired loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by a decline in asset yields due to lower short-term interest rates.Net interest income and NIM - Net interest income of $166.1 million for the first quarter 2026 decreased $2.0 million and increased $18.6 million from the linked and prior year quarters, respectively. Net interest income during the current quarter was impacted by lower short-term interest rates that decreased asset yields and fewer days in the period, partially offset by a favorable decrease on rates paid on interest-bearing liabilities. Compared to the prior year quarter, net interest income also benefitted from higher average loan and investment securities balances, and higher yields on the investment portfolio. NIM was 4.28% for the first quarter 2026, compared to 4.26% and 4.15% for the linked and prior year quarters, respectively. The total cost of deposits of 1.52% for the first quarter 2026 decreased 12 and 31 basis points from the linked and prior year quarters, respectively.Noninterest income - Noninterest income of $19.1 million for the first quarter 2026 decreased $6.3 million and increased $0.6 million from the linked and prior year quarters, respectively. The decrease in noninterest income from the linked quarter was primarily due to a gain on other real estate owned (“OREO”) in the linked quarter that did not reoccur and tax credit income, which is typically highest in the fourth quarter of each year, partially offset by a gain on the guaranteed portion of Small Business Administration (“SBA”) loans sold during the current quarter. The Company opportunistically sold $25.4 million of SBA guaranteed loans during the first quarter 2026 for a gain of $1.4 million.Noninterest expense - Noninterest expense of $115.1 million for the first quarter 2026 increased $0.6 million and $15.4 million from the linked and prior year quarters, respectively. The increase from the prior year quarter was primarily driven by higher employee compensation cost, variable deposit costs and loan and legal expenses related to loan workouts and OREO.Loans - Loans totaled $11.7 billion at March 31, 2026, a decrease of $107.6 million from the linked quarter and an increase of $394.0 million from the prior year quarter. Average loans totaled $11.8 billion for the current and linked quarters, respectively, and $11.2 billion for the prior year quarter.Asset quality - The allowance for credit losses to total loans was 1.21% at March 31, 2026, compared to 1.19% at December 31, 2025 and 1.27% at March 31, 2025. The provision for credit losses in the first quarter 2026 was $7.2 million, compared to $9.2 million and $5.2 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.87% at March 31, 2026, compared to 0.95% and 0.72% at December 31, 2025 and March 31, 2025, respectively.Deposits - Deposits totaled $14.5 billion at March 31, 2026, a decrease of $84.9 million and an increase of $1.5 billion from the linked and prior year quarters, respectively. Average deposits were $14.6 billion, $14.5 billion and $13.1 billion for the current, linked and prior year quarters, respectively. At March 31, 2026, noninterest-bearing deposit accounts totaled $4.8 billion, or 33% of total deposits, and the loan to deposit ratio was 81%.Capital - Total stockholders’ equity was $2.0 billion and the tangible common equity to tangible assets ratio 3 was 9.01% at March 31, 2026, compared to 9.07% at December 31, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.1% and a total risk-based capital ratio of 13.2% at March 31, 2026. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.7% and 13.9%, respectively, at March 31, 2026. The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.34 per common share, payable on June 30, 2026 to stockholders of record as of June 15, 2026. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) March 15, 2026 to (but excluding) June 15, 2026. The dividend will be payable on June 15, 2026 to stockholders of record of Series A Preferred Stock as of May 29, 2026. _______________________________ 1 ROATCE, tangible common equity to tangible assets, tangible book value per common share, and adjusted diluted earnings per share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables. 2 PPNR is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables. 3 Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables. Net Interest Income and NIM Average Balance Sheets The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis. Quarter ended March 31, 2026 December 31, 2025 March 31, 2025 ($ 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 $ 11,777,727 $ 185,380 6.38 % $ 11,794,459 $ 193,587 6.51 % $ 11,240,806 $ 182,039 6.57 % Taxable securities 2,481,169 26,108 4.27 2,331,562 24,464 4.16 1,818,615 17,625 3.93 Non-taxable securities2 1,301,675 12,390 3.86 1,292,403 12,263 3.76 1,112,297 9,467 3.45 Total securities 3,782,844 38,498 4.13 3,623,965 36,727 4.02 2,930,912 27,092 3.75 Interest-earning deposits 504,541 4,533 3.64 552,843 5,436 3.90 479,136 5,124 4.34 Total interest-earning assets 16,065,112 228,411 5.77 15,971,267 235,750 5.86 14,650,854 214,255 5.93 Noninterest-earning assets 1,245,991 1,128,162 992,145 Total assets $ 17,311,103 $ 17,099,429 $ 15,642,999 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing demand accounts $ 3,453,650 $ 14,940 1.75 % $ 3,550,349 $ 17,236 1.93 % $ 3,167,428 $ 17,056 2.18 % Money market accounts 3,952,475 25,198 2.59 3,948,405 27,611 2.77 3,601,535 28,505 3.21 Savings accounts 538,597 152 0.11 540,764 168 0.12 534,512 189 0.14 Certificates of deposit 1,665,977 14,459 3.52 1,659,905 15,223 3.64 1,374,693 13,516 3.99 Total interest-bearing deposits 9,610,699 54,749 2.31 9,699,423 60,238 2.46 8,678,168 59,266 2.77 Subordinated debentures and notes 93,725 1,522 6.59 93,654 1,561 6.61 156,615 2,562 6.63 FHLB advances 5,756 56 3.95 11,620 127 4.34 25,300 287 4.60 Securities sold under agreements to repurchase 270,057 1,614 2.42 170,058 1,065 2.48 263,608 2,017 3.10 Other borrowings 94,910 1,003 4.29 97,196 1,108 4.52 39,535 132 1.35 Total interest-bearing liabilities 10,075,147 58,944 2.37 10,071,951 64,099 2.52 9,163,226 64,264 2.84 Noninterest-bearing liabilities: Demand deposits 4,998,734 4,837,958 4,463,388 Other liabilities 160,718 167,048 153,113 Total liabilities 15,234,599 15,076,957 13,779,727 Stockholders' equity 2,076,504 2,022,472 1,863,272 Total liabilities and stockholders' equity $ 17,311,103 $ 17,099,429 $ 15,642,999 Total net interest income $ 169,467 $ 171,651 $ 149,991 Net interest margin 4.28 % 4.26 % 4.15 % 1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.4 million, $1.7 million, and $1.6 million for each of the three months ended March 31, 2026, December 31, 2025, and March 31, 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, $3.5 million, and $2.5 million for each of the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. Net interest income of $166.1 million for the first quarter 2026 decreased $2.0 million and increased $18.6 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $169.5 million, $171.7 million and $150.0 million for the current, linked and prior year quarters, respectively. The change from the linked and prior year quarters was related to the impact of lower short-term interest rates on loan yields and the cost of interest-bearing liabilities, in addition to growth in both interest-earning assets and interest-bearing liabilities. Net interest income also declined from the linked quarter due to two fewer days in the current quarter. Since September 2024, the Federal Reserve has reduced the federal funds target rate 175 basis points. In response, the Company has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans. Interest income for the first quarter 2026 decreased $7.2 million and increased $13.3 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a 13 basis point decrease in loan yields and two fewer days in the period, partially offset by a $158.9 million increase in average investment securities balances and an 11 basis point increase in yield on securities. The average interest rate of new loan originations in the first quarter 2026 was 6.58%, a decrease of 17 basis points from the linked quarter. Investment purchases in the first quarter 2026 had a weighted average, tax equivalent yield of 4.51%. Compared to the prior year quarter, interest-earning assets increased $1.4 billion. Interest expense in the first quarter 2026 decreased $5.2 million and $5.3 million from the linked and prior year quarters, respectively, primarily due to a reduction in the cost of interest-bearing deposits due to decreased interest paid on interest-bearing deposits. The total cost of deposits, including noninterest-bearing demand accounts, was 1.52% during the first quarter 2026, compared to 1.64% and 1.83% in the linked and prior year quarters, respectively. NIM, on a tax equivalent basis, was 4.28% in the first quarter 2026, an increase of two basis points and 13 basis points from the linked and prior year quarters, respectively. For the month of March 2026, the loan portfolio yield was 6.31% and the cost of total deposits was 1.50%. Investments At March 31, 2026 December 31, 2025 March 31, 2025 ($ in thousands) Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Available-for-sale (AFS) $ 2,773,667 $ (116,745 ) $ 2,655,035 $ (83,258 ) $ 1,990,068 $ (146,184 ) Held-to-maturity (HTM) 1,055,495 (52,176 ) 1,074,957 (35,288 ) 1,034,282 (74,228 ) Total $ 3,829,162 $ (168,921 ) $ 3,729,992 $ (118,546 ) $ 3,024,350 $ (220,412 ) Investment securities totaled $3.8 billion at March 31, 2026, an increase of $99.2 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities4 was 8.78% at March 31, 2026, compared to 8.91% at December 31, 2025. _______________________________ 4 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. Loans The following table presents total loans for the most recent five quarters: At ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 C&I $ 2,655,273 $ 2,606,472 $ 2,320,868 $ 2,316,609 $ 2,198,802 CRE investor owned 2,763,227 2,786,139 2,626,657 2,547,859 2,487,375 CRE owner occupied 1,452,350 1,404,704 1,296,902 1,281,572 1,292,162 SBA loans* 1,230,455 1,262,456 1,257,817 1,249,225 1,283,067 Sponsor finance* 661,946 694,905 774,142 771,280 784,017 Life insurance premium financing* 1,208,098 1,187,128 1,151,700 1,155,623 1,149,119 Tax credits* 702,080 802,818 780,767 708,401 677,434 Residential real estate 340,966 362,278 359,315 356,722 357,615 Construction and land development 621,988 633,803 784,218 773,122 800,985 Consumer** 56,397 59,635 230,723 248,427 268,187 Total loans $ 11,692,780 $ 11,800,338 $ 11,583,109 $ 11,408,840 $ 11,298,763 Quarterly loan yield 6.38 % 6.51 % 6.64 % 6.64 % 6.57 % Loans by rate type (to total loans): Fixed 37 % 40 % 41 % 40 % 39 % Variable: 63 % 60 % 59 % 60 % 61 % SOFR 32 % 30 % 29 % 29 % 29 % Prime 24 % 23 % 23 % 24 % 24 % Other 7 % 7 % 7 % 7 % 8 % Variable rate loans to total loans, adjusted for interest rate hedges 59 % 56 % 55 % 56 % 56 % *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 $11.7 billion at March 31, 2026, a decrease of $107.6 million compared to the linked quarter. Repayment activity outpaced loan production in the quarter with repayment activity of $921.1 million compared to loan volume of $813.5 million. Repayment activity was strongest in the tax credit and C&I portfolios in the current quarter. Loan sales of $25.4 million also mitigated growth in the SBA category during the current period. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Average line utilization was approximately 45% for the current quarter, compared to 44% and 42% for the linked and prior year quarters, respectively. Asset Quality The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters: At ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Nonperforming loans* $ 64,941 $ 82,809 $ 127,878 $ 105,807 $ 109,882 Other1 84,482 81,544 7,821 8,221 3,271 Nonperforming assets* $ 149,423 $ 164,353 $ 135,699 $ 114,028 $ 113,153 Nonperforming loans to total loans 0.56 % 0.70 % 1.10 % 0.93 % 0.97 % Nonperforming assets to total assets 0.87 % 0.95 % 0.83 % 0.71 % 0.72 % Allowance for credit losses $ 142,064 $ 140,022 $ 148,854 $ 145,133 $ 142,944 Allowance for credit losses to total loans 1.21 % 1.19 % 1.29 % 1.27 % 1.27 % Allowance for credit losses to nonperforming loans* 218.8 % 169.1 % 116.4 % 137.2 % 130.1 % Quarterly net charge-offs (recoveries) $ 4,407 $ 20,674 $ 4,057 $ 630 $ (1,059 ) *Guaranteed balances excluded $ 28,243 $ 28,903 $ 33,475 $ 26,536 $ 22,607 1OREO and repossessed assets Nonperforming assets decreased $14.9 million and increased $36.3 million from the linked and prior year quarters, respectively. The decrease in nonperforming assets compared to the linked quarter is primarily due to two loans totaling $17.5 million that went on nonaccrual in the second half of 2025 and were subsequently paid off in the first quarter 2026. The increase in nonperforming assets from the prior year quarter is primarily related to one commercial real estate loan totaling $22.6 million that went on nonaccrual in the fourth quarter 2025. Four properties in OREO at March 31, 2026 with a carrying value of $46 million are currently under contract to sell. The provision for credit losses totaled $7.2 million in the first quarter 2026, compared to $9.2 million and $5.2 million in the linked and prior year quarters, respectively. The provision for credit losses in the first quarter 2026 was primarily related to net charge-offs and qualitative adjustments to recognize the broader macroeconomic risks to the loan portfolio from the conflict in Iran. Annualized net charge-offs totaled 15 basis points of average loans in the current quarter, compared to 70 basis points in the linked quarter and annualized net recoveries totaled 4 basis points of average loans in the prior year quarter. Deposits The following table presents deposits broken out by type for the most recent five quarters: At ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Noninterest-bearing demand accounts $ 4,828,375 $ 4,874,115 $ 4,386,513 $ 4,322,332 $ 4,285,061 Interest-bearing demand accounts 3,395,680 3,537,334 3,301,621 3,184,670 3,193,903 Money market and savings accounts 4,610,662 4,528,510 4,228,605 4,209,032 4,167,375 Brokered certificates of deposit 724,788 721,977 762,499 752,422 542,172 Other certificates of deposit 964,892 947,406 888,674 848,903 845,719 Total deposit portfolio $ 14,524,397 $ 14,609,342 $ 13,567,912 $ 13,317,359 $ 13,034,230 Noninterest-bearing deposits to total deposits 33.2 % 33.4 % 32.3 % 32.5 % 32.9 % Quarterly cost of deposits 1.52 % 1.64 % 1.80 % 1.82 % 1.83 % Total deposits at March 31, 2026 were $14.5 billion, a decrease of $84.9 million and an increase of $1.5 billion from the linked and prior year quarters, respectively. Average deposits for the three months ended March 31, 2026 were $14.6 billion, compared to $14.5 billion and $13.1 billion for the three months ended December 31, 2025 and March 31, 2025, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.3 billion and $1.4 billion at March 31, 2026 and December 31, 2025, respectively. Noninterest Income The following table presents a comparative summary of the major components of noninterest income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease) March 31, 2025 Increase (decrease) Deposit service charges $ 5,256 $ 5,081 $ 175 3 % $ 4,420 $ 836 19 % Wealth management revenue 2,712 2,642 70 3 % 2,659 53 2 % Card services revenue 2,535 2,621 (86 ) (3 )% 2,395 140 6 % Tax credit income (loss) (179 ) 3,180 (3,359 ) (106 )% 2,610 (2,789 ) (107 )% Other income 8,764 11,888 (3,124 ) (26 )% 6,399 2,365 37 % Total noninterest income $ 19,088 $ 25,412 $ (6,324 ) (25 )% $ 18,483 $ 605 3 % Total noninterest income was $19.1 million for the first quarter 2026, a decrease of $6.3 million and an increase of $0.6 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a seasonal decrease in tax credit income and a gain on OREO in the linked quarter that did not reoccur, partially offset by higher private equity fund distributions and a gain on the sale of the guaranteed portion of SBA loans included in other income. Compared to the prior year quarter, tax credit income decreased $2.8 million, partially offset by higher BOLI income and private equity fund distributions. Tax credit income varies based on transaction volumes and fair value changes on credits carried at fair value. The following table presents a comparative summary of the major components of other income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease) March 31, 2025 Increase (decrease) BOLI $ 2,533 $ 1,925 $ 608 32 % $ 871 $ 1,662 191 % Community development investments 1,067 922 145 16 % 707 360 51 % Gain on SBA loan sales 1,414 — 1,414 — % 1,895 (481 ) (25 )% Net gain (loss) on OREO (295 ) 6,169 (6,464 ) (105 )% 23 (318 ) (1,383 )% Private equity fund distributions 1,837 226 1,611 713 % 653 1,184 181 % Servicing fees 448 517 (69 ) (13 )% 555 (107 ) (19 )% Swap fees 97 159 (62 ) (39 )% (2 ) 99 (4,950 )% Miscellaneous income 1,663 1,970 (307 ) (16 )% 1,697 (34 ) (2 )% Total other income $ 8,764 $ 11,888 $ (3,124 ) (26 )% $ 6,399 $ 2,365 37 % The decrease in other income from the linked quarter was primarily due to a $6.2 million net gain on OREO in the linked quarter that did not reoccur, partially offset by a $1.6 million increase in private equity fund distributions, a $1.4 million gain on the sale of $25.4 million of guaranteed SBA loans, and the payout of a BOLI policy that increased BOLI income in the current quarter. Compared to the prior year quarter, other income increased $2.4 million primarily driven by an increase of $1.7 million in BOLI income due to the purchase of additional life insurance policies, and to a lesser extent, the payout of a BOLI policy, as well as a $1.2 million increase in private equity fund distributions. Private equity fund distributions are not a consistent source of income and fluctuate based on distributions from the underlying funds. Noninterest Expense The following table presents a comparative summary of the major components of noninterest expense for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease) March 31, 2025 Increase (decrease) Employee compensation and benefits $ 55,759 $ 50,149 $ 5,610 11 % $ 48,208 $ 7,551 16 % Deposit costs 25,996 27,471 (1,475 ) (5 )% 23,823 2,173 9 % Occupancy 5,902 5,764 138 2 % 4,430 1,472 33 % Acquisition costs — 2,548 (2,548 ) (100 )% — — 100 % FDIC special assessment — (652 ) 652 (100 )% — — 100 % Other expense 27,480 29,252 (1,772 ) (6 )% 23,322 4,158 18 % Total noninterest expense $ 115,137 $ 114,532 $ 605 1 % $ 99,783 $ 15,354 15 % Noninterest expense increased $0.6 million and $15.4 million from the linked and prior year quarters, respectively. Employee compensation and benefits increased $5.6 million from the linked quarter primarily due to the first quarter reset of payroll taxes and paid time-off accruals, along with annual merit increases that became effective March 1, 2026. Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit-related services provided to us. These earnings credit allowances are impacted by, among other things, interest rates and average balances. Deposit costs decreased $1.5 million from the linked quarter primarily due to the expiration of certain allowances that were not used. The decline in acquisition costs from the linked quarter is due to the completion of the Branch Acquisition that closed in the fourth quarter 2025. The increase in noninterest expense from the prior year quarter was primarily due to an increase in the associate base as a result of the Branch Acquisition, merit increases throughout 2025 and 2026, an increase of $2.2 million in deposit costs due to higher earnings credit allowances and deposit vertical average balances, and an increase of $1.8 million in loan and legal expenses due to loan workouts and the foreclosure of certain properties. For the first quarter 2026, the core efficiency ratio5 was 60.2%, compared to 58.3% for the linked quarter and 58.8% for the prior year quarter. _______________________________ 5 Core efficiency ratio, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables. Income Taxes The effective tax rate for the current and linked quarters was 21.5%, respectively, compared to 18.1% in the prior year quarter. The increase in the effective tax rate from the prior year quarter was due to an increase in state taxes from apportionment factors and a decrease in tax credit investments. Capital The following table presents total equity and various capital ratios for the most recent five quarters: At ($ in thousands) March 31, 2026* December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Stockholders’ equity $ 2,022,204 $ 2,039,386 $ 1,982,332 $ 1,922,899 $ 1,868,073 Total risk-based capital to risk-weighted assets 13.9 % 13.9 % 14.4 % 14.7 % 14.7 % Tier 1 capital to risk weighted assets 12.9 % 12.8 % 13.3 % 13.2 % 13.1 % Common equity tier 1 capital to risk-weighted assets 11.7 % 11.6 % 12.0 % 11.9 % 11.8 % Leverage ratio 10.4 % 10.5 % 11.1 % 11.1 % 11.0 % Tangible common equity to tangible assets5 9.01 % 9.07 % 9.60 % 9.42 % 9.30 % *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 $2.0 billion at March 31, 2026, a decrease of $17.2 million and an increase of $154.1 million from the linked and prior year quarters, respectively. Tangible book value per common share5 was $41.38 at March 31, 2026, compared to $41.37 and $38.54 at December 31, 2025 and March 31, 2025, respectively. The Company repurchased 483,000 shares at an average price of $56.13 in the first quarter 2026. The Company has 631,483 shares remaining under a Board-approved stock repurchase plan. The Company’s regulatory capital ratios continue to exceed the “well-capitalized” regulatory benchmark. Capital ratios for the current quarter are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review. 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, 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, 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 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, April 23, 2026. During the call, management will review the first 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 1-888-500-3691. After connecting, you may say the name of the conference or enter the Conference ID 78356. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC1Q2026EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call’s completion. The replay will be available for at least two weeks following the conference call. About Enterprise Financial Services Corp Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $17.2 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com. Enterprise Financial Services Corp’s common stock is traded on the Nasdaq 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 and tax matters (including the effect of a prolonged U.S. federal government shutdown), 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 matters (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, 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. 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. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) Quarter ended (in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 EARNINGS SUMMARY Net interest income $ 166,147 $ 168,174 $ 158,286 $ 152,762 $ 147,516 Provision for credit losses 7,243 9,236 8,447 3,470 5,184 Noninterest income 19,088 25,412 48,624 20,604 18,483 Noninterest expense 115,137 114,532 109,790 105,702 99,783 Income before income tax expense 62,855 69,818 88,673 64,194 61,032 Income tax expense 13,493 15,024 43,438 12,810 11,071 Net income 49,362 54,794 45,235 51,384 49,961 Preferred stock dividends 938 937 938 937 938 Net income available to common stockholders $ 48,424 $ 53,857 $ 44,297 $ 50,447 $ 49,023 Diluted earnings per common share $ 1.30 $ 1.45 $ 1.19 $ 1.36 $ 1.31 Adjusted diluted earnings per common share1 1.31 1.36 1.20 1.37 1.31 Return on average assets 1.16 % 1.27 % 1.11 % 1.30 % 1.30 % Adjusted return on average assets1 1.16 % 1.19 % 1.12 % 1.31 % 1.29 % Return on average common equity1 9.80 % 10.95 % 9.29 % 11.03 % 11.10 % Adjusted return on average common equity1 9.84 % 10.28 % 9.40 % 11.12 % 11.08 % ROATCE1 12.53 % 14.02 % 11.56 % 13.84 % 14.02 % Adjusted ROATCE1 12.59 % 13.15 % 11.70 % 13.96 % 13.99 % Net interest margin (tax equivalent) 4.28 % 4.26 % 4.23 % 4.21 % 4.15 % Efficiency ratio 62.2 % 59.2 % 53.1 % 61.0 % 60.1 % Core efficiency ratio1 60.2 % 58.3 % 61.0 % 59.3 % 58.8 % Assets $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 $ 15,676,594 Average assets $ 17,311,103 $ 17,099,429 $ 16,178,088 $ 15,859,721 $ 15,642,999 Period end common shares outstanding 36,581 36,965 37,011 36,950 36,928 Dividends per common share $ 0.33 $ 0.32 $ 0.31 $ 0.30 $ 0.29 Tangible book value per common share1 $ 41.38 $ 41.37 $ 41.58 $ 40.02 $ 38.54 Tangible common equity to tangible assets1 9.01 % 9.07 % 9.60 % 9.42 % 9.30 % Total risk-based capital to risk-weighted assets2 13.9 % 13.9 % 14.4 % 14.7 % 14.7 % 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. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) Quarter ended (in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 INCOME STATEMENTS NET INTEREST INCOME Interest income $ 225,091 $ 232,273 $ 225,390 $ 218,967 $ 211,780 Interest expense 58,944 64,099 67,104 66,205 64,264 Net interest income 166,147 168,174 158,286 152,762 147,516 Provision for credit losses 7,243 9,236 8,447 3,470 5,184 Net interest income after provision for credit losses 158,904 158,938 149,839 149,292 142,332 NONINTEREST INCOME Deposit service charges 5,256 5,081 4,935 4,940 4,420 Wealth management revenue 2,712 2,642 2,571 2,584 2,659 Card services revenue 2,535 2,621 2,535 2,444 2,395 Tax credit income (loss) (179 ) 3,180 (300 ) 2,207 2,610 Insurance recoveries1 — — 32,112 — — Other income 8,764 11,888 6,771 8,429 6,399 Total noninterest income 19,088 25,412 48,624 20,604 18,483 NONINTEREST EXPENSE Employee compensation and benefits 55,759 50,149 49,640 50,164 48,208 Deposit costs 25,996 27,471 27,172 24,765 23,823 Occupancy 5,902 5,764 4,895 5,065 4,430 FDIC special assessment — (652 ) — — — Acquisition costs — 2,548 609 518 — Other expense 27,480 29,252 27,474 25,190 23,322 Total noninterest expense 115,137 114,532 109,790 105,702 99,783 Income before income tax expense 62,855 69,818 88,673 64,194 61,032 Income tax expense 13,493 15,024 11,326 12,810 11,071 Tax credit recapture and provision for anticipated tax applied to related insurance recoveries2 — — 32,112 — — Total income tax expense 13,493 15,024 43,438 12,810 11,071 Net income $ 49,362 $ 54,794 $ 45,235 $ 51,384 $ 49,961 Preferred stock dividends 938 937 938 937 938 Net income available to common stockholders $ 48,424 $ 53,857 $ 44,297 $ 50,447 $ 49,023 Basic earnings per common share $ 1.31 $ 1.46 $ 1.20 $ 1.36 $ 1.33 Diluted earnings per common share $ 1.30 $ 1.45 $ 1.19 $ 1.36 $ 1.31 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 $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to a third quarter 2025 recapture event. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) At ($ in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 BALANCE SHEET ASSETS Cash and due from banks $ 258,542 $ 208,080 $ 208,455 $ 252,817 $ 260,280 Interest-earning deposits 376,824 474,720 264,399 239,602 222,780 Debt and equity investments 3,911,106 3,810,876 3,527,467 3,384,347 3,108,763 Loans held for sale 418 928 681 586 — Loans 11,692,780 11,800,338 11,583,109 11,408,840 11,298,763 Allowance for credit losses (142,064 ) (140,022 ) (148,854 ) (145,133 ) (142,944 ) Total loans, net 11,550,716 11,660,316 11,434,255 11,263,707 11,155,819 Fixed assets, net 57,956 58,993 49,248 48,639 48,083 Goodwill 416,968 416,968 365,164 365,164 365,164 Intangible assets, net 19,525 21,175 6,140 6,876 7,628 Other assets 635,773 648,828 546,596 514,561 508,077 Total assets $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 $ 15,676,594 LIABILITIES AND STOCKHOLDERS’ EQUITY Noninterest-bearing deposits $ 4,828,375 $ 4,874,115 $ 4,386,513 $ 4,322,332 $ 4,285,061 Interest-bearing deposits 9,696,022 9,735,227 9,181,399 8,995,027 8,749,169 Total deposits 14,524,397 14,609,342 13,567,912 13,317,359 13,034,230 Subordinated debentures and notes 93,759 93,688 93,617 156,796 156,695 FHLB advances — — 327,000 294,000 205,000 Other borrowings 319,345 387,717 247,006 210,641 255,635 Other liabilities 268,123 170,751 184,538 174,604 156,961 Total liabilities 15,205,624 15,261,498 14,420,073 14,153,400 13,808,521 Stockholders’ equity: Preferred stock 71,988 71,988 71,988 71,988 71,988 Common stock 366 370 370 369 369 Additional paid-in capital 990,394 1,000,775 997,446 991,663 988,554 Retained earnings 1,041,038 1,020,840 980,548 947,864 908,553 Accumulated other comprehensive loss (81,582 ) (54,587 ) (68,020 ) (88,985 ) (101,391 ) Total stockholders’ equity 2,022,204 2,039,386 1,982,332 1,922,899 1,868,073 Total liabilities and stockholders’ equity $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 $ 15,676,594 ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) At or for the quarter ended ($ in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 LOAN PORTFOLIO Commercial and industrial $ 5,168,533 $ 5,231,616 $ 4,943,561 $ 4,870,268 $ 4,729,707 Commercial real estate 5,453,966 5,453,821 5,178,649 5,074,100 5,046,293 Construction real estate 667,703 687,584 858,146 844,497 880,708 Residential real estate 346,181 367,682 365,010 364,281 366,353 Consumer 56,397 59,635 237,743 255,694 275,702 Total loans $ 11,692,780 $ 11,800,338 $ 11,583,109 $ 11,408,840 $ 11,298,763 DEPOSIT PORTFOLIO Noninterest-bearing demand accounts $ 4,828,375 $ 4,874,115 $ 4,386,513 $ 4,322,332 $ 4,285,061 Interest-bearing demand accounts 3,395,680 3,537,334 3,301,621 3,184,670 3,193,903 Money market and savings accounts 4,610,662 4,528,510 4,228,605 4,209,032 4,167,375 Brokered certificates of deposit 724,788 721,977 762,499 752,422 542,172 Other certificates of deposit 964,892 947,406 888,674 848,903 845,719 Total deposits $ 14,524,397 $ 14,609,342 $ 13,567,912 $ 13,317,359 $ 13,034,230 AVERAGE BALANCES Loans $ 11,777,727 $ 11,794,459 $ 11,454,183 $ 11,358,209 $ 11,240,806 Securities 3,782,844 3,623,965 3,353,305 3,149,010 2,930,912 Interest-earning assets 16,065,112 15,971,267 15,135,880 14,822,957 14,650,854 Assets 17,311,103 17,099,429 16,178,088 15,859,721 15,642,999 Deposits 14,609,433 14,537,381 13,604,302 13,245,241 13,141,556 Stockholders’ equity 2,076,504 2,022,472 1,964,126 1,906,089 1,863,272 Tangible common equity1 1,567,129 1,524,453 1,520,476 1,461,700 1,418,094 YIELDS (tax equivalent) Loans 6.38 % 6.51 % 6.64 % 6.64 % 6.57 % Securities 4.13 4.02 3.93 3.86 3.75 Interest-earning assets 5.77 5.86 5.99 6.00 5.93 Interest-bearing deposits 2.31 2.46 2.67 2.70 2.77 Deposits 1.52 1.64 1.80 1.82 1.83 Subordinated debentures and notes 6.59 6.61 7.78 7.00 6.63 FHLB advances and other borrowed funds 2.92 3.27 3.47 3.48 3.01 Interest-bearing liabilities 2.37 2.52 2.77 2.81 2.84 Net interest margin 4.28 4.26 4.23 4.21 4.15 1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) Quarter ended (in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 ASSET QUALITY Net charge-offs (recoveries) $ 4,407 $ 20,674 $ 4,057 $ 630 $ (1,059 ) Nonperforming loans 64,941 82,809 127,878 105,807 109,882 Classified assets 430,288 410,485 352,792 281,162 264,460 Nonperforming loans to total loans 0.56 % 0.70 % 1.10 % 0.93 % 0.97 % Nonperforming assets to total assets 0.87 % 0.95 % 0.83 % 0.71 % 0.72 % Allowance for credit losses to total loans 1.21 % 1.19 % 1.29 % 1.27 % 1.27 % Allowance for credit losses to total loans, excluding guaranteed loans1 1.32 % 1.29 % 1.40 % 1.38 % 1.38 % Allowance for credit losses to nonperforming loans 218.8 % 169.1 % 116.4 % 137.2 % 130.1 % Net charge-offs (recoveries) to average loans - annualized 0.15 % 0.70 % 0.14 % 0.02 % (0.04 )% WEALTH MANAGEMENT Trust assets under management $ 2,882,919 $ 2,750,803 $ 2,566,784 $ 2,457,471 $ 2,250,004 SHARE DATA Book value per common share $ 53.31 $ 53.22 $ 51.62 $ 50.09 $ 48.64 Tangible book value per common share1 $ 41.38 $ 41.37 $ 41.58 $ 40.02 $ 38.54 Market value per share $ 54.11 $ 54.00 $ 57.98 $ 55.10 $ 53.74 Period end common shares outstanding 36,581 36,965 37,011 36,950 36,928 Average basic common shares 36,907 36,997 37,015 36,963 36,971 Average diluted common shares 37,152 37,265 37,333 37,172 37,287 CAPITAL Total risk-based capital to risk-weighted assets2 13.9 % 13.9 % 14.4 % 14.7 % 14.7 % Tier 1 capital to risk-weighted assets2 12.9 % 12.8 % 13.3 % 13.2 % 13.1 % Common equity tier 1 capital to risk-weighted assets2 11.7 % 11.6 % 12.0 % 11.9 % 11.8 % Tangible common equity to tangible assets1 9.01 % 9.07 % 9.60 % 9.42 % 9.30 % 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. ENTERPRISE FINANCIAL SERVICES CORP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Quarter ended ($ in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 166,147 $ 168,174 $ 158,286 $ 152,762 $ 147,516 Tax-equivalent adjustment 3,320 3,477 3,045 2,738 2,475 Noninterest income (GAAP) 19,088 25,412 48,624 20,604 18,483 Less insurance recoveries1 — — 32,112 — — Less net gain (loss) on sale of investment securities — (57 ) — — 106 Less net gain (loss) on OREO (295 ) 6,169 7 56 23 Core revenue (non-GAAP) $ 188,850 $ 190,951 $ 177,836 $ 176,048 $ 168,345 Noninterest expense (GAAP) $ 115,137 $ 114,532 $ 109,790 $ 105,702 $ 99,783 Less FDIC special assessment — (652 ) — — — Less amortization on intangibles 1,400 1,380 736 753 855 Less acquisition costs — 2,548 609 518 — Core noninterest expense (non-GAAP) $ 113,737 $ 111,256 $ 108,445 $ 104,431 $ 98,928 Core efficiency ratio (non-GAAP) 60.2 % 58.3 % 61.0 % 59.3 % 58.8 % 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) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO Stockholders’ equity (GAAP) $ 2,022,204 $ 2,039,386 $ 1,982,332 $ 1,922,899 $ 1,868,073 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 416,968 416,968 365,164 365,164 365,164 Less intangible assets 19,525 21,175 6,140 6,876 7,628 Tangible common equity (non-GAAP) $ 1,513,723 $ 1,529,255 $ 1,539,040 $ 1,478,871 $ 1,423,293 Less net unrealized losses on HTM securities, after tax 39,080 26,431 37,341 56,508 55,819 Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) $ 1,474,643 $ 1,502,824 $ 1,501,699 $ 1,422,363 $ 1,367,474 Common shares outstanding 36,581 36,965 37,011 36,950 36,928 Tangible book value per common share (non-GAAP) $ 41.38 $ 41.37 $ 41.58 $ 40.02 $ 38.54 Total assets (GAAP) $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 $ 15,676,594 Less goodwill 416,968 416,968 365,164 365,164 365,164 Less intangible assets 19,525 21,175 6,140 6,876 7,628 Tangible assets (non-GAAP) $ 16,791,335 $ 16,862,741 $ 16,031,101 $ 15,704,259 $ 15,303,802 Tangible common equity to tangible assets (non-GAAP) 9.01 % 9.07 % 9.60 % 9.42 % 9.30 % Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) 8.78 % 8.91 % 9.37 % 9.06 % 8.94 % Quarter ended ($ in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE Average stockholder’s equity (GAAP) $ 2,076,504 $ 2,022,472 $ 1,964,126 $ 1,906,089 $ 1,863,272 Less average preferred stock 71,988 71,988 71,988 71,988 71,988 Less average goodwill 416,968 414,858 365,164 365,164 365,164 Less average intangible assets 20,419 11,173 6,498 7,237 8,026 Average tangible common equity (non-GAAP) $ 1,567,129 $ 1,524,453 $ 1,520,476 $ 1,461,700 $ 1,418,094 Net income (GAAP) $ 49,362 $ 54,794 $ 45,235 $ 51,384 $ 49,961 FDIC special assessment (after tax) — (488 ) — — — Acquisition costs (after tax) — 1,742 549 462 — Less net gain (loss) on sale of investment securities (after tax) — (43 ) — — 80 Less net gain (loss) on OREO (after tax) (221 ) 4,621 5 42 17 Net income adjusted (non-GAAP) $ 49,583 $ 51,470 $ 45,779 $ 51,804 $ 49,864 Less preferred stock dividends 938 937 938 937 938 Net income available to common stockholders adjusted (non-GAAP) $ 48,645 $ 50,533 $ 44,841 $ 50,867 $ 48,926 Return on average common equity (non-GAAP) 9.80 % 10.95 % 9.29 % 11.03 % 11.10 % Adjusted return on average common equity (non-GAAP) 9.84 % 10.28 % 9.40 % 11.12 % 11.08 % ROATCE (non-GAAP) 12.53 % 14.02 % 11.56 % 13.84 % 14.02 % Adjusted ROATCE (non-GAAP) 12.59 % 13.15 % 11.70 % 13.96 % 13.99 % Average assets $ 17,311,103 $ 17,099,429 $ 16,178,088 $ 15,859,721 $ 15,642,999 Return on average assets (GAAP) 1.16 % 1.27 % 1.11 % 1.30 % 1.30 % Adjusted return on average assets (non-GAAP) 1.16 % 1.19 % 1.12 % 1.31 % 1.29 % Average diluted common shares 37,152 37,265 37,333 37,172 37,287 Diluted earnings per share (GAAP) $ 1.30 $ 1.45 $ 1.19 $ 1.36 $ 1.31 Adjusted diluted earnings per share (non-GAAP) $ 1.31 $ 1.36 $ 1.20 $ 1.37 $ 1.31 Quarter ended ($ in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 CALCULATION OF PRE-PROVISION NET REVENUE (PPNR) Net interest income (GAAP) $ 166,147 $ 168,174 $ 158,286 $ 152,762 $ 147,516 Noninterest income (GAAP) 19,088 25,412 48,624 20,604 18,483 FDIC special assessment — (652 ) — — — Acquisition costs — 2,548 609 518 — Less net gain (loss) on sale of investment securities — (57 ) — — 106 Less net gain (loss) on OREO (295 ) 6,169 7 56 23 Less insurance recoveries — — 32,112 — — Less noninterest expense (GAAP) 115,137 114,532 109,790 105,702 99,783 PPNR (non-GAAP) $ 70,393 $ 74,838 $ 65,610 $ 68,126 $ 66,087 At ($ in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS Loans (GAAP) $ 11,692,780 $ 11,800,338 $ 11,583,109 $ 11,408,840 $ 11,298,763 Less guaranteed loans 935,409 960,132 922,168 913,118 942,651 Adjusted loans (non-GAAP) $ 10,757,371 $ 10,840,206 $ 10,660,941 $ 10,495,722 $ 10,356,112 Allowance for credit losses $ 142,064 $ 140,022 $ 148,854 $ 145,133 $ 142,944 Allowance for credit losses/loans (GAAP) 1.21 % 1.19 % 1.29 % 1.27 % 1.27 % Allowance for credit losses/adjusted loans (non-GAAP) 1.32 % 1.29 % 1.40 % 1.38 % 1.38 % Source: Enterprise Financial Services Corp