Enterprise Financial Services Corp Reports Second Quarter 2026 Results

Second Quarter Results Net income of $40.9 million, or $1.09 per diluted common share, compared to $1.30 for the linked quarter and $1.36 for the prior year quarter Net interest margin (“NIM”) of 4.30%, quarterly increase of two basis points Net interest income of $168.7 million, quarterly increase of $2.6 million Total loans of $11.9 billion, quarterly increase of $199.6 million Total deposits of $14.5 billion, quarterly decrease of $21.8 million Return on average assets (“ROAA”) of 0.95%, compared to 1.16% for the linked quarter and 1.30% for the prior year quarter Return on average tangible common equity (“ROATCE”)1 of 10.39%, compared to 12.53% for the linked quarter and 13.84% for the prior year quarter Tangible common equity to tangible assets1 of 9.04%, compared to 9.01% in the linked quarter and 9.42% in the prior year quarter Tangible book value per common share1 of $42.30, compared to $41.38 for the linked quarter and an increase of 6% from the prior year quarter Issued $175 million of 6.25% fixed-to-floating rate subordinated notes due in 2036. The notes are callable beginning in 2031 and are included in tier 2 capital Returned $22.9 million to stockholders through the repurchase of 382,083 shares and $12.3 million through common stock dividends Increased quarterly dividend $0.01 to $0.35 per common share for the third quarter 2026 Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the second quarter of 2026. “Our strategic initiatives this quarter focused on driving sustainable profitability and capital efficiency. Through a targeted restructuring of our investment portfolio, we successfully enhanced our revenue profile and expanded margin. Simultaneously, we bolstered our regulatory capital base through the issuance of $175 million of subordinated debentures. While late-quarter challenges with two commercial credits led to higher charge-offs and provision expense, our core portfolio trends are relatively stable and our underwriting standards remain high,” said Jim Lally, President and Chief Executive Officer. “Looking toward the second half of 2026, we are committed to improving asset quality, securing disciplined loan and deposit growth and leveraging technology to boost operational efficiency.” 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”). Highlights Earnings - Net income in the second quarter 2026 was $40.9 million, a decrease of $8.4 million and $10.5 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the second quarter 2026 was $1.09, compared to $1.30 and $1.36 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share 2 was $1.13 in the second quarter 2026, compared to $1.31 and $1.37 in the linked and prior year quarters, respectively.Pre-provision net revenue (“PPNR”)2 - PPNR of $68.2 million in the second quarter 2026 decreased $2.2 million from the linked quarter and increased $0.1 million from the prior year quarter. The decrease from the linked quarter was primarily due to a decrease in noninterest income.Net interest income and NIM - Net interest income of $168.7 million for the second quarter 2026 increased $2.6 million and $16.0 million from the linked and prior year quarters, respectively. Compared to the linked quarter, net interest income benefitted from higher loan and securities yields, 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, higher investment yields, and a decrease on rates paid on interest-bearing liabilities. NIM was 4.30% for the second quarter 2026, compared to 4.28% and 4.21% for the linked and prior year quarters, respectively. The total cost of deposits of 1.53% for the second quarter 2026 increased one basis point and decreased 29 basis points from the linked and prior year quarters, respectively.Noninterest income - Noninterest income of $13.5 million for the second quarter 2026 decreased $5.6 million and $7.1 million from the linked and prior year quarters, respectively. The decrease in noninterest income from the linked and prior year quarters was primarily due to a net loss on sales of investment securities and a decrease in tax credit income. During the quarter, the Company executed balance sheet transactions to optimize future earnings. This included the sale of approximately $179 million of securities with a tax-equivalent yield of 3.13% and the reinvestment of the proceeds into new securities with a tax-equivalent yield of 5.20%. The Company also sold Visa Class B-1 common stock along with a parcel of land. A net loss of $1.5 million was recognized on these transactions. Tax credit income declined due to an increase in interest rates that negatively impacted the value of projects carried at fair value.Noninterest expense - Noninterest expense of $115.7 million for the second quarter 2026 increased $0.6 million and $10.0 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 other real estate owned (“OREO”).Loans - Loans totaled $11.9 billion at June 30, 2026, an increase of $199.6 million and $483.6 million from the linked and prior year quarters, respectively. Average loans totaled $11.8 billion for the current and linked quarters, respectively, and $11.4 billion for the prior year quarter.Asset quality - The allowance for credit losses to total loans was 1.17% at June 30, 2026, compared to 1.21% at March 31, 2026 and 1.27% at June 30, 2025. The provision for credit losses in the second quarter 2026 was $14.2 million, compared to $7.2 million and $3.5 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.92% at June 30, 2026, compared to 0.87% and 0.71% at March 31, 2026 and June 30, 2025, respectively.Deposits - Deposits totaled $14.5 billion at June 30, 2026, a decrease of $21.8 million and an increase of $1.2 billion from the linked and prior year quarters, respectively. Average deposits were $14.6 billion for the current and linked quarters, respectively, and $13.2 billion for the prior year quarter. At June 30, 2026, noninterest-bearing deposit accounts totaled $4.9 billion, or 34% of total deposits, and the loan to deposit ratio was 82%.Subordinated notes - In the second quarter 2026, the Company issued $175.0 million of 6.25% fixed-to-floating rate subordinated notes due in 2036 for general corporate purposes and to bolster capital. The notes are callable starting in July 2031 and are included in tier 2 capital.Capital - Total stockholders’ equity was $2.0 billion and the tangible common equity to tangible assets ratio 3 was 9.04% at June 30, 2026, compared to 9.01% at March 31, 2026. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.1% and a total risk-based capital ratio of 13.1% at June 30, 2026. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.5% and 15.0%, respectively, at June 30, 2026. The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.35 per common share, payable on September 30, 2026 to stockholders of record as of September 15, 2026. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) June 15, 2026 to (but excluding) September 15, 2026. The dividend will be payable on September 15, 2026 to stockholders of record of Series A Preferred Stock as of August 31, 2026. ____________________ 1 ROATCE, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables. 2Adjusted diluted earnings per share and PPNR are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.3Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables. Net Interest Income and NIM Average Balance Sheets The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis. Quarter ended June 30, 2026 March 31, 2026 June 30, 2025 ($ 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 $ 11,775,879 $ 188,819 6.43 % $ 11,777,727 $ 185,380 6.38 % $ 11,358,209 $ 188,007 6.64 % Taxable securities 2,539,301 27,898 4.41 2,481,169 26,108 4.27 1,971,025 19,940 4.06 Non-taxable securities2 1,294,693 12,317 3.82 1,301,675 12,390 3.86 1,177,985 10,390 3.54 Total securities 3,833,994 40,215 4.21 3,782,844 38,498 4.13 3,149,010 30,330 3.86 Interest-earning deposits 431,044 3,697 3.44 504,541 4,533 3.64 315,738 3,368 4.28 Total interest-earning assets 16,040,917 232,731 5.82 16,065,112 228,411 5.77 14,822,957 221,705 6.00 Noninterest-earning assets 1,266,799 1,245,991 1,036,764 Total assets $ 17,307,716 $ 17,311,103 $ 15,859,721 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing demand accounts $ 3,438,895 $ 15,149 1.77 % $ 3,453,650 $ 14,940 1.75 % $ 3,225,611 $ 17,152 2.13 % Money market accounts 4,009,504 25,788 2.58 3,952,475 25,198 2.59 3,660,053 28,437 3.12 Savings accounts 546,880 164 0.12 538,597 152 0.11 532,754 183 0.14 Certificates of deposit 1,698,565 14,569 3.44 1,665,977 14,459 3.52 1,486,522 14,207 3.83 Total interest-bearing deposits 9,693,844 55,670 2.30 9,610,699 54,749 2.31 8,904,940 59,979 2.70 Subordinated debentures and notes 120,277 2,061 6.87 93,725 1,522 6.59 156,753 2,737 7.00 FHLB advances 88,011 861 3.92 5,756 56 3.95 156,868 1,801 4.61 Securities sold under agreements to repurchase 200,060 1,162 2.33 270,057 1,614 2.42 209,493 1,592 3.05 Other borrowings 84,609 843 4.00 94,910 1,003 4.29 36,208 96 1.06 Total interest-bearing liabilities 10,186,801 60,597 2.39 10,075,147 58,944 2.37 9,464,262 66,205 2.81 Noninterest-bearing liabilities: Demand deposits 4,914,670 4,998,734 4,340,301 Other liabilities 154,012 160,718 149,069 Total liabilities 15,255,483 15,234,599 13,953,632 Stockholders' equity 2,052,233 2,076,504 1,906,089 Total liabilities and stockholders' equity $ 17,307,716 $ 17,311,103 $ 15,859,721 Total net interest income $ 172,134 $ 169,467 $ 155,500 Net interest margin 4.30 % 4.28 % 4.21 % 1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.5 million, $1.4 million, and $1.8 million for each of the three months ended June 30, 2026, March 31, 2026, and June 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 $3.4 million, $3.3 million, and $2.7 million for each of the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. Net interest income of $168.7 million for the second quarter 2026 increased $2.6 million and $16.0 million from the linked and prior year quarters, respectively. Net interest income on a tax-equivalent basis was $172.1 million, $169.5 million and $155.5 million for the current, linked and prior year quarters, respectively. The increase from the linked quarter reflects higher loan and securities yields, and the current quarter benefitted by 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 securities under agreements to repurchase and money market accounts. During the current quarter, the Company issued $175.0 million aggregate principal amount of 6.25% fixed-to-floating rate subordinated notes with a maturity date of July 1, 2036, which initially bear an annual interest rate of 6.25%, with interest payable semiannually. Beginning July 1, 2031, the interest rate resets quarterly to the three-month term SOFR rate plus a spread of 232.0 basis points, payable quarterly. The Company also sold approximately $179 million of investment securities with a tax-equivalent yield of 3.13% and reinvested the proceeds into new securities with a tax-equivalent yield of 5.20%. This transaction improved the overall tax-equivalent yield on securities by 10 basis points and will increase net interest income by $3.5 million annually. Interest income for the second quarter 2026 increased $4.2 million and $10.3 million from the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to a five and eight basis point increase in loans and securities yields, respectively, as well as a $51.2 million increase in average investment 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 $417.7 million and $685.0 million in average loan and investment securities balances, respectively. The average interest rate of new loan originations in the second quarter 2026 was 6.58%, and investment purchases in the second quarter 2026 had a weighted average, tax-equivalent yield of 5.03%. Interest expense in the second quarter 2026 increased $1.7 million and decreased $5.6 million from the linked and prior year quarters, respectively. Compared to the linked quarter, the increase was primarily due to higher average subordinated debt and other borrowed funds balances. Compared to the prior year quarter, the decrease was primarily due to decreased interest paid on interest-bearing liabilities. The rate paid on interest-bearing liabilities was 2.39% during the second quarter 2026, compared to 2.81% in the prior year quarter. NIM, on a tax-equivalent basis, was 4.30% in the second quarter 2026, an increase of two basis points and nine basis points from the linked and prior year quarters, respectively. For the month of June 2026, the loan portfolio yield was 6.50% and the cost of total deposits was 1.52%. Investments At June 30, 2026 March 31, 2026 June 30, 2025 ($ in thousands) Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Available-for-sale (AFS) $ 2,795,725 $ (101,080 ) $ 2,773,667 $ (116,745 ) $ 2,204,511 $ (131,094 ) Held-to-maturity (HTM) 1,036,477 (38,163 ) 1,055,495 (52,176 ) 1,091,238 (75,144 ) Total $ 3,832,202 $ (139,243 ) $ 3,829,162 $ (168,921 ) $ 3,295,749 $ (206,238 ) Investment securities totaled $3.8 billion at June 30, 2026, an increase of $3.0 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities4 was 8.87% at June 30, 2026, compared to 8.78% at March 31, 2026. ____________________ 4 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. Loans The following table presents total loans for the most recent five quarters: At ($ in thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 C&I $ 2,628,065 $ 2,655,273 $ 2,606,472 $ 2,320,868 $ 2,316,609 CRE investor owned 2,902,890 2,763,227 2,786,139 2,626,657 2,547,859 CRE owner occupied 1,421,859 1,452,350 1,404,704 1,296,902 1,281,572 SBA loans* 1,237,294 1,230,455 1,262,456 1,257,817 1,249,225 Sponsor finance* 708,449 661,946 694,905 774,142 771,280 Life insurance premium financing* 1,250,250 1,208,098 1,187,128 1,151,700 1,155,623 Tax credits* 725,452 702,080 802,818 780,767 708,401 Residential real estate 356,342 340,966 362,278 359,315 356,722 Construction and land development 608,923 621,988 633,803 784,218 773,122 Consumer** 52,875 56,397 59,635 230,723 248,427 Total loans $ 11,892,399 $ 11,692,780 $ 11,800,338 $ 11,583,109 $ 11,408,840 Quarterly loan yield 6.43 % 6.38 % 6.51 % 6.64 % 6.64 % Loans by rate type (to total loans): Fixed 37 % 37 % 40 % 41 % 40 % Variable: 63 % 63 % 60 % 59 % 60 % SOFR 32 % 32 % 30 % 29 % 29 % Prime 24 % 24 % 23 % 23 % 24 % Other 7 % 7 % 7 % 7 % 7 % Variable rate loans to total loans, adjusted for interest rate hedges 58 % 59 % 56 % 55 % 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 $11.9 billion at June 30, 2026, an increase of $199.6 million compared to the linked quarter. The increase was primarily driven by the $118.9 million increase in specialty lending categories and $109.2 million increase in commercial real estate loans. Loan production outpaced repayment activity in the quarter with loan volume of $1.0 billion compared to repayment activity of $814.2 million. Loan volume was strongest in the C&I and CRE portfolios in the current quarter. Average line utilization was approximately 47% for the current quarter, compared to 45% and 46% for the linked and prior year quarters, respectively. Asset Quality The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters: At ($ in thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Nonperforming loans* $ 76,144 $ 64,941 $ 82,809 $ 127,878 $ 105,807 Other1 84,259 84,482 81,544 7,821 8,221 Nonperforming assets* $ 160,403 $ 149,423 $ 164,353 $ 135,699 $ 114,028 Nonperforming loans to total loans 0.64 % 0.56 % 0.70 % 1.10 % 0.93 % Nonperforming assets to total assets 0.92 % 0.87 % 0.95 % 0.83 % 0.71 % Allowance for credit losses $ 139,238 $ 142,064 $ 140,022 $ 148,854 $ 145,133 Allowance for credit losses to total loans 1.17 % 1.21 % 1.19 % 1.29 % 1.27 % Allowance for credit losses to nonperforming loans* 182.9 % 218.8 % 169.1 % 116.4 % 137.2 % Quarterly net charge-offs $ 13,555 $ 4,407 $ 20,674 $ 4,057 $ 630 *Guaranteed balances excluded $ 40,698 $ 28,243 $ 28,903 $ 33,475 $ 26,536 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 June 30, 2026: ($ in thousands) Nonperforming Loans Government Guaranteed Nonperforming Loans, net ACL Reserve Allocation C&I $ 21,619 $ (1,538 ) $ 20,081 $ (11,785 ) CRE investor owned 50,872 (8,771 ) 42,101 (91 ) CRE owner occupied 37,567 (28,391 ) 9,176 (395 ) SBA (included in CRE owner occupied) 35,956 (28,391 ) 7,565 (376 ) Other 6,784 (1,998 ) 4,786 (287 ) Total $ 116,842 $ (40,698 ) $ 76,144 $ (12,558 ) Other1 84,259 Nonperforming assets $ 160,403 1OREO and repossessed assets transferred at fair value, and carried at the lesser of cost or market value. Nonperforming assets increased $11.0 million and $46.4 million from the linked and prior year quarters, respectively. The increase in nonperforming assets compared to the linked quarter is primarily due to a $16.0 million CRE relationship and a $5.8 million C&I relationship that went on nonaccrual, partially offset by a $4.2 million C&I relationship that became current during the period. The provision for credit losses totaled $14.2 million in the second quarter 2026, compared to $7.2 million and $3.5 million in the linked and prior year quarters, respectively. The second quarter 2026 provision for credit losses was driven mainly by $13.6 million in net charge-offs. Most of these losses came from two accounts: an $8.3 million C&I relationship in Texas and a $5.2 million Sponsor Finance relationship. Annualized net charge-offs totaled 46 basis points of average loans in the current quarter, compared to 15 basis points in the linked quarter and two basis points of average loans in the prior year quarter. Deposits The following table presents deposits broken out by type for the most recent five quarters: At ($ in thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Noninterest-bearing demand accounts $ 4,910,235 $ 4,828,375 $ 4,874,115 $ 4,386,513 $ 4,322,332 Interest-bearing demand accounts 3,406,505 3,395,680 3,537,334 3,301,621 3,184,670 Money market and savings accounts 4,482,011 4,610,662 4,528,510 4,228,605 4,209,032 Brokered certificates of deposit 736,377 724,788 721,977 762,499 752,422 Other certificates of deposit 967,423 964,892 947,406 888,674 848,903 Total deposit portfolio $ 14,502,551 $ 14,524,397 $ 14,609,342 $ 13,567,912 $ 13,317,359 Noninterest-bearing deposits to total deposits 33.9 % 33.2 % 33.4 % 32.3 % 32.5 % Quarterly cost of deposits 1.53 % 1.52 % 1.64 % 1.80 % 1.82 % Total deposits at June 30, 2026 were $14.5 billion, a decrease of $21.8 million and an increase of $1.2 billion from the linked and prior year quarters, respectively. Average deposits for the three months ended June 30, 2026 and March 31, 2026 were $14.6 billion, compared to $13.2 billion for the three months ended June 30, 2025. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.2 billion and $1.3 billion at June 30, 2026 and March 31, 2026, respectively. Noninterest Income The following table presents a comparative summary of the major components of noninterest income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) June 30, 2026 March 31, 2026 Increase (decrease) June 30, 2025 Increase (decrease) Deposit service charges $ 5,477 $ 5,256 $ 221 4 % $ 4,940 $ 537 11 % Wealth management revenue 2,804 2,712 92 3 % 2,584 220 9 % Card services revenue 2,545 2,535 10 — % 2,444 101 4 % Tax credit income (loss) (1,733 ) (179 ) (1,554 ) (868 )% 2,207 (3,940 ) (179 )% Other income 4,385 8,764 (4,379 ) (50 )% 8,429 (4,044 ) (48 )% Total noninterest income $ 13,478 $ 19,088 $ (5,610 ) (29 )% $ 20,604 $ (7,126 ) (35 )% Total noninterest income was $13.5 million for the second quarter 2026, a decrease of $5.6 million and $7.1 million from the linked and prior year quarters, respectively. The decrease from the linked and prior year quarters was primarily due to lower tax credit income and other income, which is discussed further below. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes. Changes in the interest rate environment had a negative impact on tax credit projects carried at fair value. The following table presents a comparative summary of the major components of other income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) June 30, 2026 March 31, 2026 Increase (decrease) June 30, 2025 Increase (decrease) BOLI $ 2,427 $ 2,533 $ (106 ) (4 )% $ 2,561 $ (134 ) (5 )% Community development investments 404 1,067 (663 ) (62 )% 1,426 (1,022 ) (72 )% Gain on SBA loan sales — 1,414 (1,414 ) (100 )% 1,153 (1,153 ) (100 )% Gain on sales of fixed assets 687 — 687 100 % — 687 100 % Net gain (loss) on OREO (302 ) (295 ) (7 ) 2 % 56 (358 ) (639 )% Net loss on sales of investment securities (2,146 ) — (2,146 ) (100 )% — (2,146 ) (100 )% Private equity fund distributions 283 1,837 (1,554 ) (85 )% 502 (219 ) (44 )% Servicing fees 540 448 92 21 % 485 55 11 % Swap fees 131 97 34 35 % 86 45 52 % Miscellaneous income 2,361 1,663 698 42 % 2,160 201 9 % Total other income $ 4,385 $ 8,764 $ (4,379 ) (50 )% $ 8,429 $ (4,044 ) (48 )% The decrease in other income from the linked and prior year quarters was primarily due to a $2.1 million net loss on sales of investment securities in the current quarter and a gain on the sale of guaranteed SBA loans during the linked and prior year quarters that did not reoccur, partially offset by a $0.7 million gain on sales of fixed assets. During the period, the Company sold investment securities with a tax-equivalent yield of 3.13% and reinvested the proceeds into securities with a tax-equivalent yield of approximately 5.20%. A pre-tax loss of approximately $6 million on the sale of these securities was partially offset by a pre-tax gain of approximately $4 million from the sale of Visa Class B-1 common stock. Noninterest Expense The following table presents a comparative summary of the major components of noninterest expense for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) June 30, 2026 March 31, 2026 Increase (decrease) June 30, 2025 Increase (decrease) Employee compensation and benefits $ 53,114 $ 55,759 $ (2,645 ) (5 )% $ 50,164 $ 2,950 6 % Deposit costs 27,832 25,996 1,836 7 % 24,765 3,067 12 % Occupancy 5,909 5,902 7 — % 5,065 844 17 % Acquisition costs — — — — % 518 (518 ) (100 )% Other expense 28,884 27,480 1,404 5 % 25,190 3,694 15 % Total noninterest expense $ 115,739 $ 115,137 $ 602 1 % $ 105,702 $ 10,037 9 % Noninterest expense increased $0.6 million and $10.0 million from the linked and prior year quarters, respectively. 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 increased $1.8 million from the linked quarter primarily due to the expiration of certain unused allowances that reduced expense in the first quarter. Employee compensation and benefits decreased $2.6 million from the linked quarter primarily due to employer payroll taxes that are seasonally higher in the first quarter each year. 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 $3.1 million in deposit costs due to higher earnings credit allowances and deposit vertical average balances, and an increase of $0.6 million in loan and legal expenses due to loan workouts and the foreclosure of certain properties. For the second quarter 2026, the core efficiency ratio5 was 61.1%, compared to 60.2% for the linked quarter and 59.3% for the prior year quarter. ____________________ 5 Core efficiency ratio, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables. Income Taxes The effective tax rate for the current quarter was 21.7%, compared to 21.5% and 20.0% in the linked and prior year quarters, respectively. The increase in the effective tax rate from the prior year quarter was due to an increase in state taxes from apportionment factors and a decrease in tax credit investments. Capital The following table presents total equity and various capital ratios for the most recent five quarters: At ($ in thousands) June 30, 2026* March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Stockholders’ equity $ 2,040,846 $ 2,022,204 $ 2,039,386 $ 1,982,332 $ 1,922,899 Total risk-based capital to risk-weighted assets 15.0 % 13.9 % 13.9 % 14.4 % 14.7 % Tier 1 capital to risk weighted assets 12.7 % 12.9 % 12.8 % 13.3 % 13.2 % Common equity tier 1 capital to risk-weighted assets 11.5 % 11.7 % 11.6 % 12.0 % 11.9 % Leverage ratio 10.4 % 10.4 % 10.5 % 11.1 % 11.1 % Tangible common equity to tangible assets5 9.04 % 9.01 % 9.07 % 9.60 % 9.42 % *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 June 30, 2026, an increase of $18.6 million and $117.9 million from the linked and prior year quarters, respectively. Tangible book value per common share5 was $42.30 at June 30, 2026, compared to $41.38 and $40.02 at March 31, 2026 and June 30, 2025, respectively. The Company repurchased 382,083 shares at an average price of $59.93 in the second quarter 2026, and has 249,400 shares remaining in the current plan that was previously approved in May 2022. On July 20, 2026, the Company’s Board of Directors approved adding an additional 2,000,000 shares to the Company’s stock repurchase plan. The issuance of subordinated debt during the current quarter enhanced total risk-based capital. 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 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, July 23, 2026. During the call, management will review the second 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 122714948. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC2Q2026EarningsCallRegistration. 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 $17.4 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 Six months ended (in thousands, except per share data) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 EARNINGS SUMMARY Net interest income $ 168,716 $ 166,147 $ 168,174 $ 158,286 $ 152,762 $ 334,863 $ 300,278 Provision for credit losses 14,210 7,243 9,236 8,447 3,470 21,453 8,654 Noninterest income 13,478 19,088 25,412 48,624 20,604 32,566 39,087 Noninterest expense 115,739 115,137 114,532 109,790 105,702 230,876 205,485 Income before income tax expense 52,245 62,855 69,818 88,673 64,194 115,100 125,226 Income tax expense 11,318 13,493 15,024 43,438 12,810 24,811 23,881 Net income 40,927 49,362 54,794 45,235 51,384 90,289 101,345 Preferred stock dividends 937 938 937 938 937 1,875 1,875 Net income available to common stockholders $ 39,990 $ 48,424 $ 53,857 $ 44,297 $ 50,447 $ 88,414 $ 99,470 Diluted earnings per common share $ 1.09 $ 1.30 $ 1.45 $ 1.19 $ 1.36 $ 2.39 $ 2.67 Adjusted diluted earnings per common share1 1.13 1.31 1.36 1.20 1.37 2.44 2.68 Return on average assets 0.95 % 1.16 % 1.27 % 1.11 % 1.30 % 1.05 % 1.30 % Adjusted return on average assets1 0.98 % 1.16 % 1.19 % 1.12 % 1.31 % 1.07 % 1.30 % Return on average common equity1 8.10 % 9.80 % 10.95 % 9.29 % 11.03 % 8.95 % 11.07 % Adjusted return on average common equity1 8.37 % 9.84 % 10.28 % 9.40 % 11.12 % 9.10 % 11.10 % ROATCE1 10.39 % 12.53 % 14.02 % 11.56 % 13.84 % 11.46 % 13.93 % Adjusted ROATCE1 10.73 % 12.59 % 13.15 % 11.70 % 13.96 % 11.66 % 13.97 % Net interest margin (tax-equivalent) 4.30 % 4.28 % 4.26 % 4.23 % 4.21 % 4.29 % 4.18 % Efficiency ratio 63.5 % 62.2 % 59.2 % 53.1 % 61.0 % 62.8 % 60.5 % Core efficiency ratio1 61.1 % 60.2 % 58.3 % 61.0 % 59.3 % 60.7 % 59.1 % Assets $ 17,399,009 $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 Average assets $ 17,307,716 $ 17,311,103 $ 17,099,429 $ 16,178,088 $ 15,859,721 $ 17,309,400 $ 15,751,959 Period end common shares outstanding 36,258 36,581 36,965 37,011 36,950 Dividends per common share $ 0.34 $ 0.33 $ 0.32 $ 0.31 $ 0.30 $ 0.67 $ 0.59 Tangible book value per common share1 $ 42.30 $ 41.38 $ 41.37 $ 41.58 $ 40.02 Tangible common equity to tangible assets1 9.04 % 9.01 % 9.07 % 9.60 % 9.42 % Total risk-based capital to risk-weighted assets2 15.0 % 13.9 % 13.9 % 14.4 % 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 Six months ended (in thousands, except per share data) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 INCOME STATEMENTS NET INTEREST INCOME Interest income $ 229,313 $ 225,091 $ 232,273 $ 225,390 $ 218,967 $ 454,404 $ 430,747 Interest expense 60,597 58,944 64,099 67,104 66,205 119,541 130,469 Net interest income 168,716 166,147 168,174 158,286 152,762 334,863 300,278 Provision for credit losses 14,210 7,243 9,236 8,447 3,470 21,453 8,654 Net interest income after provision for credit losses 154,506 158,904 158,938 149,839 149,292 313,410 291,624 NONINTEREST INCOME Deposit service charges 5,477 5,256 5,081 4,935 4,940 10,733 9,360 Wealth management revenue 2,804 2,712 2,642 2,571 2,584 5,516 5,243 Card services revenue 2,545 2,535 2,621 2,535 2,444 5,080 4,839 Tax credit income (loss) (1,733 ) (179 ) 3,180 (300 ) 2,207 (1,912 ) 4,817 Insurance recoveries1 — — — 32,112 — — — Other income 4,385 8,764 11,888 6,771 8,429 13,149 14,828 Total noninterest income 13,478 19,088 25,412 48,624 20,604 32,566 39,087 NONINTEREST EXPENSE Employee compensation and benefits 53,114 55,759 50,149 49,640 50,164 108,873 98,372 Deposit costs 27,832 25,996 27,471 27,172 24,765 53,828 48,588 Occupancy 5,909 5,902 5,764 4,895 5,065 11,811 9,495 FDIC special assessment — — (652 ) — — — — Acquisition costs — — 2,548 609 518 — 518 Other expense 28,884 27,480 29,252 27,474 25,190 56,364 48,512 Total noninterest expense 115,739 115,137 114,532 109,790 105,702 230,876 205,485 Income before income tax expense 52,245 62,855 69,818 88,673 64,194 115,100 125,226 Income tax expense 11,318 13,493 15,024 11,326 12,810 24,811 23,881 Tax credit recapture and provision for anticipated tax applied to related insurance recoveries2 — — — 32,112 — — — Total income tax expense 11,318 13,493 15,024 43,438 12,810 24,811 23,881 Net income $ 40,927 $ 49,362 $ 54,794 $ 45,235 $ 51,384 $ 90,289 $ 101,345 Preferred stock dividends 937 938 937 938 937 1,875 1,875 Net income available to common stockholders $ 39,990 $ 48,424 $ 53,857 $ 44,297 $ 50,447 $ 88,414 $ 99,470 Basic earnings per common share $ 1.10 $ 1.31 $ 1.46 $ 1.20 $ 1.36 $ 2.41 $ 2.69 Diluted earnings per common share $ 1.09 $ 1.30 $ 1.45 $ 1.19 $ 1.36 $ 2.39 $ 2.67 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) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 BALANCE SHEET ASSETS Cash and due from banks $ 273,875 $ 258,542 $ 208,080 $ 208,455 $ 252,817 Interest-earning deposits 278,852 376,824 474,720 264,399 239,602 Debt and equity investments 3,960,834 3,911,106 3,810,876 3,527,467 3,384,347 Loans held for sale 1,145 418 928 681 586 Loans 11,892,399 11,692,780 11,800,338 11,583,109 11,408,840 Allowance for credit losses (139,238 ) (142,064 ) (140,022 ) (148,854 ) (145,133 ) Total loans, net 11,753,161 11,550,716 11,660,316 11,434,255 11,263,707 Fixed assets, net 57,318 57,956 58,993 49,248 48,639 Goodwill 416,968 416,968 416,968 365,164 365,164 Intangible assets, net 18,228 19,525 21,175 6,140 6,876 Other assets 638,628 635,773 648,828 546,596 514,561 Total assets $ 17,399,009 $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 LIABILITIES AND STOCKHOLDERS’ EQUITY Noninterest-bearing deposits $ 4,910,235 $ 4,828,375 $ 4,874,115 $ 4,386,513 $ 4,322,332 Interest-bearing deposits 9,592,316 9,696,022 9,735,227 9,181,399 8,995,027 Total deposits 14,502,551 14,524,397 14,609,342 13,567,912 13,317,359 Subordinated debentures and notes 265,910 93,759 93,688 93,617 156,796 FHLB advances 208,000 — — 327,000 294,000 Other borrowings 208,166 319,345 387,717 247,006 210,641 Other liabilities 173,536 268,123 170,751 184,538 174,604 Total liabilities 15,358,163 15,205,624 15,261,498 14,420,073 14,153,400 Stockholders’ equity: Preferred stock 71,988 71,988 71,988 71,988 71,988 Common stock 363 366 370 370 369 Additional paid-in capital 986,133 990,394 1,000,775 997,446 991,663 Retained earnings 1,056,072 1,041,038 1,020,840 980,548 947,864 Accumulated other comprehensive loss (73,710 ) (81,582 ) (54,587 ) (68,020 ) (88,985 ) Total stockholders’ equity 2,040,846 2,022,204 2,039,386 1,982,332 1,922,899 Total liabilities and stockholders’ equity $ 17,399,009 $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) Six months ended June 30, 2026 June 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 $ 11,776,799 $ 374,199 6.41 % $ 11,299,832 $ 370,046 6.60 % Taxable securities 2,510,396 54,006 4.34 1,895,241 37,565 4.00 Nontaxable securities2 1,298,164 24,707 3.84 1,145,322 19,857 3.50 Total securities 3,808,560 78,713 4.17 3,040,563 57,422 3.81 Interest-earning deposits 467,589 8,230 3.55 396,986 8,492 4.31 Total interest-earning assets 16,052,948 461,142 5.79 14,737,381 435,960 5.97 Noninterest-earning assets 1,256,452 1,014,578 Total assets $ 17,309,400 $ 15,751,959 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing demand accounts $ 3,446,232 $ 30,089 1.76 % $ 3,196,680 $ 34,209 2.16 % Money market accounts 3,981,147 50,986 2.58 3,630,955 56,941 3.16 Savings accounts 542,762 316 0.12 533,629 372 0.14 Certificates of deposit 1,682,361 29,028 3.48 1,430,917 27,723 3.91 Total interest-bearing deposits 9,652,502 110,419 2.31 8,792,181 119,245 2.74 Subordinated debentures and notes 107,074 3,583 6.75 156,684 5,299 6.82 FHLB advances 47,110 917 3.93 91,448 2,088 4.60 Securities sold under agreements to repurchase 234,866 2,776 2.38 238,058 3,609 3.06 Other borrowings 89,731 1,846 4.15 36,205 228 1.27 Total interest-bearing liabilities 10,131,283 119,541 2.38 9,314,576 130,469 2.82 Noninterest-bearing liabilities: Demand deposits 4,956,803 4,401,504 Other liabilities 157,013 151,080 Total liabilities 15,245,099 13,867,160 Stockholders' equity 2,064,301 1,884,799 Total liabilities and stockholders' equity $ 17,309,400 $ 15,751,959 Total net interest income $ 341,601 $ 305,491 Net interest margin 4.29 % 4.18 % 1 Average balances include nonaccrual loans. Interest income includes net loan fees of $2.9 million and $3.4 million for the six months ended June 30, 2026 and June 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 $6.7 million and $5.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) At or for the quarter ended ($ in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 LOAN PORTFOLIO Commercial and industrial $ 5,257,840 $ 5,168,533 $ 5,231,616 $ 4,943,561 $ 4,870,268 Commercial real estate 5,556,856 5,453,966 5,453,821 5,178,649 5,074,100 Construction real estate 663,480 667,703 687,584 858,146 844,497 Residential real estate 361,346 346,181 367,682 365,010 364,281 Consumer 52,877 56,397 59,635 237,743 255,694 Total loans $ 11,892,399 $ 11,692,780 $ 11,800,338 $ 11,583,109 $ 11,408,840 DEPOSIT PORTFOLIO Noninterest-bearing demand accounts $ 4,910,235 $ 4,828,375 $ 4,874,115 $ 4,386,513 $ 4,322,332 Interest-bearing demand accounts 3,406,505 3,395,680 3,537,334 3,301,621 3,184,670 Money market and savings accounts 4,482,011 4,610,662 4,528,510 4,228,605 4,209,032 Brokered certificates of deposit 736,377 724,788 721,977 762,499 752,422 Other certificates of deposit 967,423 964,892 947,406 888,674 848,903 Total deposits $ 14,502,551 $ 14,524,397 $ 14,609,342 $ 13,567,912 $ 13,317,359 AVERAGE BALANCES Loans $ 11,775,879 $ 11,777,727 $ 11,794,459 $ 11,454,183 $ 11,358,209 Securities 3,833,994 3,782,844 3,623,965 3,353,305 3,149,010 Interest-earning assets 16,040,917 16,065,112 15,971,267 15,135,880 14,822,957 Assets 17,307,716 17,311,103 17,099,429 16,178,088 15,859,721 Deposits 14,608,514 14,609,433 14,537,381 13,604,302 13,245,241 Stockholders’ equity 2,052,233 2,076,504 2,022,472 1,964,126 1,906,089 Tangible common equity1 1,544,417 1,567,129 1,524,453 1,520,476 1,461,700 YIELDS (tax-equivalent) Loans 6.43 % 6.38 % 6.51 % 6.64 % 6.64 % Securities 4.21 4.13 4.02 3.93 3.86 Interest-earning assets 5.82 5.77 5.86 5.99 6.00 Interest-bearing deposits 2.30 2.31 2.46 2.67 2.70 Deposits 1.53 1.52 1.64 1.80 1.82 Subordinated debentures and notes 6.87 6.59 6.61 7.78 7.00 FHLB advances and other borrowed funds 3.08 2.92 3.27 3.47 3.48 Interest-bearing liabilities 2.39 2.37 2.52 2.77 2.81 Net interest margin 4.30 4.28 4.26 4.23 4.21 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) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 ASSET QUALITY Net charge-offs $ 13,555 $ 4,407 $ 20,674 $ 4,057 $ 630 Nonperforming loans 76,144 64,941 82,809 127,878 105,807 Classified assets 413,779 430,288 410,485 352,792 281,162 Nonperforming loans to total loans 0.64 % 0.56 % 0.70 % 1.10 % 0.93 % Nonperforming assets to total assets 0.92 % 0.87 % 0.95 % 0.83 % 0.71 % Allowance for credit losses to total loans 1.17 % 1.21 % 1.19 % 1.29 % 1.27 % Allowance for credit losses to total loans, excluding guaranteed loans1 1.27 % 1.32 % 1.29 % 1.40 % 1.38 % Allowance for credit losses to nonperforming loans 182.9 % 218.8 % 169.1 % 116.4 % 137.2 % Net charge-offs to average loans - annualized 0.46 % 0.15 % 0.70 % 0.14 % 0.02 % WEALTH MANAGEMENT Trust assets under management $ 3,060,836 $ 2,882,919 $ 2,750,803 $ 2,566,784 $ 2,457,471 SHARE DATA Book value per common share $ 54.30 $ 53.31 $ 53.22 $ 51.62 $ 50.09 Tangible book value per common share1 $ 42.30 $ 41.38 $ 41.37 $ 41.58 $ 40.02 Market value per share $ 65.88 $ 54.11 $ 54.00 $ 57.98 $ 55.10 Period end common shares outstanding 36,258 36,581 36,965 37,011 36,950 Average basic common shares 36,438 36,907 36,997 37,015 36,963 Average diluted common shares 36,697 37,152 37,265 37,333 37,172 CAPITAL Total risk-based capital to risk-weighted assets2 15.0 % 13.9 % 13.9 % 14.4 % 14.7 % Tier 1 capital to risk-weighted assets2 12.7 % 12.9 % 12.8 % 13.3 % 13.2 % Common equity tier 1 capital to risk-weighted assets2 11.5 % 11.7 % 11.6 % 12.0 % 11.9 % Tangible common equity to tangible assets1 9.04 % 9.01 % 9.07 % 9.60 % 9.42 % 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 Six months ended ($ in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 168,716 $ 166,147 $ 168,174 $ 158,286 $ 152,762 $ 334,863 $ 300,278 Tax-equivalent adjustment 3,418 3,320 3,477 3,045 2,738 6,738 5,213 Noninterest income (GAAP) 13,478 19,088 25,412 48,624 20,604 32,566 39,087 Less insurance recoveries1 — — — 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 (302 ) (295 ) 6,169 7 56 (597 ) 79 Core revenue (non-GAAP) $ 187,373 $ 188,850 $ 190,951 $ 177,836 $ 176,048 $ 376,223 $ 344,393 Noninterest expense (GAAP) $ 115,739 $ 115,137 $ 114,532 $ 109,790 $ 105,702 $ 230,876 $ 205,485 Less FDIC special assessment — — (652 ) — — — — Less amortization on intangibles 1,297 1,400 1,380 736 753 2,697 1,608 Less acquisition costs — — 2,548 609 518 — 518 Core noninterest expense (non-GAAP) $ 114,442 $ 113,737 $ 111,256 $ 108,445 $ 104,431 $ 228,179 $ 203,359 Core efficiency ratio (non-GAAP) 61.1 % 60.2 % 58.3 % 61.0 % 59.3 % 60.7 % 59.1 % 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) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO Stockholders’ equity (GAAP) $ 2,040,846 $ 2,022,204 $ 2,039,386 $ 1,982,332 $ 1,922,899 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 416,968 416,968 416,968 365,164 365,164 Less intangible assets 18,228 19,525 21,175 6,140 6,876 Tangible common equity (non-GAAP) $ 1,533,662 $ 1,513,723 $ 1,529,255 $ 1,539,040 $ 1,478,871 Less net unrealized losses on HTM securities, after tax 28,584 39,080 26,431 37,341 56,508 Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) $ 1,505,078 $ 1,474,643 $ 1,502,824 $ 1,501,699 $ 1,422,363 Common shares outstanding 36,258 36,581 36,965 37,011 36,950 Tangible book value per common share (non-GAAP) $ 42.30 $ 41.38 $ 41.37 $ 41.58 $ 40.02 Total assets (GAAP) $ 17,399,009 $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 Less goodwill 416,968 416,968 416,968 365,164 365,164 Less intangible assets 18,228 19,525 21,175 6,140 6,876 Tangible assets (non-GAAP) $ 16,963,813 $ 16,791,335 $ 16,862,741 $ 16,031,101 $ 15,704,259 Tangible common equity to tangible assets (non-GAAP) 9.04 % 9.01 % 9.07 % 9.60 % 9.42 % Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) 8.87 % 8.78 % 8.91 % 9.37 % 9.06 % Quarter ended Six months ended ($ in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE Average stockholder’s equity (GAAP) $ 2,052,233 $ 2,076,504 $ 2,022,472 $ 1,964,126 $ 1,906,089 $ 2,064,301 $ 1,884,799 Less average preferred stock 71,988 71,988 71,988 71,988 71,988 71,988 71,988 Less average goodwill 416,968 416,968 414,858 365,164 365,164 416,968 365,164 Less average intangible assets 18,860 20,419 11,173 6,498 7,237 19,635 7,629 Average tangible common equity (non-GAAP) $ 1,544,417 $ 1,567,129 $ 1,524,453 $ 1,520,476 $ 1,461,700 $ 1,555,710 $ 1,440,018 Net income (GAAP) $ 40,927 $ 49,362 $ 54,794 $ 45,235 $ 51,384 $ 90,289 $ 101,345 FDIC special assessment (after tax) — — (488 ) — — — — Acquisition costs (after tax) — — 1,742 549 462 — 462 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) (226 ) (221 ) 4,621 5 42 (447 ) 59 Net income adjusted (non-GAAP) $ 42,245 $ 49,583 $ 51,470 $ 45,779 $ 51,804 $ 91,828 $ 101,668 Less preferred stock dividends 937 938 937 938 937 1,875 1,875 Net income available to common stockholders adjusted (non-GAAP) $ 41,308 $ 48,645 $ 50,533 $ 44,841 $ 50,867 $ 89,953 $ 99,793 Return on average common equity (non-GAAP) 8.10 % 9.80 % 10.95 % 9.29 % 11.03 % 8.95 % 11.07 % Adjusted return on average common equity (non-GAAP) 8.37 % 9.84 % 10.28 % 9.40 % 11.12 % 9.10 % 11.10 % ROATCE (non-GAAP) 10.39 % 12.53 % 14.02 % 11.56 % 13.84 % 11.46 % 13.93 % Adjusted ROATCE (non-GAAP) 10.73 % 12.59 % 13.15 % 11.70 % 13.96 % 11.66 % 13.97 % Average assets $ 17,307,716 $ 17,311,103 $ 17,099,429 $ 16,178,088 $ 15,859,721 $ 17,309,400 $ 15,751,959 Return on average assets (GAAP) 0.95 % 1.16 % 1.27 % 1.11 % 1.30 % 1.05 % 1.30 % Adjusted return on average assets (non-GAAP) 0.98 % 1.16 % 1.19 % 1.12 % 1.31 % 1.07 % 1.30 % Average diluted common shares 36,697 37,152 37,265 37,333 37,172 36,926 37,224 Diluted earnings per share (GAAP) $ 1.09 $ 1.30 $ 1.45 $ 1.19 $ 1.36 $ 2.39 $ 2.67 Adjusted diluted earnings per share (non-GAAP) $ 1.13 $ 1.31 $ 1.36 $ 1.20 $ 1.37 $ 2.44 $ 2.68 Quarter ended ($ in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 CALCULATION OF PRE-PROVISION NET REVENUE (PPNR) Net interest income (GAAP) $ 168,716 $ 166,147 $ 168,174 $ 158,286 $ 152,762 Noninterest income (GAAP) 13,478 19,088 25,412 48,624 20,604 FDIC special assessment — — (652 ) — — Acquisition costs — — 2,548 609 518 Less net loss on sales of investment securities (2,146 ) — (57 ) — — Less net gain (loss) on OREO (302 ) (295 ) 6,169 7 56 Less gain on sales of fixed assets 687 — — — — Less insurance recoveries — — — 32,112 — Less noninterest expense (GAAP) 115,739 115,137 114,532 109,790 105,702 PPNR (non-GAAP) $ 68,216 $ 70,393 $ 74,838 $ 65,610 $ 68,126 At ($ in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS Loans (GAAP) $ 11,892,399 $ 11,692,780 $ 11,800,338 $ 11,583,109 $ 11,408,840 Less guaranteed loans 939,255 935,409 960,132 922,168 913,118 Adjusted loans (non-GAAP) $ 10,953,144 $ 10,757,371 $ 10,840,206 $ 10,660,941 $ 10,495,722 Allowance for credit losses $ 139,238 $ 142,064 $ 140,022 $ 148,854 $ 145,133 Allowance for credit losses/loans (GAAP) 1.17 % 1.21 % 1.19 % 1.29 % 1.27 % Allowance for credit losses/adjusted loans (non-GAAP) 1.27 % 1.32 % 1.29 % 1.40 % 1.38 % Source: Enterprise Financial Services Corp