Enterprise Financial Services Corp Reports Third Quarter 2025 Results

Third Quarter Results Net income of $45.2 million, or $1.19 per diluted common share, compared to $1.36 in the linked quarter and $1.32 in the prior year quarter Net interest margin (“NIM”) of 4.23%, quarterly increase of 2 basis points Net interest income of $158.3 million, quarterly increase of $5.5 million Total loans of $11.6 billion, quarterly increase of $174.3 million Total deposits of $13.6 billion, quarterly increase of $250.6 million Return on average assets (“ROAA”) of 1.11% in the current quarter, compared to 1.30% in the linked quarter and 1.36% in the prior year quarter Return on average tangible common equity (“ROATCE”)1 of 11.56%, compared to 13.84% and 14.55% in the linked and prior year quarters, respectively Tangible common equity to tangible assets1 of 9.60%, an increase of 18 basis points and 10 basis points from the linked and prior year quarters, respectively Tangible book value per common share1 of $41.58, annualized quarterly increase of 15% Quarterly dividend increased $0.01 to $0.32 per common share for the fourth quarter 2025 Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the third quarter of 2025. “Our third quarter results demonstrated solid loan and deposit growth, along with continued expansion in net interest income and net interest margin. We have successfully increased net interest income for the past six consecutive quarters, highlighting the efforts of our team,” said Jim Lally, President and Chief Executive Officer. “Earlier this month we announced the completion of the acquisition of 10 branches in Arizona and two in Kansas. This acquisition increases our presence in these markets and strengthens our ability to service our customers while enhancing our funding profile.” Highlights Earnings - Net income in the third quarter 2025 was $45.2 million, a decrease of $6.1 million and $5.4 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the third quarter 2025 was $1.19, compared to $1.36 and $1.32 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share 1 was $1.20 in the third quarter 2025, compared to $1.37 and $1.29 in the linked and prior year quarters, respectively. Noninterest income for the third quarter 2025 included $30.1 million of anticipated insurance proceeds from a pending claim related to a recapture event during the quarter with respect to a $24.1 million solar tax credit that the Company purchased and applied to prior taxable periods. The anticipated proceeds from the insurance policy and tax liability resulting from the recapture event, both totaling $30.1 million, are included in “Noninterest Income” and “Income Tax Expense”, respectively, in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025. Pre-provision net revenue (“PPNR”)2 - PPNR of $65.6 million in the third quarter 2025 decreased $2.5 million from the linked quarter and was relatively stable with the prior year quarter. Excluding the anticipated insurance proceeds from the tax credit recapture included in noninterest income, the change from the linked and prior year quarters was primarily due to a decrease in noninterest income and an increase in noninterest expense, partially offset by higher net interest income from higher average balances in the loan and securities portfolios.Net interest income and NIM - Net interest income of $158.3 million for the third quarter 2025 increased $5.5 million and $14.8 million from the linked and prior year quarters, respectively. Net interest income increased primarily due to higher average loan balances, higher average securities balances and yields, and lower short-term interest rates that decreased deposit interest expense. NIM was 4.23% for the third quarter 2025, compared to 4.21% and 4.17% for the linked and prior year quarters, respectively. On September 2, 2025, the Company redeemed $63.3 million of subordinated debt that had a floating rate of three-month Term SOFR plus a spread of 5.66%. The redemption was funded through the issuance of a $63.3 million senior note at a rate of one-month Term SOFR plus a spread of 2.50%. The total cost of deposits of 1.80% for the third quarter 2025 decreased two basis point and 38 basis points from the linked and prior year quarters, respectively.Noninterest income - Noninterest income of $46.6 million for the third quarter 2025 includes the $30.1 million of anticipated insurance proceeds from the pending claim related to the tax credit recapture event during the quarter. Excluding this item, noninterest income decreased $4.1 million and $4.9 million from the linked and prior year quarters, respectively, primarily due to lower tax credit and community development income, and, when compared to the prior year quarter, partially offset by a gain on the guaranteed portion of SBA loans sold during the current quarter. The Company sold $22.2 million of SBA guaranteed loans during the third quarter 2025 for a gain of $1.1 million.Noninterest expense - Noninterest expense of $109.8 million for the third quarter 2025 increased $4.1 million and $11.8 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by variable deposit costs and higher loan and legal expenses related to loan workouts and other real estate owned (“OREO”). Compared to the prior year quarter, the increase was also primarily due to higher employee compensation cost.Loans - Loans totaled $11.6 billion at September 30, 2025, an increase of $174.3 million, or 6% on an annualized basis, from the linked quarter, and $503.2 million from the prior year quarter. Average loans totaled $11.5 billion, compared to $11.4 billion and $11.0 billion for the linked and prior year quarters, respectively.Asset quality - The allowance for credit losses to total loans was 1.29% at September 30, 2025, compared to 1.27% at June 30, 2025 and 1.26% at September 30, 2024. The provision for credit losses in the third quarter 2025 was $8.4 million, compared to $3.5 million and $4.1 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.83% at September 30, 2025, compared to 0.71% and 0.22% at June 30, 2025 and September 30, 2024, respectively. During the third quarter 2025, a $12 million life insurance premium loan with adequate collateralization migrated into nonperforming assets. This relationship, along with the previously disclosed Southern California relationship, represents approximately 60% of nonperforming assets at September 30, 2025. The Company has a high certainty of collection for both of these relationships.Deposits - Deposits totaled $13.6 billion at September 30, 2025, an increase of $250.6 million and $1.1 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $240.5 million and $821.0 million from the linked and prior year quarters, respectively. Average deposits were $13.6 billion, $13.2 billion and $12.5 billion for the current, linked and prior year quarters, respectively. At September 30, 2025, noninterest-bearing deposit accounts totaled $4.4 billion, or 32% of total deposits, and the loan to deposit ratio was 85%.Capital - Total stockholders’ equity was $2.0 billion and the tangible common equity to tangible assets ratio 3 was 9.60% at September 30, 2025, compared to 9.42% at June 30, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.4% and a total risk-based capital ratio of 13.6% at September 30, 2025. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 12.0% and 14.4%, respectively, at September 30, 2025. The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.32 per share of common stock, payable on December 31, 2025 to stockholders of record as of December 15, 2025. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) September 15, 2025 to (but excluding) December 15, 2025. The dividend will be payable on December 15, 2025 to holders of record of Series A Preferred Stock as of November 28, 2025. 1 ROATCE, tangible common equity to tangible assets, tangible book value per common share and adjusted diluted earnings per share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables. 2 PPNR is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables. 3 Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables. Net Interest Income and NIM Average Balance Sheets The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis. Quarter ended September 30, 2025 June 30, 2025 September 30, 2024 ($ in thousands) Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Assets Interest-earning assets: Loans1, 2 $ 11,454,183 $ 191,589 6.64 % $ 11,358,209 $ 188,007 6.64 % $ 10,971,575 $ 191,638 6.95 % Taxable securities 2,100,748 21,705 4.10 1,971,025 19,940 4.06 1,512,338 13,530 3.56 Non-taxable securities2 1,252,557 11,503 3.64 1,177,985 10,390 3.54 990,786 7,874 3.16 Total securities 3,353,305 33,208 3.93 3,149,010 30,330 3.86 2,503,124 21,404 3.40 Interest-earning deposits 328,392 3,638 4.40 315,738 3,368 4.28 402,932 5,348 5.28 Total interest-earning assets 15,135,880 228,435 5.99 14,822,957 221,705 6.00 13,877,631 218,390 6.26 Noninterest-earning assets 1,042,186 1,036,764 971,824 Total assets $ 16,178,066 $ 15,859,721 $ 14,849,455 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing demand accounts $ 3,298,022 $ 17,488 2.10 % $ 3,225,611 $ 17,152 2.13 % $ 3,018,309 $ 20,002 2.64 % Money market accounts 3,706,891 28,734 3.08 3,660,053 28,437 3.12 3,551,492 33,493 3.75 Savings accounts 532,015 183 0.14 532,754 183 0.14 561,466 345 0.24 Certificates of deposit 1,609,346 15,210 3.75 1,486,522 14,207 3.83 1,368,339 14,928 4.34 Total interest-bearing deposits 9,146,274 61,615 2.67 8,904,940 59,979 2.70 8,499,606 68,768 3.22 Subordinated debentures and notes 136,895 2,683 7.78 156,753 2,737 7.00 156,329 2,695 6.86 FHLB advances 106,130 1,207 4.51 156,868 1,801 4.61 4,565 59 5.14 Securities sold under agreements to repurchase 159,039 1,155 2.88 209,493 1,592 3.05 140,255 1,217 3.45 Other borrowings 56,164 444 3.14 36,208 96 1.06 36,226 96 1.05 Total interest-bearing liabilities 9,604,502 67,104 2.77 9,464,262 66,205 2.81 8,836,981 72,835 3.28 Noninterest-bearing liabilities: Demand deposits 4,458,028 4,340,301 4,046,480 Other liabilities 151,410 149,069 161,625 Total liabilities 14,213,940 13,953,632 13,045,086 Stockholders' equity 1,964,126 1,906,089 1,804,369 Total liabilities and stockholders' equity $ 16,178,066 $ 15,859,721 $ 14,849,455 Total net interest income $ 161,331 $ 155,500 $ 145,555 Net interest margin 4.23 % 4.21 % 4.17 % 1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.9 million, $1.8 million, and $2.6 million for each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. 2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $3.0 million, $2.7 million, and $2.1 million for each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Net interest income of $158.3 million for the third quarter 2025 increased $5.5 million and $14.8 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $161.3 million, $155.5 million and $145.6 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters reflects organic loan growth and continued investment in the securities portfolio, partially offset by an increase in interest-bearing liabilities. Net interest income for the current quarter also benefited by one additional day compared to the linked quarter. On September 2, 2025, the Company called $63.3 million of subordinated debt at a floating rate of three-month Term SOFR plus a spread of 5.66% that was replaced by a $63.3 million single advance term loan. The term loan is payable in quarterly installments on March 31, June 30, September 30 and December 31 with a final installment due on the five year anniversary of the initial advance date. The interest rate on the term loan is one-month Term SOFR plus 2.50%. Since September 2024, the Federal Reserve has reduced the federal funds target rate 125 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 third quarter 2025 increased $6.4 million primarily due to an increase of $96.0 million in average loan balances, a $204.3 million increase in the average securities balance, and a seven basis point increase in the yield on securities due to new purchases and the reinvestment of cash flows from the runoff of lower yielding investments. The average interest rate of new loan originations in the third quarter 2025 was 6.98%, a decrease of 28 basis points from the linked quarter. Investment purchases in the third quarter 2025 had a weighted average, tax equivalent yield of 4.99%. Interest expense in the third quarter 2025 increased $0.9 million primarily due to organic growth in interest-bearing deposits, an increase in wholesale borrowings and the higher rate incurred on subordinated debt for two months in the quarter. These increases were partially offset by a decline in the average balance of customer repurchase agreements and a reduction in the cost of interest-bearing deposits due to the Federal Reserve’s reduction in the target federal funds rate. The total cost of deposits, including noninterest-bearing demand accounts, was 1.80% during the third quarter 2025, compared to 1.82% in the linked quarter. NIM, on a tax equivalent basis, was 4.23% in the third quarter 2025, an increase of two basis points and six basis points from the linked and prior year quarters, respectively. For the month of September 2025, the loan portfolio yield was 6.65% and the cost of total deposits was 1.77%. Investments At September 30, 2025 June 30, 2025 September 30, 2024 ($ in thousands) Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Available-for-sale (AFS) $ 2,351,493 $ (102,269 ) $ 2,204,511 $ (131,094 ) $ 1,786,793 $ (122,158 ) Held-to-maturity (HTM) 1,081,847 (49,656 ) 1,091,238 (75,144 ) 851,647 (46,351 ) Total $ 3,433,340 $ (151,925 ) $ 3,295,749 $ (206,238 ) $ 2,638,440 $ (168,509 ) Investment securities totaled $3.4 billion at September 30, 2025, an increase of $137.6 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities4 was 9.37% at September 30, 2025, compared to 9.06% at June 30, 2025. 4 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. Loans The following table presents total loans for the most recent five quarters: At ($ in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 C&I $ 2,320,868 $ 2,316,609 $ 2,198,802 $ 2,139,032 $ 2,145,286 CRE investor owned 2,626,657 2,547,859 2,487,375 2,405,356 2,346,575 CRE owner occupied 1,296,902 1,281,572 1,292,162 1,305,025 1,322,714 SBA loans* 1,257,817 1,249,225 1,283,067 1,298,007 1,272,679 Sponsor finance* 774,142 771,280 784,017 782,722 819,079 Life insurance premium financing* 1,151,700 1,155,623 1,149,119 1,114,299 1,030,273 Tax credits* 780,767 708,401 677,434 760,229 724,441 Residential real estate 359,315 356,722 357,615 350,640 346,460 Construction and land development 784,218 773,122 800,985 794,240 796,586 Other 230,723 248,427 268,187 270,805 275,799 Total loans $ 11,583,109 $ 11,408,840 $ 11,298,763 $ 11,220,355 $ 11,079,892 Quarterly loan yield 6.64 % 6.64 % 6.57 % 6.73 % 6.95 % Loans by rate type (to total loans): Fixed 41 % 40 % 39 % 40 % 39 % Variable: 59 % 60 % 61 % 60 % 61 % SOFR 29 % 29 % 29 % 28 % 28 % Prime 23 % 24 % 24 % 24 % 25 % Other 7 % 7 % 8 % 8 % 8 % Variable rate loans to total loans, adjusted for interest rate hedges 55 % 56 % 56 % 55 % 57 % *Specialty loan category Loans totaled $11.6 billion at September 30, 2025, an increase of $174.3 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume of $863.3 million compared to repayment and sale activity of $689.0 million. Loan originations and advances were strongest in the C&I and CRE portfolios in the current quarter. Loan sales of $22.2 million mitigated growth in the SBA category during the current quarter. Average line utilization was approximately 45% for the current quarter, compared to 46% and 44% for the linked and prior year quarters, respectively. Asset Quality The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters: At ($ in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Nonperforming loans* $ 127,878 $ 105,807 $ 109,882 $ 42,687 $ 28,376 Other1 7,821 8,221 3,271 3,955 4,516 Nonperforming assets* $ 135,699 $ 114,028 $ 113,153 $ 46,642 $ 32,892 Nonperforming loans to total loans 1.10 % 0.93 % 0.97 % 0.38 % 0.26 % Nonperforming assets to total assets 0.83 % 0.71 % 0.72 % 0.30 % 0.22 % Allowance for credit losses $ 148,854 $ 145,133 $ 142,944 $ 137,950 $ 139,778 Allowance for credit losses to total loans 1.29 % 1.27 % 1.27 % 1.23 % 1.26 % Allowance for credit losses to nonperforming loans* 116.4 % 137.2 % 130.1 % 323.2 % 492.6 % Quarterly net charge-offs (recoveries) $ 4,057 $ 630 $ (1,059 ) $ 7,131 $ 3,850 *Guaranteed balances excluded $ 33,475 $ 26,536 $ 22,607 $ 21,974 $ 11,899 1OREO and repossessed assets Nonperforming assets increased $21.7 million and $102.8 million from the linked and prior year quarters, respectively. The increase in nonperforming assets in the third quarter 2025 was primarily due to three relationships in the C&I and CRE categories of $13.0 million and $2.1 million, respectively. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans totaling $68.4 million to special purpose entities (each an “SPE Borrower”) affiliated with two commercial banking relationships in Southern California that share some common ownership. Litigation resulting from a business dispute between the owners of the entities resulted in all of the SPE Borrowers filing bankruptcy in the first quarter of 2025, which was subsequently dismissed. The SPE Borrowers were again placed in bankruptcy in October 2025. In August 2025, Enterprise Bank & Trust commenced foreclosure proceedings with respect to the real property collateral owned by each SPE Borrower. As a result of Enterprise Bank & Trust’s senior secured first lien collateral position with respect to the real property owned by the SPE Borrowers, the Company expects to collect the full balance of these loans. The provision for credit losses totaled $8.4 million in the third quarter 2025, compared to $3.5 million and $4.1 million in the linked and prior year quarters, respectively. The provision for credit losses in the third quarter 2025 was primarily related to the increase in nonperforming loans, net charge-offs, loan growth and changes in the economic forecast that influences projected future losses in the allowance calculation. Annualized net charge-offs totaled 14 basis points of average loans in the current and prior year quarters, compared to two basis points in the linked quarter. Deposits The following table presents deposits broken out by type for the most recent five quarters: At ($ in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Noninterest-bearing demand accounts $ 4,386,513 $ 4,322,332 $ 4,285,061 $ 4,484,072 $ 3,934,245 Interest-bearing demand accounts 3,301,621 3,184,670 3,193,903 3,175,292 3,048,981 Money market and savings accounts 4,228,605 4,209,032 4,167,375 4,117,524 4,121,543 Brokered certificates of deposit 762,499 752,422 542,172 484,588 480,934 Other certificates of deposit 888,674 848,903 845,719 885,016 879,619 Total deposit portfolio $ 13,567,912 $ 13,317,359 $ 13,034,230 $ 13,146,492 $ 12,465,322 Noninterest-bearing deposits to total deposits 32.3 % 32.5 % 32.9 % 34.1 % 31.6 % Quarterly cost of deposits 1.80 % 1.82 % 1.83 % 2.00 % 2.18 % Total deposits at September 30, 2025 were $13.6 billion, an increase of $250.6 million and $1.1 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $240.5 million and $821.0 million from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.4 billion at both September 30, 2025 and June 30, 2025. Noninterest Income The following table presents a comparative summary of the major components of noninterest income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) September 30, 2025 June 30, 2025 Increase (decrease) September 30, 2024 Increase (decrease) Deposit service charges $ 4,935 $ 4,940 $ (5 ) — % $ 4,649 $ 286 6 % Wealth management revenue 2,571 2,584 (13 ) (1 )% 2,599 (28 ) (1 )% Card services revenue 2,535 2,444 91 4 % 2,573 (38 ) (1 )% Tax credit income (loss) (300 ) 2,207 (2,507 ) (114 )% 3,252 (3,552 ) (109 )% Insurance recoveries 30,137 — 30,137 100 % — 30,137 100 % Other income 6,771 8,429 (1,658 ) (20 )% 8,347 (1,576 ) (19 )% Total noninterest income $ 46,649 $ 20,604 $ 26,045 126 % $ 21,420 $ 25,229 118 % Total noninterest income was $46.6 million for the third quarter 2025, an increase of $26.0 million and $25.2 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by the $30.1 million in accrued insurance proceeds that are anticipated to be received as a result of the recaptured tax credits during the quarter, partially offset by lower tax credit income. During the third quarter 2025, a solar provider from which the Company had purchased $24.1 million of transferrable solar tax credits declared bankruptcy. The bankrupt solar provider indirectly owned, through a complex structure of multiple entities, the solar projects generating the tax credits that the Company purchased. As part of the bankruptcy, the bankrupt solar provider sold and transferred equity interests in certain of those entities. As a result of this transfer, the $24.1 million of solar tax credits purchased by the Company were recaptured. The Company previously purchased an insurance policy to insure against recapture risk and anticipates proceeds from the insurance policy to cover the $24.1 million of recaptured tax credits and approximately $6.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes on credits carried at fair value. The following table presents a comparative summary of the major components of other income for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) September 30, 2025 June 30, 2025 Increase (decrease) September 30, 2024 Increase (decrease) BOLI $ 2,062 $ 2,561 $ (499 ) (19 )% $ 1,123 $ 939 84 % Community development investments 309 1,426 (1,117 ) (78 )% 1,177 (868 ) (74 )% Gain on SBA loan sales 1,140 1,153 (13 ) (1 )% — 1,140 — % Gain on sales of other real estate owned 7 56 (49 ) (88 )% 3,159 (3,152 ) (100 )% Private equity fund distributions 626 502 124 25 % 614 12 2 % Servicing fees 587 485 102 21 % 539 48 9 % Swap fees 341 86 255 297 % 17 324 1,906 % Miscellaneous income 1,699 2,160 (461 ) (21 )% 1,718 (19 ) (1 )% Total other income $ 6,771 $ 8,429 $ (1,658 ) (20 )% $ 8,347 $ (1,576 ) (19 )% The decrease in other income from the linked quarter was primarily due to a decrease of $0.5 million in BOLI income and a decrease of $1.1 million in community development investment income. During the linked quarter, the Company received the payout of a BOLI policy that did not recur in the third quarter 2025. Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds. In the prior year quarter, the Company realized a net gain of $3.2 million on the sale of OREO that did not recur in the current period. This was partially offset by a gain of $1.1 million in the current quarter on the sale of $22.2 million of guaranteed SBA loans. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Loan sales were executed in the current and linked quarters, while no loans were sold in the prior year quarter. Noninterest Expense The following table presents a comparative summary of the major components of noninterest expense for the periods indicated: Linked quarter comparison Prior year comparison Quarter ended Quarter ended ($ in thousands) September 30, 2025 June 30, 2025 Increase (decrease) September 30, 2024 Increase (decrease) Employee compensation and benefits $ 49,640 $ 50,164 $ (524 ) (1 )% $ 45,359 $ 4,281 9 % Deposit costs 27,172 24,765 2,407 10 % 23,781 3,391 14 % Occupancy 4,895 5,065 (170 ) (3 )% 4,372 523 12 % Core conversion expense — — — 100 % 1,375 (1,375 ) (100 )% Acquisition costs 609 518 91 18 % — 609 100 % Other expense 27,474 25,190 2,284 9 % 23,120 4,354 19 % Total noninterest expense $ 109,790 $ 105,702 $ 4,088 4 % $ 98,007 $ 11,783 12 % 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 $2.4 million from the linked quarter primarily due to an increase of $146.0 million in average deposit balances from the linked quarter for businesses eligible for the earnings credit allowance. The increase in noninterest expense of $11.8 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2024 and 2025, an increase of $3.4 million in deposit costs due to higher earnings credit allowances and deposit vertical average balances, and an increase of $0.6 million in acquisition costs related to the previously announced branch acquisition that closed in the fourth quarter 2025. These increases were partially offset by a decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. For the third quarter 2025, the core efficiency ratio5 was 61.0%, compared to 59.3% for the linked quarter and 58.4% for the prior year quarter. 5 Core efficiency ratio, tangible common equity to tangible assets, tangible book value per common share, and adjusted effective tax rate 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 third quarter 2025 was 47.8%, compared to 20.0% and 19.4% in the linked and prior year quarters, respectively. Included in tax expense during the current quarter is $24.1 million in transferrable tax credits that were recaptured as discussed above and approximately $6.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Excluding these items, the adjusted effective tax rate5 for the third quarter 2025 was 20.0%. Capital The following table presents total equity and various capital ratios for the most recent five quarters: At ($ in thousands) September 30, 2025* June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Stockholders’ equity $ 1,982,332 $ 1,922,899 $ 1,868,073 $ 1,824,002 $ 1,832,011 Total risk-based capital to risk-weighted assets 14.4 % 14.7 % 14.7 % 14.6 % 14.8 % Tier 1 capital to risk weighted assets 13.3 % 13.2 % 13.1 % 13.1 % 13.2 % Common equity tier 1 capital to risk-weighted assets 12.0 % 11.9 % 11.8 % 11.8 % 11.9 % Leverage ratio 11.1 % 11.1 % 11.0 % 11.1 % 11.2 % Tangible common equity to tangible assets5 9.60 % 9.42 % 9.30 % 9.05 % 9.50 % *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 September 30, 2025, an increase of $59.4 million and $150.3 million from the linked and prior year quarters, respectively. Tangible book value per common share5 was $41.58 at September 30, 2025, compared to $40.02 and $37.26 at June 30, 2025 and September 30, 2024, respectively. The Company’s regulatory capital ratios continue to exceed the “well-capitalized” regulatory benchmark. Capital ratios for the current quarter are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review. Use of Non-GAAP Financial Measures The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, adjusted effective tax rate and adjusted diluted earnings per share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The Company considers its tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, adjusted effective tax rate and adjusted diluted earnings per share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, acquisition costs, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, and the gain or loss on sale of other real estate owned and investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity to tangible assets ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject. The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated. Conference Call and Webcast Information The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, October 28, 2025. During the call, management will review the third quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. After connecting, you may say the name of the conference or enter the Conference ID 12239. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC3Q2025EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call’s completion. The replay will be available for at least two weeks following the conference call. About Enterprise Financial Services Corp Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $16.4 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 Stock Market under the symbol “EFSC.” Please visit our website at www.enterprisebank.com to see our regularly posted material information. Forward-looking Statements Readers should note that, in addition to the historical information contained herein, this press release contains “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, stockholder value creation and the impact of acquisitions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma”, “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, 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 the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, or other health emergencies and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results. For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) Quarter ended Nine months ended (in thousands, except per share data) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 EARNINGS SUMMARY Net interest income $ 158,286 $ 152,762 $ 147,516 $ 146,370 $ 143,469 $ 458,564 $ 421,726 Provision for credit losses 8,447 3,470 5,184 6,834 4,099 17,101 14,674 Noninterest income 46,649 20,604 18,483 20,631 21,420 85,736 49,072 Noninterest expense 109,790 105,702 99,783 99,522 98,007 315,275 285,525 Income before income tax expense 86,698 64,194 61,032 60,645 62,783 211,924 170,599 Income tax expense 41,463 12,810 11,071 11,811 12,198 65,344 34,167 Net income 45,235 51,384 49,961 48,834 50,585 146,580 136,432 Preferred stock dividends 938 937 938 937 938 2,813 2,813 Net income available to common stockholders $ 44,297 $ 50,447 $ 49,023 $ 47,897 $ 49,647 $ 143,767 $ 133,619 Diluted earnings per common share $ 1.19 $ 1.36 $ 1.31 $ 1.28 $ 1.32 $ 3.86 $ 3.56 Adjusted diluted earnings per common share1 1.20 1.37 1.31 1.32 1.29 3.88 3.57 Return on average assets 1.11 % 1.30 % 1.30 % 1.27 % 1.36 % 1.23 % 1.24 % Adjusted return on average assets1 1.12 % 1.31 % 1.29 % 1.31 % 1.32 % 1.24 % 1.24 % Return on average common equity1 9.29 % 11.03 % 11.10 % 10.75 % 11.40 % 10.45 % 10.55 % Adjusted return on average common equity1 9.40 % 11.12 % 11.08 % 11.08 % 11.09 % 10.51 % 10.58 % ROATCE1 11.56 % 13.84 % 14.02 % 13.63 % 14.55 % 13.10 % 13.56 % Adjusted ROATCE1 11.70 % 13.96 % 13.99 % 14.05 % 14.16 % 13.18 % 13.60 % Net interest margin (tax equivalent) 4.23 % 4.21 % 4.15 % 4.13 % 4.17 % 4.20 % 4.17 % Efficiency ratio 53.6 % 61.0 % 60.1 % 59.6 % 59.4 % 57.9 % 60.6 % Core efficiency ratio1 61.0 % 59.3 % 58.8 % 57.1 % 58.4 % 59.7 % 58.9 % Assets $ 16,400,430 $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 Average assets $ 16,178,066 $ 15,859,721 $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 15,895,556 $ 14,684,589 Period end common shares outstanding 37,011 36,950 36,928 36,988 37,184 Dividends per common share $ 0.31 $ 0.30 $ 0.29 $ 0.28 $ 0.27 $ 0.90 $ 0.78 Tangible book value per common share1 $ 41.58 $ 40.02 $ 38.54 $ 37.27 $ 37.26 Tangible common equity to tangible assets1 9.60 % 9.42 % 9.30 % 9.05 % 9.50 % Total risk-based capital to risk-weighted assets2 14.4 % 14.7 % 14.7 % 14.6 % 14.8 % 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 Nine months ended (in thousands, except per share data) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 INCOME STATEMENTS NET INTEREST INCOME Interest income $ 225,390 $ 218,967 $ 211,780 $ 215,380 $ 216,304 $ 656,137 $ 635,671 Interest expense 67,104 66,205 64,264 69,010 72,835 197,573 213,945 Net interest income 158,286 152,762 147,516 146,370 143,469 458,564 421,726 Provision for credit losses 8,447 3,470 5,184 6,834 4,099 17,101 14,674 Net interest income after provision for credit losses 149,839 149,292 142,332 139,536 139,370 441,463 407,052 NONINTEREST INCOME Deposit service charges 4,935 4,940 4,420 4,730 4,649 14,295 13,614 Wealth management revenue 2,571 2,584 2,659 2,719 2,599 7,814 7,733 Card services revenue 2,535 2,444 2,395 2,484 2,573 7,374 7,482 Tax credit income (loss) (300 ) 2,207 2,610 6,018 3,252 4,517 2,936 Insurance recoveries1 30,137 — — — — 30,137 — Other income 6,771 8,429 6,399 4,680 8,347 21,599 17,307 Total noninterest income 46,649 20,604 18,483 20,631 21,420 85,736 49,072 NONINTEREST EXPENSE Employee compensation and benefits 49,640 50,164 48,208 46,168 45,359 148,012 135,145 Deposit costs 27,172 24,765 23,823 22,881 23,781 75,760 65,764 Occupancy 4,895 5,065 4,430 4,336 4,372 14,390 12,895 FDIC special assessment — — — — — — 625 Core conversion expense — — — 1,893 1,375 — 2,975 Acquisition costs 609 518 — — — 1,127 — Other expense 27,474 25,190 23,322 24,244 23,120 75,986 68,121 Total noninterest expense 109,790 105,702 99,783 99,522 98,007 315,275 285,525 Income before income tax expense 86,698 64,194 61,032 60,645 62,783 211,924 170,599 Income tax expense 11,326 12,810 11,071 11,811 12,198 35,207 34,167 Tax credit recapture and provision for anticipated tax applied to related insurance recoveries2 30,137 — — — — 30,137 — Total income tax expense 41,463 12,810 11,071 11,811 12,198 65,344 34,167 Net income $ 45,235 $ 51,384 $ 49,961 $ 48,834 $ 50,585 $ 146,580 $ 136,432 Preferred stock dividends 938 937 938 937 938 2,813 2,813 Net income available to common stockholders $ 44,297 $ 50,447 $ 49,023 $ 47,897 $ 49,647 $ 143,767 $ 133,619 Basic earnings per common share $ 1.20 $ 1.36 $ 1.33 $ 1.29 $ 1.33 $ 3.89 $ 3.57 Diluted earnings per common share $ 1.19 $ 1.36 $ 1.31 $ 1.28 $ 1.32 $ 3.86 $ 3.56 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 $6.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) At ($ in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 BALANCE SHEET ASSETS Cash and due from banks $ 208,455 $ 252,817 $ 260,280 $ 270,975 $ 210,984 Interest-earning deposits 264,399 239,602 222,780 495,076 218,919 Debt and equity investments 3,527,467 3,384,347 3,108,763 2,863,989 2,714,194 Loans held for sale 681 586 — 110 304 Loans 11,583,109 11,408,840 11,298,763 11,220,355 11,079,892 Allowance for credit losses (148,854 ) (145,133 ) (142,944 ) (137,950 ) (139,778 ) Total loans, net 11,434,255 11,263,707 11,155,819 11,082,405 10,940,114 Fixed assets, net 49,248 48,639 48,083 45,009 44,368 Goodwill 365,164 365,164 365,164 365,164 365,164 Intangible assets, net 6,140 6,876 7,628 8,484 9,400 Other assets 544,621 514,561 508,077 465,219 450,678 Total assets $ 16,400,430 $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 LIABILITIES AND STOCKHOLDERS’ EQUITY Noninterest-bearing deposits $ 4,386,513 $ 4,322,332 $ 4,285,061 $ 4,484,072 $ 3,934,245 Interest-bearing deposits 9,181,399 8,995,027 8,749,169 8,662,420 8,531,077 Total deposits 13,567,912 13,317,359 13,034,230 13,146,492 12,465,322 Subordinated debentures and notes 93,617 156,796 156,695 156,551 156,407 FHLB advances 327,000 294,000 205,000 — 150,000 Other borrowings 247,006 210,641 255,635 280,821 170,815 Other liabilities 182,563 174,604 156,961 188,565 179,570 Total liabilities 14,418,098 14,153,400 13,808,521 13,772,429 13,122,114 Stockholders’ equity: Preferred stock 71,988 71,988 71,988 71,988 71,988 Common stock 370 369 369 370 372 Additional paid-in capital 997,446 991,663 988,554 990,733 992,642 Retained earnings 980,548 947,864 908,553 877,629 845,844 Accumulated other comprehensive loss (68,020 ) (88,985 ) (101,391 ) (116,718 ) (78,835 ) Total stockholders’ equity 1,982,332 1,922,899 1,868,073 1,824,002 1,832,011 Total liabilities and stockholders’ equity $ 16,400,430 $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) Nine months ended September 30, 2025 September 30, 2024 ($ 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 $ 11,351,848 $ 561,635 6.61 % $ 10,954,063 $ 567,687 6.92 % Taxable securities 1,964,496 59,270 4.03 1,451,317 37,601 3.46 Nontaxable securities2 1,181,460 31,360 3.55 982,342 23,250 3.16 Total securities 3,145,956 90,630 3.85 2,433,659 60,851 3.34 Interest-earning deposits 373,870 12,130 4.34 332,409 13,306 5.35 Total interest-earning assets 14,871,674 664,395 5.97 13,720,131 641,844 6.25 Noninterest-earning assets 1,023,882 964,458 Total assets $ 15,895,556 $ 14,684,589 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing demand accounts $ 3,230,832 $ 51,697 2.14 % $ 2,964,667 $ 57,415 2.59 % Money market accounts 3,656,546 85,675 3.13 3,462,993 96,777 3.73 Savings accounts 533,084 555 0.14 573,853 983 0.23 Certificates of deposit 1,491,047 42,933 3.85 1,374,176 44,441 4.32 Total interest-bearing deposits 8,911,509 180,860 2.71 8,375,689 199,616 3.18 Subordinated debentures and notes 150,015 7,982 7.11 156,188 7,863 6.72 FHLB advances 96,396 3,295 4.57 39,427 1,649 5.59 Securities sold under agreements to repurchase 211,429 4,764 3.01 167,939 4,422 3.52 Other borrowings 42,932 672 2.09 38,381 395 1.37 Total interest-bearing liabilities 9,412,281 197,573 2.81 8,777,624 213,945 3.26 Noninterest-bearing liabilities: Demand deposits 4,420,552 3,982,015 Other liabilities 151,192 161,033 Total liabilities 13,984,025 12,920,672 Stockholders' equity 1,911,531 1,763,917 Total liabilities and stockholders' equity $ 15,895,556 $ 14,684,589 Total net interest income $ 466,822 $ 427,899 Net interest margin 4.20 % 4.17 % 1 Average balances include nonaccrual loans. Interest income includes net loan fees of $5.3 million and $7.2 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. 2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $8.3 million and $6.2 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. ENTERPRISE FINANCIAL SERVICES CORP CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) At or for the quarter ended ($ in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 LOAN PORTFOLIO Commercial and industrial $ 4,943,561 $ 4,870,268 $ 4,729,707 $ 4,716,689 $ 4,628,488 Commercial real estate 5,178,649 5,074,100 5,046,293 4,974,787 4,915,176 Construction real estate 858,146 844,497 880,708 891,059 896,325 Residential real estate 365,010 364,281 366,353 359,263 355,279 Other 237,743 255,694 275,702 278,557 284,624 Total loans $ 11,583,109 $ 11,408,840 $ 11,298,763 $ 11,220,355 $ 11,079,892 DEPOSIT PORTFOLIO Noninterest-bearing demand accounts $ 4,386,513 $ 4,322,332 $ 4,285,061 $ 4,484,072 $ 3,934,245 Interest-bearing demand accounts 3,301,621 3,184,670 3,193,903 3,175,292 3,048,981 Money market and savings accounts 4,228,605 4,209,032 4,167,375 4,117,524 4,121,543 Brokered certificates of deposit 762,499 752,422 542,172 484,588 480,934 Other certificates of deposit 888,674 848,903 845,719 885,016 879,619 Total deposits $ 13,567,912 $ 13,317,359 $ 13,034,230 $ 13,146,492 $ 12,465,322 AVERAGE BALANCES Loans $ 11,454,183 $ 11,358,209 $ 11,240,806 $ 11,100,112 $ 10,971,575 Securities 3,353,305 3,149,010 2,930,912 2,748,063 2,503,124 Interest-earning assets 15,135,880 14,822,957 14,650,854 14,323,053 13,877,631 Assets 16,178,066 15,859,721 15,642,999 15,309,577 14,849,455 Deposits 13,604,302 13,245,241 13,141,556 12,958,156 12,546,086 Stockholders’ equity 1,964,126 1,906,089 1,863,272 1,844,509 1,804,369 Tangible common equity1 1,520,476 1,461,700 1,418,094 1,398,427 1,357,362 YIELDS (tax equivalent) Loans 6.64 % 6.64 % 6.57 % 6.73 % 6.95 % Securities 3.93 3.86 3.75 3.51 3.40 Interest-earning assets 5.99 6.00 5.93 6.05 6.26 Interest-bearing deposits 2.67 2.70 2.77 2.96 3.22 Deposits 1.80 1.82 1.83 2.00 2.18 Subordinated debentures and notes 7.78 7.00 6.63 6.70 6.86 FHLB advances and other borrowed funds 3.47 3.48 3.01 2.81 3.01 Interest-bearing liabilities 2.77 2.81 2.84 3.02 3.28 Net interest margin 4.23 4.21 4.15 4.13 4.17 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) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 ASSET QUALITY Net charge-offs (recoveries) $ 4,057 $ 630 $ (1,059 ) $ 7,131 $ 3,850 Nonperforming loans 127,878 105,807 109,882 42,687 28,376 Classified assets 352,792 281,162 264,460 193,838 179,883 Nonperforming loans to total loans 1.10 % 0.93 % 0.97 % 0.38 % 0.26 % Nonperforming assets to total assets 0.83 % 0.71 % 0.72 % 0.30 % 0.22 % Allowance for credit losses to total loans 1.29 % 1.27 % 1.27 % 1.23 % 1.26 % Allowance for credit losses to total loans, excluding guaranteed loans1 1.40 % 1.38 % 1.38 % 1.34 % 1.38 % Allowance for credit losses to nonperforming loans 116.4 % 137.2 % 130.1 % 323.2 % 492.6 % Net charge-offs (recoveries) to average loans -annualized 0.14 % 0.02 % (0.04 )% 0.26 % 0.14 % WEALTH MANAGEMENT Trust assets under management $ 2,566,784 $ 2,457,471 $ 2,250,004 $ 2,412,471 $ 2,499,807 SHARE DATA Book value per common share $ 51.62 $ 50.09 $ 48.64 $ 47.37 $ 47.33 Tangible book value per common share1 $ 41.58 $ 40.02 $ 38.54 $ 37.27 $ 37.26 Market value per share $ 57.98 $ 55.10 $ 53.74 $ 56.40 $ 51.26 Period end common shares outstanding 37,011 36,950 36,928 36,988 37,184 Average basic common shares 37,015 36,963 36,971 37,118 37,337 Average diluted common shares 37,333 37,172 37,287 37,447 37,483 CAPITAL Total risk-based capital to risk-weighted assets2 14.4 % 14.7 % 14.7 % 14.6 % 14.8 % Tier 1 capital to risk-weighted assets2 13.3 % 13.2 % 13.1 % 13.1 % 13.2 % Common equity tier 1 capital to risk-weighted assets2 12.0 % 11.9 % 11.8 % 11.8 % 11.9 % Tangible common equity to tangible assets1 9.60 % 9.42 % 9.30 % 9.05 % 9.50 % 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 Nine months ended ($ in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 158,286 $ 152,762 $ 147,516 $ 146,370 $ 143,469 $ 458,564 $ 421,726 Tax-equivalent adjustment 3,045 2,738 2,475 2,272 2,086 8,258 6,173 Noninterest income (GAAP) 46,649 20,604 18,483 20,631 21,420 85,736 49,072 Less insurance recoveries 30,137 — — — — 30,137 — Less gain on sale of investment securities — — 106 — — 106 — Less gain (loss) on sale of other real estate owned 7 56 23 (68 ) 3,159 86 3,157 Core revenue (non-GAAP) $ 177,836 $ 176,048 $ 168,345 $ 169,341 $ 163,816 $ 522,229 $ 473,814 Noninterest expense (GAAP) $ 109,790 $ 105,702 $ 99,783 $ 99,522 $ 98,007 $ 315,275 $ 285,525 Less FDIC special assessment — — — — — — 625 Less core conversion expense — — — 1,893 1,375 — 2,975 Less amortization on intangibles 736 753 855 916 927 2,344 2,918 Less acquisition costs 609 518 — — — 1,127 — Core noninterest expense (non-GAAP) $ 108,445 $ 104,431 $ 98,928 $ 96,713 $ 95,705 $ 311,804 $ 279,007 Core efficiency ratio (non-GAAP) 61.0 % 59.3 % 58.8 % 57.1 % 58.4 % 59.7 % 58.9 % Quarter ended (in thousands, except per share data) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS Stockholders’ equity (GAAP) $ 1,982,332 $ 1,922,899 $ 1,868,073 $ 1,824,002 $ 1,832,011 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 6,140 6,876 7,628 8,484 9,400 Tangible common equity (non-GAAP) $ 1,539,040 $ 1,478,871 $ 1,423,293 $ 1,378,366 $ 1,385,459 Less net unrealized losses on HTM securities, after tax 37,341 56,508 55,819 52,881 34,856 Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) $ 1,501,699 $ 1,422,363 $ 1,367,474 $ 1,325,485 $ 1,350,603 Common shares outstanding 37,011 36,950 36,928 36,988 37,184 Tangible book value per common share (non-GAAP) $ 41.58 $ 40.02 $ 38.54 $ 37.27 $ 37.26 Total assets (GAAP) $ 16,400,430 $ 16,076,299 $ 15,676,594 $ 15,596,431 $ 14,954,125 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 6,140 6,876 7,628 8,484 9,400 Tangible assets (non-GAAP) $ 16,029,126 $ 15,704,259 $ 15,303,802 $ 15,222,783 $ 14,579,561 Tangible common equity to tangible assets (non-GAAP) 9.60 % 9.42 % 9.30 % 9.05 % 9.50 % Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) 9.37 % 9.06 % 8.94 % 8.71 % 9.26 % Quarter ended Nine months ended ($ in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE Average stockholder’s equity (GAAP) $ 1,964,126 $ 1,906,089 $ 1,863,272 $ 1,844,509 $ 1,804,369 $ 1,911,531 $ 1,763,917 Less average preferred stock 71,988 71,988 71,988 71,988 71,988 71,988 71,988 Less average goodwill 365,164 365,164 365,164 365,164 365,164 365,164 365,164 Less average intangible assets 6,498 7,237 8,026 8,930 9,855 7,248 10,799 Average tangible common equity (non-GAAP) $ 1,520,476 $ 1,461,700 $ 1,418,094 $ 1,398,427 $ 1,357,362 $ 1,467,131 $ 1,315,966 Net income (GAAP) $ 45,235 $ 51,384 $ 49,961 $ 48,834 $ 50,585 $ 146,580 $ 136,432 FDIC special assessment (after tax) — — — — — — 470 Core conversion expense (after tax) — — — 1,424 1,034 — 2,237 Acquisition costs (after tax) 549 462 — — — 1,011 — Less gain on sale of investment securities (after tax) — — 80 — — 80 — Less gain (loss) on sales of other real estate owned (after tax) 5 42 17 (51 ) 2,375 64 2,374 Net income adjusted (non-GAAP) $ 45,779 $ 51,804 $ 49,864 $ 50,309 $ 49,244 $ 147,447 $ 136,765 Less preferred stock dividends 938 937 938 937 938 2,813 2,813 Net income available to common stockholders adjusted (non-GAAP) $ 44,841 $ 50,867 $ 48,926 $ 49,372 $ 48,306 $ 144,634 $ 133,952 Return on average common equity (non-GAAP) 9.29 % 11.03 % 11.10 % 10.75 % 11.40 % 10.45 % 10.55 % Adjusted return on average common equity (non-GAAP) 9.40 % 11.12 % 11.08 % 11.08 % 11.09 % 10.51 % 10.58 % ROATCE (non-GAAP) 11.56 % 13.84 % 14.02 % 13.63 % 14.55 % 13.10 % 13.56 % Adjusted ROATCE (non-GAAP) 11.70 % 13.96 % 13.99 % 14.05 % 14.16 % 13.18 % 13.60 % Average assets $ 16,178,066 $ 15,859,721 $ 15,642,999 $ 15,309,577 $ 14,849,455 $ 15,895,556 $ 14,684,589 Return on average assets (GAAP) 1.11 % 1.30 % 1.30 % 1.27 % 1.36 % 1.23 % 1.24 % Adjusted return on average assets (non-GAAP) 1.12 % 1.31 % 1.29 % 1.31 % 1.32 % 1.24 % 1.24 % Average diluted common shares 37,333 37,172 37,287 37,447 37,483 37,273 37,547 Diluted earnings per share (GAAP) $ 1.19 $ 1.36 $ 1.31 $ 1.28 $ 1.32 $ 3.86 $ 3.56 Adjusted diluted earnings per share (non-GAAP) $ 1.20 $ 1.37 $ 1.31 $ 1.32 $ 1.29 $ 3.88 $ 3.57 Quarter ended ($ in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 PRE-PROVISION NET REVENUE (PPNR) Net interest income (GAAP) $ 158,286 $ 152,762 $ 147,516 $ 146,370 $ 143,469 Noninterest income (GAAP) 46,649 20,604 18,483 20,631 21,420 Core conversion expense — — — 1,893 1,375 Acquisition costs 609 518 — — — Less gain on sale of investment securities — — 106 — — Less gain (loss) on sales of other real estate owned 7 56 23 (68 ) 3,159 Less insurance recoveries 30,137 — — — — Less noninterest expense (GAAP) 109,790 105,702 99,783 99,522 98,007 PPNR (non-GAAP) $ 65,610 $ 68,126 $ 66,087 $ 69,440 $ 65,098 At ($ in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS Loans (GAAP) $ 11,583,109 $ 11,408,840 $ 11,298,763 $ 11,220,355 $ 11,079,892 Less guaranteed loans 922,168 913,118 942,651 947,665 928,272 Adjusted loans (non-GAAP) $ 10,660,941 $ 10,495,722 $ 10,356,112 $ 10,272,690 $ 10,151,620 Allowance for credit losses $ 148,854 $ 145,133 $ 142,944 $ 137,950 $ 139,778 Allowance for credit losses/loans (GAAP) 1.29 % 1.27 % 1.27 % 1.23 % 1.26 % Allowance for credit losses/adjusted loans (non-GAAP) 1.40 % 1.38 % 1.38 % 1.34 % 1.38 % Quarter ended ($ in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 ADJUSTED EFFECTIVE TAX RATE Income before income tax expense (GAAP) $ 86,698 $ 64,194 $ 61,032 $ 60,645 $ 62,783 Less insurance recoveries 30,137 — — — — Adjusted income before income tax expense (non-GAAP) $ 56,561 $ 64,194 $ 61,032 $ 60,645 $ 62,783 Income tax expense (GAAP) $ 41,463 $ 12,810 $ 11,071 $ 11,811 $ 12,198 Less tax credit recapture and provision for anticipated tax applied to related insurance recoveries 30,137 — — — — Adjusted income tax expense (non-GAAP) $ 11,326 $ 12,810 $ 11,071 $ 11,811 $ 12,198 Effective tax rate (GAAP) 47.8 % 20.0 % 18.1 % 19.5 % 19.4 % Adjusted effective tax rate (non-GAAP) 20.0 % 20.0 % 18.1 % 19.5 % 19.4 % For more information contact Investor Relations: Keene Turner, Senior Executive Vice President, CFO and COO (314) 512-7233 Media: Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695 Source: Enterprise Financial Services Corp