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

ST. LOUIS--(BUSINESS WIRE)-- 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 share¹ 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 ratio³ 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	%

 

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Source: Enterprise Financial Services Corp