Enterprise Financial Services CAO adds to stake via ESPP purchase

Rhea-AI Filing Summary

Enterprise Financial Services Corp. (EFSC) – Form 4 insider activity

EVP & Chief Accounting Officer Troy Dumlao voluntarily reported buying 450 EFSC common shares on 30 Jun 2025 through the company’s 2018 Employee Stock Purchase Plan (ESPP). The shares were acquired at $46.84, equal to 85 % of the 30 Jun closing price, and lift Dumlao’s direct ownership to 7,537 shares. No shares were sold.

Table II lists previously granted options and RSUs (totaling 10,267 underlying shares) but reflects no new derivative transactions; the filing simply updates Dumlao’s outstanding equity awards and future vesting schedules.

The dollar value of the purchase (≈ $21 k) is immaterial to EFSC’s market capitalization, yet insider buying—especially by a senior accounting executive—can signal management confidence. Investors may view the activity as incrementally positive sentiment rather than a catalyst for the stock.

Positive

• Insider purchase: EVP & CAO acquired 450 shares, indicating personal confidence in EFSC’s prospects.
• No insider sales: Filing shows accumulation without disposition, reducing potential negative signaling.

Negative

• None.

Insights

Senior Financial Analyst

TL;DR: Small insider buy signals confidence but is immaterial to valuation; neutral-to-slightly positive sentiment.

The 450-share ESPP purchase (~$21 k) increases Dumlao’s stake by roughly 6 %. While any insider accumulation—notably from the Chief Accounting Officer—reduces concerns about accounting quality and aligns interests, the quantum is far too small to affect EFSC’s cash flows or capital structure. Outstanding options/RSUs are unchanged; vesting timelines extend to 2035, indicating long-term retention incentives. Overall, the filing offers a modestly constructive datapoint but does not alter the investment thesis. I classify the market impact as neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DUMLAO TROY

(Last) (First) (Middle)

150 N. MERAMEC

(Street)

ST LOUIS MO 63105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ENTERPRISE FINANCIAL SERVICES CORP [ EFSC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		J(1)	V	450	A	$46.84(2)	7,537	D
Depository Shares(3)								400	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non Qualified Stock Option (Right to Buy)	$43.81							(4)	02/25/2031	Common Stock	1,058		1,058	D
Non Qualified Stock Option (Right to Buy)	$48.34							(5)	02/24/2032	Common Stock	1,266		1,266	D
Non Qualified Stock Option (Right to Buy)	$54.46							(6)	02/28/2033	Common Stock	1,769		1,769	D
Non Qualified Stock Option (Right to Buy)	$39.5							(7)	02/28/2034	Common Stock	2,722		2,722	D
Non Qualified Stock Option (Right to Buy)	$57.17							(8)	03/04/2035	Common Stock	1,919		1,919	D
Restricted Share Units	(9)							(10)	(10)	Common Stock	361		361	D
Restricted Share Units	(9)							(11)	(11)	Common Stock	520		520	D
Restricted Share Units	(9)							(12)	(12)	Common Stock	642		642	D
Restricted Share Units	(9)							(13)	(13)	Common Stock	380		380	D

Explanation of Responses:

1. The reporting person is voluntarily reporting the acquisition of shares of the Issuer's common stock pursuant to the Issuer's 2018 Employee Stock Purchase Plan ("ESPP") for the ESPP purchase period of January 1, 2025, through June 30, 2025. This transaction is exempt under Section 16b-3(c).

2. In accordance with the terms of the ESPP, the reported shares were acquired based on 85% of the closing price of the Issuer's common stock on June 30, 2025.

3. Each Depositary Share represents a 1/40th interest in a share of the Issuer's 5.00% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock. Depositary Shares were purchased in an underwritten public offering.

4. The Options vest at a rate of 33% annually over three years, subject to continued employment of the reporting person. Vesting occurs on the anniversary date of the grant each year, with final vest occurring on February 25, 2024

5. The Options vest at a rate of 33% annually over three years, subject to continued employment of the reporting person. Vesting occurs on the anniversary date of the grant each year, with final vest occurring on February 24, 2025.

6. This option becomes exercisable in the first quarter of 2026, subject to continued employment by the reporting person.

7. This option becomes exercisable in the first quarter of 2027, subject to continued employment by the reporting person.

8. The option becomes exercisable in the first quarter of 2028, subject to continued employment by the reporting person.

9. The RSU's were granted pursuant to the Company's 2018 Stock Incentive Plan. Each RSU represents the right to receive one share of Common Stock, subject to adjustment as provided in the Grant Agreement.

10. The RSU vest 100% in the first quarter of 2026, subject to continued employment by the reporting person.

11. The RSU's vest 100% in the first quarter of 2027, subject to continued employment by the reporting person.

12. The RSU's vest 100% in the first quarter of 2028, subject to continued employment by the reporting person.

13. The RSUs vest at a rate of 33% annually over three years, subject to continued employment of the reporting person. Vesting occurs on the anniversary date of the grant each year, with final vest occurring on April 14, 2026. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Common Stock.

	/s/ Troy Dumlao	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many EFSC shares did EVP Troy Dumlao buy?

He purchased 450 common shares on 30 Jun 2025 through the ESPP.

At what price were the EFSC shares acquired?

The ESPP purchase price was $46.84 per share (85 % of the 30 Jun closing price).

What is Dumlao’s total EFSC share ownership after the transaction?

He now directly owns 7,537 common shares.

Were any EFSC shares sold in this Form 4 filing?

No. The filing reports only an acquisition; there were no dispositions.

Did the filing include new stock options or RSUs?

Table II lists existing options and RSUs but no new derivative grants or exercises occurred.

Is this insider transaction material to EFSC’s valuation?

Given the small dollar amount (~$21 k), it is not financially material, though it may be viewed positively.