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Enterprise Financial Reports Second Quarter 2021 Results

Second Quarter Results

  • Net income of $38.4 million, $1.23 per diluted share
  • Net interest margin (tax equivalent) of 3.46%
  • Return on average assets of 1.50%
  • Loan growth of $278.5 million, excluding PPP loan activity, or 17% annualized
  • Increased dividend 6% to $0.19 per share for third quarter
  • Repurchased 251,637 shares at an average price of $47.00 per share

Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) reported net income of $38.4 million for the second quarter 2021, an increase of $8.5 million compared to the linked first quarter (“linked quarter”) and an increase of $23.8 million from the prior year quarter. Earnings per diluted share (“EPS”) was $1.23 for the second quarter 2021, compared to $0.96 and $0.56 for the linked and prior year quarters, respectively.

Jim Lally, EFSC’s President and Chief Executive Officer, commented, “We have successfully navigated the challenges posed over the past year due to the pandemic, while also completing the acquisition and integration of Seacoast. These successes are evident in our second quarter results that produced a record net income of $38.4 million and a strong pre-provision net revenue (“PPNR”) return on average assets of 1.85%1. Core loan growth accelerated during the period, with solid growth in C&I and our specialty niches, partially offset by PPP forgiveness. Fee income rebounded from the first quarter, net interest margin was stable and our expenses were well-controlled. Continued improvement in the economic forecast and our improving asset quality metrics led to an allowance release of $2.7 million in the quarter, while still maintaining a significant allowance coverage ratio of 2.09% when excluding guaranteed loans. The strength of our operating fundamentals supported an increase of our dividend by approximately 6% and the repurchase of $12 million of stock during the quarter as a way to provide an additional return to our shareholders.”

Lally added, “We announced the closing of the First Choice acquisition last week that significantly expands our commercial banking presence in California. I am excited about our future with an expanded footprint, a strengthening economy and customer base and the increased ability for in-person collaboration.”

1 PPNR and PPNR return on assets are a non-GAAP measure. Refer to discussion and reconciliation of these measures in the accompanying financial tables.

Highlights

Comparisons to the prior year are impacted by the acquisition of Seacoast Commerce Banc Holdings (“Seacoast”) that closed in the fourth quarter 2020.

  • Earnings - Net income in the second quarter 2021 was $38.4 million, an increase of $8.5 million compared to the linked quarter and an increase of $23.8 million from the prior year quarter. EPS was $1.23 per diluted share for the second quarter 2021, compared to $0.96 and $0.56 per diluted share for the linked and prior year quarters, respectively. Merger-related expenses of $1.9 million and $3.1 million for second quarter 2021 and first quarter 2021, respectively, reduced EPS by $0.04 and $0.07 per share in the current quarter and linked quarter, respectively.
  • Pre-provision net revenue1 (“PPNR”) - PPNR of $47.4 million in the second quarter 2021 increased $6.8 million and $9.6 million from the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to stronger noninterest income. The increase from the prior year quarter was primarily from the Seacoast acquisition that was completed in the fourth quarter 2020 and an increase in PPP fee income due to an increase in loan forgiveness.
  • Net interest income and net interest margin (“NIM”) - Net interest income of $81.7 million for the second quarter 2021 increased $2.6 million and $15.9 million from the linked quarter and prior year quarter, respectively. NIM was 3.46% for the second quarter 2021, compared to 3.50% and 3.53% for the linked quarter and prior year quarter, respectively. Additional cash on the balance sheet reduced NIM by approximately 5 bps compared to the linked quarter.
  • Noninterest income - Noninterest income of $16.2 million for the second quarter 2021 increased $4.9 million and $6.2 million from the linked quarter and prior year quarter, respectively. The increase was primarily due to tax credit revenue and income from private equity investments.
  • Loans - Total loans decreased $62.5 million from the linked quarter to $7.2 billion as of June 30, 2021. The decrease was due to net paydowns in PPP loans of $341.0 million. Excluding PPP, loans grew $278.5 million, or 17.1%, on an annualized basis from the linked quarter. Average loans totaled $7.3 billion for the quarter ended June 30, 2021 compared to $7.2 billion and $6.0 billion for the linked and prior year quarters, respectively.

PPP details:

 

Quarter ended

($ in thousands, except per share data)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

PPP loans outstanding, net of deferred fees

$

396,660

 

 

$

737,660

 

 

$

698,645

 

 

$

819,100

 

 

$

807,814

 

Average PPP loans outstanding, net

664,375

 

 

692,161

 

 

806,697

 

 

813,244

 

 

634,632

 

PPP average loan size

171

 

 

220

 

 

187

 

 

216

 

 

224

 

PPP interest and fee income

7,940

 

 

8,475

 

 

10,261

 

 

5,226

 

 

4,083

 

PPP deferred fees

12,243

 

 

16,676

 

 

11,304

 

 

19,522

 

 

22,414

 

PPP average yield

4.79

%

 

4.97

%

 

5.06

%

 

2.56

%

 

2.59

%

 

 

 

 

Quarter ended

 

Jun 30,

2021

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

Financial Metrics:

As

Reported

 

Excluding

PPP*

As

Reported

 

Excluding

PPP*

 

As

Reported

 

Excluding

PPP*

 

As

Reported

 

Excluding

PPP*

 

As

Reported

 

Excluding

PPP*

EPS

$

1.23

 

 

$

1.04

 

$

0.96

 

 

$

0.75

 

 

$

1.00

 

 

$

0.73

 

 

$

0.68

 

 

$

0.53

 

 

$

0.56

 

 

$

0.44

 

ROAA

1.50

%

 

1.35

%

1.22

%

 

1.03

%

 

1.26

%

 

1.01

%

 

0.86

%

 

0.74

%

 

0.72

%

 

0.62

%

PPNR ROAA

1.85

%

 

1.65

%

1.66

%

 

1.41

%

 

2.07

%

 

1.78

%

 

1.81

%

 

1.73

%

 

1.87

%

 

1.81

%

Tangible common equity/tangible assets*

8.32

%

 

8.66

%

8.18

%

 

8.84

%

 

8.40

%

 

9.07

%

 

7.99

%

 

8.89

%

 

7.81

%

 

8.67

%

Leverage ratio

9.4

%

 

10.0

%

9.5

%

 

10.2

%

 

10.0

%

 

11.0

%

 

9.2

%

 

10.2

%

 

9.2

%

 

10.0

%

NIM

3.46

%

 

3.36

%

3.50

%

 

3.39

%

 

3.66

%

 

3.52

%

 

3.29

%

 

3.37

%

 

3.53

%

 

3.62

%

Allowance for credit losses/loans

1.77

%

 

2.09

%

1.80

%

 

2.22

%

 

1.89

%

 

2.31

%

 

2.01

%

 

2.32

%

 

1.80

%

 

2.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables. Calculations not adjusted for increase in average deposits or increase in deposit expense, as applicable.

  • Asset quality - The allowance for credit losses to total loans was 1.77% at June 30, 2021, compared to 1.80% at March 31, 2021 and June 30, 2020. The ratio of nonperforming assets to total assets was 0.44% at June 30, 2021 compared to 0.42% and 0.55% at March 31, 2021 and June 30, 2020, respectively. The decline in the allowance to total loans ratio in the second quarter 2021 was primarily due to a provision benefit of $2.7 million supported by high-quality credit metrics and continued improvement in economic forecasts, and growth in portfolio loan balances.
  • Deposits - Total deposits increased $124.1 million, or 1.5%, from the linked quarter to $8.6 billion as of June 30, 2021. Year-over-year, deposits grew $1.9 billion, or 29.0%, from $6.7 billion as of June 30, 2020. Average deposits totaled $8.6 billion for the quarter ended June 30, 2021 compared to $8.2 billion and $6.6 billion for the linked and prior year quarters, respectively. Noninterest-bearing deposit accounts represented 36.0% of total deposits, and the loan to deposit ratio was 83.6% at June 30, 2021.
  • Capital - Total shareholders’ equity was $1.1 billion and the tangible common equity to tangible assets ratio was 8.3% at June 30, 2021, compared to 8.2% at March 31, 2021. The Bank’s regulatory capital ratios remain “well-capitalized,” with a common equity tier 1 ratio of 12.3% and a total risk-based capital ratio of 13.4% as of June 30, 2021. The Company’s common equity tier 1 ratio and total risk-based capital ratio was 11.1% and 14.9%, respectively, at June 30, 2021.



    The Company has 1,748,363 shares available for repurchase under its common stock repurchase authorization. The Company repurchased 251,637 shares totaling $11.8 million in the quarter.



    The Company’s Board of Directors unanimously approved a quarterly dividend of $0.19 per common share, payable on September 30, 2021 to shareholders of record as of September 15, 2021, an increase of $0.01 compared to the second quarter.
  • Liquidity - The Company maintains a high level of both on-balance-sheet and off-balance-sheet liquidity. At June 30, 2021, on-balance-sheet liquidity consisted of cash and unpledged investment securities of $1.2 billion. Off-balance-sheet liquidity totaled $1.9 billion through the Federal Home Loan Bank, Federal Reserve and correspondent bank lines. The Company also has an unused $25 million revolving line of credit at the holding company and maintains a shelf registration allowing for the issuance of various forms of equity and debt securities.

Net Interest Income

Average Balance Sheets

The following table presents, for the periods indicated, certain information related to our average interest-earning assets and interest-bearing liabilities, as well as, the corresponding interest rates earned and paid, all on a tax-equivalent basis.

 

Quarter ended

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

($ 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans*

$

7,306,471

 

 

$

79,162

 

 

4.35

%

 

$

7,192,776

 

 

$

77,073

 

 

4.35

%

 

$

6,032,076

 

 

$

63,869

 

 

4.26

%

Debt and equity investments*

1,502,582

 

 

9,226

 

 

2.46

 

 

1,417,305

 

 

8,818

 

 

2.52

 

 

1,361,853

 

 

9,220

 

 

2.72

 

Short-term investments

806,928

 

 

237

 

 

0.12

 

 

679,659

 

 

189

 

 

0.11

 

 

177,267

 

 

87

 

 

0.20

 

Total interest-earning assets

9,615,981

 

 

88,625

 

 

3.70

 

 

9,289,740

 

 

86,080

 

 

3.76

 

 

7,571,196

 

 

73,176

 

 

3.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets

665,363

 

 

 

 

 

 

650,312

 

 

 

 

 

 

587,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

10,281,344

 

 

 

 

 

 

$

9,940,052

 

 

 

 

 

 

$

8,158,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing transaction accounts

$

1,985,811

 

 

$

336

 

 

0.07

%

 

$

1,887,059

 

 

$

328

 

 

0.07

%

 

$

1,487,467

 

 

$

244

 

 

0.07

%

Money market accounts

2,344,871

 

 

988

 

 

0.17

 

 

2,350,592

 

 

975

 

 

0.17

 

 

1,941,874

 

 

995

 

 

0.21

 

Savings

718,193

 

 

52

 

 

0.03

 

 

654,662

 

 

48

 

 

0.03

 

 

590,104

 

 

45

 

 

0.03

 

Certificates of deposit

522,633

 

 

1,091

 

 

0.84

 

 

537,166

 

 

1,312

 

 

0.99

 

 

718,529

 

 

3,099

 

 

1.73

 

Total interest-bearing deposits

5,571,508

 

 

2,467

 

 

0.18

 

 

5,429,479

 

 

2,663

 

 

0.20

 

 

4,737,974

 

 

4,383

 

 

0.37

 

Subordinated debentures

203,849

 

 

2,847

 

 

5.60

 

 

203,694

 

 

2,819

 

 

5.61

 

 

169,311

 

 

2,316

 

 

5.50

 

FHLB advances

50,000

 

 

197

 

 

1.58

 

 

50,000

 

 

195

 

 

1.58

 

 

251,231

 

 

455

 

 

0.73

 

Securities sold under agreements to repurchase

209,062

 

 

58

 

 

0.11

 

 

231,527

 

 

60

 

 

0.11

 

 

192,117

 

 

57

 

 

0.12

 

Other borrowings

27,147

 

 

94

 

 

1.39

 

 

28,650

 

 

100

 

 

1.42

 

 

32,842

 

 

147

 

 

1.80

 

Total interest-bearing liabilities

6,061,566

 

 

5,663

 

 

0.37

 

 

5,943,350

 

 

5,837

 

 

0.40

 

 

5,383,475

 

 

7,358

 

 

0.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

3,008,703

 

 

 

 

 

 

2,777,900

 

 

 

 

 

 

1,813,760

 

 

 

 

 

Other liabilities

94,106

 

 

 

 

 

 

122,321

 

 

 

 

 

 

92,806

 

 

 

 

 

Total liabilities

9,164,375

 

 

 

 

 

 

8,843,571

 

 

 

 

 

 

7,290,041

 

 

 

 

 

Shareholders' equity

1,116,969

 

 

 

 

 

 

1,096,481

 

 

 

 

 

 

868,163

 

 

 

 

 

Total liabilities and shareholders' equity

$

10,281,344

 

 

 

 

 

 

$

9,940,052

 

 

 

 

 

 

$

8,158,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net interest income

 

 

$

82,962

 

 

 

 

 

 

$

80,243

 

 

 

 

 

 

$

66,537

 

 

 

Net interest margin

 

 

 

 

3.46

%

 

 

 

 

 

3.50

%

 

 

 

 

 

3.53

%

* Non-taxable income is presented on a tax-equivalent basis using a 24.9% and 24.7% tax rate in 2021 and 2020, respectively. The tax-equivalent adjustments were $1.2 million for the three months ended June 30, 2021, $1.1 million for the three months ended March 31, 2021 and $0.7 million for the three months ended June 30, 2020.

Net interest income for the second quarter increased $2.6 million to $81.7 million from $79.1 million in the linked quarter, and increased $15.9 million from the prior year period. NIM, on a tax equivalent basis, was 3.46% for the second quarter, compared to 3.50% in the linked quarter, and 3.53% in the second quarter 2020. The increase in net interest income from the linked quarter was primarily due to higher volumes on loans and investments While PPP loans decreased in the current quarter, forgiveness of these loans by the SBA accelerated deferred loan fees into income that benefits net interest margin. In addition, improvement in the loan mix benefited net interest income, as the reduction in PPP loans that bear a 1% interest rate have mostly been replaced with loans at a higher yield.

NIM decreased four basis points from the linked quarter to 3.46% during the current quarter primarily due to a six basis point decrease in earning asset yields. The decrease in the earning asset yield was primarily due to higher levels of cash related to payoffs of PPP loans and deposit growth (5 bps), and lower yields on investment securities (1 bp), partially offset by loans (1 bp) and lower cost of funds (1 bp).

The cost of interest-bearing liabilities declined two basis points from the linked quarter, primarily due to lower rates on time deposits.

Loans

The following table presents total loans for the most recent five quarters:

 

Quarter ended

 

 

 

 

 

December 31, 2020

 

 

 

 

($ in thousands)

June 30,

2021

 

March 31,

2021

 

Seacoasta

 

Legacy

EFSCa

 

Consolidated

 

September 30,

2020

 

June 30,

2020

C&I

$

1,116,229

 

 

$

1,048,839

 

 

$

16,079

 

 

$

1,086,981

 

 

$

1,103,060

 

 

$

1,075,421

 

 

$

1,052,373

 

CRE investor owned

1,467,243

 

 

1,491,244

 

 

107,449

 

 

1,313,456

 

 

1,420,905

 

 

1,281,567

 

 

1,298,801

 

CRE owner occupied

789,220

 

 

805,581

 

 

98,134

 

 

727,712

 

 

825,846

 

 

766,919

 

 

782,258

 

SBA loans*

1,010,727

 

 

941,075

 

 

874,578

 

 

21,352

 

 

895,930

 

 

15,927

 

 

17,195

 

Sponsor finance*

463,744

 

 

394,207

 

 

 

 

396,487

 

 

396,487

 

 

367,337

 

 

383,458

 

Life insurance premium financing*

564,366

 

 

543,084

 

 

 

 

534,092

 

 

534,092

 

 

517,559

 

 

520,705

 

Tax credits*

423,258

 

 

387,968

 

 

 

 

382,602

 

 

382,602

 

 

368,908

 

 

363,222

 

SBA PPP loans

396,660

 

 

737,660

 

 

85,729

 

 

612,916

 

 

698,645

 

 

819,100

 

 

807,814

 

Residential real estate

302,007

 

 

299,517

 

 

9,138

 

 

308,953

 

 

318,091

 

 

321,258

 

 

326,467

 

Construction and land development

467,586

 

 

438,303

 

 

32,535

 

 

441,864

 

 

474,399

 

 

450,225

 

 

455,686

 

Other

225,227

 

 

201,303

 

 

764

 

 

174,114

 

 

174,878

 

 

142,086

 

 

132,072

 

Total Loans

$

7,226,267

 

 

$

7,288,781

 

 

$

1,224,406

 

 

$

6,000,529

 

 

$

7,224,935

 

 

$

6,126,307

 

 

$

6,140,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loan yield

4.35

%

 

4.35

%

 

 

 

 

 

4.46

%

 

4.08

%

 

4.31

%

Variable interest rate loans to total loans

60

%

 

56

%

 

 

 

 

 

57

%

 

50

%

 

51

%

 

Certain prior period amounts have been reclassified among the categories to conform to the current period presentation.

*Specialty loan category

a Amounts reported are as of December 31, 2020 and are separately shown attributable to the Seacoast loan portfolio acquired on November 12, 2020, and the Company’s pre-Seacoast acquisition loan portfolio.

Loans totaled $7.2 billion at June 30, 2021, decreasing $62.5 million compared to the linked quarter. Excluding PPP, loans grew $278.5 million, or 17.1%, on an annualized basis from the linked quarter. The increase was driven by C&I loans ($69.8 million) and a broad-based increase in specialty lending ($130.7 million). The recent acquisition of Seacoast expanded the Company’s SBA lending capabilities. SBA loans represent $70 million of the increase in specialty lending during the current quarter. Year-over-year, loans increased $1.1 billion, or 17.7%. The year-over-year increase was primarily due to the Seacoast acquisition. Line draw utilization continues to be below the historical average. For the quarter ended June 30, 2021 average line draw utilization was 38.9% compared to 37.0% and 42.6% for the linked quarter and prior-year quarter, respectively.

Asset Quality

The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:

 

Quarter ended

($ in thousands)

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

Nonperforming loans*

$

42,252

 

 

$

36,659

 

 

$

38,507

 

 

$

39,623

 

 

$

41,473

 

Other real estate

3,612

 

 

6,164

 

 

5,330

 

 

4,835

 

 

4,874

 

Nonperforming assets*

$

45,864

 

 

$

42,823

 

 

$

43,837

 

 

$

44,458

 

 

$

46,347

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans to total loans

0.58

%

 

0.50

%

 

0.53

%

 

0.65

%

 

0.68

%

Nonperforming assets to total assets

0.44

%

 

0.42

%

 

0.45

%

 

0.53

%

 

0.55

%

Allowance for credit losses to total loans

1.77

%

 

1.80

%

 

1.89

%

 

2.01

%

 

1.80

%

Net charge-offs (recoveries)

$

869

 

 

$

5,647

 

 

$

(612)

 

 

$

1,027

 

 

$

309

 

*Excludes government guaranteed balances.

The provision for credit losses was a benefit of $2.7 million for the second quarter 2021 compared to an expense of $46 thousand for the linked quarter and $19.6 million for the prior year quarter. Gross charge-offs of $1.8 million in the quarter primarily consisted of one retail loan that had previously defaulted and was fully reserved in a prior period. The Company’s strong asset quality metrics and strengthening customer credit risk profiles, along with an improvement in the economic forecast, particularly GDP and unemployment, led to a decline in the allowance for credit losses in the second quarter 2021.

Deposits

The following table presents deposits broken out by type for the most recent five quarters:

 

Quarter ended

 

 

 

 

 

December 31, 2020

 

 

 

 

($ in thousands)

June 30,

2021

 

March 31,

2021

 

Seacoasta

 

Legacy

EFSCa

 

Consolidated

 

September 30,

2020

 

June 30,

2020

Noninterest-bearing accounts

$

3,111,581

 

 

$

2,910,216

 

 

$

666,447

 

 

$

2,045,381

 

 

$

2,711,828

 

 

$

1,929,540

 

 

$

1,965,868

 

Interest-bearing transaction accounts

2,013,129

 

 

1,990,308

 

 

55,590

 

 

1,712,907

 

 

1,768,497

 

 

1,499,756

 

 

1,508,535

 

Money market and savings accounts

3,000,460

 

 

3,093,569

 

 

327,471

 

 

2,627,498

 

 

2,954,969

 

 

2,634,885

 

 

2,566,011

 

Brokered certificates of deposit

50,209

 

 

50,209

 

 

 

 

50,209

 

 

50,209

 

 

65,209

 

 

85,414

 

Other certificates of deposit

464,125

 

 

471,142

 

 

10,325

 

 

489,561

 

 

499,886

 

 

546,836

 

 

573,752

 

Total deposit portfolio

$

8,639,504

 

 

$

8,515,444

 

 

$

1,059,833

 

 

$

6,925,556

 

 

$

7,985,389

 

 

$

6,676,226

 

 

$

6,699,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits to total deposits

36.0

%

 

34.2

%

 

62.9

%

 

29.5

%

 

34.0

%

 

28.9

%

 

29.3

%

aAmounts reported are as of December 31, 2020 and are shown separately attributable to the Seacoast deposit portfolio acquired on November 12, 2020, and the Company’s pre-Seacoast acquisition deposit portfolio.

Total deposits at June 30, 2021 were $8.6 billion, an increase of $124.1 million from March 31, 2021, and an increase of $1.9 billion from June 30, 2020.

Core deposits, defined as total deposits excluding certificates of deposits, were $8.1 billion at June 30, 2021, an increase of $131.1 million from the linked quarter. The Company’s participation in PPP continues to contribute to the increase in deposits. Money market and savings accounts decreased $93.1 million compared to the linked quarter, while interest-bearing and noninterest-bearing deposits increased $22.8 million and $201.4 million, respectively. Noninterest-bearing deposits were $3.1 billion at June 30, 2021, or 36.0% of total deposits. Specialty deposits increased $153.0 million over the linked quarter primarily attributable to community associations, third party escrow, and sponsor finance. The Kansas City region experienced growth of $65.7 million compared to the linked quarter while the St. Louis region experienced a decline in deposits of $119.7 million for the same period. Certificates of deposit decreased $7.0 million from the linked quarter and $144.8 million from the prior year quarter. The total cost of deposits was 0.12% for the current quarter compared to 0.13% and 0.27% for the linked quarter and prior year quarter, respectively.

Noninterest Income

The following table presents a comparative summary of the major components of noninterest income for the periods indicated:

 

Linked quarter comparison

 

Prior year comparison

 

Quarter ended

 

Quarter ended

($ in thousands)

June 30,

2021

 

March 31,

2021

 

Increase

(decrease)

 

June 30,

2020

 

Increase

(decrease)

Deposit service charges

$

3,862

 

 

$

3,084

 

 

$

778

 

 

25

%

 

$

2,616

 

 

$

1,246

 

 

48

%

Wealth management revenue

2,516

 

 

2,483

 

 

33

 

 

1

%

 

2,326

 

 

190

 

 

8

%

Card services revenue

2,975

 

 

2,496

 

 

479

 

 

19

%

 

2,225

 

 

750

 

 

34

%

Tax credit income (expense)

1,370

 

 

(1,041

)

 

2,411

 

 

232

%

 

(221

)

 

1,591

 

 

(720

)%

Miscellaneous income

5,481

 

 

4,268

 

 

1,213

 

 

28

%

 

3,014

 

 

2,467

 

 

82

%

Total noninterest income

$

16,204

 

 

$

11,290

 

 

$

4,914

 

 

44

%

 

$

9,960

 

 

$

6,244

 

 

63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest income for the second quarter 2021 was $16.2 million, an increase of $4.9 million from the linked quarter and an increase of $6.2 million from the prior year quarter. The increase from the linked quarter and prior year quarter was primarily due to tax credit income, along with a private equity fund distribution and gain on sale of other real estate reported in miscellaneous income. Deposit service charges and card services revenue increased over the linked quarter due to improving activity levels.

Noninterest Expenses

Noninterest expense was $52.5 million for the second quarter 2021, compared to $52.9 million for the linked quarter, and $37.9 million for the prior year quarter. Employee compensation declined $1.4 million from the linked quarter due to seasonally higher payroll taxes in the first quarter. Merger-related expenses also declined and were $1.9 million and $3.1 million in the current and linked quarter, respectively. These decreases were offset by a $2.4 million increase in Other expense, primarily attributed to higher customer deposit and card servicing costs due to higher volumes. The increase from the prior year quarter was primarily due to acquired Seacoast operations.

For the second quarter 2021, the Company’s efficiency ratio was 53.6% compared to 58.5% and 50.0% for the linked quarter and prior year quarter, respectively. The Company’s core efficiency ratio2 was 51.9% for the quarter ended June 30, 2021, compared to 55.0% for the linked quarter and 50.7% for the prior year quarter.

2 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

Income Taxes

The Company’s effective tax rate was 20% for the quarter ended June 30, 2021, as well as for both the linked quarter and the prior year quarter.

Capital

The following table presents various EFSC capital ratios:

 

Quarter ended

Percent

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

Total risk-based capital to risk-weighted assets

14.9

%

 

15.1

%

 

14.9

%

 

14.6

%

 

14.4

%

Tier 1 capital to risk weighted assets

12.3

%

 

12.3

%

 

12.1

%

 

11.6

%

 

11.4

%

Common equity tier 1 capital to risk-weighted assets

11.1

%

 

11.0

%

 

10.9

%

 

10.2

%

 

9.9

%

Tangible common equity to tangible assets

8.3

%

 

8.2

%

 

8.4

%

 

8.0

%

 

7.8

%

Total equity was $1.1 billion at June 30, 2021, an increase of $25.8 million from the linked quarter. The Company repurchased $11.8 million of common stock in the second quarter 2021 which reduced total capital. However, due to the Company’s strong earnings profile, tangible book value per common share increased 3.5% to $26.85 at June 30, 2021 from $25.92 at March 31, 2021. 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, PPNR ROAA, financial metrics adjusted for PPP impact, core efficiency ratio, and the tangible common equity ratio, 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, PPNR ROAA, financial metrics adjusted for PPP impact, core efficiency ratio, and the tangible common equity ratio, 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 merger-related expenses, facilities charges, and the gain or loss on sale of investment securities, 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 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, July 27, 2021. During the call, management will review the second quarter of 2021 results and related matters. This press release as well as a related slide presentation will be accessible on the Company’s website at www.enterprisebank.com under “Investor Relations” prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-363-2106 (Conference ID #3330879). A recorded replay of the conference call will be available on the website approximately two hours after the call’s completion. Visit http://bit.ly/EFSC2Q2021 and register to receive a dial in number, passcode, and pin number. The replay will be available for approximately two weeks following the conference call.

About Enterprise

Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $12.7 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 47 branch offices in Arizona, California, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah, and Washington. 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

Certain statements contained in this Current Report on Form 8-K may be considered forward-looking statements regarding Enterprise, including its wholly-owned subsidiary EB&T, First Choice, including its wholly-owned subsidiary FCB, and Enterprise’s proposed acquisition of First Choice and FCB. These forward-looking statements may include: statements regarding the acquisition, the consideration payable in connection with the acquisition, and the ability of the parties to consummate the acquisition. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma” 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 that Enterprise anticipated in its forward-looking statements and future results could differ materially from historical performance. Factors that could cause or contribute to such differences include, but are not limited to, the possibility: that expected benefits of the acquisition may not materialize in the timeframe expected or at all, or may be more costly to achieve; that the acquisition may not be timely completed, if at all; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive transaction agreement; the outcome of any legal proceedings that may be instituted against Enterprise or First Choice; that prior to the completion of the acquisition or thereafter, Enterprise’s and First Choice’s respective businesses may not perform as expected due to transaction-related uncertainty or other factors; that the parties are unable to successfully implement integration strategies; that required regulatory, Enterprise shareholder or First Choice shareholder or other approvals are not obtained or other closing conditions are not satisfied in a timely manner or at all; that adverse regulatory conditions may be imposed in connection with regulatory approvals of the acquisition; reputational risks and the reaction of the companies’ employees or customers to the transaction; diversion of management time on acquisition-related issues; that the COVID-19 pandemic, including uncertainty and volatility in financial, commodities and other markets, and disruptions to banking and other financial activity, could harm Enterprise and First Choice’s business, financial position and results of operations, and could adversely affect the timing and anticipated benefits of the proposed acquisition; and those factors and risks referenced from time to time in Enterprise’s filings with the Securities and Exchange Commission, or the SEC, including in Enterprise’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its other filings with the SEC. For any forward-looking statements made in this Current Report on Form 8-K or in any documents, Enterprise claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results.

Except to the extent required by applicable law or regulation, Enterprise disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited)

 

 

Quarter ended

 

Six Months ended

(in thousands, except per share data)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

 

Jun 30,

2021

 

Jun 30,

2020

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

81,738

 

 

$

79,123

 

 

$

77,446

 

 

$

63,354

 

 

$

65,833

 

 

$

160,861

 

 

$

129,201

 

Provision (benefit) for credit losses

(2,669)

 

 

46

 

 

9,463

 

 

14,080

 

 

19,591

 

 

(2,623)

 

 

41,855

 

Noninterest income

16,204

 

 

11,290

 

 

18,506

 

 

12,629

 

 

9,960

 

 

27,494

 

 

23,368

 

Noninterest expense

52,456

 

 

52,884

 

 

51,050

 

 

39,524

 

 

37,912

 

 

105,340

 

 

76,585

 

Income before income tax expense

48,155

 

 

37,483

 

 

35,439

 

 

22,379

 

 

18,290

 

 

85,638

 

 

34,129

 

Income tax expense

9,750

 

 

7,557

 

 

6,508

 

 

4,428

 

 

3,656

 

 

17,307

 

 

6,627

 

Net income

$

38,405

 

 

$

29,926

 

 

$

28,931

 

 

$

17,951

 

 

$

14,634

 

 

$

68,331

 

 

$

27,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

1.23

 

 

$

0.96

 

 

$

1.00

 

 

$

0.68

 

 

$

0.56

 

 

$

2.18

 

 

$

1.04

 

Return on average assets

1.50

%

 

1.22

%

 

1.26

%

 

0.86

%

 

0.72

%

 

1.36

%

 

0.71

%

Return on average common equity

13.79

%

 

11.07

%

 

11.60

%

 

8.06

%

 

6.78

%

 

12.45

%

 

6.38

%

Return on average tangible common equity

18.44

%

 

14.92

%

 

15.73

%

 

10.94

%

 

9.28

%

 

16.71

%

 

8.76

%

Net interest margin (tax equivalent)

3.46

%

 

3.50

%

 

3.66

%

 

3.29

%

 

3.53

%

 

3.48

%

 

3.65

%

Efficiency ratio

53.56

%

 

58.49

%

 

53.20

%

 

52.02

%

 

50.02

%

 

55.93

%

 

50.20

%

Core efficiency ratio1

51.86

%

 

55.02

%

 

50.93

%

 

51.04

%

 

50.66

%

 

53.38

%

 

50.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

$

7,226,267

 

 

$

7,288,781

 

 

$

7,224,935

 

 

$

6,126,307

 

 

$

6,140,051

 

 

 

 

 

Total average loans

$

7,306,471

 

 

$

7,192,776

 

 

$

6,780,701

 

 

$

6,112,715

 

 

$

6,032,076

 

 

 

 

 

Total assets

$

10,346,993

 

 

$

10,190,699

 

 

$

9,751,571

 

 

$

8,367,976

 

 

$

8,357,501

 

 

 

 

 

Total average assets

$

10,281,344

 

 

$

9,940,052

 

 

$

9,141,159

 

 

$

8,341,968

 

 

$

8,158,204

 

 

$

9,940,052

 

 

$

7,760,904

 

Total deposits

$

8,639,504

 

 

$

8,515,444

 

 

$

7,985,389

 

 

$

6,676,226

 

 

$

6,699,580

 

 

 

 

 

Total average deposits

$

8,580,211

 

 

$

8,207,379

 

 

$

7,311,074

 

 

$

6,666,368

 

 

$

6,551,734

 

 

$

8,207,379

 

 

$

6,194,726

 

Period end common shares outstanding

31,185

 

 

31,259

 

 

31,210

 

 

26,210

 

 

26,196

 

 

 

 

 

Dividends per common share

$

0.18

 

 

$

0.18

 

 

$

0.18

 

 

$

0.18

 

 

$

0.18

 

 

$

0.36

 

 

$

0.36

 

Tangible book value per common share

$

26.85

 

 

$

25.92

 

 

$

25.48

 

 

$

24.80

 

 

$

24.22

 

 

 

 

 

Tangible common equity to tangible assets1

8.32

%

 

8.18

%

 

8.40

%

 

7.99

%

 

7.81

%

 

 

 

 

Total risk-based capital to risk-weighted assets

14.9

%

 

15.1

%

 

14.9

%

 

14.6

%

 

14.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

Quarter ended

 

Six Months ended

($ in thousands, except per share data)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

 

Jun 30,

2021

 

Jun 30,

2020

INCOME STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

$

87,401

 

 

$

84,960

 

 

$

84,113

 

 

$

70,787

 

 

$

73,191

 

 

 

$

172,361

 

 

$

149,879

 

Total interest expense

5,663

 

 

5,837

 

 

6,667

 

 

7,433

 

 

7,358

 

 

 

11,500

 

 

20,678

 

Net interest income

81,738

 

 

79,123

 

 

77,446

 

 

63,354

 

 

65,833

 

 

 

160,861

 

 

129,201

 

Provision (benefit) for credit losses

(2,669

)

 

46

 

 

9,463

 

 

14,080

 

 

19,591

 

 

 

(2,623

)

 

41,855

 

Net interest income after provision for credit losses

84,407

 

 

79,077

 

 

67,983

 

 

49,274

 

 

46,242

 

 

 

163,484

 

 

87,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

3,862

 

 

3,084

 

 

3,160

 

 

2,798

 

 

2,616

 

 

 

6,946

 

 

5,759

 

Wealth management revenue

2,516

 

 

2,483

 

 

2,449

 

 

2,456

 

 

2,326

 

 

 

4,999

 

 

4,827

 

Card services revenue

2,975

 

 

2,496

 

 

2,511

 

 

2,498

 

 

2,225

 

 

 

5,471

 

 

4,472

 

Tax credit income (expense)

1,370

 

 

(1,041

)

 

4,048

 

 

748

 

 

(221

)

 

 

329

 

 

1,815

 

Other income

5,481

 

 

4,268

 

 

6,338

 

 

4,129

 

 

3,014

 

 

 

9,749

 

 

6,495

 

Total noninterest income

16,204

 

 

11,290

 

 

18,506

 

 

12,629

 

 

9,960

 

 

 

27,494

 

 

23,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

28,132

 

 

29,562

 

 

26,174

 

 

22,040

 

 

22,389

 

 

 

57,694

 

 

44,074

 

Occupancy

3,529

 

 

3,751

 

 

3,517

 

 

3,408

 

 

3,185

 

 

 

7,280

 

 

6,532

 

Merger-related expenses

1,949

 

 

3,142

 

 

2,611

 

 

1,563

 

 

 

 

 

5,091

 

 

 

Other

18,846

 

 

16,429

 

 

18,748

 

 

12,513

 

 

12,338

 

 

 

35,275

 

 

25,979

 

Total noninterest expense

52,456

 

 

52,884

 

 

51,050

 

 

39,524

 

 

37,912

 

 

 

105,340

 

 

76,585

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

48,155

 

 

37,483

 

 

35,439

 

 

22,379

 

 

18,290

 

 

 

85,638

 

 

34,129

 

Income tax expense

9,750

 

 

7,557

 

 

6,508

 

 

4,428

 

 

3,656

 

 

 

17,307

 

 

6,627

 

Net income

$

38,405

 

 

$

29,926

 

 

$

28,931

 

 

$

17,951

 

 

$

14,634

 

 

 

$

68,331

 

 

$

27,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.23

 

 

$

0.96

 

 

$

1.00

 

 

$

0.68

 

 

$

0.56

 

 

 

$

2.19

 

 

$

1.04

 

Diluted earnings per share

$

1.23

 

 

$

0.96

 

 

$

1.00

 

 

$

0.68

 

 

$

0.56

 

 

 

$

2.18

 

 

$

1.04

 

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

Quarter ended

($ in thousands)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

BALANCE SHEETS

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

126,789

 

 

$

103,367

 

 

$

99,760

 

 

$

98,816

 

 

$

100,804

 

Interest-earning deposits

889,960

 

 

788,464

 

 

445,569

 

 

301,773

 

 

254,830

 

Debt and equity investments

1,585,847

 

 

1,463,818

 

 

1,448,803

 

 

1,375,931

 

 

1,387,001

 

Loans held for sale

5,763

 

 

8,531

 

 

13,564

 

 

14,032

 

 

16,029

 

 

 

 

 

 

 

 

 

 

 

Loans

7,226,267

 

 

7,288,781

 

 

7,224,935

 

 

6,126,307

 

 

6,140,051

 

Less: Allowance for credit losses

128,185

 

 

131,527

 

 

136,671

 

 

123,270

 

 

110,270

 

Total loans, net

7,098,082

 

 

7,157,254

 

 

7,088,264

 

 

6,003,037

 

 

6,029,781

 

 

 

 

 

 

 

 

 

 

 

Fixed assets, net

50,972

 

 

52,078

 

 

53,169

 

 

56,807

 

 

58,231

 

Goodwill

260,567

 

 

260,567

 

 

260,567

 

 

210,344

 

 

210,344

 

Intangible assets, net

20,358

 

 

21,670

 

 

23,084

 

 

21,820

 

 

23,196

 

Other assets

308,655

 

 

334,950

 

 

318,791

 

 

285,416

 

 

277,285

 

Total assets

$

10,346,993

 

 

$

10,190,699

 

 

$

9,751,571

 

 

$

8,367,976

 

 

$

8,357,501

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

3,111,581

 

 

$

2,910,216

 

 

$

2,711,828

 

 

$

1,929,540

 

 

$

1,965,868

 

Interest-bearing deposits

5,527,923

 

 

5,605,228

 

 

5,273,561

 

 

4,746,686

 

 

4,733,712

 

Total deposits

8,639,504

 

 

8,515,444

 

 

7,985,389

 

 

6,676,226

 

 

6,699,580

 

Subordinated debentures

203,940

 

 

203,778

 

 

203,637

 

 

203,510

 

 

203,384

 

FHLB advances

50,000

 

 

50,000

 

 

50,000

 

 

250,000

 

 

250,000

 

Other borrowings

234,509

 

 

229,389

 

 

301,081

 

 

239,038

 

 

227,961

 

Other liabilities

100,739

 

 

99,591

 

 

132,489

 

 

116,935

 

 

108,613

 

Total liabilities

9,228,692

 

 

9,098,202

 

 

8,672,596

 

 

7,485,709

 

 

7,489,538

 

Shareholders’ equity

1,118,301

 

 

1,092,497

 

 

1,078,975

 

 

882,267

 

 

867,963

 

Total liabilities and shareholders’ equity

$

10,346,993

 

 

$

10,190,699

 

 

$

9,751,571

 

 

$

8,367,976

 

 

$

8,357,501

 

 

Six months ended

 

June 30, 2021

 

June 30, 2020

($ in thousands)

Average

Balance

 

Interest

Income/

Expense

 

Average

Yield/

Rate

 

Average

Balance

 

Interest

Income/

Expense

 

Average

Yield/

Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

Loans*

$

7,249,938

 

 

$

156,234

 

 

4.35

%

 

$

5,692,159

 

 

$

131,878

 

 

4.66

%

Debt and equity investments*

1,460,179

 

 

18,044

 

 

2.49

 

 

1,354,410

 

 

18,928

 

 

2.81

 

Short-term investments

743,645

 

 

426

 

 

0.12

 

 

134,758

 

 

387

 

 

0.58

 

Total interest-earning assets

9,453,762

 

 

174,704

 

 

3.73

 

 

7,181,327

 

 

151,193

 

 

4.23

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets

657,879

 

 

 

 

 

 

579,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

10,111,641

 

 

 

 

 

 

$

7,760,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing transaction accounts

$

1,936,707

 

 

$

664

 

 

0.07

%

 

$

1,431,311

 

 

$

1,581

 

 

0.22

%

Money market accounts

2,347,716

 

 

1,963

 

 

0.17

 

 

1,876,482

 

 

5,735

 

 

0.61

 

Savings

686,603

 

 

100

 

 

0.03

 

 

566,549

 

 

188

 

 

0.07

 

Certificates of deposit

529,860

 

 

2,403

 

 

0.91

 

 

755,871

 

 

6,767

 

 

1.80

 

Total interest-bearing deposits

5,500,886

 

 

5,130

 

 

0.19

 

 

4,630,213

 

 

14,271

 

 

0.62

 

Subordinated debentures

203,772

 

 

5,666

 

 

5.61

 

 

155,303

 

 

4,235

 

 

5.48

 

FHLB advances

50,000

 

 

392

 

 

1.58

 

 

235,842

 

 

1,350

 

 

1.15

 

Securities sold under agreements to repurchase

220,233

 

 

118

 

 

0.11

 

 

197,002

 

 

419

 

 

0.43

 

Other borrowed funds

27,894

 

 

194

 

 

1.40

 

 

33,556

 

 

403

 

 

2.42

 

Total interest-bearing liabilities

6,002,785

 

 

11,500

 

 

0.39

 

 

5,251,916

 

 

20,678

 

 

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

2,893,939

 

 

 

 

 

 

1,564,513

 

 

 

 

 

Other liabilities

108,135

 

 

 

 

 

 

77,876

 

 

 

 

 

Total liabilities

9,004,859

 

 

 

 

 

 

6,894,305

 

 

 

 

 

Shareholders' equity

1,106,782

 

 

 

 

 

 

866,599

 

 

 

 

 

Total liabilities and shareholders' equity

$

10,111,641

 

 

 

 

 

 

$

7,760,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net interest income

 

 

$

163,204

 

 

 

 

 

 

$

130,515

 

 

 

Net interest margin

 

 

 

 

3.48

%

 

 

 

 

 

3.65

%

* Non-taxable income is presented on a tax-equivalent basis using a 24.9% and 24.7% tax rate in 2021 and 2020, respectively. The tax-equivalent adjustments were $2.3 million and $1.3 million for the six months ended June 30, 2021 and 2020, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

Quarter ended

($ in thousands)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

LOAN PORTFOLIO

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

2,930,805

 

 

$

3,079,643

 

 

$

3,088,995

 

 

$

3,152,394

 

 

$

3,143,197

 

Commercial real estate

3,200,748

 

 

3,186,970

 

 

3,087,827

 

 

2,027,886

 

 

2,048,444

 

Construction real estate

556,776

 

 

510,501

 

 

546,686

 

 

474,727

 

 

481,221

 

Residential real estate

305,497

 

 

303,047

 

 

319,179

 

 

321,792

 

 

326,992

 

Other

232,441

 

 

208,620

 

 

182,248

 

 

149,508

 

 

140,197

 

Total loans

$

7,226,267

 

 

$

7,288,781

 

 

$

7,224,935

 

 

$

6,126,307

 

 

$

6,140,051

 

 

 

 

 

 

 

 

 

 

 

DEPOSIT PORTFOLIO

 

 

 

 

 

 

 

 

 

Noninterest-bearing accounts

$

3,111,581

 

 

$

2,910,216

 

 

$

2,711,828

 

 

$

1,929,540

 

 

$

1,965,868

 

Interest-bearing transaction accounts

2,013,129

 

 

1,990,308

 

 

1,768,497

 

 

1,499,756

 

 

1,508,535

 

Money market and savings accounts

3,000,460

 

 

3,093,569

 

 

2,954,969

 

 

2,634,885

 

 

2,566,011

 

Brokered certificates of deposit

50,209

 

 

50,209

 

 

50,209

 

 

65,209

 

 

85,414

 

Other certificates of deposit

464,125

 

 

471,142

 

 

499,886

 

 

546,836

 

 

573,752

 

Total deposit portfolio

$

8,639,504

 

 

$

8,515,444

 

 

$

7,985,389

 

 

$

6,676,226

 

 

$

6,699,580

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

Total loans

$

7,306,471

 

 

$

7,192,776

 

 

$

6,780,701

 

 

$

6,112,715

 

 

$

6,032,076

 

Debt and equity investments

1,502,582

 

 

1,417,305

 

 

1,395,806

 

 

1,361,515

 

 

1,361,853

 

Interest-earning assets

9,615,981

 

 

9,289,741

 

 

8,524,136

 

 

7,770,084

 

 

7,571,196

 

Total assets

10,281,344

 

 

9,940,052

 

 

9,141,159

 

 

8,341,968

 

 

8,158,204

 

Deposits

8,580,211

 

 

8,207,379

 

 

7,311,074

 

 

6,666,368

 

 

6,551,734

 

Shareholders’ equity

1,116,969

 

 

1,096,481

 

 

992,017

 

 

885,496

 

 

868,163

 

Tangible common equity1

835,405

 

 

813,568

 

 

731,813

 

 

652,663

 

 

633,946

 

 

 

 

 

 

 

 

 

 

 

YIELDS (tax equivalent)

 

 

 

 

 

 

 

 

 

Total loans

4.35

%

 

4.35

%

 

4.46

%

 

4.08

%

 

4.31

%

Debt and equity investments

2.46

 

 

2.52

 

 

2.56

 

 

2.56

 

 

2.72

 

Interest-earning assets

3.70

 

 

3.76

 

 

3.97

 

 

3.67

 

 

3.93

 

Interest-bearing deposits

0.18

 

 

0.20

 

 

0.25

 

 

0.31

 

 

0.37

 

Total deposits

0.12

 

 

0.13

 

 

0.17

 

 

0.22

 

 

0.27

 

Subordinated debentures

5.60

 

 

5.61

 

 

5.52

 

 

5.53

 

 

5.50

 

FHLB advances and other borrowed funds

0.49

 

 

0.46

 

 

0.61

 

 

0.74

 

 

0.56

 

Interest-bearing liabilities

0.37

 

 

0.40

 

 

0.47

 

 

0.54

 

 

0.55

 

Net interest margin

3.46

 

 

3.50

 

 

3.66

 

 

3.29

 

 

3.53

 

 

1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

Quarter ended

(in thousands, except per share data)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

ASSET QUALITY

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

869

 

 

$

5,647

 

 

$

(612

)

 

$

1,027

 

 

$

309

 

Nonperforming loans

42,252

 

 

36,659

 

 

38,507

 

 

39,623

 

 

41,473

 

Classified assets

100,063

 

 

114,713

 

 

123,808

 

 

84,710

 

 

96,678

 

Nonperforming loans to total loans

0.58

%

 

0.50

%

 

0.53

%

 

0.65

%

 

0.68

%

Nonperforming assets to total assets

0.44

%

 

0.42

%

 

0.45

%

 

0.53

%

 

0.55

%

Allowance for credit losses to total loans

1.77

%

 

1.80

%

 

1.89

%

 

2.01

%

 

1.80

%

Allowance for credit losses to nonperforming loans

303.4

%

 

358.8

%

 

354.9

%

 

311.1

%

 

265.9

%

Net charge-offs (recoveries) to average loans (annualized)

0.05

%

 

0.32

%

 

(0.04

)%

 

0.07

%

 

0.02

%

 

 

 

 

 

 

 

 

 

 

WEALTH MANAGEMENT

 

 

 

 

 

 

 

 

 

Trust assets under management

$

1,945,293

 

 

$

1,809,001

 

 

$

1,783,089

 

 

$

1,641,980

 

 

$

1,602,358

 

Trust assets under administration

2,487,545

 

 

2,427,448

 

 

2,504,318

 

 

2,433,026

 

 

2,455,111

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

Book value per common share

$

35.86

 

 

$

34.95

 

 

$

34.57

 

 

$

33.66

 

 

$

33.13

 

Tangible book value per common share1

$

26.85

 

 

$

25.92

 

 

$

25.48

 

 

$

24.80

 

 

$

24.22

 

Market value per share

$

46.39

 

 

$

49.44

 

 

$

34.95

 

 

$

27.27

 

 

$

31.12

 

Period end common shares outstanding

31,185

 

 

31,259

 

 

31,210

 

 

26,210

 

 

26,196

 

Average basic common shares

31,265

 

 

31,247

 

 

28,929

 

 

26,217

 

 

26,180

 

Average diluted common shares

31,312

 

 

31,306

 

 

28,968

 

 

26,228

 

 

26,195

 

 

 

 

 

 

 

 

 

 

 

CAPITAL

 

 

 

 

 

 

 

 

 

Total risk-based capital to risk-weighted assets

14.9

%

 

15.1

%

 

14.9

%

 

14.6

%

 

14.4

%

Tier 1 capital to risk-weighted assets

12.3

%

 

12.3

%

 

12.1

%

 

11.6

%

 

11.4

%

Common equity tier 1 capital to risk-weighted assets

11.1

%

 

11.0

%

 

10.9

%

 

10.2

%

 

9.9

%

Tangible common equity to tangible assets1

8.3

%

 

8.2

%

 

8.4

%

 

8.0

%

 

7.8

%

 

 

 

 

 

 

 

 

 

 

1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.

ENTERPRISE FINANCIAL SERVICES CORP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

 

 

Quarter ended

 

Six Months ended

($ in thousands)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

 

Jun 30,

2021

 

Jun 30,

2020

CORE PERFORMANCE MEASURES

 

 

 

 

Net interest income

$

81,738

 

 

$

79,123

 

 

$

77,446

 

 

$

63,354

 

 

$

65,833

 

 

$

160,861

 

 

$

129,201

 

Less: Incremental accretion income

 

 

 

 

856

 

 

1,235

 

 

719

 

 

 

 

1,992

 

Core net interest income

81,738

 

 

79,123

 

 

76,590

 

 

62,119

 

 

65,114

 

 

160,861

 

 

127,209

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest income

16,204

 

 

11,290

 

 

18,506

 

 

12,629

 

 

9,960

 

 

27,494

 

 

23,368

 

Less: Gain on sale of investment securities

 

 

 

 

 

 

417

 

 

 

 

 

 

4

 

Less: Gain on sale of other real estate owned

549

 

 

 

 

 

 

 

 

 

 

549

 

 

 

Less: Other non-core income

 

 

 

 

 

 

 

 

265

 

 

 

 

265

 

Core noninterest income

15,655

 

 

11,290

 

 

18,506

 

 

12,212

 

 

9,695

 

 

26,945

 

 

23,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total core revenue

97,393

 

 

90,413

 

 

95,096

 

 

74,331

 

 

74,809

 

 

187,806

 

 

150,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest expense

52,456

 

 

52,884

 

 

51,050

 

 

39,524

 

 

37,912

 

 

105,340

 

 

76,585

 

Less: Other expenses related to non-core acquired loans

 

 

 

 

8

 

 

25

 

 

12

 

 

 

 

24

 

Less: Merger-related expenses

1,949

 

 

3,142

 

 

2,611

 

 

1,563

 

 

 

 

5,091

 

 

 

Core noninterest expense

50,507

 

 

49,742

 

 

48,431

 

 

37,936

 

 

37,900

 

 

100,249

 

 

76,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core efficiency ratio

51.86

%

 

55.02

%

 

50.93

%

 

51.04

%

 

50.66

%

 

53.38

%

 

50.94

%

 

Quarter ended

($ in thousands)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

SHAREHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS

Shareholders’ equity

$

1,118,301

 

 

$

1,092,497

 

 

$

1,078,975

 

 

$

882,267

 

 

$

867,963

 

Less: Goodwill

260,567

 

 

260,567

 

 

260,567

 

 

210,344

 

 

210,344

 

Less: Intangible assets

20,358

 

 

21,670

 

 

23,084

 

 

21,820

 

 

23,196

 

Tangible common equity

$

837,376

 

 

$

810,260

 

 

$

795,324

 

 

$

650,103

 

 

$

634,423

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

10,346,993

 

 

$

10,190,699

 

 

$

9,751,571

 

 

$

8,367,976

 

 

$

8,357,501

 

Less: Goodwill

260,567

 

 

260,567

 

 

260,567

 

 

210,344

 

 

210,344

 

Less: Intangible assets

20,358

 

 

21,670

 

 

23,084

 

 

21,820

 

 

23,196

 

Tangible assets

$

10,066,068

 

 

$

9,908,462

 

 

$

9,467,920

 

 

$

8,135,812

 

 

$

8,123,961

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets

8.32

%

 

8.18

%

 

8.40

%

 

7.99

%

 

7.81

%

 

Quarter Ended

($ in thousands)

Jun 30,

2021

 

Mar 31,

2021

 

Jun 30,

2020

AVERAGE SHAREHOLDERS’ EQUITY AND AVERAGE TANGIBLE COMMON EQUITY

Average shareholder’s equity

$

1,116,969

 

 

$

1,096,481

 

 

$

868,163

 

Less average goodwill

260,567

 

 

260,567

 

 

210,344

 

Less average intangible assets

20,997

 

 

22,346

 

 

23,873

 

Average tangible common equity

$

835,405

 

 

$

813,568

 

 

$

633,946

 

 

 

 

 

 

 

 

Quarter Ended

($ in thousands)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

CALCULATION OF PRE-PROVISION NET REVENUE

Net interest income

$

81,738

 

 

$

79,123

 

 

$

77,446

 

 

$

63,354

 

 

$

65,833

 

Noninterest income

16,204

 

 

11,290

 

 

18,506

 

 

12,629

 

 

9,960

 

Less: Noninterest expense

52,456

 

 

52,884

 

 

51,050

 

 

39,524

 

 

37,912

 

Merger-related expenses

1,949

 

 

3,142

 

 

2,611

 

 

1,563

 

 

 

PPNR (excluding merger-related expenses)

$

47,435

 

 

$

40,671

 

 

$

47,513

 

 

$

38,022

 

 

$

37,881

 

 

 

 

 

 

 

 

 

 

 

Average assets

$

10,281,344

 

 

$

9,940,052

 

 

$

9,141,159

 

 

$

8,341,968

 

 

$

8,158,204

 

ROAA - GAAP net income

1.50

%

 

1.22

%

 

1.26

%

 

0.86

%

 

0.72

%

PPNR ROAA - Adjusted net income

1.85

%

 

1.66

%

 

2.07

%

 

1.81

%

 

1.87

%

 

Quarter Ended

($ in thousands, except per share data)

Jun 30,

2021

 

Mar 31,

2021

 

Dec 31,

2020

 

Sep 30,

2020

 

Jun 30,

2020

IMPACT OF PAYCHECK PROTECTION PROGRAM

Net income - GAAP

$

38,405

 

 

$

29,926

 

 

$

28,931

 

 

$

17,951

 

 

$

14,634

 

PPP interest and fee income

(7,940

)

 

(8,475

)

 

(10,261

)

 

(5,226

)

 

(4,083

)

Related tax effect

1,977

 

 

2,110

 

 

2,534

 

 

1,291

 

 

1,009

 

Adjusted net income - Non-GAAP

$

32,442

 

 

$

23,561

 

 

$

21,204

 

 

$

14,016

 

 

$

11,560

 

 

 

 

 

 

 

 

 

 

 

Average diluted common shares

31,312

 

 

31,303

 

 

28,968

 

 

26,228

 

 

26,195

 

EPS - GAAP net income

$

1.23

 

 

$

0.96

 

 

$

1.00

 

 

$

0.68

 

 

$

0.56

 

EPS - Adjusted net income

$

1.04

 

 

$

0.75

 

 

$

0.73

 

 

$

0.53

 

 

$

0.44

 

 

 

 

 

 

 

 

 

 

 

Average assets - GAAP

$

10,281,344

 

 

$

9,940,052

 

 

$

9,141,159

 

 

$

8,341,968

 

 

$

8,158,204

 

Average PPP loans, net

(664,375

)

 

(692,161

)

 

(806,697

)

 

(813,244

)

 

(634,632

)

Adjusted average assets - Non-GAAP

$

9,616,969

 

 

$

9,247,891

 

 

$

8,334,462

 

 

$

7,528,724

 

 

$

7,523,572

 

 

 

 

 

 

 

 

 

 

 

ROAA - GAAP net income

1.50

%

 

1.22

%

 

1.26

%

 

0.86

%

 

0.72

%

ROAA - Adjusted net income, adjusted average assets

1.35

%

 

1.03

%

 

1.01

%

 

0.74

%

 

0.62

%

 

 

 

 

 

 

 

 

 

 

PPNR (excluding merger-related expenses) - Non-GAAP (see reconciliation above)

$

47,435

 

 

$

40,671

 

 

$

47,513

 

 

$

38,022

 

 

$

37,881

 

PPP interest and fees

(7,940

)

 

(8,475

)

 

(10,261

)

 

(5,226

)

 

(4,083

)

Adjusted PPNR (excluding merger-related expenses) - Non-GAAP

$

39,495

 

 

$

32,196

 

 

$

37,252

 

 

$

32,796

 

 

$

33,798

 

 

 

 

 

 

 

 

 

 

 

PPNR ROAA (excluding merger-related expenses) - PPNR (excluding merger-related expenses)

1.85

%

 

1.66

%

 

2.07

%

 

1.81

%

 

1.87

%

PPNR ROAA (excluding merger-related expenses) - adjusted PPNR (excluding merger-related expenses), adjusted average assets

1.65

%

 

1.41

%

 

1.78

%

 

1.73

%

 

1.81

%

 

 

 

 

 

 

 

 

 

 

Tangible assets - Non-GAAP (see reconciliation above)

$

10,066,068

 

 

$

9,908,462

 

 

$

9,467,920

 

 

$

8,135,812

 

 

$

8,123,961

 

PPP loans outstanding, net

(396,660

)

 

(737,660

)

 

(698,645

)

 

(819,100

)

 

(807,814

)

Adjusted tangible assets - Non-GAAP

$

9,669,408

 

 

$

9,170,802

 

 

$

8,769,275

 

 

$

7,316,712

 

 

$

7,316,147

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity Non - GAAP (see reconciliation above)

$

837,376

 

 

$

810,260

 

 

$

795,324

 

 

$

650,103

 

 

$

634,423

 

Tangible common equity to tangible assets

8.32

%

 

8.18

%

 

8.40

%

 

7.99

%

 

7.81

%

Tangible common equity to tangible assets - adjusted tangible assets

8.66

%

 

8.84

%

 

9.07

%

 

8.89

%

 

8.67

%

 

 

 

 

 

 

 

 

 

 

Average assets for leverage ratio

$

10,021,240

 

 

$

9,675,300

 

 

$

8,868,548

 

 

$

8,115,020

 

 

$

7,928,287

 

Average PPP loans, net

(664,375

)

 

(692,161

)

 

(806,697

)

 

(813,244

)

 

(634,632

)

Adjusted average assets for leverage ratio - Non-GAAP

$

9,356,865

 

 

$

8,983,139

 

 

$

8,061,851

 

 

$

7,301,776

 

 

$

7,293,655

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital

$

937,840

 

 

$

914,459

 

 

$

889,527

 

 

$

745,397

 

 

$

726,574

 

Leverage ratio

9.4

%

 

9.5

%

 

10.0

%

 

9.2

%

 

9.2

%

Leverage ratio - adjusted average assets for leverage ratio

10.0

%

 

10.2

%

 

11.0

%

 

10.2

%

 

10.0

%

 

 

 

 

 

 

 

 

 

 

Net interest income - tax equivalent

$

82,963

 

 

$

80,243

 

 

$

78,484

 

 

$

64,192

 

 

$

66,537

 

PPP interest and fees

(7,940

)

 

(8,475

)

 

(10,261

)

 

(5,226

)

 

(4,083

)

Adjusted net interest income - tax equivalent

$

75,023

 

 

$

71,768

 

 

$

68,223

 

 

$

58,966

 

 

$

62,454

 

 

 

 

 

 

 

 

 

 

 

Average earning assets -GAAP

$

9,615,981

 

 

$

9,289,741

 

 

$

8,524,136

 

 

$

7,770,084

 

 

$

7,571,196

 

Average PPP loans, net

(664,375

)

 

(692,161

)

 

(806,697

)

 

(813,244

)

 

(634,632

)

Adjusted average earning assets - Non-GAAP

$

8,951,606

 

 

$

8,597,580

 

 

$

7,717,439

 

 

$

6,956,840

 

 

$

6,936,564

 

 

 

 

 

 

 

 

 

 

 

Net interest margin - tax equivalent

3.46

%

 

3.50

%

 

3.66

%

 

3.29

%

 

3.53

%

Net interest margin - tax equivalent - adjusted net interest income, adjusted average earning assets

3.36

%

 

3.39

%

 

3.52

%

 

3.37

%

 

3.62

%

 

 

 

 

 

 

 

 

 

 

Loans - GAAP

$

7,226,267

 

 

$

7,288,781

 

 

$

7,224,935

 

 

$

6,126,307

 

 

$

6,140,051

 

PPP and other guaranteed loans, net

(1,106,414

)

 

(1,377,302

)

 

(1,297,212

)

 

(819,100

)

 

(807,814

)

Adjusted loans - Non-GAAP

$

6,119,853

 

 

$

5,911,479

 

 

$

5,927,723

 

 

$

5,307,207

 

 

$

5,332,237

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

$

128,185

 

 

$

131,527

 

 

$

136,671

 

 

$

123,270

 

 

$

110,270

 

Allowance for credit losses/loans - GAAP

1.77

%

 

1.80

%

 

1.89

%

 

2.01

%

 

1.80

%

Allowance for credit losses/loans - adjusted loans

2.09

 

 

2.22

%

 

2.31

%

 

2.32

%

 

2.07

%

 

Contacts

Investor Relations: Keene Turner, Executive Vice President and CFO (314) 512-7233

Media: Steve Richardson, Vice President (314) 512-7183

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