0001025835FALSE150 N. Meramec AvenueSt. LouisMissouri6310500010258352025-01-272025-01-270001025835us-gaap:CommonStockMember2025-01-272025-01-270001025835efsc:DepositarySharesMember2025-01-272025-01-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) 
January 27, 2025
ENTERPRISE FINANCIAL SERVICES CORP
(Exact name of registrant as specified in its charter)
Delaware 
001-15373 
43-1706259 
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
150 N. Meramec Avenue, St. Louis, Missouri
(Address of principal executive offices)
63105
(Zip Code)

Registrant's telephone number, including area code
(314) 725-5500

Not applicable 
(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 ☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEFSCNasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series AEFSCPNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.

On January 27, 2025, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
On January 28, 2025, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended December 31, 2024. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference.
The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed “filed” with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit     
Number    Description

104        The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ENTERPRISE FINANCIAL SERVICES CORP
Date:January 27, 2025By:/s/ Troy R. Dumlao
Troy R. Dumlao
Executive Vice President and Chief Accounting Officer





EXHIBIT 99.1
enterprisefinancialservices.jpg
ENTERPRISE FINANCIAL REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Fourth Quarter Results
•Net income of $48.8 million, or $1.28 per diluted common share, compared to $1.32 in the linked quarter and $1.16 in the prior year quarter
•Net interest income of $146.4 million, quarterly increase of $2.9 million
•Net interest margin (“NIM”) of 4.13%, quarterly decrease of 4 basis points
•Total loans of $11.2 billion, quarterly increase of $140.5 million, or 5% annualized
•Total deposits of $13.1 billion, quarterly increase of $681.2 million
•Return on Average Assets (“ROAA”) of 1.27%, compared to 1.36% in the linked quarter and 1.23% in the prior year quarter
•Return on Average Tangible Common Equity (“ROATCE”)1 of 13.63%, compared to 14.55% in the linked quarter and 14.38% in the prior year quarter
•Repurchased 206,529 shares and increased quarterly dividend $0.01 to $0.29 per common share for the first quarter 2025

2024 Results
•Net income of $185.3 million, or $4.83 per diluted common share, compared to $5.07 in the prior year
•Net interest income of $568.1 million, an increase of $5.5 million compared to the prior year
•Total loans increased $336.2 million, or 3%
•Total deposits increased $970.1 million, or 8%
•ROAA of 1.25%, compared to 1.41% in the prior year
•ROATCE1 of 13.58%, compared to 16.25% in the prior year
•Tangible common equity to tangible assets1 of 9.05%
•Tangible book value per common share1 of $37.27, an increase of $3.42, or 10%, from the prior year
•Repurchased 626,778 shares

St. Louis, Mo. January 27, 2025 – Jim Lally, President and Chief Executive Officer of Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), commented, “I am pleased that a continued focus on clients, associates, and our diversified business model has resulted in strong fourth quarter and full year 2024 financial results. These results, along with share repurchases and an increased common stock dividend, demonstrate our commitment to driving long-term shareholder value.”

Lally added, “We reported diluted earnings per share of $1.28 for the fourth quarter and $4.83 for the full year 2024. Our earnings resulted in a 1.27% ROAA and a 13.63% ROATCE1 for the fourth quarter. For the full year, we had a 1.25% ROAA and a 13.58% ROATCE1. We continued to grow the loan portfolio in a challenging interest rate environment, while also significantly increasing the deposit portfolio through granular client relationships. We have also made a significant investment in our operational and growth capabilities in 2024, with the completion of a core system conversion in the fourth quarter and the addition of new talent in our higher growth markets. As we look to 2025, we expect to continue to leverage these investments and capitalize on opportunities to grow and strengthen the Company.”
1 ROATCE, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.





Full-Year Highlights
For 2024, net income was $185.3 million, or $4.83 per diluted share, compared to $194.1 million, or $5.07 per diluted share, in 2023. Pre-provision net revenue (“PPNR”)2 for 2024 was $255.2 million, compared to $284.8 million in 2023. The decrease in PPNR2 in 2024 was primarily due to increases in employee compensation and benefits, deposit costs and expenses incurred on the core system conversion, partially offset by an increase in operating revenue. Offsetting the decrease in PPNR2 was a $15.1 million decrease in the provision for credit losses in 2024 compared to 2023 due to an improvement in overall asset quality.

NIM decreased to 4.16% in 2024, from 4.43% in 2023, primarily due to the impact of higher interest expense on the deposit portfolio from an increase in deposit rates and average balances. The total cost of deposits was 2.12% in 2024 compared to 1.58% in 2023. Offsetting the decline in NIM was a $995.0 million increase in average interest earning assets, which resulted in total net interest income of $568.1 million, a $5.5 million increase over the prior year.

Noninterest income was $69.7 million, an increase of $1.0 million from $68.7 million in 2023. Total noninterest expense was $385.0 million in 2024, an 11% increase from $348.2 million in 2023. The increase was primarily from higher customer deposit servicing costs due to higher average balances and an increase in earnings credit rates, an increase in compensation due to the recruitment of new relationship bankers and annual merit increases, and expenses related to the core system conversion. The core efficiency ratio2 was 58.4% in 2024, compared to 53.4% in 2023.

Nonperforming assets were 0.30% of total assets at the end of 2024, compared to 0.34% at the end of 2023. Net charge-offs were 0.16% of average loans in 2024, compared to 0.37% in 2023. The allowance for credit losses was 1.23% of total loans at the end of 2024, compared to 1.24% at the end of 2023. Excluding guaranteed portions of loans, the allowance to loans ratio2 was 1.34% and 1.35% at the end of 2024 and 2023, respectively. The provision for credit losses was $21.5 million and $36.6 million in 2024 and 2023, respectively.

The Company maintained a strong liquidity position in 2024, with total deposits of $13.1 billion, a loan-to-deposit ratio of 85.3% and cash and investment securities of $3.6 billion as of December 31, 2024. This compares to total deposits of $12.2 billion, a loan-to-deposit ratio of 89.4% and cash and investment securities of $2.9 billion at the end of 2023. Non-interest bearing deposits comprise 34.1% of total deposits at December 31, 2024, compared to 32.5% at the end of 2023. Excluding brokered certificates of deposits, core deposits as of December 31, 2024 totaled $12.7 billion, an increase of $968.3 million from the prior year.

Total shareholders’ equity was $1.8 billion and $1.7 billion as of December 31, 2024 and December 31, 2023, respectively. The increase was primarily due to net income of $185.3 million, offset by dividends and $29.6 million of share repurchases in 2024. The Company returned $39.6 million, or $1.06 per share, to common shareholders and $3.8 million, or $50.00 per share, to preferred shareholders in 2024.
Fourth Quarter Highlights

•Earnings - Net income in the fourth quarter 2024 was $48.8 million, a decrease of $1.8 million and an increase of $4.3 million compared to the linked and prior year quarters, respectively. Earnings per diluted share was $1.28 for the fourth quarter 2024, compared to $1.32 and $1.16 for the linked and prior year quarters, respectively. Adjusted diluted earnings per common share2 was $1.32 for the fourth quarter 2024, compared to $1.29 and $1.20 for the linked and prior year quarters, respectively.
2 PPNR, core efficiency ratio, allowance to loans ratio excluding guaranteed loans, 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


•PPNR3 - PPNR of $69.4 million in the fourth quarter 2024 increased $4.3 million and decreased $6.3 million from the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to an increase in both net interest income and noninterest income, partially offset by an increase in employee compensation and benefits due to higher self-insured medical claims and an increase in expenses related to the core system conversion. The decrease from the prior year quarter was primarily due to an increase in customer deposit servicing costs and core conversion expenses.

•Net interest income and NIM - Net interest income of $146.4 million for the fourth quarter 2024 increased $2.9 million and $5.6 million from the linked and prior year quarters, respectively. NIM was 4.13% for the fourth quarter 2024, compared to 4.17% and 4.23% for the linked and prior year quarters, respectively. Compared to the linked quarter, net interest income increased due to higher average loan and investment balances, expanding yields on the investment portfolio and a decrease in rates paid on interest-bearing deposits.
•Noninterest income - Noninterest income of $20.6 million for the fourth quarter 2024 decreased $0.8 million and $4.8 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a net gain on sale of other real estate owned in the linked quarter, partially offset by an increase in tax credit income as a result of higher volumes. Compared to the prior year quarter, the decrease was primarily related to a decrease in tax credit income and income from community development investments.
•Noninterest expense - Noninterest expense of $99.5 million for the fourth quarter 2024 increased $1.5 million and $6.9 million from the linked and prior year quarters, respectively. The increase from linked and prior year quarters was primarily driven by higher employee compensation and expenses related to the core system conversion. Compared to the prior year quarter, the increase was also attributed to higher deposit servicing costs.
•Loans - Total loans increased $140.5 million from the linked quarter to $11.2 billion as of December 31, 2024. Loans grew 5% on an annualized basis from the linked quarter, and 3% for the year. Average loans totaled $11.1 billion for the fourth quarter 2024, compared to $11.0 billion and $10.7 billion for the linked and prior year quarters, respectively.

•Asset quality - The allowance for credit losses to loans was 1.23% at December 31, 2024, compared to 1.26% at September 30, 2024 and 1.24% at December 31, 2023. The ratio of nonperforming assets to total assets was 0.30% at December 31, 2024, compared to 0.22% and 0.34% at September 30, 2024 and December 31, 2023, respectively. The provision for credit losses recorded in the fourth quarter 2024 was $6.8 million, compared to $4.1 million and $18.1 million for the linked and prior year quarters, respectively.

•Deposits - Total deposits increased $681.2 million from the linked quarter to $13.1 billion as of December 31, 2024. Excluding brokered certificates of deposits, deposits increased $677.5 million. Average deposits totaled $13.0 billion for the fourth quarter 2024, compared to $12.5 billion and $12.2 billion for the linked and prior year quarters, respectively. At December 31, 2024, noninterest-bearing deposits totaled $4.5 billion, or 34.1% of total deposits, and the loan to deposit ratio was 85.3%.

•Liquidity - The total available on- and off-balance-sheet liquidity was approximately $6.3 billion at December 31, 2024. On-balance-sheet liquidity consisted of cash of $764.2 million and $1.3 billion in unpledged investment securities at December 31, 2024. Off-balance-sheet liquidity consisted of $1.3 billion available through the Federal Home Loan Bank, $2.8 billion available through the Federal Reserve and $140.0 million through correspondent bank lines.
3 PPNR is a non-GAAP measure. Please refer to discussion and reconciliation of this measures in the accompanying financial tables.

3


•Capital - Total shareholders’ equity was $1.8 billion and the tangible common equity to tangible assets4 was 9.05% at December 31, 2024, compared to 9.50% at September 30, 2024. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.4% and a total risk-based capital ratio of 13.4% as of December 31, 2024. The Company’s common equity tier 1 ratio and total risk-based capital ratio was 11.8% and 14.6%, respectively, at December 31, 2024.

The Company’s Board of Directors approved a quarterly dividend of $0.29 per common share, payable on March 31, 2025 to shareholders of record as of March 14, 2025. The Board of Directors 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) December 15, 2024 to (but excluding) March 15, 2025. The dividend will be payable on March 15, 2025 and will be paid on March 17, 2025 to shareholders of record on February 28, 2025.


4 Tangible common equity to tangible assets is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

4

Net Interest Income and NIM
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
December 31, 2024September 30, 2024December 31, 2023
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans1, 2
$11,100,112 $187,761 6.73 %$10,971,575 $191,638 6.95 %$10,685,961 $184,982 6.87 %
Securities2
2,748,063 24,279 3.51 2,503,124 21,404 3.40 2,276,915 18,385 3.20 
Interest-earning deposits474,878 5,612 4.70 402,932 5,348 5.28 420,762 5,631 5.31 
Total interest-earning assets14,323,053 217,652 6.05 13,877,631 218,390 6.26 13,383,638 208,998 6.20 
Noninterest-earning assets986,524 971,824 949,166 
Total assets$15,309,577 $14,849,455 $14,332,804 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts$3,238,964 $19,517 2.40 %$3,018,309 $20,002 2.64 %$2,844,847 $17,248 2.41 %
Money market accounts3,588,326 30,875 3.42 3,551,492 33,493 3.75 3,342,979 30,579 3.63 
Savings accounts547,176 278 0.20 561,466 345 0.24 609,645 268 0.17 
Certificates of deposit1,361,575 14,323 4.18 1,368,339 14,928 4.34 1,373,808 14,241 4.11 
Total interest-bearing deposits8,736,041 64,993 2.96 8,499,606 68,768 3.22 8,171,279 62,336 3.03 
Subordinated debentures and notes156,472 2,634 6.70 156,329 2,695 6.86 155,907 2,475 6.30 
FHLB advances3,370 42 4.96 4,565 59 5.14 — — — 
Securities sold under agreements to repurchase156,082 1,245 3.17 140,255 1,217 3.45 150,827 1,226 3.22 
Other borrowings36,201 96 1.05 36,226 96 1.05 49,013 314 2.54 
Total interest-bearing liabilities9,088,166 69,010 3.02 8,836,981 72,835 3.28 8,527,026 66,351 3.09 
Noninterest-bearing liabilities:
Demand deposits4,222,115 4,046,480 3,992,067 
Other liabilities154,787 161,625 160,829 
Total liabilities13,465,068 13,045,086 12,679,922 
Shareholders' equity1,844,509 1,804,369 1,652,882 
Total liabilities and shareholders' equity$15,309,577 $14,849,455 $14,332,804 
Total net interest income$148,642 $145,555 $142,647 
Net interest margin4.13 %4.17 %4.23 %
1 Average balances include nonaccrual loans. Interest income includes loan fees of $2.4 million, $2.6 million, and $3.1 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, 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 $2.3 million, $2.1 million, and $1.9 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.


5

Net interest income for the fourth quarter was $146.4 million, an increase of $2.9 million and $5.6 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $148.6 million, $145.6 million, and $142.6 million for the current, linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to growth in interest earning assets and lower rates paid on interest-bearing liabilities, specifically money market accounts and certificates of deposit. In late September 2024, the Federal Reserve began reducing the federal funds target rate by a total of 100 basis points through the end of 2024. In response, the Company adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans. The increase from the prior year quarter is primarily due to organic growth in loans and an increase in the investment portfolio.

Interest income for the fourth quarter decreased $0.9 million as compared to the linked quarter primarily due to a $3.9 million decrease in loan interest income as a result of the repricing of variable rate loans, partially offset by a $2.7 million increase in interest on debt securities from an expanded investment portfolio at higher yields. Compared to the prior year quarter, interest income increased $8.3 million primarily due to an increase in average interest earning balances. Continued success in deposit generation has increased liquidity, which has been primarily deployed into the securities portfolio.

The average interest rate of new loan originations in the fourth quarter 2024 was 7.10%, a decrease of 74 basis points from the linked quarter. Investment purchases in the fourth quarter 2024 had a weighted average, tax equivalent yield of 5.10%.

Interest expense decreased $3.8 million in the fourth quarter 2024 as compared to the linked quarter primarily due to decreased interest paid on deposits. The average cost of interest-bearing deposits was 2.96%, a decrease of 26 basis points compared to the linked quarter. The total cost of deposits, including noninterest-bearing demand accounts, was 2.00% during the fourth quarter 2024, compared to 2.18% in the linked quarter.

NIM, on a tax equivalent basis, was 4.13% in the fourth quarter 2024, a decrease of 4 basis points from the linked quarter and a decrease of 10 basis points from the prior year quarter. For the month of December 2024, the loan portfolio yield was 6.69% and the cost of total deposits was 1.91%.

Investments

At
December 31, 2024September 30, 2024December 31, 2023
($ in thousands)Carrying ValueNet Unrealized LossCarrying ValueNet Unrealized LossCarrying ValueNet Unrealized Loss
Available-for-sale (AFS)$1,862,270 $(163,212)$1,786,793 $(122,158)$1,618,273 $(150,861)
Held-to-maturity (HTM)928,935 (70,321)851,647 (46,351)750,434 (54,572)
Total$2,791,205 $(233,533)$2,638,440 $(168,509)$2,368,707 $(205,433)

Investment securities totaled $2.8 billion at December 31, 2024, an increase of $152.8 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities5 was 8.71% at December 31, 2024, compared to 9.26% at September 30, 2024.

5 Tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Please refer to discussion and reconciliation of this measures in the accompanying financial tables.

6


Loans
The following table presents total loans for the most recent five quarters:
At
($ in thousands)December 31, 2024September 30, 2024June 30,
2024		March 31,
2024		December 31, 2023
C&I$2,139,032 $2,145,286 $2,107,097 $2,263,817 $2,186,203 
CRE investor owned2,405,356 2,346,575 2,308,926 2,280,990 2,291,660 
CRE owner occupied1,305,025 1,322,714 1,313,742 1,279,929 1,262,264 
SBA loans*1,298,007 1,272,679 1,269,145 1,274,780 1,281,632 
Sponsor finance*782,722 819,079 865,883 865,180 872,264 
Life insurance premium finance*1,114,299 1,030,273 996,154 1,003,597 956,162 
Tax credits*760,229 724,441 738,249 718,383 734,594 
Residential real estate350,640 346,460 339,889 354,615 359,957 
Construction and land development794,240 796,586 791,780 726,742 670,567 
Other270,805 275,799 269,142 260,459 268,815 
Total loans$11,220,355 $11,079,892 $11,000,007 $11,028,492 $10,884,118 
Quarterly loan yield6.73 %6.95 %6.95 %6.87 %6.87 %
Variable interest rate loans to total loans60 %61 %61 %61 %61 %
*Specialty loan category

Loans totaled $11.2 billion at December 31, 2024, increasing $140.5 million, or 5% on an annualized basis, from the linked quarter. The increase was driven primarily by increases of $108.8 million and $41.1 million in specialty lending and commercial real estate, respectively. Average line utilization was approximately 42% for the quarter ended December 31, 2024, compared to 44% and 42% 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)December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Nonperforming loans*$42,687 $28,376 $39,384 $35,642 $43,728 
Other 3,955 4,516 8,746 8,466 5,736 
Nonperforming assets*$46,642 $32,892 $48,130 $44,108 $49,464 
Nonperforming loans to total loans0.38 %0.26 %0.36 %0.32 %0.40 %
Nonperforming assets to total assets0.30 %0.22 %0.33 %0.30 %0.34 %
Allowance for credit losses$137,950 $139,778 $139,464 $135,498 $134,771 
Allowance for credit losses to loans1.23 %1.26 %1.27 %1.23 %1.24 %
Quarterly net charge-offs$7,131 $3,850 $605 $5,864 $28,479 
*Guaranteed balances excluded$21,974 $11,899 $12,933 $9,630 $10,682 

Nonperforming assets increased $13.8 million during the fourth quarter 2024 and decreased $2.8 million from the prior year quarter. The increase from the prior quarter was primarily due to two relationships that are being actively monitored. Net charge-offs totaled 16 basis points of average loans in 2024, compared to 37 basis points in 2023. Annualized net charge-offs totaled 26 basis points of average loans in the fourth quarter 2024, compared to 14 basis points in the linked quarter and 106 basis points in the prior year quarter.

7


The provision for credit losses totaled $6.8 million in the fourth quarter 2024, compared to $4.1 million and $18.1 million in the linked and prior year quarters, respectively. The provision for credit losses in the fourth quarter 2024 was primarily related to charge-offs and loan growth. The decline in the provision for credit losses in the fourth quarter 2024 compared to the prior year quarter was related to the reduction in net charge offs.

Deposits
The following table presents deposits broken out by type for the most recent five quarters:
At
($ in thousands)December 31, 2024September 30, 2024June 30,
2024		March 31,
2024		December 31, 2023
Noninterest-bearing demand accounts$4,484,072 $3,934,245 $3,928,308 $3,805,334 $3,958,743 
Interest-bearing demand accounts3,175,292 3,048,981 2,951,899 2,956,282 2,950,259 
Money market and savings accounts4,117,524 4,121,543 4,039,626 4,006,702 3,994,455 
Brokered certificates of deposit484,588 480,934 494,870 659,005 482,759 
Other certificates of deposit885,016 879,619 867,680 826,378 790,155 
Total deposit portfolio$13,146,492 $12,465,322 $12,282,383 $12,253,701 $12,176,371 
Noninterest-bearing deposits to total deposits34.1 %31.6 %32.0 %31.1 %32.5 %
Total costs of deposits2.00 %2.18 %2.16 %2.13 %2.03 %

Total deposits at December 31, 2024 were $13.1 billion, an increase of $681.2 million and $970.1 million from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $677.5 million and $968.3 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 $1.3 billion at December 31, 2024, compared to $1.2 billion at September 30, 2024.

Noninterest Income
The following table presents a comparative summary of the major components of noninterest income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)December 31, 2024September 30, 2024Increase (decrease)December 31, 2023Increase (decrease)
Deposit service charges$4,730 $4,649 $81 2 %$4,334 $396 9 %
Wealth management revenue2,719 2,599 120 5 %2,428 291 12 %
Card services revenue2,484 2,573 (89)(3)%2,666 (182)(7)%
Tax credit income6,018 3,252 2,766 85 %9,688 (3,670)(38)%
Other income4,680 8,347 (3,667)(44)%6,336 (1,656)(26)%
Total noninterest income$20,631 $21,420 $(789)(4)%$25,452 $(4,821)(19)%

Total noninterest income for the fourth quarter 2024 was $20.6 million, a decrease of $0.8 million and $4.8 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a net gain on sale of other real estate owned in the third quarter 2024 that did not reoccur, partially offset by an increase in tax credit income. 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 decrease from the prior year quarter was primarily due to a decrease in tax credit income and income from community development investments.


8

The following table presents a comparative summary of the major components of other income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter endedQuarter ended
($ in thousands)December 31, 2024September 30, 2024Increase (decrease)December 31, 2023Increase (decrease)
BOLI$895 $1,123 $(228)(20)%$1,279 $(384)(30)%
Community development investments297 1,177 (880)(75)%1,027 (730)(71)%
Private equity fund distributions320 614 (294)(48)%725 (405)(56)%
Servicing fees528 539 (11)(2)%774 (246)(32)%
Swap fees972 17 955 5,618 %163 809 496 %
Gain (loss) on sale of other real estate owned(68)3,159 (3,227)(102)%— (68)— %
Miscellaneous income1,736 1,718 18 1 %2,368 (632)(27)%
Total other income$4,680 $8,347 $(3,667)(44)%$6,336 $(1,656)(26)%

The decrease in other income in the fourth quarter 2024 compared to the linked quarter was driven by a $3.2 million decrease in the net gain on sale of other real estate owned, as well as a decrease in income from community development investments. Compared to the prior year quarter, the decrease in other income was primarily related to a decrease in income from community development investments and private equity fund distributions. Community development investment income and private equity fund distributions are not consistent sources of income and fluctuate based on distributions from the underlying funds.

Noninterest Expense
The following table presents a comparative summary of the major components of noninterest expense for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)December 31, 2024September 30, 2024Increase (decrease)December 31, 2023Increase (decrease)
Employee compensation and benefits$46,168 $45,359 $809 2 %$39,651 $6,517 16 %
Deposit costs22,881 23,781 (900)(4)%21,606 1,275 6 %
Occupancy4,336 4,372 (36)(1)%4,313 23 1 %
Core conversion expense1,893 1,375 518 38 %— 1,893 — %
FDIC special assessment— — — — %2,412 (2,412)(100)%
Other expense24,244 23,120 1,124 5 %24,621 (377)(2)%
Total noninterest expense$99,522 $98,007 $1,515 2 %$92,603 $6,919 7 %

9

Noninterest expense was $99.5 million for the fourth quarter 2024, a $1.5 million and $6.9 million increase from the linked and prior year quarters, respectively. Employee compensation and benefits increased $0.8 million and $6.5 million from the linked and prior year quarters, respectively, because of increases in self-insured medical claims and variable compensation. Compared to the prior year quarter, the increase was primarily due to higher compensation and benefits from merit increases and the recruitment of new bankers. Additionally, expenses related to the core system conversion increased by $0.5 million and $1.9 million from the linked and prior year quarters, respectively, due to the completion of the project in the fourth quarter 2024. Compared to the linked quarter, the increase in noninterest expense was partially offset by lower deposit costs, which decreased $0.9 million during the quarter. The year-over-year increases in noninterest expense were partially offset by a decrease in the FDIC special assessment.

For the fourth quarter 2024, the Company’s core efficiency ratio6 was 57.1% for the quarter ended December 31, 2024, compared to 58.4% for the linked quarter and 53.1% for the prior year quarter.

Income Taxes
The Company’s effective tax rate was 19.5% in the fourth quarter 2024, compared to 19.4% and 19.8% in the linked and prior year quarters, respectively. The Company continues to leverage tax credit opportunities as part of its tax planning strategy.

Capital
The following table presents total equity and various EFSC capital ratios for the most recent five quarters:
At
($ in thousands)December 31, 2024*September 30, 2024June 30,
2024		March 31, 2024December 31, 2023
Shareholders’ equity$1,824,002 $1,832,011 $1,755,273 $1,731,725 $1,716,068 
Total risk-based capital to risk-weighted assets14.6 %14.8 %14.6 %14.3 %14.2 %
Tier 1 capital to risk-weighted assets13.1 %13.2 %13.0 %12.8 %12.7 %
Common equity tier 1 capital to risk-weighted assets11.8 %11.9 %11.7 %11.4 %11.3 %
Leverage ratio11.1 %11.2 %11.1 %11.0 %11.0 %
Tangible common equity to tangible assets9.05 %9.50 %9.18 %9.01 %8.96 %
*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 $1.8 billion at December 31, 2024, a decrease of $8.0 million from the linked quarter. The Company’s tangible common book value per common share5 was $37.27 at December 31, 2024, compared to $37.26 and $33.85 in the linked and prior year quarters, 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, core efficiency ratio, the tangible common equity ratio, tangible book value per common share, adjusted ROAA and adjusted diluted earnings per share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude
6 Core efficiency ratio and tangible common book value per common share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.

10

(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, core efficiency ratio, the tangible common equity ratio, tangible book value per common share, adjusted ROAA and adjusted diluted earnings per share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, merger-related expenses, facilities charges, 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 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, January 28, 2025. During the call, management will review the fourth quarter 2024 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 1-800-715-9871. After connecting, you may say the name of the conference or enter the Conference ID 35973. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC4Q2024EarningsCallRegistration. 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 $15.6 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.


11

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, shareholder 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, as well as 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), U.S. fiscal debt, budget and tax matters, 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, 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 (such as 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, 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, 2023, 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.

For more information contact
Investor Relations: Keene Turner, Senior Executive Vice President and CFO (314) 512-7233
Media: Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695

12

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
Quarter endedYear ended
(in thousands, except per share data)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Dec 31,
2024		Dec 31,
2023
EARNINGS SUMMARY
Net interest income$146,370 $143,469 $140,529 $137,728 $140,732 $568,096 $562,592 
Provision for credit losses6,834 4,099 4,819 5,756 18,053 21,508 36,605 
Noninterest income20,631 21,420 15,494 12,158 25,452 69,703 68,725 
Noninterest expense99,522 98,007 94,017 93,501 92,603 385,047 348,186 
Income before income tax expense60,645 62,783 57,187 50,629 55,528 231,244 246,526 
Income tax expense11,811 12,198 11,741 10,228 10,999 45,978 52,467 
Net income48,834 50,585 45,446 40,401 44,529 185,266 194,059 
Preferred stock dividends937 938 937 938 937 $3,750 $3,750 
Net income available to common shareholders$47,897 $49,647 $44,509 $39,463 $43,592 $181,516 $190,309 
Diluted earnings per common share$1.28 $1.32 $1.19 $1.05 $1.16 $4.83 $5.07 
Adjusted diluted earnings per share1
$1.32 $1.29 $1.21 $1.07 $1.20 $4.88 $5.11 
Return on average assets1.27 %1.36 %1.25 %1.12 %1.23 %1.25 %1.41 %
Adjusted return on average assets1
1.31 %1.32 %1.27 %1.14 %1.28 %1.26 %1.41 %
Return on average common equity10.75 %11.40 %10.68 %9.52 %10.94 %10.60 %12.27 %
Adjusted return on average common equity1
11.08 %11.09 %10.90 %9.70 %11.35 %10.71 %12.35 %
ROATCE1
13.63 %14.55 %13.77 %12.31 %14.38 %13.58 %16.25 %
Adjusted ROATCE1
14.05 %14.16 %14.06 %12.53 %14.92 %13.71 %16.35 %
Net interest margin (tax equivalent)4.13 %4.17 %4.19 %4.13 %4.23 %4.16 %4.43 %
Efficiency ratio59.59 %59.44 %60.26 %62.38 %55.72 %60.37 %55.15 %
Core efficiency ratio1
57.11 %58.42 %58.09 %60.21 %53.06 %58.42 %53.42 %
Assets$15,596,431 $14,954,125 $14,615,666 $14,613,338 $14,518,590 
Average assets$15,309,577 $14,849,455 $14,646,381 $14,556,119 $14,332,804 $14,841,690 $13,805,236 
Period end common shares outstanding36,988 37,184 37,344 37,515 37,416 
Dividends per common share$0.28 $0.27 $0.26 $0.25 $0.25 $1.06 $1.00 
Tangible book value per common share1
$37.27 $37.26 $35.02 $34.21 $33.85 
Tangible common equity to tangible assets1
9.05 %9.50 %9.18 %9.01 %8.96 %
Total risk-based capital to risk-weighted assets2
14.6 %14.8 %14.6 %14.3 %14.2 %
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.
2Capital 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.

13

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter endedYear ended
(in thousands, except per share data)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Dec 31,
2024		Dec 31,
2023
INCOME STATEMENTS
NET INTEREST INCOME
Interest income$215,380 $216,304 $211,644 $207,723 $207,083 $851,051 $764,919 
Interest expense69,010 72,835 71,115 69,995 66,351 282,955 202,327 
Net interest income146,370 143,469 140,529 137,728 140,732 568,096 562,592 
Provision for credit losses6,834 4,099 4,819 5,756 18,053 21,508 36,605 
Net interest income after provision for credit losses139,536 139,370 135,710 131,972 122,679 546,588 525,987 
NONINTEREST INCOME
Deposit service charges4,730 4,649 4,542 4,423 4,334 18,344 16,559 
Wealth management revenue2,719 2,599 2,590 2,544 2,428 10,452 10,030 
Card services revenue2,484 2,573 2,497 2,412 2,666 9,966 10,028 
Tax credit income (loss)6,018 3,252 1,874 (2,190)9,688 8,954 9,196 
Other income4,680 8,347 3,991 4,969 6,336 21,987 22,912 
Total noninterest income20,631 21,420 15,494 12,158 25,452 69,703 68,725 
NONINTEREST EXPENSE
Employee compensation and benefits46,168 45,359 44,524 45,262 39,651 181,313 164,566 
Deposit costs22,881 23,781 21,706 20,277 21,606 88,645 72,293 
Occupancy4,336 4,372 4,197 4,326 4,313 17,231 16,526 
FDIC special assessment— — — 625 2,412 625 2,412 
Core conversion expense1,893 1,375 1,250 350 — 4,868 — 
Other expense24,244 23,120 22,340 22,661 24,621 92,365 92,389 
Total noninterest expense99,522 98,007 94,017 93,501 92,603 385,047 348,186 
Income before income tax expense60,645 62,783 57,187 50,629 55,528 231,244 246,526 
Income tax expense11,811 12,198 11,741 10,228 10,999 45,978 52,467 
Net income $48,834 $50,585 $45,446 $40,401 $44,529 $185,266 $194,059 
Preferred stock dividends937 938 937 938 937 3,750 3,750 
Net income available to common shareholders$47,897 $49,647 $44,509 $39,463 $43,592 $181,516 $190,309 
Basic earnings per common share$1.29 $1.33 $1.19 $1.05 $1.16 $4.86 $5.09 
Diluted earnings per common share$1.28 $1.32 $1.19 $1.05 $1.16 $4.83 $5.07 


14

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
    
At
($ in thousands)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023
BALANCE SHEETS
ASSETS
Cash and due from banks$270,975 $210,984 $176,698 $157,697 $193,275 
Interest-earning deposits495,076 218,919 219,342 215,951 243,610 
Debt and equity investments2,863,989 2,714,194 2,460,549 2,443,977 2,434,902 
Loans held for sale110 304 606 610 359 
Loans11,220,355 11,079,892 11,000,007 11,028,492 10,884,118 
Allowance for credit losses(137,950)(139,778)(139,464)(135,498)(134,771)
Total loans, net11,082,405 10,940,114 10,860,543 10,892,994 10,749,347 
Fixed assets, net45,009 44,368 44,831 44,382 42,681 
Goodwill365,164 365,164 365,164 365,164 365,164 
Intangible assets, net8,484 9,400 10,327 11,271 12,318 
Other assets465,219 450,678 477,606 481,292 476,934 
Total assets$15,596,431 $14,954,125 $14,615,666 $14,613,338 $14,518,590 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits$4,484,072 $3,934,245 $3,928,308 $3,805,334 $3,958,743 
Interest-bearing deposits8,662,420 8,531,077 8,354,075 8,448,367 8,217,628 
Total deposits13,146,492 12,465,322 12,282,383 12,253,701 12,176,371 
Subordinated debentures and notes156,551 156,407 156,265 156,124 155,984 
FHLB advances— 150,000 78,000 125,000 — 
Other borrowings280,821 170,815 178,269 195,246 297,829 
Other liabilities188,565 179,570 165,476 151,542 172,338 
Total liabilities13,772,429 13,122,114 12,860,393 12,881,613 12,802,522 
Shareholders’ equity:
Preferred stock71,988 71,988 71,988 71,988 71,988 
Common stock370 372 373 375 374 
Additional paid-in capital990,733 992,642 994,116 995,969 995,208 
Retained earnings877,629 845,844 810,935 778,784 749,513 
Accumulated other comprehensive loss(116,718)(78,835)(122,139)(115,391)(101,015)
Total shareholders’ equity1,824,002 1,832,011 1,755,273 1,731,725 1,716,068 
Total liabilities and shareholders’ equity$15,596,431 $14,954,125 $14,615,666 $14,613,338 $14,518,590 
















15

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Year ended
December 31, 2024December 31, 2023
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
AVERAGE BALANCE SHEET
ASSETS
Interest-earning assets:
Loans1, 2
$10,990,774 $755,448 6.87 %$10,324,951 $688,439 6.67 %
Securities2
2,512,690 85,130 3.39 2,291,552 71,129 3.10 
Interest-earning deposits368,221 18,918 5.14 260,214 13,430 5.16 
Total interest-earning assets13,871,685 859,496 6.20 12,876,717 772,998 6.00 
Noninterest-earning assets970,005 928,519 
Total assets$14,841,690 $13,805,236 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest-bearing demand accounts$3,033,616 $76,932 2.54 %$2,559,238 $46,976 1.84 %
Money market accounts3,494,497 127,651 3.65 3,043,794 92,976 3.05 
Savings accounts567,147 1,261 0.22 668,368 975 0.15 
Certificates of deposit1,371,009 58,764 4.29 1,198,551 42,796 3.57 
Total interest-bearing deposits8,466,269 264,608 3.13 7,469,951 183,723 2.46 
Subordinated debentures and notes156,260 10,497 6.72 155,702 9,781 6.28 
FHLB advances30,363 1,691 5.57 54,615 2,752 5.04 
Securities sold under agreements to repurchase164,959 5,667 3.44 168,745 3,647 2.16 
Other borrowings37,833 492 1.30 71,738 2,424 3.38 
Total interest-bearing liabilities8,855,684 282,955 3.20 7,920,751 202,327 2.55 
Noninterest-bearing liabilities:
Demand deposits4,042,368 4,131,163 
Other liabilities159,463 130,201 
Total liabilities13,057,515 12,182,115 
Shareholders' equity1,784,175 1,623,121 
Total liabilities and shareholders' equity$14,841,690 $13,805,236 
Total net interest income$576,541 $570,671 
Net interest margin4.16 %4.43 %
1 Average balances include nonaccrual loans. Interest income includes loan fees of $9.6 million and $13.8 million for the years ended December 31, 2024 and December 31, 2023, 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 $8.4 million and $8.1 million for the years ended December 31, 2024 and December 31, 2023, respectively.
    




16

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
At or for the quarter ended
($ in thousands)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023
LOAN PORTFOLIO
Commercial and industrial$4,716,689 $4,628,488 $4,619,448 $4,766,310 $4,672,559 
Commercial real estate4,974,787 4,915,176 4,856,751 4,804,803 4,803,571 
Construction real estate891,059 896,325 893,672 820,416 760,425 
Residential real estate359,263 355,279 351,934 367,218 372,188 
Other278,557 284,624 278,202 269,745 275,375 
Total loans$11,220,355 $11,079,892 $11,000,007 $11,028,492 $10,884,118 
DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts$4,484,072 $3,934,245 $3,928,308 $3,805,334 $3,958,743 
Interest-bearing demand accounts3,175,292 3,048,981 2,951,899 2,956,282 2,950,259 
Money market and savings accounts4,117,524 4,121,543 4,039,626 4,006,702 3,994,455 
Brokered certificates of deposit484,588 480,934 494,870 659,005 482,759 
Other certificates of deposit885,016 879,619 867,680 826,378 790,155 
Total deposits$13,146,492 $12,465,322 $12,282,383 $12,253,701 $12,176,371 
AVERAGE BALANCES
Loans$11,100,112 $10,971,575 $10,962,488 $10,927,932 $10,685,961 
Securities2,748,063 2,503,124 2,396,519 2,400,571 2,276,915 
Interest-earning assets14,323,053 13,877,631 13,684,459 13,596,571 13,383,638 
Assets15,309,577 14,849,455 14,646,381 14,556,119 14,332,804 
Deposits12,958,156 12,546,086 12,344,253 12,180,703 12,163,346 
Shareholders’ equity1,844,509 1,804,369 1,748,240 1,738,698 1,652,882 
Tangible common equity1
1,398,427 1,357,362 1,300,305 1,289,776 1,202,872 
YIELDS (tax equivalent)
Loans6.73 %6.95 %6.95 %6.87 %6.87 %
Securities3.51 3.40 3.35 3.27 3.20 
Interest-earning assets6.05 6.26 6.28 6.20 6.20 
Interest-bearing deposits2.96 3.22 3.19 3.14 3.03 
Deposits2.00 2.18 2.16 2.13 2.03 
Subordinated debentures and notes6.70 6.86 6.91 6.40 6.30 
FHLB advances and other borrowed funds2.81 3.01 3.52 3.80 3.06 
Interest-bearing liabilities3.02 3.28 3.26 3.22 3.09 
Net interest margin4.13 4.17 4.19 4.13 4.23 
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.






17

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter ended
(in thousands, except per share data)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023
ASSET QUALITY
Net charge-offs$7,131 $3,850 $605 $5,864 $28,479 
Nonperforming loans42,687 28,376 39,384 35,642 43,728 
Classified assets193,838 179,883 169,822 185,150 185,389 
Nonperforming loans to total loans0.38 %0.26 %0.36 %0.32 %0.40 %
Nonperforming assets to total assets0.30 %0.22 %0.33 %0.30 %0.34 %
Allowance for credit losses to total loans1.23 %1.26 %1.27 %1.23 %1.24 %
Allowance for credit losses to loans, excluding guaranteed loans1
1.34 %1.38 %1.38 %1.34 %1.35 %
Allowance for credit losses to nonperforming loans323.2 %492.6 %354.1 %380.2 %308.2 %
Net charge-offs to average loans - annualized0.26 %0.14 %0.02 %0.22 %1.06 %
WEALTH MANAGEMENT
Trust assets under management$2,412,471 $2,499,807 $2,367,409 $2,352,902 $2,235,073 
SHARE DATA
Book value per common share$47.37 $47.33 $45.08 $44.24 $43.94 
Tangible book value per common share1
$37.27 $37.26 $35.02 $34.21 $33.85 
Market value per share$56.40 $51.26 $40.91 $40.56 $44.65 
Period end common shares outstanding36,988 37,184 37,344 37,515 37,416 
Average basic common shares37,118 37,337 37,485 37,490 37,421 
Average diluted common shares37,447 37,483 37,540 37,597 37,554 
CAPITAL
Total risk-based capital to risk-weighted assets2
14.6 %14.8 %14.6 %14.3 %14.2 %
Tier 1 capital to risk-weighted assets2
13.1 %13.2 %13.0 %12.8 %12.7 %
Common equity tier 1 capital to risk-weighted assets2
11.8 %11.9 %11.7 %11.4 %11.3 %
Tangible common equity to tangible assets1
9.05 %9.50 %9.18 %9.01 %8.96 %
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.
2Capital 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.

18

ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Quarter endedYear ended
($ in thousands)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Dec 31,
2024		Dec 31,
2023
CORE EFFICIENCY RATIO
Net interest income (GAAP)$146,370 $143,469 $140,529 $137,728 $140,732 $568,096 $562,592 
Tax equivalent adjustment2,272 2,086 2,047 2,040 1,915 8,445 8,079 
Noninterest income (GAAP)20,631 21,420 15,494 12,158 25,452 69,703 68,725 
Less gain on sale of investment securities— — — — 220 — 601 
Less gain (loss) on sale of other real estate owned(68)3,159 — (2)— 3,089 187 
Core revenue (non-GAAP)169,341 163,816 158,070 151,928 167,879 643,155 638,608 
Noninterest expense (GAAP)99,522 98,007 94,017 93,501 92,603 385,047 348,186 
Less FDIC special assessment— — — 625 2,412 625 2,412 
Less core conversion expense1,893 1,375 1,250 350 — 4,868 — 
Less amortization on intangibles916 927 944 1,047 1,108 3,834 4,601 
Core noninterest expense (non-GAAP)$96,713 $95,705 $91,823 $91,479 $89,083 $375,720 $341,173 
Core efficiency ratio (non-GAAP)57.11 %58.42 %58.09 %60.21 %53.06 %58.42 %53.42 %

Quarter ended
(in thousands, except per share data)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO
Shareholders’ equity (GAAP)$1,824,002 $1,832,011 $1,755,273 $1,731,725 $1,716,068 
Less preferred stock71,988 71,988 71,988 71,988 71,988 
Less goodwill365,164 365,164 365,164 365,164 365,164 
Less intangible assets8,484 9,400 10,327 11,271 12,318 
Tangible common equity (non-GAAP)$1,378,366 $1,385,459 $1,307,794 $1,283,302 $1,266,598 
Less net unrealized losses on HTM securities, after tax52,881 34,856 52,220 47,822 41,038 
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)$1,325,485 $1,350,603 $1,255,574 $1,235,480 $1,225,560 
Common shares outstanding36,988 37,184 37,344 37,515 37,416 
Tangible book value per common share (non-GAAP)$37.27 $37.26 $35.02 $34.21 $33.85 
Total assets$15,596,431 $14,954,125 $14,615,666 $14,613,338 $14,518,590 
Less goodwill365,164 365,164 $365,164 365,164 365,164 
Less intangible assets8,484 9,400 $10,327 11,271 12,318 
Tangible assets (non-GAAP)$15,222,783 $14,579,561 $14,240,175 $14,236,903 $14,141,108 
Tangible common equity to tangible assets (non-GAAP)9.05 %9.50 %9.18 %9.01 %8.96 %
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)8.71 %9.26 %8.82 %8.68 %8.67 %


19

Quarter endedYear ended
($ in thousands)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Dec 31,
2024		Dec 31,
2023
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE
Average shareholder’s equity (GAAP)$1,844,509 $1,804,369 $1,748,240 $1,738,698 $1,652,882 $1,784,175 $1,623,121 
Less average preferred stock71,988 71,988 71,988 71,988 71,988 71,988 71,988 
Less average goodwill365,164 365,164 365,164 365,164 365,164 365,164 365,164 
Less average intangible assets8,930 9,855 10,783 11,770 12,858 10,329 14,531 
Average tangible common equity (non-GAAP)$1,398,427 $1,357,362 $1,300,305 $1,289,776 $1,202,872 $1,336,694 $1,171,438 
Net income (GAAP)$48,834 $50,585 $45,446 $40,401 $44,529 $185,266 $194,059 
FDIC special assessment (after tax)— — — 470 1,814 470 1,814 
Core conversion expense (after tax)1,424 1,034 940 263 — 3,661 — 
Less gain on sale of investment securities (after tax)— — — — 165 — 452 
Less gain (loss) on sale of other real estate owned (after tax) (51)2,375 — (1)— 2,323 141 
Net income adjusted (non-GAAP)$50,309 $49,244 $46,386 $41,135 $46,178 $187,074 $195,280 
Less preferred stock dividends 937 938 937 938 937 3,750 3,750 
Net income available to common shareholders adjusted (non-GAAP)$49,372 $48,306 $45,449 $40,197 $45,241 $183,324 $191,530 
Return on average common equity (non-GAAP)10.75 %11.40 %10.68 %9.52 %10.94 %10.60 %12.27 %
Adjusted return on average common equity (non-GAAP)11.08 %11.09 %10.90 %9.70 %11.35 %10.71 %12.35 %
ROATCE (non-GAAP)13.63 %14.55 %13.77 %12.31 %14.38 %13.58 %16.25 %
Adjusted ROATCE (non-GAAP)14.05 %14.16 %14.06 %12.53 %14.92 %13.71 %16.35 %
Average assets$15,309,577 $14,849,455 $14,646,381 $14,556,119 $14,332,804 $14,841,690 $13,805,236 
Return on average assets (GAAP)1.27 %1.36 %1.25 %1.12 %1.23 %1.25 %1.41 %
Adjusted return on average assets (non-GAAP)1.31 %1.32 %1.27 %1.14 %1.28 %1.26 %1.41 %
Average diluted common shares37,447 37,483 37,540 37,597 37,554 37,567 37,507 
Diluted earnings per share (GAAP)$1.28 $1.32 $1.19 $1.05 $1.16 $4.83 $5.07 
Adjusted diluted earnings per share (non-GAAP)$1.32 $1.29 $1.21 $1.07 $1.20 $4.88 $5.11 

20

Quarter endedYear ended
($ in thousands)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Dec 31,
2024		Dec 31,
2023
CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)
Net interest income$146,370 $143,469 $140,529 $137,728 $140,732 $568,096 $562,592 
Noninterest income20,631 21,420 15,494 12,158 25,452 69,703 68,725 
FDIC special assessment— — — 625 2,412 625 2,412 
Core conversion expense1,893 1,375 1,250 350 — 4,868 — 
Less gain on sale of investment securities— — — — 220 — 601 
Less gain (loss) on sale of other real estate owned(68)3,159 — (2)— 3,089 187 
Less noninterest expense99,522 98,007 94,017 93,501 92,603 385,047 348,186 
PPNR (non-GAAP)$69,440 $65,098 $63,256 $57,362 $75,773 $255,156 $284,755 

At
($ in thousands)Dec 31,
2024		Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023
ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS
Loans$11,220,355 $11,079,892 $11,000,007 $11,028,492 $10,884,118 
Less guaranteed loans947,665 928,272 923,794 924,633 932,118 
Adjusted loans (non-GAAP)$10,272,690 $10,151,620 $10,076,213 $10,103,859 $9,952,000 
Allowance for credit losses$137,950 $139,778 $139,464 $135,498 $134,771 
Allowance for credit losses/loans (GAAP)1.23 %1.26 %1.27 %1.23 %1.24 %
Allowance for credit losses/adjusted loans (non-GAAP)1.34 %1.38 %1.38 %1.34 %1.35 %

21
Enterprise Financial Services Corp 2024 Fourth Quarter Earnings Webcast Exhibit 99.2

 
2 Forward-Looking Statements Some of the information in this report may contain “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 may include projections 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, shareholder 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: our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations; 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), U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth; risks associated with rapid increases or decreases in prevailing interest rates; changes in business prospects that could impact goodwill estimates and assumptions; consolidation within the banking industry; competition from banks and other financial institutions; the 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 business, 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 other 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, 2023, 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. 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. 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.

 
3 *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. Capital • Tangible Common Equity/Tangible Assets** 9.05%, compared to 9.50% • Tangible Book Value Per Common Share** $37.27, compared to $37.26 • CET1 Ratio 11.8%, compared to 11.9% • Repurchased 206,529 shares at an average price of $54.01 • Quarterly common stock dividend of $0.28 per share in fourth quarter 2024 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depository share) • Net Income $48.8 million, down $1.8 million; EPS $1.28 • Net Interest Income $146.4 million, up $2.9 million; NIM 4.13% • PPNR** $69.4 million, up $4.3 million • Adjusted ROAA** 1.31%, compared to 1.32%; PPNR ROAA** 1.80%, compared to 1.74% • Adjusted ROATCE** 14.05%, compared to 14.16% Earnings Financial Highlights - 4Q24*

 
4 *Comparisons noted below are to the linked quarter unless otherwise noted. Loans & Deposits • Loans $11.2 billion, up $140.5 million • Loan/Deposit Ratio 85.3% • Deposits $13.1 billion, up $681.2 million or $677.5 million excluding brokered CDs • Noninterest-bearing Deposits/Total Deposits 34% Asset Quality • Nonperforming Loans/Loans 0.38% • Nonperforming Assets/Assets 0.30% • Allowance Coverage Ratio 1.23%; 1.34% adjusted for guaranteed loans • Net Charge-offs $7.1 million Financial Highlights, continued - 4Q24*

 
5 Capital • Tangible Common Equity/Tangible Assets** 9.05%, compared to 8.96% • Tangible Book Value Per Share** $37.27, compared to $33.85, increase of 10% • Common stock dividend increased to $1.06 per share, compared to $1.00 per share • Repurchased 626,778 shares at an average price of $46.95 • Net Income $185.3 million, down $8.8 million; EPS $4.83 • Net Interest Income $568.1 million, up $5.5 million; NIM 4.16% • PPNR** $255.2 million, down $29.6 million • Adjusted ROAA** 1.26%, compared to 1.41%; PPNR ROAA**1.72%, compared to 2.06% • Adjusted ROATCE** 13.71%, compared to 16.35% Earnings *Comparisons noted below are to the prior year. Loans, Deposits, & Asset Quality • Loans $11.2 billion, up $336.2 million, or 3% • Deposits $13.1 billion, up $970.1 million, or 8% • Net Charge-offs $17.5 million, or 0.16% of average loans, compared to 0.37% Financial Highlights, continued - 2024* **A Non-GAAP Measure, Refer to Appendix for Reconciliation.

 
6 Areas of Focus Organic Loan and Deposit Growth • Continue Funding Loan Growth with Customer Deposits • Build Franchise Value by Expanding Existing and Acquiring New Relationships Disciplined Loan and Deposit Pricing Focused Credit Underwriting and Monitoring Focus on Long-term Earnings Trajectory Core System Conversion • Completed on October 11, 2024

 
7 $10,884 $11,028 $11,000 $11,080 $11,220 4Q23 1Q24 2Q24 3Q24 4Q24 $ In Millions 3% Total Loan Growth Loan Trends

 
8 Loan Details 4Q24 3Q24 4Q23 Qtr Change LTM Change C&I $ 2,139 $ 2,145 $ 2,186 $ (6) $ (47) CRE Investor Owned 2,405 2,347 2,292 58 113 CRE Owner Occupied 1,305 1,323 1,262 (18) 43 SBA loans* 1,298 1,273 1,282 25 16 Sponsor Finance* 783 819 872 (36) (89) Life Insurance Premium Financing* 1,114 1,030 956 84 158 Tax Credits* 760 724 735 36 25 Residential Real Estate 351 346 360 5 (9) Construction and Land Development 794 797 670 (3) 124 Other 271 276 269 (5) 2 Total Loans $ 11,220 $ 11,080 $ 10,884 $ 140 $ 336 *Specialty loan category. $ In Millions

 
9 Specialty Lending $3,898 $3,990 $4,109 4Q23 3Q24 4Q24 $ In Millions Midwest $3,338 $3,194 $3,201 4Q23 3Q24 4Q24 Southwest $1,566 $1,680 $1,784 4Q23 3Q24 4Q24 West $1,813 $1,940 $1,855 4Q23 3Q24 4Q24 Note: Excludes “Other” loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) Loan By Region

 
10 Deposit Details 4Q24 3Q24 4Q23 Qtr Change LTM Change Noninterest-bearing demand accounts $ 4,484 $ 3,934 $ 3,959 $ 550 $ 525 Interest-bearing demand accounts 3,175 3,049 2,950 126 225 Money market accounts 3,564 3,568 3,399 (4) 165 Savings accounts 553 553 595 — (42) Certificates of deposit: Brokered 485 481 483 4 2 Customer 885 880 790 5 95 Total Deposits $ 13,146 $ 12,465 $ 12,176 $ 681 $ 970 Deposit Verticals (included in total deposits) $ 3,388 $ 3,093 $ 2,778 $ 295 $ 610 $ In Millions * Total deposits excluding Deposit Verticals and brokered CDs increased $382 million from 3Q24 and increased $358 million from 4Q23. **

 
11 Deposit Verticals $2,778 $3,093 $3,388 4Q23 3Q24 4Q24 $ In Millions Midwest* $6,219 $6,205 $6,433 4Q23 3Q24 4Q24 Southwest $1,828 $1,971 $2,057 4Q23 3Q24 4Q24 West* $1,351 $1,196 $1,268 4Q23 3Q24 4Q24 Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) *Includes brokered balances Deposit By Region

 
12 Differentiated Deposit Verticals 36.7% 36.1% 27.2% Community Associations $1.2 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $1.2 billion in deposits. Specializing in the compliance of Property Management Trust Accounts. Legal Industry and Escrow Services $922 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $3.39 billion - 26% of total deposits • $3.35 billion - Average deposits for 4Q24 • $22.9 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.72% in 4Q24 • $144.3 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B* ◦ 23 - Number of traditional branches that would support the EFSC deposit vertical portfolio *Data Source: Deposit data as of June 30th, 2024, per the FDIC Summary of Deposits. 4Q23 1Q24 2Q24 3Q24 4Q24 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $ In Millions

 
13 32% 34% 28% 38% 32% 20% 4% 7% 31% 24% 18% 19% 1% Core Funding Mix Commercial Business Banking Consumer $ In Millions $2,603$1,492$4,946 1At December 31, 2024. Note: Brokered deposits: 4Q24 $0.7 billion; 3.71% cost of funds Deposit Verticals $3,388 64%6% 29% 4Q24 Total Portfolio Average Account Size & Cost of Funds COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Average account size ($ in thousands) 4Q24 $ 353 $ 77 $ 23 $ 108 Cost of funds 4Q241 2.25 % 1.31 % 1.58 % 0.94 % • ~80% of commercial deposits utilize Treasury Management services • ~90% of checking and savings accounts utilize online banking services • ~60% of commercial deposits have a lending relationship Overview

 
14 Earnings Per Share Trend - 4Q24 $1.32 $0.05 $(0.06) $(0.03) $1.28 3Q24 Operating Revenue Provision for Credit Losses Noninterest Expense 4Q24 Change in Diluted EPS

 
15 $140.7 $137.7 $140.5 $143.5 $146.4 4.23% 4.13% 4.19% 4.17% 4.13% 5.33% 5.33% 5.33% 5.27% 4.66% Net Interest Income Net Interest Margin Avg Fed Funds Rate 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income Trend $ In Millions Stable Net Interest Income 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income - FTE $ 142.6 $ 139.8 $ 142.6 $ 145.6 $ 148.6 Purchase Accounting Amortization/(Accretion) (0.5) 0.5 (0.2) 0.5 0.8 Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $ 142.1 $ 140.3 $ 142.4 $ 146.1 $ 149.4 Net Interest Margin 4.23 % 4.13 % 4.19 % 4.17 % 4.13 % Purchase Accounting Amortization/(Accretion) (0.02) % 0.02 % — % 0.01 % 0.02 % Adjusted Net Interest Margin (Excluding Purchase Accounting) 4.21 % 4.15 % 4.19 % 4.18 % 4.15 %

 
16 Net Interest Margin 6.87% 6.87% 6.95% 6.95% 6.73% 3.20% 3.27% 3.35% 3.40% 3.51% 6.20% 6.20% 6.28% 6.26% 6.05% Earning asset yield Securities yield Loan yield 4Q23 1Q24 2Q24 3Q24 4Q24 3.03% 3.14% 3.19% 3.22% 2.96% 2.03% 2.13% 2.16% 2.18% 2.00% 3.09% 3.22% 3.26% 3.28% 3.02% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 4Q23 1Q24 2Q24 3Q24 4Q24 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.17% (0.17)% (0.05)% 0.02% 0.16% 4.13% 3Q24 Loans Other Earning Asset Mix Funding Mix Cost of Funds 4Q24 Margin Bridge

 
17 106 22 2 14 26 4Q23 1Q24 2Q24 3Q24 4Q24 $267 $144 $(29) $80 $140 42.0% 44.4% 45.8% 44.1% 41.5% Organic Loans Avg Line Draw % 4Q23 1Q24 2Q24 3Q24 4Q24 4Q24 3Q24 4Q23 NPLs/Loans 0.38 % 0.26 % 0.40 % NPAs/Assets 0.30 % 0.22 % 0.34 % ACL/NPLs 323.2 % 492.6 % 308.2 % ACL/Loans** 1.34 % 1.38 % 1.35 % Annualized Net Charge-offs to Average Loans Provision for Credit Losses* $18.1 $5.8 $4.8 $4.1 $6.8 4Q23 1Q24 2Q24 3Q24 4Q24 $ In Millions bps bps bps bps bps $ In Millions Loan Growth and Average Line of Credit Utilization *Includes credit loss expense on loans, investments and unfunded commitments. **Excludes guaranteed loans. A Non-GAAP Measure, Refer to Appendix for Reconciliation. Credit Trends

 
18 $139.8 $5.3 $(7.1) $138.0 ACL 3Q24 Portfolio Changes Net Charge-offs ACL 4Q24 Allowance for Credit Losses for Loans $ In Millions • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors 4Q24 $ In Millions Loans ACL ACL as a % of Loans Commercial and industrial $ 4,717 $ 63 1.34 % Commercial real estate 4,975 55 1.11 % Construction real estate 891 10 1.12 % Residential real estate 359 6 1.67 % Other 278 4 1.44 % Total $ 11,220 $ 138 1.23 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $20.9 million, $3.9 million, and $12.1 million, respectively. Total ACL percentage of loans excluding government guaranteed loans was 1.34%*. Key Assumptions: • Reasonable and supportable forecast period is one year with a one year reversion period. • Forecast considers a weighted average of baseline, upside and downside scenarios. • Primary macroeconomic factors: ◦ Percentage change in GDP ◦ Unemployment ◦ Percentage change in Retail Sales ◦ Percentage change in CRE Index *A Non-GAAP Measure, Refer to Appendix for Reconciliation.

 
19 Noninterest Income Trend $25.5 $12.2 $15.5 $21.4 $20.6 $6.3 $5.0 $4.0 $8.3 $4.7 $9.7 $(2.2) $1.9 $3.3 $6.0 $4.3 $4.4 $4.5 $4.6 $4.7 $2.7 $2.4 $2.5 $2.6 $2.5 $2.5 $2.6 $2.6 $2.6 $2.7 15.3% 8.1% 9.9% 13.0% 12.4% Other Tax Credit Income (Loss) Deposit Service Charges Card Services Wealth Management Noninterest income/Total income 4Q23 1Q24 2Q24 3Q24 4Q24 $6.3 $5.0 $4.0 $8.3 $4.7 $2.3 $1.6 $1.6 $1.7 $1.7 $0.8 $0.3 $0.6 $0.5 $0.5 $1.3 $0.9 $0.9 $1.1 $0.9 $0.2 $0.2 $1.0 $1.0 $0.6 $0.3 $1.2 $0.3 $0.7 $0.2 $0.4 $0.6 $0.3 $1.4 $3.2 Miscellaneous Servicing Fees BOLI Swap Fees CDE Private Equity Fund Distribution Gain on SBA loan sales Gain on sale of OREO 4Q23 1Q24 2Q24 3Q24 4Q24 $ In Millions Noninterest Income Other Noninterest Income Detail

 
20 Noninterest Expense Trend Other Noninterest Expense DetailNoninterest Expense $ In Millions $92.6 $93.5 $94.0 $98.0 $99.5 $24.6 $22.6 $22.3 $23.0 $24.2 $0.4 $1.3 $1.4 $1.9 $21.6 $20.3 $21.7 $23.8 $22.9 $2.4 $0.6 $4.3 $4.3 $4.2 $4.4 $4.3 $39.7 $45.3 $44.5 $45.4 $46.2 53.1% 60.2% 58.1% 58.4% 57.1% Other Core conversion expense Deposit costs FDIC special assessment Occupancy Employee compensation and benefits Core efficiency ratio* 4Q23 1Q24 2Q24 3Q24 4Q24 $24.6 $22.6 $22.3 $23.0 $24.2 $13.0 $11.2 $10.7 $10.9 $11.9 $4.0 $3.9 $4.0 $4.1 $4.6 $1.1 $1.4 $1.3 $1.6 $1.6 $2.7 $3.0 $3.1 $3.3 $3.1 $2.7 $2.1 $2.3 $2.2 $2.1 $1.1 $1.0 $0.9 $0.9 $0.9 Miscellaneous Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 4Q23 1Q24 2Q24 3Q24 4Q24 *A Non-GAAP Measure, Refer to Appendix for Reconciliation.

 
21 Capital Tangible Common Equity/Tangible Assets 8.96% 9.01% 9.18% 9.50% 9.05% Tangible Common Equity/Tangible Assets* 4Q23 1Q24 2Q24 3Q24 4Q24 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. **Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.2% 14.3% 14.6% 14.8% 14.6% 6.5% 11.3% 11.4% 11.7% 11.9% 11.8% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 4Q23 1Q24 2Q24 3Q24 4Q24 8.0% 12.7% 12.8% 13.0% 13.2% EFSC Capital Strategy: Low Cost - Highly Flexible High Capital Retention Rate – Strong earnings profile – Sustainable dividend profile Supporting Robust Asset Growth – Organic loan and deposit growth – High quality M&A to enhance commercial franchise and geographic diversification Maintain High Quality Capital Stack – Minimize WACC over time (preferred, sub debt, etc.) – Optimize capital levels CET1 ~10%, Tier 1 ~12%, and Total Capital ~14% Maintain 8-9% TCE – Common stock repurchases ◦ 206,529 shares repurchased in 4Q24 at an average price of $54.01 – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $33.85 $34.21 $35.02 $37.26 $37.27 $0.25 $0.25 $0.26 $0.27 $0.28 TBV/Share* Dividends per Share 4Q23 1Q24 2Q24 3Q24 4Q24 13.1% **

 
Appendix

 
23 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 10% Obligations of states and political subdivisions 42% Agency mortgage- backed securities, 39% Corporate debt securities 4% U.S. Treasury bills 5% TOTAL $2.9 billion • Effective duration of 5.6 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $429.5 million • 3.51% tax-equivalent yield • Municipal bond portfolio rated A or better • Laddered maturity and repayment structure for consistent cash flows Overview Total AFS (Fair Value) Total HTM (Fair Value) AFS Securities (Net Unrealized) HTM Securities (Net Unrealized) 4Q23 1Q24 2Q24 3Q24 4Q24 $— $800 $1,600 $2,400 $(200) $(100) $— $100 $ In Millions $144.6 $69.8 $67.2 $241.4 $359.4 5.36% 5.21% 5.43% 4.97% 5.10% Principal Cost Yield (TEQ) 4Q23 1Q24 2Q24 3Q24 4Q24 Investment Purchase Yield $ In Millions Investment Portfolio

 
24 EFSC Borrowing Capacity $5.1 $5.3 $5.5 $1.2 $1.2 $1.3 $2.6 $2.6 $2.8 $0.1 $0.1 $0.1$1.2 $1.4 $1.3 42% 43% 42% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 2Q24 3Q24 4Q24 $ In Billions End of Period and Average Loans to Deposits 89% 90% 90% 89% 85%88% 90% 89% 87% 86% End of period Loans/Deposits Avg Loans/Avg Deposits 4Q23 1Q24 2Q24 3Q24 4Q24 • $1.3 billion available FHLB capacity • $2.8 billion available FRB capacity • $140.0 million in seven federal funds lines • $1.3 billion in unpledged investment securities • $764.2 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 18% • FHLB maximum credit capacity is 45% of assets $0.4 $0.4 $0.4 $0.3 $0.3 $0.4 $0.8 $1.2 $1.5 $1.8 Annual Cash Flows Cumulative Cash Flows 2025 2026 2027 2028 2029 Investment Portfolio Cash Flows* $ In Billions Strong Liquidity Profile *Trailing 12 months ending December 31 of each year Liquidity

 
25 Office CRE (Non-owner Occupied) Total $513.7 million Midwest 47.4% Southwest 26.8% West 20.9% Specialty 4.9% Office CRE Loans by Location Real Estate/ Rental/Leasing 88.1% Health Care and Social Assistance 3.2% Other 8.7% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.58 12 $ 184.7 $ 15.4 $5-10 Million 5.00 11 71.3 6.5 $2-5 Million 5.19 43 138.7 3.2 < $2 Million 5.28 198 119.0 0.6 Total 5.27 264 $ 513.7 $ 1.9 Office CRE Loans by Size $ In Millions • Average loan-to-origination value 52% • 71% of loans have recourse to owners • Average debt-service coverage ratio (DSCR) of 1.52x • Average market occupancy of 88%; average rents of $24 psf • 42% Class A, 54% Class B, 4% Class C • $11.5 million unfunded commitments • Limited near-term maturity risk: 15% to mature in 2025, 85% maturing in 2026 and beyond

 
26 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, ROAA, PPNR return on average assets (“PPNR ROAA”), core efficiency ratio, the tangible common equity ratio, and tangible book value per common 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, ROAA, PPNR ROAA, core efficiency ratio, the tangible common equity ratio, and tangible book value per common 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, merger-related expenses, facilities charges, and the gain or loss on sale of investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity 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.

 
27 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 SHAREHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS Shareholders’ equity $ 1,824,002 $ 1,832,011 $ 1,755,273 $ 1,731,725 $ 1,716,068 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 8,484 9,400 10,327 11,271 12,318 Tangible common equity $ 1,378,366 $ 1,385,459 $ 1,307,794 $ 1,283,302 $ 1,266,598 Common shares outstanding 36,988 37,184 37,344 37,515 37,416 Tangible book value per share (non-GAAP) $ 37.27 $ 37.26 $ 35.02 $ 34.21 $ 33.85 Total assets $ 15,596,431 $ 14,954,125 $ 14,615,666 $ 14,613,338 $ 14,518,590 Less goodwill 365,164 365,164 $ 365,164 365,164 365,164 Less intangible assets 8,484 9,400 $ 10,327 11,271 12,318 Tangible assets (non-GAAP) $ 15,222,783 $ 14,579,561 $ 14,240,175 $ 14,236,903 $ 14,141,108 Tangible common equity to tangible assets (non-GAAP) 9.05 % 9.50 % 9.18 % 9.01 % 8.96 % Quarter ended Year ended ($ in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 CALCULATION OF PRE-PROVISION NET REVENUE Net interest income $ 146,370 $ 143,469 $ 140,529 $ 137,728 $ 140,732 $ 568,096 $ 562,592 Noninterest income 20,631 21,420 15,494 12,158 25,452 69,703 68,725 FDIC special assessment — — — 625 2,412 625 2,412 Core conversion expense 1,893 1,375 1,250 350 — 4,868 — Less gain on sale of investment securities — — — — 220 — 601 Less gain (loss) on sale of other real estate owned (68) 3,159 — (2) — 3,089 187 Less noninterest expense 99,522 98,007 94,017 93,501 92,603 385,047 348,186 PPNR (non-GAAP) $ 69,440 $ 65,098 $ 63,256 $ 57,362 $ 75,773 $ 255,156 $ 284,755 Average assets $ 15,309,577 $ 14,849,455 $ 14,646,381 $ 14,556,119 $ 14,332,804 $ 14,841,690 $ 13,805,236 PPNR ROAA (non-GAAP) 1.80 % 1.74 % 1.74 % 1.58 % 2.10 % 1.72 % 2.06 %

 
28 Reconciliation of Non-GAAP Financial Measures Quarter ended Year ended ($ in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) AND RETURN ON AVERAGE ASSETS (ROAA) Average shareholder’s equity $ 1,844,509 $ 1,804,369 $ 1,748,240 $ 1,738,698 $ 1,652,882 $ 1,784,175 $ 1,623,121 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 8,930 9,855 10,783 11,770 12,858 10,329 14,531 Average tangible common equity $ 1,398,427 $ 1,357,362 $ 1,300,305 $ 1,289,776 $ 1,202,872 $ 1,336,694 $ 1,171,438 Net income (GAAP) $ 48,834 $ 50,585 $ 45,446 $ 40,401 $ 44,529 $ 185,266 $ 194,059 FDIC special assessment (after tax) — — — 470 1,814 470 1,814 Core conversion expense (after tax) 1,424 1,034 940 263 — 3,661 — Less gain on sale of investment securities (after tax) — — — — 165 — 452 Less gain (loss) on sales of other real estate owned (after tax) (51) 2,375 — (1) — 2,323 141 Net income adjusted (non-GAAP) $ 50,309 $ 49,244 $ 46,386 $ 41,135 $ 46,178 $ 187,074 $ 195,280 Less preferred stock dividends 937 938 937 938 937 3,750 3,750 Net income available to common shareholders adjusted (non-GAAP) $ 49,372 $ 48,306 $ 45,449 $ 40,197 $ 45,241 $ 183,324 $ 191,530 ROATCE (non-GAAP) 13.63 % 14.55 % 13.77 % 12.31 % 14.38 % 13.58 % 16.25 % Adjusted ROATCE (non-GAAP) 14.05 % 14.16 % 14.06 % 12.53 % 14.92 % 13.71 % 16.35 % Average assets $ 15,309,577 $ 14,849,455 $ 14,646,381 $ 14,556,119 $ 14,332,804 $ 14,841,690 $ 13,805,236 Return on average assets (GAAP) 1.27 % 1.36 % 1.25 % 1.12 % 1.23 % 1.25 % 1.41 % Adjusted return on average assets (non-GAAP) 1.31 % 1.32 % 1.27 % 1.14 % 1.28 % 1.26 % 1.41 %

 
29 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $ 11,220,355 $ 11,079,892 $ 11,000,007 $ 11,028,492 $ 10,884,118 Less guaranteed loans 947,665 928,272 923,794 924,633 932,118 Adjusted loans (non-GAAP) $ 10,272,690 $ 10,151,620 $ 10,076,213 $ 10,103,859 $ 9,952,000 Allowance for credit losses $ 137,950 $ 139,778 $ 139,464 $ 135,498 $ 134,771 Allowance for credit losses/loans (GAAP) 1.23 % 1.26 % 1.27 % 1.23 % 1.24 % Allowance for credit losses/adjusted loans (non-GAAP) 1.34 % 1.38 % 1.38 % 1.34 % 1.35 % Quarter ended Year ended ($ in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 146,370 $ 143,469 $ 140,529 $ 137,728 $ 140,732 $ 568,096 $ 562,592 Tax-equivalent adjustment 2,272 2,086 2,047 2,040 1,915 8,445 8,079 Noninterest income (GAAP) 20,631 21,420 15,494 12,158 25,452 69,703 68,725 Less gain on sale of investment securities — — — — 220 — 601 Less gain (loss) on sale of other real estate owned (68) 3,159 — (2) — 3,089 187 Core revenue (non-GAAP) $ 169,341 $ 163,816 $ 158,070 $ 151,928 $ 167,879 $ 643,155 $ 638,608 Noninterest expense (GAAP) $ 99,522 $ 98,007 $ 94,017 $ 93,501 $ 92,603 $ 385,047 $ 348,186 Less FDIC special assessment — — — 625 2,412 625 2,412 Less core conversion expense 1,893 1,375 1,250 350 — 4,868 — Less amortization on intangibles 916 927 944 1,047 1,108 3,834 4,601 Core revenue (non-GAAP) $ 96,713 $ 95,705 $ 91,823 $ 91,479 $ 89,083 $ 375,720 $ 341,173 Core efficiency ratio (non-GAAP) 57.1 % 58.4 % 58.1 % 60.2 % 53.1 % 58.4 % 53.4 %

 

 
v3.24.4
Document and Entity Information Document
Jan. 27, 2025
Document Type 8-K
Document Period End Date Jan. 27, 2025
Entity Registrant Name ENTERPRISE FINANCIAL SERVICES CORP
Entity Incorporation, State or Country Code DE
Entity File Number 001-15373
Entity Tax Identification Number 43-1706259
Entity Address, Address Line One 150 N. Meramec Avenue
Entity Address, City or Town St. Louis
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63105
City Area Code 314
Local Phone Number 725-5500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001025835
Amendment Flag false
Common Stock  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol EFSC
Security Exchange Name NASDAQ
Depositary Shares  
Title of 12(b) Security Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol EFSCP
Security Exchange Name NASDAQ
Enterprise Financial Ser... (NASDAQ:EFSCP)
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