Enterprise Financial Services Corp Reports Third Quarter 2025 Results

ST. LOUIS--( BUSINESS WIRE)--Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the third quarter of 2025. “Our third quarter results demonstrated solid loan and deposit growth, along with continued expansion in net interest income and net interest margin. We have successfully increased net interest income for the past six consecutive quarters, highlighting the efforts of our team,” said Jim Lally, President and Chief Executive Officer. “Earlier this month we announced the completion of the acquisition of 10 branches in Arizona and two in Kansas. This acquisition increases our presence in these markets and strengthens our ability to service our customers while enhancing our funding profile.”

Highlights

1 ROATCE, tangible common equity to tangible assets, tangible book value per common share and adjusted diluted earnings per share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.

2 PPNR is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

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

Net Interest Income and NIM

Average Balance Sheets

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

Quarter ended

September 30, 2025

June 30, 2025

September 30, 2024

($ in thousands)

Average

Balance

Interest

Income/

Expense

Average

Yield/

Rate

Average

Balance

Interest

Income/

Expense

Average

Yield/

Rate

Average

Balance

Interest

Income/

Expense

Average

Yield/

Rate

Assets

Interest-earning assets:

Loans 1, 2

11,454,183

191,589

6.64

11,358,209

188,007

6.64

10,971,575

191,638

6.95

Taxable securities

2,100,748

21,705

4.10

1,971,025

19,940

4.06

1,512,338

13,530

3.56

Non-taxable securities 2

1,252,557

11,503

3.64

1,177,985

10,390

3.54

990,786

7,874

3.16

Total securities

3,353,305

33,208

3.93

3,149,010

30,330

3.86

2,503,124

21,404

3.40

Interest-earning deposits

328,392

3,638

4.40

315,738

3,368

4.28

402,932

5,348

5.28

Total interest-earning assets

15,135,880

228,435

5.99

14,822,957

221,705

6.00

13,877,631

218,390

6.26

Noninterest-earning assets

1,042,186

1,036,764

971,824

Total assets

16,178,066

15,859,721

14,849,455

Liabilities and Stockholders’ Equity

Interest-bearing liabilities:

Interest-bearing demand accounts

3,298,022

17,488

2.10

3,225,611

17,152

2.13

3,018,309

20,002

2.64

Money market accounts

3,706,891

28,734

3.08

3,660,053

28,437

3.12

3,551,492

33,493

3.75

Savings accounts

532,015

183

0.14

532,754

183

0.14

561,466

345

0.24

Certificates of deposit

1,609,346

15,210

3.75

1,486,522

14,207

3.83

1,368,339

14,928

4.34

Total interest-bearing deposits

9,146,274

61,615

2.67

8,904,940

59,979

2.70

8,499,606

68,768

3.22

Subordinated debentures and notes

136,895

2,683

7.78

156,753

2,737

7.00

156,329

2,695

6.86

FHLB advances

106,130

1,207

4.51

156,868

1,801

4.61

4,565

5.14

Securities sold under agreements to repurchase

159,039

1,155

2.88

209,493

1,592

3.05

140,255

1,217

3.45

Other borrowings

56,164

444

3.14

36,208

1.06

36,226

1.05

Total interest-bearing liabilities

9,604,502

67,104

2.77

9,464,262

66,205

2.81

8,836,981

72,835

3.28

Noninterest-bearing liabilities:

Demand deposits

4,458,028

4,340,301

4,046,480

Other liabilities

151,410

149,069

161,625

Total liabilities

14,213,940

13,953,632

13,045,086

Stockholders' equity

1,964,126

1,906,089

1,804,369

Total liabilities and stockholders' equity

16,178,066

15,859,721

14,849,455

Total net interest income

161,331

155,500

145,555

Net interest margin

4.23

4.21

4.17

1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.9 million, $1.8 million, and $2.6 million for each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively.

2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $3.0 million, $2.7 million, and $2.1 million for each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively.

Net interest income of $158.3 million for the third quarter 2025 increased $5.5 million and $14.8 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $161.3 million, $155.5 million and $145.6 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters reflects organic loan growth and continued investment in the securities portfolio, partially offset by an increase in interest-bearing liabilities. Net interest income for the current quarter also benefited by one additional day compared to the linked quarter. On September 2, 2025, the Company called $63.3 million of subordinated debt at a floating rate of three-month Term SOFR plus a spread of 5.66% that was replaced by a $63.3 million single advance term loan. The term loan is payable in quarterly installments on March 31, June 30, September 30 and December 31 with a final installment due on the five year anniversary of the initial advance date. The interest rate on the term loan is one-month Term SOFR plus 2.50%.

Since September 2024, the Federal Reserve has reduced the federal funds target rate 125 basis points. In response, the Company has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans.

Interest income for the third quarter 2025 increased $6.4 million primarily due to an increase of $96.0 million in average loan balances, a $204.3 million increase in the average securities balance, and a seven basis point increase in the yield on securities due to new purchases and the reinvestment of cash flows from the runoff of lower yielding investments. The average interest rate of new loan originations in the third quarter 2025 was 6.98%, a decrease of 28 basis points from the linked quarter. Investment purchases in the third quarter 2025 had a weighted average, tax equivalent yield of 4.99%.

Interest expense in the third quarter 2025 increased $0.9 million primarily due to organic growth in interest-bearing deposits, an increase in wholesale borrowings and the higher rate incurred on subordinated debt for two months in the quarter. These increases were partially offset by a decline in the average balance of customer repurchase agreements and a reduction in the cost of interest-bearing deposits due to the Federal Reserve’s reduction in the target federal funds rate. The total cost of deposits, including noninterest-bearing demand accounts, was 1.80% during the third quarter 2025, compared to 1.82% in the linked quarter.

NIM, on a tax equivalent basis, was 4.23% in the third quarter 2025, an increase of two basis points and six basis points from the linked and prior year quarters, respectively. For the month of September 2025, the loan portfolio yield was 6.65% and the cost of total deposits was 1.77%.

Investments

September 30, 2025

June 30, 2025

September 30, 2024

($ in thousands)

Carrying

Value

Net

Unrealized

Loss

Carrying

Value

Net

Unrealized

Loss

Carrying

Value

Net

Unrealized

Loss

Available-for-sale (AFS)

2,351,493

(102,269

)

2,204,511

(131,094

)

1,786,793

(122,158

)

Held-to-maturity (HTM)

1,081,847

(49,656

)

1,091,238

(75,144

)

851,647

(46,351

)

Total

3,433,340

(151,925

)

3,295,749

(206,238

)

2,638,440

(168,509

)

Investment securities totaled $3.4 billion at September 30, 2025, an increase of $137.6 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities 4 was 9.37% at September 30, 2025, compared to 9.06% at June 30, 2025.

4 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

Loans

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

($ in thousands)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

C&I

2,320,868

2,316,609

2,198,802

2,139,032

2,145,286

CRE investor owned

2,626,657

2,547,859

2,487,375

2,405,356

2,346,575

CRE owner occupied

1,296,902

1,281,572

1,292,162

1,305,025

1,322,714

SBA loans*

1,257,817

1,249,225

1,283,067

1,298,007

1,272,679

Sponsor finance*

774,142

771,280

784,017

782,722

819,079

Life insurance premium financing*

1,151,700

1,155,623

1,149,119

1,114,299

1,030,273

Tax credits*

780,767

708,401

677,434

760,229

724,441

Residential real estate

359,315

356,722

357,615

350,640

346,460

Construction and land development

784,218

773,122

800,985

794,240

796,586

Other

230,723

248,427

268,187

270,805

275,799

Total loans

11,583,109

11,408,840

11,298,763

11,220,355

11,079,892

Quarterly loan yield

6.64

6.57

6.73

6.95

Loans by rate type (to total loans):

Fixed

Variable:

SOFR

Prime

Other

Variable rate loans to total loans, adjusted for interest rate hedges

*Specialty loan category

Loans totaled $11.6 billion at September 30, 2025, an increase of $174.3 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume of $863.3 million compared to repayment and sale activity of $689.0 million. Loan originations and advances were strongest in the C&I and CRE portfolios in the current quarter. Loan sales of $22.2 million mitigated growth in the SBA category during the current quarter. Average line utilization was approximately 45% for the current quarter, compared to 46% and 44% for the linked and prior year quarters, respectively.

Asset Quality

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

($ in thousands)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Nonperforming loans*

127,878

105,807

109,882

42,687

28,376

Other 1

7,821

8,221

3,271

3,955

4,516

Nonperforming assets*

135,699

114,028

113,153

46,642

32,892

Nonperforming loans to total loans

1.10

0.93

0.97

0.38

0.26

Nonperforming assets to total assets

0.83

0.71

0.72

0.30

0.22

Allowance for credit losses

148,854

145,133

142,944

137,950

139,778

Allowance for credit losses to total loans

1.29

1.27

1.23

1.26

Allowance for credit losses to nonperforming loans*

116.4

137.2

130.1

323.2

492.6

Quarterly net charge-offs (recoveries)

4,057

630

(1,059

)

7,131

3,850

*Guaranteed balances excluded

33,475

26,536

22,607

21,974

11,899

1OREO and repossessed assets

Nonperforming assets increased $21.7 million and $102.8 million from the linked and prior year quarters, respectively. The increase in nonperforming assets in the third quarter 2025 was primarily due to three relationships in the C&I and CRE categories of $13.0 million and $2.1 million, respectively. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans totaling $68.4 million to special purpose entities (each an “SPE Borrower”) affiliated with two commercial banking relationships in Southern California that share some common ownership. Litigation resulting from a business dispute between the owners of the entities resulted in all of the SPE Borrowers filing bankruptcy in the first quarter of 2025, which was subsequently dismissed. The SPE Borrowers were again placed in bankruptcy in October 2025. In August 2025, Enterprise Bank & Trust commenced foreclosure proceedings with respect to the real property collateral owned by each SPE Borrower. As a result of Enterprise Bank & Trust’s senior secured first lien collateral position with respect to the real property owned by the SPE Borrowers, the Company expects to collect the full balance of these loans.

The provision for credit losses totaled $8.4 million in the third quarter 2025, compared to $3.5 million and $4.1 million in the linked and prior year quarters, respectively. The provision for credit losses in the third quarter 2025 was primarily related to the increase in nonperforming loans, net charge-offs, loan growth and changes in the economic forecast that influences projected future losses in the allowance calculation. Annualized net charge-offs totaled 14 basis points of average loans in the current and prior year quarters, compared to two basis points in the linked quarter.

Deposits

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

($ in thousands)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Noninterest-bearing demand accounts

4,386,513

4,322,332

4,285,061

4,484,072

3,934,245

Interest-bearing demand accounts

3,301,621

3,184,670

3,193,903

3,175,292

3,048,981

Money market and savings accounts

4,228,605

4,209,032

4,167,375

4,117,524

4,121,543

Brokered certificates of deposit

762,499

752,422

542,172

484,588

480,934

Other certificates of deposit

888,674

848,903

845,719

885,016

879,619

Total deposit portfolio

13,567,912

13,317,359

13,034,230

13,146,492

12,465,322

Noninterest-bearing deposits to total deposits

32.3

32.5

32.9

34.1

31.6

Quarterly cost of deposits

1.80

1.82

1.83

2.00

2.18

Total deposits at September 30, 2025 were $13.6 billion, an increase of $250.6 million and $1.1 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $240.5 million and $821.0 million from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.4 billion at both September 30, 2025 and June 30, 2025.

Noninterest Income

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

Linked quarter comparison

Prior year comparison

Quarter ended

($ in thousands)

September 30,

2025

June 30,

2025

Increase (decrease)

September 30,

2024

Increase (decrease)

Deposit service charges

4,935

4,940

)

—

4,649

286

Wealth management revenue

2,571

2,584

(13

)

2,599

(28

)

Card services revenue

2,535

2,444

2,573

(38

)

Tax credit income (loss)

(300

)

2,207

(2,507

)

(114

3,252

(3,552

)

(109

Insurance recoveries

30,137

—

30,137

100

—

30,137

100

Other income

6,771

8,429

(1,658

)

(20

8,347

(1,576

)

(19

Total noninterest income

46,649

20,604

26,045

126

21,420

25,229

118

Total noninterest income was $46.6 million for the third quarter 2025, an increase of $26.0 million and $25.2 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by the $30.1 million in accrued insurance proceeds that are anticipated to be received as a result of the recaptured tax credits during the quarter, partially offset by lower tax credit income. During the third quarter 2025, a solar provider from which the Company had purchased $24.1 million of transferrable solar tax credits declared bankruptcy. The bankrupt solar provider indirectly owned, through a complex structure of multiple entities, the solar projects generating the tax credits that the Company purchased. As part of the bankruptcy, the bankrupt solar provider sold and transferred equity interests in certain of those entities. As a result of this transfer, the $24.1 million of solar tax credits purchased by the Company were recaptured. The Company previously purchased an insurance policy to insure against recapture risk and anticipates proceeds from the insurance policy to cover the $24.1 million of recaptured tax credits and approximately $6.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes on credits carried at fair value.

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

Linked quarter comparison

Prior year comparison

Quarter ended

($ in thousands)

September 30,

2025

June 30,

2025

Increase (decrease)

September 30,

2024

Increase (decrease)

BOLI

2,062

2,561

(499

)

(19

1,123

939

Community development investments

309

1,426

(1,117

)

(78

1,177

(868

)

(74

Gain on SBA loan sales

1,140

1,153

(13

)

—

1,140

—

Gain on sales of other real estate owned

(49

)

(88

3,159

(3,152

)

(100

Private equity fund distributions

626

502

124

614

Servicing fees

587

485

102

539

Swap fees

341

255

297

324

1,906

Miscellaneous income

1,699

2,160

(461

)

(21

1,718

(19

)

Total other income

6,771

8,429

(1,658

)

(20

8,347

(1,576

)

(19

The decrease in other income from the linked quarter was primarily due to a decrease of $0.5 million in BOLI income and a decrease of $1.1 million in community development investment income. During the linked quarter, the Company received the payout of a BOLI policy that did not recur in the third quarter 2025. Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds.

In the prior year quarter, the Company realized a net gain of $3.2 million on the sale of OREO that did not recur in the current period. This was partially offset by a gain of $1.1 million in the current quarter on the sale of $22.2 million of guaranteed SBA loans. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Loan sales were executed in the current and linked quarters, while no loans were sold in the prior year quarter.

Noninterest Expense

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

Linked quarter comparison

Prior year comparison

Quarter ended

($ in thousands)

September 30,

2025

June 30,

2025

Increase (decrease)

September 30,

2024

Increase (decrease)

Employee compensation and benefits

49,640

50,164

(524

)

45,359

4,281

Deposit costs

27,172

24,765

2,407

23,781

3,391

Occupancy

4,895

5,065

(170

)

4,372

523

Core conversion expense

—

100

1,375

(1,375

)

(100

Acquisition costs

609

518

—

609

100

Other expense

27,474

25,190

2,284

23,120

4,354

Total noninterest expense

109,790

105,702

4,088

98,007

11,783

Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit-related services provided to us. These earnings credit allowances are impacted by, among other things, interest rates and average balances. Deposit costs increased $2.4 million from the linked quarter primarily due to an increase of $146.0 million in average deposit balances from the linked quarter for businesses eligible for the earnings credit allowance.

The increase in noninterest expense of $11.8 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2024 and 2025, an increase of $3.4 million in deposit costs due to higher earnings credit allowances and deposit vertical average balances, and an increase of $0.6 million in acquisition costs related to the previously announced branch acquisition that closed in the fourth quarter 2025. These increases were partially offset by a decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. For the third quarter 2025, the core efficiency ratio 5 was 61.0%, compared to 59.3% for the linked quarter and 58.4% for the prior year quarter.

5 Core efficiency ratio, tangible common equity to tangible assets, tangible book value per common share, and adjusted effective tax rate are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.

Income Taxes

The effective tax rate for the third quarter 2025 was 47.8%, compared to 20.0% and 19.4% in the linked and prior year quarters, respectively. Included in tax expense during the current quarter is $24.1 million in transferrable tax credits that were recaptured as discussed above and approximately $6.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Excluding these items, the adjusted effective tax rate 5 for the third quarter 2025 was 20.0%.

Capital

The following table presents total equity and various capital ratios for the most recent five quarters:

($ in thousands)

September 30,

2025*

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Stockholders’ equity

1,982,332

1,922,899

1,868,073

1,824,002

1,832,011

Total risk-based capital to risk-weighted assets

14.4

14.7

14.6

14.8

Tier 1 capital to risk weighted assets

13.3

13.2

13.1

13.2

Common equity tier 1 capital to risk-weighted assets

12.0

11.9

11.8

11.9

Leverage ratio

11.1

11.0

11.1

11.2

Tangible common equity to tangible assets 5

9.60

9.42

9.30

9.05

9.50

*Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

Total equity was $2.0 billion at September 30, 2025, an increase of $59.4 million and $150.3 million from the linked and prior year quarters, respectively. Tangible book value per common share 5 was $41.58 at September 30, 2025, compared to $40.02 and $37.26 at June 30, 2025 and September 30, 2024, respectively.

The Company’s regulatory capital ratios continue to exceed the “well-capitalized” regulatory benchmark. Capital ratios for the current quarter are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

Use of Non-GAAP Financial Measures

The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, adjusted effective tax rate and adjusted diluted earnings per share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

The Company considers its tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, adjusted effective tax rate and adjusted diluted earnings per share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, acquisition costs, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, and the gain or loss on sale of other real estate owned and investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity to tangible assets ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated.

Conference Call and Webcast Information

The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, October 28, 2025. During the call, management will review the third quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. After connecting, you may say the name of the conference or enter the Conference ID 12239. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC3Q2025EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call’s completion. The replay will be available for at least two weeks following the conference call.

About Enterprise Financial Services Corp

Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $16.4 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com.

Enterprise Financial Services Corp’s common stock is traded on the Nasdaq Stock Market under the symbol “EFSC.” Please visit our website at www.enterprisebank.com to see our regularly posted material information.

Forward-looking Statements

Readers should note that, in addition to the historical information contained herein, this press release contains “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, stockholder value creation and the impact of acquisitions.

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma”, “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, the Company’s ability to collect insurance proceeds from claims made related to tax recapture events, credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters (including the effect of a prolonged U.S. federal government shutdown), and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, changes in business prospects that could impact goodwill estimates and assumptions, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, natural disasters (including wildfires and earthquakes), terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, or other health emergencies and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results.

For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited)

Quarter ended

Nine months ended

(in thousands, except per share data)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

Sep 30,

2025

Sep 30,

2024

EARNINGS SUMMARY

Net interest income

158,286

152,762

147,516

146,370

143,469

458,564

421,726

Provision for credit losses

8,447

3,470

5,184

6,834

4,099

17,101

14,674

Noninterest income

46,649

20,604

18,483

20,631

21,420

85,736

49,072

Noninterest expense

109,790

105,702

99,783

99,522

98,007

315,275

285,525

Income before income tax expense

86,698

64,194

61,032

60,645

62,783

211,924

170,599

Income tax expense

41,463

12,810

11,071

11,811

12,198

65,344

34,167

Net income

45,235

51,384

49,961

48,834

50,585

146,580

136,432

Preferred stock dividends

938

937

938

937

938

2,813

Net income available to common stockholders

44,297

50,447

49,023

47,897

49,647

143,767

133,619

Diluted earnings per common share

1.19

1.36

1.31

1.28

1.32

3.86

3.56

Adjusted diluted earnings per common share 1

1.20

1.37

1.31

1.32

1.29

3.88

3.57

Return on average assets

1.11

1.30

1.27

1.36

1.23

1.24

Adjusted return on average assets 1

1.12

1.31

1.29

1.31

1.32

1.24

Return on average common equity 1

9.29

11.03

11.10

10.75

11.40

10.45

10.55

Adjusted return on average common equity 1

9.40

11.12

11.08

11.09

10.51

10.58

ROATCE 1

11.56

13.84

14.02

13.63

14.55

13.10

13.56

Adjusted ROATCE 1

11.70

13.96

13.99

14.05

14.16

13.18

13.60

Net interest margin (tax equivalent)

4.23

4.21

4.15

4.13

4.17

4.20

4.17

Efficiency ratio

53.6

61.0

60.1

59.6

59.4

57.9

60.6

Core efficiency ratio 1

61.0

59.3

58.8

57.1

58.4

59.7

58.9

Assets

16,400,430

16,076,299

15,676,594

15,596,431

14,954,125

Average assets

16,178,066

15,859,721

15,642,999

15,309,577

14,849,455

15,895,556

14,684,589

Period end common shares outstanding

37,011

36,950

36,928

36,988

37,184

Dividends per common share

0.31

0.30

0.29

0.28

0.27

0.90

0.78

Tangible book value per common share 1

41.58

40.02

38.54

37.27

37.26

Tangible common equity to tangible assets 1

9.60

9.42

9.30

9.05

9.50

Total risk-based capital to risk-weighted assets 2

14.4

14.7

14.6

14.8

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

2 Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Quarter ended

Nine months ended

(in thousands, except per share data)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

Sep 30,

2025

Sep 30,

2024

INCOME STATEMENTS

NET INTEREST INCOME

Interest income

225,390

218,967

211,780

215,380

216,304

656,137

635,671

Interest expense

67,104

66,205

64,264

69,010

72,835

197,573

213,945

Net interest income

158,286

152,762

147,516

146,370

143,469

458,564

421,726

Provision for credit losses

8,447

3,470

5,184

6,834

4,099

17,101

14,674

Net interest income after provision for credit losses

149,839

149,292

142,332

139,536

139,370

441,463

407,052

NONINTEREST INCOME

Deposit service charges

4,935

4,940

4,420

4,730

4,649

14,295

13,614

Wealth management revenue

2,571

2,584

2,659

2,719

2,599

7,814

7,733

Card services revenue

2,535

2,444

2,395

2,484

2,573

7,374

7,482

Tax credit income (loss)

(300

)

2,207

2,610

6,018

3,252

4,517

2,936

Insurance recoveries 1

30,137

—

30,137

—

Other income

6,771

8,429

6,399

4,680

8,347

21,599

17,307

Total noninterest income

46,649

20,604

18,483

20,631

21,420

85,736

49,072

NONINTEREST EXPENSE

Employee compensation and benefits

49,640

50,164

48,208

46,168

45,359

148,012

135,145

Deposit costs

27,172

24,765

23,823

22,881

23,781

75,760

65,764

Occupancy

4,895

5,065

4,430

4,336

4,372

14,390

12,895

FDIC special assessment

—

625

Core conversion expense

—

1,893

1,375

—

2,975

Acquisition costs

609

518

—

1,127

—

Other expense

27,474

25,190

23,322

24,244

23,120

75,986

68,121

Total noninterest expense

109,790

105,702

99,783

99,522

98,007

315,275

285,525

Income before income tax expense

86,698

64,194

61,032

60,645

62,783

211,924

170,599

Income tax expense

11,326

12,810

11,071

11,811

12,198

35,207

34,167

Tax credit recapture and provision for anticipated tax applied to related insurance recoveries 2

30,137

—

30,137

—

Total income tax expense

41,463

12,810

11,071

11,811

12,198

65,344

34,167

Net income

45,235

51,384

49,961

48,834

50,585

146,580

136,432

Preferred stock dividends

938

937

938

937

938

2,813

Net income available to common stockholders

44,297

50,447

49,023

47,897

49,647

143,767

133,619

Basic earnings per common share

1.20

1.36

1.33

1.29

1.33

3.89

3.57

Diluted earnings per common share

1.19

1.36

1.31

1.28

1.32

3.86

3.56

1 Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.

2 Represents recapture of $24.1 million solar tax credit and approximately $6.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

($ in thousands)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

BALANCE SHEET

ASSETS

Cash and due from banks

208,455

252,817

260,280

270,975

210,984

Interest-earning deposits

264,399

239,602

222,780

495,076

218,919

Debt and equity investments

3,527,467

3,384,347

3,108,763

2,863,989

2,714,194

Loans held for sale

681

586

—

110

304

Loans

11,583,109

11,408,840

11,298,763

11,220,355

11,079,892

Allowance for credit losses

(148,854

)

(145,133

)

(142,944

)

(137,950

)

(139,778

)

Total loans, net

11,434,255

11,263,707

11,155,819

11,082,405

10,940,114

Fixed assets, net

49,248

48,639

48,083

45,009

44,368

Goodwill

365,164

Intangible assets, net

6,140

6,876

7,628

8,484

9,400

Other assets

544,621

514,561

508,077

465,219

450,678

Total assets

16,400,430

16,076,299

15,676,594

15,596,431

14,954,125

LIABILITIES AND STOCKHOLDERS’ EQUITY

Noninterest-bearing deposits

4,386,513

4,322,332

4,285,061

4,484,072

3,934,245

Interest-bearing deposits

9,181,399

8,995,027

8,749,169

8,662,420

8,531,077

Total deposits

13,567,912

13,317,359

13,034,230

13,146,492

12,465,322

Subordinated debentures and notes

93,617

156,796

156,695

156,551

156,407

FHLB advances

327,000

294,000

205,000

—

150,000

Other borrowings

247,006

210,641

255,635

280,821

170,815

Other liabilities

182,563

174,604

156,961

188,565

179,570

Total liabilities

14,418,098

14,153,400

13,808,521

13,772,429

13,122,114

Stockholders’ equity:

Preferred stock

71,988

Common stock

370

369

370

372

Additional paid-in capital

997,446

991,663

988,554

990,733

992,642

Retained earnings

980,548

947,864

908,553

877,629

845,844

Accumulated other comprehensive loss

(68,020

)

(88,985

)

(101,391

)

(116,718

)

(78,835

)

Total stockholders’ equity

1,982,332

1,922,899

1,868,073

1,824,002

1,832,011

Total liabilities and stockholders’ equity

16,400,430

16,076,299

15,676,594

15,596,431

14,954,125

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Nine months ended

September 30, 2025

September 30, 2024

($ in thousands)

Average

Balance

Interest

Income/

Expense

Average Yield/

Rate

Average

Balance

Interest

Income/

Expense

Average

Yield/

Rate

AVERAGE BALANCE SHEET

Assets

Interest-earning assets:

Loans 1, 2

11,351,848

561,635

6.61

10,954,063

567,687

6.92

Taxable securities

1,964,496

59,270

4.03

1,451,317

37,601

3.46

Nontaxable securities 2

1,181,460

31,360

3.55

982,342

23,250

3.16

Total securities

3,145,956

90,630

3.85

2,433,659

60,851

3.34

Interest-earning deposits

373,870

12,130

4.34

332,409

13,306

5.35

Total interest-earning assets

14,871,674

664,395

5.97

13,720,131

641,844

6.25

Noninterest-earning assets

1,023,882

964,458

Total assets

15,895,556

14,684,589

Liabilities and Stockholders’ Equity

Interest-bearing liabilities:

Interest-bearing demand accounts

3,230,832

51,697

2.14

2,964,667

57,415

2.59

Money market accounts

3,656,546

85,675

3.13

3,462,993

96,777

3.73

Savings accounts

533,084

555

0.14

573,853

983

0.23

Certificates of deposit

1,491,047

42,933

3.85

1,374,176

44,441

4.32

Total interest-bearing deposits

8,911,509

180,860

2.71

8,375,689

199,616

3.18

Subordinated debentures and notes

150,015

7,982

7.11

156,188

7,863

6.72

FHLB advances

96,396

3,295

4.57

39,427

1,649

5.59

Securities sold under agreements to repurchase

211,429

4,764

3.01

167,939

4,422

3.52

Other borrowings

42,932

672

2.09

38,381

395

1.37

Total interest-bearing liabilities

9,412,281

197,573

2.81

8,777,624

213,945

3.26

Noninterest-bearing liabilities:

Demand deposits

4,420,552

3,982,015

Other liabilities

151,192

161,033

Total liabilities

13,984,025

12,920,672

Stockholders' equity

1,911,531

1,763,917

Total liabilities and stockholders' equity

15,895,556

14,684,589

Total net interest income

466,822

427,899

Net interest margin

4.20

4.17

1 Average balances include nonaccrual loans. Interest income includes net loan fees of $5.3 million and $7.2 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $8.3 million and $6.2 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

At or for the quarter ended

($ in thousands)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

LOAN PORTFOLIO

Commercial and industrial

4,943,561

4,870,268

4,729,707

4,716,689

4,628,488

Commercial real estate

5,178,649

5,074,100

5,046,293

4,974,787

4,915,176

Construction real estate

858,146

844,497

880,708

891,059

896,325

Residential real estate

365,010

364,281

366,353

359,263

355,279

Other

237,743

255,694

275,702

278,557

284,624

Total loans

11,583,109

11,408,840

11,298,763

11,220,355

11,079,892

DEPOSIT PORTFOLIO

Noninterest-bearing demand accounts

4,386,513

4,322,332

4,285,061

4,484,072

3,934,245

Interest-bearing demand accounts

3,301,621

3,184,670

3,193,903

3,175,292

3,048,981

Money market and savings accounts

4,228,605

4,209,032

4,167,375

4,117,524

4,121,543

Brokered certificates of deposit

762,499

752,422

542,172

484,588

480,934

Other certificates of deposit

888,674

848,903

845,719

885,016

879,619

Total deposits

13,567,912

13,317,359

13,034,230

13,146,492

12,465,322

AVERAGE BALANCES

Loans

11,454,183

11,358,209

11,240,806

11,100,112

10,971,575

Securities

3,353,305

3,149,010

2,930,912

2,748,063

2,503,124

Interest-earning assets

15,135,880

14,822,957

14,650,854

14,323,053

13,877,631

Assets

16,178,066

15,859,721

15,642,999

15,309,577

14,849,455

Deposits

13,604,302

13,245,241

13,141,556

12,958,156

12,546,086

Stockholders’ equity

1,964,126

1,906,089

1,863,272

1,844,509

1,804,369

Tangible common equity 1

1,520,476

1,461,700

1,418,094

1,398,427

1,357,362

YIELDS (tax equivalent)

Loans

6.64

6.57

6.73

6.95

Securities

3.93

3.86

3.75

3.51

3.40

Interest-earning assets

5.99

6.00

5.93

6.05

6.26

Interest-bearing deposits

2.67

2.70

2.77

2.96

3.22

Deposits

1.80

1.82

1.83

2.00

2.18

Subordinated debentures and notes

7.78

7.00

6.63

6.70

6.86

FHLB advances and other borrowed funds

3.47

3.48

3.01

2.81

3.01

Interest-bearing liabilities

2.77

2.81

2.84

3.02

3.28

Net interest margin

4.23

4.21

4.15

4.13

4.17

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

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Quarter ended

(in thousands, except per share data)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

ASSET QUALITY

Net charge-offs (recoveries)

4,057

630

(1,059

)

7,131

3,850

Nonperforming loans

127,878

105,807

109,882

42,687

28,376

Classified assets

352,792

281,162

264,460

193,838

179,883

Nonperforming loans to total loans

1.10

0.93

0.97

0.38

0.26

Nonperforming assets to total assets

0.83

0.71

0.72

0.30

0.22

Allowance for credit losses to total loans

1.29

1.27

1.23

1.26

Allowance for credit losses to total loans, excluding guaranteed loans 1

1.40

1.38

1.34

1.38

Allowance for credit losses to nonperforming loans

116.4

137.2

130.1

323.2

492.6

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

0.14

0.02

(0.04

0.26

0.14

WEALTH MANAGEMENT

Trust assets under management

2,566,784

2,457,471

2,250,004

2,412,471

2,499,807

SHARE DATA

Book value per common share

51.62

50.09

48.64

47.37

47.33

Tangible book value per common share 1

41.58

40.02

38.54

37.27

37.26

Market value per share

57.98

55.10

53.74

56.40

51.26

Period end common shares outstanding

37,011

36,950

36,928

36,988

37,184

Average basic common shares

37,015

36,963

36,971

37,118

37,337

Average diluted common shares

37,333

37,172

37,287

37,447

37,483

CAPITAL

Total risk-based capital to risk-weighted assets 2

14.4

14.7

14.6

14.8

Tier 1 capital to risk-weighted assets 2

13.3

13.2

13.1

13.2

Common equity tier 1 capital to risk-weighted assets 2

12.0

11.9

11.8

11.9

Tangible common equity to tangible assets 1

9.60

9.42

9.30

9.05

9.50

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

2 Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

ENTERPRISE FINANCIAL SERVICES CORP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Quarter ended

Nine months ended

($ in thousands)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

Sep 30,

2025

Sep 30,

2024

CORE EFFICIENCY RATIO

Net interest income (GAAP)

158,286

152,762

147,516

146,370

143,469

458,564

421,726

Tax-equivalent adjustment

3,045

2,738

2,475

2,272

2,086

8,258

6,173

Noninterest income (GAAP)

46,649

20,604

18,483

20,631

21,420

85,736

49,072

Less insurance recoveries

30,137

—

30,137

—

Less gain on sale of investment securities

—

106

—

106

—

Less gain (loss) on sale of other real estate owned

(68

)

3,159

3,157

Core revenue (non-GAAP)

177,836

176,048

168,345

169,341

163,816

522,229

473,814

Noninterest expense (GAAP)

109,790

105,702

99,783

99,522

98,007

315,275

285,525

Less FDIC special assessment

—

625

Less core conversion expense

—

1,893

1,375

—

2,975

Less amortization on intangibles

736

753

855

916

927

2,344

2,918

Less acquisition costs

609

518

—

1,127

—

Core noninterest expense (non-GAAP)

108,445

104,431

98,928

96,713

95,705

311,804

279,007

Core efficiency ratio (non-GAAP)

61.0

59.3

58.8

57.1

58.4

59.7

58.9

Quarter ended

(in thousands, except per share data)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS

Stockholders’ equity (GAAP)

1,982,332

1,922,899

1,868,073

1,824,002

1,832,011

Less preferred stock

71,988

Less goodwill

365,164

Less intangible assets

6,140

6,876

7,628

8,484

9,400

Tangible common equity (non-GAAP)

1,539,040

1,478,871

1,423,293

1,378,366

1,385,459

Less net unrealized losses on HTM securities, after tax

37,341

56,508

55,819

52,881

34,856

Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)

1,501,699

1,422,363

1,367,474

1,325,485

1,350,603

Common shares outstanding

37,011

36,950

36,928

36,988

37,184

Tangible book value per common share (non-GAAP)

41.58

40.02

38.54

37.27

37.26

Total assets (GAAP)

16,400,430

16,076,299

15,676,594

15,596,431

14,954,125

Less goodwill

365,164

Less intangible assets

6,140

6,876

7,628

8,484

9,400

Tangible assets (non-GAAP)

16,029,126

15,704,259

15,303,802

15,222,783

14,579,561

Tangible common equity to tangible assets (non-GAAP)

9.60

9.42

9.30

9.05

9.50

Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)

9.37

9.06

8.94

8.71

9.26

Quarter ended

Nine months ended

($ in thousands)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

Sep 30,

2025

Sep 30,

2024

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE

Average stockholder’s equity (GAAP)

1,964,126

1,906,089

1,863,272

1,844,509

1,804,369

1,911,531

1,763,917

Less average preferred stock

71,988

Less average goodwill

365,164

Less average intangible assets

6,498

7,237

8,026

8,930

9,855

7,248

10,799

Average tangible common equity (non-GAAP)

1,520,476

1,461,700

1,418,094

1,398,427

1,357,362

1,467,131

1,315,966

Net income (GAAP)

45,235

51,384

49,961

48,834

50,585

146,580

136,432

FDIC special assessment (after tax)

—

470

Core conversion expense (after tax)

—

1,424

1,034

—

2,237

Acquisition costs (after tax)

549

462

—

1,011

—

Less gain on sale of investment securities (after tax)

—

Less gain (loss) on sales of other real estate owned (after tax)

(51

)

2,375

2,374

Net income adjusted (non-GAAP)

45,779

51,804

49,864

50,309

49,244

147,447

136,765

Less preferred stock dividends

938

937

938

937

938

2,813

Net income available to common stockholders adjusted (non-GAAP)

44,841

50,867

48,926

49,372

48,306

144,634

133,952

Return on average common equity (non-GAAP)

9.29

11.03

11.10

10.75

11.40

10.45

10.55

Adjusted return on average common equity (non-GAAP)

9.40

11.12

11.08

11.09

10.51

10.58

ROATCE (non-GAAP)

11.56

13.84

14.02

13.63

14.55

13.10

13.56

Adjusted ROATCE (non-GAAP)

11.70

13.96

13.99

14.05

14.16

13.18

13.60

Average assets

16,178,066

15,859,721

15,642,999

15,309,577

14,849,455

15,895,556

14,684,589

Return on average assets (GAAP)

1.11

1.30

1.27

1.36

1.23

1.24

Adjusted return on average assets (non-GAAP)

1.12

1.31

1.29

1.31

1.32

1.24

Average diluted common shares

37,333

37,172

37,287

37,447

37,483

37,273

37,547

Diluted earnings per share (GAAP)

1.19

1.36

1.31

1.28

1.32

3.86

3.56

Adjusted diluted earnings per share (non-GAAP)

1.20

1.37

1.31

1.32

1.29

3.88

3.57

Quarter ended

($ in thousands)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

PRE-PROVISION NET REVENUE (PPNR)

Net interest income (GAAP)

158,286

152,762

147,516

146,370

143,469

Noninterest income (GAAP)

46,649

20,604

18,483

20,631

21,420

Core conversion expense

—

1,893

1,375

Acquisition costs

609

518

—

Less gain on sale of investment securities

—

106

—

Less gain (loss) on sales of other real estate owned

(68

)

3,159

Less insurance recoveries

30,137

—

Less noninterest expense (GAAP)

109,790

105,702

99,783

99,522

98,007

PPNR (non-GAAP)

65,610

68,126

66,087

69,440

65,098

($ in thousands)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS

Loans (GAAP)

11,583,109

11,408,840

11,298,763

11,220,355

11,079,892

Less guaranteed loans

922,168

913,118

942,651

947,665

928,272

Adjusted loans (non-GAAP)

10,660,941

10,495,722

10,356,112

10,272,690

10,151,620

Allowance for credit losses

148,854

145,133

142,944

137,950

139,778

Allowance for credit losses/loans (GAAP)

1.29

1.27

1.23

1.26

Allowance for credit losses/adjusted loans (non-GAAP)

1.40

1.38

1.34

1.38

Quarter ended

($ in thousands)

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Sep 30,

2024

ADJUSTED EFFECTIVE TAX RATE

Income before income tax expense (GAAP)

86,698

64,194

61,032

60,645

62,783

Less insurance recoveries

30,137

—

Adjusted income before income tax expense (non-GAAP)

56,561

64,194

61,032

60,645

62,783

Income tax expense (GAAP)

41,463

12,810

11,071

11,811

12,198

Less tax credit recapture and provision for anticipated tax applied to related insurance recoveries

30,137

—

Adjusted income tax expense (non-GAAP)

11,326

12,810

11,071

11,811

12,198

Effective tax rate (GAAP)

47.8

20.0

18.1

19.5

19.4

Adjusted effective tax rate (non-GAAP)

20.0

18.1

19.5

19.4