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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enterprise Financial Services Corporation | NASDAQ:EFSC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.27 | 0.57% | 47.98 | 39.21 | 49.47 | 205 | 14:13:40 |
Second Quarter Results
Jim Lally, President and Chief Executive Officer of Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), said today upon the release of EFSC’s second quarter earnings, “I was very pleased with our second quarter results, including our strong asset quality and the growth in operating revenue, customer deposits, and tangible common equity. We had a return on average assets of 1.25% and a return on tangible common equity of 13.8%. These returns increased our tangible book value per share by 10% on an annualized basis this quarter. Over the past 10 years, we have produced a compounded annual growth rate of 10% on our tangible book value per share. With the strength of our balance sheet and our solid return profile, we opportunistically repurchased over $8 million of common stock and announced another increase to our quarterly dividend.”
Highlights
Net Interest Income and NIM
Average Balance Sheets
The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis.
Quarter ended
June 30, 2024
March 31, 2024
June 30, 2023
($ in thousands)
Average
Balance
Interest
Income/
Expense
Average Yield/ Rate
Average
Balance
Interest
Income/
Expense
Average Yield/ Rate
Average
Balance
Interest
Income/
Expense
Average Yield/ Rate
Assets
Interest-earning assets:
Loans1, 2
$
10,962,488
$
189,346
6.95
%
$
10,927,932
$
186,703
6.87
%
$
10,284,873
$
170,314
6.64
%
Securities2
2,396,519
19,956
3.35
2,400,571
19,491
3.27
2,297,995
17,550
3.06
Interest-earning deposits
325,452
4,389
5.42
268,068
3,569
5.35
173,785
2,095
4.84
Total interest-earning assets
13,684,459
213,691
6.28
13,596,571
209,763
6.20
12,756,653
189,959
5.97
Noninterest-earning assets
961,922
959,548
915,332
Total assets
$
14,646,381
$
14,556,119
$
13,671,985
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts
$
2,950,827
$
18,801
2.56
%
$
2,924,276
$
18,612
2.56
%
$
2,509,805
$
10,120
1.62
%
Money market accounts
3,434,712
31,926
3.74
3,401,802
31,357
3.71
2,920,079
20,499
2.82
Savings accounts
573,115
335
0.24
587,113
303
0.21
686,973
227
0.13
Certificates of deposit
1,412,263
15,312
4.36
1,341,990
14,201
4.26
1,219,500
10,526
3.46
Total interest-bearing deposits
8,370,917
66,374
3.19
8,255,181
64,473
3.14
7,336,357
41,372
2.26
Subordinated debentures and notes
156,188
2,684
6.91
156,046
2,484
6.40
155,632
2,431
6.27
FHLB advances
40,308
561
5.60
73,791
1,029
5.61
98,912
1,279
5.19
Securities sold under agreements to repurchase
158,969
1,401
3.54
204,898
1,804
3.54
162,606
704
1.74
Other borrowings
36,203
95
1.06
42,736
205
1.93
133,770
1,419
4.25
Total interest-bearing liabilities
8,762,585
71,115
3.26
8,732,652
69,995
3.22
7,887,277
47,205
2.40
Noninterest-bearing liabilities:
Demand deposits
3,973,336
3,925,522
4,051,456
Other liabilities
162,220
159,247
111,915
Total liabilities
12,898,141
12,817,421
12,050,648
Shareholders' equity
1,748,240
1,738,698
1,621,337
Total liabilities and shareholders' equity
$
14,646,381
$
14,556,119
$
13,671,985
Total net interest income
$
142,576
$
139,768
$
142,754
Net interest margin
4.19
%
4.13
%
4.49
%
1 Average balances include nonaccrual loans. Interest income includes loan fees of $2.2 million, $2.4 million, and $3.7 million for the three months ended June 30, 2024, March 31, 2024, and June 30, 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 $2.1 million, $2.0 million, and $2.1 million for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively.
Net interest income of $140.5 million for the second quarter 2024 increased $2.8 million and decreased $0.2 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $142.6 million, $139.8 million and $142.8 million for the current, linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to an expansion of the loan portfolio and securities yields, and to a lesser extent, an increase in average earning assets. This was partially offset by an increase in both the cost and average balance of interest-bearing deposits. The decrease from the prior year quarter reflects higher interest expense on the deposit portfolio and continued remixing into higher cost deposit categories.
Interest income increased $3.9 million during the second quarter 2024. Interest on loans benefited from a $34.6 million increase in average loan balances compared to the linked quarter, as well as an 8 basis point increase in yield. The average interest rate of new loan originations in the second quarter 2024 was 8.07%, an increase of 23 basis points from the linked quarter. Interest on cash accounts increased $0.8 million from the linked quarter due to a $57.4 million increase in average balances, and interest on securities increased $0.5 million due to an 8 basis point increase in yield.
Interest expense increased $1.1 million in the second quarter 2024 primarily due to an increase in interest expense on certificates of deposit that includes brokered amounts. Average certificates of deposit increased $70.3 million and the cost increased 10 basis points in the second quarter 2024. The average cost of interest-bearing deposits was 3.19%, an increase of 5 basis points compared to the linked quarter. The total cost of deposits, including noninterest-bearing demand accounts, was 2.16% during the second quarter 2024, compared to 2.13% in the linked quarter. While the total cost of deposits increased over the linked quarter, the monthly cost of total deposits has been stable since March 2024.
NIM, on a tax equivalent basis, was 4.19% in the second quarter 2024, an increase of 6 basis points from the linked quarter and a decrease of 30 basis points from the prior year quarter. For the month of June 2024, the loan portfolio yield was 6.92% and the cost of total deposits was 2.17%.
Investments
At
June 30, 2024
March 31, 2024
June 30, 2023
($ in thousands)
Carrying Value
Net Unrealized Loss
Carrying Value
Net Unrealized Loss
Carrying Value
Net Unrealized Loss
Available-for-sale (AFS)
$
1,615,930
$
(172,734
)
$
1,611,883
$
(165,586
)
$
1,550,375
$
(179,857
)
Held-to-maturity (HTM)
772,648
(69,442
)
758,017
(63,593
)
723,959
(71,673
)
Total
$
2,388,578
$
(242,176
)
$
2,369,900
$
(229,179
)
$
2,274,334
$
(251,530
)
Investment securities totaled $2.4 billion at June 30, 2024, an increase of $18.7 million from the linked quarter. Investment purchases in the second quarter 2024 had a weighted average, tax equivalent yield of 5.43%. The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities3 was 8.82% at June 30, 2024, compared to 8.68% at March 31, 2024.
Loans
The following table presents total loans for the most recent five quarters:
At
($ in thousands)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
C&I
$
2,107,097
$
2,263,817
$
2,186,203
$
2,020,303
$
2,029,370
CRE investor owned
2,308,926
2,280,990
2,291,660
2,260,220
2,290,701
CRE owner occupied
1,313,742
1,279,929
1,262,264
1,255,885
1,208,675
SBA loans*
1,269,145
1,274,780
1,281,632
1,309,497
1,327,667
Sponsor finance*
865,883
865,180
872,264
888,000
879,491
Life insurance premium financing*
996,154
1,003,597
956,162
928,486
912,274
Tax credits*
738,249
718,383
734,594
683,580
609,137
Residential real estate
339,889
354,615
359,957
364,618
354,588
Construction and land development
791,780
726,742
670,567
639,555
599,375
Other
269,142
260,459
268,815
266,676
301,345
Total loans
$
11,000,007
$
11,028,492
$
10,884,118
$
10,616,820
$
10,512,623
Quarterly loan yield
6.95
%
6.87
%
6.87
%
6.80
%
6.64
%
Variable interest rate loans to total loans
61
%
61
%
61
%
61
%
62
%
*Specialty loan category
Loans totaled $11.0 billion at June 30, 2024, a decrease of $28.5 million compared to the linked quarter. During the current quarter, C&I loans and residential real estate loans decreased $156.7 million and $14.7 million, respectively, while construction loans and CRE loans increased $65.0 million and $61.7 million, respectively. Loan origination activity and advances on lines of credit were strong during the second quarter 2024, but were offset by paydowns and maturities in the current quarter that were at the highest quarterly level in the past five quarters. Average line utilization was approximately 46% for the quarter ended June 30, 2024, compared to 44% and 45% for the linked and prior year quarters, respectively.
Asset Quality
The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:
At
($ in thousands)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Nonperforming loans*
$
39,384
$
35,642
$
43,728
$
48,932
$
16,112
Other
8,746
8,466
5,736
6,933
—
Nonperforming assets*
$
48,130
$
44,108
$
49,464
$
55,865
$
16,112
Nonperforming loans to total loans
0.36
%
0.32
%
0.40
%
0.46
%
0.15
%
Nonperforming assets to total assets
0.33
%
0.30
%
0.34
%
0.40
%
0.12
%
Allowance for credit losses to total loans
1.27
%
1.23
%
1.24
%
1.34
%
1.34
%
Quarterly net charge-offs
$
605
$
5,864
$
28,479
$
6,856
$
2,973
*Guaranteed balances excluded
$
12,933
$
9,630
$
10,682
$
5,974
$
6,666
Nonperforming assets increased $4.0 million during the second quarter 2024 and increased $32.0 million from the prior year quarter. The increase in nonperforming assets in the current quarter was primarily related to the addition of an agricultural relationship that moved into nonperforming status during the period, partially offset by a reduction from charge-offs and repayments. Included in nonperforming loans is $1.3 million of loans that are 90 days past due and accruing interest. The Company anticipates full repayment of these loans. The increase in nonperforming assets from the prior year quarter was primarily due to a $27.1 million increase in real estate loans and an $8.7 million increase in OREO and other repossessed assets, partially offset by a $2.9 million decrease in C&I loans. Annualized net charge-offs totaled 2 basis points of average loans in the second quarter 2024, compared to 22 basis points in the linked quarter and 12 basis point in the prior year quarter.
The provision for credit losses totaled $4.8 million in the second quarter 2024, compared to $5.8 million and $6.3 million in the linked and prior year quarters, respectively. The provision for credit losses in the second quarter 2024 was primarily related to an increase in reserves on individually evaluated loans and updates to qualitative factors used in the allowance calculation.
Deposits
The following table presents deposits broken out by type for the most recent five quarters:
At
($ in thousands)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Noninterest-bearing demand accounts
$
3,928,308
$
3,805,334
$
3,958,743
$
3,852,486
$
3,880,561
Interest-bearing demand accounts
2,951,899
2,956,282
2,950,259
2,749,598
2,629,339
Money market and savings accounts
4,039,626
4,006,702
3,994,455
3,837,145
3,577,856
Brokered certificates of deposit
494,870
659,005
482,759
695,551
893,808
Other certificates of deposit
867,680
826,378
790,155
775,127
638,296
Total deposit portfolio
$
12,282,383
$
12,253,701
$
12,176,371
$
11,909,907
$
11,619,860
Noninterest-bearing deposits to total deposits
32.0
%
31.1
%
32.5
%
32.3
%
33.4
%
Quarterly cost of deposits
2.16
%
2.13
%
2.03
%
1.84
%
1.46
%
Total deposits at June 30, 2024 were $12.3 billion, an increase of $28.7 million and $662.5 million from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $192.8 million and $1.1 billion, 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 $1.2 billion at June 30, 2024, compared to $1.1 billion at March 31, 2024.
Total estimated insured deposits4, which includes collateralized deposits, reciprocal accounts and accounts that qualify for pass-through insurance, totaled $8.7 billion, or 71% of total deposits, at both June 30, 2024 and March 31, 2024.
Noninterest Income
The following table presents a comparative summary of the major components of noninterest income for the periods indicated:
Linked quarter comparison
Prior year comparison
Quarter ended
Quarter ended
($ in thousands)
June 30, 2024
March 31, 2024
Increase (decrease)
June 30, 2023
Increase (decrease)
Deposit service charges
$
4,542
$
4,423
$
119
3
%
$
3,910
$
632
16
%
Wealth management revenue
2,590
2,544
46
2
%
2,472
118
5
%
Card services revenue
2,497
2,412
85
4
%
2,464
33
1
%
Tax credit income (loss)
1,874
(2,190
)
4,064
186
%
368
1,506
409
%
Other income
3,991
4,969
(978
)
(20
)%
5,076
(1,085
)
(21
)%
Total noninterest income
$
15,494
$
12,158
$
3,336
27
%
$
14,290
$
1,204
8
%
Total noninterest income was $15.5 million for the second quarter 2024, an increase of $3.3 million from the linked quarter and an increase of $1.2 million from the prior year quarter. The increase from the linked and prior year quarters was primarily due to an increase in tax credit income. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes on credits carried at fair value.
The following table presents a comparative summary of the major components of other income for the periods indicated:
Linked quarter comparison
Prior year comparison
Quarter ended
Quarter ended
($ in thousands)
June 30, 2024
March 31, 2024
Increase (decrease)
June 30, 2023
Increase (decrease)
Gain on SBA loan sales
$
—
$
1,415
$
(1,415
)
(100
)%
$
—
$
—
—
%
BOLI
855
864
(9
)
(1
)%
797
58
7
%
Community development investments
381
585
(204
)
(35
)%
2,077
(1,696
)
(82
)%
Private equity fund distributions
411
162
249
154
%
371
40
11
%
Servicing fees
594
287
307
107
%
407
187
46
%
Swap fees
217
45
172
382
%
173
44
25
%
Miscellaneous income
1,533
1,611
(78
)
(5
)%
1,251
282
23
%
Total other income
$
3,991
$
4,969
$
(978
)
(20
)%
$
5,076
$
(1,085
)
(21
)%
The decrease in other income from the linked quarter was primarily driven by gains on the sale of SBA loans that were recognized in the linked quarter, while the decrease from the prior year quarter was due to lower community development income. Community development 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 comparison
Prior year comparison
Quarter ended
Quarter ended
($ in thousands)
June 30, 2024
March 31, 2024
Increase (decrease)
June 30, 2023
Increase (decrease)
Employee compensation and benefits
$
44,524
$
45,262
$
(738
)
(2
)%
$
41,641
$
2,883
7
%
Deposit costs
21,706
20,277
1,429
7
%
16,980
4,726
28
%
Occupancy
4,197
4,326
(129
)
(3
)%
3,954
243
6
%
FDIC special assessment
—
625
(625
)
(100
)%
—
—
—
%
Core conversion expense
1,250
350
900
257
%
—
1,250
100
%
Other expense
22,340
22,661
(321
)
(1
)%
23,381
(1,041
)
(4
)%
Total noninterest expense
$
94,017
$
93,501
$
516
1
%
$
85,956
$
8,061
9
%
Employee compensation and benefits decreased $0.7 million from the linked quarter primarily due to employer payroll taxes that are seasonally higher in the first quarter each year and a decline in self-insured medical claims. Deposit costs relate to certain specialized deposit businesses that receive an earnings credit allowance for deposit related expenses that are impacted by interest rates and average balances. Deposit costs increased $1.4 million from the linked quarter primarily due to the expiration of unused allowances that reduced expense in the first quarter and growth in deposits. Expenses related to the core system conversion increased $0.9 million from the linked quarter due to the continued progress on the project.
The increase in noninterest expense of $8.1 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2023 and 2024, an increase in variable deposit costs due to higher earnings credit rates and average balances, and additional expenses incurred related to the core system conversion.
For the second quarter 2024, the core efficiency ratio5 was 58.1%, compared to 60.2% for the linked quarter and 54.0% for the prior year quarter.
Income Taxes
The effective tax rate was 20.5%, compared to 20.2% and 21.6% in the linked and prior year quarters, respectively. The decrease in the effective tax rate from the prior year quarter was driven by tax credit opportunities the Company has deployed as part of its tax planning strategy.
Capital
The following table presents total equity and various capital ratios for the most recent five quarters:
At
($ in thousands)
June 30, 2024*
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Shareholders’ equity
$
1,755,273
$
1,731,725
$
1,716,068
$
1,611,880
$
1,618,233
Total risk-based capital to risk-weighted assets
14.6
%
14.3
%
14.2
%
14.1
%
14.1
%
Tier 1 capital to risk weighted assets
13.0
%
12.8
%
12.7
%
12.6
%
12.5
%
Common equity tier 1 capital to risk-weighted assets
11.7
%
11.4
%
11.3
%
11.2
%
11.1
%
Leverage ratio
11.1
%
11.0
%
11.0
%
10.9
%
11.0
%
Tangible common equity to tangible assets
9.18
%
9.01
%
8.96
%
8.51
%
8.65
%
*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 June 30, 2024, an increase of $23.5 million from the linked quarter. Tangible common book value per share was $35.02 at June 30, 2024, compared to $34.21 and $31.23 at March 31, 2024 and June 30, 2023, 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.
________________________________1 ROATCE, tangible common equity to tangible assets, tangible book value per share, adjusted diluted earnings per share and PPNR are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.
2 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.
3 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.
4 Estimated insured deposits is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.
5 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.
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 additional financial measures, such as tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity ratio, tangible book value per common share, estimated insured deposits 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, core efficiency ratio, the tangible common equity ratio, tangible book value per common share, estimated insured deposits 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 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, July 23, 2024. During the call, management will review the second 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. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC2Q2024EarningsCallRegistration. 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 $14.6 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.
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, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, 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.
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
Quarter ended
Six months ended
(in thousands, except per share data)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Jun 30, 2024
Jun 30, 2023
EARNINGS SUMMARY
Net interest income
$
140,529
$
137,728
$
140,732
$
141,639
$
140,692
$
278,257
$
280,221
Provision for credit losses
4,819
5,756
18,053
8,030
6,339
10,575
10,522
Noninterest income
15,494
12,158
25,452
12,085
14,290
27,652
31,188
Noninterest expense
94,017
93,501
92,603
88,644
85,956
187,518
166,939
Income before income tax expense
57,187
50,629
55,528
57,050
62,687
107,816
133,948
Income tax expense
11,741
10,228
10,999
12,385
13,560
21,969
29,083
Net income
45,446
40,401
44,529
44,665
49,127
85,847
104,865
Preferred stock dividends
937
938
937
938
937
1,875
1,875
Net income available to common shareholders
$
44,509
$
39,463
$
43,592
$
43,727
$
48,190
$
83,972
$
102,990
Diluted earnings per common share
$
1.19
$
1.05
$
1.16
$
1.17
$
1.29
$
2.24
$
2.75
Adjusted diluted earnings per common share1
$
1.21
$
1.07
$
1.21
$
1.17
$
1.29
$
2.28
$
2.75
Return on average assets
1.25
%
1.12
%
1.23
%
1.26
%
1.44
%
1.18
%
1.58
%
Adjusted return on average assets1
1.27
%
1.14
%
1.28
%
1.26
%
1.44
%
1.21
%
1.58
%
Return on average common equity1
10.68
%
9.52
%
10.94
%
11.00
%
12.48
%
10.10
%
13.64
%
Adjusted return on average common equity1
10.90
%
9.70
%
11.40
%
11.00
%
12.48
%
10.30
%
13.64
%
ROATCE1
13.77
%
12.31
%
14.38
%
14.49
%
16.53
%
13.04
%
18.18
%
Adjusted ROATCE1
14.06
%
12.53
%
14.98
%
14.49
%
16.53
%
13.30
%
18.18
%
Net interest margin (tax equivalent)
4.19
%
4.13
%
4.23
%
4.33
%
4.49
%
4.16
%
4.60
%
Efficiency ratio
60.26
%
62.38
%
55.72
%
57.66
%
55.46
%
61.30
%
53.61
%
Core efficiency ratio1
58.09
%
60.21
%
53.06
%
56.18
%
54.04
%
59.13
%
52.25
%
Assets
$
14,615,666
$
14,613,338
$
14,518,590
$
14,025,042
$
13,871,154
Average assets
$
14,646,381
$
14,556,119
$
14,332,804
$
14,068,860
$
13,671,985
$
14,601,250
$
13,403,084
Period end common shares outstanding
37,344
37,515
37,416
37,385
37,359
Dividends per common share
$
0.26
$
0.25
$
0.25
$
0.25
$
0.25
$
0.51
$
0.50
Tangible book value per common share1
$
35.02
$
34.21
$
33.85
$
31.06
$
31.23
Tangible common equity to tangible assets1
9.18
%
9.01
%
8.96
%
8.51
%
8.65
%
Total risk-based capital to risk-weighted assets2
14.6
%
14.3
%
14.2
%
14.1
%
14.1
%
1Refer to Reconciliations of Non-GAAP Financial Measures tables 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.
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter ended
Six months ended
(in thousands, except per share data)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Jun 30, 2024
Jun 30, 2023
INCOME STATEMENTS
NET INTEREST INCOME
Interest income
$
211,644
$
207,723
$
207,083
$
200,906
$
187,897
$
419,367
$
356,930
Interest expense
71,115
69,995
66,351
59,267
47,205
141,110
76,709
Net interest income
140,529
137,728
140,732
141,639
140,692
278,257
280,221
Provision for credit losses
4,819
5,756
18,053
8,030
6,339
10,575
10,522
Net interest income after provision for credit losses
135,710
131,972
122,679
133,609
134,353
267,682
269,699
NONINTEREST INCOME
Deposit service charges
4,542
4,423
4,334
4,187
3,910
8,965
8,038
Wealth management revenue
2,590
2,544
2,428
2,614
2,472
5,134
4,988
Card services revenue
2,497
2,412
2,666
2,560
2,464
4,909
4,802
Tax credit income (loss)
1,874
(2,190
)
9,688
(2,673
)
368
(316
)
2,181
Other income
3,991
4,969
6,336
5,397
5,076
8,960
11,179
Total noninterest income
15,494
12,158
25,452
12,085
14,290
27,652
31,188
NONINTEREST EXPENSE
Employee compensation and benefits
44,524
45,262
39,651
40,771
41,641
89,786
84,144
Deposit costs
21,706
20,277
21,606
20,987
16,980
41,983
29,700
Occupancy
4,197
4,326
4,313
4,198
3,954
8,523
8,015
FDIC special assessment
—
625
2,412
—
—
625
—
Core conversion expense
1,250
350
—
—
—
1,600
—
Other expense
22,340
22,661
24,621
22,688
23,381
45,001
45,080
Total noninterest expense
94,017
93,501
92,603
88,644
85,956
187,518
166,939
Income before income tax expense
57,187
50,629
55,528
57,050
62,687
107,816
133,948
Income tax expense
11,741
10,228
10,999
12,385
13,560
21,969
29,083
Net income
$
45,446
$
40,401
$
44,529
$
44,665
$
49,127
$
85,847
$
104,865
Preferred stock dividends
937
938
937
938
937
1,875
1,875
Net income available to common shareholders
$
44,509
$
39,463
$
43,592
$
43,727
$
48,190
$
83,972
$
102,990
Basic earnings per common share
$
1.19
$
1.05
$
1.16
$
1.17
$
1.29
$
2.24
$
2.76
Diluted earnings per common share
$
1.19
$
1.05
$
1.16
$
1.17
$
1.29
$
2.24
$
2.75
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
At
($ in thousands)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
BALANCE SHEET
ASSETS
Cash and due from banks
$
176,698
$
157,697
$
193,275
$
190,806
$
202,702
Interest-earning deposits
219,342
215,951
243,610
184,245
125,328
Debt and equity investments
2,460,549
2,443,977
2,434,902
2,279,578
2,340,821
Loans held for sale
606
610
359
212
551
Loans
11,000,007
11,028,492
10,884,118
10,616,820
10,512,623
Allowance for credit losses
(139,464
)
(135,498
)
(134,771
)
(142,133
)
(141,319
)
Total loans, net
10,860,543
10,892,994
10,749,347
10,474,687
10,371,304
Fixed assets, net
44,831
44,382
42,681
41,268
41,988
Goodwill
365,164
365,164
365,164
365,164
365,164
Intangible assets, net
10,327
11,271
12,318
13,425
14,544
Other assets
477,606
481,292
476,934
475,657
408,752
Total assets
$
14,615,666
$
14,613,338
$
14,518,590
$
14,025,042
$
13,871,154
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits
$
3,928,308
$
3,805,334
$
3,958,743
$
3,852,486
$
3,880,561
Interest-bearing deposits
8,354,075
8,448,367
8,217,628
8,057,421
7,739,299
Total deposits
12,282,383
12,253,701
12,176,371
11,909,907
11,619,860
Subordinated debentures and notes
156,265
156,124
155,984
155,844
155,706
FHLB advances
78,000
125,000
—
—
150,000
Other borrowings
178,269
195,246
297,829
182,372
199,390
Other liabilities
165,476
151,542
172,338
165,039
127,965
Total liabilities
12,860,393
12,881,613
12,802,522
12,413,162
12,252,921
Shareholders’ equity:
Preferred stock
71,988
71,988
71,988
71,988
71,988
Common stock
373
375
374
374
374
Additional paid-in capital
994,116
995,969
995,208
992,044
988,355
Retained earnings
810,935
778,784
749,513
715,303
680,981
Accumulated other comprehensive loss
(122,139
)
(115,391
)
(101,015
)
(167,829
)
(123,465
)
Total shareholders’ equity
1,755,273
1,731,725
1,716,068
1,611,880
1,618,233
Total liabilities and shareholders’ equity
$
14,615,666
$
14,613,338
$
14,518,590
$
14,025,042
$
13,871,154
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Six months ended
June 30, 2024
June 30, 2023
($ in thousands)
Average
Balance
Interest
Income/
Expense
Average Yield/ Rate
Average
Balance
Interest
Income/
Expense
Average Yield/ Rate
AVERAGE BALANCE SHEET
ASSETS
Interest-earning assets:
Loans1, 2
$
10,945,211
$
376,049
6.91
%
$
10,041,312
$
323,076
6.49
%
Securities2
2,398,545
39,447
3.31
2,293,249
34,667
3.05
Interest-earning deposits
296,759
7,958
5.39
140,206
3,290
4.73
Total interest-earning assets
13,640,515
423,454
6.24
12,474,767
361,033
5.84
Noninterest-earning assets
960,735
928,317
Total assets
$
14,601,250
$
13,403,084
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest-bearing demand accounts
$
2,937,551
$
37,413
2.56
%
$
2,356,708
$
16,027
1.37
%
Money market accounts
3,418,257
63,283
3.72
2,873,715
35,970
2.52
Savings accounts
580,115
637
0.22
709,490
457
0.13
Certificates of deposit
1,377,126
29,514
4.31
946,527
13,579
2.89
Total interest-bearing deposits
8,313,049
130,847
3.17
6,886,440
66,033
1.93
Subordinated debentures and notes
156,117
5,168
6.66
155,565
4,840
6.27
FHLB advances
57,049
1,590
5.60
104,887
2,611
5.02
Securities sold under agreements to repurchase
181,933
3,205
3.54
188,958
1,453
1.55
Other borrowings
39,470
300
1.53
94,048
1,772
3.80
Total interest-bearing liabilities
8,747,618
141,110
3.24
7,429,898
76,709
2.08
Noninterest-bearing liabilities:
Demand deposits
3,949,429
4,265,521
Other liabilities
160,734
112,625
Total liabilities
12,857,781
11,808,044
Shareholders' equity
1,743,469
1,595,040
Total liabilities and shareholders' equity
$
14,601,250
$
13,403,084
Total net interest income
$
282,344
$
284,324
Net interest margin
4.16
%
4.60
%
1 Average balances include nonaccrual loans. Interest income includes loan fees of $4.6 million and $7.4 million for the six months ended June 30, 2024 and June 30, 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 $4.1 million for both the six months ended June 30, 2024 and June 30, 2023, respectively.
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
At or for the quarter ended
($ in thousands)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
LOAN PORTFOLIO
Commercial and industrial
$
4,619,448
$
4,766,310
$
4,672,559
$
4,448,535
$
4,360,862
Commercial real estate
4,856,751
4,804,803
4,803,571
4,794,355
4,802,293
Construction real estate
893,672
820,416
760,425
723,796
671,573
Residential real estate
351,934
367,218
372,188
376,120
368,867
Other
278,202
269,745
275,375
274,014
309,028
Total loans
$
11,000,007
$
11,028,492
$
10,884,118
$
10,616,820
$
10,512,623
DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts
$
3,928,308
$
3,805,334
$
3,958,743
$
3,852,486
$
3,880,561
Interest-bearing demand accounts
2,951,899
2,956,282
2,950,259
2,749,598
2,629,339
Money market and savings accounts
4,039,626
4,006,702
3,994,455
3,837,145
3,577,856
Brokered certificates of deposit
494,870
659,005
482,759
695,551
893,808
Other certificates of deposit
867,680
826,378
790,155
775,127
638,296
Total deposits
$
12,282,383
$
12,253,701
$
12,176,371
$
11,909,907
$
11,619,860
AVERAGE BALANCES
Loans
$
10,962,488
$
10,927,932
$
10,685,961
$
10,521,966
$
10,284,873
Securities
2,396,519
2,400,571
2,276,915
2,302,850
2,297,995
Interest-earning assets
13,684,459
13,596,571
13,383,638
13,160,587
12,756,653
Assets
14,646,381
14,556,119
14,332,804
14,068,860
13,671,985
Deposits
12,344,253
12,180,703
12,163,346
11,922,534
11,387,813
Shareholders’ equity
1,748,240
1,738,698
1,652,882
1,648,605
1,621,337
Tangible common equity1
1,300,305
1,289,776
1,202,872
1,197,486
1,169,091
YIELDS (tax equivalent)
Loans
6.95
%
6.87
%
6.87
%
6.80
%
6.64
%
Securities
3.35
3.27
3.20
3.11
3.06
Interest-earning assets
6.28
6.20
6.20
6.12
5.97
Interest-bearing deposits
3.19
3.14
3.03
2.77
2.26
Deposits
2.16
2.13
2.03
1.84
1.46
Subordinated debentures and notes
6.91
6.40
6.30
6.28
6.27
FHLB advances and other borrowed funds
3.52
3.80
3.06
2.76
3.45
Interest-bearing liabilities
3.26
3.22
3.09
2.84
2.40
Net interest margin
4.19
4.13
4.23
4.33
4.49
1Refer 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)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
ASSET QUALITY
Net charge-offs
$
605
$
5,864
$
28,479
$
6,856
$
2,973
Nonperforming loans
39,384
35,642
43,728
48,932
16,112
Classified assets
169,822
185,150
185,389
184,393
108,065
Nonperforming loans to total loans
0.36
%
0.32
%
0.40
%
0.46
%
0.15
%
Nonperforming assets to total assets
0.33
%
0.30
%
0.34
%
0.40
%
0.12
%
Allowance for credit losses to total loans
1.27
%
1.23
%
1.24
%
1.34
%
1.34
%
Allowance for credit losses to total loans, excluding guaranteed loans
1.38
%
1.34
%
1.35
%
1.47
%
1.48
%
Allowance for credit losses to nonperforming loans
354.1
%
380.2
%
308.2
%
290.5
%
877.1
%
Net charge-offs to average loans -annualized
0.02
%
0.22
%
1.06
%
0.26
%
0.12
%
WEALTH MANAGEMENT
Trust assets under management
$
2,367,409
$
2,352,902
$
2,235,073
$
2,129,408
$
1,992,563
SHARE DATA
Book value per common share
$
45.08
$
44.24
$
43.94
$
41.19
$
41.39
Tangible book value per common share1
$
35.02
$
34.21
$
33.85
$
31.06
$
31.23
Market value per share
$
40.91
$
40.56
$
44.65
$
37.50
$
39.10
Period end common shares outstanding
37,344
37,515
37,416
37,385
37,359
Average basic common shares
37,485
37,490
37,421
37,405
37,347
Average diluted common shares
37,540
37,597
37,554
37,520
37,495
CAPITAL
Total risk-based capital to risk-weighted assets2
14.6
%
14.3
%
14.2
%
14.1
%
14.1
%
Tier 1 capital to risk-weighted assets2
13.0
%
12.8
%
12.7
%
12.6
%
12.5
%
Common equity tier 1 capital to risk-weighted assets2
11.7
%
11.4
%
11.3
%
11.2
%
11.1
%
Tangible common equity to tangible assets1
9.18
%
9.01
%
8.96
%
8.51
%
8.65
%
1Refer to Reconciliations of Non-GAAP Financial Measures tables 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.
ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Quarter ended
Six months ended
($ in thousands)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Jun 30, 2024
Jun 30, 2023
CORE EFFICIENCY RATIO
Net interest income (GAAP)
$
140,529
$
137,728
$
140,732
$
141,639
$
140,692
$
278,257
$
280,221
Tax-equivalent adjustment
2,047
2,040
1,915
2,061
2,062
4,087
4,103
Noninterest income (GAAP)
15,494
12,158
25,452
12,085
14,290
27,652
31,188
Less gain on sale of investment securities
—
—
220
—
—
—
381
Less gain (loss) on sale of other real estate owned
—
(2
)
—
—
97
(2
)
187
Core revenue (non-GAAP)
158,070
151,928
167,879
155,785
156,947
309,998
314,944
Noninterest expense (GAAP)
94,017
93,501
92,603
88,644
85,956
187,518
166,939
Less FDIC special assessment
—
625
2,412
—
—
625
—
Less core conversion expense
1,250
350
—
—
—
1,600
—
Less amortization on intangibles
944
1,047
1,108
1,118
1,136
1,991
2,375
Core noninterest expense (non-GAAP)
91,823
91,479
89,083
87,526
84,820
183,302
164,564
Core efficiency ratio (non-GAAP)
58.09
%
60.21
%
53.06
%
56.18
%
54.04
%
59.13
%
52.25
%
Quarter ended
(in thousands, except per share data)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO
Shareholders’ equity (GAAP)
$
1,755,273
$
1,731,725
$
1,716,068
$
1,611,880
$
1,618,233
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
10,327
11,271
12,318
13,425
14,544
Tangible common equity (non-GAAP)
$
1,307,794
$
1,283,302
$
1,266,598
$
1,161,303
$
1,166,537
Less net unrealized losses on HTM securities, after tax
52,220
47,822
41,038
81,367
53,611
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)
$
1,255,574
$
1,235,480
$
1,225,560
$
1,079,936
$
1,112,926
Common shares outstanding
37,344
37,515
37,416
37,385
37,359
Tangible book value per share (non-GAAP)
$
35.02
$
34.21
$
33.85
$
31.06
$
31.23
Total assets (GAAP)
$
14,615,666
$
14,613,338
$
14,518,590
$
14,025,042
$
13,871,154
Less goodwill
365,164
365,164
365,164
365,164
365,164
Less intangible assets
10,327
11,271
12,318
13,425
14,544
Tangible assets (non-GAAP)
$
14,240,175
$
14,236,903
$
14,141,108
$
13,646,453
$
13,491,446
Tangible common equity to tangible assets (non-GAAP)
9.18
%
9.01
%
8.96
%
8.51
%
8.65
%
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)
8.82
%
8.68
%
8.67
%
7.91
%
8.25
%
Quarter Ended
Six months ended
($ in thousands)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Jun 30, 2024
Jun 30, 2023
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE)
Average shareholder’s equity (GAAP)
$
1,748,240
$
1,738,698
$
1,652,882
$
1,648,605
$
1,621,337
$
1,743,469
$
1,595,040
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
10,783
11,770
12,858
13,967
15,094
11,277
15,667
Average tangible common equity (non-GAAP)
$
1,300,305
$
1,289,776
$
1,202,872
$
1,197,486
$
1,169,091
$
1,295,040
$
1,142,221
Net income available to common shareholders (GAAP)
$
44,509
$
39,463
$
43,592
$
43,727
$
48,190
$
83,972
$
102,990
FDIC special assessment (after tax)
—
470
1,814
—
—
470
—
Core conversion expense (after tax)
940
263
—
—
—
1,203
—
Net income available to common shareholders adjusted (non-GAAP)
$
45,449
$
40,196
$
45,406
$
43,727
$
48,190
$
85,645
$
102,990
Return on average common equity (non-GAAP)
10.68
%
9.52
%
10.94
%
11.00
%
12.48
%
10.10
%
13.64
%
Adjusted return on average common equity (non-GAAP)
10.90
%
9.70
%
11.40
%
11.00
%
12.48
%
10.30
%
13.64
%
ROATCE (non-GAAP)
13.77
%
12.31
%
14.38
%
14.49
%
16.53
%
13.04
%
18.18
%
Adjusted ROATCE (non-GAAP)
14.06
%
12.53
%
14.98
%
14.49
%
16.53
%
13.30
%
18.18
%
Quarter ended
($ in thousands)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)
Net interest income
$
140,529
$
137,728
$
140,732
$
141,639
$
140,692
Noninterest income
15,494
12,158
25,452
12,085
14,290
FDIC special assessment
—
625
2,412
—
—
Core conversion expense
1,250
350
—
—
—
Less gain on sale of investment securities
—
—
220
—
—
Less gain (loss) on sale of other real estate owned
—
(2
)
—
—
97
Less noninterest expense
94,017
93,501
92,603
88,644
85,956
PPNR (non-GAAP)
$
63,256
$
57,362
$
75,773
$
65,080
$
68,929
Quarter ended
($ in thousands)
Jun 30, 2024
Mar 31, 2024
CALCULATION OF ESTIMATED INSURED DEPOSITS
Estimated uninsured deposits per Call Report
$
4,020,979
$
4,062,505
Collateralized/affiliate deposits
(454,084
)
(515,439
)
Accrued interest on deposits
(5,632
)
(5,542
)
Adjusted uninsured/uncollateralized deposits
3,561,263
3,541,524
Estimated insured/collateralized deposits
8,721,120
8,712,177
Total deposits
$
12,282,383
$
12,253,701
Quarter ended
Six months ended
(in thousands, except per share data)
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Jun 30, 2024
Jun 30, 2023
RETURN ON AVERAGE ASSETS AND DILUTED EARNINGS PER SHARE
Net income (GAAP)
$
45,446
$
40,401
$
44,529
$
44,665
$
49,127
$
85,847
$
104,865
FDIC special assessment (after tax)
—
470
1,814
—
—
470
—
Core conversion expense (after tax)
940
263
—
—
—
1,203
—
Net income adjusted (non-GAAP)
$
46,386
$
41,134
$
46,343
$
44,665
$
49,127
$
87,520
$
104,865
Less preferred stock dividends
937
938
937
938
937
1,875
1,875
Net income available to common shareholders adjusted (non-GAAP)
$
45,449
$
40,196
$
45,406
$
43,727
$
48,190
$
85,645
$
102,990
Average assets
$
14,646,381
$
14,556,119
$
14,332,804
$
14,068,860
$
13,671,985
$
14,601,250
$
13,403,084
Return on average assets (GAAP)
1.25
%
1.12
%
1.23
%
1.26
%
1.44
%
1.18
%
1.58
%
Adjusted return on average assets (non-GAAP)
1.27
%
1.14
%
1.28
%
1.26
%
1.44
%
1.21
%
1.58
%
Average diluted common shares
37,540
37,597
37,554
37,520
37,495
37,564
37,511
Adjusted diluted earnings per share (non-GAAP)
$
1.21
$
1.07
$
1.21
$
1.17
$
1.29
$
2.28
$
2.75
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722273829/en/
Investor Relations: Keene Turner, Senior Executive Vice President and CFO (314) 512-7233 Media: Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695
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