Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Enterprise Financial Reports Third Quarter 2021 Results


Enterprise Financial Services Corp (Nasdaq: EFSC) (the "Company" or "EFSC") reported net income of $13.9 million for the third quarter 2021, a decrease of $24.5 million compared to the linked second quarter ("linked quarter") and a decrease of $4.0 million from the prior year quarter. Earnings per diluted share ("EPS") was $0.38 for the third quarter 2021, compared to $1.23 and $0.68 for the linked and prior year quarters, respectively. Excluding merger-related, branch closure expenses and the FCBP CECL double count charge, adjusted EPS2, adjusted ROAA2, and adjusted ROATCE2 for the third quarter 2021 were $1.27, 1.51% and 18.15%, respectively.

Net income and earnings per share in the current quarter were impacted by the following items:

($ in thousands, except per share data)

Net Income (pretax)

 

EPS

Merger-related expenses

$

(14,671)

 

 

$

(0.31)

 

FCBP CECL double count

(25,353)

 

 

(0.51)

 

Branch closure expenses

(3,441)

 

 

(0.07)

 

Jim Lally, EFSC's President and Chief Executive Officer, commented, "Our third quarter results included a record pre-provision net revenue1 of $56 million, or 1.81% of average assets. Our results were bolstered by the acquisition of FCBP that closed during the quarter, furthering our commercial banking capabilities in the Southern California market. This augments our Southwest presence, and when combined with our specialty loan and deposit business lines, supports our overall growth initiatives. Additionally, we recently received a $60.0 million allocation from the New Market Tax Credit program that will enable us to continue supporting our communities through our CDE, while also enhancing our tax credit lending specialty. I am pleased with our financial results and the actions we have taken this quarter to strengthen our franchise."

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

2 Adjusted EPS, adjusted ROAA, and adjusted ROATCE are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.

Highlights

The Company closed its acquisition of FCBP on July 21, 2021. The results of operations of FCBP are included in our consolidated results from this date forward and are excluded from preceding periods. Comparisons to the prior year are also impacted by the acquisition of Seacoast Commerce Banc Holdings ("Seacoast"), which closed in the fourth quarter 2020.

Included in the current quarter results are the following contributions from the FCBP and Seacoast acquisitions:

 

 

 

 

($ in thousands)

FCBP

 

Seacoast

Net interest income

$

16,696

 

 

$

14,065

 

Noninterest income

1,424

 

 

741

 

Noninterest expense

6,964

 

 

10,129

 

Pretax net income (excluding CECL double count)

11,156

 

 

4,901

 

PPP details:

 

Quarter ended

($ in thousands, except per share data)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

PPP loans outstanding, net of deferred fees

$

438,959

 

 

$

396,660

 

 

$

737,660

 

 

$

698,645

 

 

$

819,100

 

Average PPP loans outstanding, net

489,104

 

 

664,375

 

 

692,161

 

 

806,697

 

 

813,244

 

PPP average loan size

210

 

 

171

 

 

220

 

 

187

 

 

216

 

PPP interest and fee income

6,048

 

 

7,940

 

 

8,475

 

 

10,261

 

 

5,226

 

PPP deferred fees

7,428

 

 

12,243

 

 

16,676

 

 

11,304

 

 

19,522

 

PPP average yield

4.91

%

 

4.79

%

 

4.97

%

 

5.06

%

 

2.56

%

 

 

 

 

Quarter ended

 

Sep 30,
2021

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

Financial Metrics:

As Reported

 

Excluding PPP*

As Reported

 

Excluding PPP*

 

As Reported

 

Excluding PPP*

 

As Reported

 

Excluding PPP*

 

As Reported

 

Excluding PPP*

EPS

$

0.38

 

 

$

0.25

 

$

1.23

 

 

$

1.04

 

 

$

0.96

 

 

$

0.75

 

 

$

1.00

 

 

$

0.73

 

 

$

0.68

 

 

$

0.53

 

ROAA

0.45

%

 

0.31

%

1.50

%

 

1.35

%

 

1.22

%

 

1.03

%

 

1.26

%

 

1.01

%

 

0.86

%

 

0.74

%

PPNR ROAA*

1.81

%

 

1.68

%

1.85

%

 

1.65

%

 

1.66

%

 

1.41

%

 

2.07

%

 

1.78

%

 

1.81

%

 

1.73

%

Tangible common equity/tangible assets*

8.40

%

 

8.71

%

8.32

%

 

8.66

%

 

8.18

%

 

8.84

%

 

8.40

%

 

9.07

%

 

7.99

%

 

8.89

%

Leverage ratio

9.7

%

 

10.2

%

9.4

%

 

10.0

%

 

9.5

%

 

10.2

%

 

10.0

%

 

11.0

%

 

9.2

%

 

10.2

%

NIM

3.40

%

 

3.33

%

3.46

%

 

3.36

%

 

3.50

%

 

3.39

%

 

3.66

%

 

3.52

%

 

3.29

%

 

3.37

%

Allowance for credit losses/loans

1.67

%

 

1.94

%

1.77

%

 

2.09

%

 

1.80

%

 

2.22

%

 

1.89

%

 

2.31

%

 

2.01

%

 

2.32

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Net Interest Income

Average Balance Sheets

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

 

Quarter ended

 

September 30, 2021

 

June 30, 2021

 

September 30, 2020

($ in thousands)

Average

Balance

 

Interest

Income/

Expense

 

Average Yield/ Rate

 

Average

Balance

 

Interest

Income/

Expense

 

Average Yield/ Rate

 

Average

Balance

 

Interest

Income/

Expense

 

Average Yield/ Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans*

$

8,666,353

 

 

$

94,465

 

 

4.32

%

 

$

7,306,471

 

 

$

79,162

 

 

4.35

%

 

$

6,112,715

 

 

$

62,751

 

 

4.08

%

Debt and equity investments*

1,594,938

 

 

9,583

 

 

2.38

 

 

1,502,582

 

 

9,226

 

 

2.46

 

 

1,361,515

 

 

8,761

 

 

2.56

 

Short-term investments

1,251,988

 

 

480

 

 

0.15

 

 

806,928

 

 

237

 

 

0.12

 

 

295,854

 

 

113

 

 

0.15

 

Total interest-earning assets

11,513,279

 

 

104,528

 

 

3.60

 

 

9,615,981

 

 

88,625

 

 

3.70

 

 

7,770,084

 

 

71,625

 

 

3.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets

821,279

 

 

 

 

 

 

665,363

 

 

 

 

 

 

571,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

12,334,558

 

 

 

 

 

 

$

10,281,344

 

 

 

 

 

 

$

8,341,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing transaction accounts

$

2,228,466

 

 

$

459

 

 

0.08

%

 

$

1,985,811

 

 

$

336

 

 

0.07

%

 

$

1,529,097

 

 

$

255

 

 

0.07

%

Money market accounts

2,675,405

 

 

1,294

 

 

0.19

 

 

2,344,871

 

 

988

 

 

0.17

 

 

1,981,026

 

 

1,003

 

 

0.20

 

Savings

747,927

 

 

61

 

 

0.03

 

 

718,193

 

 

52

 

 

0.03

 

 

605,475

 

 

45

 

 

0.03

 

Certificates of deposit

604,594

 

 

927

 

 

0.61

 

 

522,633

 

 

1,091

 

 

0.84

 

 

630,076

 

 

2,409

 

 

1.52

 

Total interest-bearing deposits

6,256,392

 

 

2,741

 

 

0.17

 

 

5,571,508

 

 

2,467

 

 

0.18

 

 

4,745,674

 

 

3,712

 

 

0.31

 

Subordinated debentures

204,011

 

 

2,855

 

 

5.55

 

 

203,849

 

 

2,847

 

 

5.60

 

 

203,438

 

 

2,826

 

 

5.53

 

FHLB advances

89,457

 

 

211

 

 

0.94

 

 

50,000

 

 

197

 

 

1.58

 

 

250,000

 

 

720

 

 

1.15

 

Securities sold under agreements to repurchase

216,403

 

 

58

 

 

0.11

 

 

209,062

 

 

58

 

 

0.11

 

 

199,308

 

 

59

 

 

0.12

 

Other borrowings

25,699

 

 

90

 

 

1.39

 

 

27,147

 

 

94

 

 

1.39

 

 

31,413

 

 

116

 

 

1.47

 

Total interest-bearing liabilities

6,791,962

 

 

5,955

 

 

0.35

 

 

6,061,566

 

 

5,663

 

 

0.37

 

 

5,429,833

 

 

7,433

 

 

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

4,040,761

 

 

 

 

 

 

3,008,703

 

 

 

 

 

 

1,920,694

 

 

 

 

 

Other liabilities

107,739

 

 

 

 

 

 

94,106

 

 

 

 

 

 

105,945

 

 

 

 

 

Total liabilities

10,940,462

 

 

 

 

 

 

9,164,375

 

 

 

 

 

 

7,456,472

 

 

 

 

 

Shareholders' equity

1,394,096

 

 

 

 

 

 

1,116,969

 

 

 

 

 

 

885,496

 

 

 

 

 

Total liabilities and shareholders' equity

$

12,334,558

 

 

 

 

 

 

$

10,281,344

 

 

 

 

 

 

$

8,341,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net interest income

 

 

$

98,573

 

 

 

 

 

 

$

82,962

 

 

 

 

 

 

$

64,192

 

 

 

Net interest margin

 

 

 

 

3.40

%

 

 

 

 

 

3.46

%

 

 

 

 

 

3.29

%

* Non-taxable income is presented on a tax-equivalent basis using a 24.9% and 24.7% tax rate in 2021 and 2020, respectively. The tax-equivalent adjustments were $1.3 million for the three months ended September 30, 2021, $1.2 million for the three months ended June 30, 2021 and $0.8 million for the three months ended September 30, 2020.

Net interest income for the third quarter increased $15.6 million to $97.3 million from $81.7 million in the linked quarter, and increased $33.9 million from the prior year period. NIM, on a tax equivalent basis, was 3.40% for the third quarter, compared to 3.46% in the linked quarter, and 3.29% in the third quarter 2020. The increase in net interest income from the linked quarter was primarily due to greater average earning assets resulting from the FCBP acquisition. Interest income increased mainly due to a $1.4 billion increase in average loans compared to the linked period, including $1.5 billion of average loans acquired from FCBP, partially offset by reduced income from PPP loans and other purchase accounting income. While PPP loans (excluding FCBP acquired PPP loans) decreased $164.0 million in the current quarter, forgiveness of these loans by the SBA accelerated deferred loan fees into income that benefits net interest margin. The increase in interest income was partially offset by higher interest expense related to the addition of $685 million of interest bearing liabilities from FCBP.

NIM decreased six basis points from the linked quarter to 3.40% during the current quarter primarily due to a ten basis point decrease in earning asset yields. The decrease in the earning asset yield was primarily due to higher levels of cash related to payoffs of PPP loans and deposit growth (14 bps), an increased balance and lower yields on investment securities (2 bp), and lower purchase accounting accretion on legacy Enterprise loans (6 bps), partially offset by higher loan yields (4 bps) and the addition of higher yielding loans from FCBP (9 bps). The cost of interest-bearing liabilities declined two basis points from the linked quarter, primarily due to lower rates on time deposits (1 bp) and the addition of low cost deposits from FCBP (1 bp).

Loans

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

 

Quarter ended

 

September 30, 2021

 

 

 

 

 

 

 

 

($ in thousands)

FCBPa, b

 

Legacy EFSCa

 

Consolidated

 

June 30, 2021

 

March 31, 2021

 

December 31, 2020c

 

September 30, 2020

C&I

$

242,740

 

 

$

1,215,338

 

 

$

1,458,078

 

 

$

1,116,229

 

 

$

1,048,839

 

 

$

1,103,060

 

 

$

1,075,421

 

CRE investor owned

553,490

 

 

1,381,794

 

 

1,935,284

 

 

1,467,243

 

 

1,491,244

 

 

1,420,905

 

 

1,281,567

 

CRE owner occupied

301,929

 

 

861,307

 

 

1,163,236

 

 

789,220

 

 

805,581

 

 

825,846

 

 

766,919

 

SBA loans*

160,833

 

 

1,038,925

 

 

1,199,758

 

 

1,010,727

 

 

941,075

 

 

895,930

 

 

15,927

 

Sponsor finance*

?

 

 

454,431

 

 

454,431

 

 

463,744

 

 

394,207

 

 

396,487

 

 

367,337

 

Life insurance premium financing*

?

 

 

572,492

 

 

572,492

 

 

564,366

 

 

543,084

 

 

534,092

 

 

517,559

 

Tax credits*

?

 

 

462,168

 

 

462,168

 

 

423,258

 

 

387,968

 

 

382,602

 

 

368,908

 

SBA PPP loans

206,284

 

 

232,675

 

 

438,959

 

 

396,660

 

 

737,660

 

 

698,645

 

 

819,100

 

Residential real estate

226,321

 

 

293,538

 

 

519,859

 

 

302,007

 

 

299,517

 

 

318,091

 

 

321,258

 

Construction and land development

219,600

 

 

432,627

 

 

652,227

 

 

467,586

 

 

438,303

 

 

474,399

 

 

450,225

 

Other

32,547

 

 

227,544

 

 

260,091

 

 

225,227

 

 

201,303

 

 

174,878

 

 

142,086

 

Total Loans

$

1,943,744

 

 

$

7,172,839

 

 

$

9,116,583

 

 

$

7,226,267

 

 

$

7,288,781

 

 

$

7,224,935

 

 

$

6,126,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loan yield

 

 

 

 

4.32

%

 

4.35

%

 

4.35

%

 

4.46

%

 

4.08

%

Variable interest rate loans to total loans

 

 

 

 

63

%

 

57

%

 

56

%

 

57

%

 

50

%

 

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

*Specialty loan category

 

 

 

 

 

 

 

 

 

 

 

 

 

a Amounts reported are as of September 30, 2021 and are separately shown attributable to the FCBP loan portfolio acquired on July 21, 2021, and the Company's pre-FCBP acquisition loan portfolio.

b Excluding PPP and purchase accounting adjustments, FCBP gross loans increased $71.8 million from acquisition on July 21, 2021.

c $1.2 billion is attributable to the Seacoast loan portfolio acquired on November 12, 2020.

Loans totaled $9.1 billion at September 30, 2021, increasing $1.9 billion compared to the linked quarter. The acquisition of FCBP added $1.9 billion of loans, while legacy PPP loans declined $164.0 million. Excluding FCBP and PPP, loans grew $110.6 million, or 6%, on an annualized basis from the linked quarter. The increase was driven by C&I loans ($99.1 million) and a broad-based increase in specialty lending ($65.9 million). SBA loans represent $28.2 million of the increase in specialty lending during the current quarter, primarily driven by the expansion of our SBA lending capabilities following our acquisition of Seacoast in the fourth quarter 2020. Year-over-year, loans increased $3.0 billion, or 48.8%. The year-over-year increase was primarily due to the FCBP and Seacoast acquisitions. For the quarter ended September 30, 2021 average line draw utilization was 38.2% compared to 38.9% and 40.4% for the linked quarter and prior-year quarter, respectively. Line draw usage for third quarter 2021 increased $265 million compared to the linked quarter.

Asset Quality

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

 

Quarter ended

($ in thousands)

September 30,
2021

 

June 30,
2021

 

March 31,
2021

 

December 31,
2020

 

September 30,
2020

Nonperforming loans*

$

41,554

 

 

$

42,252

 

 

$

36,659

 

 

$

38,507

 

 

 

$

39,623

 

Other real estate

3,493

 

 

3,612

 

 

6,164

 

 

5,330

 

 

 

4,835

 

Nonperforming assets*

$

45,047

 

 

$

45,864

 

 

$

42,823

 

 

$

43,837

 

 

 

$

44,458

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans to total loans

0.46

%

 

0.58

%

 

0.50

%

 

0.53

 

%

 

0.65

%

Nonperforming assets to total assets

0.35

%

 

0.44

%

 

0.42

%

 

0.45

 

%

 

0.53

%

Allowance for credit losses to total loans

1.67

%

 

1.77

%

 

1.80

%

 

1.89

 

%

 

2.01

%

Net charge-offs (recoveries)

$

1,850

 

 

$

869

 

 

$

5,647

 

 

$

(612

)

 

 

$

1,027

 

*Excludes government guaranteed balances.

The provision for credit losses was $19.7 million for the third quarter 2021 compared to a benefit of $2.7 million for the linked quarter and a $14.1 million provision for the prior year quarter. A provision for credit losses of $23.9 million was recorded to establish the initial allowance for credit losses on FCBP non-PCD loans, which we refer to as the "CECL double-count" adjustment. An additional $1.4 million provision was recognized to establish the reserve for FCBP's unfunded loan commitments. The provision for credit losses from the FCBP acquisition was offset by a $5.7 million provision benefit on the legacy loan portfolio due to a combination of improving economic forecasts and the Company's stable credit quality.

Gross charge-offs of $4.3 million in the quarter primarily consisted of a loan that had previously defaulted and was fully reserved in a prior period. Net charge-offs to average loans for the third quarter 2021, the linked quarter, and the prior year quarter totaled eight basis points, five basis points and seven basis points, respectively.

Deposits

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

 

Quarter ended

 

September 30, 2021

 

 

 

 

 

 

 

 

($ in thousands)

FCBPa

 

Legacy EFSCa

 

Consolidated

 

June 30, 2021

 

March 31, 2021

 

December 31, 2020b

 

September 30, 2020

Noninterest-bearing accounts

$

1,041,622

 

 

$

3,334,091

 

 

$

4,375,713

 

 

$

3,111,581

 

 

$

2,910,216

 

 

$

2,711,828

 

 

$

1,929,540

 

Interest-bearing transaction accounts

317,301

 

 

1,936,338

 

 

2,253,639

 

 

2,013,129

 

 

1,990,308

 

 

1,768,497

 

 

1,499,756

 

Money market and savings accounts

370,179

 

 

3,201,073

 

 

3,571,252

 

 

3,000,460

 

 

3,093,569

 

 

2,954,969

 

 

2,634,885

 

Brokered certificates of deposit

78,714

 

 

50,209

 

 

128,923

 

 

50,209

 

 

50,209

 

 

50,209

 

 

65,209

 

Other certificates of deposit

51,832

 

 

446,416

 

 

498,248

 

 

464,125

 

 

471,142

 

 

499,886

 

 

546,836

 

Total deposit portfolio

$

1,859,648

 

 

$

8,968,127

 

 

$

10,827,775

 

 

$

8,639,504

 

 

$

8,515,444

 

 

$

7,985,389

 

 

$

6,676,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits to total deposits

56.0

%

 

37.2

%

 

40.4

%

 

36.0

%

 

34.2

%

 

34.0

%

 

28.9

%

aAmounts reported are as of September 30, 2021 and are shown separately attributable to the FCBP deposit portfolio acquired on July 21, 2021, and the Company's pre-FCBP acquisition deposit portfolio.

b $1.1 billion is attributable to the Seacoast deposit portfolio acquired on November 12, 2020.

Total deposits at September 30, 2021 were $10.8 billion, an increase of $2.2 billion from June 30, 2021, and an increase of $4.2 billion from September 30, 2020. The increase from the linked quarter was primarily due to the FCBP acquisition, and the year-over-year increase was primarily due to the FCBP and Seacoast acquisitions.

Core deposits, defined as total deposits excluding certificates of deposits, were $10.2 billion at September 30, 2021, an increase of $2.1 billion from the linked quarter. FCBP core deposits were $1.7 billion at September 30, 2021. The Company's participation in PPP, the low rate environment and high personal savings rate continues to contribute to the increase in deposits. Noninterest-bearing deposits were $4.4 billion at September 30, 2021, or 40.4% of total deposits. Specialty deposits increased $449.7 million over the linked quarter to $1.9 billion primarily attributable to community associations, third party escrow and FCBP deposit specialties. The total cost of deposits was 0.11% for the current quarter compared to 0.12% and 0.22% for the linked quarter and prior year quarter, respectively.

Noninterest Income

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

 

Linked quarter comparison

 

Prior year comparison

 

Quarter ended

 

Quarter ended

($ in thousands)

September 30, 2021

 

June 30, 2021

 

Increase (decrease)

 

September 30, 2020

 

Increase (decrease)

Deposit service charges

$

4,520

 

 

$

3,862

 

 

$

658

 

 

17

%

 

$

2,798

 

 

$

1,722

 

 

62

%

Wealth management revenue

2,573

 

 

2,516

 

 

57

 

 

2

%

 

2,456

 

 

117

 

 

5

%

Card services revenue

3,186

 

 

2,975

 

 

211

 

 

7

%

 

2,498

 

 

688

 

 

28

%

Tax credit income

3,325

 

 

1,370

 

 

1,955

 

 

143

%

 

748

 

 

2,577

 

 

345

%

Miscellaneous income

4,015

 

 

5,481

 

 

(1,466)

 

 

(27)

%

 

4,129

 

 

(114)

 

 

(3)

%

Total noninterest income

$

17,619

 

 

$

16,204

 

 

$

1,415

 

 

9

%

 

$

12,629

 

 

$

4,990

 

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest income for the third quarter 2021 was $17.6 million, an increase of $1.4 million from the linked quarter and an increase of $5.0 million from the prior year quarter. The increase from the linked quarter was primarily due to tax credit income and deposit service charges, partially offset by a decline in miscellaneous income from a private equity fund distribution received in the second quarter. The increase from the prior year quarter was broad-based, reflecting higher volumes in tax credit activity, card services, wealth management and deposit service charges. FCBP noninterest income totaled $1.4 million in the third quarter, primarily in deposit service charges and servicing fees.

Noninterest Expenses

Noninterest expense was $76.9 million for the third quarter 2021, compared to $52.5 million for the linked quarter, and $39.5 million for the prior year quarter. The increase from the linked quarter was primarily due to merger-related expenses of $14.7 million (an increase of $12.7 million from the linked quarter), FCBP noninterest expense of $7.0 million, and branch closure expenses of $3.4 million.

For the third quarter 2021, the Company's efficiency ratio was 66.9% compared to 53.6% and 52.0% for the linked quarter and prior year quarter, respectively. The Company's core efficiency ratio4 improved to 51.3% for the quarter ended September 30, 2021, compared to 51.9% for the linked quarter and 51.0% for the prior year quarter.

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

Income Taxes

The Company's effective tax rate was 24% for the quarter ended September 30, 2021, compared to 20% for both the linked quarter and the prior year quarter. The increase reflects the impact of non-deductible merger expenses and an increase in state taxes that increased the effective tax rate approximately 3% in the current quarter.

Capital

The following table presents various EFSC capital ratios:

 

Quarter ended

Percent

September 30, 2021

 

June 30, 2021

 

March 31, 2021

 

December 31, 2020

 

September 30, 2020

Total risk-based capital to risk-weighted assets

14.5

%

 

14.9

%

 

15.1

%

 

14.9

%

 

14.6

%

Tier 1 capital to risk weighted assets

12.2

%

 

12.3

%

 

12.3

%

 

12.1

%

 

11.6

%

Common equity tier 1 capital to risk-weighted assets

11.2

%

 

11.1

%

 

11.0

%

 

10.9

%

 

10.2

%

Tangible common equity to tangible assets

8.4

%

 

8.3

%

 

8.2

%

 

8.4

%

 

8.0

%

Total equity was $1.4 billion at September 30, 2021, an increase of $320.9 million from the linked quarter. The Company issued 7.8 million shares to FCBP shareholders as merger consideration totaling $343.7 million based on the closing stock price of the Company's common stock on July 21, 2021, and repurchased $21.2 million of common stock in the third quarter 2021. The Company's regulatory capital ratios continue to exceed the "well-capitalized" regulatory benchmark. Capital ratios for the current quarter are subject to, among other things, completion and filing of the Company's regulatory reports and ongoing regulatory review.

Use of Non-GAAP Financial Measures

The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States ("GAAP") and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, PPNR ROAA, financial metrics adjusted for PPP impact, core efficiency ratio, and the tangible common equity ratio, in this release that are considered "non-GAAP financial measures." Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

The Company considers its tangible common equity, PPNR, PPNR ROAA, financial metrics adjusted for PPP impact, core efficiency ratio, and the tangible common equity ratio, collectively "core performance measures," presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company's operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as merger-related expenses, facilities charges, and the gain or loss on sale of investment securities, the Company believes to be not indicative of or useful to measure the Company's operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity ratio provides useful information to investors about the Company's capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

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

Conference Call and Webcast Information

The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, October 26, 2021. During the call, management will review the third quarter of 2021 results and related matters. This press release as well as a related slide presentation will be accessible on the Company's website at www.enterprisebank.com under "Investor Relations" prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-377-9510 (Conference ID #7088056). A recorded replay of the conference call will be available on the website approximately two hours after the call's completion. Visit https://bit.ly/EFSC3Q2021 and register to receive a dial in number, passcode, and pin number. The replay will be available for approximately two weeks following the conference call.

About Enterprise Financial Services Corp

Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $12.9 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, 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 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, yields and returns, loan diversification and credit management, shareholder value creation and the impact of the FCBP acquisition and other acquisitions.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. Factors that could cause or contribute to such differences include, but are not limited to, the Company's ability to efficiently integrate acquisitions, including the FCBP acquisition, 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 conditions, risks associated with rapid increases or decreases in prevailing interest rates, 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 regulatory requirements, changes in accounting policies and practices or accounting standards, uncertainty regarding the future of LIBOR, natural disasters, war or terrorist activities, or pandemics, or the outbreak of COVID-19 or similar outbreaks, and their effects on economic and business environments in which we operate, and those factors and risks referenced from time to time in EFSC's filings with the SEC, including in the Company's Annual Reports on Form 10-K for the fiscal year ended December 31, 2020, and the Company's other filings with the SEC. 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.

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,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

 

Sep 30,
2021

 

Sep 30,
2020

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

97,273

 

 

$

81,738

 

 

 

$

79,123

 

 

$

77,446

 

 

$

63,354

 

 

$

258,134

 

 

$

192,555

 

Provision (benefit) for credit losses

19,668

 

 

(2,669

)

 

 

46

 

 

9,463

 

 

14,080

 

 

17,045

 

 

55,935

 

Noninterest income

17,619

 

 

16,204

 

 

 

11,290

 

 

18,506

 

 

12,629

 

 

45,113

 

 

35,997

 

Noninterest expense

76,885

 

 

52,456

 

 

 

52,884

 

 

51,050

 

 

39,524

 

 

182,225

 

 

116,109

 

Income before income tax expense

18,339

 

 

48,155

 

 

 

37,483

 

 

35,439

 

 

22,379

 

 

103,977

 

 

56,508

 

Income tax expense

4,426

 

 

9,750

 

 

 

7,557

 

 

6,508

 

 

4,428

 

 

21,733

 

 

11,055

 

Net income

$

13,913

 

 

$

38,405

 

 

 

$

29,926

 

 

$

28,931

 

 

$

17,951

 

 

$

82,244

 

 

$

45,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

0.38

 

 

$

1.23

 

 

 

$

0.96

 

 

$

1.00

 

 

$

0.68

 

 

$

2.48

 

 

$

1.73

 

Return on average assets

0.45

%

 

1.50

 

%

 

1.22

%

 

1.26

%

 

0.86

%

 

1.01

%

 

0.76

%

Return on average common equity

3.96

%

 

13.79

 

%

 

11.07

%

 

11.60

%

 

8.06

%

 

9.14

%

 

6.96

%

Return on average tangible common equity

5.37

%

 

18.44

 

%

 

14.92

%

 

15.73

%

 

10.94

%

 

12.31

%

 

9.51

%

Net interest margin (tax equivalent)

3.40

%

 

3.46

 

%

 

3.50

%

 

3.66

%

 

3.29

%

 

3.45

%

 

3.52

%

Efficiency ratio

66.92

%

 

53.56

 

%

 

58.49

%

 

53.20

%

 

52.02

%

 

60.09

%

 

50.80

%

Core efficiency ratio1

51.30

%

 

51.86

 

%

 

55.02

%

 

50.93

%

 

51.04

%

 

52.59

%

 

50.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

$

9,116,583

 

 

$

7,226,267

 

 

 

$

7,288,781

 

 

$

7,224,935

 

 

$

6,126,307

 

 

 

 

 

Total average loans

$

8,666,353

 

 

$

7,306,471

 

 

 

$

7,192,776

 

 

$

6,780,701

 

 

$

6,112,715

 

 

$

7,727,265

 

 

$

5,833,369

 

Total assets

$

12,888,016

 

 

$

10,346,993

 

 

 

$

10,190,699

 

 

$

9,751,571

 

 

$

8,367,976

 

 

 

 

 

Total average assets

$

12,334,558

 

 

$

10,281,344

 

 

 

$

9,940,052

 

 

$

9,141,159

 

 

$

8,341,968

 

 

$

10,860,756

 

 

$

7,956,006

 

Total deposits

$

10,827,775

 

 

$

8,639,504

 

 

 

$

8,515,444

 

 

$

7,985,389

 

 

$

6,676,226

 

 

 

 

 

Total average deposits

$

10,297,153

 

 

$

8,580,211

 

 

 

$

8,207,379

 

 

$

7,311,074

 

 

$

6,666,368

 

 

$

9,035,902

 

 

$

6,353,087

 

Period end common shares outstanding

38,372

 

 

31,185

 

 

 

31,259

 

 

31,210

 

 

26,210

 

 

 

 

 

Dividends per common share

$

0.19

 

 

$

0.18

 

 

 

$

0.18

 

 

$

0.18

 

 

$

0.18

 

 

$

0.55

 

 

$

0.54

 

Tangible book value per common share

$

27.38

 

 

$

26.85

 

 

 

$

25.92

 

 

$

25.48

 

 

$

24.80

 

 

 

 

 

Tangible common equity to tangible assets1

8.40

%

 

8.32

 

%

 

8.18

%

 

8.40

%

 

7.99

%

 

 

 

 

Total risk-based capital to risk-weighted assets

14.5

%

 

14.9

 

%

 

15.1

%

 

14.9

%

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

Quarter ended

 

Nine months ended

($ in thousands, except per share data)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

 

Sep 30,
2021

 

Sep 30,
2020

INCOME STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

$

103,228

 

 

$

87,401

 

 

 

$

84,960

 

 

 

$

84,113

 

 

$

70,787

 

 

$

275,589

 

 

$

220,666

 

Total interest expense

5,955

 

 

5,663

 

 

 

5,837

 

 

 

6,667

 

 

7,433

 

 

17,455

 

 

28,111

 

Net interest income

97,273

 

 

81,738

 

 

 

79,123

 

 

 

77,446

 

 

63,354

 

 

258,134

 

 

192,555

 

Provision (benefit) for credit losses

19,668

 

 

(2,669

)

 

 

46

 

 

 

9,463

 

 

14,080

 

 

17,045

 

 

55,935

 

Net interest income after provision for credit losses

77,605

 

 

84,407

 

 

 

79,077

 

 

 

67,983

 

 

49,274

 

 

241,089

 

 

136,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

4,520

 

 

3,862

 

 

 

3,084

 

 

 

3,160

 

 

2,798

 

 

11,466

 

 

8,557

 

Wealth management revenue

2,573

 

 

2,516

 

 

 

2,483

 

 

 

2,449

 

 

2,456

 

 

7,572

 

 

7,283

 

Card services revenue

3,186

 

 

2,975

 

 

 

2,496

 

 

 

2,511

 

 

2,498

 

 

8,657

 

 

6,970

 

Tax credit income (expense)

3,325

 

 

1,370

 

 

 

(1,041

)

 

 

4,048

 

 

748

 

 

3,654

 

 

2,563

 

Other income

4,015

 

 

5,481

 

 

 

4,268

 

 

 

6,338

 

 

4,129

 

 

13,764

 

 

10,624

 

Total noninterest income

17,619

 

 

16,204

 

 

 

11,290

 

 

 

18,506

 

 

12,629

 

 

45,113

 

 

35,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

33,722

 

 

28,132

 

 

 

29,562

 

 

 

26,174

 

 

22,040

 

 

91,416

 

 

66,114

 

Occupancy

4,496

 

 

3,529

 

 

 

3,751

 

 

 

3,517

 

 

3,408

 

 

11,776

 

 

9,940

 

Branch closure expenses

3,441

 

 

?

 

 

 

?

 

 

 

?

 

 

?

 

 

3,441

 

 

?

 

Merger-related expenses

14,671

 

 

1,949

 

 

 

3,142

 

 

 

2,611

 

 

1,563

 

 

19,762

 

 

1,563

 

Other

17,114

 

 

18,846

 

 

 

16,429

 

 

 

18,748

 

 

12,513

 

 

52,389

 

 

38,492

 

Total noninterest expense

76,885

 

 

52,456

 

 

 

52,884

 

 

 

51,050

 

 

39,524

 

 

182,225

 

 

116,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

18,339

 

 

48,155

 

 

 

37,483

 

 

 

35,439

 

 

22,379

 

 

103,977

 

 

56,508

 

Income tax expense

4,426

 

 

9,750

 

 

 

7,557

 

 

 

6,508

 

 

4,428

 

 

21,733

 

 

11,055

 

Net income

$

13,913

 

 

$

38,405

 

 

 

$

29,926

 

 

 

$

28,931

 

 

$

17,951

 

 

$

82,244

 

 

$

45,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.38

 

 

$

1.23

 

 

 

$

0.96

 

 

 

$

1.00

 

 

$

0.68

 

 

$

2.48

 

 

$

1.73

 

Diluted earnings per share

$

0.38

 

 

$

1.23

 

 

 

$

0.96

 

 

 

$

1.00

 

 

$

0.68

 

 

$

2.48

 

 

$

1.73

 

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

Quarter ended

($ in thousands)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

179,826

 

 

 

$

126,789

 

 

 

$

103,367

 

 

 

$

99,760

 

 

 

$

98,816

 

 

Interest-earning deposits

1,216,470

 

 

 

889,960

 

 

 

788,464

 

 

 

445,569

 

 

 

301,773

 

 

Debt and equity investments

1,717,442

 

 

 

1,585,847

 

 

 

1,463,818

 

 

 

1,448,803

 

 

 

1,375,931

 

 

Loans held for sale

5,068

 

 

 

5,763

 

 

 

8,531

 

 

 

13,564

 

 

 

14,032

 

 

 

 

 

 

 

 

 

 

 

 

Loans

9,116,583

 

 

 

7,226,267

 

 

 

7,288,781

 

 

 

7,224,935

 

 

 

6,126,307

 

 

Allowance for credit losses

(152,096

)

 

 

(128,185

)

 

 

(131,527

)

 

 

(136,671

)

 

 

(123,270

)

 

Total loans, net

8,964,487

 

 

 

7,098,082

 

 

 

7,157,254

 

 

 

7,088,264

 

 

 

6,003,037

 

 

 

 

 

 

 

 

 

 

 

 

Fixed assets, net

48,697

 

 

 

50,972

 

 

 

52,078

 

 

 

53,169

 

 

 

56,807

 

 

Goodwill

365,415

 

 

 

260,567

 

 

 

260,567

 

 

 

260,567

 

 

 

210,344

 

 

Intangible assets, net

23,777

 

 

 

20,358

 

 

 

21,670

 

 

 

23,084

 

 

 

21,820

 

 

Other assets

366,834

 

 

 

308,655

 

 

 

334,950

 

 

 

318,791

 

 

 

285,416

 

 

Total assets

$

12,888,016

 

 

 

$

10,346,993

 

 

 

$

10,190,699

 

 

 

$

9,751,571

 

 

 

$

8,367,976

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

4,375,713

 

 

 

$

3,111,581

 

 

 

$

2,910,216

 

 

 

$

2,711,828

 

 

 

$

1,929,540

 

 

Interest-bearing deposits

6,452,062

 

 

 

5,527,923

 

 

 

5,605,228

 

 

 

5,273,561

 

 

 

4,746,686

 

 

Total deposits

10,827,775

 

 

 

8,639,504

 

 

 

8,515,444

 

 

 

7,985,389

 

 

 

6,676,226

 

 

Subordinated debentures

204,103

 

 

 

203,940

 

 

 

203,778

 

 

 

203,637

 

 

 

203,510

 

 

FHLB advances

50,000

 

 

 

50,000

 

 

 

50,000

 

 

 

50,000

 

 

 

250,000

 

 

Federal funds purchased

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

Other borrowings

243,770

 

 

 

234,509

 

 

 

229,389

 

 

 

301,081

 

 

 

239,038

 

 

Other liabilities

122,733

 

 

 

100,739

 

 

 

99,591

 

 

 

132,489

 

 

 

116,935

 

 

Total liabilities

11,448,381

 

 

 

9,228,692

 

 

 

9,098,202

 

 

 

8,672,596

 

 

 

7,485,709

 

 

Shareholders' equity

1,439,635

 

 

 

1,118,301

 

 

 

1,092,497

 

 

 

1,078,975

 

 

 

882,267

 

 

Total liabilities and shareholders' equity

$

12,888,016

 

 

 

$

10,346,993

 

 

 

$

10,190,699

 

 

 

$

9,751,571

 

 

 

$

8,367,976

 

 

 

Nine months ended

 

September 30, 2021

 

September 30, 2020

($ in thousands)

Average

Balance

 

Interest

Income/

Expense

 

Average Yield/ Rate

 

Average

Balance

 

Interest

Income/

Expense

 

Average Yield/ Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

Loans*

$

7,727,264

 

 

$

250,699

 

 

4.34

%

 

$

5,833,368

 

 

$

194,630

 

 

4.46

%

Debt and equity investments*

1,505,592

 

 

27,626

 

 

2.45

 

 

1,356,796

 

 

27,688

 

 

2.73

 

Short-term investments

914,954

 

 

906

 

 

0.13

 

 

188,849

 

 

500

 

 

0.35

 

Total interest-earning assets

10,147,810

 

 

279,231

 

 

3.68

 

 

7,379,013

 

 

222,818

 

 

4.03

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets

712,946

 

 

 

 

 

 

576,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

10,860,756

 

 

 

 

 

 

$

7,956,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing transaction accounts

$

2,035,029

 

 

$

1,123

 

 

0.07

%

 

$

1,464,144

 

 

$

1,836

 

 

0.17

%

Money market accounts

2,458,146

 

 

3,257

 

 

0.18

 

 

1,911,584

 

 

6,738

 

 

0.47

 

Savings

707,269

 

 

160

 

 

0.03

 

 

579,619

 

 

233

 

 

0.05

 

Certificates of deposit

555,045

 

 

3,329

 

 

0.80

 

 

713,633

 

 

9,176

 

 

1.72

 

Total interest-bearing deposits

5,755,489

 

 

7,869

 

 

0.18

 

 

4,668,980

 

 

17,983

 

 

0.51

 

Subordinated debentures

203,853

 

 

8,521

 

 

5.59

 

 

171,465

 

 

7,061

 

 

5.50

 

FHLB advances

63,297

 

 

603

 

 

1.27

 

 

240,596

 

 

2,070

 

 

1.15

 

Securities sold under agreements to repurchase

218,942

 

 

176

 

 

0.11

 

 

197,776

 

 

479

 

 

0.32

 

Other borrowed funds

27,154

 

 

285

 

 

1.40

 

 

32,836

 

 

518

 

 

2.11

 

Total interest-bearing liabilities

6,268,735

 

 

17,454

 

 

0.37

 

 

5,311,653

 

 

28,111

 

 

0.71

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

3,280,414

 

 

 

 

 

 

1,684,107

 

 

 

 

 

Other liabilities

108,001

 

 

 

 

 

 

87,302

 

 

 

 

 

Total liabilities

9,657,150

 

 

 

 

 

 

7,083,062

 

 

 

 

 

Shareholders' equity

1,203,606

 

 

 

 

 

 

872,944

 

 

 

 

 

Total liabilities and shareholders' equity

$

10,860,756

 

 

 

 

 

 

$

7,956,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net interest income

 

 

$

261,777

 

 

 

 

 

 

$

197,934

 

 

 

Net interest margin

 

 

 

 

3.45

%

 

 

 

 

 

3.52

%

* Non-taxable income is presented on a tax-equivalent basis using a 24.9% and 24.7% tax rate in 2021 and 2020, respectively. The tax-equivalent adjustments were $3.6 million and $2.2 million for the nine months ended September 30, 2021 and 2020, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

Quarter ended

($ in thousands)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

LOAN PORTFOLIO

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

3,379,171

 

 

$

2,930,805

 

 

$

3,079,643

 

 

$

3,088,995

 

 

$

3,152,394

 

Commercial real estate

4,179,712

 

 

3,200,748

 

 

3,186,970

 

 

3,087,827

 

 

2,027,886

 

Construction real estate

747,758

 

 

556,776

 

 

510,501

 

 

546,686

 

 

474,727

 

Residential real estate

542,690

 

 

305,497

 

 

303,047

 

 

319,179

 

 

321,792

 

Other

267,252

 

 

232,441

 

 

208,620

 

 

182,248

 

 

149,508

 

Total loans

$

9,116,583

 

 

$

7,226,267

 

 

$

7,288,781

 

 

$

7,224,935

 

 

$

6,126,307

 

 

 

 

 

 

 

 

 

 

 

DEPOSIT PORTFOLIO

 

 

 

 

 

 

 

 

 

Noninterest-bearing accounts

$

4,375,713

 

 

$

3,111,581

 

 

$

2,910,216

 

 

$

2,711,828

 

 

$

1,929,540

 

Interest-bearing transaction accounts

2,253,639

 

 

2,013,129

 

 

1,990,308

 

 

1,768,497

 

 

1,499,756

 

Money market and savings accounts

3,571,252

 

 

3,000,460

 

 

3,093,569

 

 

2,954,969

 

 

2,634,885

 

Brokered certificates of deposit

128,923

 

 

50,209

 

 

50,209

 

 

50,209

 

 

65,209

 

Other certificates of deposit

498,248

 

 

464,125

 

 

471,142

 

 

499,886

 

 

546,836

 

Total deposit portfolio

$

10,827,775

 

 

$

8,639,504

 

 

$

8,515,444

 

 

$

7,985,389

 

 

$

6,676,226

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

Total loans

$

8,666,353

 

 

$

7,306,471

 

 

$

7,192,776

 

 

$

6,780,701

 

 

$

6,112,715

 

Debt and equity investments

1,594,938

 

 

1,502,582

 

 

1,417,305

 

 

1,395,806

 

 

1,361,515

 

Interest-earning assets

11,513,279

 

 

9,615,981

 

 

9,289,741

 

 

8,524,136

 

 

7,770,084

 

Total assets

12,334,558

 

 

10,281,344

 

 

9,940,052

 

 

9,141,159

 

 

8,341,968

 

Deposits

10,297,153

 

 

8,580,211

 

 

8,207,379

 

 

7,311,074

 

 

6,666,368

 

Shareholders' equity

1,394,096

 

 

1,116,969

 

 

1,096,481

 

 

992,017

 

 

885,496

 

Tangible common equity1

1,028,001

 

 

835,405

 

 

813,568

 

 

731,813

 

 

652,663

 

 

 

 

 

 

 

 

 

 

 

YIELDS (tax equivalent)

 

 

 

 

 

 

 

 

 

Total loans

4.32

%

 

4.35

%

 

4.35

%

 

4.46

%

 

4.08

%

Debt and equity investments

2.38

 

 

2.46

 

 

2.52

 

 

2.56

 

 

2.56

 

Interest-earning assets

3.60

 

 

3.70

 

 

3.76

 

 

3.97

 

 

3.67

 

Interest-bearing deposits

0.17

 

 

0.18

 

 

0.20

 

 

0.25

 

 

0.31

 

Total deposits

0.11

 

 

0.12

 

 

0.13

 

 

0.17

 

 

0.22

 

Subordinated debentures

5.55

 

 

5.60

 

 

5.61

 

 

5.52

 

 

5.53

 

FHLB advances and other borrowed funds

0.43

 

 

0.49

 

 

0.46

 

 

0.61

 

 

0.74

 

Interest-bearing liabilities

0.35

 

 

0.37

 

 

0.40

 

 

0.47

 

 

0.54

 

Net interest margin

3.40

 

 

3.46

 

 

3.50

 

 

3.66

 

 

3.29

 

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

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

Quarter ended

(in thousands, except per share data)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

ASSET QUALITY

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

1,850

 

 

$

869

 

 

$

5,647

 

 

$

(612

)

 

 

$

1,027

 

Nonperforming loans

41,554

 

 

42,252

 

 

36,659

 

 

38,507

 

 

 

39,623

 

Classified assets

104,220

 

 

100,063

 

 

114,713

 

 

123,808

 

 

 

84,710

 

Nonperforming loans to total loans

0.46

%

 

0.58

%

 

0.50

%

 

0.53

 

%

 

0.65

%

Nonperforming assets to total assets

0.35

%

 

0.44

%

 

0.42

%

 

0.45

 

%

 

0.53

%

Allowance for credit losses to total loans

1.67

%

 

1.77

%

 

1.80

%

 

1.89

 

%

 

2.01

%

Allowance for credit losses to nonperforming loans

366.0

%

 

303.4

%

 

358.8

%

 

354.9

 

%

 

311.1

%

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

0.08

%

 

0.05

%

 

0.32

%

 

(0.04

)

%

 

0.07

%

 

 

 

 

 

 

 

 

 

 

WEALTH MANAGEMENT

 

 

 

 

 

 

 

 

 

Trust assets under management

$

2,017,178

 

 

$

1,945,293

 

 

$

1,809,001

 

 

$

1,783,089

 

 

 

$

1,641,980

 

Trust assets under administration

2,486,152

 

 

2,487,545

 

 

2,427,448

 

 

2,504,318

 

 

 

2,433,026

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

Book value per common share

$

37.52

 

 

$

35.86

 

 

$

34.95

 

 

$

34.57

 

 

 

$

33.66

 

Tangible book value per common share1

$

27.38

 

 

$

26.85

 

 

$

25.92

 

 

$

25.48

 

 

 

$

24.80

 

Market value per share

$

45.28

 

 

$

46.39

 

 

$

49.44

 

 

$

34.95

 

 

 

$

27.27

 

Period end common shares outstanding

38,372

 

 

31,185

 

 

31,259

 

 

31,210

 

 

 

26,210

 

Average basic common shares

36,878

 

 

31,265

 

 

31,247

 

 

28,929

 

 

 

26,217

 

Average diluted common shares

36,946

 

 

31,312

 

 

31,306

 

 

28,968

 

 

 

26,228

 

 

 

 

 

 

 

 

 

 

 

CAPITAL

 

 

 

 

 

 

 

 

 

Total risk-based capital to risk-weighted assets

14.5

%

 

14.9

%

 

15.1

%

 

14.9

 

%

 

14.6

%

Tier 1 capital to risk-weighted assets

12.2

%

 

12.3

%

 

12.3

%

 

12.1

 

%

 

11.6

%

Common equity tier 1 capital to risk-weighted assets

11.2

%

 

11.1

%

 

11.0

%

 

10.9

 

%

 

10.2

%

Tangible common equity to tangible assets1

8.4

%

 

8.3

%

 

8.2

%

 

8.4

 

%

 

8.0

%

 

 

 

 

 

 

 

 

 

 

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

ENTERPRISE FINANCIAL SERVICES CORP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

 

 

Quarter ended

 

Nine months ended

($ in thousands)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

 

Sep 30,
2021

 

Sep 30,
2020

CORE PERFORMANCE MEASURES

 

 

 

 

Net interest income

$

97,273

 

 

$

81,738

 

 

$

79,123

 

 

$

77,446

 

 

$

63,354

 

 

$

258,134

 

 

$

192,555

 

Less: Incremental accretion income

?

 

 

?

 

 

?

 

 

856

 

 

1,235

 

 

?

 

 

3,227

 

Core net interest income

97,273

 

 

81,738

 

 

79,123

 

 

76,590

 

 

62,119

 

 

258,134

 

 

189,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest income

17,619

 

 

16,204

 

 

11,290

 

 

18,506

 

 

12,629

 

 

45,113

 

 

35,997

 

Less: Gain on sale of investment securities

?

 

 

?

 

 

?

 

 

?

 

 

417

 

 

?

 

 

421

 

Less: Gain on sale of other real estate owned

335

 

 

549

 

 

?

 

 

?

 

 

?

 

 

884

 

 

?

 

Less: Other non-core income

?

 

 

?

 

 

?

 

 

?

 

 

?

 

 

?

 

 

265

 

Core noninterest income

17,284

 

 

15,655

 

 

11,290

 

 

18,506

 

 

12,212

 

 

44,229

 

 

35,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total core revenue

114,557

 

 

97,393

 

 

90,413

 

 

95,096

 

 

74,331

 

 

302,363

 

 

224,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest expense

76,885

 

 

52,456

 

 

52,884

 

 

51,050

 

 

39,524

 

 

182,225

 

 

116,109

 

Less: Other expenses related to non-core acquired loans

?

 

 

?

 

 

?

 

 

8

 

 

25

 

 

?

 

 

49

 

Less: Branch closure expenses

3,441

 

 

?

 

 

?

 

 

?

 

 

?

 

 

3,441

 

 

?

 

Less: Merger-related expenses

14,671

 

 

1,949

 

 

3,142

 

 

2,611

 

 

1,563

 

 

19,762

 

 

1,563

 

Core noninterest expense

58,773

 

 

50,507

 

 

49,742

 

 

48,431

 

 

37,936

 

 

159,022

 

 

114,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core efficiency ratio

51.30

%

 

51.86

%

 

55.02

%

 

50.93

%

 

51.04

%

 

52.59

%

 

50.97

%

 

Quarter ended

($ in thousands)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

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

Shareholders' equity

$

1,439,635

 

 

$

1,118,301

 

 

$

1,092,497

 

 

$

1,078,975

 

 

$

882,267

 

Less: Goodwill

365,415

 

 

260,567

 

 

260,567

 

 

260,567

 

 

210,344

 

Less: Intangible assets

23,777

 

 

20,358

 

 

21,670

 

 

23,084

 

 

21,820

 

Tangible common equity

$

1,050,443

 

 

$

837,376

 

 

$

810,260

 

 

$

795,324

 

 

$

650,103

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

12,888,016

 

 

$

10,346,993

 

 

$

10,190,699

 

 

$

9,751,571

 

 

$

8,367,976

 

Less: Goodwill

365,415

 

 

260,567

 

 

260,567

 

 

260,567

 

 

210,344

 

Less: Intangible assets

23,777

 

 

20,358

 

 

21,670

 

 

23,084

 

 

21,820

 

Tangible assets

$

12,498,824

 

 

$

10,066,068

 

 

$

9,908,462

 

 

$

9,467,920

 

 

$

8,135,812

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets

8.40

%

 

8.32

%

 

8.18

%

 

8.40

%

 

7.99

%

 

Quarter Ended

($ in thousands)

Sep 30,
2021

 

Jun 30,
2021

 

Sep 30,
2020

AVERAGE SHAREHOLDERS' EQUITY AND AVERAGE TANGIBLE COMMON EQUITY

Average shareholder's equity

$

1,394,096

 

 

$

1,116,969

 

 

$

885,496

 

Less average goodwill

342,622

 

 

260,567

 

 

210,344

 

Less average intangible assets

23,473

 

 

20,997

 

 

22,489

 

Average tangible common equity

$

1,028,001

 

 

$

835,405

 

 

$

652,663

 

 

 

 

 

 

 

Quarter Ended

($ in thousands)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

CALCULATION OF PRE-PROVISION NET REVENUE

Net interest income

$

97,273

 

 

$

81,738

 

 

$

79,123

 

 

$

77,446

 

 

$

63,354

 

Noninterest income

17,619

 

 

16,204

 

 

11,290

 

 

18,506

 

 

12,629

 

Less: Noninterest expense

76,885

 

 

52,456

 

 

52,884

 

 

51,050

 

 

39,524

 

Branch closure expenses

3,441

 

 

?

 

 

?

 

 

?

 

 

?

 

Merger-related expenses

14,671

 

 

1,949

 

 

3,142

 

 

2,611

 

 

1,563

 

PPNR

$

56,119

 

 

$

47,435

 

 

$

40,671

 

 

$

47,513

 

 

$

38,022

 

 

 

 

 

 

 

 

 

 

 

Average assets

$

12,334,558

 

 

$

10,281,344

 

 

$

9,940,052

 

 

$

9,141,159

 

 

$

8,341,968

 

ROAA - GAAP net income

0.45

%

 

1.50

%

 

1.22

%

 

1.26

%

 

0.86

%

PPNR ROAA - PPNR

1.81

%

 

1.85

%

 

1.66

%

 

2.07

%

 

1.81

%

 

Quarter Ended

($ in thousands)

Sep 30,
2021

CALCULATION OF ADJUSTED FINANCIAL METRICS

Net income - GAAP

$

13,913

 

 

Branch closure expenses

3,441

 

 

FCBP CECL double count

25,353

 

 

Merger-related expenses

14,671

 

 

Related tax effect

(10,340

)

 

Adjusted Net income

$

47,038

 

 

 

 

EPS - GAAP net income

$

0.38

 

 

EPS - Adjusted net income

$

1.27

 

 

 

 

Average assets

$

12,334,558

 

 

ROAA - GAAP net income

0.45

 

%

ROAA - Adjusted net income

1.51

 

%

 

 

Average tangible common equity

$

1,028,001

 

 

ROATCE - GAAP net income

5.37

 

%

ROATCE - Adjusted net income

18.15

 

%

 

Quarter Ended

($ in thousands, except per share data)

Sep 30,
2021

 

Jun 30,
2021

 

Mar 31,
2021

 

Dec 31,
2020

 

Sep 30,
2020

IMPACT OF PAYCHECK PROTECTION PROGRAM

Net income - GAAP

$

13,913

 

 

 

$

38,405

 

 

 

$

29,926

 

 

 

$

28,931

 

 

 

$

17,951

 

 

PPP interest and fee income

(6,048

)

 

 

(7,940

)

 

 

(8,475

)

 

 

(10,261

)

 

 

(5,226

)

 

Related tax effect

1,506

 

 

 

1,977

 

 

 

2,110

 

 

 

2,534

 

 

 

1,291

 

 

Adjusted net income - Non-GAAP

$

9,371

 

 

 

$

32,442

 

 

 

$

23,561

 

 

 

$

21,204

 

 

 

$

14,016

 

 

 

 

 

 

 

 

 

 

 

 

Average diluted common shares

36,946

 

 

 

31,312

 

 

 

31,303

 

 

 

28,968

 

 

 

26,228

 

 

EPS - GAAP net income

$

0.38

 

 

 

$

1.23

 

 

 

$

0.96

 

 

 

$

1.00

 

 

 

$

0.68

 

 

EPS - Adjusted net income

$

0.25

 

 

 

$

1.04

 

 

 

$

0.75

 

 

 

$

0.73

 

 

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

Average assets - GAAP

$

12,334,558

 

 

 

$

10,281,344

 

 

 

$

9,940,052

 

 

 

$

9,141,159

 

 

 

$

8,341,968

 

 

Average PPP loans, net

(489,104

)

 

 

(664,375

)

 

 

(692,161

)

 

 

(806,697

)

 

 

(813,244

)

 

Adjusted average assets - Non-GAAP

$

11,845,454

 

 

 

$

9,616,969

 

 

 

$

9,247,891

 

 

 

$

8,334,462

 

 

 

$

7,528,724

 

 

 

 

 

 

 

 

 

 

 

 

ROAA - GAAP net income

0.45

 

%

 

1.50

 

%

 

1.22

 

%

 

1.26

 

%

 

0.86

 

%

ROAA - Adjusted net income, adjusted average assets

0.31

 

%

 

1.35

 

%

 

1.03

 

%

 

1.01

 

%

 

0.74

 

%

 

 

 

 

 

 

 

 

 

 

PPNR - Non-GAAP (see reconciliation above)

$

56,119

 

 

 

$

47,435

 

 

 

$

40,671

 

 

 

$

47,513

 

 

 

$

38,022

 

 

PPP interest and fee income

(6,048

)

 

 

(7,940

)

 

 

(8,475

)

 

 

(10,261

)

 

 

(5,226

)

 

Adjusted PPNR - Non-GAAP

$

50,071

 

 

 

$

39,495

 

 

 

$

32,196

 

 

 

$

37,252

 

 

 

$

32,796

 

 

 

 

 

 

 

 

 

 

 

 

PPNR ROAA - PPNR

1.81

 

%

 

1.85

 

%

 

1.66

 

%

 

2.07

 

%

 

1.81

 

%

PPNR ROAA - adjusted PPNR, adjusted average assets

1.68

 

%

 

1.65

 

%

 

1.41

 

%

 

1.78

 

%

 

1.73

 

%

 

 

 

 

 

 

 

 

 

 

Tangible assets - Non-GAAP (see reconciliation above)

$

12,498,824

 

 

 

$

10,066,068

 

 

 

$

9,908,462

 

 

 

$

9,467,920

 

 

 

$

8,135,812

 

 

PPP loans outstanding, net

(438,959

)

 

 

(396,660

)

 

 

(737,660

)

 

 

(698,645

)

 

 

(819,100

)

 

Adjusted tangible assets - Non-GAAP

$

12,059,865

 

 

 

$

9,669,408

 

 

 

$

9,170,802

 

 

 

$

8,769,275

 

 

 

$

7,316,712

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity Non - GAAP (see reconciliation above)

$

1,050,443

 

 

 

$

837,376

 

 

 

$

810,260

 

 

 

$

795,324

 

 

 

$

650,103

 

 

Tangible common equity to tangible assets

8.40

 

%

 

8.32

 

%

 

8.18

 

%

 

8.40

 

%

 

7.99

 

%

Tangible common equity to tangible assets - adjusted tangible assets

8.71

 

%

 

8.66

 

%

 

8.84

 

%

 

9.07

 

%

 

8.89

 

%

 

 

 

 

 

 

 

 

 

 

Average assets for leverage ratio

$

11,972,171

 

 

 

$

10,021,240

 

 

 

$

9,675,300

 

 

 

$

8,868,548

 

 

 

$

8,115,020

 

 

Average PPP loans, net

(489,104

)

 

 

(664,375

)

 

 

(692,161

)

 

 

(806,697

)

 

 

(813,244

)

 

Adjusted average assets for leverage ratio - Non-GAAP

$

11,483,067

 

 

 

$

9,356,865

 

 

 

$

8,983,139

 

 

 

$

8,061,851

 

 

 

$

7,301,776

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital

$

1,166,529

 

 

 

$

937,840

 

 

 

$

914,459

 

 

 

$

889,527

 

 

 

$

745,397

 

 

Leverage ratio

9.7

 

%

 

9.4

 

%

 

9.5

 

%

 

10.0

 

%

 

9.2

 

%

Leverage ratio - adjusted average assets for leverage ratio

10.2

 

%

 

10.0

 

%

 

10.2

 

%

 

11.0

 

%

 

10.2

 

%

 

 

 

 

 

 

 

 

 

 

Net interest income - tax equivalent

$

98,573

 

 

 

$

82,963

 

 

 

$

80,243

 

 

 

$

78,484

 

 

 

$

64,192

 

 

PPP interest and fee income

(6,048

)

 

 

(7,940

)

 

 

(8,475

)

 

 

(10,261

)

 

 

(5,226

)

 

Adjusted net interest income - tax equivalent

$

92,525

 

 

 

$

75,023

 

 

 

$

71,768

 

 

 

$

68,223

 

 

 

$

58,966

 

 

 

 

 

 

 

 

 

 

 

 

Average earning assets -GAAP

$

11,513,279

 

 

 

$

9,615,981

 

 

 

$

9,289,741

 

 

 

$

8,524,136

 

 

 

$

7,770,084

 

 

Average PPP loans, net

(489,104

)

 

 

(664,375

)

 

 

(692,161

)

 

 

(806,697

)

 

 

(813,244

)

 

Adjusted average earning assets - Non-GAAP

$

11,024,175

 

 

 

$

8,951,606

 

 

 

$

8,597,580

 

 

 

$

7,717,439

 

 

 

$

6,956,840

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin - tax equivalent

3.40

 

%

 

3.46

 

%

 

3.50

 

%

 

3.66

 

%

 

3.29

 

%

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

3.33

 

%

 

3.36

 

%

 

3.39

 

%

 

3.52

 

%

 

3.37

 

%

 

 

 

 

 

 

 

 

 

 

Loans - GAAP

$

9,116,583

 

 

 

$

7,226,267

 

 

 

$

7,288,781

 

 

 

$

7,224,935

 

 

 

$

6,126,307

 

 

PPP and other guaranteed loans, net

(1,277,452

)

 

 

(1,106,414

)

 

 

(1,377,302

)

 

 

(1,297,212

)

 

 

(819,100

)

 

Adjusted loans - Non-GAAP

$

7,839,131

 

 

 

$

6,119,853

 

 

 

$

5,911,479

 

 

 

$

5,927,723

 

 

 

$

5,307,207

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

$

152,096

 

 

 

$

128,185

 

 

 

$

131,527

 

 

 

$

136,671

 

 

 

$

123,270

 

 

Allowance for credit losses/loans - GAAP

1.67

 

%

 

1.77

 

%

 

1.80

 

%

 

1.89

 

%

 

2.01

 

%

Allowance for credit losses/loans - adjusted loans

1.94

 

%

 

2.09

 

%

 

2.22

 

%

 

2.31

 

%

 

2.32

 

%

 


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