# EDGAR Filing Document

**Accession Number:** 0001025835
**File Stem:** 0001025835-25-000119
**Filing Date:** 2025-7
**Character Count:** 116358
**Document Hash:** 3f1d8a6c8bb80f855349d29a4ca3a56b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001025835-25-000119.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001025835-25-000119

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250728

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENTERPRISE FINANCIAL SERVICES CORP
- **CENTRAL INDEX KEY:** 0001025835
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 431706259
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15373
- **FILM NUMBER:** 251155653

**BUSINESS ADDRESS:**
- **STREET 1:** 150 NORTH MERAMEC
- **STREET 2:** 150 NORTH MERAMEC
- **CITY:** CLAYTON
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 3147255500

**MAIL ADDRESS:**
- **STREET 1:** 150 NORTH MERAMEC
- **STREET 2:** 150 NORTH MERAMEC
- **CITY:** CLAYTON
- **STATE:** MO
- **ZIP:** 63105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENTERBANK HOLDINGS INC
- **DATE OF NAME CHANGE:** 19961024

?xml version='1.0' encoding='ASCII'? efsc-20250728

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of** 

**The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported)

July 28, 2025

**ENTERPRISE FINANCIAL SERVICES CORP** 

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware**  | **001-15373**  | **43-1706259**  |
| (State or Other Jurisdiction <br>of Incorporation) | (Commission <br>File Number) | (IRS Employer <br>Identification No.) |

---

---

| | |
|:---|:---|
| **150 N. Meramec Avenue, St. Louis, Missouri**<br>(Address of principal executive offices) | **63105**<br>(Zip Code) |

---

Registrant's telephone number, including area code

**(314) 725-5500**

---

| |
|:---|
| Not applicable |
| **(Former name or former address, if changed since last report)**  |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | EFSC | Nasdaq Global Select Market |
| Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | EFSCP | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

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**<u>Item 2.02 Results of Operations and Financial Condition.</u>**

On July 28, 2025, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

On July 29, 2025, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended June 30, 2025. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference.

The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed "filed" with the Securities and Exchange Commission.

**<u>Item 9.01 Financial Statements and Exhibits.</u>**

(d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description</u> |
| 99.1 | <u>[Press Release dated July 28, 2025](ex991financialstatementsan.htm)</u>. |
| 99.2 | <u>[Presentation to be conducted](q22025efscearningsreleas.htm)[July](q22025efscearningsreleas.htm)[29, 2025](q22025efscearningsreleas.htm)</u>. |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |

---

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**SIGNATURES**

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

---

| | | | |
|:---|:---|:---|:---|
| | | ENTERPRISE FINANCIAL SERVICES CORP | ENTERPRISE FINANCIAL SERVICES CORP |
| Date: | July 28, 2025 | By: | <u>/s/ Troy R. Dumlao</u> |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Troy R. Dumlao |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and Chief Accounting Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![enterprisefinancialservices.jpg](enterprisefinancialservices.jpg)

**ENTERPRISE FINANCIAL SERVICES CORP REPORTS SECOND QUARTER 2025 RESULTS**

**Second Quarter Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income of $51.4 million, or $1.36 per diluted common share, compared to $1.31 in the linked quarter and $1.19 in the prior year quarter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest margin ("NIM") of 4.21%, quarterly increase of 6 basis points**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income of $152.8 million, quarterly increase of $5.2 million** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total loans of $11.4 billion, quarterly increase of $110.1 million** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total deposits of $13.3 billion, quarterly increase of $283.1 million** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Return on average assets ("ROAA") of 1.30% in the current and linked quarters, compared to 1.25% in the prior year quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Return on average tangible common equity ("ROATCE")**<sup>1</sup> **of 13.84%, compared to 14.02% and 13.77% in the linked and prior year quarters, respectively**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Tangible common equity to tangible assets**<sup>1</sup> **of 9.42%, an increase of 12 basis points and 23 basis points from the linked and prior year quarters, respectively**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Tangible book value per common share**<sup>1</sup> **of $40.02, annualized quarterly increase of 15%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Quarterly dividend increased $0.01 to $0.31 per common share for the third quarter 2025**

St. Louis, MO. July 28, 2025 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the "Company" or "EFSC"), today announced financial results for the second quarter of 2025. "Our second quarter results demonstrated expansion in net interest income and net interest margin, continuing the strong start to 2025," said Jim Lally, President and Chief Executive Officer. "Loan growth spanned the portfolio and geographic regions and displayed the strength of our diversified business. We successfully scaled the balance sheet and deployed liquidity to drive a 1.30% ROAA and a 13.84% ROATCE. Notably, tangible book value per share has increased over 14% in the past year."

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Earnings** - Net income in the second quarter 2025 was $51.4 million, an increase of $1.4 million and $5.9 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the second quarter 2025 was $1.36, compared to $1.31 and $1.19 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share<sup>1</sup> was $1.37 in the second quarter 2025, compared to $1.31 and $1.21 in the linked and prior year quarters, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Pre-provision net revenue ("PPNR")**<sup>1</sup> - PPNR of $68.1 million in the second quarter 2025 increased $2.0 million and $4.9 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to an increase in net interest income from organic loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by an increase in noninterest expense.

<sup>1</sup> ROATCE, tangible common equity to tangible assets, tangible book value per common 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income and NIM** - Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income for the second quarter 2025 increased from the linked and prior year quarters primarily due to higher average loan and securities balances and yields, as well as lower short-term interest rates that decreased deposit interest expense. NIM was 4.21% for the second quarter 2025, compared to 4.15% and 4.19% for the linked and prior year quarters, respectively. The total cost of deposits of 1.82% for the second quarter 2025 decreased one basis point and 34 basis points from the linked and prior year quarters, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Noninterest income** - Noninterest income of $20.6 million for the second quarter 2025 increased $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase in noninterest income from the linked and prior year quarters was primarily due to higher BOLI income and community development investment income. The Company also sold $24.4 million of SBA guaranteed loans during the quarter for a gain of $1.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Noninterest expense** - Noninterest expense of $105.7 million for the second quarter 2025 increased $5.9 million and $11.7 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by higher employee compensation, variable deposit costs and higher loan and legal expenses related to loan workouts and other real estate owned ("OREO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Loans** - Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million, or 4% on an annualized basis, from the linked quarter, and $408.8 million from the prior year quarter. Average loans totaled $11.4 billion, compared to $11.2 billion and $11.0 billion for the linked and prior year quarters, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Asset quality** - The allowance for credit losses to total loans was 1.27% at June 30, 2025, March 31, 2025 and June 30, 2024. The provision for credit losses in the second quarter 2025 was $3.5 million, compared to $5.2 million and $4.8 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.71% at June 30, 2025, compared to 0.72% and 0.33% at March 31, 2025 and June 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Deposits** - Deposits totaled $13.3 billion at June 30, 2025, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Average deposits were $13.2 billion, $13.1 billion and $12.3 billion for the current, linked and prior year quarters, respectively. At June 30, 2025, noninterest-bearing deposit accounts totaled $4.3 billion, or 32% of total deposits, and the loan to deposit ratio was 86%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Capital** - Total stockholders' equity was $1.9 billion and the tangible common equity to tangible assets ratio<sup>2</sup> was 9.42% at June 30, 2025, compared to 9.30% at March 31, 2025. Enterprise Bank & Trust remains "well-capitalized," with a common equity tier 1 ratio of 12.5% and a total risk-based capital ratio of 13.6% at June 30, 2025. The Company's common equity tier 1 ratio and total risk-based capital ratio were 11.9% and 14.7%, respectively, at June 30, 2025.

The Company's Board of Directors (the "Board") approved a quarterly dividend of $0.31 per share of common stock, payable on September 30, 2025 to stockholders of record as of September 15, 2025. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) June 15, 2025 to (but excluding) September 15, 2025. The dividend will be payable on September 15, 2025 to holders of record of Series A Preferred Stock as of August 29, 2025.

<sup>2</sup> Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

------

**Net Interest Income and NIM**

*Average Balance Sheets*

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| *($ in thousands)* | Average<br>Balance | Interest <br>Income/<br>Expense | Average Yield/ Rate | Average<br>Balance | Interest<br>Income/<br>Expense | Average Yield/ Rate | Average<br>Balance | Interest<br>Income/<br>Expense | Average Yield/ Rate |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Loans<sup>1, 2</sup> | 11358209 | 188007 | 6.64% | 11240806 | 182039 | 6.57% | 10962488 | 189346 | 6.95% |
| &nbsp;&nbsp;Securities<sup>2</sup> | 3149010 | 30330 | 3.86 | 2930912 | 27092 | 3.75 | 2396519 | 19956 | 3.35 |
| &nbsp;&nbsp;&nbsp;Interest-earning deposits | 315738 | 3368 | 4.28 | 479136 | 5124 | 4.34 | 325452 | 4389 | 5.42 |
| Total interest-earning assets | 14822957 | 221705 | 6.00 | 14650854 | 214255 | 5.93 | 13684459 | 213691 | 6.28 |
| Noninterest-earning assets | 1036764 |  |  | 992145 |  |  | 961922 |  |  |
| Total assets | 15859721 |  |  | 15642999 |  |  | 14646381 |  |  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand accounts | 3225611 | 17152 | 2.13% | 3167428 | 17056 | 2.18% | 2950827 | 18801 | 2.56% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 3660053 | 28437 | 3.12 | 3601535 | 28505 | 3.21 | 3434712 | 31926 | 3.74 |
| &nbsp;&nbsp;&nbsp;Savings accounts | 532754 | 183 | 0.14 | 534512 | 189 | 0.14 | 573115 | 335 | 0.24 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 1486522 | 14207 | 3.83 | 1374693 | 13516 | 3.99 | 1412263 | 15312 | 4.36 |
| Total interest-bearing deposits | 8904940 | 59979 | 2.70 | 8678168 | 59266 | 2.77 | 8370917 | 66374 | 3.19 |
| Subordinated debentures and notes | 156753 | 2737 | 7.00 | 156615 | 2562 | 6.63 | 156188 | 2684 | 6.91 |
| FHLB advances | 156868 | 1801 | 4.61 | 25300 | 287 | 4.60 | 40308 | 561 | 5.60 |
| Securities sold under agreements to repurchase | 209493 | 1592 | 3.05 | 263608 | 2017 | 3.10 | 158969 | 1401 | 3.54 |
| Other borrowings | 36208 | 96 | 1.06 | 39535 | 132 | 1.35 | 36203 | 95 | 1.06 |
| Total interest-bearing liabilities | 9464262 | 66205 | 2.81 | 9163226 | 64264 | 2.84 | 8762585 | 71115 | 3.26 |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 4340301 |  |  | 4463388 |  |  | 3973336 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 149069 |  |  | 153113 |  |  | 162220 |  |  |
| Total liabilities | 13953632 |  |  | 13779727 |  |  | 12898141 |  |  |
| Stockholders' equity | 1906089 |  |  | 1863272 |  |  | 1748240 |  |  |
| Total liabilities and stockholders' equity | 15859721 |  |  | 15642999 |  |  | 14646381 |  |  |
| Total net interest income |  | 155500 |  |  | 149991 |  |  | 142576 |  |
| Net interest margin |  |  | 4.21% |  |  | 4.15% |  |  | 4.19% |
| <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. |
| <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. |

---

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Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $155.5 million, $150.0 million and $142.6 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters reflects organic loan growth and continued investment in the securities portfolio, partially offset by an increase in wholesale borrowings (FHLB advances and brokered certificates of deposits). Net interest income for the current quarter also benefited by one additional day compared to the linked quarter. On June 1, 2025, $63.3 million of subordinated debt converted from a fixed 5.75% rate to a floating rate of three-month term SOFR plus a spread of 5.66%, resulting in a higher rate incurred for one month. The subordinated debt also became callable on each quarterly interest payment date. The cost of interest-bearing deposits has declined due to lower short-term rates, partially offset by an increase in deposit balances. Since September 2024, the Federal Reserve has reduced the federal funds target rate 100 basis points. In response, the Company has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans.

Interest income for the second quarter 2025 increased $7.2 million primarily due to an increase of $117.4 million in average loan balances and a seven basis point increase in the average loan yield. The average securities balance increased $218.1 million and the yield increased 11 basis points due to new purchases and the reinvestment of cash flows from the runoff of lower yielding investments. The average interest rate of new loan originations in the second quarter 2025 was 7.26%, an increase of 14 basis points from the linked quarter. Investment purchases in the second quarter 2025 had a weighted average, tax equivalent yield of 5.30%.

Interest expense in the second quarter 2025 increased $1.9 million primarily due to higher organic growth in deposits, an increase in wholesale borrowings and the higher rate incurred on subordinated debt for one month in the quarter. These increases were partially offset by a decline in the average balance of customer repurchase agreements. The total cost of deposits, including noninterest-bearing demand accounts, was 1.82% during the second quarter 2025, compared to 1.83% in the linked quarter.

NIM, on a tax equivalent basis, was 4.21% in the second quarter 2025, an increase of six basis points and two basis points from the linked and prior year quarters, respectively. For the month of June 2025, the loan portfolio yield was 6.64% and the cost of total deposits was 1.81%.

**Investments**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At | At |
| | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 |
| *($ in thousands)* | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss |
| Available-for-sale (AFS) | $2204511 | $(131094) | $1990068 | $(146184) | $1615930 | $(172734) |
| Held-to-maturity (HTM) | 1091238 | (75144) | 1034282 | (74228) | 772648 | (69442) |
| Total | $3295749 | $(206238) | $3024350 | $(220412) | $2388578 | $(242176) |

---

Investment securities totaled $3.3 billion at June 30, 2025, an increase of $271.4 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities<sup>3</sup> was 9.06% at June 30, 2025, compared to 8.94% at March 31, 2025.

<sup>3</sup> The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

------

**Loans**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| C&I | $2316609 | $2198802 | $2139032 | $2145286 | $2107097 |
| CRE investor owned | 2547859 | 2487375 | 2405356 | 2346575 | 2308926 |
| CRE owner occupied | 1281572 | 1292162 | 1305025 | 1322714 | 1313742 |
| SBA loans\* | 1249225 | 1283067 | 1298007 | 1272679 | 1269145 |
| Sponsor finance\* | 771280 | 784017 | 782722 | 819079 | 865883 |
| Life insurance premium financing\* | 1155623 | 1149119 | 1114299 | 1030273 | 996154 |
| Tax credits\* | 708401 | 677434 | 760229 | 724441 | 738249 |
| Residential real estate | 356722 | 357615 | 350640 | 346460 | 339889 |
| Construction and land development | 773122 | 800985 | 794240 | 796586 | 791780 |
| Other | 248427 | 268187 | 270805 | 275799 | 269142 |
| &nbsp;&nbsp;&nbsp;Total loans | $11408840 | $11298763 | $11220355 | $11079892 | $11000007 |
| Quarterly loan yield | 6.64% | 6.57% | 6.73% | 6.95% | 6.95% |
| Loans by rate type (to total loans): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed | 40% | 39% | 40% | 39% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable: | 60% | 61% | 60% | 61% | 61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*SOFR* | *29 %* | *29 %* | *28 %* | *28 %* | *28 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Prime* | *24 %* | *24 %* | *24 %* | *25 %* | *25 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other* | *7 %* | *8 %* | *8 %* | *8 %* | *8 %* |
| Variable rate loans to total loans, adjusted for interest rate hedges | 56% | 56% | 55% | 57% | 57% |
| \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category |

---

Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume of $875.5 million compared to repayment and sale activity of $765.4 million. Loan originations and advances were strongest in the C&I portfolio in the current quarter. Loan sales of $24.4 million mitigated growth in the SBA category during the current quarter. Average line utilization was approximately 46% for the current and prior year quarters, respectively, compared to 42% for the linked quarter.

------

**Asset Quality**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| Nonperforming loans\* | $105807 | $109882 | $42687 | $28376 | $39384 |
| Other<sup>1</sup> | 8221 | 3271 | 3955 | 4516 | 8746 |
| Nonperforming assets\* | $114028 | $113153 | $46642 | $32892 | $48130 |
| Nonperforming loans to total loans | 0.93% | 0.97% | 0.38% | 0.26% | 0.36% |
| Nonperforming assets to total assets | 0.71% | 0.72% | 0.30% | 0.22% | 0.33% |
| Allowance for credit losses | $145133 | $142944 | $137950 | $139778 | $139464 |
| Allowance for credit losses to total loans | 1.27% | 1.27% | 1.23% | 1.26% | 1.27% |
| Allowance for credit losses to nonperforming loans\* | 137.2% | 130.1% | 323.2% | 492.6% | 354.1% |
| Quarterly net charge-offs (recoveries) | $630 | $(1059) | $7131 | $3850 | $605 |
| \*Guaranteed balances excluded | $26536 | $22607 | $21974 | $11899 | $12933 |
| <sup>1</sup>OREO and repossessed assets | <sup>1</sup>OREO and repossessed assets | <sup>1</sup>OREO and repossessed assets | <sup>1</sup>OREO and repossessed assets | <sup>1</sup>OREO and repossessed assets | <sup>1</sup>OREO and repossessed assets |

---

Nonperforming assets increased $0.9 million and $65.9 million from the linked and prior year quarters, respectively. During the quarter, certain nonperforming loans migrated to OREO and repossessed assets. The OREO balance at June 30, 2025 includes four properties, one of which has an SBA guarantee of $3.0 million. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans totaling $68.4 million to two commercial banking relationships in Southern California that share common managing general partners. Litigation resulting from a business dispute between the general/managing partner and certain limited partners resulted in all seven of the borrowing entities filing bankruptcy in the first quarter of 2025. The Company expects to collect the full balance of these loans.

The provision for credit losses totaled $3.5 million in the second quarter 2025, compared to $5.2 million and $4.8 million in the linked and prior year quarters, respectively. The provision for credit losses in the second quarter 2025 was primarily related to loan growth and changes in the economic forecast that influences projected future losses in the allowance calculation. The provision for credit losses in the second quarter 2025 benefited from $3.2 million in recoveries. Annualized net charge-offs totaled two basis points of average loans in the current and prior year quarters, compared to annualized net recoveries of four basis points in the linked quarter.

**Deposits**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| Noninterest-bearing demand accounts | $4322332 | $4285061 | $4484072 | $3934245 | $3928308 |
| Interest-bearing demand accounts | 3184670 | 3193903 | 3175292 | 3048981 | 2951899 |
| Money market and savings accounts | 4209032 | 4167375 | 4117524 | 4121543 | 4039626 |
| Brokered certificates of deposit | 752422 | 542172 | 484588 | 480934 | 494870 |
| Other certificates of deposit | 848903 | 845719 | 885016 | 879619 | 867680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit portfolio | $13317359 | $13034230 | $13146492 | $12465322 | $12282383 |
| Noninterest-bearing deposits to total deposits | 32.5% | 32.9% | 34.1% | 31.6% | 32.0% |
| Quarterly cost of deposits | 1.82% | 1.83% | 2.00% | 2.18% | 2.16% |

---

------

Total deposits at June 30, 2025 were $13.3 billion, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.4 billion at June 30, 2025, compared to $1.3 billion at March 31, 2025.

**Noninterest Income** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Prior year comparison | Prior year comparison | Prior year comparison |
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *($ in thousands)* | June 30,<br>2025 | March 31,<br>2025 | Increase (decrease) | Increase (decrease) | June 30,<br>2024 | Increase (decrease) | Increase (decrease) |
| Deposit service charges | $4940 | $4420 | $520 | 12% | $4542 | $398 | 9% |
| Wealth management revenue | 2584 | 2659 | (75) | (3)% | 2590 | (6) | —% |
| Card services revenue | 2444 | 2395 | 49 | 2% | 2497 | (53) | (2)% |
| Tax credit income | 2207 | 2610 | (403) | (15)% | 1874 | 333 | 18% |
| Other income | 8429 | 6399 | 2030 | 32% | 3991 | 4438 | 111% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $20604 | $18483 | $2121 | 11% | $15494 | $5110 | 33% |

---

Total noninterest income was $20.6 million for the second quarter 2025, an increase of $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to higher deposit service charges and other income, which is discussed further below.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Prior year comparison | Prior year comparison | Prior year comparison |
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *($ in thousands)* | June 30,<br>2025 | March 31,<br>2025 | Increase (decrease) | Increase (decrease) | June 30,<br>2024 | Increase (decrease) | Increase (decrease) |
| BOLI | $2561 | $871 | $1690 | 194% | $855 | $1706 | 200% |
| Community development investments | 1426 | 707 | 719 | 102% | 381 | 1045 | 274% |
| Gain on SBA loan sales | 1153 | 1895 | (742) | (39)% |  | 1153 | —% |
| Gain on sales of other real estate owned | 56 | 23 | 33 | 143% |  | 56 | 100% |
| Private equity fund distributions | 502 | 653 | (151) | (23)% | 411 | 91 | 22% |
| Servicing fees | 485 | 555 | (70) | (13)% | 594 | (109) | (18)% |
| Swap fees | 86 | (2) | 88 | (4400)% | 217 | (131) | (60)% |
| Miscellaneous income | 2160 | 1697 | 463 | 27% | 1533 | 627 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | $8429 | $6399 | $2030 | 32% | $3991 | $4438 | 111% |

---

The increase in other income from the linked and prior year quarters was primarily driven by an increase in BOLI income, as well as community development investment income. The increase in BOLI income was primarily due to the purchase of additional policies in the first quarter 2025 and, to a lesser extent, the payout of a policy in the second quarter of 2025. Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Loan sales were executed in the current and linked quarters, while no loans were sold in the prior year quarter.

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**Noninterest Expense**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Prior year comparison | Prior year comparison | Prior year comparison |
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *($ in thousands)* | June 30,<br>2025 | March 31,<br>2025 | Increase (decrease) | Increase (decrease) | June 30,<br>2024 | Increase (decrease) | Increase (decrease) |
| Employee compensation and benefits | $50164 | $48208 | $1956 | 4% | $44524 | $5640 | 13% |
| Deposit costs | 24765 | 23823 | 942 | 4% | 21706 | 3059 | 14% |
| Occupancy | 5065 | 4430 | 635 | 14% | 4197 | 868 | 21% |
| Core conversion expense |  |  |  | 100% | 1250 | (1250) | (100)% |
| Acquisition costs | 518 |  | 518 | 100% |  | 518 | 100% |
| Other expense | 25190 | 23322 | 1868 | 8% | 22340 | 2850 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $105702 | $99783 | $5919 | 6% | $94017 | $11685 | 12% |

---

Employee compensation and benefits increased $2.0 million from the linked quarter primarily due to a full quarter of merit increases that were effective on March 1, 2025, an increase in variable compensation and the number of working days in the quarter. Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit related expenses that are impacted by interest rates and average balances. Deposit costs increased $0.9 million from the linked quarter primarily due to an increase of $62.1 million in average deposit vertical balances from the linked quarter. Acquisition costs relate to the previously announced branch acquisition that is expected to close in the fourth quarter 2025. Loan and legal expenses, included in other expense, increased $1.1 million during the quarter due to loan workouts and the foreclosure of certain properties related to nonperforming loans.

The increase in noninterest expense of $11.7 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2024 and 2025, and an increase in deposit costs due to higher earnings credit allowances and deposit vertical average balances, partially offset by a decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. For the second quarter 2025, the core efficiency ratio<sup>4</sup> was 59.3%, compared to 58.8% for the linked quarter and 58.1% for the prior year quarter.

**Income Taxes**

The effective tax rate was 20.0%, compared to 18.1% and 20.5% in the linked and prior year quarters, respectively. The Company continues to leverage tax credit opportunities as part of its overall tax planning strategy that contributes to a lower effective tax rate.

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

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**Capital**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | June 30, 2025\* | March 31,<br>2025 | December 31, 2024 | September 30, 2024 | June 30,<br>2024 |
| Stockholders' equity | $1922899 | $1868073 | $1824002 | $1832011 | $1755273 |
| Total risk-based capital to risk-weighted assets | 14.7% | 14.7% | 14.6% | 14.8% | 14.6% |
| Tier 1 capital to risk weighted assets | 13.2% | 13.1% | 13.1% | 13.2% | 13.0% |
| Common equity tier 1 capital to risk-weighted assets | 11.9% | 11.8% | 11.8% | 11.9% | 11.7% |
| Leverage ratio | 11.1% | 11.0% | 11.1% | 11.2% | 11.1% |
| Tangible common equity to tangible assets | 9.42% | 9.30% | 9.05% | 9.50% | 9.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*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 $1.9 billion at June 30, 2025, an increase of $54.8 million from the linked quarter. Tangible book value per common share was $40.02 at June 30, 2025, compared to $38.54 and $35.02 at March 31, 2025 and June 30, 2024, respectively.

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

**Use of Non-GAAP Financial Measures**

The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States ("GAAP") and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA 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 to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA and adjusted diluted earnings per share, collectively "core performance measures," presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company's operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, acquisition costs, and the gain or loss on sale of other real estate owned and investment securities, that the Company believes to be not indicative of or useful to measure the Company's operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity to tangible assets ratio provides useful information to investors about the Company's capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

------

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

**Conference Call and Webcast Information**

The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, July 29, 2025. During the call, management will review the second quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible via the "Investor Relations" page of the Company's website, https://investor.enterprisebank.com/events-and-presentations, prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. After connecting, you may say the name of the conference or enter the Conference ID 87261. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC2Q2025EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call's completion. The replay will be available for at least two weeks following the conference call.

**About Enterprise Financial Services Corp**

Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $16.1 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com.

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

**Forward-looking Statements**

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

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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), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company's ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, natural disasters (such as wildfires and earthquakes), terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"), including in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company's other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company's results.

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

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

**For more information contact**

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

Media: Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695

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**ENTERPRISE FINANCIAL SERVICES CORP**

**CONSOLIDATED FINANCIAL SUMMARY (unaudited)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Six months ended | Six months ended |
| *(in thousands, except per share data)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **EARNINGS SUMMARY** |  |  |  |  |  |  |  |
| Net interest income | $152762 | $147516 | $146370 | $143469 | $140529 | $300278 | $278257 |
| Provision for credit losses | 3470 | 5184 | 6834 | 4099 | 4819 | 8654 | 10575 |
| Noninterest income | 20604 | 18483 | 20631 | 21420 | 15494 | 39087 | 27652 |
| Noninterest expense | 105702 | 99783 | 99522 | 98007 | 94017 | 205485 | 187518 |
| Income before income tax expense | 64194 | 61032 | 60645 | 62783 | 57187 | 125226 | 107816 |
| Income tax expense | 12810 | 11071 | 11811 | 12198 | 11741 | 23881 | 21969 |
| Net income | 51384 | 49961 | 48834 | 50585 | 45446 | 101345 | 85847 |
| Preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 1875 | 1875 |
| Net income available to common stockholders | $50447 | $49023 | $47897 | $49647 | $44509 | $99470 | $83972 |
| Diluted earnings per common share | $1.36 | $1.31 | $1.28 | $1.32 | $1.19 | $2.67 | $2.24 |
| Adjusted diluted earnings per common share<sup>1</sup> | 1.37 | 1.31 | 1.32 | 1.29 | 1.21 | 2.68 | 2.28 |
| Return on average assets | 1.30% | 1.30% | 1.27% | 1.36% | 1.25% | 1.30% | 1.18% |
| Adjusted return on average assets<sup>1</sup> | 1.31% | 1.29% | 1.31% | 1.32% | 1.27% | 1.30% | 1.21% |
| Return on average common equity<sup>1</sup> | 11.03% | 11.10% | 10.75% | 11.40% | 10.68% | 11.07% | 10.10% |
| Adjusted return on average common equity<sup>1</sup> | 11.12% | 11.08% | 11.08% | 11.09% | 10.90% | 11.10% | 10.30% |
| ROATCE<sup>1</sup> | 13.84% | 14.02% | 13.63% | 14.55% | 13.77% | 13.93% | 13.04% |
| Adjusted ROATCE<sup>1</sup> | 13.96% | 13.99% | 14.05% | 14.16% | 14.06% | 13.97% | 13.30% |
| Net interest margin (tax equivalent) | 4.21% | 4.15% | 4.13% | 4.17% | 4.19% | 4.18% | 4.16% |
| Efficiency ratio | 60.97% | 60.11% | 59.59% | 59.44% | 60.26% | 60.55% | 61.30% |
| Core efficiency ratio<sup>1</sup> | 59.32% | 58.77% | 57.11% | 58.42% | 58.09% | 59.05% | 59.13% |
| Assets | $16076299 | $15676594 | $15596431 | $14954125 | $14615666 |  |  |
| Average assets | $15859721 | $15642999 | $15309577 | $14849455 | $14646381 | $15751959 | $14601250 |
| Period end common shares outstanding | 36950 | 36928 | 36988 | 37184 | 37344 |  |  |
| Dividends per common share | $0.30 | $0.29 | $0.28 | $0.27 | $0.26 | $0.59 | $0.51 |
| Tangible book value per common share<sup>1</sup> | $40.02 | $38.54 | $37.27 | $37.26 | $35.02 |  |  |
| Tangible common equity to tangible assets<sup>1</sup> | 9.42% | 9.30% | 9.05% | 9.50% | 9.18% |  |  |
| Total risk-based capital to risk-weighted assets<sup>2</sup> | 14.7% | 14.7% | 14.6% | 14.8% | 14.6% |  |  |
| <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. |
| <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company's regulatory reports and ongoing regulatory review. |

---

------

**ENTERPRISE FINANCIAL SERVICES CORP**

**CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Six months ended | Six months ended |
| *(in thousands, except per share data)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **INCOME STATEMENTS** |  |  |  |  |  |  |  |
| NET INTEREST INCOME |  |  |  |  |  |  |  |
| Interest income | $218967 | $211780 | $215380 | $216304 | $211644 | $430747 | $419367 |
| Interest expense | 66205 | 64264 | 69010 | 72835 | 71115 | 130469 | 141110 |
| Net interest income | 152762 | 147516 | 146370 | 143469 | 140529 | 300278 | 278257 |
| Provision for credit losses | 3470 | 5184 | 6834 | 4099 | 4819 | 8654 | 10575 |
| Net interest income after provision for credit losses | 149292 | 142332 | 139536 | 139370 | 135710 | 291624 | 267682 |
| NONINTEREST INCOME |  |  |  |  |  |  |  |
| Deposit service charges | 4940 | 4420 | 4730 | 4649 | 4542 | 9360 | 8965 |
| Wealth management revenue | 2584 | 2659 | 2719 | 2599 | 2590 | 5243 | 5134 |
| Card services revenue | 2444 | 2395 | 2484 | 2573 | 2497 | 4839 | 4909 |
| Tax credit income (loss) | 2207 | 2610 | 6018 | 3252 | 1874 | 4817 | (316) |
| Other income | 8429 | 6399 | 4680 | 8347 | 3991 | 14828 | 8960 |
| Total noninterest income | 20604 | 18483 | 20631 | 21420 | 15494 | 39087 | 27652 |
| NONINTEREST EXPENSE |  |  |  |  |  |  |  |
| Employee compensation and benefits | 50164 | 48208 | 46168 | 45359 | 44524 | 98372 | 89786 |
| Deposit costs | 24765 | 23823 | 22881 | 23781 | 21706 | 48588 | 41983 |
| Occupancy | 5065 | 4430 | 4336 | 4372 | 4197 | 9495 | 8523 |
| FDIC special assessment |  |  |  |  |  |  | 625 |
| Core conversion expense |  |  | 1893 | 1375 | 1250 |  | 1600 |
| Acquisition costs | 518 |  |  |  |  | 518 |  |
| Other expense | 25190 | 23322 | 24244 | 23120 | 22340 | 48512 | 45001 |
| Total noninterest expense | 105702 | 99783 | 99522 | 98007 | 94017 | 205485 | 187518 |
| Income before income tax expense | 64194 | 61032 | 60645 | 62783 | 57187 | 125226 | 107816 |
| Income tax expense | 12810 | 11071 | 11811 | 12198 | 11741 | 23881 | 21969 |
| Net income | $51384 | $49961 | $48834 | $50585 | $45446 | $101345 | $85847 |
| Preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 1875 | 1875 |
| Net income available to common stockholders | $50447 | $49023 | $47897 | $49647 | $44509 | $99470 | $83972 |
| Basic earnings per common share | $1.36 | $1.33 | $1.29 | $1.33 | $1.19 | $2.69 | $2.24 |
| Diluted earnings per common share | $1.36 | $1.31 | $1.28 | $1.32 | $1.19 | $2.67 | $2.24 |

---

------

**ENTERPRISE FINANCIAL SERVICES CORP**

**CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| **BALANCE SHEET** |  |  |  |  |  |
| ASSETS |  |  |  |  |  |
| Cash and due from banks | $252817 | $260280 | $270975 | $210984 | $176698 |
| Interest-earning deposits | 239602 | 222780 | 495076 | 218919 | 219342 |
| Debt and equity investments | 3384347 | 3108763 | 2863989 | 2714194 | 2460549 |
| Loans held for sale | 586 |  | 110 | 304 | 606 |
| Loans | 11408840 | 11298763 | 11220355 | 11079892 | 11000007 |
| Allowance for credit losses | (145133) | (142944) | (137950) | (139778) | (139464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans, net | 11263707 | 11155819 | 11082405 | 10940114 | 10860543 |
| Fixed assets, net | 48639 | 48083 | 45009 | 44368 | 44831 |
| Goodwill | 365164 | 365164 | 365164 | 365164 | 365164 |
| Intangible assets, net | 6876 | 7628 | 8484 | 9400 | 10327 |
| Other assets | 514561 | 508077 | 465219 | 450678 | 477606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $16076299 | $15676594 | $15596431 | $14954125 | $14615666 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
| Noninterest-bearing deposits | $4322332 | $4285061 | $4484072 | $3934245 | $3928308 |
| Interest-bearing deposits | 8995027 | 8749169 | 8662420 | 8531077 | 8354075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 13317359 | 13034230 | 13146492 | 12465322 | 12282383 |
| Subordinated debentures and notes | 156796 | 156695 | 156551 | 156407 | 156265 |
| FHLB advances | 294000 | 205000 |  | 150000 | 78000 |
| Other borrowings | 210641 | 255635 | 280821 | 170815 | 178269 |
| Other liabilities | 174604 | 156961 | 188565 | 179570 | 165476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14153400 | 13808521 | 13772429 | 13122114 | 12860393 |
| Stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | 71988 | 71988 | 71988 | 71988 | 71988 |
| &nbsp;&nbsp;&nbsp;Common stock | 369 | 369 | 370 | 372 | 373 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 991663 | 988554 | 990733 | 992642 | 994116 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 947864 | 908553 | 877629 | 845844 | 810935 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (88985) | (101391) | (116718) | (78835) | (122139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1922899 | 1868073 | 1824002 | 1832011 | 1755273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $16076299 | $15676594 | $15596431 | $14954125 | $14615666 |

---

------

**ENTERPRISE FINANCIAL SERVICES CORP**

**CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six months ended | Six months ended | Six months ended | Six months ended | Six months ended | Six months ended |
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| *($ in thousands)* | Average<br>Balance | Interest <br>Income/<br>Expense | Average Yield/ Rate | Average<br>Balance | Interest<br>Income/<br>Expense | Average Yield/ Rate |
| **AVERAGE BALANCE SHEET** |  |  |  |  |  |  |
| ASSETS |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Loans<sup>1, 2</sup> | 11299832 | 370046 | 6.60% | 10945211 | 376049 | 6.91% |
| &nbsp;&nbsp;Securities<sup>2</sup> | 3040563 | 57422 | 3.81 | 2398545 | 39447 | 3.31 |
| &nbsp;&nbsp;&nbsp;Interest-earning deposits | 396986 | 8492 | 4.31 | 296759 | 7958 | 5.39 |
| Total interest-earning assets | 14737381 | 435960 | 5.97 | 13640515 | 423454 | 6.24 |
| Noninterest-earning assets | 1014578 |  |  | 960735 |  |  |
| Total assets | 15751959 |  |  | 14601250 |  |  |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand accounts | 3196680 | 34209 | 2.16% | 2937551 | 37413 | 2.56% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 3630955 | 56941 | 3.16 | 3418257 | 63283 | 3.72 |
| &nbsp;&nbsp;&nbsp;Savings accounts | 533629 | 372 | 0.14 | 580115 | 637 | 0.22 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 1430917 | 27723 | 3.91 | 1377126 | 29514 | 4.31 |
| Total interest-bearing deposits | 8792181 | 119245 | 2.74 | 8313049 | 130847 | 3.17 |
| Subordinated debentures and notes | 156684 | 5299 | 6.82 | 156117 | 5168 | 6.66 |
| FHLB advances | 91448 | 2088 | 4.60 | 57049 | 1590 | 5.60 |
| Securities sold under agreements to repurchase | 238058 | 3609 | 3.06 | 181933 | 3205 | 3.54 |
| Other borrowings | 36205 | 228 | 1.27 | 39470 | 300 | 1.53 |
| Total interest-bearing liabilities | 9314576 | 130469 | 2.82 | 8747618 | 141110 | 3.24 |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 4401504 |  |  | 3949429 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 151080 |  |  | 160734 |  |  |
| Total liabilities | 13867160 |  |  | 12857781 |  |  |
| Stockholders' equity | 1884799 |  |  | 1743469 |  |  |
| Total liabilities and stockholders' equity | 15751959 |  |  | 14601250 |  |  |
| Total net interest income |  | 305491 |  |  | 282344 |  |
| Net interest margin |  |  | 4.18% |  |  | 4.16% |
| <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively. |
| <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. | <sup>2</sup> Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively. |

---

------

**ENTERPRISE FINANCIAL SERVICES CORP**

**CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At or for the quarter ended | At or for the quarter ended | At or for the quarter ended | At or for the quarter ended | At or for the quarter ended |
| *($ in thousands)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| **LOAN PORTFOLIO** |  |  |  |  |  |
| Commercial and industrial | $4870268 | $4729707 | $4716689 | $4628488 | $4619448 |
| Commercial real estate | 5074100 | 5046293 | 4974787 | 4915176 | 4856751 |
| Construction real estate | 844497 | 880708 | 891059 | 896325 | 893672 |
| Residential real estate | 364281 | 366353 | 359263 | 355279 | 351934 |
| Other | 255694 | 275702 | 278557 | 284624 | 278202 |
| &nbsp;&nbsp;&nbsp;Total loans | $11408840 | $11298763 | $11220355 | $11079892 | $11000007 |
| **DEPOSIT PORTFOLIO** |  |  |  |  |  |
| Noninterest-bearing demand accounts | $4322332 | $4285061 | $4484072 | $3934245 | $3928308 |
| Interest-bearing demand accounts | 3184670 | 3193903 | 3175292 | 3048981 | 2951899 |
| Money market and savings accounts | 4209032 | 4167375 | 4117524 | 4121543 | 4039626 |
| Brokered certificates of deposit | 752422 | 542172 | 484588 | 480934 | 494870 |
| Other certificates of deposit | 848903 | 845719 | 885016 | 879619 | 867680 |
| &nbsp;&nbsp;&nbsp;Total deposits | $13317359 | $13034230 | $13146492 | $12465322 | $12282383 |
| **AVERAGE BALANCES** |  |  |  |  |  |
| Loans | $11358209 | $11240806 | $11100112 | $10971575 | $10962488 |
| Securities | 3149010 | 2930912 | 2748063 | 2503124 | 2396519 |
| Interest-earning assets | 14822957 | 14650854 | 14323053 | 13877631 | 13684459 |
| Assets | 15859721 | 15642999 | 15309577 | 14849455 | 14646381 |
| Deposits | 13245241 | 13141556 | 12958156 | 12546086 | 12344253 |
| Stockholders' equity | 1906089 | 1863272 | 1844509 | 1804369 | 1748240 |
| Tangible common equity<sup>1</sup> | 1461700 | 1418094 | 1398427 | 1357362 | 1300305 |
| **YIELDS (tax equivalent)** |  |  |  |  |  |
| Loans | 6.64% | 6.57% | 6.73% | 6.95% | 6.95% |
| Securities | 3.86 | 3.75 | 3.51 | 3.40 | 3.35 |
| Interest-earning assets | 6.00 | 5.93 | 6.05 | 6.26 | 6.28 |
| Interest-bearing deposits | 2.70 | 2.77 | 2.96 | 3.22 | 3.19 |
| Deposits | 1.82 | 1.83 | 2.00 | 2.18 | 2.16 |
| Subordinated debentures and notes | 7.00 | 6.63 | 6.70 | 6.86 | 6.91 |
| FHLB advances and other borrowed funds | 3.48 | 3.01 | 2.81 | 3.01 | 3.52 |
| Interest-bearing liabilities | 2.81 | 2.84 | 3.02 | 3.28 | 3.26 |
| Net interest margin | 4.21 | 4.15 | 4.13 | 4.17 | 4.19 |

---

<sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP.

------

**ENTERPRISE FINANCIAL SERVICES CORP**

**CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *(in thousands, except per share data)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| **ASSET QUALITY** |  |  |  |  |  |
| Net charge-offs (recoveries) | $630 | $(1059) | $7131 | $3850 | $605 |
| Nonperforming loans | 105807 | 109882 | 42687 | 28376 | 39384 |
| Classified assets | 281162 | 264460 | 193838 | 179883 | 169822 |
| Nonperforming loans to total loans | 0.93% | 0.97% | 0.38% | 0.26% | 0.36% |
| Nonperforming assets to total assets | 0.71% | 0.72% | 0.30% | 0.22% | 0.33% |
| Allowance for credit losses to total loans | 1.27% | 1.27% | 1.23% | 1.26% | 1.27% |
| Allowance for credit losses to total loans, excluding guaranteed loans<sup>1</sup> | 1.38% | 1.38% | 1.34% | 1.38% | 1.38% |
| Allowance for credit losses to nonperforming loans | 137.2% | 130.1% | 323.2% | 492.6% | 354.1% |
| Net charge-offs (recoveries) to average loans - annualized | 0.02% | (0.04)% | 0.26% | 0.14% | 0.02% |
| **WEALTH MANAGEMENT** |  |  |  |  |  |
| Trust assets under management | $2457471 | $2250004 | $2412471 | $2499807 | $2367409 |
| **SHARE DATA** |  |  |  |  |  |
| Book value per common share | $50.09 | $48.64 | $47.37 | $47.33 | $45.08 |
| Tangible book value per common share<sup>1</sup> | $40.02 | $38.54 | $37.27 | $37.26 | $35.02 |
| Market value per share | $55.10 | $53.74 | $56.40 | $51.26 | $40.91 |
| Period end common shares outstanding | 36950 | 36928 | 36988 | 37184 | 37344 |
| Average basic common shares | 36963 | 36971 | 37118 | 37337 | 37485 |
| Average diluted common shares | 37172 | 37287 | 37447 | 37483 | 37540 |
| **CAPITAL** |  |  |  |  |  |
| Total risk-based capital to risk-weighted assets<sup>2</sup> | 14.7% | 14.7% | 14.6% | 14.8% | 14.6% |
| Tier 1 capital to risk-weighted assets<sup>2</sup> | 13.2% | 13.1% | 13.1% | 13.2% | 13.0% |
| Common equity tier 1 capital to risk-weighted assets<sup>2</sup> | 11.9% | 11.8% | 11.8% | 11.9% | 11.7% |
| Tangible common equity to tangible assets<sup>1</sup> | 9.42% | 9.30% | 9.05% | 9.50% | 9.18% |
| <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* tables for a reconciliation of these measures to GAAP. |
| <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>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. | <sup>2</sup>Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company's regulatory reports and ongoing regulatory review. |

---

------

**ENTERPRISE FINANCIAL SERVICES CORP**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Six months ended | Six months ended |
| *($ in thousands)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** |  |  |
| Net interest income (GAAP) | $152762 | $147516 | $146370 | $143469 | $140529 | $300278 | $278257 |
| Tax-equivalent adjustment | 2738 | 2475 | 2272 | 2086 | 2047 | 5213 | 4087 |
| Noninterest income (GAAP) | 20604 | 18483 | 20631 | 21420 | 15494 | 39087 | 27652 |
| &nbsp;&nbsp;&nbsp;Less gain on sale of investment securities |  | 106 |  |  |  | 106 |  |
| &nbsp;&nbsp;&nbsp;Less gain (loss) on sale of other real estate owned | 56 | 23 | (68) | 3159 |  | 79 | (2) |
| Core revenue (non-GAAP) | 176048 | 168345 | 169341 | 163816 | 158070 | 344393 | 309998 |
| Noninterest expense (GAAP) | 105702 | 99783 | 99522 | 98007 | 94017 | 205485 | 187518 |
| &nbsp;&nbsp;&nbsp;Less FDIC special assessment |  |  |  |  |  |  | 625 |
| &nbsp;&nbsp;&nbsp;Less core conversion expense |  |  | 1893 | 1375 | 1250 |  | 1600 |
| &nbsp;&nbsp;&nbsp;Less amortization on intangibles | 753 | 855 | 916 | 927 | 944 | 1608 | 1991 |
| &nbsp;&nbsp;&nbsp;Less acquisition costs | 518 |  |  |  |  | 518 |  |
| Core noninterest expense (non-GAAP) | $104431 | $98928 | $96713 | $95705 | $91823 | $203359 | $183302 |
| Core efficiency ratio (non-GAAP) | 59.32% | 58.77% | 57.11% | 58.42% | 58.09% | 59.05% | 59.13% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *(in thousands, except per share data)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS** |
| Stockholders' equity (GAAP) | $1922899 | $1868073 | $1824002 | $1832011 | $1755273 |
| &nbsp;&nbsp;&nbsp;Less preferred stock | 71988 | 71988 | 71988 | 71988 | 71988 |
| &nbsp;&nbsp;&nbsp;Less goodwill | 365164 | 365164 | 365164 | 365164 | 365164 |
| &nbsp;&nbsp;&nbsp;Less intangible assets | 6876 | 7628 | 8484 | 9400 | 10327 |
| Tangible common equity (non-GAAP) | $1478871 | $1423293 | $1378366 | $1385459 | $1307794 |
| &nbsp;&nbsp;&nbsp;Less net unrealized losses on HTM securities, after tax | 56508 | 55819 | 52881 | 34856 | 52220 |
| Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) | $1422363 | $1367474 | $1325485 | $1350603 | $1255574 |
| Common shares outstanding | 36950 | 36928 | 36988 | 37184 | 37344 |
| Tangible book value per common share (non-GAAP) | $40.02 | $38.54 | $37.27 | $37.26 | $35.02 |
| Total assets (GAAP) | $16076299 | $15676594 | $15596431 | $14954125 | $14615666 |
| &nbsp;&nbsp;&nbsp;Less goodwill | 365164 | 365164 | 365164 | 365164 | 365164 |
| &nbsp;&nbsp;&nbsp;Less intangible assets | 6876 | 7628 | 8484 | 9400 | 10327 |
| Tangible assets (non-GAAP) | $15704259 | $15303802 | $15222783 | $14579561 | $14240175 |
| Tangible common equity to tangible assets (non-GAAP) | 9.42% | 9.30% | 9.05% | 9.50% | 9.18% |
| Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) | 9.06% | 8.94% | 8.71% | 9.26% | 8.82% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Six months ended | Six months ended |
| *($ in thousands)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | Jun 30,<br>2025 | Jun 30,<br>2024 |
| **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** | **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** | **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** | **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** | **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** | **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** | **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** | **RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE** |
| Average stockholder's equity (GAAP) | $1906089 | $1863272 | $1844509 | $1804369 | $1748240 | $1884799 | $1743469 |
| &nbsp;&nbsp;&nbsp;Less average preferred stock | 71988 | 71988 | 71988 | 71988 | 71988 | 71988 | 71988 |
| &nbsp;&nbsp;&nbsp;Less average goodwill | 365164 | 365164 | 365164 | 365164 | 365164 | 365164 | 365164 |
| &nbsp;&nbsp;&nbsp;Less average intangible assets | 7237 | 8026 | 8930 | 9855 | 10783 | 7629 | 11277 |
| Average tangible common equity (non-GAAP) | $1461700 | $1418094 | $1398427 | $1357362 | $1300305 | $1440018 | $1295040 |
| Net income (GAAP) | $51384 | $49961 | $48834 | $50585 | $45446 | $101345 | $85847 |
| FDIC special assessment (after tax) |  |  |  |  |  |  | 470 |
| Core conversion expense (after tax) |  |  | 1424 | 1034 | 940 |  | 1203 |
| Acquisition costs (after tax) | 462 |  |  |  |  | 462 |  |
| &nbsp;&nbsp;&nbsp;Less gain on sale of investment securities (after tax) |  | 80 |  |  |  | 80 |  |
| &nbsp;&nbsp;&nbsp;Less gain (loss) on sales of other real estate owned (after tax) | 42 | 17 | (51) | 2375 |  | 59 | (1) |
| Net income adjusted (non-GAAP) | $51804 | $49864 | $50309 | $49244 | $46386 | $101668 | $87521 |
| &nbsp;&nbsp;&nbsp;Less preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 1875 | 1875 |
| Net income available to common stockholders adjusted (non-GAAP) | $50867 | $48926 | $49372 | $48306 | $45449 | $99793 | $85646 |
| Return on average common equity (non-GAAP) | 11.03% | 11.10% | 10.75% | 11.40% | 10.68% | 11.07% | 10.10% |
| Adjusted return on average common equity (non-GAAP) | 11.12% | 11.08% | 11.08% | 11.09% | 10.90% | 11.10% | 10.30% |
| ROATCE (non-GAAP) | 13.84% | 14.02% | 13.63% | 14.55% | 13.77% | 13.93% | 13.04% |
| Adjusted ROATCE (non-GAAP) | 13.96% | 13.99% | 14.05% | 14.16% | 14.06% | 13.97% | 13.30% |
| Average assets | $15859721 | $15642999 | $15309577 | $14849455 | $14646381 | $15751959 | $14601250 |
| Return on average assets (GAAP) | 1.30% | 1.30% | 1.27% | 1.36% | 1.25% | 1.30% | 1.18% |
| Adjusted return on average assets (non-GAAP) | 1.31% | 1.29% | 1.31% | 1.32% | 1.27% | 1.30% | 1.21% |
| Average diluted common shares | 37172 | 37287 | 37447 | 37483 | 37540 | 37224 | 37564 |
| Diluted earnings per share (GAAP) | $1.36 | $1.31 | $1.28 | $1.32 | $1.19 | $2.67 | $2.24 |
| Adjusted diluted earnings per share (non-GAAP) | $1.37 | $1.31 | $1.32 | $1.29 | $1.21 | $2.68 | $2.28 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *($ in thousands)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| **PRE-PROVISION NET REVENUE (PPNR)** | **PRE-PROVISION NET REVENUE (PPNR)** | **PRE-PROVISION NET REVENUE (PPNR)** | **PRE-PROVISION NET REVENUE (PPNR)** | **PRE-PROVISION NET REVENUE (PPNR)** | **PRE-PROVISION NET REVENUE (PPNR)** |
| Net interest income | $152762 | $147516 | $146370 | $143469 | $140529 |
| Noninterest income | 20604 | 18483 | 20631 | 21420 | 15494 |
| Core conversion expense |  |  | 1893 | 1375 | 1250 |
| Acquisition costs | 518 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less gain on sale of investment securities |  | 106 |  |  |  |
| &nbsp;&nbsp;&nbsp;Less gain (loss) on sales of other real estate owned | 56 | 23 | (68) | 3159 |  |
| &nbsp;&nbsp;&nbsp;Less noninterest expense | 105702 | 99783 | 99522 | 98007 | 94017 |
| PPNR (non-GAAP) | $68126 | $66087 | $69440 | $65098 | $63256 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| **ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS** | **ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS** | **ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS** | **ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS** | **ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS** | **ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS** |
| Loans (GAAP) | $11408840 | $11298763 | $11220355 | $11079892 | $11000007 |
| &nbsp;&nbsp;&nbsp;Less guaranteed loans | 913118 | 942651 | 947665 | 928272 | 923794 |
| Adjusted loans (non-GAAP) | $10495722 | $10356112 | $10272690 | $10151620 | $10076213 |
| Allowance for credit losses | $145133 | $142944 | $137950 | $139778 | $139464 |
| Allowance for credit losses/loans (GAAP) | 1.27% | 1.27% | 1.23% | 1.26% | 1.27% |
| Allowance for credit losses/adjusted loans (non-GAAP) | 1.38% | 1.38% | 1.34% | 1.38% | 1.38% |

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## Exhibit 99.2

![](q22025efscearningsreleas001.jpg)

Exhibit 99.2 Enterprise Financial Services Corp 2025 Second Quarter Earnings Webcast

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![](q22025efscearningsreleas002.jpg)

2 Some of the information in this report may contain "forward-looking statements" within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include projections based on management's current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company's expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, stockholder value creation and the impact of acquisitions. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma," "pipeline" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations; credit risk; changes in the appraised valuation of real estate securing impaired loans; outcomes of litigation and other contingencies; exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth; risks associated with rapid increases or decreases in prevailing interest rates; changes in business prospects that could impact goodwill estimates and assumptions; consolidation within the banking industry; competition from banks and other financial institutions; the ability to attract and retain relationship officers and other key personnel; burdens imposed by federal and state regulation; changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and business, including rules and regulations relating to bank products and financial services; changes in accounting policies and practices or accounting standards; natural disasters (including wildfires and earthquakes); terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, or other health emergencies and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"), including in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company's other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company's results. For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made. Forward-Looking Statements

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![](q22025efscearningsreleas003.jpg)

3 Financial Highlights - 2Q25\* Capital • Tangible Common Equity/Tangible Assets\*\* 9.42%, compared to 9.30% • Tangible Book Value Per Common Share\*\* $40.02, compared to $38.54 • CET1 Ratio 11.9%, compared to 11.8% • Quarterly common stock dividend of $0.30 per share in second quarter 2025 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share) • Net Income $51.4 million, up $1.4 million; EPS $1.36 • Net Interest Income $152.8 million, up $5.2 million; NIM 4.21% • PPNR\*\* $68.1 million, up $2.0 million • Adjusted ROAA\*\* 1.31%, compared to 1.29%; PPNR ROAA\*\* 1.72%, compared to 1.71% • Adjusted ROATCE\*\* 13.96%, compared to 13.99% Earnings \*Comparisons noted below are to the linked quarter unless otherwise noted. \*\*A Non-GAAP Measure, Refer to Appendix for Reconciliation.

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![](q22025efscearningsreleas004.jpg)

4 Financial Highlights, continued - 2Q25\* \*Comparisons noted below are to the linked quarter unless otherwise noted. \*\*A Non-GAAP Measure, Refer to Appendix for Reconciliation. Loans & Deposits • Loans $11.4 billion, up $110.1 million • Loan/Deposit Ratio 85.7% • Sold $24.4 million of SBA loans, gain of $1.2 million • Deposits $13.3 billion, up $283.1 million or $72.9 million excluding brokered CDs • Noninterest-bearing Deposits/Total Deposits 32% Asset Quality • Nonperforming Loans/Loans 0.93% • Nonperforming Assets/Assets 0.71% • Allowance Coverage Ratio 1.27%; 1.38% adjusted for guaranteed loans\*\* • Net Charge-Offs $0.6 million

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![](q22025efscearningsreleas005.jpg)

5 Loan Details 2Q25 1Q25 2Q24 Qtr Change LTM Change C&I $2,317 $2,199 $2,107 $118 $210 CRE Investor Owned 2,548 2,487 2,309 61 239 CRE Owner Occupied 1,282 1,292 1,314 (10) (32) SBA loans\* 1,249 1,283 1,269 (34) (20) Sponsor Finance\* 771 784 866 (13) (95) Life Insurance Premium Financing\* 1,156 1,149 996 7 160 Tax Credits\* 708 678 738 30 (30) Residential Real Estate 357 358 340 (1) 17 Construction and Land Development 773 801 792 (28) (19) Other 248 268 269 (20) (21) Total Loans $11,409 $11,299 $11,000 $110 $409 \*Specialty loan category. $ In Millions

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![](q22025efscearningsreleas006.jpg)

6 Loans By Region Specialty Lending $3,959 $4,096 $4,141 2Q24 1Q25 2Q25 $ In Millions Midwest $3,279 $3,153 $3,186 2Q24 1Q25 2Q25 Southwest $1,649 $1,867 $1,890 2Q24 1Q25 2Q25 Note: Excludes "Other" loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) West $1,844 $1,915 $1,944 2Q24 1Q25 2Q25

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![](q22025efscearningsreleas007.jpg)

7 Deposit Details 2Q25 1Q25 2Q24 Qtr Change LTM Change Noninterest-bearing demand accounts $4,322 $4,285 $3,928 $37 $394 Interest-bearing demand accounts 3,185 3,194 2,952 (9) 233 Money market accounts 3,676 3,632 3,474 44 202 Savings accounts 533 535 565 (2) (32) Certificates of deposit: Brokered 752 542 495 210 257 Customer 849 846 868 3 (19) Total Deposits $13,317 $13,034 $12,282 $283 $1,035 Deposit Verticals (included in total deposits)\* $3,585 $3,522 $3,033 $63 $552 $ In Millions \* Total deposits excluding Deposit Verticals and brokered CDs increased $10 million from 1Q25 and increased $226 million from 2Q24

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![](q22025efscearningsreleas008.jpg)

8 Deposits By Region Deposit Verticals $3,033 $3,522 $3,585 2Q24 1Q25 2Q25 $ In Millions Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) \*Includes brokered balances Midwest\* $6,111 $6,187 $6,340 2Q24 1Q25 2Q25 West\* $1,154 $1,229 $1,333 2Q24 1Q25 2Q25 Southwest $1,984 $2,096 $2,059 2Q24 1Q25 2Q25

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![](q22025efscearningsreleas009.jpg)

9 Differentiated Deposit Verticals Community Associations 41.6% Property Management 37.4% Third Party Escrow and Trust Services 21.0% Community Associations $1.5 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $1.3 billion in deposits. Specializing in the compliance of Property Management Trust Accounts. Legal Industry and Escrow Services $754 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $3.59 billion - 27% of total deposits • $3.66 billion - Average deposits for 2Q25 • $24.8 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.71% in 2Q25 • $144.3 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B\* ◦ 25 - The national deposit vertical portfolio is the equivalent of 25 traditional bank branches \*Data Source: Deposit data as of June 30th, 2024, per the FDIC Summary of Deposits. 2Q24 3Q24 4Q24 1Q25 2Q25 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $1,500 $ In Millions

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![](q22025efscearningsreleas010.jpg)

10 Core Funding Mix Commercial Business Banking Consumer $ In Millions 1At June 30, 2025. Note: Brokered deposits were $1.0 billion at 2Q25; 3.71% cost of funds Deposit Verticals 2Q25 Total Portfolio Average Account Size & Cost of Funds COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Average account size ($ in thousands) 2Q25 $325 $81 $23 $104 Cost of funds 2Q251 2.21 % 1.35 % 1.53 % 0.87 % • ~80% of commercial deposits utilize Treasury Management services • ~90% of checking and savings accounts utilize online banking services • ~60% of commercial deposits have a lending relationship Overview 29% 34% 32% 38% 36% 18% 5% 6% 30% 26% 18% 19% 64%7% 28% $4,564 $3,585$2,608$1,568 DDA IB DDA MMA SAV CD 1 yr or less CD > 1 yr

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![](q22025efscearningsreleas011.jpg)

11 Earnings Per Share Trend - 2Q25 $1.31 $0.12 $0.05 $0.04 $(0.13) $(0.03) $1.36 1Q25 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest Expense Change in ETR 2Q25 Change in Diluted EPS

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![](q22025efscearningsreleas012.jpg)

12 $140.5 $143.5 $146.4 $147.5 $152.8 4.19% 4.17% 4.13% 4.15% 4.21% 5.33% 5.27% 4.66% 4.33% 4.33% Net Interest Income Net Interest Margin Avg Fed Funds Rate 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income Trend $ In Millions Net Interest Income 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income - FTE $142.6 $145.6 $148.6 $150.0 $155.5 Purchase Accounting Amortization/(Accretion) (0.2) 0.5 0.8 0.2 0.4 Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $142.4 $146.1 $149.4 $150.2 $155.9 Net Interest Margin 4.19 % 4.17 % 4.13 % 4.15 % 4.21 % Purchase Accounting Amortization/(Accretion) — % 0.01 % 0.02 % 0.01 % 0.01 % Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) 4.19 % 4.18 % 4.15 % 4.16 % 4.22 %

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![](q22025efscearningsreleas013.jpg)

13 Net Interest Margin 6.95% 6.95% 6.73% 6.57% 6.64% 3.35% 3.40% 3.51% 3.75% 3.86% 6.28% 6.26% 6.05% 5.93% 6.00% Earning asset yield Securities yield Loan yield 2Q24 3Q24 4Q24 1Q25 2Q25 3.19% 3.22% 2.96% 2.77% 2.70% 2.16% 2.18% 2.00% 1.83% 1.82% 3.26% 3.28% 3.02% 2.84% 2.81% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 2Q24 3Q24 4Q24 1Q25 2Q25 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.15% 0.05% 0.02% 0.02% (0.08)% 0.05% 4.21% 1Q25 Loans Securities Other Earning Asset Mix Funding Mix Cost of Funds 2Q25 Margin Bridge

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![](q22025efscearningsreleas014.jpg)

14 2 14 26 (4) 2 2Q24 3Q24 4Q24 1Q25 2Q25 $(29) $80 $140 $78 $110 45.8% 44.1% 41.5% 41.9% 45.9% Organic Loans Avg Line Draw % 2Q24 3Q24 4Q24 1Q25 2Q25 2Q25 1Q25 2Q24 NPLs/Loans 0.93 % 0.97 % 0.36 % NPAs/Assets 0.71 % 0.72 % 0.33 % ACL/NPLs 137.2 % 130.1 % 354.1 % ACL/Loans\*\* 1.38 % 1.38 % 1.38 % Annualized Net Charge-offs (Recoveries) to Average Loans Provision for Credit Losses\* $4.8 $4.1 $6.8 $5.2 $3.5 2Q24 3Q24 4Q24 1Q25 2Q25 $ In Millions bps bps bps bps bps $ In Millions Loan Growth and Average Line of Credit Utilization \*Includes credit loss expense on loans, investments and unfunded commitments. \*\*Excludes guaranteed loans. A Non-GAAP Measure, Refer to Appendix for Reconciliation. Credit Trends

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![](q22025efscearningsreleas015.jpg)

15 $142.9 $2.8 $(0.6) $145.1 ACL 1Q25 Portfolio Changes Net Charge-offs ACL 2Q25 Allowance for Credit Losses for Loans $ In Millions • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors $ In Millions 2Q25 Loans ACL ACL as a % of Loans Commercial and industrial $4,870 $72 1.48 % Commercial real estate 5,074 48 0.95 % Construction real estate 845 13 1.54 % Residential real estate 364 8 2.20 % Other 256 4 1.56 % Total $11,409 $145 1.27 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $26.5 million, $2.9 million, and $8.4 million, respectively. Total ACL percentage of loans excluding government guaranteed loans was 1.38%\*. Key Assumptions: • Reasonable and supportable forecast period is one year with a one year reversion period. • Forecast considers a weighted average of baseline, upside and downside scenarios. • Primary macroeconomic factors: ◦ Percentage change in GDP ◦ Unemployment ◦ Percentage change in Retail Sales ◦ Percentage change in CRE Index \*A Non-GAAP Measure, Refer to Appendix for Reconciliation.

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![](q22025efscearningsreleas016.jpg)

16 Noninterest Income Trend $15.5 $21.4 $20.6 $18.5 $20.6 $4.0 $8.3 $4.7 $6.4 $8.5$1.9 $3.3 $6.0 $2.6 $2.2 $4.5 $4.6 $4.7 $4.4 $4.9 $2.5 $2.6 $2.5 $2.4 $2.4 $2.6 $2.6 $2.7 $2.7 $2.6 9.9% 13.0% 12.4% 11.1% 11.9% Other Tax Credit Income Deposit Services Charge Card Services Wealth Management Noninterest income/Total income 2Q24 3Q24 4Q24 1Q25 2Q25 $4.0 $8.3 $4.7 $6.4 $8.5 $1.6 $1.7 $1.7 $1.7 $2.1 $0.6 $0.5 $0.5 $0.5 $0.5 $0.9 $1.1 $0.9 $0.9 $2.6 $0.2 $1.0 $0.1 $0.3 $1.2 $0.3 $0.7 $1.4 $0.4 $0.6 $0.3 $0.7 $0.5 $3.2 $0.1 $1.9 $1.2 Miscellaneous Servicing Fees BOLI Swap Fees CDE Private Equity Fund Distribution Gain on Sale of OREO Gain on SBA Loan Sales 2Q24 3Q24 4Q24 1Q25 2Q25 $ In Millions Noninterest Income Other Noninterest Income Detail

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![](q22025efscearningsreleas017.jpg)

17 Noninterest Expense Trend Noninterest Expense $ In Millions $22.3 $23.0 $24.2 $23.4 $25.1 $1.3 $1.4 $1.9 $0.5 $21.7 $23.8 $22.9 $23.8 $24.8 $4.2 $4.4 $4.3 $4.4 $5.1 $44.5 $45.4 $46.2 $48.2 $50.2 58.1% 58.4% 57.1% 58.8% 59.3% $94.0 $98.0 $99.5 $99.8 $105.7 Other Core conversion expense Acquisition costs Deposit costs Occupancy Employee compensation and benefits Core efficiency ratio\* 2Q24 3Q24 4Q24 1Q25 2Q25 $22.3 $23.0 $24.2 $23.4 $25.1 $10.7 $10.9 $11.9 $10.7 $11.4 $4.0 $4.1 $4.6 $4.8 $4.8 $1.3 $1.6 $1.6 $1.7 $1.5 $3.1 $3.3 $3.1 $3.1 $3.4 $2.3 $2.2 $2.1 $2.2 $3.2 $0.9 $0.9 $0.9 $0.9 $0.8 Miscellaneous Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 2Q24 3Q24 4Q24 1Q25 2Q25 \*A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail

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18 Capital Tangible Common Equity/Tangible Assets 9.18% 9.50% 9.05% 9.30% 9.42% Tangible Common Equity/Tangible Assets\* 2Q24 3Q24 4Q24 1Q25 2Q25 \*A Non-GAAP Measure, Refer to Appendix for Reconciliation. \*\*Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.6% 14.8% 14.6% 14.7% 14.7% 6.5% 11.7% 11.9% 11.8% 11.8% 11.9% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 2Q24 3Q24 4Q24 1Q25 2Q25 8.0% 13.0% 13.2% 13.1% 13.1% EFSC Capital Strategy: Low Cost - Highly Flexible High Capital Retention Rate – Strong earnings profile – Sustainable dividend profile Supporting Robust Asset Growth – Organic loan and deposit growth – High quality M&A to enhance commercial franchise and geographic diversification Maintain High Quality Capital Stack – Minimize WACC over time (preferred, sub debt, etc.) – Optimize capital levels CET1 ~10%, Tier 1 ~12%, and Total Capital ~14% Maintain 8-9% TCE – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $35.02 $37.26 $37.27 $38.54 $40.02 $0.26 $0.27 $0.28 $0.29 $0.30 TBV/Share\* Dividends per Share 2Q24 3Q24 4Q24 1Q25 2Q25 13.2% \*\*

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Appendix

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20 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 7% Obligations of states and political subdivisions 43% Agency mortgage- backed securities 42% Corporate debt securities 4% U.S. Treasury bills 4% TOTAL $3.3 billion • Effective duration of 5.1 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $547.5 million • 3.86% tax-equivalent yield • Municipal bond portfolio rated A or better • Laddered maturity and repayment structure for consistent cash flows Overview Total AFS (Fair Value) Total HTM (Fair Value) AFS Securities (Net Unrealized) HTM Securities (Net Unrealized) 2Q24 3Q24 4Q24 1Q25 2Q25 $— $800 $1,600 $2,400 $(200) $(100) $— $100 $ In Millions $67.2 $241.4 $359.4 $314.9 $348.6 5.43% 4.97% 5.10% 5.20% 5.30% Principal Cost Yield (TEQ) 2Q24 3Q24 4Q24 1Q25 2Q25 Investment Purchase Yield $ In Millions Investment Portfolio

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21 EFSC Borrowing Capacity $5.5 $5.7 $6.1 $1.3 $1.1 $1.1 $2.8 $2.9 $3.2 $0.1 $0.1 $0.2 $1.3 $1.6 $1.6 42% 44% 45% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 4Q24 1Q25 2Q25 $ In Billions End of Period and Average Loans to Deposits 90% 89% 85% 87% 86%89% 87% 86% 86% 86% End of period Loans/Deposits Avg Loans/Avg Deposits 2Q24 3Q24 4Q24 1Q25 2Q25 • $1.1 billion available FHLB capacity • $3.2 billion available FRB capacity • $160.0 million in eight federal funds lines • $1.6 billion in unpledged investment securities • $491.5 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 21% • FHLB maximum credit capacity is 45% of assets $0.5 $0.4 $0.4 $0.4 $0.3 $0.5 $0.9 $1.3 $1.7 $2.0 Annual Cash Flows Cumulative Cash Flows 2025 2026 2027 2028 2029 Investment Portfolio Cash Flows\* $ In Billions Strong Liquidity Profile \*Trailing 12 months ending June 30 of each year Liquidity

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22 Office CRE (Non-owner Occupied) Total $542.1 million Midwest 44.9% Southwest 30.2% West 20.8% Specialty 4.1% Office CRE Loans by Location Real Estate/ Rental/Leasing 88.6% Health Care and Social Assistance 4.2% Other 7.2% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.64 14 $210.6 $15.0 $5-10 Million 4.92 12 80.9 6.7 $2-5 Million 5.24 41 136.1 3.3 < $2 Million 5.28 194 114.5 0.6 Total 5.28 261 $542.1 $2.1 Office CRE Loans by Size $ In Millions • Average loan-to-origination value 52% • 71% of loans have recourse to owners • Average debt-service coverage ratio (DSCR) of 1.52x • Average market occupancy of 88%; average rents of $24 psf • 42% Class A, 54% Class B, 4% Class C • $18.8 million unfunded commitments • Limited near-term maturity risk: 6% to mature in 2025, 94% maturing in 2026 and beyond 22

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23 Use of Non-GAAP Financial Measures The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States ("GAAP") and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, adjusted ROAA, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets ("PPNR ROAA"), core efficiency ratio, the tangible common equity to tangible assets, and tangible book value per common share, in this release that are considered "non-GAAP financial measures." Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The Company considers its tangible common equity, PPNR, ROATCE, adjusted ROAA, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets ("PPNR ROAA"), core efficiency ratio, the tangible common equity to tangible assets, and tangible book value per common share, collectively "core performance measures," presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company's operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, acquisition costs, core conversion expenses, and the gain or loss on sale of other real estate and investment securities, that the Company believes to be not indicative of or useful to measure the Company's operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity ratio provides useful information to investors about the Company's capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject. The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company's performance and capital strength. The Company's management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company's operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated.

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24 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 STOCKHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Stockholders' equity (GAAP) $1,922,899 $1,868,073 $1,824,002 $1,832,011 $1,755,273 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 6,876 7,628 8,484 9,400 10,327 Tangible common equity (non-GAAP) $1,478,871 $1,423,293 $1,378,366 $1,385,459 $1,307,794 Common shares outstanding 36,950 36,928 36,988 37,184 37,344 Tangible book value per common share (non-GAAP) $40.02 $38.54 $37.27 $37.26 $35.02 Total assets (GAAP) $16,076,299 $15,676,594 $15,596,431 $14,954,125 $14,615,666 Less goodwill 365,164 365,164 365,164 365,164 365,164 Less intangible assets 6,876 7,628 8,484 9,400 10,327 Tangible assets (non-GAAP) $15,704,259 $15,303,802 $15,222,783 $14,579,561 $14,240,175 Tangible common equity to tangible assets (non-GAAP) 9.42 % 9.30 % 9.05 % 9.50 % 9.18 % Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 PRE-PROVISION NET REVENUE Net interest income $152,762 $147,516 $146,370 $143,469 $140,529 Noninterest income 20,604 18,483 20,631 21,420 15,494 Core conversion expense — — 1,893 1,375 1,250 Acquisition costs 518 — — — — Less gain on sale of investment securities — 106 — — — Less net gain (loss) on sale of other real estate owned 56 23 (68) 3,159 — Less noninterest expense 105,702 99,783 99,522 98,007 94,017 PPNR (non-GAAP) $68,126 $66,087 $69,440 $65,098 $63,256 Average assets $15,859,721 $15,642,999 $15,309,577 $14,849,455 $14,646,381 PPNR ROAA (non-GAAP) 1.72 % 1.71 % 1.80 % 1.74 % 1.74 %

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25 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) AND RETURN ON AVERAGE ASSETS (ROAA) Average stockholder's equity (GAAP) $1,906,089 $1,863,272 $1,844,509 $1,804,369 $1,748,240 Less average preferred stock 71,988 71,988 71,988 71,988 71,988 Less average goodwill 365,164 365,164 365,164 365,164 365,164 Less average intangible assets 7,237 8,026 8,930 9,855 10,783 Average tangible common equity (non-GAAP) $1,461,700 $1,418,094 $1,398,427 $1,357,362 $1,300,305 Net income (GAAP) $51,384 $49,961 $48,834 $50,585 $45,446 Core conversion expense (after tax) — — 1,424 1,034 940 Acquisition costs (after tax) 462 — — — — Less gain on sale of investment securities (after tax) — 80 — — — Less net gain (loss) on sale of other real estate owned (after tax) 42 17 (51) 2,375 — Net income adjusted (non-GAAP) $51,804 $49,864 $50,309 $49,244 $46,386 Less preferred stock dividends 937 938 937 938 937 Net income available to common stockholders adjusted (non-GAAP) $50,867 $48,926 $49,372 $48,306 $45,449 ROATCE (non-GAAP) 13.84 % 14.02 % 13.63 % 14.55 % 13.77 % Adjusted ROATCE (non-GAAP) 13.96 % 13.99 % 14.05 % 14.16 % 14.06 % Average assets $15,859,721 $15,642,999 $15,309,577 $14,849,455 $14,646,381 Return on average assets (GAAP) 1.30 % 1.30 % 1.27 % 1.36 % 1.25 % Adjusted return on average assets (non-GAAP) 1.31 % 1.29 % 1.31 % 1.32 % 1.27 %

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26 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $11,408,840 $11,298,763 $11,220,355 $11,079,892 $11,000,007 Less guaranteed loans 913,118 942,651 947,665 928,272 923,794 Adjusted loans (non-GAAP) $10,495,722 $10,356,112 $10,272,690 $10,151,620 $10,076,213 Allowance for credit losses $145,133 $142,944 $137,950 $139,778 $139,464 Allowance for credit losses/loans (GAAP) 1.27 % 1.27 % 1.23 % 1.26 % 1.27 % Allowance for credit losses/adjusted loans (non-GAAP) 1.38 % 1.38 % 1.34 % 1.38 % 1.38 % Quarter ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $152,762 $147,516 $146,370 $143,469 $140,529 Tax-equivalent adjustment 2,738 2,475 2,272 2,086 2,047 Noninterest income (GAAP) 20,604 18,483 20,631 21,420 15,494 Less gain on sale of investment securities — 106 — — — Less net gain (loss) on sale of other real estate owned 56 23 (68) 3,159 — Core revenue (non-GAAP) $176,048 $168,345 $169,341 $163,816 $158,070 Noninterest expense (GAAP) $105,702 $99,783 $99,522 $98,007 $94,017 Less core conversion expense — — 1,893 1,375 1,250 Less amortization on intangibles 753 855 916 927 944 Less acquisition costs 518 — — — — Core revenue (non-GAAP) $104,431 $98,928 $96,713 $95,705 $91,823 Core efficiency ratio (non-GAAP) 59.3 % 58.8 % 57.1 % 58.4 % 58.1 %

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