# EDGAR Filing Document

**Accession Number:** 0001025835
**File Stem:** 0001025835-26-000023
**Filing Date:** 2026-1
**Character Count:** 149249
**Document Hash:** 41b4bdee24941ceacc6886a037992740
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001025835-26-000023.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001025835-26-000023

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20260126

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**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:** 26560531

**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-20260126

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

**The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported)

January 26, 2026

**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 January 26, 2026, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

On January 27, 2026, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended December 31, 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.

Exhibit &nbsp;&nbsp;&nbsp;&nbsp;

<u>Number</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release dated January 26, 2026.](ex991financialstatementsan.htm)</u>

99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Presentation to be conducted January 27, 2026.](q42025efscearningsreleas.htm)</u>

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

------

**SIGNATURES**

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

---

| | | | |
|:---|:---|:---|:---|
| | | ENTERPRISE FINANCIAL SERVICES CORP | ENTERPRISE FINANCIAL SERVICES CORP |
| Date: | January 26, 2026 | 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**

![enterprisefinancialservicesa.jpg](enterprisefinancialservicesa.jpg)

**ENTERPRISE FINANCIAL SERVICES CORP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS**

**Fourth Quarter Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income of $54.8 million, or $1.45 per diluted common share, compared to $1.19 in the linked quarter and $1.28 in the prior year quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest margin ("NIM") of 4.26%, quarterly increase of 3 basis points**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income of $168.2 million, quarterly increase of $9.9 million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total loans of $11.8 billion, quarterly increase of $217.2 million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total deposits of $14.6 billion, quarterly increase of $1.0 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Return on average assets ("ROAA") of 1.27%, compared to 1.11% in the linked quarter and 1.27% in the prior year quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Return on average tangible common equity ("ROATCE")**<sup>1</sup> **of 14.02%, compared to 11.56% in the linked quarter and 13.63% in the prior year quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Repurchased 67,000 shares and increased quarterly dividend $0.01 to $0.33 per common share for the first quarter 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Completed branch acquisition of 10 branches in Arizona and two branches in Kansas, adding $292.0 million in loans and $609.5 million in deposits**

**2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income of $201.4 million, or $5.31 per diluted common share, compared to $4.83 in the prior year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income of $626.7 million, an increase of $58.6 million compared to the prior year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total loans increased $580.0 million, or 5%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total deposits increased $1.5 billion, or 11%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• ROAA of 1.24%, compared to 1.25% in the prior year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• ROATCE**<sup>1</sup> **of 13.34%, compared to 13.58% in the prior year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Tangible common equity to tangible assets**<sup>1</sup> **of 9.07%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Tangible book value per common share**<sup>1</sup> **of $41.37, an increase of $4.10, or 11%, from the prior year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Repurchased 258,739 shares and increased common dividends $0.16 to $1.22 for 2025**

St. Louis, Mo. January 26, 2026 – Jim Lally, President and Chief Executive Officer of Enterprise Financial Services Corp **(Nasdaq: EFSC)** (the "Company" or "EFSC"), commented, "I am proud of how we ended 2025, which was another successful year for the Company. The completion of the branch acquisition in Arizona and Kansas during the quarter has enhanced our funding profile and strengthened our position in two important markets."

Lally added, "We reported diluted earnings per share of $1.45 for the fourth quarter and $5.31 for the full year 2025. Our earnings resulted in a 1.27% ROAA and a 14.02% ROATCE<sup>1</sup> for the fourth quarter. For the full year, we had a 1.24% ROAA and a 13.34% ROATCE. We leveraged our capital position in the year to execute on the branch acquisition, increase our common stock dividends 15% and repurchase $14.1 million of common stock, while still increasing tangible book value by 11% in 2025. This represents the 14th consecutive year that we have increased our tangible book value per share, with an 11% compound annual growth rate during that period. Similarly, we have increased our common stock dividend for 11 consecutive years with a 17% compound annual growth rate."

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

------

"I am also pleased that we made significant progress at the end of the year in resolving the large nonperforming credit relationship that has been previously disclosed. As we had expected, we were able to foreclose on the majority of the properties without taking a net loss on the transactions. As we enter a new year, I am confident that we will continue to improve our asset quality metrics and that the investments we have made in our associates and technology, combined with our high customer service levels and a strong balance sheet, will drive financial and operational success in 2026."

**Full-Year Highlights**

For 2025, net income was $201.4 million, or $5.31 per diluted share, compared to $185.3 million, or $4.83 per diluted share, in 2024. Pre-provision net revenue ("PPNR")<sup>2</sup> for 2025 was $274.7 million, compared to $255.2 million in 2024. The increase in PPNR<sup>2</sup> in 2025 was primarily due to higher net interest income that benefited from an organic increase in average interest-earning asset balances and liquidity provided through the branch acquisition, and lower rates paid on interest-bearing liabilities. These increases were partially offset by an increase in noninterest expense due to the branch acquisition, merit increases, higher headcount and higher deposit costs from growth in the deposit verticals.

Net interest income of $626.7 million increased $58.6 million over the prior year. NIM increased to 4.21% in 2025, from 4.16% in 2024, primarily due to higher average loan and securities balances, as well as higher yields on the securities portfolio. Average loans and securities increased $472.6 million and $753.8 million, respectively, compared to 2024. While the decline in market interest rates reduced the yield on loans 28 basis points, the yield on securities increased 51 basis points. Net interest income in 2025 also benefited from lower short-term interest rates that decreased deposit interest expense. Since September 2024, the Federal Reserve has reduced the federal funds target rate 175 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.

Noninterest income was $113.1 million, an increase of $43.4 million from $69.7 million in 2024. Noninterest income in 2025 includes $32.1 million of anticipated insurance proceeds from a pending claim related to a recapture event during the third quarter 2025 with respect to a $24.1 million solar tax credit. There is an offsetting amount of $32.1 million in income tax expense related to the solar tax credit recapture.

Noninterest expense was $429.8 million in 2025, a 12% increase from $385.0 million in 2024. The increase was primarily from higher deposit costs due to an increase in average deposit vertical balances, an increase in compensation due an expanded associate base and the onboarding of the associates from the branch acquisition, along with other expenses related to the branch acquisition. The increase was partially offset by a $4.9 million decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. The core efficiency ratio<sup>2</sup> was 59.3% in 2025, compared to 58.4% in 2024.

Nonperforming assets were 0.95% of total assets at the end of 2025, compared to 0.30% at the end of 2024. Net charge-offs were 0.21% of average loans in 2025, compared to 0.16% in 2024. The allowance for credit losses was 1.19% of total loans at the end of 2025, compared to 1.23% at the end of 2024. Excluding guaranteed portions of loans, the allowance to loans ratio<sup>2</sup> was 1.29% and 1.34% at the end of 2025 and 2024, respectively. The provision for credit losses was $26.3 million and $21.5 million in 2025 and 2024, respectively.

The Company maintained a strong liquidity position in 2025, with total deposits of $14.6 billion, a loan-to-deposit ratio of 80.8% and cash and investment securities of $4.5 billion as of December 31, 2025. This compares to total deposits of $13.1 billion, a loan-to-deposit ratio of 85.3% and cash and investment securities of $3.6 billion at the end of 2024. Noninterest-bearing deposits comprise 33.4% of total deposits at December 31, 2025, compared to 34.1% at the end of 2024. Excluding brokered certificates of deposits, core deposits as of December 31, 2025 totaled $13.9 billion, an increase of $1.2 billion from the prior year.

<sup>2</sup> PPNR, core efficiency ratio, and allowance to loans ratio excluding guaranteed loans are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.

------

Total stockholders' equity was $2.0 billion and $1.8 billion as of December 31, 2025 and December 31, 2024, respectively. The increase was primarily due to net income of $201.4 million, offset by dividends and $14.1 million of common stock repurchases in 2025. The Company returned $45.1 million, or $1.22 per share, to common stockholders and $3.8 million, or $50.00 per share, to preferred stockholders in 2025.

**Fourth Quarter Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Earnings** - Net income in the fourth quarter 2025 was $54.8 million, an increase of $9.6 million and $6.0 million compared to the linked and prior year quarters, respectively. Earnings per diluted share was $1.45 for the fourth quarter 2025, compared to $1.19 and $1.28 for the linked and prior year quarters, respectively. Adjusted diluted earnings per common share<sup>3</sup> was $1.36 for the fourth quarter 2025, compared to $1.20 and $1.32 for the linked and prior year quarters, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• PPNR**<sup>3</sup> - PPNR of $74.8 million in the fourth quarter 2025 increased $9.2 million and $5.4 million from the linked and prior year quarters, respectively. The increases were primarily due to an increase in net interest income from higher average balances in the loan and securities portfolios, partially offset by an increase in noninterest expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest income and NIM** - Net interest income of $168.2 million for the fourth quarter 2025 increased $9.9 million and $21.8 million from the linked and prior year quarters, respectively. NIM was 4.26% for the fourth quarter 2025, compared to 4.23% and 4.13% for the linked and prior year quarters, respectively. Compared to the linked quarter, net interest income increased due to higher average loan balances, higher average securities balances and yields, and lower short-term interest rates that decreased the rates paid on interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Noninterest income** - Noninterest income of $25.4 million for the fourth quarter 2025 decreased $23.2 million from the linked quarter and increased $4.8 million from the prior year quarter. The decrease from the linked quarter was primarily due to the anticipated insurance proceeds from the tax credit recapture in the linked quarter that did not reoccur. Excluding this item, noninterest income increased $8.9 million from the linked quarter primarily due to an increase in tax credit income as a result of higher volumes and a higher net gain on other real estate owned ("OREO"). Compared to the prior year quarter, the increase was primarily related to a higher net gain on OREO, partially offset by a decrease in tax credit income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Noninterest expense -** Noninterest expense of $114.5 million for the fourth quarter 2025 increased $4.7 million and $15.0 million from the linked and prior year quarters, respectively. The increase from linked and prior year quarters was primarily driven by higher employee compensation and other expenses related to the branch acquisition. Compared to the prior year quarter, the increase was also attributed to higher deposit costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Loans** - Total loans increased $217.2 million from the linked quarter to $11.8 billion as of December 31, 2025, including $292.0 million from the branch acquisition. Loan growth for the quarter was also impacted by the transfer of $68.1 million in book value loans to OREO. Average loans totaled $11.8 billion for the fourth quarter 2025, compared to $11.5 billion and $11.1 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 loans was 1.19% at December 31, 2025, compared to 1.29% at September 30, 2025 and 1.23% at December 31, 2024. The ratio of nonperforming assets to total assets was 0.95% at December 31, 2025, compared to 0.83% and 0.30% at September 30, 2025 and December 31, 2024, respectively. The provision for credit losses recorded in the fourth quarter 2025 was $9.2 million, compared to $8.4 million and $6.8 million for the linked and prior year quarters, respectively.

<sup>3</sup> 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;**• Deposits** - Total deposits increased $1.0 billion from the linked quarter to $14.6 billion as of December 31, 2025, including $609.5 million from the branch acquisition. Excluding brokered certificates of deposits, deposits increased $1.1 billion from the linked quarter. Average deposits totaled $14.5 billion for the fourth quarter 2025, compared to $13.6 billion and $13.0 billion for the linked and prior year quarters, respectively. At December 31, 2025, noninterest-bearing deposits totaled $4.9 billion, or 33.4% of total deposits, and the loan to deposit ratio was 80.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Capital** - Total stockholders' equity was $2.0 billion and tangible common equity to tangible assets<sup>4</sup> was 9.07% at December 31, 2025, compared to 9.60% at September 30, 2025. Enterprise Bank & Trust remains "well-capitalized," with a common equity tier 1 ratio of 11.9% and a total risk-based capital ratio of 13.0% as of December 31, 2025. The Company's common equity tier 1 ratio and total risk-based capital ratio was 11.6% and 13.9%, respectively, at December 31, 2025.

The Company's Board of Directors approved a quarterly dividend of $0.33 per common share, payable on March 31, 2026 to stockholders of record as of March 13, 2026. The Board of Directors also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) December 15, 2025 to (but excluding) March 15, 2026. The dividend will be payable on March 15, 2026 and will be paid on March 16, 2026 to stockholders of record on February 27, 2026.

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

------

**Net Interest Income and NIM**

*Average Balance Sheets*

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 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: |  |  |  |  |  |  |  |  |  |
| Loans<sup>1, 2</sup> | 11794459 | 193587 | 6.51% | 11454183 | 191589 | 6.64% | 11100112 | 187761 | 6.73% |
| &nbsp;&nbsp;&nbsp;Taxable securities | 2331562 | 24464 | 4.16 | 2100748 | 21705 | 4.10 | 1693257 | 15566 | 3.66 |
| &nbsp;&nbsp;Non-taxable securities<sup>2</sup> | 1292403 | 12263 | 3.76 | 1252557 | 11503 | 3.64 | 1054806 | 8713 | 3.29 |
| Total securities | 3623965 | 36727 | 4.02 | 3353305 | 33208 | 3.93 | 2748063 | 24279 | 3.51 |
| Interest-earning deposits | 552843 | 5436 | 3.90 | 328392 | 3638 | 4.40 | 474878 | 5612 | 4.70 |
| Total interest-earning assets | 15971267 | 235750 | 5.86 | 15135880 | 228435 | 5.99 | 14323053 | 217652 | 6.05 |
| Noninterest-earning assets | 1128162 |  |  | 1042208 |  |  | 986524 |  |  |
| Total assets | 17099429 |  |  | 16178088 |  |  | 15309577 |  |  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand accounts | 3550349 | 17236 | 1.93% | 3298022 | 17488 | 2.10% | 3238964 | 19517 | 2.40% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 3948405 | 27611 | 2.77 | 3706891 | 28734 | 3.08 | 3588326 | 30875 | 3.42 |
| &nbsp;&nbsp;&nbsp;Savings accounts | 540764 | 168 | 0.12 | 532015 | 183 | 0.14 | 547176 | 278 | 0.20 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 1659905 | 15223 | 3.64 | 1609346 | 15210 | 3.75 | 1361575 | 14323 | 4.18 |
| Total interest-bearing deposits | 9699423 | 60238 | 2.46 | 9146274 | 61615 | 2.67 | 8736041 | 64993 | 2.96 |
| Subordinated debentures and notes | 93654 | 1561 | 6.61 | 136895 | 2683 | 7.78 | 156472 | 2634 | 6.70 |
| FHLB advances | 11620 | 127 | 4.34 | 106130 | 1207 | 4.51 | 3370 | 42 | 4.96 |
| Securities sold under agreements to repurchase | 170058 | 1065 | 2.48 | 159039 | 1155 | 2.88 | 156082 | 1245 | 3.17 |
| Other borrowings | 97196 | 1108 | 4.52 | 56164 | 444 | 3.14 | 36201 | 96 | 1.05 |
| Total interest-bearing liabilities | 10071951 | 64099 | 2.52 | 9604502 | 67104 | 2.77 | 9088166 | 69010 | 3.02 |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 4837958 |  |  | 4458028 |  |  | 4222115 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 167048 |  |  | 151432 |  |  | 154787 |  |  |
| Total liabilities | 15076957 |  |  | 14213962 |  |  | 13465068 |  |  |
| Stockholders' equity | 2022472 |  |  | 1964126 |  |  | 1844509 |  |  |
| Total liabilities and stockholders' equity | 17099429 |  |  | 16178088 |  |  | 15309577 |  |  |
| Total net interest income |  | 171651 |  |  | 161331 |  |  | 148642 |  |
| Net interest margin |  |  | 4.26% |  |  | 4.23% |  |  | 4.13% |
| <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $1.7 million, $1.9 million, and $2.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 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 $3.5 million, $3.0 million, and $2.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. |

---

------

Net interest income for the fourth quarter was $168.2 million, an increase of $9.9 million and $21.8 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $171.7 million, $161.3 million, and $148.6 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to growth in interest-earning assets and lower rates paid on interest-bearing liabilities, specifically money market accounts and interest-bearing transaction accounts. In the linked quarter, the Company redeemed $63.3 million of subordinated debt at a floating rate of three-month Term SOFR plus a spread of 5.66% that was replaced by a $63.3 million single advance term loan. The term loan is payable in quarterly installments on March 31, June 30, September 30 and December 31 with a final installment due on the five year anniversary of the initial advance date. The interest rate on the term loan is one-month Term SOFR plus 2.50%.

Since September 2024, the Federal Reserve has reduced the federal funds target rate 175 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 fourth quarter increased $6.9 million and $16.9 million as compared to the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to an increase of $340.3 million in average loan balances, primarily from the branch acquisition during the quarter, a $270.7 million increase in average securities balance as we deployed liquidity from the branch acquisition into yielding assets, and a nine basis point increase in the yield on securities due to new purchases and reinvestment of cash flows from the runoff of lower yielding investments. Compared to the prior year quarter, interest-earning assets increased $1.6 billion. Continued success in organic and acquired deposit generation has increased liquidity, which has been primarily deployed into the securities portfolio.

The average interest rate of new loan originations in the fourth quarter 2025 was 6.75%, a decrease of 23 basis points from the linked quarter. Investment purchases in the fourth quarter 2025 had a weighted average, tax equivalent yield of 4.61%.

Interest expense decreased $3.0 million and $4.9 million in the fourth quarter 2025 as compared to the linked and prior year quarters primarily due to decreased interest paid on interest-bearing deposits. The average cost of interest-bearing deposits was 2.46%, a decrease of 21 and 50 basis points compared to the linked and prior year quarters, respectively. The total cost of deposits, including noninterest-bearing demand accounts, was 1.64% during the fourth quarter 2025, compared to 1.80% and 2.00% in the linked and prior year quarters, respectively.

NIM, on a tax equivalent basis, was 4.26% in the fourth quarter 2025, an increase of three basis points and 13 basis points from the linked and prior year quarters, respectively. Included in net interest income and NIM is the net amortization of purchase accounting premiums and discounts from acquired loan portfolios. The net amount of amortization or accretion each quarter is impacted by repayment patterns on the individual loans with a premium or discount. The net effect of loan purchase accounting amortization did not effect NIM in the fourth quarter, while it reduced NIM two basis points in both the linked and prior year quarters. For the month of December 2025, the loan portfolio yield was 6.53% and the cost of total deposits was 1.59%.

**Investments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At | At |
| | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 |
| *($ in thousands)* | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss |
| Available-for-sale (AFS) | $2655035 | $(83258) | $2351493 | $(102269) | $1862270 | $(163212) |
| Held-to-maturity (HTM) | 1074957 | (35288) | 1081847 | (49656) | 928935 | (70321) |
| Total | $3729992 | $(118546) | $3433340 | $(151925) | $2791205 | $(233533) |

---

Investment securities totaled $3.7 billion at December 31, 2025, an increase of $296.7 million from the linked quarter. Tangible common equity to tangible assets adjusted for unrealized losses on held-to-maturity securities<sup>5</sup> was 8.91% at December 31, 2025, compared to 9.37% at September 30, 2025.

<sup>5</sup> Tangible common equity to tangible assets adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Please 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At | At | At |
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | | | | |
| *($ in thousands)* | Legacy EFSC\*\*\* | Branch Acquisition\*\*\* | Consolidated | September 30, 2025 | June 30,<br>2025 | March 31,<br>2025 | December 31, 2024 |
| C&I | $2521959 | $84513 | $2606472 | $2320868 | $2316609 | $2198802 | $2139032 |
| CRE investor owned | 2702061 | 84078 | 2786139 | 2626657 | 2547859 | 2487375 | 2405356 |
| CRE owner occupied | 1286900 | 117804 | 1404704 | 1296902 | 1281572 | 1292162 | 1305025 |
| SBA loans\* | 1262456 |  | 1262456 | 1257817 | 1249225 | 1283067 | 1298007 |
| Sponsor finance\* | 694905 |  | 694905 | 774142 | 771280 | 784017 | 782722 |
| Life insurance premium finance\* | 1187128 |  | 1187128 | 1151700 | 1155623 | 1149119 | 1114299 |
| Tax credits\* | 802818 |  | 802818 | 780767 | 708401 | 677434 | 760229 |
| Residential real estate | 357616 | 4662 | 362278 | 359315 | 356722 | 357615 | 350640 |
| Construction and land development | 633651 | 152 | 633803 | 784218 | 773122 | 800985 | 794240 |
| Consumer\*\* | 58889 | 746 | 59635 | 230723 | 248427 | 268187 | 270805 |
| &nbsp;&nbsp;&nbsp;Total loans | $11508383 | $291955 | $11800338 | $11583109 | $11408840 | $11298763 | $11220355 |
| Quarterly loan yield |  |  | 6.51% | 6.64% | 6.64% | 6.57% | 6.73% |
| Loans by rate type (to total loans): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed |  |  | 40% | 41% | 40% | 39% | 40% |
| &nbsp;&nbsp;Variable: |  |  | 60% | 59% | 60% | 61% | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;*SOFR* |  |  | 30% | 29% | 29% | 29% | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Prime* |  |  | 23% | 23% | 24% | 24% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Other* |  |  | 7% | 7% | 7% | 8% | 8% |
| Variable interest rate loans to total loans, adjusted for interest rate hedges |  |  | 56% | 55% | 56% | 56% | 55% |
| \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category | \*Specialty loan category |
| \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. | \*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. |
| \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. | \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. | \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. | \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. | \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. | \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. | \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. | \*\*\*Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' loan portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition loan portfolio. |

---

Loans totaled $11.8 billion at December 31, 2025, increasing $217.2 million from the linked quarter. The increase was driven primarily by $292.0 million of loans acquired in the branch acquisition, partially offset by the $68.1 million book value of loans transferred to OREO in the quarter. Average line utilization was approximately 44% for the quarter ended December 31, 2025, compared to 45% and 42% for the linked and prior year quarters, respectively.

------

**Asset Quality**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 |
| Nonperforming loans\* | $82809 | $127878 | $105807 | $109882 | $42687 |
| Other<sup>1</sup> | 81544 | 7821 | 8221 | 3271 | 3955 |
| Nonperforming assets\* | $164353 | $135699 | $114028 | $113153 | $46642 |
| Nonperforming loans to total loans | 0.70% | 1.10% | 0.93% | 0.97% | 0.38% |
| Nonperforming assets to total assets | 0.95% | 0.83% | 0.71% | 0.72% | 0.30% |
| Allowance for credit losses | $140022 | $148854 | $145133 | $142944 | $137950 |
| Allowance for credit losses to loans | 1.19% | 1.29% | 1.27% | 1.27% | 1.23% |
| Allowance for credit losses to nonperforming loans\* | 169.1% | 116.4% | 137.2% | 130.1% | 323.2% |
| Quarterly net charge-offs (recoveries) | $20674 | $4057 | $630 | $(1059) | $7131 |
| \*Guaranteed balances excluded | $28903 | $33475 | $26536 | $22607 | $21974 |
| <sup>1</sup>OREO and repossessed assets |  |  |  |  |  |

---

Nonperforming assets increased $28.7 million during the fourth quarter 2025 and increased $117.7 million from the prior year quarter. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans to special purpose entities (each an "SPE Borrower") affiliated with two commercial banking relationships in Southern California that share some common ownership. Litigation resulting from a business dispute between the owners of the entities resulted in all of the SPE Borrowers filing bankruptcy in the first quarter of 2025, which was subsequently dismissed.

In the current quarter, the Company foreclosed on six of the seven properties serving as collateral for the loans. The six properties with a book value of $67.6 million were transferred to OREO at fair market value, less selling costs, resulting in a charge-off of $4.0 million and a gain on transfer of $6.2 million. While the charge-off and gain are reported in different income statement line items (provision for credit losses and noninterest income, respectively), the foreclosure of these properties resulted in a net gain of $2.2 million. It is anticipated that the seventh property with a book value of $4.0 million will be foreclosed on in the first quarter of 2026. The following table provides a summary of the foreclosed properties by collateral type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *($ in thousands)* | Fair market value, less selling costs | Carrying value | Charge-off | Gain |
| Commercial real estate - investor owned: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | $13240 | $17209 | $3969 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mixed use | 49760 | 44341 |  | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate - investor owned | $63000 | $61550 | $3969 | $2066 |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplex | $3520 | $1792 | $— | $1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condominiums | 6960 | 4211 |  | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 10480 | 6003 |  | 4114 |
| Total | $73480 | $67553 | $3969 | $6180 |

---

------

Other than these foreclosures, the change in nonperforming assets from the linked quarter was driven primarily by net charge-offs of $20.7 million and a relationship with two loans totaling $28.0 million that went on nonaccrual. These loans are well-secured with real estate collateral and the Company expects to collect the full value of the outstanding loans. Annualized net charge-offs totaled 70 basis points of average loans in the fourth quarter 2025, compared to 14 basis points in the linked quarter and 26 basis points in the prior year quarter. Net charge-offs totaled 21 basis points of average loans in 2025, compared to 16 basis points in 2024.

The provision for credit losses totaled $9.2 million in the fourth quarter 2025, compared to $8.4 million and $6.8 million in the linked and prior year quarters, respectively. The provision for credit losses in the fourth quarter 2025 was primarily related to net charge-offs. The Company adopted a new accounting standard in the current quarter that resulted in the $3.3 million credit mark on the acquired loan portfolio from the branch acquisition being added directly to the allowance for credit losses in purchase accounting and no provision for credit losses was recognized on the acquired loans.

**Deposits**

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At | At | At |
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | | | | |
| *($ in thousands)* | Legacy EFSC<sup>a</sup> | Branch Acquisition<sup>a</sup> | Consolidated | September 30, 2025 | June 30,<br>2025 | March 31,<br>2025 | December 31, 2024 |
| Noninterest-bearing demand accounts | $4661613 | $212502 | $4874115 | $4386513 | $4322332 | $4285061 | $4484072 |
| Interest-bearing demand accounts | 3428162 | 109172 | 3537334 | 3301621 | 3184670 | 3193903 | 3175292 |
| Money market and savings accounts | 4288521 | 239989 | 4528510 | 4228605 | 4209032 | 4167375 | 4117524 |
| Brokered certificates of deposit | 721977 |  | 721977 | 762499 | 752422 | 542172 | 484588 |
| Other certificates of deposit | 899573 | 47833 | 947406 | 888674 | 848903 | 845719 | 885016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit portfolio | $13999846 | $609496 | $14609342 | $13567912 | $13317359 | $13034230 | $13146492 |
| Noninterest-bearing deposits to total deposits |  |  | 33.4% | 32.3% | 32.5% | 32.9% | 34.1% |
| Total costs of deposits |  |  | 1.64% | 1.80% | 1.82% | 1.83% | 2.00% |
| <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. | <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. | <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. | <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. | <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. | <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. | <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. | <sup>a</sup> Amounts reported are as of December 31, 2025 and are separately shown attributable to the acquired branches' deposit portfolio acquired on October 10, 2025, and the Company's pre-branch acquisition deposit portfolio. |

---

Total deposits at December 31, 2025 were $14.6 billion, an increase of $1.0 billion and $1.5 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $1.1 billion and $1.2 billion from the linked and prior year quarters, respectively. The increase was driven primarily by $609.5 million of deposits acquired in the branch acquisition and organic growth. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.4 billion at both December 31, 2025 and September 30, 2025.

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**Noninterest Income**

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Prior year comparison | Prior year comparison | Prior year comparison |
| *($ in thousands)* | December 31, 2025 | September 30, 2025 | Increase (decrease) | Increase (decrease) | December 31, 2024 | Increase (decrease) | Increase (decrease) |
| Deposit service charges | $5081 | $4935 | $146 | 3% | $4730 | $351 | 7% |
| Wealth management revenue | 2642 | 2571 | 71 | 3% | 2719 | (77) | (3)% |
| Card services revenue | 2621 | 2535 | 86 | 3% | 2484 | 137 | 6% |
| Tax credit income (loss) | 3180 | (300) | 3480 | NM | 6018 | (2838) | (47)% |
| Anticipated insurance recoveries |  | 32112 | (32112) | (100)% |  |  | —% |
| Net gain (loss) on OREO | 6169 | 7 | 6162 | NM | (68) | 6237 | NM |
| Other income | 5719 | 6764 | (1045) | (15)% | 4748 | 971 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $25412 | $48624 | $(23212) | (48)% | $20631 | $4781 | 23% |
| NM - Not meaningful | NM - Not meaningful | NM - Not meaningful | NM - Not meaningful | NM - Not meaningful | NM - Not meaningful | NM - Not meaningful | NM - Not meaningful |

---

Total noninterest income for the fourth quarter 2025 was $25.4 million, a decrease of $23.2 million and an increase of $4.8 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily driven by the $32.1 million in accrued insurance proceeds that are anticipated to be received as a result of the recaptured tax credits recognized in the linked quarter that did not reoccur, partially offset by a $6.2 million net gain on OREO and an increase of $3.5 million in tax credit income. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes on credits carried at fair value. The increase from the prior year quarter was primarily due to a $6.2 million net gain on OREO, partially offset by a $2.8 million decrease in tax credit income.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Prior year comparison | Prior year comparison | Prior year comparison |
| *($ in thousands)* | December 31, 2025 | September 30, 2025 | Increase (decrease) | Increase (decrease) | December 31, 2024 | Increase (decrease) | Increase (decrease) |
| BOLI | $1925 | $2062 | $(137) | (7)% | $895 | $1030 | 115% |
| Community development investments | 922 | 309 | 613 | 198% | 297 | 625 | 210% |
| Gain on SBA loan sales |  | 1140 | (1140) | (100)% |  |  | —% |
| Private equity fund distributions | 226 | 626 | (400) | (64)% | 320 | (94) | (29)% |
| Servicing fees | 517 | 587 | (70) | (12)% | 528 | (11) | (2)% |
| Swap fees | 159 | 341 | (182) | (53)% | 972 | (813) | (84)% |
| Miscellaneous income | 1970 | 1699 | 271 | 16% | 1736 | 234 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | $5719 | $6764 | $(1045) | (15)% | $4748 | $971 | 20% |

---

Other income in the fourth quarter 2025 decreased $1.0 million and increased $1.0 million compared to the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily driven by a gain on SBA loan sales in the linked quarter that did not reoccur in the current period. Compared to the prior year quarter, the increase in other income was related to an increase in BOLI income due to the purchase of additional life insurance policies and higher community development investment income, partially offset by lower swap fee income.

------

Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds.

**Noninterest Expense**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Linked quarter comparison | Prior year comparison | Prior year comparison | Prior year comparison |
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | | | | | | |
| *($ in thousands)* | Legacy EFSC<sup>a</sup> | Branch Acquisition<sup>a</sup> | Consolidated | September 30, 2025 | Increase (decrease) | Increase (decrease) | December 31, 2024 | Increase (decrease) | Increase (decrease) |
| Employee compensation and benefits | $48029 | $2120 | $50149 | $49640 | $509 | 1% | $46168 | $3981 | 9% |
| Deposit costs | 27471 |  | 27471 | 27172 | 299 | 1% | 22881 | 4590 | 20% |
| Occupancy | 5006 | 758 | 5764 | 4895 | 869 | 18% | 4336 | 1428 | 33% |
| Core conversion expense |  |  |  |  |  | —% | 1893 | (1893) | (100)% |
| Acquisition costs | 2548 |  | 2548 | 609 | 1939 | 318% |  | 2548 | —% |
| FDIC special assessment | (652) |  | (652) |  | (652) | —% |  | (652) | —% |
| Other expense | 27888 | 1364 | 29252 | 27474 | 1778 | 6% | 24244 | 5008 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $110290 | $4242 | $114532 | $109790 | $4742 | 4% | $99522 | $15010 | 15% |
| <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. | <sup>a</sup> Amounts reported are for the quarter ended December 31, 2025 and are separately shown attributable to the acquired branches' noninterest expense, and the Company's legacy branch noninterest expense. |

---

Noninterest expense was $114.5 million for the fourth quarter 2025, a $4.7 million and $15.0 million increase from the linked and prior year quarters, respectively. Acquisition costs related to the branch acquisition that was completed during the current quarter increased $1.9 million compared to the linked quarter. Employee compensation and benefits increased $4.0 million from the prior year quarter because of an increase in the associate base and merit increases throughout 2025. Compared to the prior year quarter, the increase was also related to an increase in acquisition costs of $2.5 million and an increase of $4.6 million in deposit costs due to higher average deposit vertical balances.

For the fourth quarter 2025, the Company's core efficiency ratio<sup>6</sup> was 58.3% for the quarter ended December 31, 2025, compared to 61.0% for the linked quarter and 57.1% for the prior year quarter.

**Income Taxes**

The Company's effective tax rate was 21.5% in the fourth quarter 2025, compared to 49.0% and 19.5% in the linked and prior year quarters, respectively. Included in tax expense during the linked quarter was $24.1 million in transferrable tax credits that were recaptured as discussed above and approximately $8.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Excluding the impact of the recaptured tax credits and related insurance proceeds, the adjusted effective tax rate<sup>6</sup> for the third quarter 2025 was 20.0%. As part of the normal, ongoing review of state tax apportionment, the Company's state statutory tax rate was increased in the fourth quarter. Due to the increase, the Company's federal and state statutory tax rate is a combined 25.1%, and after adjusting for permanent tax differences, the Company's adjusted effective tax rate for 2025 is approximately 20.0%.

<sup>6</sup> Core efficiency ratio and adjusted effective tax rate are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.

------

**Capital**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | December 31, 2025\* | September 30, 2025 | June 30,<br>2025 | March 31, 2025 | December 31, 2024 |
| Stockholders' equity | $2039386 | $1982332 | $1922899 | $1868073 | $1824002 |
| Total risk-based capital to risk-weighted assets | 13.9% | 14.4% | 14.7% | 14.7% | 14.6% |
| Tier 1 capital to risk-weighted assets | 12.8% | 13.3% | 13.2% | 13.1% | 13.1% |
| Common equity tier 1 capital to risk-weighted assets | 11.6% | 12.0% | 11.9% | 11.8% | 11.8% |
| Leverage ratio | 10.5% | 11.1% | 11.1% | 11.0% | 11.1% |
| Tangible common equity to tangible assets | 9.07% | 9.60% | 9.42% | 9.30% | 9.05% |
| \*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. | \*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. | \*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. | \*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. | \*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. | \*Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company's regulatory reports and ongoing regulatory review. |

---

Total equity was $2.0 billion at December 31, 2025, an increase of $57.1 million from the linked quarter. The Company's tangible common book value per common share<sup>7</sup> was $41.37 at December 31, 2025, compared to $41.58 and $37.27 in the linked and prior year quarters, respectively.

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

**Use of Non-GAAP Financial Measures**

The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States ("GAAP") and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, adjusted 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.

<sup>7</sup> Tangible common book value per common share is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

------

The Company considers its tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, adjusted 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, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, net gain or loss on OREO, and net gain or loss on sales of investment securities, that the Company believes to be not indicative of or useful to measure the Company's operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that tangible common equity to tangible assets provides useful information to investors about the Company's capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

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

**Conference Call and Webcast Information**

The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, January 27, 2026. During the call, management will review the fourth quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible on the Company's website at www.enterprisebank.com under "Investor Relations" prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. After connecting, you may say the name of the conference or enter the Conference ID 30174. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC4Q2025EarningsCallRegistration. 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 $17.3 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.

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**Forward-looking Statements**

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

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

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

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

**For more information contact**

Investor Relations: Keene Turner, Senior Executive Vice President, CFO and COO (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 | Year ended | Year ended |
| *(in thousands, except per share data)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **EARNINGS SUMMARY** |  |  |  |  |  |  |  |
| Net interest income | $168174 | $158286 | $152762 | $147516 | $146370 | $626738 | $568096 |
| Provision for credit losses | 9236 | 8447 | 3470 | 5184 | 6834 | 26337 | 21508 |
| Noninterest income | 25412 | 48624 | 20604 | 18483 | 20631 | 113123 | 69703 |
| Noninterest expense | 114532 | 109790 | 105702 | 99783 | 99522 | 429807 | 385047 |
| Income before income tax expense | 69818 | 88673 | 64194 | 61032 | 60645 | 283717 | 231244 |
| Income tax expense | 15024 | 43438 | 12810 | 11071 | 11811 | 82343 | 45978 |
| Net income | 54794 | 45235 | 51384 | 49961 | 48834 | 201374 | 185266 |
| Preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 3750 | 3750 |
| Net income available to common stockholders | $53857 | $44297 | $50447 | $49023 | $47897 | $197624 | $181516 |
| Diluted earnings per common share | $1.45 | $1.19 | $1.36 | $1.31 | $1.28 | $5.31 | $4.83 |
| Adjusted diluted earnings per share<sup>1</sup> | $1.36 | $1.20 | $1.37 | $1.31 | $1.32 | $5.24 | $4.88 |
| Return on average assets | 1.27% | 1.11% | 1.30% | 1.30% | 1.27% | 1.24% | 1.25% |
| Adjusted return on average assets<sup>1</sup> | 1.19% | 1.12% | 1.31% | 1.29% | 1.31% | 1.23% | 1.26% |
| Return on average common equity | 10.95% | 9.29% | 11.03% | 11.10% | 10.75% | 10.58% | 10.60% |
| Adjusted return on average common equity<sup>1</sup> | 10.28% | 9.40% | 11.12% | 11.08% | 11.08% | 10.45% | 10.71% |
| ROATCE<sup>1</sup> | 14.02% | 11.56% | 13.84% | 14.02% | 13.63% | 13.34% | 13.58% |
| Adjusted ROATCE<sup>1</sup> | 13.15% | 11.70% | 13.96% | 13.99% | 14.05% | 13.17% | 13.71% |
| Net interest margin (tax equivalent) | 4.26% | 4.23% | 4.21% | 4.15% | 4.13% | 4.21% | 4.16% |
| Efficiency ratio | 59.2% | 53.1% | 61.0% | 60.1% | 59.6% | 58.1% | 60.4% |
| Core efficiency ratio<sup>1</sup> | 58.3% | 61.0% | 59.3% | 58.8% | 57.1% | 59.3% | 58.4% |
| Assets | $17300884 | $16402405 | $16076299 | $15676594 | $15596431 |  |  |
| Average assets | $17099429 | $16178088 | $15859721 | $15642999 | $15309577 | $16199003 | $14841690 |
| Period end common shares outstanding | 36965 | 37011 | 36950 | 36928 | 36988 |  |  |
| Dividends per common share | $0.32 | $0.31 | $0.30 | $0.29 | $0.28 | $1.22 | $1.06 |
| Tangible book value per common share<sup>1</sup> | $41.37 | $41.58 | $40.02 | $38.54 | $37.27 |  |  |
| Tangible common equity to tangible assets<sup>1</sup> | 9.07% | 9.60% | 9.42% | 9.30% | 9.05% |  |  |
| Total risk-based capital to risk-weighted assets<sup>2</sup> | 13.9% | 14.4% | 14.7% | 14.7% | 14.6% |  |  |
| <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table 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. |

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**ENTERPRISE FINANCIAL SERVICES CORP**

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended |
| *(in thousands, except per share data)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **INCOME STATEMENTS** |  |  |  |  |  |  |  |
| NET INTEREST INCOME |  |  |  |  |  |  |  |
| Interest income | $232273 | $225390 | $218967 | $211780 | $215380 | $888410 | $851051 |
| Interest expense | 64099 | 67104 | 66205 | 64264 | 69010 | 261672 | 282955 |
| Net interest income | 168174 | 158286 | 152762 | 147516 | 146370 | 626738 | 568096 |
| Provision for credit losses | 9236 | 8447 | 3470 | 5184 | 6834 | 26337 | 21508 |
| Net interest income after provision for credit losses | 158938 | 149839 | 149292 | 142332 | 139536 | 600401 | 546588 |
| NONINTEREST INCOME |  |  |  |  |  |  |  |
| Deposit service charges | 5081 | 4935 | 4940 | 4420 | 4730 | 19376 | 18344 |
| Wealth management revenue | 2642 | 2571 | 2584 | 2659 | 2719 | 10456 | 10452 |
| Card services revenue | 2621 | 2535 | 2444 | 2395 | 2484 | 9995 | 9966 |
| Tax credit income (loss) | 3180 | (300) | 2207 | 2610 | 6018 | 7697 | 8954 |
| Insurance recoveries<sup>1</sup> |  | 32112 |  |  |  | 32112 |  |
| Other income | 11888 | 6771 | 8429 | 6399 | 4680 | 33487 | 21987 |
| Total noninterest income | 25412 | 48624 | 20604 | 18483 | 20631 | 113123 | 69703 |
| NONINTEREST EXPENSE |  |  |  |  |  |  |  |
| Employee compensation and benefits | 50149 | 49640 | 50164 | 48208 | 46168 | 198161 | 181313 |
| Deposit costs | 27471 | 27172 | 24765 | 23823 | 22881 | 103231 | 88645 |
| Occupancy | 5764 | 4895 | 5065 | 4430 | 4336 | 20154 | 17231 |
| FDIC special assessment | (652) |  |  |  |  | (652) | 625 |
| Core conversion expense |  |  |  |  | 1893 |  | 4868 |
| Acquisition costs | 2548 | 609 | 518 |  |  | 3675 |  |
| Other expense | 29252 | 27474 | 25190 | 23322 | 24244 | 105238 | 92365 |
| Total noninterest expense | 114532 | 109790 | 105702 | 99783 | 99522 | 429807 | 385047 |
| Income before income tax expense | 69818 | 88673 | 64194 | 61032 | 60645 | 283717 | 231244 |
| Income tax expense | 15024 | 11326 | 12810 | 11071 | 11811 | 50231 | 45978 |
| Tax credit recapture and provision for anticipated tax applied to related insurance recoveries<sup>2</sup> |  | 32112 |  |  |  | 32112 |  |
| Total income tax expense | 15024 | 43438 | 12810 | 11071 | 11811 | 82343 | 45978 |
| Net income | $54794 | $45235 | $51384 | $49961 | $48834 | $201374 | $185266 |
| Preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 3750 | 3750 |
| Net income available to common stockholders | $53857 | $44297 | $50447 | $49023 | $47897 | $197624 | $181516 |
| Basic earnings per common share | $1.46 | $1.20 | $1.36 | $1.33 | $1.29 | $5.34 | $4.86 |
| Diluted earnings per common share | $1.45 | $1.19 | $1.36 | $1.31 | $1.28 | $5.31 | $4.83 |
| <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. |
| <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  | <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  | <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  | <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  | <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  | <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  | <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  | <sup>2</sup>Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.  |

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**ENTERPRISE FINANCIAL SERVICES CORP**

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 |
| **BALANCE SHEETS** |  |  |  |  |  |
| ASSETS |  |  |  |  |  |
| Cash and due from banks | $208080 | $208455 | $252817 | $260280 | $270975 |
| Interest-earning deposits | 474720 | 264399 | 239602 | 222780 | 495076 |
| Debt and equity investments | 3810876 | 3527467 | 3384347 | 3108763 | 2863989 |
| Loans held for sale | 928 | 681 | 586 |  | 110 |
| Loans | 11800338 | 11583109 | 11408840 | 11298763 | 11220355 |
| Allowance for credit losses | (140022) | (148854) | (145133) | (142944) | (137950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans, net | 11660316 | 11434255 | 11263707 | 11155819 | 11082405 |
| Fixed assets, net | 58993 | 49248 | 48639 | 48083 | 45009 |
| Goodwill | 416968 | 365164 | 365164 | 365164 | 365164 |
| Intangible assets, net | 21175 | 6140 | 6876 | 7628 | 8484 |
| Other assets | 648828 | 546596 | 514561 | 508077 | 465219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $17300884 | $16402405 | $16076299 | $15676594 | $15596431 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
| Noninterest-bearing deposits | $4874115 | $4386513 | $4322332 | $4285061 | $4484072 |
| Interest-bearing deposits | 9735227 | 9181399 | 8995027 | 8749169 | 8662420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 14609342 | 13567912 | 13317359 | 13034230 | 13146492 |
| Subordinated debentures and notes | 93688 | 93617 | 156796 | 156695 | 156551 |
| FHLB advances |  | 327000 | 294000 | 205000 |  |
| Other borrowings | 387717 | 247006 | 210641 | 255635 | 280821 |
| Other liabilities | 170751 | 184538 | 174604 | 156961 | 188565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 15261498 | 14420073 | 14153400 | 13808521 | 13772429 |
| Stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | 71988 | 71988 | 71988 | 71988 | 71988 |
| &nbsp;&nbsp;&nbsp;Common stock | 370 | 370 | 369 | 369 | 370 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1000775 | 997446 | 991663 | 988554 | 990733 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1020840 | 980548 | 947864 | 908553 | 877629 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (54587) | (68020) | (88985) | (101391) | (116718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2039386 | 1982332 | 1922899 | 1868073 | 1824002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $17300884 | $16402405 | $16076299 | $15676594 | $15596431 |

---

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**ENTERPRISE FINANCIAL SERVICES CORP**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 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: |  |  |  |  |  |  |
| Loans<sup>1, 2</sup> | 11463410 | 755222 | 6.59% | 10990774 | 755448 | 6.87% |
| &nbsp;&nbsp;&nbsp;Taxable securities | 2057017 | 83734 | 4.07 | 1512132 | 53167 | 3.52 |
| &nbsp;&nbsp;Nontaxable securities<sup>2</sup> | 1209424 | 43623 | 3.61 | 1000558 | 31963 | 3.19 |
| Total securities | 3266441 | 127357 | 3.90 | 2512690 | 85130 | 3.39 |
| Interest-earning deposits | 418980 | 17566 | 4.19 | 368221 | 18918 | 5.14 |
| Total interest-earning assets | 15148831 | 900145 | 5.94 | 13871685 | 859496 | 6.20 |
| Noninterest-earning assets | 1050172 |  |  | 970005 |  |  |
| Total assets | 16199003 |  |  | 14841690 |  |  |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand accounts | 3311368 | 68932 | 2.08% | 3033616 | 76932 | 2.54% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 3730110 | 113286 | 3.04 | 3494497 | 127651 | 3.65 |
| &nbsp;&nbsp;&nbsp;Savings accounts | 535021 | 724 | 0.14 | 567147 | 1261 | 0.22 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 1533608 | 58156 | 3.79 | 1371009 | 58764 | 4.29 |
| Total interest-bearing deposits | 9110107 | 241098 | 2.65 | 8466269 | 264608 | 3.13 |
| Subordinated debentures and notes | 135809 | 9543 | 7.03 | 156260 | 10497 | 6.72 |
| FHLB advances | 75027 | 3422 | 4.56 | 30363 | 1691 | 5.57 |
| Securities sold under agreements to repurchase | 201001 | 5829 | 2.90 | 164959 | 5667 | 3.44 |
| Other borrowings | 56610 | 1780 | 3.14 | 37833 | 492 | 1.30 |
| Total interest-bearing liabilities | 9578554 | 261672 | 2.73 | 8855684 | 282955 | 3.20 |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 4525761 |  |  | 4042368 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 155194 |  |  | 159463 |  |  |
| Total liabilities | 14259509 |  |  | 13057515 |  |  |
| Stockholders' equity | 1939494 |  |  | 1784175 |  |  |
| Total liabilities and stockholders' equity | 16199003 |  |  | 14841690 |  |  |
| Total net interest income |  | 638473 |  |  | 576541 |  |
| Net interest margin |  |  | 4.21% |  |  | 4.16% |
| <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $7.0 million and $9.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.  | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $7.0 million and $9.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.  | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $7.0 million and $9.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.  | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $7.0 million and $9.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.  | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $7.0 million and $9.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.  | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $7.0 million and $9.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.  | <sup>1</sup> Average balances include nonaccrual loans. Interest income includes loan fees of $7.0 million and $9.6 million for the years ended December 31, 2025 and December 31, 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 $11.7 million and $8.4 million for the years ended December 31, 2025 and December 31, 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 $11.7 million and $8.4 million for the years ended December 31, 2025 and December 31, 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 $11.7 million and $8.4 million for the years ended December 31, 2025 and December 31, 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 $11.7 million and $8.4 million for the years ended December 31, 2025 and December 31, 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 $11.7 million and $8.4 million for the years ended December 31, 2025 and December 31, 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 $11.7 million and $8.4 million for the years ended December 31, 2025 and December 31, 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 $11.7 million and $8.4 million for the years ended December 31, 2025 and December 31, 2024, respectively. |

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

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**ENTERPRISE FINANCIAL SERVICES CORP**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 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)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 |
| **LOAN PORTFOLIO** |  |  |  |  |  |
| Commercial and industrial | $5231616 | $4943561 | $4870268 | $4729707 | $4716689 |
| Commercial real estate | 5453821 | 5178649 | 5074100 | 5046293 | 4974787 |
| Construction real estate | 687584 | 858146 | 844497 | 880708 | 891059 |
| Residential real estate | 367682 | 365010 | 364281 | 366353 | 359263 |
| Consumer | 59635 | 237743 | 255694 | 275702 | 278557 |
| &nbsp;&nbsp;&nbsp;Total loans | $11800338 | $11583109 | $11408840 | $11298763 | $11220355 |
| **DEPOSIT PORTFOLIO** |  |  |  |  |  |
| Noninterest-bearing demand accounts | $4874115 | $4386513 | $4322332 | $4285061 | $4484072 |
| Interest-bearing demand accounts | 3537334 | 3301621 | 3184670 | 3193903 | 3175292 |
| Money market and savings accounts | 4528510 | 4228605 | 4209032 | 4167375 | 4117524 |
| Brokered certificates of deposit | 721977 | 762499 | 752422 | 542172 | 484588 |
| Other certificates of deposit | 947406 | 888674 | 848903 | 845719 | 885016 |
| &nbsp;&nbsp;&nbsp;Total deposits | $14609342 | $13567912 | $13317359 | $13034230 | $13146492 |
| **AVERAGE BALANCES** |  |  |  |  |  |
| Loans | $11794459 | $11454183 | $11358209 | $11240806 | $11100112 |
| Securities | 3623965 | 3353305 | 3149010 | 2930912 | 2748063 |
| Interest-earning assets | 15971267 | 15135880 | 14822957 | 14650854 | 14323053 |
| Assets | 17099429 | 16178088 | 15859721 | 15642999 | 15309577 |
| Deposits | 14537381 | 13604302 | 13245241 | 13141556 | 12958156 |
| Stockholders' equity | 2022472 | 1964126 | 1906089 | 1863272 | 1844509 |
| Tangible common equity<sup>1</sup> | 1524453 | 1520476 | 1461700 | 1418094 | 1398427 |
| **YIELDS (tax equivalent)** |  |  |  |  |  |
| Loans | 6.51% | 6.64% | 6.64% | 6.57% | 6.73% |
| Securities | 4.02 | 3.93 | 3.86 | 3.75 | 3.51 |
| Interest-earning assets | 5.86 | 5.99 | 6.00 | 5.93 | 6.05 |
| Interest-bearing deposits | 2.46 | 2.67 | 2.70 | 2.77 | 2.96 |
| Deposits | 1.64 | 1.80 | 1.82 | 1.83 | 2.00 |
| Subordinated debentures and notes | 6.61 | 7.78 | 7.00 | 6.63 | 6.70 |
| FHLB advances and other borrowed funds | 3.27 | 3.47 | 3.48 | 3.01 | 2.81 |
| Interest-bearing liabilities | 2.52 | 2.77 | 2.81 | 2.84 | 3.02 |
| Net interest margin | 4.26 | 4.23 | 4.21 | 4.15 | 4.13 |

---

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

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**ENTERPRISE FINANCIAL SERVICES CORP**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *(in thousands, except per share data)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 |
| **ASSET QUALITY** |  |  |  |  |  |
| Net charge-offs (recoveries) | $20674 | $4057 | $630 | $(1059) | $7131 |
| Nonperforming loans | 82809 | 127878 | 105807 | 109882 | 42687 |
| Classified assets | 410485 | 352792 | 281162 | 264460 | 193838 |
| Nonperforming loans to total loans | 0.70% | 1.10% | 0.93% | 0.97% | 0.38% |
| Nonperforming assets to total assets | 0.95% | 0.83% | 0.71% | 0.72% | 0.30% |
| Allowance for credit losses to total loans | 1.19% | 1.29% | 1.27% | 1.27% | 1.23% |
| Allowance for credit losses to loans, excluding guaranteed loans<sup>1</sup> | 1.29% | 1.40% | 1.38% | 1.38% | 1.34% |
| Allowance for credit losses to nonperforming loans | 169.1% | 116.4% | 137.2% | 130.1% | 323.2% |
| Net charge-offs (recoveries) to average loans - annualized | 0.70% | 0.14% | 0.02% | (0.04)% | 0.26% |
| **WEALTH MANAGEMENT** |  |  |  |  |  |
| Trust assets under management | $2750803 | $2566784 | $2457471 | $2250004 | $2412471 |
| **SHARE DATA** |  |  |  |  |  |
| Book value per common share | $53.22 | $51.62 | $50.09 | $48.64 | $47.37 |
| Tangible book value per common share<sup>1</sup> | $41.37 | $41.58 | $40.02 | $38.54 | $37.27 |
| Market value per share | $54.00 | $57.98 | $55.10 | $53.74 | $56.40 |
| Period end common shares outstanding | 36965 | 37011 | 36950 | 36928 | 36988 |
| Average basic common shares | 36997 | 37015 | 36963 | 36971 | 37118 |
| Average diluted common shares | 37265 | 37333 | 37172 | 37287 | 37447 |
| **CAPITAL** |  |  |  |  |  |
| Total risk-based capital to risk-weighted assets<sup>2</sup> | 13.9% | 14.4% | 14.7% | 14.7% | 14.6% |
| Tier 1 capital to risk-weighted assets<sup>2</sup> | 12.8% | 13.3% | 13.2% | 13.1% | 13.1% |
| Common equity tier 1 capital to risk-weighted assets<sup>2</sup> | 11.6% | 12.0% | 11.9% | 11.8% | 11.8% |
| Tangible common equity to tangible assets<sup>1</sup> | 9.07% | 9.60% | 9.42% | 9.30% | 9.05% |
| <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table for a reconciliation of these measures to GAAP. | <sup>1</sup>Refer to *Reconciliations of Non-GAAP Financial Measures* table 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.  |

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**ENTERPRISE FINANCIAL SERVICES CORP**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended |
| *($ in thousands)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** | **CORE EFFICIENCY RATIO** |  |  |
| Net interest income (GAAP) | $168174 | $158286 | $152762 | $147516 | $146370 | $626738 | $568096 |
| Tax equivalent adjustment | 3477 | 3045 | 2738 | 2475 | 2272 | 11735 | 8445 |
| Noninterest income (GAAP) | 25412 | 48624 | 20604 | 18483 | 20631 | 113123 | 69703 |
| &nbsp;&nbsp;Less insurance recoveries<sup>1</sup> |  | 32112 |  |  |  | 32112 |  |
| &nbsp;&nbsp;Less net gain (loss) on sale of investment securities | (57) |  |  | 106 |  | 49 |  |
| &nbsp;&nbsp;Less net gain (loss) on OREO | 6169 | 7 | 56 | 23 | (68) | 6255 | 3089 |
| Core revenue (non-GAAP) | $190951 | $177836 | $176048 | $168345 | $169341 | $713180 | $643155 |
| Noninterest expense (GAAP) | $114532 | $109790 | $105702 | $99783 | $99522 | $429807 | $385047 |
| &nbsp;&nbsp;&nbsp;Less FDIC special assessment | (652) |  |  |  |  | (652) | 625 |
| &nbsp;&nbsp;&nbsp;Less core conversion expense |  |  |  |  | 1893 |  | 4868 |
| &nbsp;&nbsp;&nbsp;Less amortization on intangibles | 1380 | 736 | 753 | 855 | 916 | 3724 | 3834 |
| &nbsp;&nbsp;&nbsp;Less acquisition costs | 2548 | 609 | 518 |  |  | 3675 |  |
| Core noninterest expense (non-GAAP) | $111256 | $108445 | $104431 | $98928 | $96713 | $423060 | $375720 |
| Core efficiency ratio (non-GAAP) | 58.3% | 61.0% | 59.3% | 58.8% | 57.1% | 59.3% | 58.4% |
| <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. | <sup>1</sup>Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended |
| *(in thousands, except per share data)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 |
| **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO** | **TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO** |
| Stockholders' equity (GAAP) | $2039386 | $1982332 | $1922899 | $1868073 | $1824002 |
| &nbsp;&nbsp;&nbsp;Less preferred stock | 71988 | 71988 | 71988 | 71988 | 71988 |
| &nbsp;&nbsp;&nbsp;Less goodwill | 416968 | 365164 | 365164 | 365164 | 365164 |
| &nbsp;&nbsp;&nbsp;Less intangible assets | 21175 | 6140 | 6876 | 7628 | 8484 |
| Tangible common equity (non-GAAP) | $1529255 | $1539040 | $1478871 | $1423293 | $1378366 |
| Less net unrealized losses on HTM securities, after tax | 26431 | 37341 | 56508 | 55819 | 52881 |
| Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) | $1502824 | $1501699 | $1422363 | $1367474 | $1325485 |
| Common shares outstanding | 36965 | 37011 | 36950 | 36928 | 36988 |
| Tangible book value per common share (non-GAAP) | $41.37 | $41.58 | $40.02 | $38.54 | $37.27 |
| Total assets (GAAP) | $17300884 | $16402405 | $16076299 | $15676594 | $15596431 |
| &nbsp;&nbsp;&nbsp;Less goodwill | 416968 | 365164 | 365164 | 365164 | 365164 |
| &nbsp;&nbsp;&nbsp;Less intangible assets | 21175 | 6140 | 6876 | 7628 | 8484 |
| Tangible assets (non-GAAP) | $16862741 | $16031101 | $15704259 | $15303802 | $15222783 |
| Tangible common equity to tangible assets (non-GAAP) | 9.07% | 9.60% | 9.42% | 9.30% | 9.05% |
| Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) | 8.91% | 9.37% | 9.06% | 8.94% | 8.71% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended |
| *($ in thousands)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<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) | $2022472 | $1964126 | $1906089 | $1863272 | $1844509 | $1939494 | $1784175 |
| &nbsp;&nbsp;&nbsp;Less average preferred stock | 71988 | 71988 | 71988 | 71988 | 71988 | 71988 | 71988 |
| &nbsp;&nbsp;&nbsp;Less average goodwill | 414858 | 365164 | 365164 | 365164 | 365164 | 377690 | 365164 |
| &nbsp;&nbsp;&nbsp;Less average intangible assets | 11173 | 6498 | 7237 | 8026 | 8930 | 8238 | 10329 |
| Average tangible common equity (non-GAAP) | $1524453 | $1520476 | $1461700 | $1418094 | $1398427 | $1481578 | $1336694 |
| Net income (GAAP) | $54794 | $45235 | $51384 | $49961 | $48834 | $201374 | $185266 |
| FDIC special assessment (after tax) | (488) |  |  |  |  | (488) | 470 |
| Core conversion expense (after tax) |  |  |  |  | 1424 |  | 3661 |
| Acquisition costs (after tax) | 1742 | 549 | 462 |  |  | 2753 |  |
| &nbsp;&nbsp;Less net gain (loss) on sale of investment securities (after tax) | (43) |  |  | 80 |  | 37 |  |
| &nbsp;&nbsp;Less net gain (loss) on OREO (after tax)  | 4621 | 5 | 42 | 17 | (51) | 4685 | 2323 |
| Net income adjusted (non-GAAP) | $51470 | $45779 | $51804 | $49864 | $50309 | $198917 | $187074 |
| &nbsp;&nbsp;&nbsp;Less preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 3750 | 3750 |
| Net income available to common stockholders adjusted (non-GAAP) | $50533 | $44841 | $50867 | $48926 | $49372 | $195167 | $183324 |
| Return on average common equity | 10.95% | 9.29% | 11.03% | 11.10% | 10.75% | 10.58% | 10.60% |
| Adjusted return on average common equity (non-GAAP) | 10.28% | 9.40% | 11.12% | 11.08% | 11.08% | 10.45% | 10.71% |
| ROATCE (non-GAAP) | 14.02% | 11.56% | 13.84% | 14.02% | 13.63% | 13.34% | 13.58% |
| Adjusted ROATCE (non-GAAP) | 13.15% | 11.70% | 13.96% | 13.99% | 14.05% | 13.17% | 13.71% |
| Average assets | $17099429 | $16178088 | $15859721 | $15642999 | $15309577 | $16199003 | $14841690 |
| Return on average assets (GAAP) | 1.27% | 1.11% | 1.30% | 1.30% | 1.27% | 1.24% | 1.25% |
| Adjusted return on average assets (non-GAAP) | 1.19% | 1.12% | 1.31% | 1.29% | 1.31% | 1.23% | 1.26% |
| Average diluted common shares | 37265 | 37333 | 37172 | 37287 | 37447 | 37239 | 37567 |
| Diluted earnings per share (GAAP) | $1.45 | $1.19 | $1.36 | $1.31 | $1.28 | $5.31 | $4.83 |
| Adjusted diluted earnings per share (non-GAAP) | $1.36 | $1.20 | $1.37 | $1.31 | $1.32 | $5.24 | $4.88 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended |
| *($ in thousands)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 | Dec 31,<br>2024 |
| **CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)** | **CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)** | **CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)** | **CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)** | **CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)** | **CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)** |  |  |
| Net interest income (GAAP) | $168174 | $158286 | $152762 | $147516 | $146370 | $626738 | $568096 |
| Noninterest income (GAAP) | 25412 | 48624 | 20604 | 18483 | 20631 | 113123 | 69703 |
| FDIC special assessment | (652) |  |  |  |  | (652) | 625 |
| Core conversion expense |  |  |  |  | 1893 |  | 4868 |
| Acquisition costs | 2548 | 609 | 518 |  |  | 3675 |  |
| &nbsp;&nbsp;Less net gain (loss) on sale of investment securities | (57) |  |  | 106 |  | 49 |  |
| &nbsp;&nbsp;Less net gain (loss) on OREO | 6169 | 7 | 56 | 23 | (68) | 6255 | 3089 |
| &nbsp;&nbsp;&nbsp;Less insurance recoveries |  | 32112 |  |  |  | 32112 |  |
| &nbsp;&nbsp;&nbsp;Less noninterest expense (GAAP) | 114532 | 109790 | 105702 | 99783 | 99522 | 429807 | 385047 |
| PPNR (non-GAAP) | $74838 | $65610 | $68126 | $66087 | $69440 | $274661 | $255156 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At | At | At | At | At |
| *($ in thousands)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<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 | $11800338 | $11583109 | $11408840 | $11298763 | $11220355 |
| &nbsp;&nbsp;&nbsp;Less guaranteed loans | 960132 | 922168 | 913118 | 942651 | 947665 |
| Adjusted loans (non-GAAP) | $10840206 | $10660941 | $10495722 | $10356112 | $10272690 |
| Allowance for credit losses | $140022 | $148854 | $145133 | $142944 | $137950 |
| Allowance for credit losses/loans (GAAP) | 1.19% | 1.29% | 1.27% | 1.27% | 1.23% |
| Allowance for credit losses/adjusted loans (non-GAAP) | 1.29% | 1.40% | 1.38% | 1.38% | 1.34% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Year ended |
| *($ in thousands)* | Dec 31,<br>2025 | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Dec 31,<br>2025 |
| **ADJUSTED EFFECTIVE TAX RATE** | **ADJUSTED EFFECTIVE TAX RATE** | **ADJUSTED EFFECTIVE TAX RATE** | **ADJUSTED EFFECTIVE TAX RATE** | **ADJUSTED EFFECTIVE TAX RATE** | **ADJUSTED EFFECTIVE TAX RATE** |  |
| Income before income tax expense (GAAP) | $69818 | $88673 | $64194 | $61032 | $60645 | $283717 |
| &nbsp;&nbsp;Less insurance recoveries<sup>1</sup> |  | 32112 |  |  |  | 32112 |
| Adjusted income before income tax expense (non-GAAP) | $69818 | $56561 | $64194 | $61032 | $60645 | $251605 |
| Income tax expense (GAAP) | $15024 | $43438 | $12810 | $11071 | $11811 | $82343 |
| &nbsp;&nbsp;Less tax credit recapture and tax applied to insurance recoveries<sup>1</sup> |  | 32112 |  |  |  | 32112 |
| Adjusted income tax expense (non-GAAP) | $15024 | $11326 | $12810 | $11071 | $11811 | $50231 |
| Effective tax rate (GAAP) | 21.5% | 49.0% | 20.0% | 18.1% | 19.5% | 29.0% |
| Adjusted effective tax rate (non-GAAP) | 21.5% | 20.0% | 20.0% | 18.1% | 19.5% | 20.0% |
| <sup>1</sup>Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. | <sup>1</sup>Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. | <sup>1</sup>Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. | <sup>1</sup>Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. | <sup>1</sup>Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. | <sup>1</sup>Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. | <sup>1</sup>Represents $32.1 million of anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event included in noninterest income, and $24.1 million of tax liability related to the anticipated recapture plus approximately $8.0 million of estimated tax liability related to the anticipated proceeds from the pending insurance claim included in income tax expense. |

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## Exhibit 99.2

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Exhibit 99.2 Enterprise Financial Services Corp 2025 Fourth Quarter Earnings Webcast

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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; our ability to collect insurance proceeds from claims made related to tax recapture events; credit risk; changes in the appraised valuation of real estate securing impaired loans; outcomes of litigation and other contingencies; exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters (including the effect of a prolonged U.S. federal government shutdown), and any slowdown in global economic growth; risks associated with rapid increases or decreases in prevailing interest rates; our ability to attract and retain deposits and access to other sources of liquidity; changes in business prospects that could impact goodwill estimates and assumptions; consolidation 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 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. 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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3 Financial Highlights - 4Q25\* Capital • Tangible Common Equity/Tangible Assets\*\* 9.07%, compared to 9.60% • Tangible Book Value Per Common Share\*\* $41.37, compared to $41.58 • CET1 Ratio 11.6%, compared to 12.0% • Quarterly common stock dividend of $0.32 per share in fourth quarter 2025 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depository share) • Repurchased 67,000 shares at an average price of $52.64 • Net Income $54.8 million, up $9.6 million; EPS $1.45 • Net Interest Income $168.2 million, up $9.9 million; NIM 4.26% • PPNR\*\*$74.8 million, up $9.2 million • ROAA 1.27%, compared to 1.11%; PPNR ROAA\*\* 1.74%, compared to 1.61% • ROATCE\*\* 14.02%, compared to 11.56% Earnings \*Comparisons noted below are to the linked quarter unless otherwise noted. \*\*A Non-GAAP Measure, Refer to Appendix for Reconciliation. M&A • Completed branch acquisition in Arizona and Kansas in October 2025

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4 Financial Highlights, continued - 4Q25\* \*Comparisons noted below are to the linked quarter unless otherwise noted. \*\*A Non-GAAP Measure, Refer to Appendix for Reconciliation. Loans & Deposits • Loans $11.8 billion, up $217.2 million ◦ Loans down $74.7 million excluding acquired loans • Loan/Deposit Ratio 80.8% • Deposits $14.6 billion, up $1.0 billion or $1.1 billion excluding brokered CDs ◦ Deposits up $431.9 million excluding acquired deposits • Noninterest-bearing Deposits/Total Deposits 33% Asset Quality • Nonperforming Loans/Loans 0.70% • Nonperforming Assets/Assets 0.95% • Allowance Coverage Ratio 1.19%; 1.29% adjusted for guaranteed loans\*\* • Net Charge-Offs $20.7 million • $6.2 million gain on OREO

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5 Financial Highlights, continued - 2025\* \*Comparisons noted below are to the prior year unless otherwise noted. \*\*A Non-GAAP Measure, Refer to Appendix for Reconciliation. Earnings • Net Income $201.4 million, up $16.1 million; EPS $5.31 • Net Interest Income $626.7 million, up $58.6 million; NIM 4.21% • PPNR\*\* $274.7 million, up $19.5 million • ROAA 1.24%, compared to 1.25%; PPNR ROAA\*\* 1.70%, compared to 1.72% • ROATCE\*\* 13.34%, compared to 13.58% Loans, Deposits, & Asset Quality • Loans $11.8 billion, up $580.0 million, or 5% ◦ Loans up $288.0 million excluding acquired loans • Deposits $14.6 billion, up $1.5 billion, or 11% ◦ Deposits up $853.4 million excluding acquired deposits • Net Charge-Offs $24.3 million, or 0.21% of average loans, compared to 0.16% Capital • Tangible Common Equity/Tangible Assets\*\* 9.07%, compared to 9.05% • Tangible Book Value Per Share\*\* $41.37, compared to $37.27, increase of 11% • Common stock dividend increased to $1.22 per share, compared to $1.06 per share • Repurchased 258,739 shares at an average price of $54.60

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6 2026 Priorities Improve Asset Quality • Reduce criticized and classified loans • Reduce nonperforming assets • Focused credit underwriting and monitoring Leverage Technology to Enhance Productivity and Efficiency • Expand use of existing technology framework • Evaluate business automation opportunities • Integrate manual procedures into automated workflow processes Organic Loan and Deposit Growth • Disciplined pricing • Expand existing relationships and new customer acquisitions • Leverage investment in sales associates

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7 Loan Details 4Q25 3Q25 4Q24 Qtr Change LTM Change Branch Acquisition\*\* Net Organic Qtr Change Net Organic LTM Change C&I $2,606 $2,321 $2,139 $285 $467 $85 $200 $382 CRE Investor Owned 2,786 2,627 2,405 159 381 84 75 297 CRE Owner Occupied 1,405 1,297 1,305 108 100 118 (10) (18) SBA loans\* 1,262 1,258 1,298 4 (36) — 4 (36) Sponsor Finance\* 695 774 783 (79) (88) — (79) (88) Life Insurance Premium Financing\* 1,187 1,152 1,114 35 73 — 35 73 Tax Credits\* 803 781 760 22 43 — 22 43 Residential Real Estate 362 359 351 3 11 4 (1) 7 Construction and Land Development 634 784 794 (150) (160) — (150) (160) Consumer\*\*\* 60 230 271 (170) (211) 1 (171) (212) Total Loans $11,800 $11,583 $11,220 $217 $580 $292 $(75) $288 \*Specialty loan category. \*\*Amounts reported are as of December 31, 2025 and represent loan balances from the branch acquisition from First Interstate Bank completed on October 10, 2025. \*\*\*Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. $ In Millions

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8 Loans By Region Specialty Lending $4,109 $4,213 $4,256 4Q24 3Q25 4Q25 $ In Millions Midwest $3,201 $3,193 $3,372 4Q24 3Q25 4Q25\* Southwest $1,784 $2,005 $2,229 4Q24 3Q25 4Q25\* Note: Excludes "Consumer" loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) \*Branch acquisition completed in October 2025. West $1,855 $1,942 $1,883 4Q24 3Q25 4Q25

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9 Deposit Details 4Q25 3Q25 4Q24 Qtr Change LTM Change Branch Acquisition\* Net Organic Qtr Change Net Organic LTM Change Noninterest-bearing demand accounts $4,874 $4,387 $4,484 $487 $390 $213 $274 $177 Interest-bearing demand accounts 3,537 3,302 3,175 235 362 109 126 253 Money market accounts 3,991 3,703 3,564 288 427 219 69 208 Savings accounts 538 526 553 12 (15) 21 (9) (36) Certificates of deposit: Brokered 722 762 485 (40) 237 — (40) 237 Customer 947 888 885 59 62 47 12 15 Total Deposits $14,609 $13,568 $13,146 $1,041 $1,463 $609 $432 $854 Deposit Verticals\*\* $3,815 $3,774 $3,388 $41 $427 $41 $427 $ In Millions \*Amounts reported are as of December 31, 2025 and represent deposit balances from the branch acquisition from First Interstate Bank completed on October 10, 2025. \*\*Included in Total Deposits. Note, Total Deposits excluding Deposit Verticals and brokered CDs increased $1.0 billion from 3Q25 and $799 million from 4Q24.

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![](q42025efscearningsreleas010.jpg)

10 Deposits By Region Deposit Verticals $3,388 $3,774 $3,815 4Q24 3Q25 4Q25 $ In Millions Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) \*Includes brokered balances \*\*Branch acquisition completed in October 2025. Midwest\* $6,433 $6,392 $6,921 4Q24 3Q25 4Q25\*\* West\* $1,268 $1,340 $1,312 4Q24 3Q25 4Q25 Southwest $2,057 $2,062 $2,561 4Q24 3Q25 4Q25\*\*

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![](q42025efscearningsreleas011.jpg)

11 Differentiated Deposit Verticals Community Associations 38.6% Property Management 39.5% Legal Industry and Escrow Services 21.9% Community Associations $1.5 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $1.5 billion in deposits. Specializing in the compliance of Property Management Trust Accounts. Legal Industry and Escrow Services $833 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $3.82 billion - 26% of total deposits • $3.93 billion - Average deposits for 4Q25 • $27.5 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.78% in 4Q25 • $132.7 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B\* ◦ 29 - Number of traditional branches that would support the EFSC deposit vertical portfolio \*Data Source: Deposit data as of June 30th, 2025, per the FDIC Summary of Deposits. 4Q24 1Q25 2Q25 3Q25 4Q25 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $1,500 $ In Millions

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12 Core Funding Mix Commercial Business Banking Consumer $ In Millions 1At December 31, 2025. Note: Brokered deposits were 4Q25 $1.0 billion; 3.56% cost of funds Deposit Verticals Total Portfolio Average Account Size & Cost of Funds COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Average account size ($ in thousands) 4Q25 $349 $80 $23 $101 Cost of funds 4Q251 1.99 % 1.19 % 1.41 % 0.64 % • ~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 30% 34% 32% 37% 33% 22% 5% 6% 30% 27% 17% 20% 67% 8% 24% $5,246 $2,810$1,752 DDA IB DDA MMA SAV CD 1 yr or less CD > 1 yr $3,815 4Q25

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13 Earnings Per Share Trend - 4Q25 $1.19 $0.22 $0.19 $(0.02) $(0.10) $(0.03) $1.45 3Q25 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest Expense Change in ETR 4Q25 Change in Diluted EPS1 1Excluding the effect of the third quarter 2025 recaptured tax credits and anticipated insurance recovery of $32.1 million from both noninterest income and tax expense.

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14 $146.4 $147.5 $152.8 $158.3 $168.2 4.13% 4.15% 4.21% 4.23% 4.26% 4.66% 4.33% 4.33% 4.30% 3.90% Net Interest Income Net Interest Margin Avg Effective Fed Funds Rate 4Q24 1Q25 2Q25 3Q25 4Q25\* Net Interest Income Trend $ In Millions Net Interest Income 4Q24 1Q25 2Q25 3Q25 4Q25\* Net Interest Income - FTE $148.6 $150.0 $155.5 $161.3 $171.7 Purchase Accounting Amortization/(Accretion) 0.8 0.2 0.4 0.6 (0.2) Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $149.4 $150.2 $155.9 $161.9 $171.5 Net Interest Margin 4.13 % 4.15 % 4.21 % 4.23 % 4.26 % Purchase Accounting Amortization/(Accretion) 0.02 % 0.01 % 0.01 % 0.02 % 0.00 % Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) 4.15 % 4.16 % 4.22 % 4.25 % 4.26 % \*Branch acquisition completed in October 2025.

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15 Net Interest Margin 6.73% 6.57% 6.64% 6.64% 6.51% 3.51% 3.75% 3.86% 3.93% 4.02% 6.05% 5.93% 6.00% 5.99% 5.86% Earning asset yield Securities yield Loan yield 4Q24 1Q25 2Q25 3Q25 4Q25 2.96% 2.77% 2.70% 2.67% 2.46% 2.00% 1.83% 1.82% 1.80% 1.64% 3.02% 2.84% 2.81% 2.77% 2.52% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 4Q24 1Q25 2Q25 3Q25 4Q25 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.23% (0.22)% 0.08% 0.05% 0.12% 4.26% 3Q25 Loans Securities Borrowings Deposits 4Q25 Margin Bridge

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![](q42025efscearningsreleas016.jpg)

16 26 (4) 2 14 70 4Q24 1Q25 2Q25 3Q25 4Q25 $140 $78 $110 $174 $(75) $292 41.5% 41.9% 45.9% 45.0% 43.9% Organic Loans Acquired Loans Avg Line Draw % 4Q24 1Q25 2Q25 3Q25 4Q25\* 4Q25 3Q25 4Q24 NPLs/Loans 0.70 % 1.10 % 0.38 % NPAs/Assets 0.95 % 0.83 % 0.30 % ACL/NPLs 169.1 % 116.4 % 323.2 % ACL/Loans\*\*\* 1.29 % 1.40 % 1.34 % Annualized Net Charge-offs (Recoveries) to Average Loans Provision for Credit Losses\*\* $6.8 $5.2 $3.5 $8.4 $9.2 4Q24 1Q25 2Q25 3Q25 4Q25 $ In Millions bps bps bps bps bps $ In Millions Loan Growth and Average Line of Credit Utilization \*Organic loan growth excludes branch acquisition completed in October 2025. \*\*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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![](q42025efscearningsreleas017.jpg)

17 $140.0 $148.9 $8.5 $(20.7) $3.3 ACL 3Q25 Portfolio Changes Net Charge-offs Purchased Loans Credit Mark ACL 4Q25 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 4Q25 Loans ACL ACL as a % of Loans Commercial and industrial $5,232 $69 1.32 % Commercial real estate 5,454 51 0.94 % Construction real estate 688 11 1.60 % Residential real estate 368 8 2.17 % Consumer 58 1 1.72 % Total $11,800 $140 1.19 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $26.3 million, $3.6 million, and $5.2 million, respectively. Total ACL as a percentage of loans excluding $960.1 million of government guaranteed loans was 1.29%\*. 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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![](q42025efscearningsreleas018.jpg)

18 Noninterest Income Trend $20.6 $18.5 $20.6 $48.6 $25.4 $4.7 $6.4 $8.5 $6.8 $11.9 $32.1 $6.0 $2.6 $2.2 $(0.3) $3.2$4.7 $4.4 $4.9 $4.9 $5.1$2.5 $2.4 $2.4 $2.5 $2.6 $2.7 $2.7 $2.6 $2.6 $2.6 12.4% 11.1% 11.9% 23.5% 13.1% Other Recaptured Tax Credit Insurance Proceeds\* Tax Credit Income (Loss) Deposit Services Charge Card Services Wealth Management Noninterest income/Total income 4Q24 1Q25 2Q25 3Q25 4Q25 $4.7 $6.4 $8.5 $6.8 $11.9 $1.7 $1.7 $2.1 $1.8 $2.1 $0.5 $0.5 $0.5 $0.6 $0.5 $0.9 $0.9 $2.6 $2.1 $1.9$1.0 $0.1 $0.3 $0.1 $0.3 $0.7 $1.4 $0.3 $0.9 $0.3 $0.7 $0.5 $0.6 $0.2 $0.1 $6.2 $1.9 $1.2 $1.1 Miscellaneous Servicing Fees BOLI Swap Fees CDE Private Equity Fund Distributions Gain on OREO Gain on SBA Loan Sales 4Q24 1Q25 2Q25 3Q25 4Q25 $ In Millions Noninterest Income Other Noninterest Income Detail \*Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.

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19 Noninterest Expense Trend Noninterest Expense $ In Millions $24.2 $23.4 $25.1 $27.5 $28.6 $1.9 $0.5 $0.6 $2.5 $22.9 $23.8 $24.8 $27.2 $27.5 $4.3 $4.4 $5.1 $4.9 $5.8 $46.2 $48.2 $50.2 $49.6 $50.1 57.1% 58.8% 59.3% 61.0% 58.3% $99.5 $99.8 $105.7 $109.8 $114.5 Other Core conversion expense Acquisition costs Deposit costs Occupancy Employee compensation and benefits Core efficiency ratio\* 4Q24 1Q25 2Q25 3Q25 4Q25 $24.2 $23.4 $25.1 $27.5 $28.6 $11.9 $10.7 $11.4 $12.6 $12.8 $4.6 $4.8 $4.8 $5.0 $5.2 $1.6 $1.7 $1.5 $2.2 $2.3$3.1 $3.1 $3.4 $3.6 $3.2$2.1 $2.2 $3.2 $3.4 $3.7 $0.9 $0.9 $0.8 $0.7 $1.4 Miscellaneous Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 4Q24 1Q25 2Q25 3Q25 4Q25 \*A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail

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20 Capital Tangible Common Equity/Tangible Assets\* 9.05% 9.30% 9.42% 9.60% 9.07% Tangible Common Equity/Tangible Assets 4Q24 1Q25 2Q25 3Q25 4Q25\*\*\* \*A Non-GAAP Measure, Refer to Appendix for Reconciliation. \*\*Preliminary regulatory capital ratios. \*\*\*Includes the impact of goodwill and intangibles from the branch acquisition completed in October 2025. Regulatory Capital 10.0% 14.6% 14.7% 14.7% 14.4% 13.9% 6.5% 11.8% 11.8% 11.9% 12.0% 11.6% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 4Q24 1Q25 2Q25 3Q25 4Q25 8.0% 13.1% 13.1% 13.2% 13.3% EFSC Capital Strategy: Low Cost - Highly Flexible High Capital Retention Rate – Strong earnings profile – Sustainable dividend profile Supporting Robust Asset Growth – Organic loan and deposit growth – High quality M&A to enhance commercial franchise and geographic diversification Maintain High Quality Capital Stack – Minimize WACC over time (preferred, sub debt, etc.) – Optimize capital levels CET1 ~10%, Tier 1 ~12%, and Total Capital ~14% Maintain 8-9% TCE – Common stock repurchases – 258,739 shares repurchased at an average price of $54.60 in 2025 – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $37.27 $38.54 $40.02 $41.58 $41.37 $0.28 $0.29 $0.30 $0.31 $0.32 TBV/Share\* Dividends per Share 4Q24 1Q25 2Q25 3Q25 4Q25 12.8% \*\*

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Appendix

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22 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 5% Obligations of states and political subdivisions 40% Agency mortgage- backed securities 47% Corporate debt securities 3% U.S. Treasury bills 5% TOTAL $3.7 billion • Effective duration of 5.1 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $660.9 million • 4.02% 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 Loss) HTM Securities (Net Unrealized Loss) 4Q24 1Q25 2Q25 3Q25 4Q25 $— $1,000 $2,000 $3,000 $(200) $(100) $— $100 $ In Millions $359.4 $314.9 $348.6 $226.6 $575.8 5.10% 5.20% 5.30% 4.99% 4.61% Principal Cost Yield (TEQ) 4Q24 1Q25 2Q25 3Q25 4Q25 Investment Purchase Yield $ In Millions Investment Portfolio

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23 EFSC Borrowing Capacity $6.1 $6.3 $6.7 $1.1 $1.0 $1.6 $3.2 $3.3 $3.0 $0.2 $0.2 $0.1 $1.6 $1.8 $2.0 45% 47% 46% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 2Q25 3Q25 4Q25 $ In Billions End of Period and Average Loans to Deposits 85% 87% 86% 85% 81% 86% 86% 86% 84% 81% End of period Loans/Deposits Avg Loans/Avg Deposits 4Q24 1Q25 2Q25 3Q25 4Q25 • $1.6 billion available FHLB capacity • $3.0 billion available FRB capacity • $135.0 million in eight federal funds lines • $2.0 billion in unpledged investment securities • $681.9 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 22% • FHLB maximum credit capacity is 45% of assets $0.7 $0.5 $0.4 $0.4 $0.3 $0.7 $1.2 $1.6 $2.0 $2.3 Annual Cash Flows Cumulative Cash Flows 2026 2027 2028 2029 2030 Investment Portfolio Cash Flows\* $ In Billions Strong Liquidity Profile \*Trailing 12 months ending December 31 of each year Liquidity

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24 Office CRE (Non-owner Occupied) Total $574.8 million Midwest 49.3% Southwest 29.3% West 17.5% Specialty 3.9% Office CRE Loans by Location Real Estate/ Rental/Leasing 87.4% Health Care and Social Assistance 3.7% Other 8.9% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.50 16 $244.2 $15.3 $5-10 Million 5.00 12 80.3 6.7 $2-5 Million 5.31 45 143.9 3.2 < $2 Million 5.29 192 106.4 0.6 Total 5.29 265 $574.8 $2.2 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 • $33.9 million unfunded commitments 24

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25 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, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets ("PPNR ROAA"), core efficiency ratio, 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, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets ("PPNR ROAA"), core efficiency ratio, 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, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, net gain or loss on other real estate, and net gain or loss on sales of investment securities, that the Company believes to be not indicative of or useful to measure the Company's operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that tangible common equity to tangible assets 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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26 Reconciliation of Non-GAAP Financial Measures At ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 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) $2,039,386 $1,982,332 $1,922,899 $1,868,073 $1,824,002 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 416,968 365,164 365,164 365,164 365,164 Less intangible assets 21,175 6,140 6,876 7,628 8,484 Tangible common equity (non-GAAP) $1,529,255 $1,539,040 $1,478,871 $1,423,293 $1,378,366 Common shares outstanding 36,965 37,011 36,950 36,928 36,988 Tangible book value per common share (non-GAAP) $41.37 $41.58 $40.02 $38.54 $37.27 Total assets (GAAP) $17,300,884 $16,402,405 $16,076,299 $15,676,594 $15,596,431 Less goodwill 416,968 365,164 365,164 365,164 365,164 Less intangible assets 21,175 6,140 6,876 7,628 8,484 Tangible assets (non-GAAP) $16,862,741 $16,031,101 $15,704,259 $15,303,802 $15,222,783 Tangible common equity to tangible assets (non-GAAP) 9.07 % 9.60 % 9.42 % 9.30 % 9.05 %

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27 Reconciliation of Non-GAAP Financial Measures Quarter ended Year ended ($ in thousands) December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average stockholder's equity (GAAP) $2,022,472 $1,964,126 $1,939,494 $1,784,175 Less average preferred stock 71,988 71,988 71,988 71,988 Less average goodwill 414,858 365,164 377,690 365,164 Less average intangible assets 11,173 6,498 8,238 10,329 Average tangible common equity (non-GAAP) $1,524,453 $1,520,476 $1,481,578 $1,336,694 Net income available to common stockholders (GAAP) $53,857 $44,297 $197,624 $181,516 ROATCE (non-GAAP) 14.02 % 11.56 % 13.34 % 13.58 % Quarter ended Year ended ($ in thousands) December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 PRE-PROVISION NET REVENUE (PPNR) Net interest income $168,174 $158,286 $626,738 $568,096 Noninterest income 25,412 48,624 113,123 69,703 FDIC special assessment (652) — (652) 625 Core conversion expense — — — 4,868 Acquisition costs 2,548 609 3,675 — Less net gain (loss) on sale of investment securities (57) — 49 — Less net gain on other real estate owned 6,169 7 6,255 3,089 Less insurance recoveries1 — 32,112 32,112 — Less noninterest expense 114,532 109,790 429,807 385,047 PPNR (non-GAAP) $74,838 $65,610 $274,661 $255,156 Average assets $17,099,429 $16,178,088 $16,199,003 $14,841,690 PPNR ROAA (non-GAAP) 1.74 % 1.61 % 1.70 % 1.72 % 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.

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28 Reconciliation of Non-GAAP Financial Measures 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. At ($ in thousands) December 31, 2025 September 30, 2025 December 31, 2024 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $11,800,338 $11,583,109 $11,220,355 Less guaranteed loans 960,132 922,168 947,665 Adjusted loans (non-GAAP) $10,840,206 $10,660,941 $10,272,690 Allowance for credit losses $140,022 $148,854 $137,950 Allowance for credit losses/loans (GAAP) 1.19 % 1.29 % 1.23 % Allowance for credit losses/adjusted loans (non-GAAP) 1.29 % 1.40 % 1.34 % Quarter ended ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $168,174 $158,286 $152,762 $147,516 $146,370 Tax-equivalent adjustment 3,477 3,045 2,738 2,475 2,272 Noninterest income (GAAP) 25,412 48,624 20,604 18,483 20,631 Less insurance recoveries1 — 32,112 — — — Less net gain (loss) on sale of investment securities (57) — — 106 — Less net gain (loss) on other real estate owned 6,169 7 56 23 (68) Core revenue (non-GAAP) $190,951 $177,836 $176,048 $168,345 $169,341 Noninterest expense (GAAP) $114,532 $109,790 $105,702 $99,783 $99,522 Less core conversion expense — — — — 1,893 Less FDIC special assessment (652) — — — — Less amortization on intangibles 1,380 736 753 855 916 Less acquisition costs 2,548 609 518 — — Core revenue (non-GAAP) $111,256 $108,445 $104,431 $98,928 $96,713 Core efficiency ratio (non-GAAP) 58.3 % 61.0 % 59.3 % 58.8 % 57.1 %

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