Enterprise Financial Services Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Enterprise Financial Services Corp has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ENTERPRISE FINANCIAL SERVICES CORP (EFSCP) filed a Annual Report (10-K) with the SEC on February 26, 2024. Enterprise Financial Services Corp filed its 2023 Form 10-K on February 26, 2024. The filing covers the fiscal year ending December 31, 2023. The company is classified under SIC code 6022 (Commercial Banks). Its principal business address is 150 North Meramec Street, Clayton, MO 63105. The company was formerly known as Enterbank Holdings Inc.

Why It Matters

For investors and stakeholders tracking ENTERPRISE FINANCIAL SERVICES CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Enterprise Financial Services Corp's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. As a commercial bank, the detailed financial disclosures in this report are essential for understanding its regulatory compliance, asset management, and overall market position within the financial services industry.

Risk Assessment

Risk Level: medium — ENTERPRISE FINANCIAL SERVICES CORP shows moderate risk based on this filing. The company operates in the highly regulated commercial banking sector, which inherently carries medium risk due to compliance requirements and market fluctuations.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Enterprise Financial Services Corp's performance and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date of submission)
• 1934 Act — SEC Act (Legislation governing the filing)
• 001-15373 — SEC File Number (SEC registration number)

Key Players & Entities

• ENTERPRISE FINANCIAL SERVICES CORP (company) — Filer name
• 0001025835 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• 150 NORTH MERAMEC STREET (company) — Business Address
• CLAYTON (company) — Business City
• MO (company) — Business State
• 63105 (company) — Business Zip
• Enterbank Holdings Inc (company) — Former Company Name

FAQ

Industry Context

Enterprise Financial Services Corp operates as a commercial bank, a sector characterized by stringent regulations and sensitivity to economic conditions.

Regulatory Implications

As a commercial bank, the company is subject to oversight from federal and state banking regulators, requiring adherence to capital adequacy, liquidity, and consumer protection rules.

What Investors Should Do

1. Analyze the company's financial statements for revenue trends, profitability, and asset quality.
2. Review the risk factors section for potential challenges and management's mitigation strategies.
3. Compare key financial metrics against industry peers to assess competitive positioning.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $39.10 — he closing price of the common stock of $39.10 as of the last business day of the regi
• $60.0 million — C") Program. In 2023, we were awarded a $60.0 million NMTC allocation from the Treasury CDFI.
• $303.0 million — he total amount of these allocations to $303.0 million. We will continue to participate in the

Filing Documents

• efsc-20231231.htm (10-K) — 4430KB
• a20231231ex1016.htm (EX-10.1 6) — 25KB
• a20231231-ex211.htm (EX-21.1) — 4KB
• a20231231-ex231.htm (EX-23.1) — 2KB
• a20231231-ex241.htm (EX-24.1) — 18KB
• a20231231-ex311.htm (EX-31.1) — 12KB
• a20231231-ex312.htm (EX-31.2) — 11KB
• a20231231-ex321.htm (EX-32.1) — 4KB
• a20231231-ex322.htm (EX-32.2) — 4KB
• a20231231ex97.htm (EX-97) — 19KB
• efsc-20231231_g1.jpg (GRAPHIC) — 122KB
• 0001025835-24-000017.txt (&nbsp;) — 22467KB
• efsc-20231231.xsd (EX-101.SCH) — 106KB
• efsc-20231231_cal.xml (EX-101.CAL) — 203KB
• efsc-20231231_def.xml (EX-101.DEF) — 723KB
• efsc-20231231_lab.xml (EX-101.LAB) — 1452KB
• efsc-20231231_pre.xml (EX-101.PRE) — 1008KB
• efsc-20231231_htm.xml (XML) — 4480KB

Risk Factors 13

Item 1A. Risk Factors 13

Unresolved Staff Comments 26

Item 1B. Unresolved Staff Comments 26

Cybersecurity 26

Item 1C. Cybersecurity 26

Properties 28

Item 2. Properties 28

Legal Proceedings 28

Item 3. Legal Proceedings 28

Mine Safety Disclosures 28

Item 4. Mine Safety Disclosures 28 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk 57

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57

Financial Statements and Supplementary Data 58

Item 8. Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 118

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 118

Controls and Procedures 118

Item 9A. Controls and Procedures 118

Other Information 119

Item 9B. Other Information 119

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 PART III

Directors, Executive Officers, and Corporate Governance 119

Item 10. Directors, Executive Officers, and Corporate Governance 119

Executive Compensation 119

Item 11. Executive Compensation 119

Security Ownership of Certain Beneficial Owners, and Management and Related Stockholder Matters 120

Item 12. Security Ownership of Certain Beneficial Owners, and Management and Related Stockholder Matters 120

Certain Relationships and Related Transactions, and Director Independence 120

Item 13. Certain Relationships and Related Transactions, and Director Independence 120

Principal Accountant Fees and Services 121

Item 14. Principal Accountant Fees and Services 121 PART IV

Exhibits and Financial Statement Schedules 122

Item 15. Exhibits and Financial Statement Schedules 122

Form 10-K Summary 125

Item 16. Form 10-K Summary 125 SIGNATURES 126 Glossary of Acronyms, Abbreviations and Entities The acronyms and abbreviations identified below are used in various sections of this Form 10-K, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," in Item 7 and the Consolidated Financial Statements and the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K. ACL Allowance for Credit Losses FASB Financial Accounting Standards Board ASC Accounting Standards Codification FDIC Federal Deposit Insurance Corporation ASU Accounting Standards Update Federal Reserve Federal Reserve Board Bank Enterprise Bank & Trust FHLB Federal Home Loan Bank BHCA Bank Holding Company Act of 1956, as amended GAAP Generally Accepted Accounting Principles Board or Board of Directors Enterprise Financial Services Corp board of directors GDP Gross Domestic Product C&I Commercial and Industrial ICE The Intercontinental Exchange CCB Capital Conservation Buffer LIBOR London Interbank Offered Rate CDFI Community Development Financial Institution MD&A Management's Discussion and Analysis of Financial Condition and Results of Operations CECL Current Expected Credit Loss MSA Metropolitan Statistical Area CET1 Common Equity Tier 1 Capital OCC Office of the Comptroller of the Currency CFPB Consumer Financial Protection Bureau PCD Purchased Credit Deteriorated Company Enterprise Financial Services Corp and Subsidiaries PPP Paycheck Protection Program CRA Community Reinvestment Act SBA U.S. Small Business Administration CRE Commercial Real Estate SBIC Small Business Investment Company Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 SEC Securities and Exchange Commission EFSC Enterprise Financial Services Corp SOFR Secured Overnight Financing Rate Enterprise Enterprise Financial Services Corp and Subsidiaries We, Us, Our Enterprise Financial Services Corp and Subsidiaries PART 1

: BUSINESS

ITEM 1: BUSINESS Forward-Looking Information Some of the information in this Annual Report on Form 10-K 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, and by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effects on the Company, and include, without limitation, statements about the Company's plans, strategies, goals, objectives, expectations, or consequences of statements about the future performance, operations, products and services of the Company and its subsidiaries, as well as statements about the Company's expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, products and services, shareholder value creation and the impact of acquisitions. Forward-looking statements typically are identified with use of terms such as "may," "might," "will, "would," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "intend," "potential," "could," "continue" and the negative and other variations of these terms and similar words, although some forward-looking statements may be expressed differently. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends, and statements about future performance, operations, products and services. 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

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View this 10-K filing on SEC EDGAR