Enterprise Financial Services Corp Files 10-Q for Q1 2024

TL;DR

<b>Enterprise Financial Services Corp filed its Q1 2024 10-Q, detailing financial performance and balance sheet changes.</b>

AI Summary

ENTERPRISE FINANCIAL SERVICES CORP (EFSCP) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Enterprise Financial Services Corp reported financial results for the quarter ended March 31, 2024. The filing includes data on common stock, preferred stock, and additional paid-in capital as of March 31, 2024. Key balance sheet items such as retained earnings and accumulated other comprehensive income are detailed for Q1 2024. The company's financial statements cover periods including Q1 2024, Q1 2023, and year-end 2023. Specific revenue segments like Card Services Revenue and Tax Credit Activity Net are reported for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking ENTERPRISE FINANCIAL SERVICES CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, allowing for an assessment of Enterprise Financial Services Corp's performance and financial health. The detailed breakdown of revenue segments and balance sheet components enables stakeholders to understand the company's operational results and financial position.

Risk Assessment

Risk Level: low — ENTERPRISE FINANCIAL SERVICES CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant negative events.

Analyst Insight

Review the detailed revenue and balance sheet figures in the 10-Q to assess trends in deposit accounts, card services, and overall profitability.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-26 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period for Q1 2024)
• 2023-12-31 — Previous Year End Date (Data for year-end 2023)

Key Players & Entities

• ENTERPRISE FINANCIAL SERVICES CORP (company) — Filer name
• 150 NORTH MERAMEC STREET (location) — Business and mailing address
• CLAYTON (location) — City for business and mailing address
• MO (location) — State for business and mailing address
• 63105 (location) — ZIP code for business and mailing address
• ENTERBANK HOLDINGS INC (company) — Former company name

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share EFSC Nasdaq Global Select Mar

Filing Documents

• efsc-20240331.htm (10-Q) — 2969KB
• a2024331-ex311.htm (EX-31.1) — 12KB
• a2024331-ex312.htm (EX-31.2) — 11KB
• a2024331-ex321.htm (EX-32.1) — 4KB
• a2024331-ex322.htm (EX-32.2) — 4KB
• 0001025835-24-000029.txt (&nbsp;) — 14094KB
• efsc-20240331.xsd (EX-101.SCH) — 49KB
• efsc-20240331_cal.xml (EX-101.CAL) — 142KB
• efsc-20240331_def.xml (EX-101.DEF) — 372KB
• efsc-20240331_lab.xml (EX-101.LAB) — 765KB
• efsc-20240331_pre.xml (EX-101.PRE) — 573KB
• efsc-20240331_htm.xml (XML) — 3359KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Income (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 3 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk 53

Item 3. Quantitative and Qualitative Disclosures About Market Risk 53

Controls and Procedures 55

Item 4. Controls and Procedures 55

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 55

Item 1. Legal Proceedings 55

Risk Factors 55

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds 55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Defaults Upon Senior Securities 55

Item 3. Defaults Upon Senior Securities 55

Mine Safety Disclosures 55

Item 4. Mine Safety Disclosures 55

Other Information 55

Item 5. Other Information 55

Exhibits 56

Item 6. Exhibits 56 Signatures 58 Glossary of Acronyms, Abbreviations and Entities The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," in Item 2 and the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements in Item 1 of this Form 10-Q. ACL Allowance for Credit Losses Federal Reserve Federal Reserve Board ASC Accounting Standards Codification FHLB Federal Home Loan Bank ASU Accounting Standards Update GAAP Generally Accepted Accounting Principles (United States) Bank Enterprise Bank & Trust GDP Gross Domestic Product C&I Commercial and Industrial ICE The Intercontinental Exchange CCB Capital Conservation Buffer LIBOR London Interbank Offered Rate CECL Current Expected Credit Loss NIM Net Interest Margin Company Enterprise Financial Services Corp and Subsidiaries NM Not meaningful CRE Commercial Real Estate PPP Paycheck Protection Program EFSC Enterprise Financial Services Corp and Subsidiaries SBA Small Business Administration Enterprise Enterprise Financial Services Corp and Subsidiaries SEC Securities and Exchange Commission FASB Financial Accounting Standards Board SOFR Secured Overnight Financing Rate FDIC Federal Deposit Insurance Corporation We, Us, Our Enterprise Financial Services Corp and Subsidiaries

- ITEM 1 - FINANCIAL STATEMENTS

PART I - ITEM 1 - FINANCIAL STATEMENTS ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) ($ in thousands, except share data) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 157,697 $ 193,275 Federal funds sold 1,045 2,880 Interest-earning deposits 210,678 236,874 Total cash and cash equivalents 369,420 433,029 Interest-earning deposits greater than 90 days 4,228 3,856 Securities available-for-sale 1,611,883 1,618,273 Securities held-to-maturity, net 758,017 750,434 Loans held-for-sale 610 359 Loans 11,028,492 10,884,118 Allowance for credit losses on loans ( 135,498 ) ( 134,771 ) Total loans, net 10,892,994 10,749,347 Other investments 74,077 66,195 Fixed assets, net 44,382 42,681 Goodwill 365,164 365,164 Intangible assets, net 11,271 12,318 Other assets 481,292 476,934 Total assets $ 14,613,338 $ 14,518,590 Liabilities and Shareholders' Equity Noninterest-bearing demand accounts $ 3,805,334 $ 3,958,743 Interest-bearing demand accounts 2,956,282 2,950,259 Money market accounts 3,430,454 3,399,280 Savings accounts 576,248 595,175 Certificates of deposit: Brokered 659,005 482,759 Customer 826,378 790,155 Total deposits 12,253,701 12,176,371 Subordinated debentures and notes 156,124 155,984 FHLB advances 125,000 — Other borrowings 195,246 297,829 Other liabilities 151,542 172,338 Total liabilities $ 12,881,613 $ 12,802,522 Commitments and contingent liabilities (Note 5) Shareholders' equity: Preferred stock, $ 0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding, respectively ($ 1,000 per share liquida tion preference) 71,988 71,988 Common stock, $ 0.01 par value; 75,000,000 shares authorized; 37,515,186 and 37,416,028 shares issued and outstanding, respectively 375 374 Additional paid in capital 995,969 995,208 Retained earnings 778,784 749,513 Accumulated other comprehensive loss, net ( 115,391 ) ( 101,015 ) Total

View Full Filing

View this 10-Q filing on SEC EDGAR