Enterprise Financial Services Corp Q2 2024 10-Q Filing

TL;DR

EFSC's Q2 10-Q is in: Deposits and trust accounts show activity. Check the numbers for the full picture.

AI Summary

Enterprise Financial Services Corp (EFSC) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and the first half of 2024, including deposit and fiduciary and trust account activity. Specific dollar amounts and revenue figures are presented within the context of these financial statements.

Why It Matters

This filing provides investors with a detailed look at Enterprise Financial Services Corp's financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) with no immediate red flags apparent from the provided header information.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240726 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ENTERPRISE FINANCIAL SERVICES CORP (company) — Filer of the 10-Q
• 0001025835 (company) — Central Index Key for EFSC
• 20240630 (date) — End of the reporting period
• 20240726 (date) — Filing date
• 150 NORTH MERAMEC STREET (location) — Business and mailing address
• CLAYTON (location) — City of business and mailing address
• MO (location) — State of business and mailing address
• 63105 (location) — ZIP code of business and mailing address
• 3147255500 (phone_number) — Business phone number

FAQ

Key Financial Figures

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

Filing Documents

• efsc-20240630.htm (10-Q) — 3606KB
• a2024630-ex311.htm (EX-31.1) — 12KB
• a2024630-ex312.htm (EX-31.2) — 11KB
• a2024630-ex321.htm (EX-32.1) — 4KB
• a2024630-ex322.htm (EX-32.2) — 4KB
• 0001025835-24-000064.txt ( ) — 15758KB
• efsc-20240630.xsd (EX-101.SCH) — 51KB
• efsc-20240630_cal.xml (EX-101.CAL) — 139KB
• efsc-20240630_def.xml (EX-101.DEF) — 383KB
• efsc-20240630_lab.xml (EX-101.LAB) — 777KB
• efsc-20240630_pre.xml (EX-101.PRE) — 585KB
• efsc-20240630_htm.xml (XML) — 3879KB

- 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 33

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk 57

Item 3. Quantitative and Qualitative Disclosures About Market Risk 57

Controls and Procedures 58

Item 4. Controls and Procedures 58

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 58

Item 1. Legal Proceedings 58

Risk Factors 59

Item 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds 59

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Defaults Upon Senior Securities 59

Item 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures 59

Item 4. Mine Safety Disclosures 59

Other Information 59

Item 5. Other Information 59

Exhibits 60

Item 6. Exhibits 60 Signatures 62 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 ASU Accounting Standards Update FHLB Federal Home Loan Bank Bank Enterprise Bank & Trust GAAP Generally Accepted Accounting Principles (United States) C&I Commercial and Industrial GDP Gross Domestic Product CCB Capital Conservation Buffer ICE The Intercontinental Exchange CECL Current Expected Credit Loss LIBOR London Interbank Offered Rate Company Enterprise Financial Services Corp and Subsidiaries NIM Net Interest Margin CRE Commercial Real Estate NM Not meaningful 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) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 176,698 $ 193,275 Federal funds sold 1,710 2,880 Interest-earning deposits 214,367 236,874 Total cash and cash equivalents 392,775 433,029 Interest-earning deposits greater than 90 days 3,265 3,856 Securities available-for-sale 1,615,930 1,618,273 Securities held-to-maturity, net 772,648 750,434 Loans held-for-sale 606 359 Loans 11,000,007 10,884,118 Allowance for credit losses on loans ( 139,464 ) ( 134,771 ) Total loans, net 10,860,543 10,749,347 Other investments 71,971 66,195 Fixed assets, net 44,831 42,681 Goodwill 365,164 365,164 Intangible assets, net 10,327 12,318 Other assets 477,606 476,934 Total assets $ 14,615,666 $ 14,518,590 Liabilities and Shareholders' Equity Noninterest-bearing demand accounts $ 3,928,308 $ 3,958,743 Interest-bearing demand accounts 2,951,899 2,950,259 Money market accounts 3,474,278 3,399,280 Savings accounts 565,348 595,175 Certificates of deposit: Brokered 494,870 482,759 Customer 867,680 790,155 Total deposits 12,282,383 12,176,371 Subordinated debentures and notes 156,265 155,984 FHLB advances 78,000 — Other borrowings 178,269 297,829 Other liabilities 165,476 172,338 Total liabilities $ 12,860,393 $ 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 ( $ 1,000 per share liquida tion preference) 71,988 71,988 Common stock, $ 0.01 par value; 75,000,000 shares authorized; 37,343,548 and 37,416,028 shares issued and outstanding 373 374 Additional paid in capital 994,116 995,208 Retained earnings 810,935 749,513 Accumulated other comprehensive loss, net ( 122,139 ) ( 101,015 ) Total shareholders' equity 1,755,273

View Full Filing

View this 10-Q filing on SEC EDGAR