Enterprise Financial Services Corp Q3 2024 10-Q Filing

TL;DR

EFSC's Q3 2024 10-Q shows deposit and trust activity, plus card services revenue.

AI Summary

Enterprise Financial Services Corp (EFSC) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance, including deposit account and fiduciary and trust activities for the third quarter and year-to-date periods of 2024 and 2023. Specific revenue figures for card services are also mentioned.

Why It Matters

This filing provides investors and analysts with a detailed look at Enterprise Financial Services Corp's financial health and operational performance for the third quarter of 2024, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a financial institution, Enterprise Financial Services Corp is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-11-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-07-01 to 2024-09-30 — Q3 2024 Activity Period (Covers the specific financial activities for the third quarter of 2024.)
• 2023-07-01 to 2023-09-30 — Q3 2023 Activity Period (Provides comparative data for the third quarter of 2023.)
• 2024-01-01 to 2024-09-30 — Year-to-Date 2024 Activity Period (Encompasses financial activities from the beginning of 2024 through the end of Q3.)

Key Players & Entities

• ENTERPRISE FINANCIAL SERVICES CORP (company) — Filer of the 10-Q
• 0001025835 (company) — Central Index Key for EFSC
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date
• 6022 (dollar_amount) — Standard Industrial Classification for Commercial Banks

FAQ

Key Financial Figures

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

Filing Documents

• efsc-20240930.htm (10-Q) — 3635KB
• a2024930-ex311.htm (EX-31.1) — 12KB
• a2024930-ex312.htm (EX-31.2) — 11KB
• a2024930-ex321.htm (EX-32.1) — 4KB
• a2024930-ex322.htm (EX-32.2) — 4KB
• 0001025835-24-000096.txt ( ) — 15893KB
• efsc-20240930.xsd (EX-101.SCH) — 51KB
• efsc-20240930_cal.xml (EX-101.CAL) — 139KB
• efsc-20240930_def.xml (EX-101.DEF) — 384KB
• efsc-20240930_lab.xml (EX-101.LAB) — 778KB
• efsc-20240930_pre.xml (EX-101.PRE) — 587KB
• efsc-20240930_htm.xml (XML) — 3934KB

- 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 58

Item 1A. Risk Factors 58

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) September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 210,984 $ 193,275 Federal funds sold 2,533 2,880 Interest-earning deposits 212,863 236,874 Total cash and cash equivalents 426,380 433,029 Interest-earning deposits greater than 90 days 3,523 3,856 Securities available-for-sale 1,786,793 1,618,273 Securities held-to-maturity, net 851,647 750,434 Loans held-for-sale 304 359 Loans 11,079,892 10,884,118 Allowance for credit losses on loans ( 139,778 ) ( 134,771 ) Total loans, net 10,940,114 10,749,347 Other investments 75,754 66,195 Fixed assets, net 44,368 42,681 Goodwill 365,164 365,164 Intangible assets, net 9,400 12,318 Other assets 450,678 476,934 Total assets $ 14,954,125 $ 14,518,590 Liabilities and Shareholders' Equity Noninterest-bearing demand accounts $ 3,934,245 $ 3,958,743 Interest-bearing demand accounts 3,048,981 2,950,259 Money market accounts 3,568,476 3,399,280 Savings accounts 553,067 595,175 Certificates of deposit: Brokered 480,934 482,759 Customer 879,619 790,155 Total deposits 12,465,322 12,176,371 Subordinated debentures and notes 156,407 155,984 FHLB advances 150,000 — Other borrowings 170,815 297,829 Other liabilities 179,570 172,338 Total liabilities $ 13,122,114 $ 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; 37,183,784 and 37,416,028 shares issued and outstanding 372 374 Additional paid in capital 992,642 995,208 Retained earnings 845,844 749,513 Accumulated other comprehensive loss, net ( 78,835 ) ( 101,015 ) Total shareholders' equity 1,832

View Full Filing

View this 10-Q filing on SEC EDGAR