EXHIBIT 99.1

ENTERPRISE FINANCIAL SERVICES CORP REPORTS SECOND QUARTER 2025 RESULTS

Second Quarter Results

•Net income of $51.4 million, or $1.36 per diluted common share, compared to $1.31 in the linked quarter and $1.19 in the prior year quarter

•Net interest margin (“NIM”) of 4.21%, quarterly increaseof 6 basis points

•Net interest income of $152.8 million, quarterly increase of $5.2 million

•Total loans of $11.4 billion, quarterly increase of $110.1 million

•Total deposits of $13.3 billion, quarterly increase of $283.1 million

•Return on average assets (“ROAA”) of 1.30% in the current and linked quarters, compared to 1.25% in the prior year quarter

•Return on average tangible common equity (“ROATCE”)1 of 13.84%, compared to 14.02% and 13.77% in the linked and prior year quarters, respectively

•Tangible common equity to tangible assets1 of 9.42%, an increase of 12 basis points and 23 basis points from the linked and prior year quarters, respectively

•Tangible book value per common share1 of $40.02, annualized quarterly increase of 15%

•Quarterly dividend increased $0.01 to $0.31 per common share for the third quarter 2025

St. Louis, MO. July 28, 2025 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), today announced financial results for the second quarter of 2025. “Our second quarter results demonstrated expansion in net interest income and net interest margin, continuing the strong start to 2025,” said Jim Lally, President and Chief Executive Officer. “Loan growth spanned the portfolio and geographic regions and displayed the strength of our diversified business. We successfully scaled the balance sheet and deployed liquidity to drive a 1.30% ROAA and a 13.84% ROATCE. Notably, tangible book value per share has increased over 14% in the past year.”

Highlights

•Earnings - Net income in the second quarter 2025 was $51.4 million, an increase of $1.4 million and $5.9 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the second quarter 2025 was $1.36, compared to $1.31 and $1.19 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share1 was $1.37 in the second quarter 2025, compared to $1.31 and $1.21 in the linked and prior year quarters, respectively.

•Pre-provision net revenue (“PPNR”)1 - PPNR of $68.1 million in the second quarter 2025 increased $2.0 million and $4.9 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to an increase in net interest income from organic loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by an increase in noninterest expense.

1 ROATCE, tangible common equity to tangible assets, tangible book value per common share, 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.

•Net interest income and NIM - Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income for the second quarter 2025 increased from the linked and prior year quarters primarily due to higher average loan and securities balances and yields, as well as lower short-term interest rates that decreased deposit interest expense. NIM was 4.21% for the second quarter 2025, compared to 4.15% and 4.19% for the linked and prior year quarters, respectively. The total cost of deposits of 1.82% for the second quarter 2025 decreased one basis point and 34 basis points from the linked and prior year quarters, respectively.

•Noninterest income - Noninterest income of $20.6 million for the second quarter 2025 increased $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase in noninterest income from the linked and prior year quarters was primarily due to higher BOLI income and community development investment income. The Company also sold $24.4 million of SBA guaranteed loans during the quarter for a gain of $1.2 million.

•Noninterest expense - Noninterest expense of $105.7 million for the second quarter 2025 increased $5.9 million and $11.7 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by higher employee compensation, variable deposit costs and higher loan and legal expenses related to loan workouts and other real estate owned (“OREO”).

•Loans - Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million, or 4% on an annualized basis, from the linked quarter, and $408.8 million from the prior year quarter. Average loans totaled $11.4 billion, compared to $11.2 billion and $11.0 billion for the linked and prior year quarters, respectively.

•Asset quality - The allowance for credit losses to total loans was 1.27% at June 30, 2025, March 31, 2025 and June 30, 2024. The provision for credit losses in the second quarter 2025 was $3.5 million, compared to $5.2 million and $4.8 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.71% at June 30, 2025, compared to 0.72% and 0.33% at March 31, 2025 and June 30, 2024, respectively.

•Deposits - Deposits totaled $13.3 billion at June 30, 2025, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Average deposits were $13.2 billion, $13.1 billion and $12.3 billion for the current, linked and prior year quarters, respectively. At June 30, 2025, noninterest-bearing deposit accounts totaled $4.3 billion, or 32% of total deposits, and the loan to deposit ratio was 86%.

•Capital - Total stockholders’ equity was $1.9 billion and the tangible common equity to tangible assets ratio2 was 9.42% at June 30, 2025, compared to 9.30% at March 31, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.5% and a total risk-based capital ratio of 13.6% at June 30, 2025. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.9% and 14.7%, respectively, at June 30, 2025.

The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.31 per share of common stock, payable on September 30, 2025 to stockholders of record as of September 15, 2025. The Board 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) June 15, 2025 to (but excluding) September 15, 2025. The dividend will be payable on September 15, 2025 to holders of record of Series A Preferred Stock as of August 29, 2025.

2Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

2

Net Interest Income and NIM

Average Balance Sheets

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

	Quarter ended
	June 30, 2025						March 31, 2025						June 30, 2024
($ in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans1, 2	$	11,358,209	$	188,007	6.64	%	$	11,240,806	$	182,039	6.57	%	$	10,962,488	$	189,346	6.95	%
Securities2	3,149,010		30,330		3.86		2,930,912		27,092		3.75		2,396,519		19,956		3.35
Interest-earning deposits	315,738		3,368		4.28		479,136		5,124		4.34		325,452		4,389		5.42
Total interest-earning assets	14,822,957		221,705		6.00		14,650,854		214,255		5.93		13,684,459		213,691		6.28
Noninterest-earning assets	1,036,764						992,145						961,922
Total assets	$	15,859,721					$	15,642,999					$	14,646,381
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts	$	3,225,611	$	17,152	2.13	%	$	3,167,428	$	17,056	2.18	%	$	2,950,827	$	18,801	2.56	%
Money market accounts	3,660,053		28,437		3.12		3,601,535		28,505		3.21		3,434,712		31,926		3.74
Savings accounts	532,754		183		0.14		534,512		189		0.14		573,115		335		0.24
Certificates of deposit	1,486,522		14,207		3.83		1,374,693		13,516		3.99		1,412,263		15,312		4.36
Total interest-bearing deposits	8,904,940		59,979		2.70		8,678,168		59,266		2.77		8,370,917		66,374		3.19
Subordinated debentures and notes	156,753		2,737		7.00		156,615		2,562		6.63		156,188		2,684		6.91
FHLB advances	156,868		1,801		4.61		25,300		287		4.60		40,308		561		5.60
Securities sold under agreements to repurchase	209,493		1,592		3.05		263,608		2,017		3.10		158,969		1,401		3.54
Other borrowings	36,208		96		1.06		39,535		132		1.35		36,203		95		1.06
Total interest-bearing liabilities	9,464,262		66,205		2.81		9,163,226		64,264		2.84		8,762,585		71,115		3.26
Noninterest-bearing liabilities:
Demand deposits	4,340,301						4,463,388						3,973,336
Other liabilities	149,069						153,113						162,220
Total liabilities	13,953,632						13,779,727						12,898,141
Stockholders' equity	1,906,089						1,863,272						1,748,240
Total liabilities and stockholders' equity	$	15,859,721					$	15,642,999					$	14,646,381
Total net interest income			$	155,500					$	149,991					$	142,576
Net interest margin					4.21	%					4.15	%					4.19	%
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.8 million, $1.6 million, and $2.2 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.7 million, $2.5 million, and $2.1 million for each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

3

Net interest income of $152.8 million for the second quarter 2025 increased $5.2 million and $12.2 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $155.5 million, $150.0 million and $142.6 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters reflects organic loan growth and continued investment in the securities portfolio, partially offset by an increase in wholesale borrowings (FHLB advances and brokered certificates of deposits). Net interest income for the current quarter also benefited by one additional day compared to the linked quarter. On June 1, 2025, $63.3 million of subordinated debt converted from a fixed 5.75% rate to a floating rate of three-month term SOFR plus a spread of 5.66%, resulting in a higher rate incurred for one month. The subordinated debt also became callable on each quarterly interest payment date. The cost of interest-bearing deposits has declined due to lower short-term rates, partially offset by an increase in deposit balances. Since September 2024, the Federal Reserve has reduced the federal funds target rate 100 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 second quarter 2025 increased $7.2 million primarily due to an increase of $117.4 million in average loan balances and a seven basis point increase in the average loan yield. The average securities balance increased $218.1 million and the yield increased 11 basis points due to new purchases and the reinvestment of cash flows from the runoff of lower yielding investments. The average interest rate of new loan originations in the second quarter 2025 was 7.26%, an increase of 14 basis points from the linked quarter. Investment purchases in the second quarter 2025 had a weighted average, tax equivalent yield of 5.30%.

Interest expense in the second quarter 2025 increased $1.9 million primarily due to higher organic growth in deposits, an increase in wholesale borrowings and the higher rate incurred on subordinated debt for one month in the quarter. These increases were partially offset by a decline in the average balance of customer repurchase agreements. The total cost of deposits, including noninterest-bearing demand accounts, was 1.82% during the second quarter 2025, compared to 1.83% in the linked quarter.

NIM, on a tax equivalent basis, was 4.21% in the second quarter 2025, an increase of six basis points and two basis points from the linked and prior year quarters, respectively. For the month of June 2025, the loan portfolio yield was 6.64% and the cost of total deposits was 1.81%.

Investments

	At
	June 30, 2025				March 31, 2025				June 30, 2024
($ in thousands)	Carrying Value		Net Unrealized Loss		Carrying Value		Net Unrealized Loss		Carrying Value		Net Unrealized Loss
Available-for-sale (AFS)	$	2,204,511	$	(131,094)	$	1,990,068	$	(146,184)	$	1,615,930	$	(172,734)
Held-to-maturity (HTM)	1,091,238		(75,144)		1,034,282		(74,228)		772,648		(69,442)
Total	$	3,295,749	$	(206,238)	$	3,024,350	$	(220,412)	$	2,388,578	$	(242,176)

Investment securities totaled $3.3 billion at June 30, 2025, an increase of $271.4 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities3 was 9.06% at June 30, 2025, compared to 8.94% at March 31, 2025.

3The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

4

Loans

The following table presents total loans for the most recent five quarters:

	At
($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
C&I	$	2,316,609		$	2,198,802		$	2,139,032		$	2,145,286		$	2,107,097
CRE investor owned	2,547,859			2,487,375			2,405,356			2,346,575			2,308,926
CRE owner occupied	1,281,572			1,292,162			1,305,025			1,322,714			1,313,742
SBA loans*	1,249,225			1,283,067			1,298,007			1,272,679			1,269,145
Sponsor finance*	771,280			784,017			782,722			819,079			865,883
Life insurance premium financing*	1,155,623			1,149,119			1,114,299			1,030,273			996,154
Tax credits*	708,401			677,434			760,229			724,441			738,249
Residential real estate	356,722			357,615			350,640			346,460			339,889
Construction and land development	773,122			800,985			794,240			796,586			791,780
Other	248,427			268,187			270,805			275,799			269,142
Total loans	$	11,408,840		$	11,298,763		$	11,220,355		$	11,079,892		$	11,000,007
Quarterly loan yield	6.64		%	6.57		%	6.73		%	6.95		%	6.95		%
Loans by rate type (to total loans):
Fixed	40		%	39		%	40		%	39		%	39		%
Variable:	60		%	61		%	60		%	61		%	61		%
SOFR	29		%	29		%	28		%	28		%	28		%
Prime	24		%	24		%	24		%	25		%	25		%
Other	7		%	8		%	8		%	8		%	8		%
Variable rate loans to total loans, adjusted for interest rate hedges	56		%	56		%	55		%	57		%	57		%
*Specialty loan category

Loans totaled $11.4 billion at June 30, 2025, an increase of $110.1 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume of $875.5 million compared to repayment and sale activity of $765.4 million. Loan originations and advances were strongest in the C&I portfolio in the current quarter. Loan sales of $24.4 million mitigated growth in the SBA category during the current quarter. Average line utilization was approximately 46% for the current and prior year quarters, respectively, compared to 42% for the linked quarter.

5

Asset Quality

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

	At
($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Nonperforming loans*	$	105,807		$	109,882		$	42,687		$	28,376		$	39,384
Other1	8,221			3,271			3,955			4,516			8,746
Nonperforming assets*	$	114,028		$	113,153		$	46,642		$	32,892		$	48,130
Nonperforming loans to total loans	0.93		%	0.97		%	0.38		%	0.26		%	0.36		%
Nonperforming assets to total assets	0.71		%	0.72		%	0.30		%	0.22		%	0.33		%
Allowance for credit losses	$	145,133		$	142,944		$	137,950		$	139,778		$	139,464
Allowance for credit losses to total loans	1.27		%	1.27		%	1.23		%	1.26		%	1.27		%
Allowance for credit losses to nonperforming loans*	137.2		%	130.1		%	323.2		%	492.6		%	354.1		%
Quarterly net charge-offs (recoveries)	$	630		$	(1,059)		$	7,131		$	3,850		$	605
*Guaranteed balances excluded	$	26,536		$	22,607		$	21,974		$	11,899		$	12,933
1OREO and repossessed assets

Nonperforming assets increased $0.9 million and $65.9 million from the linked and prior year quarters, respectively. During the quarter, certain nonperforming loans migrated to OREO and repossessed assets. The OREO balance at June 30, 2025 includes four properties, one of which has an SBA guarantee of $3.0 million. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans totaling $68.4 million to two commercial banking relationships in Southern California that share common managing general partners. Litigation resulting from a business dispute between the general/managing partner and certain limited partners resulted in all seven of the borrowing entities filing bankruptcy in the first quarter of 2025. The Company expects to collect the full balance of these loans.

The provision for credit losses totaled $3.5 million in the second quarter 2025, compared to $5.2 million and $4.8 million in the linked and prior year quarters, respectively. The provision for credit losses in the second quarter 2025 was primarily related to loan growth and changes in the economic forecast that influences projected future losses in the allowance calculation. The provision for credit losses in the second quarter 2025 benefited from $3.2 million in recoveries. Annualized net charge-offs totaled two basis points of average loans in the current and prior year quarters, compared to annualized net recoveries of four basis points in the linked quarter.

Deposits

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

	At
($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Noninterest-bearing demand accounts	$	4,322,332		$	4,285,061		$	4,484,072		$	3,934,245		$	3,928,308
Interest-bearing demand accounts	3,184,670			3,193,903			3,175,292			3,048,981			2,951,899
Money market and savings accounts	4,209,032			4,167,375			4,117,524			4,121,543			4,039,626
Brokered certificates of deposit	752,422			542,172			484,588			480,934			494,870
Other certificates of deposit	848,903			845,719			885,016			879,619			867,680
Total deposit portfolio	$	13,317,359		$	13,034,230		$	13,146,492		$	12,465,322		$	12,282,383
Noninterest-bearing deposits to total deposits	32.5		%	32.9		%	34.1		%	31.6		%	32.0		%
Quarterly cost of deposits	1.82		%	1.83		%	2.00		%	2.18		%	2.16		%

6

Total deposits at June 30, 2025 were $13.3 billion, an increase of $283.1 million and $1.0 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $72.9 million and $777.4 million from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.4 billion at June 30, 2025, compared to $1.3 billion at March 31, 2025.

Noninterest Income

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

	Linked quarter comparison								Prior year comparison
	Quarter ended								Quarter ended
($ in thousands)	June 30, 2025		March 31, 2025		Increase (decrease)				June 30, 2024		Increase (decrease)
Deposit service charges	$	4,940	$	4,420	$	520	12	%	$	4,542	$	398	9	%
Wealth management revenue	2,584		2,659		(75)		(3)	%	2,590		(6)		—	%
Card services revenue	2,444		2,395		49		2	%	2,497		(53)		(2)	%
Tax credit income	2,207		2,610		(403)		(15)	%	1,874		333		18	%
Other income	8,429		6,399		2,030		32	%	3,991		4,438		111	%
Total noninterest income	$	20,604	$	18,483	$	2,121	11	%	$	15,494	$	5,110	33	%

Total noninterest income was $20.6 million for the second quarter 2025, an increase of $2.1 million and $5.1 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to higher deposit service charges and other income, which is discussed further below.

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

	Linked quarter comparison								Prior year comparison
	Quarter ended								Quarter ended
($ in thousands)	June 30, 2025		March 31, 2025		Increase (decrease)				June 30, 2024		Increase (decrease)
BOLI	$	2,561	$	871	$	1,690	194	%	$	855	$	1,706	200	%
Community development investments	1,426		707		719		102	%	381		1,045		274	%
Gain on SBA loan sales	1,153		1,895		(742)		(39)	%	—		1,153		—	%
Gain on sales of other real estate owned	56		23		33		143	%	—		56		100	%
Private equity fund distributions	502		653		(151)		(23)	%	411		91		22	%
Servicing fees	485		555		(70)		(13)	%	594		(109)		(18)	%
Swap fees	86		(2)		88		(4,400)	%	217		(131)		(60)	%
Miscellaneous income	2,160		1,697		463		27	%	1,533		627		41	%
Total other income	$	8,429	$	6,399	$	2,030	32	%	$	3,991	$	4,438	111	%

The increase in other income from the linked and prior year quarters was primarily driven by an increase in BOLI income, as well as community development investment income. The increase in BOLI income was primarily due to the purchase of additional policies in the first quarter 2025 and, to a lesser extent, the payout of a policy in the second quarter of 2025. Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Loan sales were executed in the current and linked quarters, while no loans were sold in the prior year quarter.

7

Noninterest Expense

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

	Linked quarter comparison								Prior year comparison
	Quarter ended								Quarter ended
($ in thousands)	June 30, 2025		March 31, 2025		Increase (decrease)				June 30, 2024		Increase (decrease)
Employee compensation and benefits	$	50,164	$	48,208	$	1,956	4	%	$	44,524	$	5,640	13	%
Deposit costs	24,765		23,823		942		4	%	21,706		3,059		14	%
Occupancy	5,065		4,430		635		14	%	4,197		868		21	%
Core conversion expense	—		—		—		100	%	1,250		(1,250)		(100)	%
Acquisition costs	518		—		518		100	%	—		518		100	%
Other expense	25,190		23,322		1,868		8	%	22,340		2,850		13	%
Total noninterest expense	$	105,702	$	99,783	$	5,919	6	%	$	94,017	$	11,685	12	%

Employee compensation and benefits increased $2.0 million from the linked quarter primarily due to a full quarter of merit increases that were effective on March 1, 2025, an increase in variable compensation and the number of working days in the quarter. Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit related expenses that are impacted by interest rates and average balances. Deposit costs increased $0.9 million from the linked quarter primarily due to an increase of $62.1 million in average deposit vertical balances from the linked quarter. Acquisition costs relate to the previously announced branch acquisition that is expected to close in the fourth quarter 2025. Loan and legal expenses, included in other expense, increased $1.1 million during the quarter due to loan workouts and the foreclosure of certain properties related to nonperforming loans.

The increase in noninterest expense of $11.7 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2024 and 2025, and an increase in deposit costs due to higher earnings credit allowances and deposit vertical average balances, partially offset by a decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. For the second quarter 2025, the core efficiency ratio4 was 59.3%, compared to 58.8% for the linked quarter and 58.1% for the prior year quarter.

Income Taxes

The effective tax rate was 20.0%, compared to 18.1% and 20.5% in the linked and prior year quarters, respectively. The Company continues to leverage tax credit opportunities as part of its overall tax planning strategy that contributes to a lower effective tax rate.

4Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

8

Capital

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

	At
($ in thousands)	June 30, 2025*			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Stockholders’ equity	$	1,922,899		$	1,868,073		$	1,824,002		$	1,832,011		$	1,755,273
Total risk-based capital to risk-weighted assets	14.7		%	14.7		%	14.6		%	14.8		%	14.6		%
Tier 1 capital to risk weighted assets	13.2		%	13.1		%	13.1		%	13.2		%	13.0		%
Common equity tier 1 capital to risk-weighted assets	11.9		%	11.8		%	11.8		%	11.9		%	11.7		%
Leverage ratio	11.1		%	11.0		%	11.1		%	11.2		%	11.1		%
Tangible common equity to tangible assets	9.42		%	9.30		%	9.05		%	9.50		%	9.18		%

*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 $1.9 billion at June 30, 2025, an increase of $54.8 million from the linked quarter. Tangible book value per common share was $40.02 at June 30, 2025, compared to $38.54 and $35.02 at March 31, 2025 and June 30, 2024, 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, core efficiency ratio, the 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, 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.

The Company considers its tangible common equity, PPNR, ROATCE, core efficiency ratio, the 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, 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, and the gain or loss on sale of other real estate owned and 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 the tangible common equity to tangible assets ratio 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.

9

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, July 29, 2025. During the call, management will review the second quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, 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 87261. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC2Q2025EarningsCallRegistration. 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 $16.1 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.

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.

10

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, as well as 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, 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, 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 (such as 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, 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 and CFO (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)

	Quarter ended															Six months ended
(in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
EARNINGS SUMMARY
Net interest income	$	152,762		$	147,516		$	146,370		$	143,469		$	140,529		$	300,278		$	278,257
Provision for credit losses	3,470			5,184			6,834			4,099			4,819			8,654			10,575
Noninterest income	20,604			18,483			20,631			21,420			15,494			39,087			27,652
Noninterest expense	105,702			99,783			99,522			98,007			94,017			205,485			187,518
Income before income tax expense	64,194			61,032			60,645			62,783			57,187			125,226			107,816
Income tax expense	12,810			11,071			11,811			12,198			11,741			23,881			21,969
Net income	51,384			49,961			48,834			50,585			45,446			101,345			85,847
Preferred stock dividends	937			938			937			938			937			1,875			1,875
Net income available to common stockholders	$	50,447		$	49,023		$	47,897		$	49,647		$	44,509		$	99,470		$	83,972
Diluted earnings per common share	$	1.36		$	1.31		$	1.28		$	1.32		$	1.19		$	2.67		$	2.24
Adjusted diluted earnings per common share1	1.37			1.31			1.32			1.29			1.21			2.68			2.28
Return on average assets	1.30		%	1.30		%	1.27		%	1.36		%	1.25		%	1.30		%	1.18		%
Adjusted return on average assets1	1.31		%	1.29		%	1.31		%	1.32		%	1.27		%	1.30		%	1.21		%
Return on average common equity1	11.03		%	11.10		%	10.75		%	11.40		%	10.68		%	11.07		%	10.10		%
Adjusted return on average common equity1	11.12		%	11.08		%	11.08		%	11.09		%	10.90		%	11.10		%	10.30		%
ROATCE1	13.84		%	14.02		%	13.63		%	14.55		%	13.77		%	13.93		%	13.04		%
Adjusted ROATCE1	13.96		%	13.99		%	14.05		%	14.16		%	14.06		%	13.97		%	13.30		%
Net interest margin (tax equivalent)	4.21		%	4.15		%	4.13		%	4.17		%	4.19		%	4.18		%	4.16		%
Efficiency ratio	60.97		%	60.11		%	59.59		%	59.44		%	60.26		%	60.55		%	61.30		%
Core efficiency ratio1	59.32		%	58.77		%	57.11		%	58.42		%	58.09		%	59.05		%	59.13		%
Assets	$	16,076,299		$	15,676,594		$	15,596,431		$	14,954,125		$	14,615,666
Average assets	$	15,859,721		$	15,642,999		$	15,309,577		$	14,849,455		$	14,646,381		$	15,751,959		$	14,601,250
Period end common shares outstanding	36,950			36,928			36,988			37,184			37,344
Dividends per common share	$	0.30		$	0.29		$	0.28		$	0.27		$	0.26		$	0.59		$	0.51
Tangible book value per common share1	$	40.02		$	38.54		$	37.27		$	37.26		$	35.02
Tangible common equity to tangible assets1	9.42		%	9.30		%	9.05		%	9.50		%	9.18		%
Total risk-based capital to risk-weighted assets2	14.7		%	14.7		%	14.6		%	14.8		%	14.6		%
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2Capital 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.

12

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	Quarter ended										Six months ended
(in thousands, except per share data)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
INCOME STATEMENTS
NET INTEREST INCOME
Interest income	$	218,967	$	211,780	$	215,380	$	216,304	$	211,644	$	430,747	$	419,367
Interest expense	66,205		64,264		69,010		72,835		71,115		130,469		141,110
Net interest income	152,762		147,516		146,370		143,469		140,529		300,278		278,257
Provision for credit losses	3,470		5,184		6,834		4,099		4,819		8,654		10,575
Net interest income after provision for credit losses	149,292		142,332		139,536		139,370		135,710		291,624		267,682
NONINTEREST INCOME
Deposit service charges	4,940		4,420		4,730		4,649		4,542		9,360		8,965
Wealth management revenue	2,584		2,659		2,719		2,599		2,590		5,243		5,134
Card services revenue	2,444		2,395		2,484		2,573		2,497		4,839		4,909
Tax credit income (loss)	2,207		2,610		6,018		3,252		1,874		4,817		(316)
Other income	8,429		6,399		4,680		8,347		3,991		14,828		8,960
Total noninterest income	20,604		18,483		20,631		21,420		15,494		39,087		27,652
NONINTEREST EXPENSE
Employee compensation and benefits	50,164		48,208		46,168		45,359		44,524		98,372		89,786
Deposit costs	24,765		23,823		22,881		23,781		21,706		48,588		41,983
Occupancy	5,065		4,430		4,336		4,372		4,197		9,495		8,523
FDIC special assessment	—		—		—		—		—		—		625
Core conversion expense	—		—		1,893		1,375		1,250		—		1,600
Acquisition costs	518		—		—		—		—		518		—
Other expense	25,190		23,322		24,244		23,120		22,340		48,512		45,001
Total noninterest expense	105,702		99,783		99,522		98,007		94,017		205,485		187,518
Income before income tax expense	64,194		61,032		60,645		62,783		57,187		125,226		107,816
Income tax expense	12,810		11,071		11,811		12,198		11,741		23,881		21,969
Net income	$	51,384	$	49,961	$	48,834	$	50,585	$	45,446	$	101,345	$	85,847
Preferred stock dividends	937		938		937		938		937		1,875		1,875
Net income available to common stockholders	$	50,447	$	49,023	$	47,897	$	49,647	$	44,509	$	99,470	$	83,972
Basic earnings per common share	$	1.36	$	1.33	$	1.29	$	1.33	$	1.19	$	2.69	$	2.24
Diluted earnings per common share	$	1.36	$	1.31	$	1.28	$	1.32	$	1.19	$	2.67	$	2.24

13

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	At
($ in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
BALANCE SHEET
ASSETS
Cash and due from banks	$	252,817	$	260,280	$	270,975	$	210,984	$	176,698
Interest-earning deposits	239,602		222,780		495,076		218,919		219,342
Debt and equity investments	3,384,347		3,108,763		2,863,989		2,714,194		2,460,549
Loans held for sale	586		—		110		304		606
Loans	11,408,840		11,298,763		11,220,355		11,079,892		11,000,007
Allowance for credit losses	(145,133)		(142,944)		(137,950)		(139,778)		(139,464)
Total loans, net	11,263,707		11,155,819		11,082,405		10,940,114		10,860,543
Fixed assets, net	48,639		48,083		45,009		44,368		44,831
Goodwill	365,164		365,164		365,164		365,164		365,164
Intangible assets, net	6,876		7,628		8,484		9,400		10,327
Other assets	514,561		508,077		465,219		450,678		477,606
Total assets	$	16,076,299	$	15,676,594	$	15,596,431	$	14,954,125	$	14,615,666
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits	$	4,322,332	$	4,285,061	$	4,484,072	$	3,934,245	$	3,928,308
Interest-bearing deposits	8,995,027		8,749,169		8,662,420		8,531,077		8,354,075
Total deposits	13,317,359		13,034,230		13,146,492		12,465,322		12,282,383
Subordinated debentures and notes	156,796		156,695		156,551		156,407		156,265
FHLB advances	294,000		205,000		—		150,000		78,000
Other borrowings	210,641		255,635		280,821		170,815		178,269
Other liabilities	174,604		156,961		188,565		179,570		165,476
Total liabilities	14,153,400		13,808,521		13,772,429		13,122,114		12,860,393
Stockholders’ equity:
Preferred stock	71,988		71,988		71,988		71,988		71,988
Common stock	369		369		370		372		373
Additional paid-in capital	991,663		988,554		990,733		992,642		994,116
Retained earnings	947,864		908,553		877,629		845,844		810,935
Accumulated other comprehensive loss	(88,985)		(101,391)		(116,718)		(78,835)		(122,139)
Total stockholders’ equity	1,922,899		1,868,073		1,824,002		1,832,011		1,755,273
Total liabilities and stockholders’ equity	$	16,076,299	$	15,676,594	$	15,596,431	$	14,954,125	$	14,615,666

14

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	Six months ended
	June 30, 2025					June 30, 2024
($ in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate	Average Balance		Interest Income/ Expense		Average Yield/ Rate
AVERAGE BALANCE SHEET
ASSETS
Interest-earning assets:
Loans1, 2	$	11,299,832	$	370,046	6.60%	$	10,945,211	$	376,049	6.91%
Securities2	3,040,563		57,422		3.81	2,398,545		39,447		3.31
Interest-earning deposits	396,986		8,492		4.31	296,759		7,958		5.39
Total interest-earning assets	14,737,381		435,960		5.97	13,640,515		423,454		6.24
Noninterest-earning assets	1,014,578					960,735
Total assets	$	15,751,959				$	14,601,250
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest-bearing demand accounts	$	3,196,680	$	34,209	2.16%	$	2,937,551	$	37,413	2.56%
Money market accounts	3,630,955		56,941		3.16	3,418,257		63,283		3.72
Savings accounts	533,629		372		0.14	580,115		637		0.22
Certificates of deposit	1,430,917		27,723		3.91	1,377,126		29,514		4.31
Total interest-bearing deposits	8,792,181		119,245		2.74	8,313,049		130,847		3.17
Subordinated debentures and notes	156,684		5,299		6.82	156,117		5,168		6.66
FHLB advances	91,448		2,088		4.60	57,049		1,590		5.60
Securities sold under agreements to repurchase	238,058		3,609		3.06	181,933		3,205		3.54
Other borrowings	36,205		228		1.27	39,470		300		1.53
Total interest-bearing liabilities	9,314,576		130,469		2.82	8,747,618		141,110		3.24
Noninterest-bearing liabilities:
Demand deposits	4,401,504					3,949,429
Other liabilities	151,080					160,734
Total liabilities	13,867,160					12,857,781
Stockholders' equity	1,884,799					1,743,469
Total liabilities and stockholders' equity	$	15,751,959				$	14,601,250
Total net interest income			$	305,491				$	282,344
Net interest margin					4.18%					4.16%
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $3.4 million and $4.6 million for the six months ended June 30, 2025 and June 30, 2024, respectively.
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $5.2 million and $4.1 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

15

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	At or for the quarter ended
($ in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
LOAN PORTFOLIO
Commercial and industrial	$	4,870,268		$	4,729,707		$	4,716,689		$	4,628,488		$	4,619,448
Commercial real estate	5,074,100			5,046,293			4,974,787			4,915,176			4,856,751
Construction real estate	844,497			880,708			891,059			896,325			893,672
Residential real estate	364,281			366,353			359,263			355,279			351,934
Other	255,694			275,702			278,557			284,624			278,202
Total loans	$	11,408,840		$	11,298,763		$	11,220,355		$	11,079,892		$	11,000,007
DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts	$	4,322,332		$	4,285,061		$	4,484,072		$	3,934,245		$	3,928,308
Interest-bearing demand accounts	3,184,670			3,193,903			3,175,292			3,048,981			2,951,899
Money market and savings accounts	4,209,032			4,167,375			4,117,524			4,121,543			4,039,626
Brokered certificates of deposit	752,422			542,172			484,588			480,934			494,870
Other certificates of deposit	848,903			845,719			885,016			879,619			867,680
Total deposits	$	13,317,359		$	13,034,230		$	13,146,492		$	12,465,322		$	12,282,383
AVERAGE BALANCES
Loans	$	11,358,209		$	11,240,806		$	11,100,112		$	10,971,575		$	10,962,488
Securities	3,149,010			2,930,912			2,748,063			2,503,124			2,396,519
Interest-earning assets	14,822,957			14,650,854			14,323,053			13,877,631			13,684,459
Assets	15,859,721			15,642,999			15,309,577			14,849,455			14,646,381
Deposits	13,245,241			13,141,556			12,958,156			12,546,086			12,344,253
Stockholders’ equity	1,906,089			1,863,272			1,844,509			1,804,369			1,748,240
Tangible common equity1	1,461,700			1,418,094			1,398,427			1,357,362			1,300,305
YIELDS (tax equivalent)
Loans	6.64		%	6.57		%	6.73		%	6.95		%	6.95		%
Securities	3.86			3.75			3.51			3.40			3.35
Interest-earning assets	6.00			5.93			6.05			6.26			6.28
Interest-bearing deposits	2.70			2.77			2.96			3.22			3.19
Deposits	1.82			1.83			2.00			2.18			2.16
Subordinated debentures and notes	7.00			6.63			6.70			6.86			6.91
FHLB advances and other borrowed funds	3.48			3.01			2.81			3.01			3.52
Interest-bearing liabilities	2.81			2.84			3.02			3.28			3.26
Net interest margin	4.21			4.15			4.13			4.17			4.19

1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.

16

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	Quarter ended
(in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
ASSET QUALITY
Net charge-offs (recoveries)	$	630		$	(1,059)		$	7,131		$	3,850		$	605
Nonperforming loans	105,807			109,882			42,687			28,376			39,384
Classified assets	281,162			264,460			193,838			179,883			169,822
Nonperforming loans to total loans	0.93		%	0.97		%	0.38		%	0.26		%	0.36		%
Nonperforming assets to total assets	0.71		%	0.72		%	0.30		%	0.22		%	0.33		%
Allowance for credit losses to total loans	1.27		%	1.27		%	1.23		%	1.26		%	1.27		%
Allowance for credit losses to total loans, excluding guaranteed loans1	1.38		%	1.38		%	1.34		%	1.38		%	1.38		%
Allowance for credit losses to nonperforming loans	137.2		%	130.1		%	323.2		%	492.6		%	354.1		%
Net charge-offs (recoveries) to average loans -annualized	0.02		%	(0.04)		%	0.26		%	0.14		%	0.02		%
WEALTH MANAGEMENT
Trust assets under management	$	2,457,471		$	2,250,004		$	2,412,471		$	2,499,807		$	2,367,409
SHARE DATA
Book value per common share	$	50.09		$	48.64		$	47.37		$	47.33		$	45.08
Tangible book value per common share1	$	40.02		$	38.54		$	37.27		$	37.26		$	35.02
Market value per share	$	55.10		$	53.74		$	56.40		$	51.26		$	40.91
Period end common shares outstanding	36,950			36,928			36,988			37,184			37,344
Average basic common shares	36,963			36,971			37,118			37,337			37,485
Average diluted common shares	37,172			37,287			37,447			37,483			37,540
CAPITAL
Total risk-based capital to risk-weighted assets2	14.7		%	14.7		%	14.6		%	14.8		%	14.6		%
Tier 1 capital to risk-weighted assets2	13.2		%	13.1		%	13.1		%	13.2		%	13.0		%
Common equity tier 1 capital to risk-weighted assets2	11.9		%	11.8		%	11.8		%	11.9		%	11.7		%
Tangible common equity to tangible assets1	9.42		%	9.30		%	9.05		%	9.50		%	9.18		%
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2Capital 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.

17

ENTERPRISE FINANCIAL SERVICES CORP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

	Quarter ended															Six months ended
($ in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
CORE EFFICIENCY RATIO
Net interest income (GAAP)	$	152,762		$	147,516		$	146,370		$	143,469		$	140,529		$	300,278		$	278,257
Tax-equivalent adjustment	2,738			2,475			2,272			2,086			2,047			5,213			4,087
Noninterest income (GAAP)	20,604			18,483			20,631			21,420			15,494			39,087			27,652
Less gain on sale of investment securities	—			106			—			—			—			106			—
Less gain (loss) on sale of other real estate owned	56			23			(68)			3,159			—			79			(2)
Core revenue (non-GAAP)	176,048			168,345			169,341			163,816			158,070			344,393			309,998
Noninterest expense (GAAP)	105,702			99,783			99,522			98,007			94,017			205,485			187,518
Less FDIC special assessment	—			—			—			—			—			—			625
Less core conversion expense	—			—			1,893			1,375			1,250			—			1,600
Less amortization on intangibles	753			855			916			927			944			1,608			1,991
Less acquisition costs	518			—			—			—			—			518			—
Core noninterest expense (non-GAAP)	$	104,431		$	98,928		$	96,713		$	95,705		$	91,823		$	203,359		$	183,302
Core efficiency ratio (non-GAAP)	59.32		%	58.77		%	57.11		%	58.42		%	58.09		%	59.05		%	59.13		%

	Quarter ended
(in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS
Stockholders’ equity (GAAP)	$	1,922,899		$	1,868,073		$	1,824,002		$	1,832,011		$	1,755,273
Less preferred stock	71,988			71,988			71,988			71,988			71,988
Less goodwill	365,164			365,164			365,164			365,164			365,164
Less intangible assets	6,876			7,628			8,484			9,400			10,327
Tangible common equity (non-GAAP)	$	1,478,871		$	1,423,293		$	1,378,366		$	1,385,459		$	1,307,794
Less net unrealized losses on HTM securities, after tax	56,508			55,819			52,881			34,856			52,220
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)	$	1,422,363		$	1,367,474		$	1,325,485		$	1,350,603		$	1,255,574
Common shares outstanding	36,950			36,928			36,988			37,184			37,344
Tangible book value per common share (non-GAAP)	$	40.02		$	38.54		$	37.27		$	37.26		$	35.02
Total assets (GAAP)	$	16,076,299		$	15,676,594		$	15,596,431		$	14,954,125		$	14,615,666
Less goodwill	365,164			365,164			365,164			365,164			365,164
Less intangible assets	6,876			7,628			8,484			9,400			10,327
Tangible assets (non-GAAP)	$	15,704,259		$	15,303,802		$	15,222,783		$	14,579,561		$	14,240,175
Tangible common equity to tangible assets (non-GAAP)	9.42		%	9.30		%	9.05		%	9.50		%	9.18		%
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)	9.06		%	8.94		%	8.71		%	9.26		%	8.82		%

18

	Quarter Ended															Six months ended
($ in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE
Average stockholder’s equity (GAAP)	$	1,906,089		$	1,863,272		$	1,844,509		$	1,804,369		$	1,748,240		$	1,884,799		$	1,743,469
Less average preferred stock	71,988			71,988			71,988			71,988			71,988			71,988			71,988
Less average goodwill	365,164			365,164			365,164			365,164			365,164			365,164			365,164
Less average intangible assets	7,237			8,026			8,930			9,855			10,783			7,629			11,277
Average tangible common equity (non-GAAP)	$	1,461,700		$	1,418,094		$	1,398,427		$	1,357,362		$	1,300,305		$	1,440,018		$	1,295,040
Net income (GAAP)	$	51,384		$	49,961		$	48,834		$	50,585		$	45,446		$	101,345		$	85,847
FDIC special assessment (after tax)	—			—			—			—			—			—			470
Core conversion expense (after tax)	—			—			1,424			1,034			940			—			1,203
Acquisition costs (after tax)	462			—			—			—			—			462			—
Less gain on sale of investment securities (after tax)	—			80			—			—			—			80			—
Less gain (loss) on sales of other real estate owned (after tax)	42			17			(51)			2,375			—			59			(1)
Net income adjusted (non-GAAP)	$	51,804		$	49,864		$	50,309		$	49,244		$	46,386		$	101,668		$	87,521
Less preferred stock dividends	937			938			937			938			937			1,875			1,875
Net income available to common stockholders adjusted (non-GAAP)	$	50,867		$	48,926		$	49,372		$	48,306		$	45,449		$	99,793		$	85,646
Return on average common equity (non-GAAP)	11.03		%	11.10		%	10.75		%	11.40		%	10.68		%	11.07		%	10.10		%
Adjusted return on average common equity (non-GAAP)	11.12		%	11.08		%	11.08		%	11.09		%	10.90		%	11.10		%	10.30		%
ROATCE (non-GAAP)	13.84		%	14.02		%	13.63		%	14.55		%	13.77		%	13.93		%	13.04		%
Adjusted ROATCE (non-GAAP)	13.96		%	13.99		%	14.05		%	14.16		%	14.06		%	13.97		%	13.30		%
Average assets	$	15,859,721		$	15,642,999		$	15,309,577		$	14,849,455		$	14,646,381		$	15,751,959		$	14,601,250
Return on average assets (GAAP)	1.30		%	1.30		%	1.27		%	1.36		%	1.25		%	1.30		%	1.18		%
Adjusted return on average assets (non-GAAP)	1.31		%	1.29		%	1.31		%	1.32		%	1.27		%	1.30		%	1.21		%
Average diluted common shares	37,172			37,287			37,447			37,483			37,540			37,224			37,564
Diluted earnings per share (GAAP)	$	1.36		$	1.31		$	1.28		$	1.32		$	1.19		$	2.67		$	2.24
Adjusted diluted earnings per share (non-GAAP)	$	1.37		$	1.31		$	1.32		$	1.29		$	1.21		$	2.68		$	2.28

	Quarter ended
($ in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
PRE-PROVISION NET REVENUE (PPNR)
Net interest income	$	152,762	$	147,516	$	146,370	$	143,469	$	140,529
Noninterest income	20,604		18,483		20,631		21,420		15,494
Core conversion expense	—		—		1,893		1,375		1,250
Acquisition costs	518		—		—		—		—
Less gain on sale of investment securities	—		106		—		—		—
Less gain (loss) on sales of other real estate owned	56		23		(68)		3,159		—
Less noninterest expense	105,702		99,783		99,522		98,007		94,017
PPNR (non-GAAP)	$	68,126	$	66,087	$	69,440	$	65,098	$	63,256

19

	At
($ in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS
Loans (GAAP)	$	11,408,840		$	11,298,763		$	11,220,355		$	11,079,892		$	11,000,007
Less guaranteed loans	913,118			942,651			947,665			928,272			923,794
Adjusted loans (non-GAAP)	$	10,495,722		$	10,356,112		$	10,272,690		$	10,151,620		$	10,076,213
Allowance for credit losses	$	145,133		$	142,944		$	137,950		$	139,778		$	139,464
Allowance for credit losses/loans (GAAP)	1.27		%	1.27		%	1.23		%	1.26		%	1.27		%
Allowance for credit losses/adjusted loans (non-GAAP)	1.38		%	1.38		%	1.34		%	1.38		%	1.38		%

20