0001025835-19-000085.txt : 20191021 0001025835-19-000085.hdr.sgml : 20191021 20191021170609 ACCESSION NUMBER: 0001025835-19-000085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20191021 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191021 DATE AS OF CHANGE: 20191021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERPRISE FINANCIAL SERVICES CORP CENTRAL INDEX KEY: 0001025835 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 431706259 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15373 FILM NUMBER: 191160051 BUSINESS ADDRESS: STREET 1: 150 NORTH MERAMEC STREET 2: 150 NORTH MERAMEC CITY: CLAYTON STATE: MO ZIP: 63105 BUSINESS PHONE: 3147255500 MAIL ADDRESS: STREET 1: 150 NORTH MERAMEC STREET 2: 150 NORTH MERAMEC CITY: CLAYTON STATE: MO ZIP: 63105 FORMER COMPANY: FORMER CONFORMED NAME: ENTERBANK HOLDINGS INC DATE OF NAME CHANGE: 19961024 8-K 1 a201909308kearningsrel.htm 8-K Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) 
October 21, 2019
ENTERPRISE FINANCIAL SERVICES CORP
(Exact name of registrant as specified in its charter)
Delaware
001-15373
43-1706259
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

150 N. Meramec,
St. Louis,
Missouri
 
63105
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code 
(314) 725-5500

Not applicable 
(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
EFSC
 
Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.





Item 2.02 Results of Operations and Financial Condition.

On October 21, 2019, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended September 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The press release and the information included in this Item 2.02 shall not be deemed “filed” with the Commission.

On October 22, 2019, at 2:30 p.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended September 30, 2019. The slide presentation which will accompany the webcast is furnished in this report, pursuant to this Item 2.02, as Exhibit 99.2, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(a)     Not applicable.
(b)     Not applicable.
(c)     Not applicable.
(d)     Exhibits.

Exhibit     
Number    Description








SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

                

 
 
 
ENTERPRISE FINANCIAL SERVICES CORP
 
 
 
 
 
Date:
October 21, 2019
 
By:
/s/ Troy R. Dumlao
 
 
 
 
Troy R. Dumlao
 
 
 
 
Senior Vice President and Chief Accounting Officer
 
 
 
 
 







INDEX TO EXHIBITS

Exhibit No.        Description
-------------        --------------


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XBRL Taxonomy Extension Schema Document

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XBRL Taxonomy Extension Calculation Linkbase Document

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XBRL Taxonomy Extension Label Linkbase Document

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XBRL Taxonomy Extension Presentation Linkbase Document

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XBRL Taxonomy Extension Definitions Linkbase Document



EX-99.1 2 ex991financialstatemen.htm EARNINGS RELEASE Exhibit


EXHIBIT 99.1
enterprisefinancialservices.jpg
ENTERPRISE FINANCIAL REPORTS THIRD QUARTER 2019 RESULTS

Third Quarter Highlights
Net income of $29.1 million, $1.08 per diluted share
Net interest margin (tax equivalent) of 3.81%
Return on average assets (“ROAA”) of 1.60%
Loans increased $78.5 million, or 6% annualized
Deposits increased $65.0 million, or 5% annualized
Repurchase of 302,756 shares at an average price of $39.03 per share


St. Louis, Mo. October 21, 2019 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) reported net income of $29.1 million for the quarter ended September 30, 2019, an increase of $10.6 million compared to the linked second quarter (“linked quarter”) and an increase of $6.6 million from the prior year quarter. Earnings per diluted share (“EPS”) were $1.08 for the current quarter, compared to $0.68 and $0.97 for the linked and prior year quarters, respectively. Merger-related expenses from the Trinity Capital Corporation (“Trinity”) acquisition reduced net income by $0.4 million pretax ($0.3 million after tax), or $0.01 per diluted share in the current quarter compared to $10.3 million pretax ($8.0 million after tax), or $0.30 per diluted share in the linked quarter. The increase in EPS for the current quarter, compared to the prior year quarter, was positively impacted by the Trinity acquisition. The year-over-year comparison of EPS is also impacted by a tax benefit recognized in the prior year quarter that did not occur in the current year period. Net interest margin, on a tax equivalent basis, in the current quarter was 3.81%, compared to 3.86% in the linked quarter and 3.78% in the prior year quarter.

The Company’s Board of Directors approved a quarterly dividend of $0.17 per common share, an increase from $0.16 for the prior quarter, payable on December 31, 2019 to shareholders of record as of December 16, 2019.

Jim Lally, EFSC’s President and Chief Executive Officer, commented, “I am pleased with our results in the third quarter of 2019. We generated balanced loan growth, expanded the deposit portfolio with a focus on non-interest bearing deposits and grew operating revenue. We have continued to deliver strong shareholder returns through solid earnings and by actively managing our capital position. In the third quarter we repurchased approximately $12 million of outstanding shares and approved an increased dividend of $0.17 for the fourth quarter. Our return on average tangible common equity1 has increased to 19% due to our strong earnings profile and prudent capital management. Despite the challenging interest rate environment, we have increased net interest income through balance sheet growth which we believe leaves us well-positioned as we enter the fourth quarter.”

Return on average tangible common equity is a non-GAAP measure. Refer to discussion and reconciliation of these measures in the accompanying financial tables.



1



Net Interest Income
The Company closed its acquisition of Trinity on March 8, 2019. The results of operations of Trinity are included in our consolidated results from this date forward and are excluded from preceding periods. 

Net interest income for the third quarter increased $1.3 million to $63.0 million from $61.7 million in the linked quarter, and increased $15.0 million from the prior year period. The increase from the linked quarter was primarily due to incremental accretion on non-core acquired loans while the increase from the prior year period was primarily due to the Trinity acquisition and organic growth. Net interest margin, on a tax equivalent basis, was 3.81% for the third quarter, compared to 3.86% in the linked quarter, and 3.78% in the third quarter of 2018.

Core net interest income and core net interest margin noted in the table below exclude incremental accretion on non-core acquired loans.
 
Quarter ended
($ in thousands)
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
Net interest income
$
63,046

 
$
61,715

 
$
52,343

 
$
50,593

 
$
48,093

Less: Incremental accretion income2
2,140

 
910

 
1,157

 
2,109

 
535

Core net interest income3
$
60,906

 
$
60,805

 
$
51,186

 
$
48,484

 
$
47,558

 
 
 
 
 
 
 
 
 
 
Net interest margin (tax equivalent)
3.81
%
 
3.86
%
 
3.87
%
 
3.94
%
 
3.78
%
Core net interest margin3 (tax equivalent)
3.69

 
3.80

 
3.79

 
3.77

 
3.74

 
 
 
 
 
 
 
 
 
 
2 Represents incremental accretion income on non-core acquired loans which were acquired from the FDIC and previously covered by shared-loss agreements.
3 Core net interest income and core net interest margin are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.



2



Average Balance Sheets
The following table presents, for the periods indicated, certain information related to our average interest-earning assets and interest-bearing liabilities, as well as, the corresponding interest rates earned and paid, all on a tax-equivalent basis.
 
Quarter ended
 
September 30, 2019
 
June 30, 2019
 
September 30, 2018
($ 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, excluding incremental accretion*
$
5,178,009

 
$
69,193

 
5.30
%
 
$
5,095,181

 
$
68,830

 
5.42
%
 
$
4,252,525

 
$
54,968

 
5.13
%
Debt and equity investments*
1,312,860

 
9,610

 
2.90

 
1,246,529

 
9,152

 
2.95

 
755,129

 
5,154

 
2.71

Short-term investments
113,214

 
572

 
2.00

 
111,291

 
703

 
2.53

 
64,919

 
306

 
1.87

Total earning assets
6,604,083

 
79,375

 
4.77

 
6,453,001

 
78,685

 
4.89

 
5,072,573

 
60,428

 
4.73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-earning assets
618,274

 
 
 
 
 
604,604

 
 
 
 
 
398,931

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
7,222,357

 
 
 
 
 
$
7,057,605

 
 
 
 
 
$
5,471,504

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing transaction accounts
$
1,356,328

 
$
2,048

 
0.60
%
 
$
1,384,090

 
$
2,134

 
0.62
%
 
$
758,621

 
$
799

 
0.42
%
Money market accounts
1,639,603

 
6,959

 
1.68

 
1,576,333

 
6,996

 
1.78

 
1,523,822

 
5,423

 
1.41

Savings
548,109

 
232

 
0.17

 
562,503

 
231

 
0.16

 
208,057

 
157

 
0.30

Certificates of deposit
820,943

 
3,970

 
1.92

 
815,138

 
3,758

 
1.85

 
678,214

 
2,878

 
1.68

Total interest-bearing deposits
4,364,983

 
13,209

 
1.20

 
4,338,064

 
13,119

 
1.21

 
3,168,714

 
9,257

 
1.16

Subordinated debentures
141,136

 
1,956

 
5.50

 
141,059

 
1,958

 
5.57

 
118,134

 
1,483

 
4.98

FHLB advances
378,207

 
2,203

 
2.31

 
263,384

 
1,696

 
2.58

 
311,522

 
1,729

 
2.20

Other borrowed funds
193,055

 
664

 
1.36

 
204,375

 
713

 
1.40

 
160,151

 
195

 
0.48

Total interest-bearing liabilities
5,077,381

 
18,032

 
1.41

 
4,946,882

 
17,486

 
1.42

 
3,758,521

 
12,664

 
1.34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
1,232,360

 
 
 
 
 
1,244,008

 
 
 
 
 
1,086,809

 
 
 
 
Other liabilities
68,642

 
 
 
 
 
53,609

 
 
 
 
 
39,409

 
 
 
 
Total liabilities
6,378,383

 
 
 
 
 
6,244,499

 
 
 
 
 
4,884,739

 
 
 
 
Shareholders' equity
843,974

 
 
 
 
 
813,106

 
 
 
 
 
586,765

 
 
 
 
Total liabilities and shareholders' equity
$
7,222,357

 
 
 
 
 
$
7,057,605

 
 
 
 
 
$
5,471,504

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core net interest income3
 
 
61,343

 
 
 
 
 
61,199

 
 
 
 
 
47,764

 
 
Core net interest margin3
 
 
 
 
3.69
%
 
 
 
 
 
3.80
%
 
 
 
 
 
3.74
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incremental accretion on non-core acquired loans
 
 
2,140

 
 
 
 
 
910

 
 
 
 
 
535

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net interest income
 
 
$
63,483

 
 
 
 
 
$
62,109

 
 
 
 
 
$
48,299

 
 
Net interest margin
 
 
 
 
3.81
%
 
 
 
 
 
3.86
%
 
 
 
 
 
3.78
%
* Non-taxable income is presented on a tax-equivalent basis using a 24.7% tax rate. The tax-equivalent adjustments were $0.4 million for each of the three months ended September 30, 2019 and June 30, 2019, and $0.2 million for the three months ended September 30, 2018.
3 Core net interest income and core net interest margin are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.



3



Net interest margin decreased five basis points from the linked quarter to 3.81% during the current quarter primarily due to a 12 basis point decrease in yield on the loan portfolio. This is a result of the decline of both the one month LIBOR and Prime interest rates during the third quarter, which impacted the underlying interest rates of the Company’s loan portfolio, 60% of which is priced to variable interest rate indices. The interest rate trend is also indicative of the prices obtained on newly originated loans in the quarter, which carried a weighted average interest rate of 4.66%. In addition, the second quarter of 2019 included purchase accounting adjustments which added two basis points to the overall net interest margin, which did not reoccur during the third quarter of 2019. Finally, the overall mix of interest-earning assets also negatively impacted net interest margin due to a larger investment portfolio.

The Company responded to interest rate trends by reducing the cost of certain managed money market and interest-bearing transaction accounts. This effort improved the cost of money market accounts by 10 basis points over the linked quarter. Conversely, certificates of deposit retention was robust in the quarter, and carried a corresponding headwind to overall net interest margin, as did the overall mix of funding from the FHLB and other relatively higher cost sources.

The Company manages its balance sheet to defend against pressures on core net interest margin, which could be negatively impacted by continued competition for deposits, current interest rate conditions, and downward movement in short-term rates.

Loans
The following table presents total loans for the most recent five quarters:
 
 
 
Quarter ended
 
 
 
 
 
March 31, 2019
 
 
($ in thousands)
September 30, 2019
 
June 30, 2019
 
Trinityb
 
Legacy EFSCb
 
Consolidated
 
December 31, 2018
 
September 30, 2018
C&I - general
$
1,174,569

 
$
1,103,908

 
$
65,122

 
$
1,063,633

 
$
1,128,755

 
$
995,491

 
$
969,898

CRE investor owned - general
1,281,332

 
1,235,596

 
304,615

 
878,856

 
1,183,471

 
862,423

 
846,322

CRE owner occupied - general
566,219

 
591,401

 
91,758

 
484,268

 
576,026

 
496,835

 
482,146

Enterprise value lendinga
417,521

 
445,981

 

 
439,500

 
439,500

 
465,992

 
442,439

Life insurance premium financinga
468,051

 
465,777

 

 
440,693

 
440,693

 
417,950

 
378,826

Residential real estate - general
386,174

 
409,200

 
137,487

 
295,069

 
432,556

 
304,671

 
314,315

Construction and land development - general
403,590

 
376,597

 
70,251

 
274,956

 
345,207

 
310,832

 
312,617

Tax creditsa
265,626

 
268,405

 

 
235,454

 
235,454

 
262,735

 
256,666

Agriculture
136,249

 
131,671

 

 
126,088

 
126,088

 
136,188

 
138,005

Consumer and other - general
128,683

 
120,961

 
12,835

 
96,492

 
109,327

 
96,884

 
126,196

Total Loans
$
5,228,014

 
$
5,149,497

 
$
682,068

 
$
4,335,009

 
$
5,017,077

 
$
4,350,001

 
$
4,267,430

 
 
 
 
 
 
 

 
 
 
 
 
 
Total loan yield
5.47
%
 
5.49
%
 
 
 

 
5.50
%
 
5.44
%
 
5.18
%
Total C&I loans to total loans
44
%
 
44
%
 
 
 
 
 
44
%
 
49
%
 
48
%
Variable interest rate loans to total loans
60
%
 
60
%
 
 
 
 
 
60
%
 
62
%
 
62
%
 
Certain prior period amounts have been reclassified among the categories to conform to the current period presentation

a Specialized categories may include a mix of C&I, CRE, Construction and land development, or Consumer and other loans.
b Amounts reported are as of March 31, 2019 and are separately shown attributable to the Trinity loan portfolio and related operations acquired on March 8, 2019, and the Company’s pre-Trinity acquisition loan portfolio and related operations.



4



Loans totaled $5.2 billion at September 30, 2019, increasing $78.5 million, or 6% annualized, compared to the linked quarter. On a year-over-year basis, loans increased $960.6 million primarily due to the Trinity acquisition along with organic growth. We expect loan growth in 2019 to be a high single digit percentage, excluding Trinity acquired loans.

The Company continues to focus on originating high-quality C&I relationships, as they typically have variable interest rates and allow for cross selling opportunities involving other banking products. C&I loan growth, coupled with fixed- rate CRE lending, supports management’s efforts to maintain a flexible asset sensitive interest rate risk position.

Asset Quality
The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:
 
Quarter ended
($ in thousands)
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
Nonperforming loans
$
15,569

 
$
19,842

 
$
9,607

 
$
16,745

 
$
17,044

Other real estate
8,498

 
10,531

 
6,804

 
469

 
408

Nonperforming assets
$
24,067

 
$
30,373

 
$
16,411

 
$
17,214

 
$
17,452

 
 
 
 
 
 
 
 
 
 
Nonperforming loans to total loans
0.30
%
 
0.39
%
 
0.19
%
 
0.38
%
 
0.40
%
Nonperforming assets to total assets
0.33

 
0.42

 
0.24

 
0.30

 
0.32

Allowance for loan losses to total loans
0.85

 
0.85

 
0.86

 
1.00

 
1.04

Net charge-offs
$
1,070

 
$
970

 
$
1,826

 
$
2,822

 
$
2,447


Nonperforming loans decreased $4.3 million to $15.6 million at September 30, 2019 from $19.8 million at June 30, 2019 primarily due to two loans totaling $4.0 million that were 90 days past due and still accruing interest at June 30, 2019 being current at September 30, 2019. The past-due status of these loans at June 30, 2019 was administrative in nature. Nonaccrual loan additions of $4.3 million in the current quarter primarily consisted of three relationships and were offset by paydowns of $3.1 million and charge-offs of $1.5 million. Other real estate decreased during the quarter ended September 30, 2019 primarily due to sales of three properties totaling $2.1 million.

The Company recorded a provision for loan losses of $1.8 million compared to $1.7 million for the linked quarter and $2.3 million for the prior year quarter, respectively. The provision is reflective of loan growth during the period. The decrease in the ratio of allowance for loan losses to total loans in 2019, from 1.00% at the end of 2018 to 0.85% in the current quarter, is primarily due to the acquisition of Trinity loans that were recorded at fair value and did not have a corresponding allowance for loan losses. In addition, the level of specific reserves in 2019 decreased due to two relationships that were charged off. The Company recorded a credit mark on the Trinity loan portfolio of $24.4 million as of the acquisition date.
 



5



Deposits
The following table presents deposits broken out by type for the most recent five quarters:
 
 
 
Quarter ended
 
 
 
 
 
March 31, 2019
 
 
 
 
($ in thousands)
September 30, 2019
 
June 30, 2019
 
Trinitya
 
Legacy EFSCa
 
Consolidated
 
December 31, 2018
 
September 30, 2018
Noninterest-bearing accounts
$
1,295,450

 
$
1,181,577

 
$
169,344

 
$
1,017,164

 
$
1,186,508

 
$
1,100,718

 
$
1,062,126

Interest-bearing transaction accounts
1,307,855

 
1,392,586

 
401,257

 
988,569

 
1,389,826

 
1,037,684

 
743,351

Money market and savings accounts
2,201,052

 
2,162,605

 
390,192

 
1,765,839

 
2,156,031

 
1,765,154

 
1,730,762

Brokered certificates of deposit
209,754

 
213,138

 

 
180,788

 
180,788

 
198,981

 
202,323

Other certificates of deposit
610,269

 
609,432

 
133,556

 
490,404

 
623,960

 
485,448

 
471,914

Total deposit portfolio
$
5,624,380

 
$
5,559,338

 
$
1,094,349

 
$
4,442,764

 
$
5,537,113

 
$
4,587,985

 
$
4,210,476

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits to total deposits
23.0
%
 
21.3
%
 
15.5
%
 
22.9
%
 
21.4
%
 
24.0
%
 
25.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
aAmounts reported are as of March 31, 2019 and are shown separately attributable to the Trinity deposit portfolio and related operations acquired on March 8, 2019, and the Company’s pre-Trinity acquisition deposit portfolio and related operations.

Total deposits at September 30, 2019 were $5.6 billion, an increase of $65.0 million from June 30, 2019, and an increase of $1.4 billion from September 30, 2018. The increase over the prior year period is primarily due to the Trinity acquisition.

Core deposits, defined as total deposits excluding certificates of deposits, were $4.8 billion at September 30, 2019, an increase of $67.6 million from the linked quarter. Noninterest-bearing deposits were $1.3 billion at September 30, 2019, an increase of $113.9 million compared to June 30, 2019, and an increase of $233.3 million compared to September 30, 2018. The total cost of deposits was 0.94% for the current and linked quarters and 0.86% in the prior year quarter.

Noninterest Income
Total noninterest income for the quarter ended September 30, 2019 was $13.6 million, an increase of $1.6 million, or 13% from the linked quarter, and an increase of $5.2 million, or 61% from the prior year quarter. Loan workout efforts resulted in $1.0 million of income during the third quarter, and was reported in other non-interest income. Tax credit income of $1.2 million in the current quarter increased $0.7 million and $1.0 million over the linked and prior year quarters, respectively. A gain on the sale of investment securities of $0.3 million was recognized in the third quarter of 2019. The increase from the prior year quarter was also driven by contributions from Trinity of $2.4 million.

The Company expects growth in noninterest income of a high single digit percentage for 2019 over 2018 levels, exclusive of the impact of the Trinity acquisition.

Noninterest Expenses
Noninterest expenses were $38.2 million for the quarter ended September 30, 2019, compared to $49.1 million for the quarter ended June 30, 2019, and $29.9 million for the quarter ended September 30, 2018. The decrease from the linked quarter was primarily due to a decline in merger-related expenses following the acquisition of Trinity. Merger-related expenses in the quarter decreased $9.9 million from the linked quarter. The Company expects its noninterest expense to range between $37 million and $39 million during the fourth quarter.



6



The Company’s core efficiency ratio4 was 51.7% for the quarter ended September 30, 2019, compared to 53.3% for the linked quarter and 52.2% for the prior year period, and reflects continued growth in net interest income and noninterest income, along with continued improvement in core noninterest expense over the linked quarter.
4 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

Income Taxes
The Company’s effective tax rate was 20% for the quarter ended September 30, 2019 compared to 20% and 7% for the linked quarter and prior year quarter, respectively. The low rate for the prior year quarter resulted from a non-recurring reduction of income tax expense of $2.7 million from a tax planning election.

The Company expects its effective tax rate for the full year of 2019 to be approximately 20%.

Capital
The following table presents various EFSC capital ratios:
 
Quarter ended
Percent
September 30, 2019
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
Total risk-based capital to risk-weighted assets
12.72
%
 
12.62
%
 
12.86
%
 
13.02
%
 
12.94
%
Tier 1 capital to risk weighted assets
11.17

 
11.06

 
11.25

 
11.14

 
11.03

Common equity tier 1 capital to risk-weighted assets
9.64

 
9.51

 
9.64

 
9.79

 
9.66

Tangible common equity to tangible assets5
8.54

 
8.43

 
8.35

 
8.66

 
8.54

 
 
 
 
 
 
 
 
 
 
5 Tangible common equity to tangible assets is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

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 adjusted EPS, core net interest income, core net interest margin, tangible common equity, core efficiency ratios, ROATCE, adjusted ROAA, adjusted ROAE, and adjusted ROATCE, and the tangible common equity ratio, 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 adjusted EPS, core net interest income, core net interest margin, core efficiency ratio, adjusted ROAA, adjusted ROAE, ROATCE, adjusted ROATCE, and the tangible common equity ratio, 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 non-core acquired loans, which were acquired from the FDIC and previously covered by shared-loss agreements, and the related income and expenses, the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures include contractual interest on non-core acquired loans, but exclude incremental accretion on these loans. Core performance measures also exclude expenses directly related to non-core acquired loans. Core performance measures also exclude certain other income and expense items, such as merger related expenses, facilities charges, and the gain or loss on sale of investment securities, 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 ratio provides useful information to investors about


7



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.

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 2:30 p.m. Central time on Tuesday, October 22, 2019. During the call, management will review the third quarter of 2019 results and related matters. This press release as well as a related slide presentation will be accessible on the Company’s website at www.enterprisebank.com under “Investor Relations” prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-367-2403 (Conference ID #8577165). A recorded replay of the conference call will be available on the website two hours after the call’s completion. Visit http://bit.ly/EFSC3Q2019earnings and register to receive a dial in number, passcode, and pin number. The replay will be available for approximately two weeks following the conference call.

About Enterprise
Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $7 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 34 branch offices in Arizona, Kansas, Missouri and New Mexico. 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 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, yields and returns, loan diversification and credit management, shareholder value creation and the impact of the acquisition of Trinity and its wholly-owned subsidiary, Los Alamos National Bank, and other acquisitions.

Forward-looking statements include, but are not limited to, statements about the Company’s plans, expectations, and projections of future financial and operating results, as well as statements regarding the Company’s plans, objectives, expectations or consequences of announced transactions. The Company uses words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “could,” “continue,” and “intend”, and variations of such words and similar expressions, in this release to identify such forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s ability to efficiently integrate acquisitions, including the


8



Trinity acquisition, 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 conditions, risks associated with rapid increases or decreases in prevailing interest rates, 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 regulatory requirements, changes in accounting policies and practices or accounting standards, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the Current Expected Credit Loss (“CECL”) model, which will change how we estimate credit losses and may increase the required level of our allowance for credit losses after adoption on January 1, 2020, uncertainty regarding the future of LIBOR, as well as other risk factors described in the Company’s 2018 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission (the “SEC”). Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events unless required under the federal securities laws.

For more information contact
Investor Relations: Keene Turner, Executive Vice President and CFO (314) 512-7233
Media: Karen Loiterstein, Senior Vice President (314) 512-7141


9



ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
 
Quarter ended
 
Nine Months ended
(in thousands, except per share data)
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
 
Sep 30,
2019
 
Sep 30,
2018
EARNINGS SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
63,046

 
$
61,715

 
$
52,343

 
$
50,593

 
$
48,093

 
$
177,104

 
$
141,312

Provision for loan losses
1,833

 
1,722

 
1,476

 
2,120

 
2,263

 
5,031

 
4,524

Noninterest income
13,564

 
11,964

 
9,230

 
10,702

 
8,410

 
34,758

 
27,645

Noninterest expense
38,239

 
49,054

 
39,838

 
30,747

 
29,922

 
127,131

 
88,284

Income before income tax expense
36,538


22,903


20,259


28,428


24,318


79,700

 
76,149

Income tax expense
7,469

 
4,479

 
4,103

 
4,899

 
1,802

 
16,051

 
10,461

Net income
$
29,069

 
$
18,424


$
16,156


$
23,529


$
22,516


$
63,649


$
65,688

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
$
1.08

 
$
0.68

 
$
0.67

 
$
1.02

 
$
0.97

 
$
2.45

 
$
2.81

Return on average assets
1.60
%
 
1.05
%
 
1.10
%
 
1.69
%
 
1.63
%
 
1.26
%
 
1.62
%
Return on average common equity
13.66

 
9.09

 
9.89

 
15.61

 
15.22

 
11.00

 
15.41

Return on average tangible common equity1
19.08

 
12.92

 
12.93

 
19.79

 
19.42

 
15.16

 
19.85

Net interest margin (tax equivalent)
3.81

 
3.86

 
3.87

 
3.94

 
3.78

 
3.85

 
3.78

Core net interest margin (tax equivalent)1
3.69

 
3.80

 
3.79

 
3.77

 
3.74

 
3.76

 
3.74

Efficiency ratio
49.91

 
66.58

 
64.70

 
50.16

 
52.96

 
60.01

 
52.25

Core efficiency ratio1
51.73

 
53.30

 
54.06

 
49.77

 
52.23

 
52.96

 
52.86

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
7,346,791

 
$
7,181,855

 
$
6,932,757

 
$
5,645,662

 
$
5,517,539

 
 
 
 
Total average assets
7,222,357

 
7,057,605

 
5,956,086

 
5,518,740

 
5,471,504

 
$
6,509,888

 
$
5,409,404

Total deposits
5,624,380

 
5,559,338

 
5,537,113

 
4,587,985

 
4,210,476

 
 
 
 
Total average deposits
5,597,343

 
5,582,072

 
4,699,490

 
4,434,634

 
4,255,523

 
5,143,219

 
4,203,861

Period end common shares outstanding
26,613

 
26,906

 
26,878

 
22,812

 
23,092

 
 
 
 
Dividends per common share
$
0.16

 
$
0.15

 
$
0.14

 
$
0.13

 
$
0.12

 
$
0.45

 
$
0.34

Tangible book value per common share1
$
22.82

 
$
21.74

 
$
20.80

 
$
20.95

 
$
19.94

 
 
 
 
Tangible common equity to tangible assets1
8.54
%
 
8.43
%
 
8.35
%
 
8.66
%
 
8.54
%
 
 
 
 
Total risk-based capital to risk-weighted assets
12.72

 
12.62

 
12.86

 
13.02

 
12.94

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




10



ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
 
Quarter ended
 
Nine Months ended
($ in thousands, except per share data)
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
 
Sep 30,
2019
 
Sep 30,
2018
INCOME STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
NET INTEREST INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest income
$
81,078

 
$
79,201

 
$
67,617

 
$
64,002

 
$
60,757

 
$
227,896

 
$
173,800

Total interest expense
18,032

 
17,486

 
15,274

 
13,409

 
12,664

 
50,792

 
32,488

Net interest income
63,046

 
61,715


52,343


50,593


48,093

 
177,104

 
141,312

Provision for loan losses
1,833

 
1,722

 
1,476

 
2,120

 
2,263

 
5,031

 
4,524

Net interest income after provision for loan losses
61,213

 
59,993


50,867


48,473


45,830

 
172,073

 
136,788

 
 
 
 
 
 
 
 
 
 
 
 
 
 
NONINTEREST INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit service charges
3,246

 
3,366

 
2,935

 
2,894

 
2,997

 
9,547

 
8,855

Wealth management revenue
2,661

 
2,661

 
1,992

 
1,974

 
2,012

 
7,314

 
6,267

Card services revenue
2,494

 
2,461

 
1,790

 
1,760

 
1,760

 
6,745

 
4,926

Tax credit income
1,238

 
572

 
158

 
2,312

 
192

 
1,968

 
508

Gain on sale of investment securities
337

 

 

 

 

 
337

 
9

Other income
3,588

 
2,904

 
2,355

 
1,762

 
1,449

 
8,847

 
7,080

Total noninterest income
13,564

 
11,964


9,230


10,702


8,410

 
34,758

 
27,645

 
 
 
 
 
 
 
 
 
 
 
 
 
 
NONINTEREST EXPENSE
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee compensation and benefits
20,845

 
20,687

 
19,352

 
16,669

 
16,297

 
60,884

 
49,370

Occupancy
3,179

 
3,188

 
2,637

 
2,408

 
2,394

 
9,004

 
7,142

Merger-related expenses
393

 
10,306

 
7,270

 
1,271

 

 
17,969

 

Other
13,822

 
14,873

 
10,579

 
10,399

 
11,231

 
39,274

 
31,772

Total noninterest expense
38,239

 
49,054


39,838


30,747


29,922

 
127,131

 
88,284

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income tax expense
36,538

 
22,903


20,259


28,428


24,318

 
79,700

 
76,149

Income tax expense
7,469

 
4,479

 
4,103

 
4,899

 
1,802

 
16,051

 
10,461

Net income
$
29,069

 
$
18,424


$
16,156


$
23,529


$
22,516

 
$
63,649

 
$
65,688

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
1.09

 
$
0.69

 
$
0.68

 
$
1.02

 
$
0.97

 
$
2.46

 
$
2.84

Diluted earnings per share
1.08

 
0.68

 
0.67

 
1.02

 
0.97

 
2.45

 
2.81




11



ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
    
 
Quarter ended
($ in thousands)
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
BALANCE SHEETS
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
153,730

 
$
106,835

 
$
85,578

 
$
91,511

 
$
78,119

Interest-earning deposits
106,747

 
85,315

 
139,389

 
108,226

 
81,351

Debt and equity investments
1,354,986

 
1,328,767

 
1,198,413

 
813,702

 
775,344

Loans held for sale
6,281

 
1,437

 
654

 
392

 
738

 
 
 
 
 
 
 
 
 
 
Loans
5,228,014

 
5,149,497

 
5,017,077

 
4,350,001

 
4,267,430

   Less: Allowance for loan losses
44,555

 
43,822

 
43,095

 
43,476

 
44,186

Total loans, net
5,183,459

 
5,105,675

 
4,973,982

 
4,306,525

 
4,223,244

 
 
 
 
 
 
 
 
 
 
Fixed assets, net
59,216

 
58,888

 
60,301

 
32,109

 
32,354

Goodwill
211,251

 
211,251

 
207,632

 
117,345

 
117,345

Intangible assets, net
27,626

 
29,201

 
31,048

 
8,553

 
9,148

Other assets
243,495

 
254,486

 
235,760

 
167,299

 
199,896

Total assets
$
7,346,791

 
$
7,181,855

 
$
6,932,757

 
$
5,645,662

 
$
5,517,539

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,295,450

 
$
1,181,577

 
$
1,186,508

 
$
1,100,718

 
$
1,062,126

Interest-bearing deposits
4,328,930

 
4,377,761

 
4,350,605

 
3,487,267

 
3,148,350

Total deposits
5,624,380

 
5,559,338

 
5,537,113

 
4,587,985

 
4,210,476

Subordinated debentures
141,179

 
141,100

 
140,668

 
118,156

 
118,144

FHLB advances
461,426

 
389,446

 
180,466

 
70,000

 
401,000

Other borrowings
199,634

 
198,104

 
212,171

 
223,450

 
161,795

Other liabilities
74,077

 
68,366

 
64,504

 
42,267

 
39,287

Total liabilities
6,500,696

 
6,356,354

 
6,134,922

 
5,041,858

 
4,930,702

Shareholders’ equity
846,095

 
825,501

 
797,835

 
603,804

 
586,837

Total liabilities and shareholders’ equity
$
7,346,791

 
$
7,181,855

 
$
6,932,757

 
$
5,645,662

 
$
5,517,539




12



Average Balance Sheets
The following table presents, for the periods indicated, certain information related to our average interest-earning assets and interest-bearing liabilities, as well as, the corresponding interest rates earned and paid, all on a tax equivalent basis.
 
Nine Months ended
 
September 30, 2019
 
September 30, 2018
($ in thousands)
Average
Balance
 
Interest
Income/
Expense
 
Average Yield/ Rate
 
Average
Balance
 
Interest
Income/
Expense
 
Average Yield/ Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
Loans, excluding incremental accretion*
$
4,930,635

 
$
197,996

 
5.37
%
 
$
4,205,585

 
$
157,548

 
5.01
%
Debt and equity investments*
1,153,632

 
25,055

 
2.90

 
746,470

 
14,510

 
2.60

Short-term investments
108,930

 
1,722

 
2.11

 
63,416

 
777

 
1.64

Total earning assets
6,193,197

 
224,773

 
4.85

 
5,015,471

 
172,835

 
4.61

 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-earning assets
556,791

 
 
 
 
 
393,933

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
6,749,988

 
 
 
 
 
$
5,409,404

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing transaction accounts
$
1,273,591

 
$
5,972

 
0.63
%
 
$
814,679

 
$
2,422

 
0.40
%
Money market accounts
1,579,702

 
20,470

 
1.73

 
1,470,177

 
13,221

 
1.20

Savings
471,024

 
646

 
0.18

 
206,213

 
429

 
0.28

Certificates of deposit
783,182

 
11,060

 
1.89

 
638,889

 
7,115

 
1.49

Total interest-bearing deposits
4,107,499

 
38,148

 
1.24

 
3,129,958

 
23,187

 
0.99

Subordinated debentures
135,512

 
5,562

 
5.49

 
118,123

 
4,305

 
4.87

FHLB advances
286,267

 
5,297

 
2.47

 
302,937

 
4,435

 
1.96

Other borrowed funds
199,842

 
1,785

 
1.19

 
178,245

 
561

 
0.42

Total interest-bearing liabilities
4,729,120

 
50,792

 
1.44

 
3,729,263

 
32,488

 
1.16

 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
1,188,758

 
 
 
 
 
1,073,903

 
 
 
 
Other liabilities
58,267

 
 
 
 
 
36,323

 
 
 
 
Total liabilities
5,976,145

 
 
 
 
 
4,839,489

 
 
 
 
Shareholders' equity
773,843

 
 
 
 
 
569,915

 
 
 
 
Total liabilities and shareholders' equity
$
6,749,988

 
 
 
 
 
$
5,409,404

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core net interest income1
 
 
173,981

 
 
 
 
 
140,347

 
 
Core net interest margin1
 
 
 
 
3.76
%
 
 
 
 
 
3.74
%
 
 
 
 
 
 
 
 
 
 
 
 
Incremental accretion on non-core acquired loans
 
 
4,207

 
 
 
 
 
1,592

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net interest income
 
 
$
178,188

 
 
 
 
 
$
141,939

 
 
Net interest margin
 
 
 
 
3.85
%
 
 
 
 
 
3.78
%
* Non-taxable income is presented on a tax-equivalent basis using a 24.7% tax rate. The tax-equivalent adjustments were $1.1 million and $0.6 million for the nine months ended September 30, 2019 and 2018, respectively.
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.




13



ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
 
Quarter ended
($ in thousands)
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
LOAN PORTFOLIO
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
2,303,495

 
$
2,265,480

 
$
2,227,050

 
$
2,123,167

 
$
2,035,852

Commercial real estate
1,967,888

 
1,940,958

 
1,870,040

 
1,481,834

 
1,450,184

Construction real estate
433,486

 
404,557

 
369,365

 
334,645

 
332,026

Residential real estate
386,173

 
409,200

 
432,902

 
305,026

 
314,676

Consumer and other
136,972

 
129,302

 
117,720

 
105,329

 
134,692

Total loans
$
5,228,014

 
$
5,149,497


$
5,017,077


$
4,350,001


$
4,267,430

 
 
 
 
 
 
 
 
 
 
DEPOSIT PORTFOLIO
 
 
 
 
 
 
 
 
 
Noninterest-bearing accounts
$
1,295,450

 
$
1,181,577

 
$
1,186,508

 
$
1,100,718

 
$
1,062,126

Interest-bearing transaction accounts
1,307,855

 
1,392,586

 
1,389,826

 
1,037,684

 
743,351

Money market and savings accounts
2,201,052

 
2,162,605

 
2,156,031

 
1,765,154

 
1,730,762

Brokered certificates of deposit
209,754

 
213,138

 
180,788

 
198,981

 
202,323

Other certificates of deposit
610,269

 
609,432

 
623,960

 
485,448

 
471,914

Total deposit portfolio
$
5,624,380

 
$
5,559,338


$
5,537,113


$
4,587,985


$
4,210,476

 
 
 
 
 
 
 
 
 
 
AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total loans
$
5,178,009

 
$
5,095,181

 
$
4,511,387

 
$
4,272,132

 
$
4,252,524

Debt and equity investments
1,312,860

 
1,246,529

 
896,936

 
769,461

 
755,129

Interest-earning assets
6,604,083

 
6,453,001

 
5,510,489

 
5,118,319

 
5,072,573

Total assets
7,222,357

 
7,057,605

 
5,956,086

 
5,518,740

 
5,471,504

Deposits
5,597,343

 
5,582,072

 
4,699,490

 
4,434,634

 
4,255,523

Shareholders’ equity
843,974

 
813,106

 
662,454

 
597,864

 
586,765

Tangible common equity1
604,331

 
571,890

 
506,560

 
471,678

 
459,975

 
 
 
 
 
 
 
 
 
 
YIELDS (tax equivalent)
 
 
 
 
 
 
 
 
 
Total loans
5.47
%
 
5.49
%
 
5.50
%
 
5.44
%
 
5.18
%
Debt and equity investments
2.90

 
2.95

 
2.84

 
2.73

 
2.71

Interest-earning assets
4.90

 
4.95

 
4.99

 
4.98

 
4.77

Interest-bearing deposits
1.20

 
1.21

 
1.33

 
1.27

 
1.16

Total deposits
0.94

 
0.94

 
1.02

 
0.95

 
0.86

Subordinated debentures
5.50

 
5.57

 
5.38

 
5.01

 
4.98

FHLB advances and other borrowed funds
1.99

 
2.07

 
1.75

 
1.60

 
1.62

Interest-bearing liabilities
1.41

 
1.42

 
1.49

 
1.42

 
1.34

Net interest margin
3.81

 
3.86

 
3.87

 
3.94

 
3.78

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



14



ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
 
Quarter ended
(in thousands, except %, per share data and shares)
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
ASSET QUALITY
 
 
 
 
 
 
 
 
 
Net charge-offs
$
1,070

 
$
970

 
$
1,826

 
$
2,822

 
$
2,447

Nonperforming loans
15,569

 
19,842

 
9,607

 
16,745

 
17,044

Classified assets
93,984

 
91,715

 
79,750

 
70,126

 
73,704

Nonperforming loans to total loans
0.30
%
 
0.39
%
 
0.19
%
 
0.38
%
 
0.40
%
Nonperforming assets to total assets
0.33

 
0.42

 
0.24

 
0.30

 
0.32

Allowance for loan losses to total loans
0.85

 
0.85

 
0.86

 
1.00

 
1.04

Allowance for loan losses to nonperforming loans
286.2

 
220.9

 
448.6

 
259.6

 
259.3

Net charge-offs to average loans (annualized)
0.08

 
0.08

 
0.16

 
0.26

 
0.23

 
 
 
 
 
 
 
 
 
 
WEALTH MANAGEMENT
 
 
 
 
 
 
 
 
 
Trust assets under management
$
1,583,260

 
$
1,627,050

 
$
1,587,627

 
$
1,119,329

 
$
1,174,798

Trust assets under administration
2,404,950

 
2,428,551

 
2,405,673

 
1,811,512

 
1,984,859

 
 
 
 
 
 
 
 
 
 
MARKET DATA
 
 
 
 
 
 
 
 
 
Book value per common share
$
31.79

 
$
30.68

 
$
29.68

 
$
26.47

 
$
25.41

Tangible book value per common share1
22.82

 
21.74

 
20.80

 
20.95

 
19.94

Market value per share
40.75

 
41.60

 
40.77

 
37.63

 
53.05

Period end common shares outstanding
26,613

 
26,906

 
26,878

 
22,812

 
23,092

Average basic common shares
26,778

 
26,887

 
23,927

 
23,014

 
23,148

Average diluted common shares
26,868

 
26,940

 
24,083

 
23,170

 
23,329

 
 
 
 
 
 
 
 
 
 
CAPITAL
 
 
 
 
 
 
 
 
 
Total risk-based capital to risk-weighted assets
12.72
%
 
12.62
%
 
12.86
%
 
13.02
%
 
12.94
%
Tier 1 capital to risk-weighted assets
11.17

 
11.06

 
11.25

 
11.14

 
11.03

Common equity tier 1 capital to risk-weighted assets
9.64

 
9.51

 
9.64

 
9.79

 
9.66

Tangible common equity to tangible assets1
8.54

 
8.43

 
8.35

 
8.66

 
8.54

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


15



ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
 
Quarter ended
 
Nine Months ended
($ in thousands)
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
 
Sep 30,
2019
 
Sep 30,
2018
CORE PERFORMANCE MEASURES
 
 
 
 
Net interest income
$
63,046

 
$
61,715

 
$
52,343

 
$
50,593

 
$
48,093

 
$
177,104

 
$
141,312

Less: Incremental accretion income
2,140

 
910

 
1,157

 
2,109

 
535

 
4,207

 
1,592

Core net interest income
60,906

 
60,805

 
51,186

 
48,484

 
47,558

 
172,897

 
139,720

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total noninterest income
13,564

 
11,964

 
9,230

 
10,702

 
8,410

 
34,758

 
27,645

Less: Other income from non-core acquired assets
1,001

 
2

 
365

 
10

 
7

 
1,368

 
1,038

Less: Gain on sale of investment securities
337

 

 

 

 

 
337

 
9

Less: Other non-core income

 
266

 

 
26

 

 
266

 
649

Core noninterest income
12,226

 
11,696

 
8,865

 
10,666

 
8,403

 
32,787

 
25,949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total core revenue
73,132

 
72,501

 
60,051

 
59,150

 
55,961

 
205,684

 
165,669

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total noninterest expense
38,239

 
49,054

 
39,838

 
30,747

 
29,922

 
127,131

 
88,284

Less: Other expenses related to non-core acquired loans
18

 
103

 
103

 
40

 
12

 
224

 
(203
)
Less: Facilities disposal

 

 

 

 

 

 
239

Less: Merger related expenses
393

 
10,306

 
7,270

 
1,271

 

 
17,969

 

Less: Non-recurring excise tax

 

 

 

 
682

 

 
682

Core noninterest expense
37,828

 
38,645


32,465


29,436


29,228


108,938


87,566

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core efficiency ratio
51.73
%
 
53.30
%
 
54.06
%
 
49.77
%
 
52.23
%
 
52.96
%
 
52.86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET INTEREST MARGIN TO CORE NET INTEREST MARGIN (TAX EQUIVALENT)
Net interest income
$
63,483

 
$
62,109

 
$
52,595

 
$
50,786

 
$
48,299

 
$
178,187

 
$
141,939

Less: Incremental accretion income
2,140

 
910

 
1,157

 
2,109

 
535

 
4,207

 
1,592

Core net interest income
$
61,343

 
$
61,199

 
$
51,438

 
$
48,677

 
$
47,764

 
$
173,980

 
$
140,347

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average earning assets
$
6,604,083

 
$
6,453,005

 
$
5,510,489

 
$
5,118,319

 
$
5,072,573

 
$
6,193,197

 
$
5,015,471

Reported net interest margin
3.81
%
 
3.86
%
 
3.87
%
 
3.94
%
 
3.78
%
 
3.85
%
 
3.78
%
Core net interest margin
3.69

 
3.80

 
3.79

 
3.77

 
3.74

 
3.76

 
3.74




16



 
Quarter ended
($ in thousands)
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Dec 31,
2018
 
Sep 30,
2018
SHAREHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS
Shareholders’ equity
$
846,095

 
$
825,501

 
$
797,835

 
$
603,804

 
$
586,837

Less: Goodwill
211,251

 
211,251

 
207,632

 
117,345

 
117,345

Less: Intangible assets
27,626

 
29,201

 
31,048

 
8,553

 
9,148

Tangible common equity
$
607,218

 
$
585,049

 
$
559,155

 
$
477,906

 
$
460,344

 
 
 
 
 
 
 
 
 
 
Total assets
$
7,346,791

 
$
7,181,855

 
$
6,932,757

 
$
5,645,662

 
$
5,517,539

Less: Goodwill
211,251

 
211,251

 
207,632

 
117,345

 
117,345

Less: Intangible assets
27,626

 
29,201

 
31,048

 
8,553

 
9,148

Tangible assets
$
7,107,914

 
$
6,941,403

 
$
6,694,077

 
$
5,519,764

 
$
5,391,046

 
 
 
 
 
 
 
 
 
 
Tangible common equity to tangible assets
8.54
%
 
8.43
%

8.35
%

8.66
%

8.54
%

 
Quarter ended

($ in thousands)
Sep 30,
2019
 
Jun 30,
2019
 
Sep 30,
2018
AVERAGE SHAREHOLDERS’ EQUITY AND AVERAGE TANGIBLE COMMON EQUITY
Average shareholder’s equity
$
843,974

 
$
813,106

 
$
586,765

Less average goodwill
211,251

 
211,251

 
117,345

Less average intangible assets
28,392

 
29,965

 
9,445

Average tangible common equity
$
604,331

 
$
571,890

 
$
459,975

 
 
 
 
 
 

 
Quarter ended

(in thousands, except per share data)
Sep 30,
2019
 
Jun 30,
2019
 
Sep 30,
2018
IMPACT OF MERGER-RELATED EXPENSES
 
 
 
 
 
Net income - GAAP
$
29,069

 
$
18,424

 
$
22,516

Merger related expenses
393

 
10,306

 

Related tax effect
(97
)
 
(2,331
)
 

Adjusted net income - Non-GAAP
$
29,365

 
$
26,399

 
$
22,516

 
 
 
 
 
 
Average diluted common shares
26,868

 
26,940

 
23,329

EPS - GAAP net income
$
1.08

 
$
0.68

 
$
0.97

EPS - Adjusted net income
1.09

 
0.98

 
0.97

 
 
 
 
 
 
Average assets
$
7,222,357

 
$
7,057,605

 
$
5,471,504

ROAA - GAAP net income
1.60
%
 
1.05
%
 
1.63
%
ROAA - Adjusted net income
1.61

 
1.50

 
1.63

 
 
 
 
 
 
Average shareholder’s equity
$
843,974

 
$
813,106

 
$
586,765

ROAE - GAAP net income
13.66
%
 
9.09
%
 
15.22
%
ROAE - Adjusted net income
13.80

 
13.02

 
15.22

 
 
 
 
 
 
Average tangible common equity
$
604,331

 
$
571,890

 
$
459,975

ROATCE - GAAP net income
19.08
%
 
12.92
%
 
19.42
%
ROATCE - Adjusted net income
19.28

 
18.52

 
19.42




17
EX-99.2 3 q32019efscearningsreleas.htm WEBCAST SLIDES q32019efscearningsreleas
Exhibit 99.2 Enterprise Financial Services Corp 2019 Third Quarter Earnings Webcast


 
Forward-Looking Statements Some of the information in this report 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. Forward-looking statements typically are identified with use of terms such as “may,” “might,” “will, “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “could,” “continue” and the negative 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 and statements about the future performance, operations, products and services of the Company and its subsidiaries. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. You should be aware that our actual results could differ materially from those anticipated by the forward-looking statements or historical performance due to a number of factors, including, but not limited to: our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations; reputational risks; 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 conditions; risks associated with rapid increases or decreases in prevailing interest rates; consolidation within the banking industry; competition from banks and other financial institutions; our ability to attract and retain relationship officers and other key personnel; burdens imposed by federal and state regulation; changes in regulatory requirements; changes in accounting regulation or standards applicable to banks; and other risks discussed under the caption “Risk Factors” of our most recently filed Form 10-K and in Part II, 1A of our most recently filed Form 10-Q, all of which could cause the Company’s actual results to differ from those set forth in the forward-looking statements. Readers are cautioned not to place undue reliance on our forward-looking statements, which reflect management’s analysis and expectations only as of the date of such statements. Forward-looking statements speak only as of the date they are made, and the Company does not intend, and undertakes no obligation, to publicly revise or update forward-looking statements after the date of this report, whether as a result of new information, future events or otherwise, except as required by federal securities law. You should understand that it is not possible to predict or identify all risk factors. Readers should carefully review all disclosures we file from time to time with the Securities and Exchange Commission (the “SEC”) which are available on our website at www.enterprisebank.com under "Investor Relations." 2


 
Financial Scorecard Q3 2019 Compared to Q3 2018 Continued Growth in EPS 11% • Drive Net Interest Income Growth in Dollars with Favorable Loan Growth Trends 31% • Defend Core Net Interest Margin1 5 bps • Maintain High Quality Credit Profile 10 bps NPLs/Loans • Achieve Further Improvement in Core Operating Leverage1 1% Enhance Deposit Levels to Support Growth 34% 1A Non-GAAP Measure, Refer to Appendix for Reconciliation 3


 
2019 Focus • Closing and Integration of the Trinity Acquisition • Achieve Organic Loan and Deposit Goals • Continued Incremental Improvement of Our Sales and Operational Processes 4


 
Total Loan Trends 23% Total Loan Growth* $5,228 $5,149 $5,017 In Millions Trinity $4,350 $682 $4,267 Q3' 18 Q4' 18 Q1' 19 Q2' 19 Q3' 19 *Note: 7% Excluding Acquisition of Trinity 5


 
Commercial & Industrial Loan Trends 13% C&I Growth* In Millions $2,303 $2,265 $2,227 Trinity $2,123 $65 $2,036 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 *Note: 10% Excluding Acquisition of Trinity 6


 
Loan Details Q3 ’19 Q2 ’19 QTR Q3 ’18 LTM Trinity2 In Millions Change Change C&I - General $ 1,175 $ 1,104 $ 71 $ 970 $ 205 $ 65 CRE, Investor Owned - General 1,281 1,235 46 846 435 305 CRE, Owner Occupied - General 566 591 (25) 482 84 92 Enterprise Value Lending1 417 446 (29) 442 (25) — Life Insurance Premium Financing1 468 466 2 379 89 — Residential Real Estate - General 386 409 (23) 314 72 137 Construction and Land Development 404 377 27 313 91 70 - General Tax Credits1 266 268 (2) 257 9 — Agriculture1 136 132 4 138 (2) — Consumer & Other - General 129 121 8 126 3 13 Total Loans $ 5,228 $ 5,149 $ 79 $ 4,267 $ 961 $ 682 1Specialized categories may include a mix of C&I, CRE, Construction and land development, or Consumer & Other loans. 2Trinity balances as of March 31, 2019. 7


 
Total Loans By Business Unit In Millions Specialized Lending St. Louis Kansas City $2,300 $2,339 $2,420 $991 $972 $900 $719 $783 $785 Q3 '18 Q2 '19 Q3 '19 Q3 '18 Q2 '19 Q3 '19 Q3 '18 Q2 '19 Q3 '19 Arizona New Mexico* $678 $663 $348 $358 $388 Q3 '18 Q2 '19 Q3 '19 Q3 '18 Q2 '19 Q3 '19 * Acquisition of Trinity completed on March 8, 2019. 8


 
Deposit Trend 25.2% 24.0% 23.0% 21.4% 21.3% In Millions $5,624 $5,537 $5,559 Trinity $1,094 $4,588 $4,210 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Deposits Trinity DDA % u Last Twelve Months Growth Rate = 34%, 8% Excluding Acquisition of Trinity 9


 
Earnings Per Share Trend - Q3 2019 Change in EPS $0.30 $(0.01) $0.03 $0.05 $0.03 $1.08 $0.68 Q2 '19 Incremental Noninterest Noninterest Merger-Related Change in Q3 '19 Accretion Income Expense Expenses Shares/ ETR 10


 
Net Interest Income Trend 3.77% 3.79% 3.80% 3.74% 3.69% In Millions $61.7 $63.0 $60.8 $60.9 $52.3 $50.6 $48.1 $51.2 $47.6 $48.5 28% Core NII Growth Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Core Net Interest Income* Incremental Accretion On Non-core Acquired Assets FTE Core Net Interest Margin* Note: * A Non-GAAP Measure, Refer to Appendix for Reconciliation 11


 
Credit Trends for Loans Net Charge-offs (annualized) Total Loan Growth (1) In Millions $132 26 bps 23 bps $83 $79 16 bps 8 bps 8 bps $(9) $(15) Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Provision for Loan Losses Q3 2019 EFSC Peer(2) In Millions NPAs/Assets = 0.33% 0.62% $2.3 $2.1 NPLs/Loans = 0.30% 0.77% $1.8 $1.7 ALLL/NPLs = 286.2% 124.0% $1.5 ALLL/Loans = 0.85% 0.91% Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 (1) Excludes Trinity (2) Peer median data as of 6/30/19 (source: S&P Global Market Intelligence) 12


 
Noninterest Income Trend In Millions Fee Income Other Fee Income Detail $13.6 $12.0 $1.2 $4.0 $10.7 $0.6 $4.0 $2.9 $2.3 $9.2 $1.0 $8.4 $0.2 $2.9 $0.2 $0.2 $2.3 $2.4 $2.5 $1.4 $1.7 $2.3 $0.4 $0.2 $0.2 $0.2 $1.8 $1.8 $1.8 $0.3 $0.4 $1.7 $0.1 $1.4 $0.3 $3.4 $3.2 $0.3 $0.2 $3.0 $0.2 $2.9 $2.9 $0.2 $0.4 $2.4 $1.9 $1.4 $1.0 $1.0 $2.0 $2.0 $2.0 $2.7 $2.7 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Wealth Management Deposit Services Charge Miscellaneous Swap Fees Card Services Other CDE Mortgage Tax Credit Income Non-core Acquired 13


 
Operating Expenses Trend 54.1% 53.3% 52.2% 51.7% 49.8% In Millions $49.1 $10.3 $39.8 $38.2 $7.3 $0.4 $29.9 $30.7 $1.3 $0.7 $20.7 $20.8 $19.4 $16.3 $16.6 $3.2 $3.2 $2.4 $2.4 $2.6 $14.9 $13.8 $10.5 $10.4 $10.5 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Other Occupancy Employee compensation and benefits Merger-related expenses/other non-core expenses Core efficiency ratio* Note: * A Non-GAAP Measure, Refer to Appendix for Reconciliation 14


 
Positive Momentum in Earnings Per Share $1.08 $1.02 $0.97 $0.95 Five-Year CAGR 21% $0.90 $0.69 $0.67 $0.67 $0.68 $0.61 $0.59 $0.56 $0.54 $0.52 $0.50 $0.48 $0.46 $0.43 $0.41 $0.32 $0.30 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 163% EPS Growth from Q3 2014 to Q3 2019 Note: Q1 2017, Q2 2017, Q1 2019, Q2 2019, and Q3 2019 included merger related charges. Q4 2017 included the impact of deferred tax asset charges due to tax reform. 15


 
Third Quarter 2019 Earnings Webcast Appendix


 
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 core net interest income, and core net interest margin, in this presentation 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 core net interest income, and core net interest margin, collectively “core performance measures,” included in this presentation 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 non-core acquired loans, which were acquired from the FDIC and previously covered by loss share agreements, and the related income and expenses, the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures include contractual interest on non-core acquired loans, but exclude incremental accretion on these loans. Core performance measures also exclude expenses directly related to non-core acquired loans. Core performance measures also exclude certain other income and expense items, such as merger-related expenses, facilities charges, and the gain or loss on sale of investment securities, 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 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 table, 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. Peer group data consists of the median of publicly traded banks with total assets from $2-$10 billion with commercial loans greater than 20% and consumer loans less than 10%. 17


 
Effective Tax Rate Reconciliation YTD 2019 2018 Federal Tax Rate 21.00% 21.00% State Tax, Net of Federal Benefit 2.19% 2.32% Excess Tax Benefits (0.60)% (1.56)% Tax Credit Investments (0.98)% (4.66)% Merger Expenses 0.60% —% Other Tax Adjustments (2.07)% 0.23% Pre-DTA Effective Tax Rate 20.14% 17.33% Impact of Tax Law Changes —% (2.64)% Ending Effective Tax Rate 20.14% 14.69% 18


 
Earnings Per Share Trend - 2019 Year to Date Change in EPS $0.26 $0.10 $1.23 $(0.02) $(0.77) $(0.66) $(0.50) $2.81 $2.45 2018 Net Interest Incremental Loan Loss Noninterest Noninterest Merger-Related Change in 2019 Income Accretion Provision Income Expense Expense Shares/ETR 19


 
Reconciliation of Non-GAAP Financial Measures For the Quarter ended For the Nine Months ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30, ($ in thousands) 2019 2019 2019 2018 2018 2019 2018 CORE PERFORMANCE MEASURES Net interest income $ 63,046 $ 61,715 $ 52,343 $ 50,593 $ 48,093 $ 177,104 $ 141,312 Less: Incremental accretion income 2,140 910 1,157 2,109 535 4,207 1,592 Core net interest income 60,906 60,805 51,186 48,484 47,558 172,897 139,720 Total noninterest income 13,564 11,964 9,230 10,702 8,410 34,758 27,645 Less: Other income from non-core acquired assets 1,001 2 365 10 7 1,368 1,038 Less: Gain on sale of investment securities 337 — — — — 337 9 Less: Other non-core income — 266 — 26 — 266 649 Core noninterest income 12,226 11,696 8,865 10,666 8,403 32,787 25,949 Total core revenue 73,132 72,501 60,051 59,150 55,961 205,684 165,669 Total noninterest expense 38,239 49,054 39,838 30,747 29,922 127,131 88,284 Less: Other expenses related to non- core acquired loans 18 103 103 40 12 224 (203) Less: Facilities disposal — — — — — — 239 Less: Merger related expenses 393 10,306 7,270 1,271 — 17,969 — Less: Non-recurring excise tax — — — — 682 — 682 Core noninterest expense 37,828 38,645 32,465 29,436 29,228 108,938 87,566 Core efficiency ratio 51.73% 53.30% 54.06% 49.77% 52.23% 52.96% 52.86% NET INTEREST MARGIN TO CORE NET INTEREST MARGIN (TAX EQUIVALENT) Net interest income $ 63,483 $ 62,109 $ 52,595 $ 50,786 $ 48,299 $ 178,187 $ 141,939 Less: Incremental accretion income 2,140 910 1,157 2,109 535 4,207 1,592 Core net interest income $ 61,343 $ 61,199 $ 51,438 $ 48,677 $ 47,764 $ 173,980 $ 140,347 Average earning assets $ 6,604,083 $ 6,453,005 $ 5,510,489 $ 5,118,319 $ 5,072,573 $ 6,193,197 $ 5,015,471 Reported net interest margin 3.81% 3.86% 3.87% 3.94% 3.78% 3.85% 3.78% Core net interest margin 3.69 3.80 3.79 3.77 3.74 3.76 3.74 20


 
Third Quarter 2019 Earnings Webcast Q & A


 
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