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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
 
FORM 10-Q
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021.
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______

Commission file number 001-15373

ENTERPRISE FINANCIAL SERVICES CORP

Incorporated in the State of Delaware
I.R.S. Employer Identification # 43-1706259
Address: 150 North Meramec
Clayton, MO 63105
Telephone: (314) 725-5500
___________________
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEFSCNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes   No
 
As of November 2, 2021, the Registrant had 38,372,237 shares of outstanding common stock, $0.01 par value per share.

This document is also available through our website at http://www.enterprisebank.com.





ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
TABLE OF CONTENTS
 
  Page
PART I - FINANCIAL INFORMATION 
   
Item 1.  Financial Statements 
  
Condensed Consolidated Balance Sheets (Unaudited)
 
Condensed Consolidated Statements of Operations (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
 
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
 
PART II - OTHER INFORMATION
  
Item 1.  Legal Proceedings
Item 1A.  Risk Factors
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
 
Signatures
 



Glossary of Acronyms, Abbreviations and Entities

The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 2 and the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements in Item 1 of this Form 10-Q.
ACLAllowance for Credit LossesFCBPFirst Choice Bancorp
ASUAccounting Standards UpdateFHLBFederal Home Loan Bank
BankEnterprise Bank & TrustGAAPGenerally Accepted Accounting Principles (United States)
C&ICommercial and IndustrialLIBORLondon Interbank Offered Rate
CECLCurrent Expected Credit LossMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
CompanyEnterprise Financial Services CorpNIMNet Interest Margin
CRECommercial Real EstatePCDPurchased Credit Deteriorated
EFSCEnterprise Financial Services CorpPPPPaycheck Protection Program
EnterpriseEnterprise Financial Services Corp SBASmall Business Administration
FASBFinancial Accounting Standards BoardSeacoastSeacoast Commerce Banc Holdings
FCBFirst Choice BankSECSecurities and Exchange Commission




PART 1 - ITEM 1 - FINANCIAL STATEMENTS
ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)September 30, 2021December 31, 2020
Assets  
Cash and due from banks$179,826 $99,760 
Federal funds sold3,398 1,519 
Interest-earning deposits (including $21,075 and $36,525 pledged as collateral, respectively)1,206,063 436,424 
Total cash and cash equivalents1,389,287 537,703 
Interest-earning deposits greater than 90 days7,009 7,626 
Securities available-for-sale1,219,814 912,429 
Securities held-to-maturity, net438,472 487,610 
Loans held-for-sale5,068 13,564 
Loans9,116,583 7,224,935 
Allowance for credit losses on loans(152,096)(136,671)
Total loans, net
8,964,487 7,088,264 
Other investments59,156 48,764 
Fixed assets, net48,697 53,169 
Goodwill365,415 260,567 
Intangible assets, net23,777 23,084 
Other assets366,834 318,791 
Total assets$12,888,016 $9,751,571 
Liabilities and Shareholders' Equity  
Noninterest-bearing deposit accounts$4,375,713 $2,711,828 
Interest-bearing transaction accounts2,253,639 1,768,497 
Money market accounts2,822,259 2,327,066 
Savings accounts748,993 627,903 
Certificates of deposit: 
Brokered128,923 50,209 
Other498,248 499,886 
Total deposits10,827,775 7,985,389 
Subordinated debentures and notes204,103 203,637 
FHLB advances50,000 50,000 
Other borrowings219,484 271,081 
Notes payable24,286 30,000 
Other liabilities122,733 132,489 
Total liabilities$11,448,381 $8,672,596 
Commitments and contingent liabilities (Note 7)
Shareholders' equity:  
Preferred stock, $0.01 par value;
5,000,000 shares authorized; 0 shares issued and outstanding
  
Common stock, $0.01 par value; 75,000,000 and 45,000,000 shares authorized, respectively; 40,352,097 and 33,190,306 shares issued, respectively404 332 
Treasury stock, at cost; 1,980,093 shares(73,528)(73,528)
Additional paid in capital1,031,146 697,839 
Retained earnings461,711 417,212 
Accumulated other comprehensive income19,902 37,120 
Total shareholders' equity1,439,635 1,078,975 
Total liabilities and shareholders' equity$12,888,016 $9,751,571 
The accompanying notes are an integral part of these consolidated financial statements.
1


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
 Three months ended September 30,Nine months ended September 30,
(in thousands, except per share data)2021202020212020
Interest income:
Interest and fees on loans$94,353 $62,648 $250,390 $194,295 
Interest on debt securities:
Taxable4,435 5,554 13,293 19,698 
Nontaxable3,585 2,241 10,058 5,542 
Interest on interest-earning deposits480 113 906 500 
Dividends on equity securities375 231 942 631 
Total interest income103,228 70,787 275,589 220,666 
Interest expense:
Deposits2,740 3,712 7,870 17,983 
Subordinated debentures and notes2,855 2,826 8,521 7,061 
FHLB advances212 720 604 2,070 
Notes payable and other borrowings148 175 460 997 
Total interest expense5,955 7,433 17,455 28,111 
Net interest income97,273 63,354 258,134 192,555 
Provision for credit losses19,668 14,080 17,045 55,935 
Net interest income after provision for credit losses77,605 49,274 241,089 136,620 
Noninterest income:
Deposit service charges4,520 2,798 11,466 8,557 
Wealth management revenue2,573 2,456 7,572 7,283 
Card services revenue3,186 2,498 8,657 6,970 
Tax credit income3,325 748 3,654 2,563 
Miscellaneous income4,015 4,129 13,764 10,624 
Total noninterest income17,619 12,629 45,113 35,997 
Noninterest expense:
Employee compensation and benefits33,722 22,040 91,416 66,114 
Occupancy4,496 3,408 11,776 9,940 
Data processing3,328 2,167 9,068 6,393 
Professional fees901 755 3,189 2,904 
Branch-closure expenses3,441  3,441  
Merger-related expenses14,671 1,563 19,762 1,563 
Other16,326 9,591 43,573 29,195 
Total noninterest expense76,885 39,524 182,225 116,109 
Income before income tax expense18,339 22,379 103,977 56,508 
Income tax expense4,426 4,428 21,733 11,055 
Net income$13,913 $17,951 $82,244 $45,453 
Earnings per common share
Basic$0.38 $0.68 $2.48 $1.73 
Diluted0.38 0.68 2.48 1.73 
The accompanying notes are an integral part of these consolidated financial statements.
2



ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three months ended September 30,Nine months ended September 30,
(in thousands)2021202020212020
Net income$13,913 $17,951 $82,244 $45,453 
Other comprehensive income (loss), after-tax:
Change in unrealized gain (loss) on available-for-sale debt securities(7,870)94 (15,941)21,642 
Reclassification adjustment for realized gain on sale of available-for-sale debt securities (314) (317)
Reclassification of gain on held-to-maturity securities(805)(705)(2,791)(1,190)
Change in unrealized gain (loss) on cash flow hedges arising during the period9 110 651 (6,247)
Reclassification of loss on cash flow hedges296 514 863 871 
Total other comprehensive income (loss), after-tax(8,370)(301)(17,218)14,759 
Comprehensive income$5,543 $17,650 $65,026 $60,212 

The accompanying notes are an integral part of these consolidated financial statements.

3


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
Three and nine months ended September 30, 2021
(in thousands, except per share data)Common StockTreasury StockAdditional paid in capitalRetained earningsAccumulated
other
comprehensive income (loss)
Total
shareholders’ equity
Balance at June 30, 2021$330 $(73,528)$688,945 $474,282 $28,272 $1,118,301 
Net income   13,913  13,913 
Other comprehensive loss     (8,370)(8,370)
Cash dividends paid on common shares, $0.19 per share   (7,305) (7,305)
Repurchase of common shares(4) (3,412)(17,820) (21,236)
Issuance under equity compensation plans, 13,234 shares, net  1,376 (649) 727 
Share-based compensation  1,325   1,325 
Shares issued in connection with acquisition of First Choice Bancorp, 7,777,272 shares, net
(gross issuance of 7,808,459 shares)
78  342,912 (710) 342,280 
Balance at September 30, 2021$404 $(73,528)$1,031,146 $461,711 $19,902 $1,439,635 
Balance at December 31, 2020$332 $(73,528)$697,839 $417,212 $37,120 $1,078,975 
Net income   82,244  82,244 
Other comprehensive loss    (17,218)(17,218)
Cash dividends paid on common shares, $0.55 per share   (18,566) (18,566)
Repurchase of common shares(6) (15,243)(17,820) (33,069)
Issuance under equity compensation plans, 106,568 shares, net  1,530 (649) 881 
Share-based compensation  4,108   4,108 
Shares issued in connection with acquisition of First Choice Bancorp, 7,777,272 shares, net
(gross issuance of 7,808,459 shares)
78  342,912 (710) 342,280 
Balance at September 30, 2021$404 $(73,528)$1,031,146 $461,711 $19,902 $1,439,635 
Three and nine months ended September 30, 2020
(in thousands, except per share data)Common StockTreasury StockAdditional paid in capitalRetained earningsAccumulated
other
comprehensive income (loss)
Total
shareholders’ equity
Balance at June 30, 2020$281 $(73,528)$527,734 $380,667 $32,809 $867,963 
Net income   17,951  17,951 
Other comprehensive loss    (301)(301)
Cash dividends paid on common shares, $0.18 per share   (4,718) (4,718)
Issuance under equity compensation plans, 13,583 shares, net1  331   332 
Share-based compensation  1,040   1,040 
Balance at September 30, 2020$282 $(73,528)$529,105 $393,900 $32,508 $882,267 
Balance at December 31, 2019$281 $(58,181)$526,599 $380,737 $17,749 $867,185 
Net income   45,453  45,453 
Other comprehensive income    14,759 14,759 
Cash dividends paid on common shares, $0.54 per share   (14,176) (14,176)
Repurchase of common shares (15,347)   (15,347)
Issuance under equity compensation plans, 122,583 shares, net1  (563)  (562)
Share-based compensation  3,069   3,069 
Reclassification for the adoption of ASU 2016-13 (CECL)   (18,114) (18,114)
Balance at September 30, 2020$282 $(73,528)$529,105 $393,900 $32,508 $882,267 
The accompanying notes are an integral part of these consolidated financial statements.
4


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Nine months ended September 30,
(in thousands, except share data)20212020
Cash flows from operating activities:  
Net income$82,244 $45,453 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation4,609 4,573 
Provision for credit losses17,045 55,935 
Deferred income taxes(8,813)(9,609)
Net amortization of debt securities5,704 4,775 
Net accretion on loan premiums(1,672)(5,976)
Amortization of intangible assets4,199 4,256 
Amortization of servicing assets690  
Mortgage loans originated-for-sale(120,700)(164,151)
Proceeds from mortgage loans sold128,687 157,377 
Loss (gain) on:
Sale of investment securities (421)
Sale of other real estate(931)13 
Sale of state tax credits(437)(290)
Asset impairment3,441  
Share-based compensation4,108 3,069 
Changes in other assets and liabilities, net(12,544)5,243 
Net cash provided by operating activities105,630 100,247 
Cash flows from investing activities:  
Proceeds from acquisition, net212,642  
Net decrease (increase) in loans42,865 (800,812)
Proceeds received from:
Sale of debt securities, available-for-sale27,135 20,221 
Paydown or maturity of debt securities, available-for-sale222,993 234,267 
Paydown or maturity of debt securities, held-to-maturity42,874 25,833 
Redemption of other investments16,952 26,350 
Sale of state tax credits held for sale5,534 5,621 
Sale of other real estate5,915 652 
Settlement of bank-owned life insurance policies 1,993 
Payments for the purchase of:
Available-for-sale debt securities(547,526)(274,677)
Other investments(7,629)(40,714)
State tax credits held for sale(6,688)(11,026)
Fixed assets, net(1,635)(1,633)
Net cash provided by (used in) investing activities13,432 (813,925)
Cash flows from financing activities:  
Net increase in noninterest-bearing deposit accounts666,480 602,192 
Net increase in interest-bearing deposit accounts335,477 303,011 
Net increase (decrease) in FHLB advances(160,000)27,700 
Repayments of notes payable(5,714)(4,286)
Proceeds from issuance of subordinated debentures, net 61,953 
Net decrease in other borrowings(51,597)(21,848)
Payments for the repurchase of common stock(33,069)(15,347)
Cash dividends paid on common stock(18,566)(14,176)
Other(489)(562)
Net cash provided by financing activities732,522 938,637 
Net increase in cash and cash equivalents851,584 224,959 
Cash and cash equivalents, beginning of period537,703 167,256 
Cash and cash equivalents, end of period$1,389,287 $392,215 
Supplemental disclosures of cash flow information:  
Cash paid during the period for:  
Interest$16,679 $26,858 
Income taxes45,230 7,514 
Noncash transactions:
Transfer to other real estate owned in settlement of loans$3,227 $261 
Sales of other real estate financed228 48 
Right-of-use assets obtained in exchange for lease obligations4,319 200 
Common shares issued in connection with acquisition343,650  
Transfer of securities from available for sale to held to maturity 163,592 

The accompanying notes are an integral part of these consolidated financial statements.
5


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies used by Enterprise Financial Services Corp (the “Company,” “EFSC,” or “Enterprise”) in the preparation of the condensed consolidated financial statements are summarized below:

Business and Consolidation

Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers primarily located in Arizona, California, Kansas, Missouri, Nevada, and New Mexico through its banking subsidiary, Enterprise Bank & Trust.

Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC.

Basis of Financial Statement Presentation

The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated.