8-K

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) 

April 25, 2022

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 Avenue, St. Louis, Missouri (Address of principal executive offices) 63105 (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
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	EFSCP	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 April 25, 2022, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended March 31, 2022. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

On April 26, 2022, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended March 31, 2022. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference.

The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed “filed” with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit     

Number    Description

99.1        Press Release dated April 25, 2022.

99.2        Presentation to be conducted April 26, 2022.

104        The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

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:	April 25, 2022	By:	/s/ Troy R. Dumlao
			Troy R. Dumlao
			Senior Vice President and Chief Accounting Officer

EX-99.1

EXHIBIT 99.1

ENTERPRISE FINANCIAL REPORTS FIRST QUARTER 2022 RESULTS

First Quarter Results

•Net income of $47.7 million, $1.23 per diluted common share

•Net interest margin (tax equivalent) of 3.28%

•Pre-provision return on average assets1 of 1.70%

•Increased quarterly dividend 5% to $0.22 per common share for the second quarter

•Repurchased 351,090 shares at an average price of $48.35 per share

St. Louis, Mo. April 25, 2022 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) reported net income of $47.7 million for the first quarter 2022, a decrease of $3.1 million compared to the linked fourth quarter (“linked quarter”) and an increase of $17.8 million from the prior year quarter. Earnings per diluted common share (“EPS”) was $1.23 for the first quarter 2022, compared to $1.33 and $0.96 for the linked and prior year quarters, respectively.

Jim Lally, EFSC’s President and Chief Executive Officer, commented, “I am pleased with our start to 2022. We had solid loan growth, continued success in deposit building and improvement in our strong credit quality metrics.We continue to remain focused on delivering on our strategic initiatives and positioning our company as a best-in-class financial partner in the communities we serve.”

Highlights

Comparisons to the prior year are impacted by the acquisition of First Choice Bancorp (“First Choice” or “FCBP”) in the third quarter of 2021.

•Earnings - Net income in the first quarter 2022 was $47.7 million, a decrease of $3.1 million compared to the linked quarter and an increase of $17.8 million from the prior year quarter. EPS was $1.23 per diluted common share for the first quarter 2022, compared to $1.33 and $0.96 per diluted common share for the linked and prior year quarters, respectively.

•Pre-provision net revenue1 (“PPNR”) - PPNR of $57.0 million in the first quarter 2022 decreased $6.3 million and increased $16.3 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a decline in Paycheck Protection Program (“PPP”) loan income and lower noninterest income that typically declines from a peak in the fourth quarter. The increase from the prior year quarter was primarily due to the positive contribution from the First Choice acquisition and expansion in net interest income from organic loan and deposit growth.

•Net interest income and net interest margin (“NIM”) - Net interest income of $101.2 million for the first quarter 2022 decreased $0.9 million and increased $22.0 million from the linked and prior year quarters, respectively. NIM was 3.28% for the first quarter 2022, compared to 3.32% and 3.50% for the linked quarter and prior year quarter, respectively. The underlying base NIM was relatively stable in the period, excluding the impact of certain items discussed below.

•Noninterest income - Noninterest income of $18.6 million for the first quarter 2022 decreased $4.0 million and increased $7.4 million from the linked quarter and prior year quarter, respectively. A decline in tax credit income from a seasonally strong linked quarter and a decline in other income were the primary

1 Pre-provision return on average assets is a non-GAAP measure. Refer to discussion and reconciliation of these measures in the accompanying financial tables.

drivers of the linked quarter decrease. The increase from the prior year quarter was primarily due to higher tax credit income and deposit service charge income from the First Choice acquisition.

•Loans - Total loans increased $38.4 million from the linked quarter to $9.1 billion as of March 31, 2022. PPP loans declined $137.9 million. Excluding PPP loans, loans grew $176.3 million, or 8%, on an annualized basis from the linked quarter. Loan growth in the quarter was attributed primarily to the specialty lending niches. Average loans totaled $9.0 billion for the quarter ended March 31, 2022 compared to $9.0 billion and $7.2 billion for the linked and prior year quarters, respectively.

•Asset quality - The allowance for credit losses to total loans was 1.54% at March 31, 2022, compared to 1.61% at December 31, 2021 and 1.80% at March 31, 2021. Loan growth and a provision benefit in the first quarter 2022 contributed to the decline in the ratio of allowance for credit losses to total loans. Nonperforming assets to total assets was 0.17% at March 31, 2022 compared to 0.23% and 0.42% at December 31, 2021 and March 31, 2021, respectively. Due to the improvement in credit quality and macroeconomic forecasts, a provision benefit of $4.1 million was recorded in the first quarter 2022, compared to a provision benefit of $3.7 million in the linked quarter and a $46,000 provision expense in the prior year quarter.

•Deposits - Total deposits increased $360.3 million from the linked quarter to $11.7 billion as of March 31, 2022. The specialty deposit groups have had continued success in generating deposit growth, increasing deposits by $273.7 million in the first quarter 2022 as compared to the linked quarter. Average deposits totaled $11.5 billion for the quarter ended March 31, 2022 compared to $11.2 billion and $8.2 billion for the linked and prior year quarters, respectively. Noninterest-bearing deposit accounts represented 41.7% of total deposits, and the loan to deposit ratio was 77.4% at March 31, 2022.

•Capital - Total shareholders’ equity was $1.5 billion and the tangible common equity to tangible assets ratio2 was 7.6% at March 31, 2022, compared to 8.1% at December 31, 2021. The decline in the tangible common equity ratio was primarily due to a $78.0 million decrease in accumulated other comprehensive income driven primarily from a decrease in the fair value of the available-for-sale investment portfolio. Enterprise Bank & Trust’s regulatory capital ratios remain “well-capitalized,” with a common equity tier 1 ratio of 12.2% and a total risk-based capital ratio of 13.3% as of March 31, 2022. The Company’s common equity tier 1 ratio and total risk-based capital ratio was 11.0% and 14.4%, respectively, at March 31, 2022.

The Company repurchased 351,090 shares totaling $17.0 million in the first quarter 2022 for an average price of $48.35 per share. The Company has 349,383 shares available for repurchase under its common stock repurchase authorization.

The Company’s Board of Directors unanimously approved a quarterly dividend of $0.22 per common share, payable on June 30, 2022 to shareholders of record as of June 15, 2022, an increase of $0.01, or 5.0%, compared to the first quarter 2022. The Board of Directors 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) March 15, 2022 to (but excluding) June 15, 2022. The dividend will be payable on June 15, 2022 to shareholders of record on May 31, 2022.

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

2

Net Interest Income

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
	March 31, 2022						December 31, 2021						March 31, 2021
($ 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*	$	9,005,875	$	96,301	4.34	%	$	9,030,982	$	98,412	4.32	%	$	7,192,776	$	77,073	4.35	%
Securities*	1,923,969		10,969		2.31		1,753,159		10,146		2.30		1,417,305		8,818		2.52
Interest-earning deposits	1,781,272		817		0.19		1,589,008		590		0.15		679,659		189		0.11
Total interest-earning assets	12,711,116		108,087		3.45		12,373,149		109,148		3.50		9,289,740		86,080		3.76
Noninterest-earning assets	902,887						894,044						650,312
Total assets	$	13,614,003					$	13,267,193					$	9,940,052
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction accounts	$	2,505,319	$	536	0.09	%	$	2,383,059	$	491	0.08	%	$	1,887,059	$	328	0.07	%
Money market accounts	2,872,302		1,460		0.21		2,853,655		1,412		0.20		2,350,592		975		0.17
Savings	817,431		66		0.03		776,695		64		0.03		654,662		48		0.03
Certificates of deposit	607,133		797		0.53		616,347		831		0.53		537,166		1,312		0.99
Total interest-bearing deposits	6,802,185		2,859		0.17		6,629,756		2,798		0.17		5,429,479		2,663		0.20
Subordinated debentures	154,959		2,220		5.81		171,453		2,439		5.64		203,694		2,819		5.61
FHLB advances	50,000		195		1.58		50,000		199		1.58		50,000		195		1.58
Securities sold under agreements to repurchase	262,252		60		0.09		246,525		60		0.10		231,527		60		0.11
Other borrowings	22,841		82		1.46		24,270		85		1.39		28,650		100		1.42
Total interest-bearing liabilities	7,292,237		5,416		0.30		7,122,004		5,581		0.31		5,943,350		5,837		0.40
Noninterest-bearing liabilities:
Demand deposits	4,692,027						4,537,247						2,777,900
Other liabilities	93,518						112,546						122,321
Total liabilities	12,077,782						11,771,797						8,843,571
Shareholders' equity	1,536,221						1,495,396						1,096,481
Total liabilities and shareholders' equity	$	13,614,003					$	13,267,193					$	9,940,052
Total net interest income			$	102,671					$	103,567					$	80,243
Net interest margin					3.28	%					3.32	%					3.50	%
* Non-taxable income is presented on a tax-equivalent basis using a 25.2% and 24.9% tax rate in 2022 and 2021, respectively. The tax-equivalent adjustments were $1.5 million for the three months ended March 31, 2022 and December 31, 2021, and $1.1 million for the three months ended March 31, 2021.

3

Net interest income for the first quarter decreased $0.9 million to $101.2 million from $102.1 million in the linked quarter, and increased $22.0 million from the prior year period. NIM, on a tax equivalent basis, was 3.28% for the first quarter, compared to 3.32% in the linked quarter, and 3.50% in the first quarter 2021. The decrease in net interest income from the linked quarter was primarily due to a $2.0 million decline in PPP income as the PPP loan portfolio continues to wind down. This decline was partially offset by an increase in income from loan growth, an expanded investment portfolio and a decline in interest expense from the redemption of $50.0 million of subordinated debentures in the fourth quarter 2021.

NIM decreased four basis points from the linked quarter to 3.28% for the first quarter 2022, primarily due to a five basis point decrease in earning asset yields. The decrease in the earning asset yields was due primarily to higher levels of cash related to continued deposit growth. Excluding the impact of higher low-yielding cash balances, NIM was relatively stable compared to the linked quarter. The average loan yield expanded two basis points to 4.34% in the first quarter 2022 as compared to the linked quarter. The increase was primarily due to the repricing of variable-rate loans and the increase in short-term LIBOR and Prime rates from the Federal Reserve’s 25 basis point increase in the target federal funds rate in March 2022.

Loans

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

	Quarter ended
							September 30, 2021
($ in thousands)	March 31, 2022			December 31, 2021			FCBPa		Legacy EFSCa		Consolidated			June 30, 2021			March 31, 2021
C&I	$	1,498,151		$	1,538,155		$	242,740	$	1,215,338	$	1,458,078		$	1,116,229		$	1,048,839
CRE investor owned	1,982,645			1,955,087			553,490		1,381,794		1,935,284			1,467,243			1,491,244
CRE owner occupied	1,138,106			1,112,463			301,929		861,307		1,163,236			789,220			805,581
SBA loans*	1,249,929			1,241,449			160,833		1,038,925		1,199,758			1,010,727			941,075
Sponsor finance*	641,476			508,469			—		454,431		454,431			463,744			394,207
Life insurance premium financing*	636,096			593,562			—		572,492		572,492			564,366			543,084
Tax credits*	518,020			486,881			—		462,168		462,168			423,258			387,968
SBA PPP loans	134,084			271,958			206,284		232,675		438,959			396,660			737,660
Residential real estate	410,173			430,985			226,321		293,538		519,859			302,007			299,517
Construction and land development	610,830			625,526			219,600		432,627		652,227			467,586			438,303
Other	236,563			253,107			32,547		227,544		260,091			225,227			201,303
Total loans	$	9,056,073		$	9,017,642		$	1,943,744	$	7,172,839	$	9,116,583		$	7,226,267		$	7,288,781
Total loan yield	4.34		%	4.32		%					4.32		%	4.35		%	4.35		%
Variable interest rate loans to total loans	63		%	63		%					63		%	57		%	56		%
Certain prior period amounts have been reclassified among the categories to conform to the current period presentation.
*Specialty loan category
a Amounts reported are as of September 30, 2021 and are separately shown attributable to the FCBP loan portfolio acquired on July 21, 2021, and the Company’s pre-FCBP acquisition loan portfolio.

Loans totaled $9.1 billion at March 31, 2022, increasing $38.4 million compared to the linked quarter. PPP loans declined $137.9 million in the first quarter 2022 from continued loan forgiveness by the Small Business Administration (“SBA”). Excluding PPP loans, loans grew $176.3 million, or 8% on an annualized basis, from the linked quarter. The increase was driven by specialty lending, particularly Sponsor Finance that increased $133.0 million in the first quarter 2022. Average line draw utilization was 39.9% for both the quarter ended March 31, 2022 and the linked quarter, compared to 37.0% for the prior-year quarter.

4

Asset Quality

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

	Quarter ended
($ in thousands)	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Nonperforming loans*	$	21,160		$	28,024		$	41,554		$	42,252		$	36,659
Other real estate	1,459			3,493			3,493			3,612			6,164
Nonperforming assets*	$	22,619		$	31,517		$	45,047		$	45,864		$	42,823
Nonperforming loans to total loans	0.23		%	0.31		%	0.46		%	0.58		%	0.50		%
Nonperforming assets to total assets	0.17		%	0.23		%	0.35		%	0.44		%	0.42		%
Allowance for credit losses to total loans	1.54		%	1.61		%	1.67		%	1.77		%	1.80		%
Net charge-offs	$	1,521		$	3,263		$	1,850		$	869		$	5,647
*Guaranteed balances excluded	$	3,954		$	6,481		$	5,109		$	3,930		$	3,873

Nonperforming assets continued to improve in the first quarter 2022, declining $8.9 million from the linked quarter. Net charge-offs were $1.5 million, or seven basis points of average loans, compared to 14 basis points in the linked quarter and 32 basis points in the prior year quarter. Due to the improvement in credit quality and forecasted macroeconomic factors, the Company recorded a provision benefit of $4.1 million for the first quarter 2022 compared to a benefit of $3.7 million for the linked quarter and a $46,000 provision for the prior year quarter. 

Deposits

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

	Quarter ended
							September 30, 2021
($ in thousands)	March 31, 2022			December 31, 2021			FCBPa			Legacy EFSCa			Consolidated			June 30, 2021			March 31, 2021
Noninterest-bearing accounts	$	4,881,043		$	4,578,436		$	1,041,622		$	3,334,091		$	4,375,713		$	3,111,581		$	2,910,216
Interest-bearing transaction accounts	2,547,482			2,465,884			317,301			1,936,338			2,253,639			2,013,129			1,990,308
Money market and savings accounts	3,678,135			3,691,186			370,179			3,201,073			3,571,252			3,000,460			3,093,569
Brokered certificates of deposit	129,017			128,970			78,714			50,209			128,923			50,209			50,209
Other certificates of deposit	468,458			479,323			51,832			446,416			498,248			464,125			471,142
Total deposit portfolio	$	11,704,135		$	11,343,799		$	1,859,648		$	8,968,127		$	10,827,775		$	8,639,504		$	8,515,444
Noninterest-bearing deposits to total deposits	41.7		%	40.4		%	56.0		%	37.2		%	40.4		%	36.0		%	34.2		%
aAmounts reported are as of September 30, 2021 and are shown separately attributable to the FCBP deposit portfolio acquired on July 21, 2021, and the Company’s pre-FCBP acquisition deposit portfolio.

Total deposits at March 31, 2022 were $11.7 billion, an increase of $360.3 million from December 31, 2021, and an increase of $3.2 billion from March 31, 2021. The increase from the linked quarter was primarily due to continued success in the deposit specialty areas, particularly community associations and escrow relationships. The increase over the prior year is due to the First Choice acquisition and organic growth.

5

Core deposits, defined as total deposits excluding certificates of deposits, were $11.1 billion at March 31, 2022, an increase of $371.2 million from the linked quarter. The Company’s participation in PPP, the interest rate environment and high personal savings rate, particularly in the New Mexico market, have contributed to the increase in deposits. Noninterest-bearing deposits were $4.9 billion at March 31, 2022, or 41.7% of total deposits. The total cost of deposits was 0.10% for both the current and linked quarters, compared to 0.13% for the prior year quarter.

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)	March 31, 2022		December 31, 2021		Increase (decrease)				March 31, 2021		Increase (decrease)
Deposit service charges	$	4,163	$	3,962	$	201	5	%	$	3,084	$	1,079	35	%
Wealth management revenue	2,622		2,687		(65)		(2)	%	2,483		139		6	%
Card services revenue	3,040		3,223		(183)		(6)	%	2,496		544		22	%
Tax credit income (expense)	2,608		4,374		(1,766)		(40)	%	(1,041)		3,649		351	%
Other income	6,208		8,384		(2,176)		(26)	%	4,268		1,940		45	%
Total noninterest income	$	18,641	$	22,630	$	(3,989)	(18)	%	$	11,290	$	7,351	65	%

Total noninterest income for the first quarter 2022 was $18.6 million, a decrease of $4.0 million from the linked quarter and an increase of $7.4 million from the prior year quarter. The decrease from the linked quarter was primarily due to decreases in tax credit and other income. Tax credit income was seasonally high in the linked quarter and typically declines in the first quarter of the year. Other income in the linked quarter included $5.0 million of fees from community development investments, compared to $2.2 million in the first quarter 2022. The increase from the prior year quarter was broad-based, reflecting higher volumes in all categories. First Choice noninterest income partially contributed to the increase over the prior year, primarily in deposit service charges and SBA servicing fees included in other income.

Noninterest Expenses

Noninterest expense was $62.8 million for the first quarter 2022, compared to $63.7 million for the linked quarter, and $52.9 million for the prior year quarter. The Company did not incur any merger related expenses in the first quarter 2022, compared to $2.3 million in the linked quarter and $3.1 million in the prior year quarter, respectively. Salary and employee benefits increased $2.3 million from the linked quarter due to annual merit increases that became effective on March 1, 2022 and employer payroll taxes that are seasonally higher in the first quarter each year. The increase from the prior year quarter was primarily due to the First Choice acquisition, merit increases provided to employees throughout 2021 and an increase in deposit customer analysis expense.

For the first quarter 2022, the Company’s efficiency ratio was 52.4% compared to 51.1% and 58.5% for the linked quarter and prior year quarter, respectively. The Company’s core efficiency ratio3 was 52.4% for the quarter ended March 31, 2022, compared to 49.2% for the linked quarter and 55.0% for the prior year quarter.

3 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 22% for the quarter ended March 31, 2022, compared to 21% for the linked quarter and 20% for the prior year quarter. The Company’s effective tax rate has increased due to an expanded geographic footprint and the related state tax apportionment.

6

Capital

The following table presents various EFSC capital ratios for the most recent five quarters:

	Quarter ended
Percent	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
Total risk-based capital to risk-weighted assets	14.4	%	14.7	%	14.5	%	14.9	%	15.1	%
Tier 1 capital to risk weighted assets	12.7	%	13.0	%	12.2	%	12.3	%	12.3	%
Common equity tier 1 capital to risk-weighted assets	11.0	%	11.3	%	11.2	%	11.1	%	11.0	%
Tangible common equity to tangible assets	7.6	%	8.1	%	8.4	%	8.3	%	8.2	%

Total equity was $1.5 billion at March 31, 2022, a decrease of $55.9 million from the linked quarter. The decrease from the linked quarter was primarily due to a $78.0 million decline in accumulated other comprehensive income. This was due to a net fair value decline in the Company’s fixed-rate, available-for-sale investment portfolio from an increase in interest rates during the period. The Company’s tangible common book value per share was $27.06 at March 31, 2022, compared to $28.28 and $25.92 in the linked and prior year quarters, 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, PPNR return on average assets (“PPNR ROAA”), financial metrics adjusted for PPP impact, core efficiency ratio, 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 tangible common equity, PPNR, PPNR ROAA, financial metrics adjusted for PPP impact, core efficiency ratio, 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 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 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 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-

7

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, April 26, 2022. During the call, management will review the first quarter 2022 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 1-888-394-8218 (Conference ID #3278323). A recorded replay of the conference call will be available on the website approximately two hours after the call’s completion. Visit http://bit.ly/EFSC1Q2022and 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 Financial Services Corp

Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $13.7 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 branch offices in Arizona, California, 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, yields and returns, loan diversification and credit management, shareholder value creation and the impact of the First Choice acquisition and other acquisitions.

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma” 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. 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 First Choice 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, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, war (including the war in Ukraine) or terrorist activities, or pandemics, including the COVID-19 pandemic, and their effects on economic and business environments in which we operate, including the ongoing disruption to the financial market and other economic activity caused by the COVID-19 pandemic, and those factors and risks referenced from time to time in the

8

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, 2021, and the Company’s other filings with the SEC. 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.

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, Executive Vice President and CFO (314) 512-7233

Media: Steve Richardson, Senior Vice President (314) 995-5695

9

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	Quarter ended
(in thousands, except per share data)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
EARNINGS SUMMARY
Net interest income	$	101,165		$	102,060		$	97,273		$	81,738		$	79,123
Provision (benefit) for credit losses	(4,068)			(3,660)			19,668			(2,669)			46
Noninterest income	18,641			22,630			17,619			16,204			11,290
Noninterest expense	62,800			63,694			76,885			52,456			52,884
Income before income tax expense	61,074			64,656			18,339			48,155			37,483
Income tax expense	13,381			13,845			4,426			9,750			7,557
Net income	47,693			50,811			13,913			38,405			29,926
Preferred stock dividends	1,229			—			—			—			—
Net income available to common shareholders	$	46,464		$	50,811		$	13,913		$	38,405		$	29,926
Diluted earnings per common share	$	1.23		$	1.33		$	0.38		$	1.23		$	0.96
Return on average assets	1.42		%	1.52		%	0.45		%	1.50		%	1.22		%
Return on average common equity	12.87		%	13.81		%	3.96		%	13.79		%	11.07		%
Return on average tangible common equity1	17.49		%	18.81		%	5.37		%	18.44		%	14.92		%
Net interest margin (tax equivalent)	3.28		%	3.32		%	3.40		%	3.46		%	3.50		%
Efficiency ratio	52.42		%	51.08		%	66.92		%	53.56		%	58.49		%
Core efficiency ratio1	52.43		%	49.22		%	51.30		%	51.86		%	55.02		%
Total loans	$	9,056,073		$	9,017,642		$	9,116,583		$	7,226,267		$	7,288,781
Total average loans	$	9,005,875		$	9,030,982		$	8,666,353		$	7,306,471		$	7,192,776
Total assets	$	13,706,769		$	13,537,358		$	12,888,016		$	10,346,993		$	10,190,699
Total average assets	$	13,614,003		$	13,267,193		$	12,334,558		$	10,281,344		$	9,940,052
Total deposits	$	11,704,135		$	11,343,799		$	10,827,775		$	8,639,504		$	8,515,444
Total average deposits	$	11,494,212		$	11,167,003		$	10,297,153		$	8,580,211		$	8,207,379
Period end common shares outstanding	37,516			37,820			38,372			31,185			31,259
Dividends per common share	$	0.21		$	0.20		$	0.19		$	0.18		$	0.18
Tangible book value per common share	$	27.06		$	28.28		$	27.38		$	26.85		$	25.92
Tangible common equity to tangible assets1	7.62		%	8.13		%	8.40		%	8.32		%	8.18		%
Total risk-based capital to risk-weighted assets	14.4		%	14.7		%	14.5		%	14.9		%	15.1		%
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
($ in thousands, except per share data)	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021
INCOME STATEMENTS
NET INTEREST INCOME
Interest income	$	106,581	$	107,641	$	103,228	$	87,401	$	84,960
Interest expense	5,416		5,581		5,955		5,663		5,837
Net interest income	101,165		102,060		97,273		81,738		79,123
Provision (benefit) for credit losses	(4,068)		(3,660)		19,668		(2,669)		46
Net interest income after provision for credit losses	105,233		105,720		77,605		84,407		79,077
NONINTEREST INCOME
Deposit service charges	4,163		3,962		4,520		3,862		3,084
Wealth management revenue	2,622		2,687		2,573		2,516		2,483
Card services revenue	3,040		3,223		3,186		2,975		2,496
Tax credit income (expense)	2,608		4,374		3,325		1,370		(1,041)
Other income	6,208		8,384		4,015		5,481		4,268
Total noninterest income	18,641		22,630		17,619		16,204		11,290
NONINTEREST EXPENSE
Employee compensation and benefits	35,827		33,488		33,722		28,132		29,562
Occupancy	4,586		4,510		4,496		3,529		3,751
Branch closure expenses	—		—		3,441		—		—
Merger-related expenses	—		2,320		14,671		1,949		3,142
Other expense	22,387		23,376		20,555		18,846		16,429
Total noninterest expense	62,800		63,694		76,885		52,456		52,884
Income before income tax expense	61,074		64,656		18,339		48,155		37,483
Income tax expense	13,381		13,845		4,426		9,750		7,557
Net income	$	47,693	$	50,811	$	13,913	$	38,405	$	29,926
Preferred stock dividends	1,229		—		—		—		—
Net income available to common shareholders	$	46,464	$	50,811	$	13,913	$	38,405	$	29,926
Basic earnings per common share	$	1.23	$	1.33	$	0.38	$	1.23	$	0.96
Diluted earnings per common share	$	1.23	$	1.33	$	0.38	$	1.23	$	0.96

11

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	Quarter ended
($ in thousands)	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021
BALANCE SHEETS
ASSETS
Cash and due from banks	$	252,706	$	209,177	$	179,826	$	126,789	$	103,367
Interest-earning deposits	1,735,708		1,819,508		1,216,470		889,960		788,464
Debt and equity investments	1,993,927		1,855,583		1,717,442		1,585,847		1,463,818
Loans held for sale	4,270		6,389		5,068		5,763		8,531
Loans	9,056,073		9,017,642		9,116,583		7,226,267		7,288,781
Allowance for credit losses	(139,212)		(145,041)		(152,096)		(128,185)		(131,527)
Total loans, net	8,916,861		8,872,601		8,964,487		7,098,082		7,157,254
Fixed assets, net	46,900		47,915		48,697		50,972		52,078
Goodwill	365,164		365,164		365,415		260,567		260,567
Intangible assets, net	20,855		22,286		23,777		20,358		21,670
Other assets	370,378		338,735		366,834		308,655		334,950
Total assets	$	13,706,769	$	13,537,358	$	12,888,016	$	10,346,993	$	10,190,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	4,881,043	$	4,578,436	$	4,375,713	$	3,111,581	$	2,910,216
Interest-bearing deposits	6,823,092		6,765,363		6,452,062		5,527,923		5,605,228
Total deposits	11,704,135		11,343,799		10,827,775		8,639,504		8,515,444
Subordinated debentures	155,031		154,899		204,103		203,940		203,778
FHLB advances	50,000		50,000		50,000		50,000		50,000
Federal funds purchased	—		—		—		—		—
Other borrowings	228,846		353,863		243,770		234,509		229,389
Other liabilities	95,580		105,681		122,733		100,739		99,591
Total liabilities	12,233,592		12,008,242		11,448,381		9,228,692		9,098,202
Shareholders’ equity:
Preferred stock	71,988		71,988		—		—		—
Common stock	395		398		404		330		332
Treasury stock	(73,528)		(73,528)		(73,528)		(73,528)		(73,528)
Additional paid-in capital	1,010,446		1,018,799		1,031,146		688,945		698,005
Retained earnings	523,136		492,682		461,711		474,282		441,511
Accumulated other comprehensive income (loss)	(59,260)		18,777		19,902		28,272		26,177
Total shareholders’ equity	1,473,177		1,529,116		1,439,635		1,118,301		1,092,497
Total liabilities and shareholders’ equity	$	13,706,769	$	13,537,358	$	12,888,016	$	10,346,993	$	10,190,699

12

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	Quarter ended
($ in thousands)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
LOAN PORTFOLIO
Commercial and industrial	$	3,398,723		$	3,392,375		$	3,379,171		$	2,930,805		$	3,079,643
Commercial real estate	4,278,138			4,176,928			4,179,712			3,200,748			3,186,970
Construction real estate	702,630			734,073			747,758			556,776			510,501
Residential real estate	432,639			454,052			542,690			305,497			303,047
Other	243,943			260,214			267,252			232,441			208,620
Total loans	$	9,056,073		$	9,017,642		$	9,116,583		$	7,226,267		$	7,288,781
DEPOSIT PORTFOLIO
Noninterest-bearing accounts	$	4,881,043		$	4,578,436		$	4,375,713		$	3,111,581		$	2,910,216
Interest-bearing transaction accounts	2,547,482			2,465,884			2,253,639			2,013,129			1,990,308
Money market and savings accounts	3,678,135			3,691,186			3,571,252			3,000,460			3,093,569
Brokered certificates of deposit	129,017			128,970			128,923			50,209			50,209
Other certificates of deposit	468,458			479,323			498,248			464,125			471,142
Total deposit portfolio	$	11,704,135		$	11,343,799		$	10,827,775		$	8,639,504		$	8,515,444
AVERAGE BALANCES
Total loans	$	9,005,875		$	9,030,982		$	8,666,353		$	7,306,471		$	7,192,776
Debt and equity investments	1,923,969			1,753,159			1,594,938			1,502,582			1,417,305
Interest-earning assets	12,711,116			12,373,149			11,513,279			9,615,981			9,289,741
Total assets	13,614,003			13,267,193			12,334,558			10,281,344			9,940,052
Deposits	11,494,212			11,167,003			10,297,153			8,580,211			8,207,379
Shareholders’ equity	1,536,221			1,495,396			1,394,096			1,116,969			1,096,481
Tangible common equity1	1,077,529			1,071,902			1,028,001			835,405			813,568
YIELDS (tax equivalent)
Total loans	4.34		%	4.32		%	4.32		%	4.35		%	4.35		%
Debt and equity investments	2.31			2.30			2.38			2.46			2.52
Interest-earning assets	3.45			3.50			3.60			3.70			3.76
Interest-bearing deposits	0.17			0.17			0.17			0.18			0.20
Total deposits	0.10			0.10			0.11			0.12			0.13
Subordinated debentures	5.81			5.64			5.55			5.60			5.61
FHLB advances and other borrowed funds	0.41			0.43			0.43			0.49			0.46
Interest-bearing liabilities	0.30			0.31			0.35			0.37			0.40
Net interest margin	3.28			3.32			3.40			3.46			3.50

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

13

PPP details:

	Quarter ended
($ in thousands, except per share data)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
PPP loans outstanding, net of deferred fees	$	134,084		$	271,958		$	438,959		$	396,660		$	737,660
Average PPP loans outstanding, net	194,382			365,295			489,104			664,375			692,161
PPP interest and fee income recognized	2,858			4,864			6,048			7,940			8,475
PPP deferred fees remaining	1,851			4,215			7,428			12,243			16,676
PPP average yield	5.96		%	5.28		%	4.91		%	4.79		%	4.97		%

	Quarter ended
	Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021
Financial Metrics:	As Reported			Excluding PPP*			As Reported			Excluding PPP*			As Reported			Excluding PPP*			As Reported			Excluding PPP*			As Reported			Excluding PPP*
EPS	$	1.23		$	1.17		$	1.33		$	1.23		$	0.38		$	0.25		$	1.23		$	1.04		$	0.96		$	0.75
ROAA	1.42		%	1.38		%	1.52		%	1.45		%	0.45		%	0.31		%	1.50		%	1.35		%	1.22		%	1.03		%
PPNR ROAA*	1.70		%	1.64		%	1.89		%	1.80		%	1.81		%	1.68		%	1.85		%	1.65		%	1.66		%	1.41		%
Tangible common equity/tangible assets*	7.62		%	7.70		%	8.13		%	8.31		%	8.40		%	8.71		%	8.32		%	8.66		%	8.18		%	8.84		%
Leverage ratio	9.6		%	9.7		%	9.7		%	10.0		%	9.7		%	10.2		%	9.4		%	10.0		%	9.5		%	10.2		%
NIM	3.28		%	3.23		%	3.32		%	3.26		%	3.40		%	3.33		%	3.46		%	3.36		%	3.50		%	3.39		%
Allowance for credit losses/loans	1.54		%	1.73		%	1.61		%	1.84		%	1.67		%	1.94		%	1.77		%	2.09		%	1.80		%	2.22		%
* Non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables. Calculations not adjusted for increase in average deposits or increase in deposit expense, as applicable. The ratio of allowance for credit losses to loans excludes all guaranteed loans, including PPP loans.

14

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	Quarter ended
(in thousands, except per share data)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
ASSET QUALITY
Net charge-offs	$	1,521		$	3,263		$	1,850		$	869		$	5,647
Nonperforming loans	21,160			28,024			41,554			42,252			36,659
Classified assets	93,199			100,797			104,220			100,063			114,713
Nonperforming loans to total loans	0.23		%	0.31		%	0.46		%	0.58		%	0.50		%
Nonperforming assets to total assets	0.17		%	0.23		%	0.35		%	0.44		%	0.42		%
Allowance for credit losses to total loans	1.54		%	1.61		%	1.67		%	1.77		%	1.80		%
Allowance for credit losses to nonperforming loans	657.9		%	517.6		%	366.0		%	303.4		%	358.8		%
Net charge-offs to average loans (annualized)	0.07		%	0.14		%	0.08		%	0.05		%	0.32		%
WEALTH MANAGEMENT
Trust assets under management	$	1,943,428		$	2,083,543		$	2,017,178		$	1,945,293		$	1,809,001
Trust assets under administration	2,400,679			2,556,266			2,486,152			2,487,545			2,427,448
MARKET DATA
Book value per common share	$	37.35		$	38.53		$	37.52		$	35.86		$	34.95
Tangible book value per common share1	$	27.06		$	28.28		$	27.38		$	26.85		$	25.92
Market value per share	$	47.31		$	47.09		$	45.28		$	46.39		$	49.44
Period end common shares outstanding	37,516			37,820			38,372			31,185			31,259
Average basic common shares	37,788			38,228			36,878			31,265			31,247
Average diluted common shares	37,858			38,311			36,946			31,312			31,306
CAPITAL
Total risk-based capital to risk-weighted assets	14.4		%	14.7		%	14.5		%	14.9		%	15.1		%
Tier 1 capital to risk-weighted assets	12.7		%	13.0		%	12.2		%	12.3		%	12.3		%
Common equity tier 1 capital to risk-weighted assets	11.0		%	11.3		%	11.2		%	11.1		%	11.0		%
Tangible common equity to tangible assets1	7.6		%	8.1		%	8.4		%	8.3		%	8.2		%
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
($ in thousands)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
CORE PERFORMANCE MEASURES
Net interest income	$	101,165		$	102,060		$	97,273		$	81,738		$	79,123
Noninterest income	18,641			22,630			17,619			16,204			11,290
Less: Gain on sale of other real estate owned	19			—			335			549			—
Core noninterest income	18,622			22,630			17,284			15,655			11,290
Total core revenue	119,787			124,690			114,557			97,393			90,413
Noninterest expense	62,800			63,694			76,885			52,456			52,884
Less: Branch closure expenses	—			—			3,441			—			—
Less: Merger-related expenses	—			2,320			14,671			1,949			3,142
Core noninterest expense	62,800			61,374			58,773			50,507			49,742
Core efficiency ratio	52.43		%	49.22		%	51.30		%	51.86		%	55.02		%

	Quarter ended
($ in thousands)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
SHAREHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS
Shareholders’ equity	$	1,473,177		$	1,529,116		$	1,439,635		$	1,118,301		$	1,092,497
Less preferred stock	71,988			71,988			—			—			—
Less goodwill	365,164			365,164			365,415			260,567			260,567
Less intangible assets	20,855			22,286			23,777			20,358			21,670
Tangible common equity	$	1,015,170		$	1,069,678		$	1,050,443		$	837,376		$	810,260
Total assets	$	13,706,769		$	13,537,358		$	12,888,016		$	10,346,993		$	10,190,699
Less goodwill	365,164			365,164			365,415			260,567			260,567
Less intangible assets	20,855			22,286			23,777			20,358			21,670
Tangible assets	$	13,320,750		$	13,149,908		$	12,498,824		$	10,066,068		$	9,908,462
Tangible common equity to tangible assets	7.62		%	8.13		%	8.40		%	8.32		%	8.18		%

	Quarter Ended
($ in thousands)	Mar 31, 2022		Dec 31, 2021		Mar 31, 2021
AVERAGE SHAREHOLDERS’ EQUITY AND AVERAGE TANGIBLE COMMON EQUITY
Average shareholder’s equity	$	1,536,221	$	1,495,396	$	1,096,481
Less average preferred stock	71,988		35,322		—
Less average goodwill	365,164		365,164		260,567
Less average intangible assets	21,540		23,008		22,346
Average tangible common equity	$	1,077,529	$	1,071,902	$	813,568

16

	Quarter Ended
($ in thousands)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
CALCULATION OF PRE-PROVISION NET REVENUE
Net interest income	$	101,165		$	102,060		$	97,273		$	81,738		$	79,123
Noninterest income	18,641			22,630			17,619			16,204			11,290
Less: Noninterest expense	62,800			63,694			76,885			52,456			52,884
Branch closure expenses	—			—			3,441			—			—
Merger-related expenses	—			2,320			14,671			1,949			3,142
PPNR	$	57,006		$	63,316		$	56,119		$	47,435		$	40,671
Average assets	$	13,614,003		$	13,267,193		$	12,334,558		$	10,281,344		$	9,940,052
ROAA - GAAP net income	1.42		%	1.52		%	0.45		%	1.50		%	1.22		%
PPNR ROAA - PPNR	1.70		%	1.89		%	1.81		%	1.85		%	1.66		%

	Quarter Ended
($ in thousands, except per share data)	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
IMPACT OF PAYCHECK PROTECTION PROGRAM
Net income - GAAP	$	47,693		$	50,811		$	13,913		$	38,405		$	29,926
PPP interest and fee income	(2,858)			(4,864)			(6,048)			(7,940)			(8,475)
Related tax effect	720			1,226			1,506			1,977			2,110
Adjusted net income - Non-GAAP	$	45,555		$	47,173		$	9,371		$	32,442		$	23,561
Preferred stock dividends	1,229			—			—			—			—
Adjusted net income available to common shareholders- Non-GAAP	$	44,326		$	47,173		$	9,371		$	32,442		$	23,561
Average diluted common shares	37,858			38,311			36,946			31,312			31,303
EPS - GAAP net income available to common shareholders	$	1.23		$	1.33		$	0.38		$	1.23		$	0.96
EPS - Adjusted net income available to common shareholders	$	1.17		$	1.23		$	0.25		$	1.04		$	0.75
Average Assets - GAAP	$	13,614,003		$	13,267,193		$	12,334,558		$	10,281,344		$	9,940,052
Average PPP loans, net	(194,382)			(365,295)			(489,104)			(664,375)			(692,161)
Adjusted average assets - Non-GAAP	$	13,419,621		$	12,901,898		$	11,845,454		$	9,616,969		$	9,247,891
ROAA - GAAP net income	1.42		%	1.52		%	0.45		%	1.50		%	1.22		%
ROAA - Adjusted net income, adjusted average assets	1.38		%	1.45		%	0.31		%	1.35		%	1.03		%
PPNR - Non-GAAP (see reconciliation above)	$	57,006		$	63,316		$	56,119		$	47,435		$	40,671
PPP interest and fee income	(2,858)			(4,864)			(6,048)			(7,940)			(8,475)
Adjusted PPNR - Non-GAAP	$	54,148		$	58,452		$	50,071		$	39,495		$	32,196
PPNR ROAA - PPNR	1.70		%	1.89		%	1.81		%	1.85		%	1.66		%
PPNR ROAA - adjusted PPNR, adjusted average assets	1.64		%	1.80		%	1.68		%	1.65		%	1.41		%
Tangible assets - Non-GAAP (see reconciliation above)	$	13,320,750		$	13,149,908		$	12,498,824		$	10,066,068		$	9,908,462
PPP loans outstanding, net	(134,084)			(271,958)			(438,959)			(396,660)			(737,660)
Adjusted tangible assets - Non-GAAP	$	13,186,666		$	12,877,950		$	12,059,865		$	9,669,408		$	9,170,802
Tangible common equity Non - GAAP (see reconciliation above)	$	1,015,170		$	1,069,678		$	1,050,443		$	837,376		$	810,260
Tangible common equity to tangible assets	7.62		%	8.13		%	8.40		%	8.32		%	8.18		%
Tangible common equity to tangible assets - adjusted tangible assets	7.70		%	8.31		%	8.71		%	8.66		%	8.84		%
Average assets for leverage ratio	$	13,273,520		$	12,915,944		$	11,972,171		$	10,021,240		$	9,675,300
Average PPP loans, net	(194,382)			(365,295)			(489,104)			(664,375)			(692,161)
Adjusted average assets for leverage ratio - Non-GAAP	$	13,079,138		$	12,550,649		$	11,483,067		$	9,356,865		$	8,983,139

17

Tier 1 capital	$	1,271,342		$	1,257,462		$	1,166,529		$	937,840		$	914,459
Leverage ratio	9.6		%	9.7		%	9.7		%	9.4		%	9.5		%
Leverage ratio - adjusted average assets for leverage ratio	9.7		%	10.0		%	10.2		%	10.0		%	10.2		%
Net interest income - tax equivalent	$	102,671		$	103,567		$	98,573		$	82,962		$	80,243
PPP interest and fee income	(2,858)			(4,864)			(6,048)			(7,940)			(8,475)
Adjusted net interest income - tax equivalent	$	99,813		$	98,703		$	92,525		$	75,022		$	71,768
Average earning assets -GAAP	$	12,711,116		$	12,373,149		$	11,513,279		$	9,615,981		$	9,289,741
Average PPP loans, net	(194,382)			(365,295)			(489,104)			(664,375)			(692,161)
Adjusted average earning assets - Non-GAAP	$	12,516,734		$	12,007,854		$	11,024,175		$	8,951,606		$	8,597,580
Net interest margin - tax equivalent	3.28		%	3.32		%	3.40		%	3.46		%	3.50		%
Net interest margin - tax equivalent - adjusted net interest income, adjusted average earning assets	3.23		%	3.26		%	3.33		%	3.36		%	3.39		%
Loans - GAAP	$	9,056,073		$	9,017,642		$	9,116,583		$	7,226,267		$	7,288,781
PPP and other guaranteed loans, net	(1,023,509)			(1,151,895)			(1,277,452)			(1,106,414)			(1,377,302)
Adjusted loans - Non-GAAP	$	8,032,564		$	7,865,747		$	7,839,131		$	6,119,853		$	5,911,479
Allowance for credit losses	$	139,212		$	145,041		$	152,096		$	128,185		$	131,527
Allowance for credit losses/loans - GAAP	1.54		%	1.61		%	1.67		%	1.77		%	1.80		%
Allowance for credit losses/loans - adjusted loans	1.73		%	1.84		%	1.94		%	2.09		%	2.22		%

18

EX-99.2

Enterprise Financial Services Corp 2022 First Quarter Earnings Webcast Exhibit 99.2

Forward-Looking Statements Some of the information in this report may contain “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 may include projections 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 Company's integration of First Choice Bancorp ("First Choice") and other acquisitions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma” 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. 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 First Choice 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, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, war (including the war in Ukraine) or terrorist activities, or pandemics, including the COVID-19 pandemic, and their effects on economic and business environments in which we operate, including the ongoing disruption to the financial market and other economic activity caused by the COVID-19 pandemic, 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, 2021, and the Company’s other filings with the SEC. 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. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results. 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. 2

Financial Highlights - 1Q22 Capital • Tangible Common Equity/Tangible Assets* 7.62%; Adjusted for PPP* 7.70% • Accumulated other comprehensive income declined $78.0 million primarily from a decrease in the fair value of the available-for-sale investment portfolio • Quarterly dividend of $0.21 per common share, increased 5% to $0.22 in second quarter 2022 • Declared and paid first preferred stock dividend of $1.2 million • Repurchased 351,090 shares at an average price of $48.35 per share • Net Income $47.7 million; EPS $1.23 • PPNR* $57.0 million • ROAA 1.42%; PPNR ROAA* 1.70% • ROATCE* 17.49% Earnings *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Loans & Deposits • Total Loans $9.1 billion • PPP Loans, $134 million, net of deferred fees • Loan/Deposits 77% • Total Deposits $11.7 billion • Noninterest-bearing Deposits/Total Deposits 42% Asset Quality • Nonperforming Assets/Assets 0.17% • Nonperforming Loans/Loans 0.23% • Allowance Coverage Ratio 1.54%; 1.73% adjusted for guaranteed loans including PPP 3

Areas of Focus Organic Loan Growth and Pipeline Expand Tax Credit Business, Geographically • Strategically Deploy $60 Million New Markets Tax Credit Allocation Talent Acquisitions to Accelerate Higher Growth • Complementary California Associates • Practice Finance • Phoenix • Texas Continued Integration of California Market 4

In Millions 24% Total Loan Growth *Excludes First Choice PPP loans of $206 million included in acquisition total. First Choice $1,944 Total Loan Trends PPP* $233 PPP $134 PPP $738 PPP $397 PPP $272 5

Loan Details - LTM 1Q22 1Q21 LTM Change First Choice Net Organic Change C&I $ 1,498 $ 1,049 $ 449 $ 269 $ 180 CRE, Investor Owned 1,983 1,491 492 568 (76) CRE, Owner Occupied 1,138 806 332 278 54 SBA loans*1 1,250 941 309 158 151 Sponsor Finance* 641 394 247 — 247 Life Insurance Premium Financing* 636 543 93 — 93 Tax Credits* 518 388 130 — 130 Residential Real Estate 410 300 110 143 (33) Construction and Land Development 611 438 173 153 20 Other 237 201 36 32 4 Subtotal $ 8,922 $ 6,551 $ 2,371 $ 1,601 $ 770 SBA PPP loans 134 738 (604) 78 (682) Total Loans $ 9,056 $ 7,289 $ 1,767 $ 1,679 $ 88 *Specialty loan category. 1Includes $1.0 billion and $617 million of SBA guaranteed loans for 1Q22 and 1Q21, respectively. In Millions 6

Loan Details - QTR 1Q22 4Q21 QTR Change C&I $ 1,498 $ 1,538 $ (40) CRE, Investor Owned 1,983 1,955 28 CRE, Owner Occupied 1,138 1,113 25 SBA loans*1 1,250 1,241 9 Sponsor Finance* 641 508 133 Life Insurance Premium Financing* 636 594 42 Tax Credits* 518 487 31 Residential Real Estate 410 431 (21) Construction and Land Development 611 626 (15) Other 237 253 (16) Subtotal $ 8,922 $ 8,746 $ 176 SBA PPP loans 134 272 (138) Total Loans $ 9,056 $ 9,018 $ 38 *Specialty loan category. 1Includes $1.0 billion and $854 million of SBA guaranteed loans for 1Q22 and 4Q21, respectively. In Millions 7

Total Loans By Business Unit In Millions Note: Excludes PPP and Other loans **4Q21 and 1Q22 include First Choice acquisition *4Q21 and 1Q22 include acquired First Choice SBA loans 8

Specialty Deposits Community Associations $767 million in deposit accounts specifically designed to serve the needs of community associations. Property Management $480 million in deposits. Specializing in the compliance of Property Management Trust Accounts. Third-Party Escrow $587 million in deposits. Growing product line providing independent escrow services. Trust Services $67 million in deposit accounts. Providing services to nondepository trust companies. Specialty deposits of $2.5 billion represent 21% of total deposits. Includes high composition of noninterest-bearing deposits with a low cost of funds. Other $594 million in deposit accounts primarily related to Sponsor Finance and Life Insurance Premium Financing loans. 1Q21 2Q21 3Q21 4Q21 1Q22 Community Assoc Property Mgmt Third- Party Escrow Trust Services Other $— $250 $500 $750 In Millions 9

Earnings Per Share Trend - 1Q22 Change in EPS 10

Net Interest Income Trend In Millions 28% NII Growth PPP Income $2.9 PPP Income $8.5 PPP Income $7.9 PPP Income $6.0 * First Choice acquisition completed 7/21/21. PPP Income $4.9 11

Net Interest Margin Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4Q21 3.32 % Cash/Liquidity (0.04) % Loans 0.01 % Investments (0.01) % 1Q22 3.28 % Net Interest Margin Trend Net Interest Margin Bridge 12

Credit Trends for Loans 1Q22 4Q21 1Q21 NPAs/Assets 0.17% 0.23% 0.42% NPLs/Loans 0.23% 0.31% 0.50% ACL/NPLs 657.9% 517.6% 358.8% ACL/Loans** 1.73% 1.84% 2.22% Annualized Net Charge-offs (Recoveries) to Average Loans In Millions bps bps bps bps bps In Millions Loan Growth and Average Line of Credit Utilization* *Excludes acquisition of Seacoast for 4Q20 & First Choice for 3Q21 **Excludes guaranteed loans. *Excludes acquisition of First Choice for 3Q21 **Excludes guaranteed loans. 13

Allowance for Credit Losses for Loans In Thousands • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors 1Q22 In Thousands Loans ACL ACL as a % of Loans Commercial and industrial $ 3,398,723 $ 60,975 1.79 % Commercial real estate 4,278,138 53,232 1.24 % Construction real estate 702,630 12,983 1.85 % Residential real estate 432,639 7,109 1.64 % Other 243,943 4,913 2.01 % Total $ 9,056,073 $ 139,212 1.54 % Reserves on sponsor finance, which is included in the categories above, represented $19.1 million. Total ACL percentage of loans excluding PPP and other government guaranteed loans was 1.73% Key Assumptions: • Reasonable and supportable forecast period is one year with a one year reversion period. • Forecast considers a weighted average of baseline, upside and downside scenarios. • Primary macroeconomic factors: ◦ Percentage change in GDP ◦ Unemployment ◦ Percentage change in Retail Sales ◦ Percentage change in CRE Index 14

Noninterest Income Trend Other Fee Income DetailFee Income In Millions 12.5% 16.5% 15.3% 18.1% 15.6% 15

Operating Expenses Trend Other Operating Expenses DetailOperating Expenses In Millions 55.2% 51.9% 51.3% 49.2% 52.4% 16

Capital *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Excludes PPP loans. 8.0% 12.3% 12.3% 12.2% 13.0% EFSC Capital Strategy: Low Cost - Highly Flexible High Capital Retention Rate – Strong earnings profile – Sustainable dividend profile Supporting Robust Asset Growth – Organic loan and deposit growth – High quality M&A to enhance commercial franchise and geographic diversification Maintain High Quality Capital Stack – Minimize WACC over time (preferred, sub debt, etc.) – Optimize capital levels T1 Common ~10%, Tier 1 ~12%, and Total Capital ~14% Maintain 8-9% TCE – Common stock repurchases – 351,090 repurchased at average price of $48.35 in 1Q22 – M&A deal structures – Drives ROATCE above peer levels 12.7% 17

Appendix First Quarter 2022 Earnings Webcast

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, ROATCE, PPNR, PPNR return on average assets (“PPNR ROAA”), financial metrics adjusted for PPP impact, core efficiency ratio, and the tangible common equity ratio, 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 tangible common equity, ROATCE, PPNR, PPNR ROAA, financial metrics adjusted for PPP impact, core efficency ratio and the tangible common equity ratio, collectively “core performance measures,” presented in this report 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 include 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 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. 19

Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 SHAREHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS Shareholders’ equity $ 1,473,177 $ 1,529,116 $ 1,439,635 $ 1,118,301 $ 1,092,497 Less preferred stock 71,988 71,988 — — — Less goodwill 365,164 365,164 365,415 260,567 260,567 Less intangible assets 20,855 22,286 23,777 20,358 21,670 Tangible common equity $ 1,015,170 $ 1,069,678 $ 1,050,443 $ 837,376 $ 810,260 Total assets $ 13,706,769 $ 13,537,358 $ 12,888,016 $ 10,346,993 $ 10,190,699 Less goodwill 365,164 365,164 365,415 260,567 260,567 Less intangible assets 20,855 22,286 23,777 20,358 21,670 Tangible assets $ 13,320,750 $ 13,149,908 $ 12,498,824 $ 10,066,068 $ 9,908,462 Tangible common equity to tangible assets 7.62 % 8.13 % 8.40 % 8.32 % 8.18 % 20

Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 CALCULATION OF PRE-PROVISION NET REVENUE Net interest income $ 101,165 $ 102,060 $ 97,273 $ 81,738 $ 79,123 Noninterest income 18,641 22,630 17,619 16,204 11,290 Less noninterest expense 62,800 63,694 76,885 52,456 52,884 Branch-closure expenses — — 3,441 — — Merger-related expenses — 2,320 14,671 1,949 3,142 PPNR $ 57,006 $ 63,316 $ 56,119 $ 47,435 $ 40,671 Average assets $ 13,614,003 $ 13,267,193 $ 12,334,558 $ 10,281,344 $ 9,940,052 ROAA - GAAP net income 1.42 % 1.52 % 0.45 % 1.50 % 1.22 % PPNR ROAA - PPNR 1.70 % 1.89 % 1.81 % 1.85 % 1.66 % Quarter ended ($ in thousands) Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 IMPACT OF PAYCHECK PROTECTION PROGRAM Tangible assets - Non-GAAP (see reconciliation above) $ 13,320,750 $ 13,149,908 $ 12,498,824 $ 10,066,068 $ 9,908,462 PPP loans outstanding, net (134,084) (271,958) (438,959) (396,660) (737,660) Adjusted tangible assets - Non-GAAP $ 13,186,666 $ 12,877,950 $ 12,059,865 $ 9,669,408 $ 9,170,802 Tangible common equity Non - GAAP (see reconciliation above) $ 1,015,170 $ 1,069,678 $ 1,050,443 $ 837,376 $ 810,260 Tangible common equity to tangible assets 7.62 % 8.13 % 8.40 % 8.32 % 8.18 % Tangible common equity to tangible assets - adjusted tangible assets 7.70 % 8.31 % 8.71 % 8.66 % 8.84 % AVERAGE SHAREHOLDERS’ EQUITY AND AVERAGE TANGIBLE COMMON EQUITY Average shareholder’s equity $ 1,536,221 Less average preferred stock 71,988 Less average goodwill 365,164 Less average intangible assets 21,540 Average tangible common equity $ 1,077,529 Return on average tangible common equity 17.49 % 21

Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 CORE PERFORMANCE MEASURES Net interest income 101,165 102,060 97,273 81,738 79,123 Noninterest income 18,641 22,630 17,619 16,204 11,290 Less gain on sale of other real estate owned 19 — 335 549 — Core noninterest income 18,622 22,630 17,284 15,655 11,290 Core revenue 119,787 124,690 114,557 97,393 90,413 Noninterest expense 62,800 63,694 76,885 52,456 52,884 Less branch closure expenses — — 3,441 — — Less merger-related expenses — 2,320 14,671 1,949 3,142 Core noninterest expense 62,800 61,374 58,773 50,507 49,742 Core efficiency ratio 52.43 % 49.22 % 51.30 % 51.86 % 55.02 % 22

Q & A First Quarter 2022 Earnings Webcast

XML

Document and Entity Information Document	Apr. 25, 2022
Document Type	8-K
Document Period End Date	Apr. 25, 2022
Entity Registrant Name	ENTERPRISE FINANCIAL SERVICES CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-15373
Entity Tax Identification Number	43-1706259
Entity Address, Address Line One	150 N. Meramec Avenue
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	725-5500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001025835
Amendment Flag	false
Common Stock
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EFSC
Security Exchange Name	NASDAQ
Depositary Shares
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	EFSCP
Security Exchange Name	NASDAQ