| Parent Company Only Condensed Financial Statements |
PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS
Condensed Balance Sheets | | | | | | | | | | December 31, | (in thousands) | 2015 | | 2014 | Assets | | | | Cash | $ | 12,032 |
| | $ | 14,532 |
| Investment in Enterprise Bank & Trust | 374,092 |
| | 344,995 |
| Investment in Enterprise Financial CDE, LLC | 1,510 |
| | 772 |
| Other assets | 20,357 |
| | 19,223 |
| Total assets | $ | 407,991 |
| | $ | 379,522 |
| | | | | Liabilities and Shareholders' Equity | | | | Subordinated debentures | $ | 56,807 |
| | $ | 56,807 |
| Notes payable | — |
| | 5,700 |
| Accounts payable and other liabilities | 355 |
| | 774 |
| Shareholders' equity | 350,829 |
| | 316,241 |
| Total liabilities and shareholders' equity | $ | 407,991 |
| | $ | 379,522 |
|
Condensed Statements of Operations | | | | | | | | | | | | | | Years ended December 31, | (in thousands) | 2015 | | 2014 | | 2013 | Income: | | | | | | Dividends from subsidiaries | $ | 10,000 |
| | $ | 10,000 |
| | $ | 10,000 |
| Other | 249 |
| | 225 |
| | 256 |
| Total income | 10,249 |
| | 10,225 |
| | 10,256 |
| | | | | | | Expenses: | | | | | | Interest expense-subordinated debentures | 1,248 |
| | 1,322 |
| | 2,884 |
| Interest expense-notes payable | 144 |
| | 193 |
| | 396 |
| Other expenses | 3,823 |
| | 4,402 |
| | 5,142 |
| Total expenses | 5,215 |
| | 5,917 |
| | 8,422 |
| | | | | | | Income before taxes and equity in undistributed earnings of subsidiaries | 5,034 |
| | 4,308 |
| | 1,834 |
| | | | | | | Income tax benefit | 2,118 |
| | 2,305 |
| | 3,394 |
| | | | | | | Net income before equity in undistributed earnings of subsidiaries | 7,152 |
| | 6,613 |
| | 5,228 |
| | | | | | | Equity in undistributed earnings of subsidiaries | 31,298 |
| | 20,560 |
| | 27,876 |
| Net income and comprehensive income | $ | 38,450 |
| | $ | 27,173 |
| | $ | 33,104 |
|
Condensed Statements of Cash Flows | | | | | | | | | | | | | | Years Ended December 31, | (in thousands) | 2015 | | 2014 | | 2013 | Cash flows from operating activities: | | | | | | Net income | $ | 38,450 |
| | $ | 27,173 |
| | $ | 33,104 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | Share-based compensation | 3,601 |
| | 2,950 |
| | 5,049 |
| Net income of subsidiaries | (41,298 | ) | | (30,560 | ) | | (37,876 | ) | Dividends from subsidiaries | 10,000 |
| | 10,000 |
| | 10,000 |
| Excess tax expense of share-based compensation | (449 | ) | | (205 | ) | | (222 | ) | Other, net | 848 |
| | 704 |
| | 2,004 |
| Net cash provided by operating activities | 11,152 |
| | 10,062 |
| | 12,059 |
| | | | | | | Cash flows from investing activities: | | | | | | Purchases of other investments | (2,832 | ) | | (2,224 | ) | | (761 | ) | Proceeds from distributions on other investments | 880 |
| | 176 |
| | 243 |
| Net cash used by investing activities | (1,952 | ) | | (2,048 | ) | | (518 | ) | | | | | | | Cash flows from financing activities: | | | | | | Repayments of notes payable | (5,700 | ) | | (4,800 | ) | | (1,200 | ) | Cash dividends paid | (5,259 | ) | | (4,177 | ) | | (3,947 | ) | Excess tax benefit of share-based compensation | 449 |
| | 205 |
| | 222 |
| Issuance of common stock | 2 |
| | 2 |
| | 13 |
| Common stock repurchased | — |
| | — |
| | (1,006 | ) | Proceeds from the issuance of equity instruments, net | (1,192 | ) | | (681 | ) | | 2,266 |
| Net cash used by financing activities | (11,700 | ) | | (9,451 | ) | | (3,652 | ) | | | | | | | Net increase (decrease) in cash and cash equivalents | (2,500 | ) | | (1,437 | ) | | 7,889 |
| Cash and cash equivalents, beginning of year | 14,532 |
| | 15,969 |
| | 8,080 |
| Cash and cash equivalents, end of year | $ | 12,032 |
| | $ | 14,532 |
| | $ | 15,969 |
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