EXHIBIT 99.1
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ENTERPRISE FINANCIAL REPORTS THIRD QUARTER 2024 RESULTS

Third Quarter Results
•Net income of $50.6 million, or $1.32 per diluted common share, compared to $1.19 in the linked quarter and $1.17 in the prior year quarter
•Net interest margin of 4.17%, quarterly decrease of 2 basis points
•Net interest income of $143.5 million, quarterly increase of $2.9 million
•Total loans of $11.1 billion, quarterly increase of $79.9 million
•Total deposits of $12.5 billion, quarterly increase of $182.9 million
•Return on Average Assets (“ROAA”) of 1.36%, compared to 1.25% and 1.26% in the linked and prior year quarters, respectively
•Return on Average Tangible Common Equity (“ROATCE”)1 of 14.55%, compared to 13.77% and 14.49% in the linked and prior year quarters, respectively
•Tangible common equity to tangible assets1 of 9.50%, an increase of 32 basis points and 99 basis points from the linked and prior year quarters, respectively
•Tangible book value per share1 of $37.26, annualized quarterly increase of 25%
•Repurchased 195,114 shares and increased quarterly dividend $0.01 to $0.28 per common share for the fourth quarter 2024

St. Louis, Mo. October 21, 2024 – Jim Lally, President and Chief Executive Officer of Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), said today upon the release of EFSC’s third quarter earnings, “We are proud of our third quarter results, with a stable net interest margin, expansion in net interest income and an 11% increase in diluted earnings per share over the linked quarter. Our consistent return profile increased tangible book value per share 25% on an annualized basis from the linked quarter, and 20% over the prior year’s third quarter. With the strength of our balance sheet and capital position as a foundation, I believe we are well positioned to continue executing on the opportunities within our markets.”

Highlights

•Earnings - Net income in the third quarter 2024 was $50.6 million, an increase of $5.1 million and $5.9 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the third quarter 2024 was $1.32, compared to $1.19 and $1.17 for the linked and prior year quarters, respectively. Adjusted diluted earnings per common share1 was $1.29 for the third quarter 2024, compared to $1.21 and $1.17 for the linked and prior year quarters, respectively.
1 ROATCE, tangible common equity to tangible assets, tangible book value per share, adjusted diluted earnings per share and PPNR are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.



•Pre-provision net revenue (“PPNR”)1 - PPNR of $65.1 million in the third quarter 2024 increased $1.8 million from the linked quarter and was relatively stable with the prior year quarter. The increase from the linked quarter was primarily due to higher noninterest income from sales of other real estate owned, and higher net interest income that benefited from an increase in average earning assets. The increase in operating revenue was partially offset by an increase in noninterest expense, primarily variable deposit services costs and employee compensation and benefits.

•Net interest income and net interest margin (“NIM”) - Net interest income of $143.5 million for the third quarter 2024 increased $2.9 million and $1.8 million from the linked and prior year quarters, respectively. Compared to the linked quarter, net interest income for the third quarter 2024 increased primarily due to higher interest-earning asset balances and an additional day in the quarter. NIM was 4.17% for the third quarter 2024, compared to 4.19% and 4.33% for the linked and prior year quarters, respectively. The total cost of deposits of 2.18% for the third quarter 2024 increased 2 basis points and 34 basis points from the linked and prior year quarters, respectively.

•Noninterest income - Noninterest income of $21.4 million for the third quarter 2024 increased $5.9 million and $9.3 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily due to an increase in tax credit income, a net gain on the sale of other real estate owned and an increase in income on community development investments.

•Noninterest expense - Noninterest expense of $98.0 million for the third quarter 2024 increased $4.0 million and $9.4 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by higher employee compensation and variable deposit servicing costs. The Company continues to have success in recruiting new relationship managers and in deposit generation from existing relationships, both of which have contributed to an increase in average deposit balances. The increase from the prior year quarter was also affected by expenses related to the core system conversion.

•Loans - Loans totaled $11.1 billion at September 30, 2024, an increase of $79.9 million from the linked quarter and an increase of $463.1 million from the prior year quarter. Average loans totaled $11.0 billion for both the current and linked quarter and $10.5 billion in the prior year quarter.

•Asset quality - The allowance for credit losses to total loans was 1.26% at September 30, 2024, compared to 1.27% at June 30, 2024 and 1.34% at September 30, 2023. The ratio of nonperforming assets to total assets was 0.22% at September 30, 2024, compared to 0.33% and 0.40% at June 30, 2024 and September 30, 2023, respectively. The provision for credit losses recorded in the third quarter 2024 was $4.1 million, compared to $4.8 million and $8.0 million for the linked and prior year quarters, respectively.

•Deposits - Deposits totaled $12.5 billion at September 30, 2024, an increase of $182.9 million from the linked quarter. Excluding brokered certificates of deposits, deposits increased $196.9 million. Average deposits were $12.5 billion, $12.3 billion and $11.9 billion for the current, linked and prior year quarters, respectively. At September 30, 2024, noninterest-bearing deposit accounts totaled $3.9 billion, or 31.6% of total deposits, and the loan to deposit ratio was 88.9%.

•Liquidity - The total available on- and off-balance-sheet liquidity was approximately $5.8 billion at September 30, 2024. On-balance-sheet liquidity consisted of cash of $426.4 million and $1.4 billion in unpledged investment securities at September 30, 2024. Off-balance-sheet liquidity consisted of $1.2 billion available through the Federal Home Loan Bank, $2.6 billion available through the Federal Reserve and $140.0 million through correspondent bank lines. The Company also has an unused $25.0 million revolving line of credit and maintains a shelf registration allowing for the issuance of various forms of equity and debt securities.

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•Capital - Total shareholders’ equity was $1.8 billion and the tangible common equity to tangible assets ratio2 was 9.50% at September 30, 2024, compared to 9.18% at June 30, 2024. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.5% and a total risk-based capital ratio of 13.6% at September 30, 2024. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.9% and 14.8%, respectively, at September 30, 2024.

The Company’s board of directors approved a quarterly dividend of $0.28 per common share, payable on December 31, 2024 to shareholders of record as of December 16, 2024. 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) September 15, 2024 to (but excluding) December 15, 2024. The dividend will be payable on December 15, 2024 and will be paid on December 16, 2024 to holders of record of Series A Preferred Stock as of November 29, 2024.
2 Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

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Net Interest Income and NIM
Average Balance Sheets
The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis.
Quarter ended
September 30, 2024June 30, 2024September 30, 2023
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans1, 2
$10,971,575 $191,638 6.95 %$10,962,488 $189,346 6.95 %$10,521,966 $180,382 6.80 %
Securities2
2,503,124 21,404 3.40 2,396,519 19,956 3.35 2,302,850 18,076 3.11 
Interest-earning deposits402,932 5,348 5.28 325,452 4,389 5.42 335,771 4,509 5.33 
Total interest-earning assets13,877,631 218,390 6.26 13,684,459 213,691 6.28 13,160,587 202,967 6.12 
Noninterest-earning assets971,824 961,922 908,273 
Total assets$14,849,455 $14,646,381 $14,068,860 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts$3,018,309 $20,002 2.64 %$2,950,827 $18,801 2.56 %$2,672,084 $13,701 2.03 %
Money market accounts3,551,492 33,493 3.75 3,434,712 31,926 3.74 3,079,221 26,427 3.40 
Savings accounts561,466 345 0.24 573,115 335 0.24 646,187 250 0.15 
Certificates of deposit1,368,339 14,928 4.34 1,412,263 15,312 4.36 1,519,119 14,976 3.91 
Total interest-bearing deposits8,499,606 68,768 3.22 8,370,917 66,374 3.19 7,916,611 55,354 2.77 
Subordinated debentures and notes156,329 2,695 6.86 156,188 2,684 6.91 155,769 2,466 6.28 
FHLB advances4,565 59 5.14 40,308 561 5.60 10,326 141 5.42 
Securities sold under agreements to repurchase140,255 1,217 3.45 158,969 1,401 3.54 146,893 969 2.61 
Other borrowings36,226 96 1.05 36,203 95 1.06 50,571 337 2.66 
Total interest-bearing liabilities8,836,981 72,835 3.28 8,762,585 71,115 3.26 8,280,170 59,267 2.84 
Noninterest-bearing liabilities:
Demand deposits4,046,480 3,973,336 4,005,923 
Other liabilities161,625 162,220 134,162 
Total liabilities13,045,086 12,898,141 12,420,255 
Shareholders' equity1,804,369 1,748,240 1,648,605 
Total liabilities and shareholders' equity$14,849,455 $14,646,381 $14,068,860 
Total net interest income$145,555 $142,576 $143,700 
Net interest margin4.17 %4.19 %4.33 %
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $2.6 million, $2.2 million, and $3.3 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.1 million for each of the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.



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Net interest income of $143.5 million for the third quarter 2024 increased $2.9 million and $1.8 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $145.6 million, $142.6 million and $143.7 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior quarters reflects the benefit of higher yields combined with organic growth. In late September 2024 the Federal Reserve reduced the federal funds target rate by 50 basis points. In response, since the Company maintains an asset-sensitive balance sheet, deposit pricing has been adjusted to partially mitigate the impact on income from the repricing of variable rate loans.

Interest income increased $4.7 million during the third quarter 2024 due to increases in all interest earning categories, including loans, securities and interest earning cash accounts. Interest income increased primarily due to an increase in average balances compared to the linked quarter. Continued success in deposit generation has increased liquidity, which has been primarily deployed into the securities portfolio.

The average interest rate of new loan originations in the third quarter 2024 was 7.84%, a decrease of 23 basis points from the linked quarter. Investment purchases in the third quarter 2024 had a weighted average, tax equivalent yield of 4.97%.

Interest expense increased $1.7 million in the third quarter 2024 primarily due to an increase in deposit interest expense, partially offset by a decline in interest expense on borrowings. The average cost of interest-bearing deposits was 3.22%, an increase of 3 basis points compared to the linked quarter. The total cost of deposits, including noninterest-bearing demand accounts, was 2.18% during the third quarter 2024, compared to 2.16% in the linked quarter.

NIM, on a tax equivalent basis, was 4.17% in the third quarter 2024, a decrease of 2 basis points from the linked quarter and a decrease of 16 basis points from the prior year quarter. For the month of September 2024, the loan portfolio yield was 6.90% and the cost of total deposits was 2.18%.

Investments

At
September 30, 2024June 30, 2024September 30, 2023
($ in thousands)Carrying ValueNet Unrealized LossCarrying ValueNet Unrealized LossCarrying ValueNet Unrealized Loss
Available-for-sale (AFS)$1,786,793 $(122,158)$1,615,930 $(172,734)$1,487,104 $(235,013)
Held-to-maturity (HTM)851,647 (46,351)772,648 (69,442)730,655 (108,780)
Total$2,638,440 $(168,509)$2,388,578 $(242,176)$2,217,759 $(343,793)

Investment securities totaled $2.6 billion at September 30, 2024, an increase of $249.9 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities3 was 9.26% at September 30, 2024, compared to 8.82% at June 30, 2024.

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


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Loans
The following table presents total loans for the most recent five quarters:
At
($ in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31, 2023September 30,
2023
C&I$2,145,286 $2,107,097 $2,263,817 $2,186,203 $2,020,303 
CRE investor owned2,346,575 2,308,926 2,280,990 2,291,660 2,260,220 
CRE owner occupied1,322,714 1,313,742 1,279,929 1,262,264 1,255,885 
SBA loans*1,272,679 1,269,145 1,274,780 1,281,632 1,309,497 
Sponsor finance*819,079 865,883 865,180 872,264 888,000 
Life insurance premium financing*1,030,273 996,154 1,003,597 956,162 928,486 
Tax credits*724,441 738,249 718,383 734,594 683,580 
Residential real estate346,460 339,889 354,615 359,957 364,618 
Construction and land development796,586 791,780 726,742 670,567 639,555 
Other275,799 269,142 260,459 268,815 266,676 
Total loans$11,079,892 $11,000,007 $11,028,492 $10,884,118 $10,616,820 
Quarterly loan yield6.95 %6.95 %6.87 %6.87 %6.80 %
Variable interest rate loans to total loans61 %61 %61 %61 %61 %
*Specialty loan category

Loans totaled $11.1 billion at September 30, 2024, an increase of $79.9 million compared to the linked quarter. During the current quarter, C&I loans and CRE loans increased $38.2 million and $46.6 million, respectively. Average line utilization was approximately 44% for the quarter ended September 30, 2024, compared to 46% and 41% for the linked and prior year quarters, respectively.

Asset Quality
The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:
At
($ in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Nonperforming loans*$28,376 $39,384 $35,642 $43,728 $48,932 
Other 4,516 8,746 8,466 5,736 6,933 
Nonperforming assets*$32,892 $48,130 $44,108 $49,464 $55,865 
Nonperforming loans to total loans0.26 %0.36 %0.32 %0.40 %0.46 %
Nonperforming assets to total assets0.22 %0.33 %0.30 %0.34 %0.40 %
Allowance for credit losses$139,778 $139,464 $135,498 $134,771 $142,133 
Allowance for credit losses to total loans1.26 %1.27 %1.23 %1.24 %1.34 %
Quarterly net charge-offs$3,850 $605 $5,864 $28,479 $6,856 
*Guaranteed balances excluded$11,899 $12,933 $9,630 $10,682 $5,974 

Nonperforming assets decreased $15.2 million and $23.0 million from the linked and prior year quarters, respectively. The decrease in nonperforming assets in the current quarter was primarily related to the sale of other real estate owned, the positive resolution on several loans, principal repayments and charge-offs in the quarter. Annualized net charge-offs totaled 14 basis points of average loans in the third quarter 2024, compared to 2 basis points in the linked quarter and 26 basis point in the prior year quarter.



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The provision for credit losses totaled $4.1 million in the third quarter 2024, compared to $4.8 million and $8.0 million in the linked and prior year quarters, respectively. The provision for credit losses in the third quarter 2024 was primarily related to charge-offs and updates to qualitative factors used in the allowance calculation.

Deposits
The following table presents deposits broken out by type for the most recent five quarters:
At
($ in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Noninterest-bearing demand accounts$3,934,245 $3,928,308 $3,805,334 $3,958,743 $3,852,486 
Interest-bearing demand accounts3,048,981 2,951,899 2,956,282 2,950,259 2,749,598 
Money market and savings accounts4,121,543 4,039,626 4,006,702 3,994,455 3,837,145 
Brokered certificates of deposit480,934 494,870 659,005 482,759 695,551 
Other certificates of deposit879,619 867,680 826,378 790,155 775,127 
Total deposit portfolio$12,465,322 $12,282,383 $12,253,701 $12,176,371 $11,909,907 
Noninterest-bearing deposits to total deposits31.6 %32.0 %31.1 %32.5 %32.3 %
Quarterly cost of deposits2.18 %2.16 %2.13 %2.03 %1.84 %

Total deposits at September 30, 2024 were $12.5 billion, an increase of $182.9 million and $555.4 million from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $196.9 million and $770.0 million, from the linked and prior year quarters, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.2 billion at both September 30, 2024 and June 30, 2024.

Total estimated insured deposits,4 which includes collateralized deposits, reciprocal accounts and accounts that qualify for pass-through insurance, totaled $8.8 billion, or 70% of total deposits, at September 30, 2024 compared to $8.7 billion, or 71% of total deposits, at June 30, 2024.

Noninterest Income
The following table presents a comparative summary of the major components of noninterest income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)September 30,
2024		June 30,
2024		Increase (decrease)September 30,
2023		Increase (decrease)
Deposit service charges$4,649 $4,542 $107 2 %$4,187 $462 11 %
Wealth management revenue2,599 2,590 9 — %2,614 (15)(1)%
Card services revenue2,573 2,497 76 3 %2,560 13 1 %
Tax credit income (loss)3,252 1,874 1,378 74 %(2,673)5,925 222 %
Other income8,347 3,991 4,356 109 %5,397 2,950 55 %
Total noninterest income$21,420 $15,494 $5,926 38 %$12,085 $9,335 77 %

Total noninterest income was $21.4 million for the third quarter 2024, an increase of $5.9 million and $9.3 million from the linked and prior year quarter, respectively. The increase from the linked and prior year quarters was primarily due to an increase in tax credit income from a positive change in credits carried at fair value, and a net gain on the sale of other real estate that is included in Other income. Tax credit income varies based on transaction volumes and fair value changes on credits carried at fair value.
4 Estimated insured deposits is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.


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The following table presents a comparative summary of the major components of other income for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter endedQuarter ended
($ in thousands)September 30,
2024		June 30,
2024		Increase (decrease)September 30,
2023		Increase (decrease)
Gain on sales of other real estate owned$3,159 $— $3,159 100 %$— $3,159 100 %
BOLI1,123 855 268 31 %822 301 37 %
Community development investments1,177 381 796 209 %338 839 248 %
Private equity fund distributions614 411 203 49 %181 433 239 %
Servicing fees539 594 (55)(9)%701 (162)(23)%
Swap fees17 217 (200)(92)%54 (37)(69)%
Gain on SBA loan sales— — — — %1,514 (1,514)(100)%
Miscellaneous income1,718 1,533 185 12 %1,787 (69)(4)%
Total other income$8,347 $3,991 $4,356 109 %$5,397 $2,950 55 %

The increase in other income from the linked and prior year quarters was primarily driven by a $3.2 million net gain on the sale of other real estate in the third quarter 2024 and higher community development income. Community development income and private equity fund distributions are not consistent sources of income and fluctuate based on distributions from the underlying funds. The increase from the prior year quarter was partially offset by a decline in the gain on SBA loan sales that were transacted in the prior year.

Noninterest Expense
The following table presents a comparative summary of the major components of noninterest expense for the periods indicated:
Linked quarter comparisonPrior year comparison
Quarter ended Quarter ended
($ in thousands)September 30,
2024		June 30,
2024		Increase (decrease)September 30,
2023		Increase (decrease)
Employee compensation and benefits$45,359 $44,524 $835 2 %$40,771 $4,588 11 %
Deposit costs23,781 21,706 2,075 10 %20,987 2,794 13 %
Occupancy4,372 4,197 175 4 %4,198 174 4 %
Core conversion expense1,375 1,250 125 10 %— 1,375 100 %
Other expense23,120 22,340 780 3 %22,688 432 2 %
Total noninterest expense$98,007 $94,017 $3,990 4 %$88,644 $9,363 11 %
Employee compensation and benefits increased $0.8 million from the linked quarter primarily due to an increase in the number of work days in the quarter and the success in recruiting new relationship bankers. Deposit costs relate to certain specialized deposit businesses that receive an earnings credit allowance for deposit related expenses that are impacted by interest rates and average balances. Deposit costs increased $2.1 million from the linked quarter primarily due to an increase of $151.6 million in average deposit vertical balances from the linked quarter. Expenses related to the core system conversion for the current and linked quarters were $1.4 million and $1.3 million, respectively, due to the continued progress on the project, which is expected to be completed during the fourth quarter 2024.


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The increase in noninterest expense of $9.4 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2023 and 2024, an increase in variable deposit costs due to higher earnings credit rates and average balances, and additional expenses incurred related to the core system conversion.

For the third quarter 2024, the core efficiency ratio5 was 58.4%, compared to 58.1% for the linked quarter and 56.2% for the prior year quarter.

Income Taxes
The effective tax rate was 19.4%, compared to 20.5% and 21.7% in the linked and prior year quarters, respectively. The decrease in the effective tax rate from the linked and prior year quarters was driven by tax credit opportunities the Company has deployed as part of its tax planning strategy.

Capital
The following table presents total equity and various capital ratios for the most recent five quarters:
At
($ in thousands)September 30, 2024*June 30,
2024		March 31, 2024December 31, 2023September 30,
2023
Shareholders’ equity$1,832,011 $1,755,273 $1,731,725 $1,716,068 $1,611,880 
Total risk-based capital to risk-weighted assets14.8 %14.6 %14.3 %14.2 %14.1 %
Tier 1 capital to risk weighted assets13.2 %13.0 %12.8 %12.7 %12.6 %
Common equity tier 1 capital to risk-weighted assets11.9 %11.7 %11.4 %11.3 %11.2 %
Leverage ratio11.2 %11.1 %11.0 %11.0 %10.9 %
Tangible common equity to tangible assets9.50 %9.18 %9.01 %8.96 %8.51 %
                
*Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

Total equity was $1.8 billion at September 30, 2024, an increase of $76.7 million from the linked quarter. Tangible common book value per share was $37.26 at September 30, 2024, compared to $35.02 and $31.06 at June 30, 2024 and September 30, 2023, 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 additional financial measures, such as tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible book value per common share, estimated insured deposits and adjusted diluted earnings per share, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

The Company considers its tangible common equity, PPNR, ROATCE, core efficiency ratio, the tangible common equity to tangible assets ratio, tangible book value per common share, estimated insured deposits and adjusted diluted earnings per share, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the
5 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.


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Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, merger-related expenses, facilities charges, and the gain or loss on the sale of other real estate owned and investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity to tangible assets ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated.

Conference Call and Webcast Information
The Company will host a conference call and webcast at 10:00 a.m. Central Time on Tuesday, October 22, 2024. During the call, management will review the third quarter 2024 results and related matters. This press release as well as a related slide presentation will be accessible on the Company’s website at www.enterprisebank.com under “Investor Relations” prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-800-715-9871. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC3Q2024EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call’s completion. The replay will be available for at least two weeks following the conference call.

About Enterprise Financial Services Corp
Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $15.0 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com.

Enterprise Financial Services Corp’s common stock is traded on the Nasdaq Stock Market under the symbol “EFSC.” Please visit our website at www.enterprisebank.com to see our regularly posted material information.

Forward-looking Statements
Readers should note that, in addition to the historical information contained herein, this press release contains “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, shareholder value creation and the impact of acquisitions.

10

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma”, “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, as well as credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, terrorist activities, war and geopolitical matters (including the war in Israel and potential for a broader regional conflict and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity, and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results.

For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made.

For more information contact
Investor Relations: Keene Turner, Senior Executive Vice President and CFO (314) 512-7233
Media: Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695
11

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
Quarter endedNine months ended
(in thousands, except per share data)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Sep 30,
2024		Sep 30,
2023
EARNINGS SUMMARY
Net interest income$143,469 $140,529 $137,728 $140,732 $141,639 $421,726 $421,860 
Provision for credit losses4,099 4,819 5,756 18,053 8,030 14,674 18,552 
Noninterest income21,420 15,494 12,158 25,452 12,085 49,072 43,273 
Noninterest expense98,007 94,017 93,501 92,603 88,644 285,525 255,583 
Income before income tax expense62,783 57,187 50,629 55,528 57,050 170,599 190,998 
Income tax expense12,198 11,741 10,228 10,999 12,385 34,167 41,468 
Net income50,585 45,446 40,401 44,529 44,665 136,432 149,530 
Preferred stock dividends938 937 938 937 938 2,813 2,813 
Net income available to common shareholders$49,647 $44,509 $39,463 $43,592 $43,727 $133,619 $146,717 
Diluted earnings per common share$1.32 $1.19 $1.05 $1.16 $1.17 $3.56 $3.91 
Adjusted diluted earnings per common share1
$1.29 $1.21 $1.07 $1.20 $1.17 $3.57 $3.90 
Return on average assets1.36 %1.25 %1.12 %1.23 %1.26 %1.24 %1.47 %
Adjusted return on average assets1
1.32 %1.27 %1.14 %1.28 %1.26 %1.24 %1.46 %
Return on average common equity1
11.40 %10.68 %9.52 %10.94 %11.00 %10.55 %12.73 %
Adjusted return on average common equity1
11.09 %10.90 %9.70 %11.35 %11.00 %10.58 %12.69 %
ROATCE1
14.55 %13.77 %12.31 %14.38 %14.49 %13.56 %16.90 %
Adjusted ROATCE1
14.16 %14.06 %12.53 %14.92 %14.49 %13.60 %16.85 %
Net interest margin (tax equivalent)4.17 %4.19 %4.13 %4.23 %4.33 %4.17 %4.50 %
Efficiency ratio59.44 %60.26 %62.38 %55.72 %57.66 %60.65 %54.95 %
Core efficiency ratio1
58.42 %58.09 %60.21 %53.06 %56.18 %58.89 %53.55 %
Assets$14,954,125 $14,615,666 $14,613,338 $14,518,590 $14,025,042 
Average assets$14,849,455 $14,646,381 $14,556,119 $14,332,804 $14,068,860 $14,684,589 $13,627,448 
Period end common shares outstanding37,184 37,344 37,515 37,416 37,385 
Dividends per common share$0.27 $0.26 $0.25 $0.25 $0.25 $0.78 $0.75 
Tangible book value per common share1
$37.26 $35.02 $34.21 $33.85 $31.06 
Tangible common equity to tangible assets1
9.50 %9.18 %9.01 %8.96 %8.51 %
Total risk-based capital to risk-weighted assets2
14.8 %14.6 %14.3 %14.2 %14.1 %
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.


12

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter endedNine months ended
(in thousands, except per share data)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Sep 30,
2024		Sep 30,
2023
INCOME STATEMENTS
NET INTEREST INCOME
Interest income$216,304 $211,644 $207,723 $207,083 $200,906 $635,671 $557,836 
Interest expense72,835 71,115 69,995 66,351 59,267 213,945 135,976 
Net interest income143,469 140,529 137,728 140,732 141,639 421,726 421,860 
Provision for credit losses4,099 4,819 5,756 18,053 8,030 14,674 18,552 
Net interest income after provision for credit losses139,370 135,710 131,972 122,679 133,609 407,052 403,308 
NONINTEREST INCOME
Deposit service charges4,649 4,542 4,423 4,334 4,187 13,614 12,225 
Wealth management revenue2,599 2,590 2,544 2,428 2,614 7,733 7,602 
Card services revenue2,573 2,497 2,412 2,666 2,560 7,482 7,362 
Tax credit income (loss)3,252 1,874 (2,190)9,688 (2,673)2,936 (492)
Other income8,347 3,991 4,969 6,336 5,397 17,307 16,576 
Total noninterest income21,420 15,494 12,158 25,452 12,085 49,072 43,273 
NONINTEREST EXPENSE
Employee compensation and benefits45,359 44,524 45,262 39,651 40,771 135,145 124,915 
Deposit costs23,781 21,706 20,277 21,606 20,987 65,764 50,688 
Occupancy4,372 4,197 4,326 4,313 4,198 12,895 12,213 
FDIC special assessment— — 625 2,412 — 625 — 
Core conversion expense1,375 1,250 350 — — 2,975 — 
Other expense23,120 22,340 22,661 24,621 22,688 68,121 67,767 
Total noninterest expense98,007 94,017 93,501 92,603 88,644 285,525 255,583 
Income before income tax expense62,783 57,187 50,629 55,528 57,050 170,599 190,998 
Income tax expense12,198 11,741 10,228 10,999 12,385 34,167 41,468 
Net income $50,585 $45,446 $40,401 $44,529 $44,665 $136,432 $149,530 
Preferred stock dividends938 937 938 937 938 2,813 2,813 
Net income available to common shareholders$49,647 $44,509 $39,463 $43,592 $43,727 $133,619 $146,717 
Basic earnings per common share$1.33 $1.19 $1.05 $1.16 $1.17 $3.57 $3.93 
Diluted earnings per common share$1.32 $1.19 $1.05 $1.16 $1.17 $3.56 $3.91 

13

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
    
At
($ in thousands)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023
BALANCE SHEET
ASSETS
Cash and due from banks$210,984 $176,698 $157,697 $193,275 $190,806 
Interest-earning deposits218,919 219,342 215,951 243,610 184,245 
Debt and equity investments2,714,194 2,460,549 2,443,977 2,434,902 2,279,578 
Loans held for sale304 606 610 359 212 
Loans11,079,892 11,000,007 11,028,492 10,884,118 10,616,820 
Allowance for credit losses(139,778)(139,464)(135,498)(134,771)(142,133)
Total loans, net10,940,114 10,860,543 10,892,994 10,749,347 10,474,687 
Fixed assets, net44,368 44,831 44,382 42,681 41,268 
Goodwill365,164 365,164 365,164 365,164 365,164 
Intangible assets, net9,400 10,327 11,271 12,318 13,425 
Other assets450,678 477,606 481,292 476,934 475,657 
Total assets$14,954,125 $14,615,666 $14,613,338 $14,518,590 $14,025,042 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits$3,934,245 $3,928,308 $3,805,334 $3,958,743 $3,852,486 
Interest-bearing deposits8,531,077 8,354,075 8,448,367 8,217,628 8,057,421 
Total deposits12,465,322 12,282,383 12,253,701 12,176,371 11,909,907 
Subordinated debentures and notes156,407 156,265 156,124 155,984 155,844 
FHLB advances150,000 78,000 125,000 — — 
Other borrowings170,815 178,269 195,246 297,829 182,372 
Other liabilities179,570 165,476 151,542 172,338 165,039 
Total liabilities13,122,114 12,860,393 12,881,613 12,802,522 12,413,162 
Shareholders’ equity:
Preferred stock71,988 71,988 71,988 71,988 71,988 
Common stock372 373 375 374 374 
Additional paid-in capital992,642 994,116 995,969 995,208 992,044 
Retained earnings845,844 810,935 778,784 749,513 715,303 
Accumulated other comprehensive loss(78,835)(122,139)(115,391)(101,015)(167,829)
Total shareholders’ equity1,832,011 1,755,273 1,731,725 1,716,068 1,611,880 
Total liabilities and shareholders’ equity$14,954,125 $14,615,666 $14,613,338 $14,518,590 $14,025,042 


14

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Nine months ended
September 30, 2024September 30, 2023
($ in thousands)Average
Balance		Interest
Income/
Expense		Average Yield/ RateAverage
Balance		Interest
Income/
Expense		Average Yield/ Rate
AVERAGE BALANCE SHEET
ASSETS
Interest-earning assets:
Loans1, 2
$10,954,063 $567,687 6.92%$10,203,291 $503,458 6.60%
Securities2
2,433,659 60,851 3.342,296,485 52,743 3.07
Interest-earning deposits332,409 13,306 5.35206,110 7,799 5.06
Total interest-earning assets13,720,131 641,844 6.2512,705,886 564,000 5.93
Noninterest-earning assets964,458 921,562 
Total assets$14,684,589 $13,627,448 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Interest-bearing demand accounts$2,964,667 $57,415 2.59%$2,462,988 $29,728 1.61%
Money market accounts3,462,993 96,777 3.732,942,970 62,397 2.83
Savings accounts573,853 983 0.23688,157 707 0.14
Certificates of deposit1,374,176 44,441 4.321,139,489 28,555 3.35
Total interest-bearing deposits8,375,689 199,616 3.187,233,604 121,387 2.24
Subordinated debentures and notes156,188 7,863 6.72155,633 7,306 6.28
FHLB advances39,427 1,649 5.5973,020 2,752 5.04
Securities sold under agreements to repurchase167,939 4,422 3.52174,783 2,422 1.85
Other borrowings38,381 395 1.3779,396 2,109 3.55
Total interest-bearing liabilities8,777,624 213,945 3.267,716,436 135,976 2.36
Noninterest-bearing liabilities:
Demand deposits3,982,015 4,178,038 
Other liabilities161,033 119,883 
Total liabilities12,920,672 12,014,357 
Shareholders' equity1,763,917 1,613,091 
Total liabilities and shareholders' equity$14,684,589 $13,627,448 
Total net interest income$427,899 $428,024 
Net interest margin4.17%4.50%
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $7.2 million and $10.7 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $6.2 million for both the nine months ended September 30, 2024 and September 30, 2023, respectively.



15

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
At or for the quarter ended
($ in thousands)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023
LOAN PORTFOLIO
Commercial and industrial$4,628,488 $4,619,448 $4,766,310 $4,672,559 $4,448,535 
Commercial real estate4,915,176 4,856,751 4,804,803 4,803,571 4,794,355 
Construction real estate896,325 893,672 820,416 760,425 723,796 
Residential real estate355,279 351,934 367,218 372,188 376,120 
Other284,624 278,202 269,745 275,375 274,014 
Total loans$11,079,892 $11,000,007 $11,028,492 $10,884,118 $10,616,820 
DEPOSIT PORTFOLIO
Noninterest-bearing demand accounts$3,934,245 $3,928,308 $3,805,334 $3,958,743 $3,852,486 
Interest-bearing demand accounts3,048,981 2,951,899 2,956,282 2,950,259 2,749,598 
Money market and savings accounts4,121,543 4,039,626 4,006,702 3,994,455 3,837,145 
Brokered certificates of deposit480,934 494,870 659,005 482,759 695,551 
Other certificates of deposit879,619 867,680 826,378 790,155 775,127 
Total deposits$12,465,322 $12,282,383 $12,253,701 $12,176,371 $11,909,907 
AVERAGE BALANCES
Loans$10,971,575 $10,962,488 $10,927,932 $10,685,961 $10,521,966 
Securities2,503,124 2,396,519 2,400,571 2,276,915 2,302,850 
Interest-earning assets13,877,631 13,684,459 13,596,571 13,383,638 13,160,587 
Assets14,849,455 14,646,381 14,556,119 14,332,804 14,068,860 
Deposits12,546,086 12,344,253 12,180,703 12,163,346 11,922,534 
Shareholders’ equity1,804,369 1,748,240 1,738,698 1,652,882 1,648,605 
Tangible common equity1
1,357,362 1,300,305 1,289,776 1,202,872 1,197,486 
YIELDS (tax equivalent)
Loans6.95 %6.95 %6.87 %6.87 %6.80 %
Securities3.40 3.35 3.27 3.20 3.11 
Interest-earning assets6.26 6.28 6.20 6.20 6.12 
Interest-bearing deposits3.22 3.19 3.14 3.03 2.77 
Deposits2.18 2.16 2.13 2.03 1.84 
Subordinated debentures and notes6.86 6.91 6.40 6.30 6.28 
FHLB advances and other borrowed funds3.01 3.52 3.80 3.06 2.76 
Interest-bearing liabilities3.28 3.26 3.22 3.09 2.84 
Net interest margin4.17 4.19 4.13 4.23 4.33 
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.


16

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
Quarter ended
(in thousands, except per share data)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023
ASSET QUALITY
Net charge-offs$3,850 $605 $5,864 $28,479 $6,856 
Nonperforming loans28,376 39,384 35,642 43,728 48,932 
Classified assets179,883 169,822 185,150 185,389 184,393 
Nonperforming loans to total loans0.26 %0.36 %0.32 %0.40 %0.46 %
Nonperforming assets to total assets0.22 %0.33 %0.30 %0.34 %0.40 %
Allowance for credit losses to total loans1.26 %1.27 %1.23 %1.24 %1.34 %
Allowance for credit losses to total loans, excluding guaranteed loans1.38 %1.38 %1.34 %1.35 %1.47 %
Allowance for credit losses to nonperforming loans492.6 %354.1 %380.2 %308.2 %290.5 %
Net charge-offs to average loans -annualized0.14 %0.02 %0.22 %1.06 %0.26 %
WEALTH MANAGEMENT
Trust assets under management$2,499,807 $2,367,409 $2,352,902 $2,235,073 $2,129,408 
SHARE DATA
Book value per common share$47.33 $45.08 $44.24 $43.94 $41.19 
Tangible book value per common share1
$37.26 $35.02 $34.21 $33.85 $31.06 
Market value per share$51.26 $40.91 $40.56 $44.65 $37.50 
Period end common shares outstanding37,184 37,344 37,515 37,416 37,385 
Average basic common shares37,337 37,485 37,490 37,421 37,405 
Average diluted common shares37,483 37,540 37,597 37,554 37,520 
CAPITAL
Total risk-based capital to risk-weighted assets2
14.8 %14.6 %14.3 %14.2 %14.1 %
Tier 1 capital to risk-weighted assets2
13.2 %13.0 %12.8 %12.7 %12.6 %
Common equity tier 1 capital to risk-weighted assets2
11.9 %11.7 %11.4 %11.3 %11.2 %
Tangible common equity to tangible assets1
9.50 %9.18 %9.01 %8.96 %8.51 %
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.
17

ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Quarter endedNine months ended
($ in thousands)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Sep 30,
2024		Sep 30,
2023
CORE EFFICIENCY RATIO
Net interest income (GAAP)$143,469 $140,529 $137,728 $140,732 $141,639 $421,726 $421,860 
Tax-equivalent adjustment2,086 2,047 2,040 1,915 2,061 6,173 6,164 
Noninterest income (GAAP)21,420 15,494 12,158 25,452 12,085 49,072 43,273 
Less gain on sale of investment securities— — — 220 — — 381 
Less gain (loss) on sale of other real estate owned3,159 — (2)— — 3,157 187 
Core revenue (non-GAAP)163,816 158,070 151,928 167,879 155,785 473,814 470,729 
Noninterest expense (GAAP)98,007 94,017 93,501 92,603 88,644 285,525 255,583 
Less FDIC special assessment— — 625 2,412 — 625 — 
Less core conversion expense1,375 1,250 350 — — 2,975 — 
Less amortization on intangibles927 944 1,047 1,108 1,118 2,918 3,493 
Core noninterest expense (non-GAAP)$95,705 $91,823 $91,479 $89,083 $87,526 $279,007 $252,090 
Core efficiency ratio (non-GAAP)58.42 %58.09 %60.21 %53.06 %56.18 %58.89 %53.55 %

Quarter ended
(in thousands, except per share data)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO
Shareholders’ equity (GAAP)$1,832,011 $1,755,273 $1,731,725 $1,716,068 $1,611,880 
Less preferred stock71,988 71,988 71,988 71,988 71,988 
Less goodwill365,164 365,164 365,164 365,164 365,164 
Less intangible assets9,400 10,327 11,271 12,318 13,425 
Tangible common equity (non-GAAP)$1,385,459 $1,307,794 $1,283,302 $1,266,598 $1,161,303 
Less net unrealized losses on HTM securities, after tax34,856 52,220 47,822 41,038 81,367 
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP)$1,350,603 $1,255,574 $1,235,480 $1,225,560 $1,079,936 
Common shares outstanding37,184 37,344 37,515 37,416 37,385 
Tangible book value per share (non-GAAP)$37.26 $35.02 $34.21 $33.85 $31.06 
Total assets (GAAP)$14,954,125 $14,615,666 $14,613,338 $14,518,590 $14,025,042 
Less goodwill365,164 365,164 365,164 365,164 365,164 
Less intangible assets9,400 10,327 11,271 12,318 13,425 
Tangible assets (non-GAAP)$14,579,561 $14,240,175 $14,236,903 $14,141,108 $13,646,453 
Tangible common equity to tangible assets (non-GAAP)9.50 %9.18 %9.01 %8.96 %8.51 %
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP)9.26 %8.82 %8.68 %8.67 %7.91 %



18

Quarter EndedNine months ended
($ in thousands)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Sep 30,
2024		Sep 30,
2023
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE
Average shareholder’s equity (GAAP)$1,804,369 $1,748,240 $1,738,698 $1,652,882 $1,648,605 $1,763,917 $1,613,091 
Less average preferred stock71,988 71,988 71,988 71,988 71,988 71,988 71,988 
Less average goodwill365,164 365,164 365,164 365,164 365,164 365,164 365,164 
Less average intangible assets9,855 10,783 11,770 12,858 13,967 10,799 15,094 
Average tangible common equity (non-GAAP)$1,357,362 $1,300,305 $1,289,776 $1,202,872 $1,197,486 $1,315,966 $1,160,845 
Net income (GAAP)$50,585 $45,446 $40,401 $44,529 $44,665 $136,432 $149,530 
FDIC special assessment (after tax)— — 470 1,814 — 470 — 
Core conversion expense (after tax)1,034 940 263 — — 2,237 — 
Less gain on sale of investment securities (after tax)— — — 165 — — 287 
Less gain (loss) on sales of other real estate owned (after tax)2,375 — (1)— — 2,374 141 
Net income adjusted (non-GAAP)$49,244 $46,386 $41,135 $46,178 $44,665 $136,765 $149,102 
Less preferred stock dividends938 937 938 937 938 2,813 2,813 
Net income available to common shareholders adjusted (non-GAAP)$48,306 $45,449 $40,197 $45,241 $43,727 $133,952 $146,289 
Return on average common equity (non-GAAP)11.40 %10.68 %9.52 %10.94 %11.00 %10.55 %12.73 %
Adjusted return on average common equity (non-GAAP)11.09 %10.90 %9.70 %11.35 %11.00 %10.58 %12.69 %
ROATCE (non-GAAP)14.55 %13.77 %12.31 %14.38 %14.49 %13.56 %16.90 %
Adjusted ROATCE (non-GAAP)14.16 %14.06 %12.53 %14.92 %14.49 %13.60 %16.85 %
Average assets$14,849,455 $14,646,381 $14,556,119 $14,332,804 $14,068,860 $14,684,589 $13,627,448 
Return on average assets (GAAP)1.36 %1.25 %1.12 %1.23 %1.26 %1.24 %1.47 %
Adjusted return on average assets (non-GAAP)1.32 %1.27 %1.14 %1.28 %1.26 %1.24 %1.46 %
Average diluted common shares37,483 37,540 37,597 37,554 37,520 37,547 37,493 
Diluted earnings per share (GAAP)$1.32 $1.19 $1.05 $1.16 $1.17 $3.56 $3.91 
Adjusted diluted earnings per share (non-GAAP)$1.29 $1.21 $1.07 $1.20 $1.17 $3.57 $3.90 

19

Quarter ended
($ in thousands)Sep 30,
2024		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023
CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)
Net interest income$143,469 $140,529 $137,728 $140,732 $141,639 
Noninterest income21,420 15,494 12,158 25,452 12,085 
FDIC special assessment— — 625 2,412 — 
Core conversion expense1,375 1,250 350 — — 
Less gain on sale of investment securities— — — 220 — 
Less gain (loss) on sales of other real estate owned3,159 — (2)— — 
Less noninterest expense98,007 94,017 93,501 92,603 88,644 
PPNR (non-GAAP)$65,098 $63,256 $57,362 $75,773 $65,080 

Quarter ended
($ in thousands)Sep 30,
2024		Jun 30,
2024
CALCULATION OF ESTIMATED INSURED DEPOSITS
Estimated uninsured deposits per Call Report$4,180,066 $4,020,979 
Collateralized/affiliate deposits(463,103)(454,084)
Accrued interest on deposits(5,830)(5,632)
Adjusted uninsured/uncollateralized deposits3,711,133 3,561,263 
Estimated insured/collateralized deposits8,754,189 8,721,120 
Total deposits$12,465,322 $12,282,383 

20