EX-99.1 2 ex991financialstatementsan.htm EARNINGS RELEASE
EXHIBIT 99.1
ENTERPRISE FINANCIAL SERVICES CORP REPORTS THIRD QUARTER 2025 RESULTS
Third Quarter Results
•Net income of $45.2 million, or $1.19 per diluted common share, compared to $1.36 in the linked quarter and $1.32 in the prior year quarter
•Net interest margin (“NIM”) of 4.23%, quarterly increase of 2 basis points
•Net interest income of $158.3 million, quarterly increase of $5.5 million
•Total loans of $11.6 billion, quarterly increase of $174.3 million
•Total deposits of $13.6 billion, quarterly increase of $250.6 million
•Return on average assets (“ROAA”) of 1.11% in the current quarter, compared to 1.30% in the linked quarter and 1.36% in the prior year quarter
•Return on average tangible common equity (“ROATCE”)1 of 11.56%, compared to 13.84% and 14.55% in the linked and prior year quarters, respectively
•Tangible common equity to tangible assets 1 of 9.60%, an increase of 18 basis points and 10 basis points from the linked and prior year quarters, respectively
•Tangible book value per common share 1 of $41.58, annualized quarterly increase of 15%
•Quarterly dividend increased $0.01 to $0.32 per common share for the fourth quarter 2025
St. Louis, MO. October 27, 2025 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the third quarter of 2025. “Our third quarter results demonstrated solid loan and deposit growth, along with continued expansion in net interest income and net interest margin. We have successfully increased net interest income for the past six consecutive quarters, highlighting the efforts of our team,” said Jim Lally, President and Chief Executive Officer. “Earlier this month we announced the completion of the acquisition of 10 branches in Arizona and two in Kansas. This acquisition increases our presence in these markets and strengthens our ability to service our customers while enhancing our funding profile.”
Highlights
•Earnings - Net income in the third quarter 2025 was $45.2 million, a decrease of $6.1 million and $5.4 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the third quarter 2025 was $1.19, compared to $1.36 and $1.32 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share 1 was $1.20 in the third quarter 2025, compared to $1.37 and $1.29 in the linked and prior year quarters, respectively.
Noninterest income for the third quarter 2025 included $30.1 million of anticipated insurance proceeds from a pending claim related to a recapture event during the quarter with respect to a $24.1 million solar tax credit that the Company purchased and applied to prior taxable periods. The anticipated proceeds from the insurance policy and tax liability resulting from the recapture event, both totaling $30.1 million, are included in “Noninterest Income” and “Income Tax Expense”, respectively, in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025.
1 ROATCE, tangible common equity to tangible assets, tangible book value per common share and adjusted diluted earnings per share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.

•Pre-provision net revenue (“PPNR”)2 - PPNR of $65.6 million in the third quarter 2025 decreased $2.5 million from the linked quarter and was relatively stable with the prior year quarter. Excluding the anticipated insurance proceeds from the tax credit recapture included in noninterest income, the change from the linked and prior year quarters was primarily due to a decrease in noninterest income and an increase in noninterest expense, partially offset by higher net interest income from higher average balances in the loan and securities portfolios.
•Net interest income and NIM - Net interest income of $158.3 million for the third quarter 2025 increased $5.5 million and $14.8 million from the linked and prior year quarters, respectively. Net interest income increased primarily due to higher average loan balances, higher average securities balances and yields, and lower short-term interest rates that decreased deposit interest expense. NIM was 4.23% for the third quarter 2025, compared to 4.21% and 4.17% for the linked and prior year quarters, respectively. On September 2, 2025, the Company redeemed $63.3 million of subordinated debt that had a floating rate of three-month Term SOFR plus a spread of 5.66%. The redemption was funded through the issuance of a $63.3 million senior note at a rate of one-month Term SOFR plus a spread of 2.50%. The total cost of deposits of 1.80% for the third quarter 2025 decreased two basis point and 38 basis points from the linked and prior year quarters, respectively.
•Noninterest income - Noninterest income of $46.6 million for the third quarter 2025 includes the $30.1 million of anticipated insurance proceeds from the pending claim related to the tax credit recapture event during the quarter. Excluding this item, noninterest income decreased $4.1 million and $4.9 million from the linked and prior year quarters, respectively, primarily due to lower tax credit and community development income, and, when compared to the prior year quarter, partially offset by a gain on the guaranteed portion of SBA loans sold during the current quarter. The Company sold $22.2 million of SBA guaranteed loans during the third quarter 2025 for a gain of $1.1 million.
•Noninterest expense - Noninterest expense of $109.8 million for the third quarter 2025 increased $4.1 million and $11.8 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by variable deposit costs and higher loan and legal expenses related to loan workouts and other real estate owned (“OREO”). Compared to the prior year quarter, the increase was also primarily due to higher employee compensation cost.
•Loans - Loans totaled $11.6 billion at September 30, 2025, an increase of $174.3 million, or 6% on an annualized basis, from the linked quarter, and $503.2 million from the prior year quarter. Average loans totaled $11.5 billion, compared to $11.4 billion and $11.0 billion for the linked and prior year quarters, respectively.
•Asset quality - The allowance for credit losses to total loans was 1.29% at September 30, 2025, compared to 1.27% at June 30, 2025 and 1.26% at September 30, 2024. The provision for credit losses in the third quarter 2025 was $8.4 million, compared to $3.5 million and $4.1 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.83% at September 30, 2025, compared to 0.71% and 0.22% at June 30, 2025 and September 30, 2024, respectively. During the third quarter 2025, a $12 million life insurance premium loan with adequate collateralization migrated into nonperforming assets. This relationship, along with the previously disclosed Southern California relationship, represents approximately 60% of nonperforming assets at September 30, 2025. The Company has a high certainty of collection for both of these relationships.
2 PPNR is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.
2

•Deposits - Deposits totaled $13.6 billion at September 30, 2025, an increase of $250.6 million and $1.1 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, deposits increased $240.5 million and $821.0 million from the linked and prior year quarters, respectively. Average deposits were $13.6 billion, $13.2 billion and $12.5 billion for the current, linked and prior year quarters, respectively. At September 30, 2025, noninterest-bearing deposit accounts totaled $4.4 billion, or 32% of total deposits, and the loan to deposit ratio was 85%.
•Capital - Total stockholders’ equity was $2.0 billion and the tangible common equity to tangible assets ratio 3 was 9.60% at September 30, 2025, compared to 9.42% at June 30, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.4% and a total risk-based capital ratio of 13.6% at September 30, 2025. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 12.0% and 14.4%, respectively, at September 30, 2025.
The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.32 per share of common stock, payable on December 31, 2025 to stockholders of record as of December 15, 2025. The Board 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, 2025 to (but excluding) December 15, 2025. The dividend will be payable on December 15, 2025 to holders of record of Series A Preferred Stock as of November 28, 2025.
3 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.
3

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, 2025 |  | June 30, 2025 |  | September 30, 2024
($ 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 1, 2 | $ | 11,454,183 |  |  | $ | 191,589 |  |  | 6.64 | % |  | $ | 11,358,209 |  |  | $ | 188,007 |  |  | 6.64 | % |  | $ | 10,971,575 |  |  | $ | 191,638 |  |  | 6.95 | %
Taxable securities | 2,100,748 |  |  | 21,705 |  |  | 4.10 |  |  | 1,971,025 |  |  | 19,940 |  |  | 4.06 |  |  | 1,512,338 |  |  | 13,530 |  |  | 3.56 |
Non-taxable securities 2 | 1,252,557 |  |  | 11,503 |  |  | 3.64 |  |  | 1,177,985 |  |  | 10,390 |  |  | 3.54 |  |  | 990,786 |  |  | 7,874 |  |  | 3.16 |
Total securities | 3,353,305 |  |  | 33,208 |  |  | 3.93 |  |  | 3,149,010 |  |  | 30,330 |  |  | 3.86 |  |  | 2,503,124 |  |  | 21,404 |  |  | 3.40 |
Interest-earning deposits | 328,392 |  |  | 3,638 |  |  | 4.40 |  |  | 315,738 |  |  | 3,368 |  |  | 4.28 |  |  | 402,932 |  |  | 5,348 |  |  | 5.28 |
Total interest-earning assets | 15,135,880 |  |  | 228,435 |  |  | 5.99 |  |  | 14,822,957 |  |  | 221,705 |  |  | 6.00 |  |  | 13,877,631 |  |  | 218,390 |  |  | 6.26 |
Noninterest-earning assets | 1,042,186 |  |  |  |  |  |  | 1,036,764 |  |  |  |  |  |  | 971,824 |  |  |  |  |
Total assets | $ | 16,178,066 |  |  |  |  |  |  | $ | 15,859,721 |  |  |  |  |  |  | $ | 14,849,455 |  |  |  |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand accounts | $ | 3,298,022 |  |  | $ | 17,488 |  |  | 2.10 | % |  | $ | 3,225,611 |  |  | $ | 17,152 |  |  | 2.13 | % |  | $ | 3,018,309 |  |  | $ | 20,002 |  |  | 2.64 | %
Money market accounts | 3,706,891 |  |  | 28,734 |  |  | 3.08 |  |  | 3,660,053 |  |  | 28,437 |  |  | 3.12 |  |  | 3,551,492 |  |  | 33,493 |  |  | 3.75 |
Savings accounts | 532,015 |  |  | 183 |  |  | 0.14 |  |  | 532,754 |  |  | 183 |  |  | 0.14 |  |  | 561,466 |  |  | 345 |  |  | 0.24 |
Certificates of deposit | 1,609,346 |  |  | 15,210 |  |  | 3.75 |  |  | 1,486,522 |  |  | 14,207 |  |  | 3.83 |  |  | 1,368,339 |  |  | 14,928 |  |  | 4.34 |
Total interest-bearing deposits | 9,146,274 |  |  | 61,615 |  |  | 2.67 |  |  | 8,904,940 |  |  | 59,979 |  |  | 2.70 |  |  | 8,499,606 |  |  | 68,768 |  |  | 3.22 |
Subordinated debentures and notes | 136,895 |  |  | 2,683 |  |  | 7.78 |  |  | 156,753 |  |  | 2,737 |  |  | 7.00 |  |  | 156,329 |  |  | 2,695 |  |  | 6.86 |
FHLB advances | 106,130 |  |  | 1,207 |  |  | 4.51 |  |  | 156,868 |  |  | 1,801 |  |  | 4.61 |  |  | 4,565 |  |  | 59 |  |  | 5.14 |
Securities sold under agreements to repurchase | 159,039 |  |  | 1,155 |  |  | 2.88 |  |  | 209,493 |  |  | 1,592 |  |  | 3.05 |  |  | 140,255 |  |  | 1,217 |  |  | 3.45 |
Other borrowings | 56,164 |  |  | 444 |  |  | 3.14 |  |  | 36,208 |  |  | 96 |  |  | 1.06 |  |  | 36,226 |  |  | 96 |  |  | 1.05 |
Total interest-bearing liabilities | 9,604,502 |  |  | 67,104 |  |  | 2.77 |  |  | 9,464,262 |  |  | 66,205 |  |  | 2.81 |  |  | 8,836,981 |  |  | 72,835 |  |  | 3.28 |
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits | 4,458,028 |  |  |  |  |  |  | 4,340,301 |  |  |  |  |  |  | 4,046,480 |  |  |  |  |
Other liabilities | 151,410 |  |  |  |  |  |  | 149,069 |  |  |  |  |  |  | 161,625 |  |  |  |  |
Total liabilities | 14,213,940 |  |  |  |  |  |  | 13,953,632 |  |  |  |  |  |  | 13,045,086 |  |  |  |  |
Stockholders' equity | 1,964,126 |  |  |  |  |  |  | 1,906,089 |  |  |  |  |  |  | 1,804,369 |  |  |  |  |
Total liabilities and stockholders' equity | $ | 16,178,066 |  |  |  |  |  |  | $ | 15,859,721 |  |  |  |  |  |  | $ | 14,849,455 |  |  |  |  |
Total net interest income |  |  | $ | 161,331 |  |  |  |  |  |  | $ | 155,500 |  |  |  |  |  |  | $ | 145,555 |  |  |
Net interest margin |  |  |  |  | 4.23 | % |  |  |  |  |  | 4.21 | % |  |  |  |  |  | 4.17 | %
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.9 million, $1.8 million, and $2.6 million for each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, 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 $3.0 million, $2.7 million, and $2.1 million for each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively.

4

Net interest income of $158.3 million for the third quarter 2025 increased $5.5 million and $14.8 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $161.3 million, $155.5 million and $145.6 million for the current, linked and prior year quarters, respectively. The increase from the linked and prior year quarters reflects organic loan growth and continued investment in the securities portfolio, partially offset by an increase in interest-bearing liabilities. Net interest income for the current quarter also benefited by one additional day compared to the linked quarter. On September 2, 2025, the Company called $63.3 million of subordinated debt at a floating rate of three-month Term SOFR plus a spread of 5.66% that was replaced by a $63.3 million single advance term loan. The term loan is payable in quarterly installments on March 31, June 30, September 30 and December 31 with a final installment due on the five year anniversary of the initial advance date. The interest rate on the term loan is one-month Term SOFR plus 2.50%.
Since September 2024, the Federal Reserve has reduced the federal funds target rate 125 basis points. In response, the Company has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans.
Interest income for the third quarter 2025 increased $6.4 million primarily due to an increase of $96.0 million in average loan balances, a $204.3 million increase in the average securities balance, and a seven basis point increase in the yield on securities due to new purchases and the reinvestment of cash flows from the runoff of lower yielding investments. The average interest rate of new loan originations in the third quarter 2025 was 6.98%, a decrease of 28 basis points from the linked quarter. Investment purchases in the third quarter 2025 had a weighted average, tax equivalent yield of 4.99%.
Interest expense in the third quarter 2025 increased $0.9 million primarily due to organic growth in interest-bearing deposits, an increase in wholesale borrowings and the higher rate incurred on subordinated debt for two months in the quarter. These increases were partially offset by a decline in the average balance of customer repurchase agreements and a reduction in the cost of interest-bearing deposits due to the Federal Reserve’s reduction in the target federal funds rate. The total cost of deposits, including noninterest-bearing demand accounts, was 1.80% during the third quarter 2025, compared to 1.82% in the linked quarter.
NIM, on a tax equivalent basis, was 4.23% in the third quarter 2025, an increase of two basis points and six basis points from the linked and prior year quarters, respectively. For the month of September 2025, the loan portfolio yield was 6.65% and the cost of total deposits was 1.77%.
Investments

| At
| September 30, 2025 |  | June 30, 2025 |  | September 30, 2024
($ in thousands) | Carrying Value |  | Net Unrealized Loss |  | Carrying Value |  | Net Unrealized Loss |  | Carrying Value |  | Net Unrealized Loss
Available-for-sale (AFS) | $ | 2,351,493 |  |  | $ | (102,269) |  |  | $ | 2,204,511 |  |  | $ | (131,094) |  |  | $ | 1,786,793 |  |  | $ | (122,158) |
Held-to-maturity (HTM) | 1,081,847 |  |  | (49,656) |  |  | 1,091,238 |  |  | (75,144) |  |  | 851,647 |  |  | (46,351) |
Total | $ | 3,433,340 |  |  | $ | (151,925) |  |  | $ | 3,295,749 |  |  | $ | (206,238) |  |  | $ | 2,638,440 |  |  | $ | (168,509) |

Investment securities totaled $3.4 billion at September 30, 2025, an increase of $137.6 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities 4 was 9.37% at September 30, 2025, compared to 9.06% at June 30, 2025.
4 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.
5

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

| At
($ in thousands) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
C&I | $ | 2,320,868 |  |  | $ | 2,316,609 |  |  | $ | 2,198,802 |  |  | $ | 2,139,032 |  |  | $ | 2,145,286 |
CRE investor owned | 2,626,657 |  |  | 2,547,859 |  |  | 2,487,375 |  |  | 2,405,356 |  |  | 2,346,575 |
CRE owner occupied | 1,296,902 |  |  | 1,281,572 |  |  | 1,292,162 |  |  | 1,305,025 |  |  | 1,322,714 |
SBA loans* | 1,257,817 |  |  | 1,249,225 |  |  | 1,283,067 |  |  | 1,298,007 |  |  | 1,272,679 |
Sponsor finance* | 774,142 |  |  | 771,280 |  |  | 784,017 |  |  | 782,722 |  |  | 819,079 |
Life insurance premium financing* | 1,151,700 |  |  | 1,155,623 |  |  | 1,149,119 |  |  | 1,114,299 |  |  | 1,030,273 |
Tax credits* | 780,767 |  |  | 708,401 |  |  | 677,434 |  |  | 760,229 |  |  | 724,441 |
Residential real estate | 359,315 |  |  | 356,722 |  |  | 357,615 |  |  | 350,640 |  |  | 346,460 |
Construction and land development | 784,218 |  |  | 773,122 |  |  | 800,985 |  |  | 794,240 |  |  | 796,586 |
Other | 230,723 |  |  | 248,427 |  |  | 268,187 |  |  | 270,805 |  |  | 275,799 |
Total loans | $ | 11,583,109 |  |  | $ | 11,408,840 |  |  | $ | 11,298,763 |  |  | $ | 11,220,355 |  |  | $ | 11,079,892 |
Quarterly loan yield | 6.64 | % |  | 6.64 | % |  | 6.57 | % |  | 6.73 | % |  | 6.95 | %
Loans by rate type (to total loans): |  |  |  |  |  |  |  |  |
Fixed | 41 | % |  | 40 | % |  | 39 | % |  | 40 | % |  | 39 | %
Variable: | 59 | % |  | 60 | % |  | 61 | % |  | 60 | % |  | 61 | %
SOFR | 29 | % |  | 29 | % |  | 29 | % |  | 28 | % |  | 28 | %
Prime | 23 | % |  | 24 | % |  | 24 | % |  | 24 | % |  | 25 | %
Other | 7 | % |  | 7 | % |  | 8 | % |  | 8 | % |  | 8 | %
Variable rate loans to total loans, adjusted for interest rate hedges | 55 | % |  | 56 | % |  | 56 | % |  | 55 | % |  | 57 | %
*Specialty loan category

Loans totaled $11.6 billion at September 30, 2025, an increase of $174.3 million compared to the linked quarter. Loan production in the quarter outpaced repayment activity with loan volume of $863.3 million compared to repayment and sale activity of $689.0 million. Loan originations and advances were strongest in the C&I and CRE portfolios in the current quarter. Loan sales of $22.2 million mitigated growth in the SBA category during the current quarter. Average line utilization was approximately 45% for the current quarter, compared to 46% and 44% for the linked and prior year quarters, respectively.
6

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, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Nonperforming loans* | $ | 127,878 |  |  | $ | 105,807 |  |  | $ | 109,882 |  |  | $ | 42,687 |  |  | $ | 28,376 |
Other 1 | 7,821 |  |  | 8,221 |  |  | 3,271 |  |  | 3,955 |  |  | 4,516 |
Nonperforming assets* | $ | 135,699 |  |  | $ | 114,028 |  |  | $ | 113,153 |  |  | $ | 46,642 |  |  | $ | 32,892 |
Nonperforming loans to total loans | 1.10 | % |  | 0.93 | % |  | 0.97 | % |  | 0.38 | % |  | 0.26 | %
Nonperforming assets to total assets | 0.83 | % |  | 0.71 | % |  | 0.72 | % |  | 0.30 | % |  | 0.22 | %
Allowance for credit losses | $ | 148,854 |  |  | $ | 145,133 |  |  | $ | 142,944 |  |  | $ | 137,950 |  |  | $ | 139,778 |
Allowance for credit losses to total loans | 1.29 | % |  | 1.27 | % |  | 1.27 | % |  | 1.23 | % |  | 1.26 | %
Allowance for credit losses to nonperforming loans* | 116.4 | % |  | 137.2 | % |  | 130.1 | % |  | 323.2 | % |  | 492.6 | %
Quarterly net charge-offs (recoveries) | $ | 4,057 |  |  | $ | 630 |  |  | $ | (1,059) |  |  | $ | 7,131 |  |  | $ | 3,850 |
*Guaranteed balances excluded | $ | 33,475 |  |  | $ | 26,536 |  |  | $ | 22,607 |  |  | $ | 21,974 |  |  | $ | 11,899 |
1 OREO and repossessed assets

Nonperforming assets increased $21.7 million and $102.8 million from the linked and prior year quarters, respectively. The increase in nonperforming assets in the third quarter 2025 was primarily due to three relationships in the C&I and CRE categories of $13.0 million and $2.1 million, respectively. The increase in nonperforming assets from the prior year quarter is primarily related to seven commercial real estate loans totaling $68.4 million to special purpose entities (each an “SPE Borrower”) affiliated with two commercial banking relationships in Southern California that share some common ownership. Litigation resulting from a business dispute between the owners of the entities resulted in all of the SPE Borrowers filing bankruptcy in the first quarter of 2025, which was subsequently dismissed. The SPE Borrowers were again placed in bankruptcy in October 2025. In August 2025, Enterprise Bank & Trust commenced foreclosure proceedings with respect to the real property collateral owned by each SPE Borrower. As a result of Enterprise Bank & Trust’s senior secured first lien collateral position with respect to the real property owned by the SPE Borrowers, the Company expects to collect the full balance of these loans.
The provision for credit losses totaled $8.4 million in the third quarter 2025, compared to $3.5 million and $4.1 million in the linked and prior year quarters, respectively. The provision for credit losses in the third quarter 2025 was primarily related to the increase in nonperforming loans, net charge-offs, loan growth and changes in the economic forecast that influences projected future losses in the allowance calculation. Annualized net charge-offs totaled 14 basis points of average loans in the current and prior year quarters, compared to two basis points in the linked quarter.
7

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

| At
($ in thousands) | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Noninterest-bearing demand accounts | $ | 4,386,513 |  |  | $ | 4,322,332 |  |  | $ | 4,285,061 |  |  | $ | 4,484,072 |  |  | $ | 3,934,245 |
Interest-bearing demand accounts | 3,301,621 |  |  | 3,184,670 |  |  | 3,193,903 |  |  | 3,175,292 |  |  | 3,048,981 |
Money market and savings accounts | 4,228,605 |  |  | 4,209,032 |  |  | 4,167,375 |  |  | 4,117,524 |  |  | 4,121,543 |
Brokered certificates of deposit | 762,499 |  |  | 752,422 |  |  | 542,172 |  |  | 484,588 |  |  | 480,934 |
Other certificates of deposit | 888,674 |  |  | 848,903 |  |  | 845,719 |  |  | 885,016 |  |  | 879,619 |
Total deposit portfolio | $ | 13,567,912 |  |  | $ | 13,317,359 |  |  | $ | 13,034,230 |  |  | $ | 13,146,492 |  |  | $ | 12,465,322 |
Noninterest-bearing deposits to total deposits | 32.3 | % |  | 32.5 | % |  | 32.9 | % |  | 34.1 | % |  | 31.6 | %
Quarterly cost of deposits | 1.80 | % |  | 1.82 | % |  | 1.83 | % |  | 2.00 | % |  | 2.18 | %

Total deposits at September 30, 2025 were $13.6 billion, an increase of $250.6 million and $1.1 billion from the linked and prior year quarters, respectively. Excluding brokered certificates of deposits, total deposits increased $240.5 million and $821.0 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 $1.4 billion at both September 30, 2025 and June 30, 2025.
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) | September 30, 2025 |  | June 30, 2025 |  | Increase (decrease) |  | September 30, 2024 |  | Increase (decrease)
Deposit service charges | $ | 4,935 |  |  | $ | 4,940 |  |  | $ | (5) |  |  | — | % |  | $ | 4,649 |  |  | $ | 286 |  |  | 6 | %
Wealth management revenue | 2,571 |  |  | 2,584 |  |  | (13) |  |  | (1) | % |  | 2,599 |  |  | (28) |  |  | (1) | %
Card services revenue | 2,535 |  |  | 2,444 |  |  | 91 |  |  | 4 | % |  | 2,573 |  |  | (38) |  |  | (1) | %
Tax credit income (loss) | (300) |  |  | 2,207 |  |  | (2,507) |  |  | (114) | % |  | 3,252 |  |  | (3,552) |  |  | (109) | %
Insurance recoveries | 30,137 |  |  | — |  |  | 30,137 |  |  | 100 | % |  | — |  |  | 30,137 |  |  | 100 | %
Other income | 6,771 |  |  | 8,429 |  |  | (1,658) |  |  | (20) | % |  | 8,347 |  |  | (1,576) |  |  | (19) | %
Total noninterest income | $ | 46,649 |  |  | $ | 20,604 |  |  | $ | 26,045 |  |  | 126 | % |  | $ | 21,420 |  |  | $ | 25,229 |  |  | 118 | %

Total noninterest income was $46.6 million for the third quarter 2025, an increase of $26.0 million and $25.2 million from the linked and prior year quarters, respectively. The increase from the linked and prior year quarters was primarily driven by the $30.1 million in accrued insurance proceeds that are anticipated to be received as a result of the recaptured tax credits during the quarter, partially offset by lower tax credit income. During the third quarter 2025, a solar provider from which the Company had purchased $24.1 million of transferrable solar tax credits declared bankruptcy. The bankrupt solar provider indirectly owned, through a complex structure of multiple entities, the solar projects generating the tax credits that the Company purchased. As part of the bankruptcy, the bankrupt solar provider sold and transferred equity interests in certain of those entities. As a result of this transfer, the $24.1 million of solar tax credits purchased by the Company were recaptured. The Company previously purchased an insurance policy to insure against recapture risk and anticipates proceeds from the insurance policy to cover the $24.1 million of recaptured tax credits and approximately $6.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Tax credit income is typically highest in the fourth quarter of each year and will vary in other periods based on transaction volumes and fair value changes on credits carried at fair value.
8

The following table presents a comparative summary of the major components of other income for the periods indicated:

| Linked quarter comparison |  | Prior year comparison
| Quarter ended |  | Quarter ended
($ in thousands) | September 30, 2025 |  | June 30, 2025 |  | Increase (decrease) |  | September 30, 2024 |  | Increase (decrease)
BOLI | $ | 2,062 |  |  | $ | 2,561 |  |  | $ | (499) |  |  | (19) | % |  | $ | 1,123 |  |  | $ | 939 |  |  | 84 | %
Community development investments | 309 |  |  | 1,426 |  |  | (1,117) |  |  | (78) | % |  | 1,177 |  |  | (868) |  |  | (74) | %
Gain on SBA loan sales | 1,140 |  |  | 1,153 |  |  | (13) |  |  | (1) | % |  | — |  |  | 1,140 |  |  | — | %
Gain on sales of other real estate owned | 7 |  |  | 56 |  |  | (49) |  |  | (88) | % |  | 3,159 |  |  | (3,152) |  |  | (100) | %
Private equity fund distributions | 626 |  |  | 502 |  |  | 124 |  |  | 25 | % |  | 614 |  |  | 12 |  |  | 2 | %
Servicing fees | 587 |  |  | 485 |  |  | 102 |  |  | 21 | % |  | 539 |  |  | 48 |  |  | 9 | %
Swap fees | 341 |  |  | 86 |  |  | 255 |  |  | 297 | % |  | 17 |  |  | 324 |  |  | 1,906 | %
Miscellaneous income | 1,699 |  |  | 2,160 |  |  | (461) |  |  | (21) | % |  | 1,718 |  |  | (19) |  |  | (1) | %
Total other income | $ | 6,771 |  |  | $ | 8,429 |  |  | $ | (1,658) |  |  | (20) | % |  | $ | 8,347 |  |  | $ | (1,576) |  |  | (19) | %

The decrease in other income from the linked quarter was primarily due to a decrease of $0.5 million in BOLI income and a decrease of $1.1 million in community development investment income. During the linked quarter, the Company received the payout of a BOLI policy that did not recur in the third quarter 2025. Community development investment income is not a consistent source of income and fluctuates based on distributions from the underlying funds.
In the prior year quarter, the Company realized a net gain of $3.2 million on the sale of OREO that did not recur in the current period. This was partially offset by a gain of $1.1 million in the current quarter on the sale of $22.2 million of guaranteed SBA loans. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Loan sales were executed in the current and linked quarters, while no loans were sold in the prior year quarter.
Noninterest Expense
The following table presents a comparative summary of the major components of noninterest expense for the periods indicated:

| Linked quarter comparison |  | Prior year comparison
| Quarter ended |  | Quarter ended
($ in thousands) | September 30, 2025 |  | June 30, 2025 |  | Increase (decrease) |  | September 30, 2024 |  | Increase (decrease)
Employee compensation and benefits | $ | 49,640 |  |  | $ | 50,164 |  |  | $ | (524) |  |  |  | (1) | % |  | $ | 45,359 |  |  | $ | 4,281 |  |  | 9 | %
Deposit costs | 27,172 |  |  | 24,765 |  |  | 2,407 |  |  |  | 10 | % |  | 23,781 |  |  | 3,391 |  |  | 14 | %
Occupancy | 4,895 |  |  | 5,065 |  |  | (170) |  |  |  | (3) | % |  | 4,372 |  |  | 523 |  |  | 12 | %
Core conversion expense | — |  |  | — |  |  | — |  |  |  | 100 | % |  | 1,375 |  |  | (1,375) |  |  | (100) | %
Acquisition costs | 609 |  |  | 518 |  |  | 91 |  |  |  | 18 | % |  | — |  |  | 609 |  |  | 100 | %
Other expense | 27,474 |  |  | 25,190 |  |  | 2,284 |  |  |  | 9 | % |  | 23,120 |  |  | 4,354 |  |  | 19 | %
Total noninterest expense | $ | 109,790 |  |  | $ | 105,702 |  |  | $ | 4,088 |  |  |  | 4 | % |  | $ | 98,007 |  |  | $ | 11,783 |  |  | 12 | %

Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit-related services provided to us. These earnings credit allowances are impacted by, among other things, interest rates and average balances. Deposit costs increased $2.4 million from the linked quarter primarily due to an increase of $146.0 million in average deposit balances from the linked quarter for businesses eligible for the earnings credit allowance.
9

The increase in noninterest expense of $11.8 million from the prior year quarter was primarily due to an increase in the associate base, merit increases throughout 2024 and 2025, an increase of $3.4 million in deposit costs due to higher earnings credit allowances and deposit vertical average balances, and an increase of $0.6 million in acquisition costs related to the previously announced branch acquisition that closed in the fourth quarter 2025. These increases were partially offset by a decline in core conversion expenses due to the completion of the core implementation in the fourth quarter 2024. For the third quarter 2025, the core efficiency ratio 5 was 61.0%, compared to 59.3% for the linked quarter and 58.4% for the prior year quarter.
Income Taxes
The effective tax rate for the third quarter 2025 was 47.8%, compared to 20.0% and 19.4% in the linked and prior year quarters, respectively. Included in tax expense during the current quarter is $24.1 million in transferrable tax credits that were recaptured as discussed above and approximately $6.0 million of incremental tax liability attributable to the anticipated insurance proceeds from the insured recaptured credits. Excluding these items, the adjusted effective tax rate 5 for the third quarter 2025 was 20.0%.
Capital
The following table presents total equity and various capital ratios for the most recent five quarters:

| At
($ in thousands) | September 30, 2025* |  | June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024
Stockholders’ equity | $ | 1,982,332 |  |  | $ | 1,922,899 |  |  | $ | 1,868,073 |  |  | $ | 1,824,002 |  |  | $ | 1,832,011 |
Total risk-based capital to risk-weighted assets | 14.4 | % |  | 14.7 | % |  | 14.7 | % |  | 14.6 | % |  | 14.8 | %
Tier 1 capital to risk weighted assets | 13.3 | % |  | 13.2 | % |  | 13.1 | % |  | 13.1 | % |  | 13.2 | %
Common equity tier 1 capital to risk-weighted assets | 12.0 | % |  | 11.9 | % |  | 11.8 | % |  | 11.8 | % |  | 11.9 | %
Leverage ratio | 11.1 | % |  | 11.1 | % |  | 11.0 | % |  | 11.1 | % |  | 11.2 | %
Tangible common equity to tangible assets 5 | 9.60 | % |  | 9.42 | % |  | 9.30 | % |  | 9.05 | % |  | 9.50 | %

*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 $2.0 billion at September 30, 2025, an increase of $59.4 million and $150.3 million from the linked and prior year quarters, respectively. Tangible book value per common share 5 was $41.58 at September 30, 2025, compared to $40.02 and $37.26 at June 30, 2025 and September 30, 2024, 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.
5 Core efficiency ratio, tangible common equity to tangible assets, tangible book value per common share, and adjusted effective tax rate are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.
10

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, ROATCE, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, adjusted effective tax rate 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, adjusted ROATCE, core efficiency ratio, adjusted effective tax rate, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, adjusted effective tax rate 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 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, acquisition costs, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, and the gain or loss on 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 28, 2025. During the call, management will review the third quarter 2025 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, 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. After connecting, you may say the name of the conference or enter the Conference ID 12239. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC3Q2025EarningsCallRegistration. 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.
11

About Enterprise Financial Services Corp
Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $16.4 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.
12

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, stockholder value creation and the impact of acquisitions.
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, the Company’s ability to collect insurance proceeds from claims made related to tax recapture events, 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), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters (including the effect of a prolonged U.S. federal government shutdown), 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, changes in business prospects that could impact goodwill estimates and assumptions, 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, natural disasters (including wildfires and earthquakes), 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, or other health emergencies 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, 2024, 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.
13

For more information contact
Investor Relations: Keene Turner, Senior Executive Vice President, CFO and COO (314) 512-7233
Media: Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695
14

ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

| Quarter ended |  | Nine months ended
(in thousands, except per share data) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Sep 30, 2025 |  | Sep 30, 2024
EARNINGS SUMMARY |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 158,286 |  |  | $ | 152,762 |  |  | $ | 147,516 |  |  | $ | 146,370 |  |  | $ | 143,469 |  |  | $ | 458,564 |  |  | $ | 421,726 |
Provision for credit losses | 8,447 |  |  | 3,470 |  |  | 5,184 |  |  | 6,834 |  |  | 4,099 |  |  | 17,101 |  |  | 14,674 |
Noninterest income | 46,649 |  |  | 20,604 |  |  | 18,483 |  |  | 20,631 |  |  | 21,420 |  |  | 85,736 |  |  | 49,072 |
Noninterest expense | 109,790 |  |  | 105,702 |  |  | 99,783 |  |  | 99,522 |  |  | 98,007 |  |  | 315,275 |  |  | 285,525 |
Income before income tax expense | 86,698 |  |  | 64,194 |  |  | 61,032 |  |  | 60,645 |  |  | 62,783 |  |  | 211,924 |  |  | 170,599 |
Income tax expense | 41,463 |  |  | 12,810 |  |  | 11,071 |  |  | 11,811 |  |  | 12,198 |  |  | 65,344 |  |  | 34,167 |
Net income | 45,235 |  |  | 51,384 |  |  | 49,961 |  |  | 48,834 |  |  | 50,585 |  |  | 146,580 |  |  | 136,432 |
Preferred stock dividends | 938 |  |  | 937 |  |  | 938 |  |  | 937 |  |  | 938 |  |  | 2,813 |  |  | 2,813 |
Net income available to common stockholders | $ | 44,297 |  |  | $ | 50,447 |  |  | $ | 49,023 |  |  | $ | 47,897 |  |  | $ | 49,647 |  |  | $ | 143,767 |  |  | $ | 133,619 |
Diluted earnings per common share | $ | 1.19 |  |  | $ | 1.36 |  |  | $ | 1.31 |  |  | $ | 1.28 |  |  | $ | 1.32 |  |  | $ | 3.86 |  |  | $ | 3.56 |
Adjusted diluted earnings per common share 1 | 1.20 |  |  | 1.37 |  |  | 1.31 |  |  | 1.32 |  |  | 1.29 |  |  | 3.88 |  |  | 3.57 |
Return on average assets | 1.11 | % |  | 1.30 | % |  | 1.30 | % |  | 1.27 | % |  | 1.36 | % |  | 1.23 | % |  | 1.24 | %
Adjusted return on average assets 1 | 1.12 | % |  | 1.31 | % |  | 1.29 | % |  | 1.31 | % |  | 1.32 | % |  | 1.24 | % |  | 1.24 | %
Return on average common equity 1 | 9.29 | % |  | 11.03 | % |  | 11.10 | % |  | 10.75 | % |  | 11.40 | % |  | 10.45 | % |  | 10.55 | %
Adjusted return on average common equity 1 | 9.40 | % |  | 11.12 | % |  | 11.08 | % |  | 11.08 | % |  | 11.09 | % |  | 10.51 | % |  | 10.58 | %
ROATCE 1 | 11.56 | % |  | 13.84 | % |  | 14.02 | % |  | 13.63 | % |  | 14.55 | % |  | 13.10 | % |  | 13.56 | %
Adjusted ROATCE 1 | 11.70 | % |  | 13.96 | % |  | 13.99 | % |  | 14.05 | % |  | 14.16 | % |  | 13.18 | % |  | 13.60 | %
Net interest margin (tax equivalent) | 4.23 | % |  | 4.21 | % |  | 4.15 | % |  | 4.13 | % |  | 4.17 | % |  | 4.20 | % |  | 4.17 | %
Efficiency ratio | 53.6 | % |  | 61.0 | % |  | 60.1 | % |  | 59.6 | % |  | 59.4 | % |  | 57.9 | % |  | 60.6 | %
Core efficiency ratio 1 | 61.0 | % |  | 59.3 | % |  | 58.8 | % |  | 57.1 | % |  | 58.4 | % |  | 59.7 | % |  | 58.9 | %
Assets | $ | 16,400,430 |  |  | $ | 16,076,299 |  |  | $ | 15,676,594 |  |  | $ | 15,596,431 |  |  | $ | 14,954,125 |  |  |  |  |
Average assets | $ | 16,178,066 |  |  | $ | 15,859,721 |  |  | $ | 15,642,999 |  |  | $ | 15,309,577 |  |  | $ | 14,849,455 |  |  | $ | 15,895,556 |  |  | $ | 14,684,589 |
Period end common shares outstanding | 37,011 |  |  | 36,950 |  |  | 36,928 |  |  | 36,988 |  |  | 37,184 |  |  |  |  |
Dividends per common share | $ | 0.31 |  |  | $ | 0.30 |  |  | $ | 0.29 |  |  | $ | 0.28 |  |  | $ | 0.27 |  |  | $ | 0.90 |  |  | $ | 0.78 |
Tangible book value per common share 1 | $ | 41.58 |  |  | $ | 40.02 |  |  | $ | 38.54 |  |  | $ | 37.27 |  |  | $ | 37.26 |  |  |  |  |
Tangible common equity to tangible assets 1 | 9.60 | % |  | 9.42 | % |  | 9.30 | % |  | 9.05 | % |  | 9.50 | % |  |  |  |
Total risk-based capital to risk-weighted assets 2 | 14.4 | % |  | 14.7 | % |  | 14.7 | % |  | 14.6 | % |  | 14.8 | % |  |  |  |
1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2 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.

15

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

| Quarter ended |  | Nine months ended
(in thousands, except per share data) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Sep 30, 2025 |  | Sep 30, 2024
INCOME STATEMENTS |  |  |  |  |  |  |  |  |  |  |  |  |
NET INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 225,390 |  |  | $ | 218,967 |  |  | $ | 211,780 |  |  | $ | 215,380 |  |  | $ | 216,304 |  |  | $ | 656,137 |  |  | $ | 635,671 |
Interest expense | 67,104 |  |  | 66,205 |  |  | 64,264 |  |  | 69,010 |  |  | 72,835 |  |  | 197,573 |  |  | 213,945 |
Net interest income | 158,286 |  |  | 152,762 |  |  | 147,516 |  |  | 146,370 |  |  | 143,469 |  |  | 458,564 |  |  | 421,726 |
Provision for credit losses | 8,447 |  |  | 3,470 |  |  | 5,184 |  |  | 6,834 |  |  | 4,099 |  |  | 17,101 |  |  | 14,674 |
Net interest income after provision for credit losses | 149,839 |  |  | 149,292 |  |  | 142,332 |  |  | 139,536 |  |  | 139,370 |  |  | 441,463 |  |  | 407,052 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |
Deposit service charges | 4,935 |  |  | 4,940 |  |  | 4,420 |  |  | 4,730 |  |  | 4,649 |  |  | 14,295 |  |  | 13,614 |
Wealth management revenue | 2,571 |  |  | 2,584 |  |  | 2,659 |  |  | 2,719 |  |  | 2,599 |  |  | 7,814 |  |  | 7,733 |
Card services revenue | 2,535 |  |  | 2,444 |  |  | 2,395 |  |  | 2,484 |  |  | 2,573 |  |  | 7,374 |  |  | 7,482 |
Tax credit income (loss) | (300) |  |  | 2,207 |  |  | 2,610 |  |  | 6,018 |  |  | 3,252 |  |  | 4,517 |  |  | 2,936 |
Insurance recoveries 1 | 30,137 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,137 |  |  | — |
Other income | 6,771 |  |  | 8,429 |  |  | 6,399 |  |  | 4,680 |  |  | 8,347 |  |  | 21,599 |  |  | 17,307 |
Total noninterest income | 46,649 |  |  | 20,604 |  |  | 18,483 |  |  | 20,631 |  |  | 21,420 |  |  | 85,736 |  |  | 49,072 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits | 49,640 |  |  | 50,164 |  |  | 48,208 |  |  | 46,168 |  |  | 45,359 |  |  | 148,012 |  |  | 135,145 |
Deposit costs | 27,172 |  |  | 24,765 |  |  | 23,823 |  |  | 22,881 |  |  | 23,781 |  |  | 75,760 |  |  | 65,764 |
Occupancy | 4,895 |  |  | 5,065 |  |  | 4,430 |  |  | 4,336 |  |  | 4,372 |  |  | 14,390 |  |  | 12,895 |
FDIC special assessment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 625 |
Core conversion expense | — |  |  | — |  |  | — |  |  | 1,893 |  |  | 1,375 |  |  | — |  |  | 2,975 |
Acquisition costs | 609 |  |  | 518 |  |  | — |  |  | — |  |  | — |  |  | 1,127 |  |  | — |
Other expense | 27,474 |  |  | 25,190 |  |  | 23,322 |  |  | 24,244 |  |  | 23,120 |  |  | 75,986 |  |  | 68,121 |
Total noninterest expense | 109,790 |  |  | 105,702 |  |  | 99,783 |  |  | 99,522 |  |  | 98,007 |  |  | 315,275 |  |  | 285,525 |
Income before income tax expense | 86,698 |  |  | 64,194 |  |  | 61,032 |  |  | 60,645 |  |  | 62,783 |  |  | 211,924 |  |  | 170,599 |
Income tax expense | 11,326 |  |  | 12,810 |  |  | 11,071 |  |  | 11,811 |  |  | 12,198 |  |  | 35,207 |  |  | 34,167 |
Tax credit recapture and provision for anticipated tax applied to related insurance recoveries 2 | 30,137 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,137 |  |  | — |
Total income tax expense | 41,463 |  |  | 12,810 |  |  | 11,071 |  |  | 11,811 |  |  | 12,198 |  |  | 65,344 |  |  | 34,167 |
Net income | $ | 45,235 |  |  | $ | 51,384 |  |  | $ | 49,961 |  |  | $ | 48,834 |  |  | $ | 50,585 |  |  | $ | 146,580 |  |  | $ | 136,432 |
Preferred stock dividends | 938 |  |  | 937 |  |  | 938 |  |  | 937 |  |  | 938 |  |  | 2,813 |  |  | 2,813 |
Net income available to common stockholders | $ | 44,297 |  |  | $ | 50,447 |  |  | $ | 49,023 |  |  | $ | 47,897 |  |  | $ | 49,647 |  |  | $ | 143,767 |  |  | $ | 133,619 |
Basic earnings per common share | $ | 1.20 |  |  | $ | 1.36 |  |  | $ | 1.33 |  |  | $ | 1.29 |  |  | $ | 1.33 |  |  | $ | 3.89 |  |  | $ | 3.57 |
Diluted earnings per common share | $ | 1.19 |  |  | $ | 1.36 |  |  | $ | 1.31 |  |  | $ | 1.28 |  |  | $ | 1.32 |  |  | $ | 3.86 |  |  | $ | 3.56 |
1 Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.
2 Represents recapture of $24.1 million solar tax credit and approximately $6.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to the recapture event.

16

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

| At
($ in thousands) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024
BALANCE SHEET |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 208,455 |  |  | $ | 252,817 |  |  | $ | 260,280 |  |  | $ | 270,975 |  |  | $ | 210,984 |
Interest-earning deposits | 264,399 |  |  | 239,602 |  |  | 222,780 |  |  | 495,076 |  |  | 218,919 |
Debt and equity investments | 3,527,467 |  |  | 3,384,347 |  |  | 3,108,763 |  |  | 2,863,989 |  |  | 2,714,194 |
Loans held for sale | 681 |  |  | 586 |  |  | — |  |  | 110 |  |  | 304 |
Loans | 11,583,109 |  |  | 11,408,840 |  |  | 11,298,763 |  |  | 11,220,355 |  |  | 11,079,892 |
Allowance for credit losses | (148,854) |  |  | (145,133) |  |  | (142,944) |  |  | (137,950) |  |  | (139,778) |
Total loans, net | 11,434,255 |  |  | 11,263,707 |  |  | 11,155,819 |  |  | 11,082,405 |  |  | 10,940,114 |
Fixed assets, net | 49,248 |  |  | 48,639 |  |  | 48,083 |  |  | 45,009 |  |  | 44,368 |
Goodwill | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |
Intangible assets, net | 6,140 |  |  | 6,876 |  |  | 7,628 |  |  | 8,484 |  |  | 9,400 |
Other assets | 544,621 |  |  | 514,561 |  |  | 508,077 |  |  | 465,219 |  |  | 450,678 |
Total assets | $ | 16,400,430 |  |  | $ | 16,076,299 |  |  | $ | 15,676,594 |  |  | $ | 15,596,431 |  |  | $ | 14,954,125 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | $ | 4,386,513 |  |  | $ | 4,322,332 |  |  | $ | 4,285,061 |  |  | $ | 4,484,072 |  |  | $ | 3,934,245 |
Interest-bearing deposits | 9,181,399 |  |  | 8,995,027 |  |  | 8,749,169 |  |  | 8,662,420 |  |  | 8,531,077 |
Total deposits | 13,567,912 |  |  | 13,317,359 |  |  | 13,034,230 |  |  | 13,146,492 |  |  | 12,465,322 |
Subordinated debentures and notes | 93,617 |  |  | 156,796 |  |  | 156,695 |  |  | 156,551 |  |  | 156,407 |
FHLB advances | 327,000 |  |  | 294,000 |  |  | 205,000 |  |  | — |  |  | 150,000 |
Other borrowings | 247,006 |  |  | 210,641 |  |  | 255,635 |  |  | 280,821 |  |  | 170,815 |
Other liabilities | 182,563 |  |  | 174,604 |  |  | 156,961 |  |  | 188,565 |  |  | 179,570 |
Total liabilities | 14,418,098 |  |  | 14,153,400 |  |  | 13,808,521 |  |  | 13,772,429 |  |  | 13,122,114 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |
Preferred stock | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |
Common stock | 370 |  |  | 369 |  |  | 369 |  |  | 370 |  |  | 372 |
Additional paid-in capital | 997,446 |  |  | 991,663 |  |  | 988,554 |  |  | 990,733 |  |  | 992,642 |
Retained earnings | 980,548 |  |  | 947,864 |  |  | 908,553 |  |  | 877,629 |  |  | 845,844 |
Accumulated other comprehensive loss | (68,020) |  |  | (88,985) |  |  | (101,391) |  |  | (116,718) |  |  | (78,835) |
Total stockholders’ equity | 1,982,332 |  |  | 1,922,899 |  |  | 1,868,073 |  |  | 1,824,002 |  |  | 1,832,011 |
Total liabilities and stockholders’ equity | $ | 16,400,430 |  |  | $ | 16,076,299 |  |  | $ | 15,676,594 |  |  | $ | 15,596,431 |  |  | $ | 14,954,125 |

17

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

| Nine months ended |  |
| September 30, 2025 |  | September 30, 2024 |  |
($ in thousands) | Average Balance |  | Interest Income/ Expense |  | Average Yield/ Rate |  | Average Balance |  | Interest Income/ Expense |  | Average Yield/ Rate |  |
AVERAGE BALANCE SHEET |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans 1, 2 | $ | 11,351,848 |  |  | $ | 561,635 |  |  | 6.61 | % |  | $ | 10,954,063 |  |  | $ | 567,687 |  |  | 6.92 | % |  |
Taxable securities | 1,964,496 |  |  | 59,270 |  |  | 4.03 |  |  | 1,451,317 |  |  | 37,601 |  |  | 3.46 |  |  |
Nontaxable securities 2 | 1,181,460 |  |  | 31,360 |  |  | 3.55 |  |  | 982,342 |  |  | 23,250 |  |  | 3.16 |  |  |
Total securities | 3,145,956 |  |  | 90,630 |  |  | 3.85 |  |  | 2,433,659 |  |  | 60,851 |  |  | 3.34 |  |  |
Interest-earning deposits | 373,870 |  |  | 12,130 |  |  | 4.34 |  |  | 332,409 |  |  | 13,306 |  |  | 5.35 |  |  |
Total interest-earning assets | 14,871,674 |  |  | 664,395 |  |  | 5.97 |  |  | 13,720,131 |  |  | 641,844 |  |  | 6.25 |  |  |
Noninterest-earning assets | 1,023,882 |  |  |  |  |  |  | 964,458 |  |  |  |  |  |  |
Total assets | $ | 15,895,556 |  |  |  |  |  |  | $ | 14,684,589 |  |  |  |  |  |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand accounts | $ | 3,230,832 |  |  | $ | 51,697 |  |  | 2.14 | % |  | $ | 2,964,667 |  |  | $ | 57,415 |  |  | 2.59 | % |  |
Money market accounts | 3,656,546 |  |  | 85,675 |  |  | 3.13 |  |  | 3,462,993 |  |  | 96,777 |  |  | 3.73 |  |  |
Savings accounts | 533,084 |  |  | 555 |  |  | 0.14 |  |  | 573,853 |  |  | 983 |  |  | 0.23 |  |  |
Certificates of deposit | 1,491,047 |  |  | 42,933 |  |  | 3.85 |  |  | 1,374,176 |  |  | 44,441 |  |  | 4.32 |  |  |
Total interest-bearing deposits | 8,911,509 |  |  | 180,860 |  |  | 2.71 |  |  | 8,375,689 |  |  | 199,616 |  |  | 3.18 |  |  |
Subordinated debentures and notes | 150,015 |  |  | 7,982 |  |  | 7.11 |  |  | 156,188 |  |  | 7,863 |  |  | 6.72 |  |  |
FHLB advances | 96,396 |  |  | 3,295 |  |  | 4.57 |  |  | 39,427 |  |  | 1,649 |  |  | 5.59 |  |  |
Securities sold under agreements to repurchase | 211,429 |  |  | 4,764 |  |  | 3.01 |  |  | 167,939 |  |  | 4,422 |  |  | 3.52 |  |  |
Other borrowings | 42,932 |  |  | 672 |  |  | 2.09 |  |  | 38,381 |  |  | 395 |  |  | 1.37 |  |  |
Total interest-bearing liabilities | 9,412,281 |  |  | 197,573 |  |  | 2.81 |  |  | 8,777,624 |  |  | 213,945 |  |  | 3.26 |  |  |
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits | 4,420,552 |  |  |  |  |  |  | 3,982,015 |  |  |  |  |  |  |
Other liabilities | 151,192 |  |  |  |  |  |  | 161,033 |  |  |  |  |  |  |
Total liabilities | 13,984,025 |  |  |  |  |  |  | 12,920,672 |  |  |  |  |  |  |
Stockholders' equity | 1,911,531 |  |  |  |  |  |  | 1,763,917 |  |  |  |  |  |  |
Total liabilities and stockholders' equity | $ | 15,895,556 |  |  |  |  |  |  | $ | 14,684,589 |  |  |  |  |  |  |
Total net interest income |  |  | $ | 466,822 |  |  |  |  |  |  | $ | 427,899 |  |  |  |  |
Net interest margin |  |  |  |  | 4.20 | % |  |  |  |  |  | 4.17 | % |  |
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $5.3 million and $7.2 million for the nine months ended September 30, 2025 and September 30, 2024, 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 $8.3 million and $6.2 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. |  |

18

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

| At or for the quarter ended
($ in thousands) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024
LOAN PORTFOLIO |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 4,943,561 |  |  | $ | 4,870,268 |  |  | $ | 4,729,707 |  |  | $ | 4,716,689 |  |  | $ | 4,628,488 |
Commercial real estate | 5,178,649 |  |  | 5,074,100 |  |  | 5,046,293 |  |  | 4,974,787 |  |  | 4,915,176 |
Construction real estate | 858,146 |  |  | 844,497 |  |  | 880,708 |  |  | 891,059 |  |  | 896,325 |
Residential real estate | 365,010 |  |  | 364,281 |  |  | 366,353 |  |  | 359,263 |  |  | 355,279 |
Other | 237,743 |  |  | 255,694 |  |  | 275,702 |  |  | 278,557 |  |  | 284,624 |
Total loans | $ | 11,583,109 |  |  | $ | 11,408,840 |  |  | $ | 11,298,763 |  |  | $ | 11,220,355 |  |  | $ | 11,079,892 |
DEPOSIT PORTFOLIO |  |  |  |  |  |  |  |  |
Noninterest-bearing demand accounts | $ | 4,386,513 |  |  | $ | 4,322,332 |  |  | $ | 4,285,061 |  |  | $ | 4,484,072 |  |  | $ | 3,934,245 |
Interest-bearing demand accounts | 3,301,621 |  |  | 3,184,670 |  |  | 3,193,903 |  |  | 3,175,292 |  |  | 3,048,981 |
Money market and savings accounts | 4,228,605 |  |  | 4,209,032 |  |  | 4,167,375 |  |  | 4,117,524 |  |  | 4,121,543 |
Brokered certificates of deposit | 762,499 |  |  | 752,422 |  |  | 542,172 |  |  | 484,588 |  |  | 480,934 |
Other certificates of deposit | 888,674 |  |  | 848,903 |  |  | 845,719 |  |  | 885,016 |  |  | 879,619 |
Total deposits | $ | 13,567,912 |  |  | $ | 13,317,359 |  |  | $ | 13,034,230 |  |  | $ | 13,146,492 |  |  | $ | 12,465,322 |
AVERAGE BALANCES |  |  |  |  |  |  |  |  |
Loans | $ | 11,454,183 |  |  | $ | 11,358,209 |  |  | $ | 11,240,806 |  |  | $ | 11,100,112 |  |  | $ | 10,971,575 |
Securities | 3,353,305 |  |  | 3,149,010 |  |  | 2,930,912 |  |  | 2,748,063 |  |  | 2,503,124 |
Interest-earning assets | 15,135,880 |  |  | 14,822,957 |  |  | 14,650,854 |  |  | 14,323,053 |  |  | 13,877,631 |
Assets | 16,178,066 |  |  | 15,859,721 |  |  | 15,642,999 |  |  | 15,309,577 |  |  | 14,849,455 |
Deposits | 13,604,302 |  |  | 13,245,241 |  |  | 13,141,556 |  |  | 12,958,156 |  |  | 12,546,086 |
Stockholders’ equity | 1,964,126 |  |  | 1,906,089 |  |  | 1,863,272 |  |  | 1,844,509 |  |  | 1,804,369 |
Tangible common equity 1 | 1,520,476 |  |  | 1,461,700 |  |  | 1,418,094 |  |  | 1,398,427 |  |  | 1,357,362 |
YIELDS (tax equivalent) |  |  |  |  |  |  |  |  |
Loans | 6.64 | % |  | 6.64 | % |  | 6.57 | % |  | 6.73 | % |  | 6.95 | %
Securities | 3.93 |  |  | 3.86 |  |  | 3.75 |  |  | 3.51 |  |  | 3.40 |
Interest-earning assets | 5.99 |  |  | 6.00 |  |  | 5.93 |  |  | 6.05 |  |  | 6.26 |
Interest-bearing deposits | 2.67 |  |  | 2.70 |  |  | 2.77 |  |  | 2.96 |  |  | 3.22 |
Deposits | 1.80 |  |  | 1.82 |  |  | 1.83 |  |  | 2.00 |  |  | 2.18 |
Subordinated debentures and notes | 7.78 |  |  | 7.00 |  |  | 6.63 |  |  | 6.70 |  |  | 6.86 |
FHLB advances and other borrowed funds | 3.47 |  |  | 3.48 |  |  | 3.01 |  |  | 2.81 |  |  | 3.01 |
Interest-bearing liabilities | 2.77 |  |  | 2.81 |  |  | 2.84 |  |  | 3.02 |  |  | 3.28 |
Net interest margin | 4.23 |  |  | 4.21 |  |  | 4.15 |  |  | 4.13 |  |  | 4.17 |

1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
19

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

| Quarter ended
(in thousands, except per share data) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024
ASSET QUALITY |  |  |  |  |  |  |  |  |
Net charge-offs (recoveries) | $ | 4,057 |  |  | $ | 630 |  |  | $ | (1,059) |  |  | $ | 7,131 |  |  | $ | 3,850 |
Nonperforming loans | 127,878 |  |  | 105,807 |  |  | 109,882 |  |  | 42,687 |  |  | 28,376 |
Classified assets | 352,792 |  |  | 281,162 |  |  | 264,460 |  |  | 193,838 |  |  | 179,883 |
Nonperforming loans to total loans | 1.10 | % |  | 0.93 | % |  | 0.97 | % |  | 0.38 | % |  | 0.26 | %
Nonperforming assets to total assets | 0.83 | % |  | 0.71 | % |  | 0.72 | % |  | 0.30 | % |  | 0.22 | %
Allowance for credit losses to total loans | 1.29 | % |  | 1.27 | % |  | 1.27 | % |  | 1.23 | % |  | 1.26 | %
Allowance for credit losses to total loans, excluding guaranteed loans 1 | 1.40 | % |  | 1.38 | % |  | 1.38 | % |  | 1.34 | % |  | 1.38 | %
Allowance for credit losses to nonperforming loans | 116.4 | % |  | 137.2 | % |  | 130.1 | % |  | 323.2 | % |  | 492.6 | %
Net charge-offs (recoveries) to average loans -annualized | 0.14 | % |  | 0.02 | % |  | (0.04) | % |  | 0.26 | % |  | 0.14 | %
WEALTH MANAGEMENT |  |  |  |  |  |  |  |  |
Trust assets under management | $ | 2,566,784 |  |  | $ | 2,457,471 |  |  | $ | 2,250,004 |  |  | $ | 2,412,471 |  |  | $ | 2,499,807 |
SHARE DATA |  |  |  |  |  |  |  |  |
Book value per common share | $ | 51.62 |  |  | $ | 50.09 |  |  | $ | 48.64 |  |  | $ | 47.37 |  |  | $ | 47.33 |
Tangible book value per common share 1 | $ | 41.58 |  |  | $ | 40.02 |  |  | $ | 38.54 |  |  | $ | 37.27 |  |  | $ | 37.26 |
Market value per share | $ | 57.98 |  |  | $ | 55.10 |  |  | $ | 53.74 |  |  | $ | 56.40 |  |  | $ | 51.26 |
Period end common shares outstanding | 37,011 |  |  | 36,950 |  |  | 36,928 |  |  | 36,988 |  |  | 37,184 |
Average basic common shares | 37,015 |  |  | 36,963 |  |  | 36,971 |  |  | 37,118 |  |  | 37,337 |
Average diluted common shares | 37,333 |  |  | 37,172 |  |  | 37,287 |  |  | 37,447 |  |  | 37,483 |
CAPITAL |  |  |  |  |  |  |  |  |
Total risk-based capital to risk-weighted assets 2 | 14.4 | % |  | 14.7 | % |  | 14.7 | % |  | 14.6 | % |  | 14.8 | %
Tier 1 capital to risk-weighted assets 2 | 13.3 | % |  | 13.2 | % |  | 13.1 | % |  | 13.1 | % |  | 13.2 | %
Common equity tier 1 capital to risk-weighted assets 2 | 12.0 | % |  | 11.9 | % |  | 11.8 | % |  | 11.8 | % |  | 11.9 | %
Tangible common equity to tangible assets 1 | 9.60 | % |  | 9.42 | % |  | 9.30 | % |  | 9.05 | % |  | 9.50 | %
1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
2 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.

20

ENTERPRISE FINANCIAL SERVICES CORP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

| Quarter ended |  | Nine months ended
($ in thousands) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Sep 30, 2025 |  | Sep 30, 2024
CORE EFFICIENCY RATIO |  |  |  |
Net interest income (GAAP) | $ | 158,286 |  |  | $ | 152,762 |  |  | $ | 147,516 |  |  | $ | 146,370 |  |  | $ | 143,469 |  |  | $ | 458,564 |  |  | $ | 421,726 |
Tax-equivalent adjustment | 3,045 |  |  | 2,738 |  |  | 2,475 |  |  | 2,272 |  |  | 2,086 |  |  | 8,258 |  |  | 6,173 |
Noninterest income (GAAP) | 46,649 |  |  | 20,604 |  |  | 18,483 |  |  | 20,631 |  |  | 21,420 |  |  | 85,736 |  |  | 49,072 |
Less insurance recoveries | 30,137 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,137 |  |  | — |
Less gain on sale of investment securities | — |  |  | — |  |  | 106 |  |  | — |  |  | — |  |  | 106 |  |  | — |
Less gain (loss) on sale of other real estate owned | 7 |  |  | 56 |  |  | 23 |  |  | (68) |  |  | 3,159 |  |  | 86 |  |  | 3,157 |
Core revenue (non-GAAP) | $ | 177,836 |  |  | $ | 176,048 |  |  | $ | 168,345 |  |  | $ | 169,341 |  |  | $ | 163,816 |  |  | $ | 522,229 |  |  | $ | 473,814 |
Noninterest expense (GAAP) | $ | 109,790 |  |  | $ | 105,702 |  |  | $ | 99,783 |  |  | $ | 99,522 |  |  | $ | 98,007 |  |  | $ | 315,275 |  |  | $ | 285,525 |
Less FDIC special assessment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 625 |
Less core conversion expense | — |  |  | — |  |  | — |  |  | 1,893 |  |  | 1,375 |  |  | — |  |  | 2,975 |
Less amortization on intangibles | 736 |  |  | 753 |  |  | 855 |  |  | 916 |  |  | 927 |  |  | 2,344 |  |  | 2,918 |
Less acquisition costs | 609 |  |  | 518 |  |  | — |  |  | — |  |  | — |  |  | 1,127 |  |  | — |
Core noninterest expense (non-GAAP) | $ | 108,445 |  |  | $ | 104,431 |  |  | $ | 98,928 |  |  | $ | 96,713 |  |  | $ | 95,705 |  |  | $ | 311,804 |  |  | $ | 279,007 |
Core efficiency ratio (non-GAAP) | 61.0 | % |  | 59.3 | % |  | 58.8 | % |  | 57.1 | % |  | 58.4 | % |  | 59.7 | % |  | 58.9 | %

| Quarter ended
(in thousands, except per share data) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO TO TANGIBLE ASSETS
Stockholders’ equity (GAAP) | $ | 1,982,332 |  |  | $ | 1,922,899 |  |  | $ | 1,868,073 |  |  | $ | 1,824,002 |  |  | $ | 1,832,011 |
Less preferred stock | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |
Less goodwill | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |
Less intangible assets | 6,140 |  |  | 6,876 |  |  | 7,628 |  |  | 8,484 |  |  | 9,400 |
Tangible common equity (non-GAAP) | $ | 1,539,040 |  |  | $ | 1,478,871 |  |  | $ | 1,423,293 |  |  | $ | 1,378,366 |  |  | $ | 1,385,459 |
Less net unrealized losses on HTM securities, after tax | 37,341 |  |  | 56,508 |  |  | 55,819 |  |  | 52,881 |  |  | 34,856 |
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) | $ | 1,501,699 |  |  | $ | 1,422,363 |  |  | $ | 1,367,474 |  |  | $ | 1,325,485 |  |  | $ | 1,350,603 |
Common shares outstanding | 37,011 |  |  | 36,950 |  |  | 36,928 |  |  | 36,988 |  |  | 37,184 |
Tangible book value per common share (non-GAAP) | $ | 41.58 |  |  | $ | 40.02 |  |  | $ | 38.54 |  |  | $ | 37.27 |  |  | $ | 37.26 |
Total assets (GAAP) | $ | 16,400,430 |  |  | $ | 16,076,299 |  |  | $ | 15,676,594 |  |  | $ | 15,596,431 |  |  | $ | 14,954,125 |
Less goodwill | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |
Less intangible assets | 6,140 |  |  | 6,876 |  |  | 7,628 |  |  | 8,484 |  |  | 9,400 |
Tangible assets (non-GAAP) | $ | 16,029,126 |  |  | $ | 15,704,259 |  |  | $ | 15,303,802 |  |  | $ | 15,222,783 |  |  | $ | 14,579,561 |
Tangible common equity to tangible assets (non-GAAP) | 9.60 | % |  | 9.42 | % |  | 9.30 | % |  | 9.05 | % |  | 9.50 | %
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) | 9.37 | % |  | 9.06 | % |  | 8.94 | % |  | 8.71 | % |  | 9.26 | %

21

| Quarter ended |  | Nine months ended
($ in thousands) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  | Sep 30, 2025 |  | Sep 30, 2024
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE
Average stockholder’s equity (GAAP) | $ | 1,964,126 |  |  | $ | 1,906,089 |  |  | $ | 1,863,272 |  |  | $ | 1,844,509 |  |  | $ | 1,804,369 |  |  | $ | 1,911,531 |  |  | $ | 1,763,917 |
Less average preferred stock | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |  |  | 71,988 |
Less average goodwill | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |  |  | 365,164 |
Less average intangible assets | 6,498 |  |  | 7,237 |  |  | 8,026 |  |  | 8,930 |  |  | 9,855 |  |  | 7,248 |  |  | 10,799 |
Average tangible common equity (non-GAAP) | $ | 1,520,476 |  |  | $ | 1,461,700 |  |  | $ | 1,418,094 |  |  | $ | 1,398,427 |  |  | $ | 1,357,362 |  |  | $ | 1,467,131 |  |  | $ | 1,315,966 |
Net income (GAAP) | $ | 45,235 |  |  | $ | 51,384 |  |  | $ | 49,961 |  |  | $ | 48,834 |  |  | $ | 50,585 |  |  | $ | 146,580 |  |  | $ | 136,432 |
FDIC special assessment (after tax) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 470 |
Core conversion expense (after tax) | — |  |  | — |  |  | — |  |  | 1,424 |  |  | 1,034 |  |  | — |  |  | 2,237 |
Acquisition costs (after tax) | 549 |  |  | 462 |  |  | — |  |  | — |  |  | — |  |  | 1,011 |  |  | — |
Less gain on sale of investment securities (after tax) | — |  |  | — |  |  | 80 |  |  | — |  |  | — |  |  | 80 |  |  | — |
Less gain (loss) on sales of other real estate owned (after tax) | 5 |  |  | 42 |  |  | 17 |  |  | (51) |  |  | 2,375 |  |  | 64 |  |  | 2,374 |
Net income adjusted (non-GAAP) | $ | 45,779 |  |  | $ | 51,804 |  |  | $ | 49,864 |  |  | $ | 50,309 |  |  | $ | 49,244 |  |  | $ | 147,447 |  |  | $ | 136,765 |
Less preferred stock dividends | 938 |  |  | 937 |  |  | 938 |  |  | 937 |  |  | 938 |  |  | 2,813 |  |  | 2,813 |
Net income available to common stockholders adjusted (non-GAAP) | $ | 44,841 |  |  | $ | 50,867 |  |  | $ | 48,926 |  |  | $ | 49,372 |  |  | $ | 48,306 |  |  | $ | 144,634 |  |  | $ | 133,952 |
Return on average common equity (non-GAAP) | 9.29 | % |  | 11.03 | % |  | 11.10 | % |  | 10.75 | % |  | 11.40 | % |  | 10.45 | % |  | 10.55 | %
Adjusted return on average common equity (non-GAAP) | 9.40 | % |  | 11.12 | % |  | 11.08 | % |  | 11.08 | % |  | 11.09 | % |  | 10.51 | % |  | 10.58 | %
ROATCE (non-GAAP) | 11.56 | % |  | 13.84 | % |  | 14.02 | % |  | 13.63 | % |  | 14.55 | % |  | 13.10 | % |  | 13.56 | %
Adjusted ROATCE (non-GAAP) | 11.70 | % |  | 13.96 | % |  | 13.99 | % |  | 14.05 | % |  | 14.16 | % |  | 13.18 | % |  | 13.60 | %
Average assets | $ | 16,178,066 |  |  | $ | 15,859,721 |  |  | $ | 15,642,999 |  |  | $ | 15,309,577 |  |  | $ | 14,849,455 |  |  | $ | 15,895,556 |  |  | $ | 14,684,589 |
Return on average assets (GAAP) | 1.11 | % |  | 1.30 | % |  | 1.30 | % |  | 1.27 | % |  | 1.36 | % |  | 1.23 | % |  | 1.24 | %
Adjusted return on average assets (non-GAAP) | 1.12 | % |  | 1.31 | % |  | 1.29 | % |  | 1.31 | % |  | 1.32 | % |  | 1.24 | % |  | 1.24 | %
Average diluted common shares | 37,333 |  | 37,172 |  | 37,287 |  | 37,447 |  | 37,483 |  | 37,273 |  | 37,547
Diluted earnings per share (GAAP) | $ | 1.19 |  |  | $ | 1.36 |  |  | $ | 1.31 |  |  | $ | 1.28 |  |  | $ | 1.32 |  |  | $ | 3.86 |  |  | $ | 3.56 |
Adjusted diluted earnings per share (non-GAAP) | $ | 1.20 |  |  | $ | 1.37 |  |  | $ | 1.31 |  |  | $ | 1.32 |  |  | $ | 1.29 |  |  | $ | 3.88 |  |  | $ | 3.57 |

| Quarter ended |  |
($ in thousands) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024 |  |  |  |
PRE-PROVISION NET REVENUE (PPNR) |  |  |  |
Net interest income (GAAP) | $ | 158,286 |  |  | $ | 152,762 |  |  | $ | 147,516 |  |  | $ | 146,370 |  |  | $ | 143,469 |  |  |  |  |
Noninterest income (GAAP) | 46,649 |  |  | 20,604 |  |  | 18,483 |  |  | 20,631 |  |  | 21,420 |  |  |  |  |
Core conversion expense | — |  |  | — |  |  | — |  |  | 1,893 |  |  | 1,375 |  |  |  |  |
Acquisition costs | 609 |  |  | 518 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Less gain on sale of investment securities | — |  |  | — |  |  | 106 |  |  | — |  |  | — |  |  |  |  |
Less gain (loss) on sales of other real estate owned | 7 |  |  | 56 |  |  | 23 |  |  | (68) |  |  | 3,159 |  |  |  |  |
Less insurance recoveries | 30,137 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Less noninterest expense (GAAP) | 109,790 |  |  | 105,702 |  |  | 99,783 |  |  | 99,522 |  |  | 98,007 |  |  |  |  |
PPNR (non-GAAP) | $ | 65,610 |  |  | $ | 68,126 |  |  | $ | 66,087 |  |  | $ | 69,440 |  |  | $ | 65,098 |  |  |  |  |

22

| At
($ in thousands) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024
ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS
Loans (GAAP) | $ | 11,583,109 |  |  | $ | 11,408,840 |  |  | $ | 11,298,763 |  |  | $ | 11,220,355 |  |  | $ | 11,079,892 |
Less guaranteed loans | 922,168 |  |  | 913,118 |  |  | 942,651 |  |  | 947,665 |  |  | 928,272 |
Adjusted loans (non-GAAP) | $ | 10,660,941 |  |  | $ | 10,495,722 |  |  | $ | 10,356,112 |  |  | $ | 10,272,690 |  |  | $ | 10,151,620 |
Allowance for credit losses | $ | 148,854 |  |  | $ | 145,133 |  |  | $ | 142,944 |  |  | $ | 137,950 |  |  | $ | 139,778 |
Allowance for credit losses/loans (GAAP) | 1.29 | % |  | 1.27 | % |  | 1.27 | % |  | 1.23 | % |  | 1.26 | %
Allowance for credit losses/adjusted loans (non-GAAP) | 1.40 | % |  | 1.38 | % |  | 1.38 | % |  | 1.34 | % |  | 1.38 | %

| Quarter ended
($ in thousands) | Sep 30, 2025 |  | Jun 30, 2025 |  | Mar 31, 2025 |  | Dec 31, 2024 |  | Sep 30, 2024
ADJUSTED EFFECTIVE TAX RATE
Income before income tax expense (GAAP) | $ | 86,698 |  |  | $ | 64,194 |  |  | $ | 61,032 |  |  | $ | 60,645 |  |  | $ | 62,783 |
Less insurance recoveries | 30,137 |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted income before income tax expense (non-GAAP) | $ | 56,561 |  |  | $ | 64,194 |  |  | $ | 61,032 |  |  | $ | 60,645 |  |  | $ | 62,783 |
Income tax expense (GAAP) | $ | 41,463 |  |  | $ | 12,810 |  |  | $ | 11,071 |  |  | $ | 11,811 |  |  | $ | 12,198 |
Less tax credit recapture and provision for anticipated tax applied to related insurance recoveries | 30,137 |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted income tax expense (non-GAAP) | $ | 11,326 |  |  | $ | 12,810 |  |  | $ | 11,071 |  |  | $ | 11,811 |  |  | $ | 12,198 |
Effective tax rate (GAAP) | 47.8 | % |  | 20.0 | % |  | 18.1 | % |  | 19.5 | % |  | 19.4 | %
Adjusted effective tax rate (non-GAAP) | 20.0 | % |  | 20.0 | % |  | 18.1 | % |  | 19.5 | % |  | 19.4 | %

23