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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
 
FORM 10-Q
 
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2022.
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______

Commission file number 001-15373

ENTERPRISE FINANCIAL SERVICES CORP
Incorporated in the State of Delaware
I.R.S. Employer Identification # 43-1706259
Address: 150 North Meramec
Clayton, MO 63105
Telephone: (314) 725-5500
___________________
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEFSCNasdaq Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series AEFSCPNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes ☐  No ☒
 
As of October 25, 2022, the Registrant had 37,223,324 shares of outstanding common stock, $0.01 par value per share.
This document is also available through our website at http://www.enterprisebank.com.




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


Glossary of Acronyms, Abbreviations and Entities

The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 2 and the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements in Item 1 of this Form 10-Q.

ACLAllowance for Credit LossesFASBFinancial Accounting Standards Board
ASUAccounting Standards UpdateFCBPFirst Choice Bancorp
BankEnterprise Bank & TrustFHLBFederal Home Loan Bank
C&ICommercial and IndustrialGAAPGenerally Accepted Accounting Principles (United States)
CCBCapital Conservation BufferLIBORLondon Interbank Offered Rate
CDFICommunity Development Financial InstitutionNIMNet Interest Margin
CECLCurrent Expected Credit LossPPPPaycheck Protection Program
CompanyEnterprise Financial Services CorpSBASmall Business Administration
CRECommercial Real EstateSBICSmall Business Investment Company
EFSCEnterprise Financial Services CorpSECSecurities and Exchange Commission
EnterpriseEnterprise Financial Services Corp SOFRSecured Overnight Financing Rate



PART I - ITEM 1 - FINANCIAL STATEMENTS
ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)September 30, 2022December 31, 2021
Assets  
Cash and due from banks$264,078 $209,177 
Federal funds sold1,063 1,356 
Interest-earning deposits (including $0 and $14,595 pledged as collateral, respectively)
479,735 1,811,156 
Total cash and cash equivalents744,876 2,021,689 
Interest-earning deposits greater than 90 days9,027 6,996 
Securities available-for-sale1,466,912 1,366,006 
Securities held-to-maturity, net646,393 429,681 
Loans held-for-sale785 6,389 
Loans9,354,987 9,017,642 
Allowance for credit losses on loans(140,572)(145,041)
Total loans, net
9,214,415 8,872,601 
Other investments58,637 59,896 
Fixed assets, net43,882 47,915 
Goodwill365,164 365,164 
Intangible assets, net18,217 22,286 
Other assets426,479 338,735 
Total assets$12,994,787 $13,537,358 
Liabilities and Shareholders' Equity  
Noninterest-bearing demand accounts$4,642,539 $4,578,436 
Interest-bearing demand accounts2,270,898 2,465,884 
Money market accounts2,792,766 2,890,976 
Savings accounts824,483 800,210 
Certificates of deposit: 
Brokered129,039 128,970 
Other397,869 479,323 
Total deposits11,057,594 11,343,799 
Subordinated debentures and notes155,298 154,899 
FHLB advances— 50,000 
Other borrowings197,422 353,863 
Other liabilities138,255 105,681 
Total liabilities$11,548,569 $12,008,242 
Commitments and contingent liabilities (Note 5)
Shareholders' equity:  
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding ($1,000 per share liquidation preference)
71,988 71,988 
Common stock, $0.01 par value; 75,000,000 shares authorized; 37,222,900 shares issued and outstanding and 39,799,615 shares issued, respectively372 398 
Treasury stock, at cost; 0 and 1,980,093 shares
— (73,528)
Additional paid in capital979,543 1,018,799 
Retained earnings547,506 492,682 
Accumulated other comprehensive (loss) income(153,191)18,777 
Total shareholders' equity1,446,218 1,529,116 
Total liabilities and shareholders' equity$12,994,787 $13,537,358 
The accompanying notes are an integral part of these consolidated financial statements.
1

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
 Three months ended September 30,Nine months ended September 30,
(in thousands, except per share data)2022202120222021
Interest income:
Loans$118,465 $94,353 $316,741 $250,390 
Debt securities:
Taxable7,766 4,435 19,670 13,293 
Nontaxable4,976 3,585 13,444 10,058 
Interest-earning deposits4,190 480 7,502 906 
Dividends on equity securities298 375 988 942 
Total interest income135,695 103,228 358,345 275,589 
Interest expense:
Deposits8,687 2,740 15,396 7,870 
Subordinated debentures and notes2,313 2,855 6,790 8,521 
FHLB advances103 212 495 604 
Other borrowings302 148 596 460 
Total interest expense11,405 5,955 23,277 17,455 
Net interest income124,290 97,273 335,068 258,134 
Provision (benefit) for credit losses676 19,668 (2,734)17,045 
Net interest income after provision (benefit) for credit losses123,614 77,605 337,802 241,089 
Noninterest income:
Deposit service charges4,951 4,520 13,863 11,466 
Wealth management revenue2,432 2,573 7,587 7,572 
Card services revenue2,652 3,186 9,206 8,657 
Tax credit income (loss)(3,625)3,325 169 3,654 
Other income3,044 4,015 11,464 13,764 
Total noninterest income9,454 17,619 42,289 45,113 
Noninterest expense:
Employee compensation and benefits36,999 33,722 108,854 91,416 
Occupancy4,497 4,496 13,392 11,776 
Data processing3,543 3,328 9,914 9,068 
Professional fees1,597 901 4,316 3,189 
Branch-closure expenses— 3,441 — 3,441 
Merger-related expenses— 14,671 — 19,762 
Other expense22,207 16,326 60,591 43,573 
Total noninterest expense68,843 76,885 197,067 182,225 
Income before income tax expense64,225 18,339 183,024 103,977 
Income tax expense14,025 4,426 39,982 21,733 
Net income$50,200 $13,913 $143,042 $82,244 
Dividends on preferred stock937 — 3,104 — 
Net income available to common shareholders$49,263 $13,913 $139,938 $82,244 
Earnings per common share
Basic$1.32 $0.38 $3.74 $2.48 
Diluted1.32 0.38 3.73 2.48 
The accompanying notes are an integral part of these consolidated financial statements.
2


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
Net income$50,200 $13,913 $143,042 $82,244 
Other comprehensive income (loss), after-tax:
Change in unrealized loss on available-for-sale securities(45,283)(7,870)(173,878)(15,941)
Reclassification of gain on held-to-maturity securities(647)(805)(2,052)(2,791)
Change in unrealized gain on cash flow hedges1,165 9 3,451 651 
Reclassification of loss on cash flow hedges55 296 511 863 
Total other comprehensive loss, after-tax(44,710)(8,370)(171,968)(17,218)
Comprehensive income (loss) $5,490 $5,543 $(28,926)$65,026 

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

3

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
Three and nine months ended September 30, 2022
Preferred StockCommon Stock
(in thousands, except per share data)SharesAmountSharesAmountTreasury StockAdditional Paid in CapitalRetained EarningsAccumulated
Other
Comprehensive Income (Loss)		Total
Shareholders’ Equity
Balance at June 30, 202275 $71,988 37,206 $372 $— $976,684 $506,849 $(108,481)$1,447,412 
Net income— — — — — — 50,200 — 50,200 
Other comprehensive loss — — — — — — — (44,710)(44,710)
Common stock dividends ($0.23 per share)— — — — — — (8,562)— (8,562)
Preferred stock dividends ($12.50 per share)— — — — — — (937)— (937)
Issuance under equity compensation plans, net— — 17 — — 737 (44)— 693 
Share-based compensation— — — — — 2,122 — — 2,122 
Balance at September 30, 202275 $71,988 37,223 $372 $— $979,543 $547,506 $(153,191)$1,446,218 
Balance at December 31, 202175 $71,988 37,820 $398 $(73,528)$1,018,799 $492,682 $18,777 $1,529,116 
Net income— — — — — — 143,042 — 143,042 
Other comprehensive loss— — — — — — — (171,968)(171,968)
Common stock dividends ($0.66 per share)— — — — — — (24,662)— (24,662)
Preferred stock dividends ($41.389 per share)— — — — — — (3,104)— (3,104)
Repurchase of common stock— — (700)(7)— (18,867)(14,049)— (32,923)
Issuance under equity compensation plans, net— — 103 1 — 1,421 (633)— 789 
Share-based compensation— — — — — 5,928 — — 5,928 
Retirement of treasury stock (1,980 shares)— — — (20)73,528 (27,738)(45,770)— — 
Balance at September 30, 202275 $71,988 37,223 $372 $— $979,543 $547,506 $(153,191)$1,446,218 


4

Three and nine months ended September 30, 2021
Common Stock
(in thousands, except per share data)SharesAmountTreasury StockAdditional Paid in CapitalRetained EarningsAccumulated
Other
Comprehensive Income (Loss)		Total
Shareholders’ Equity
Balance at June 30, 202131,052 $330 $(73,528)$688,945 $474,282 $28,272 $1,118,301 
Net income— — — — 13,913 — 13,913 
Other comprehensive loss— — — — — (8,370)(8,370)
Common stock dividends ($0.19 per share)— — — — (7,305)— (7,305)
Repurchase of common stock(470)(4)— (3,412)(17,820)— (21,236)
Issuance under equity compensation plans, net13 — — 1,376 (649)— 727 
Share-based compensation— — — 1,325 — — 1,325 
Shares issued in connection with acquisition of First Choice Bancorp— 78 — 342,912 (710)— 342,280 
Balance at September 30, 202138,372 $404 $(73,528)$1,031,146 $461,711 $19,902 $1,439,635 
Balance at December 31, 202031,210 $332 $(73,528)$697,839 $417,212 $37,120 $1,078,975 
Net income— — — — 82,244 — 82,244 
Other comprehensive income— — — — — (17,218)(17,218)
Common stock dividends ($0.55 per share)— — — — (18,566)— (18,566)
Repurchase of common stock(722)(6)— (15,243)(17,820)— (33,069)
Issuance under equity compensation plans, net107 — — 1,530 (649)— 881 
Share-based compensation— — — 4,108 — — 4,108 
Shares issued in connection with acquisition of First Choice Bancorp— 78 — 342,912 (710)— 342,280 
Balance at September 30, 202138,372 $404 $(73,528)$1,031,146 $461,711 $19,902 $1,439,635 
The accompanying notes are an integral part of these consolidated financial statements.
5

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Nine months ended September 30,
(in thousands, except share data)20222021
Cash flows from operating activities:  
Net income$143,042 $82,244 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation4,268 4,609 
Provision (benefit) for credit losses(2,734)17,045 
Deferred income taxes1,796 (8,813)
Net amortization of debt securities4,488 5,704 
Net accretion on loan discount/premiums(289)(1,672)
Amortization of intangible assets4,068 4,199 
Amortization of servicing assets2,195 690 
Mortgage loans originated-for-sale