Business
Enterprise Financial Reports Fourth Quarter and Full Year 2019 Results
2019 Highlights Net income of $92.7 million, or $3.55 per diluted share Return on average assets of 1.35% Acquisition and integration of Trinity Capital
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":"\n2019 Highlights\n\n\n\nNet income of $92.7 million, or $3.55 per diluted share\n\n\nReturn on average assets of 1.35%\n\n\nAcquisition and integration of Trinity Capital Corporation (“Trinity”)\n\n\nRepurchase of 396,737 shares at an average price of $39.13 per share\n\n\n\nFourth Quarter Highlights\n\n\n\nNet income of $29.1 million, or $1.09 per diluted share\n\n\nReturn on average assets of 1.58%\n\n\nLoans increased $86.3 million, or 7% annualized\n\n\nDeposits increased $146.6 million, or 10% annualized\n\n\n\n \n\n ST. LOUIS--(BUSINESS WIRE)--\nEnterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) reported net income of $92.7 million, or $3.55 per diluted share, for the year ended December 31, 2019, compared to $89.2 million, or $3.83 per diluted share for the prior year period. Merger-related expenses from the Trinity acquisition reduced net income by $18.0 million pretax ($14.0 million after tax), or $0.53 per diluted share.\n\n\nThe Company recorded net income of $29.1 million for both the third and fourth quarters of 2019, or earnings per share of $1.08 and $1.09, respectively. Seasonally strong sales of tax credits in the fourth quarter offset the decline in incremental accretion income from the linked third quarter (“linked quarter”).\n\n\nDividends paid in 2019 of $0.62 per share increased $0.15 per share, or 32%, compared to $0.47 per share in 2018. The Company’s Board of Directors approved the Company’s quarterly dividend of $0.18 per common share for the first quarter of 2020, an increase from $0.17 for the prior quarter, payable on March 31, 2020 to shareholders of record as of March 16, 2020.\n\n\nJim Lally, EFSC’s President and Chief Executive Officer, commented, “We are pleased with another solid quarter of financial performance to close 2019. We achieved strong growth in both loans and deposits during the fourth quarter. On an annualized basis, loans grew 7% and deposits grew 10%. Given the current interest rate environment, I am pleased that our business fundamentals continued to generate robust earnings with a 1.6% return on average assets and a 19% return on average tangible common equity1.”\n\n\nLally added, “2019 was a pivotal year, as we expanded our geographic presence into New Mexico with the acquisition and integration of Trinity, organically grew the balance sheet with quali...