Business
Enterprise Financial Reports Fourth Quarter and Full Year 2022 Results
Fourth Quarter Results Net income of $60.0 million, $1.58 per diluted common share Net interest margin of 4.66%, quarterly increase of 56 basis points Total
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":"\nFourth Quarter Results\n\n\nNet income of $60.0 million, $1.58 per diluted common share\n\n\nNet interest margin of 4.66%, quarterly increase of 56 basis points\n\n\nTotal loans of $9.7 billion, quarterly increase of $382 million, or 16% annualized\n\n\nReturn on Average Assets (“ROAA”) of 1.83%\n\n\nReturn on Average Tangible Common Equity (“ROATCE”)1 of 22.62%\n\n\nTangible common equity to tangible assets1 of 8.43%\n\n\nTangible book value per share1 of $28.67, quarterly increase of 7.7%\n\n\nIncreased quarterly dividend $0.01 to $0.25 per common share for the first quarter 2023\n\n\n2022 Results\n\n\nNet income of $203.0 million, or $5.31 per diluted common share\n\n\nROAA of 1.52%\n\n\nROATCE1 of 19.10%\n\n\nRepurchased 700,473 shares and increased annual dividend 20%\n\n\n ST. LOUIS--(BUSINESS WIRE)--\nJim Lally, President and Chief Executive Officer of Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”), commented, “We finished 2022 with strong financial results in the fourth quarter and the full year. Our performance is a result of our commitment to building partnerships with our clients, the execution of our strategic initiatives and our diversified business platform. We reported earnings per share (“EPS”) of $1.58 for the fourth quarter and $5.31 for 2022, both of which are records for the Company. We also achieved loan growth of 16% and 8% for the fourth quarter, annualized, and full year, respectively. Our record earnings in the fourth quarter resulted in a 1.83% return on average assets and a 22.62% return on average tangible common equity.1 For the full year, we had a 1.52% return on average assets and a 19.10% return on average tangible common equity.1 As we look to 2023, we are excited for the opportunity to continue the strong momentum we built during 2022.”\n\n\n\n1 Return on average tangible common equity, tangible common equity to tangible assets, and tangible book value per share are non-GAAP measures. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.\n\n\n\n\nFull-Year Highlights\n\nPlease note comparisons to the prior year are impacted by the acquisition of First Choice Bancorp (“First Choice” or “FCBP”) in the third quarter of 2021.\n\nFor 2022, net income was $203.0 million, or $5.31 per diluted share, compared to $133.1 million,...