Business
Enterprise Financial Reports Fourth Quarter and Full Year 2023 Results
Fourth Quarter Results Net income of $44.5 million, $1.16 per diluted common share, or $1.21 per diluted common share when excluding $2.4 million FDIC
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":"\nFourth Quarter Results\n\n\n\nNet income of $44.5 million, $1.16 per diluted common share, or $1.21 per diluted common share when excluding $2.4 million FDIC special assessment1\n\n\n\nNet interest margin (“NIM”) of 4.23%, quarterly decrease of 10 basis points\n\n\n\nNet interest income of $140.7 million, quarterly decrease of $0.9 million\n\n\n\nTotal loans of $10.9 billion, quarterly increase of $267.3 million, or 10% annualized\n\n\n\nTotal deposits of $12.2 billion, quarterly increase of $266.5 million\n\n\n\nReturn on Average Assets (“ROAA”) of 1.23%, or 1.28% adjusted for FDIC special assessment1\n\n\n\nReturn on Average Tangible Common Equity (“ROATCE”)1 of 14.38%, or 14.98% adjusted for FDIC special assessment1\n\n\n\nTangible common equity to tangible assets1 of 8.96%\n\n\n\nTangible book value per share1 of $33.85, quarterly increase of 9%\n\n\n\n2023 Results\n\n\n\nNet income of $194.1 million, $5.07 per diluted common share, or $5.12 per diluted common share when excluding $2.4 million FDIC special assessment1\n\n\n\nNet interest income of $562.6 million, increase of $88.7 million\n\n\n\nTotal loans increased $1.1 billion, or 12%\n\n\n\nTotal deposits increased $1.3 billion, or 12%\n\n\n\nROAA of 1.41%, or 1.42% adjusted for FDIC special assessment1\n\n\n\nROATCE1 of 16.25% or 16.40% adjusted for FDIC special assessment1\n\n\n\nTangible book value per share1 increased $5.18, or 18%\n\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, “I am pleased with how strong we finished 2023, although we unfortunately had an elevated level of charge-offs in the fourth quarter, with the largest charge-off attributable to a single agricultural relationship. This relationship had specific aspects that drove the loss that we believe is an isolated issue.”\n\n\nLally added, “While the charge-offs and related provision for credit losses reduced our earnings for the year, we achieved a 1.4% ROAA1 driven by a 10% increase in pre-provision net revenue ('PPNR')1. Our consistent marketing efforts and partnership with our customers resulted in a 12% increase in net loan growth, with the increase being primarily funded with core deposits. For the full year, we reported earnings per share ('EPS') of $5.07 and a 16.4% ...