Business
Enterprise Financial Reports Second Quarter 2022 Results
Second Quarter Results Net income of $45.1 million, $1.19 per diluted common share Net interest margin (tax equivalent) of 3.55% Pre-provision return on
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":"\nSecond Quarter Results\n\n\nNet income of $45.1 million, $1.19 per diluted common share\n\n\n\nNet interest margin (tax equivalent) of 3.55%\n\n\n\nPre-provision return on average assets1 of 1.73%\n\n\n\nTotal loans2 of $9.2 billion, a quarterly increase of $298.0 million, or 13% annualized\n\n\n\nIncreased quarterly dividend 5% to $0.23 per common share for the third quarter\n\n\n\nRepurchased 349,383 shares at an average price of $45.65 per share\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”), said today upon the release of EFSC’s second quarter earnings, “Our execution propelled double-digit loan growth on an annualized basis, building on the strong foundation that was established in the first quarter. Loan growth was diversified across our business lines and reflects the strength of the targeted investments we have made. Our organic growth, coupled with our well-positioned balance sheet, accelerated operating revenue which resulted in a nearly 18% return on average tangible common equity3 for the quarter. I am proud of what we have accomplished so far this year, as it demonstrates the power of the franchise we have built and expanded upon in recent years.”\n\nHighlights\n\nComparisons to the prior year are impacted by the acquisition of First Choice Bancorp (“First Choice” or “FCBP”) in the third quarter of 2021.\n\n\nEarnings - Net income in the second quarter 2022 was $45.1 million, a decrease of $2.5 million, compared to the linked quarter and an increase of $6.7 million from the prior year quarter. Earnings per share (“EPS”) was $1.19 per diluted common share for the second quarter 2022, compared to $1.23 per diluted common share for both the linked and prior year quarters, respectively.\n\n\n\nPre-provision net revenue1 (“PPNR”) - PPNR of $58.4 million in the second quarter 2022 increased $1.4 million and $10.9 million from the linked and prior year quarters, respectively. The increase from the linked quarter was primarily due to an increase in net interest income, partially offset by a decline in noninterest income and an increase in noninterest expense, as further discussed in the following sections. The increase from the prior year quarter was primarily due to the positive contribution from the First...