Business
Enterprise Financial Reports Second Quarter 2023 Results
Second Quarter Results Net income of $49.1 million, $1.29 per diluted common share Net interest margin of 4.49%, quarterly decrease of 22 basis points Net
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":"\nSecond Quarter Results\n\n\n\nNet income of $49.1 million, $1.29 per diluted common share\n\n\n\nNet interest margin of 4.49%, quarterly decrease of 22 basis points\n\n\n\nNet interest income of $140.7 million, quarterly increase of $1.2 million\n\n\n\nTotal loans of $10.5 billion, quarterly increase of $500.7 million\n\n\n\nTotal deposits of $11.6 billion, quarterly increase of $465.2 million\n\n\n\nTangible common equity to tangible assets1 of 8.65%\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”), said today upon the release of EFSC’s second quarter earnings, “I am pleased with our strong financial performance in the second quarter and our associates continued commitment to our customers and communities. We had significant loan growth across our geographic regions and business lines, building on the momentum from the first quarter. This increase in average loans has helped accelerate interest income to mitigate the effect of rising deposit interest expense. We remain focused on executing our strategic initiatives, including a focus on customer engagement and onboarding to support deposit growth and operational efficiencies.”\n\n\nHighlights\n\n\n\nEarnings - Net income in the second quarter 2023 was $49.1 million, a decrease of $6.6 million, compared to the linked quarter and an increase of $4.0 million from the prior year quarter. Earnings per share (“EPS”) was $1.29 per diluted common share for the second quarter 2023, compared to $1.46 and $1.19 per diluted common share for the linked and prior year quarters, respectively.\n\n\n\n\nPre-provision net revenue2 (“PPNR”) - PPNR of $68.9 million in the second quarter 2023 decreased $6.0 million from the linked quarter and increased $10.5 million from the prior year quarter.\n\n\n\n\nNet interest income and net interest margin (“NIM”) - Net interest income of $140.7 million for the second quarter 2023 increased $1.2 million and $31.1 million from the linked and prior year quarters, respectively. NIM was 4.49% for the second quarter 2023, compared to 4.71% and 3.55% for the linked and prior year quarters, respectively. Net interest income and NIM benefited from higher average loan and investment balances combined with expanding yields on earning assets. NIM decre...