Business
Enterprise Financial Reports Third Quarter 2021 Results
Third Quarter Results Closed the acquisition of First Choice Bancorp (“FCBP”), adding approximately $2.3 billion in assets and approximately $1.9 billion in
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":"\nThird Quarter Results\n\n\nClosed the acquisition of First Choice Bancorp (“FCBP”), adding approximately $2.3 billion in assets and approximately $1.9 billion in both loans and deposits\n\n\nNet income of $13.9 million, $0.38 per diluted share, including merger and branch closure expenses\n\n\nNet interest margin (tax equivalent) of 3.40%\n\n\nPre-provision return on average assets1 of 1.81%\n\n\nIncreased quarterly dividend 5% to $0.20 per share for fourth quarter\n\n\nRepurchased 470,412 shares at an average price of $45.15 per share\n\n\nClosure and consolidation of 5 branch locations\n\n\n ST. LOUIS--(BUSINESS WIRE)--\nEnterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) reported net income of $13.9 million for the third quarter 2021, a decrease of $24.5 million compared to the linked second quarter (“linked quarter”) and a decrease of $4.0 million from the prior year quarter. Earnings per diluted share (“EPS”) was $0.38 for the third quarter 2021, compared to $1.23 and $0.68 for the linked and prior year quarters, respectively. Excluding merger-related, branch closure expenses and the FCBP CECL double count charge, adjusted EPS2, adjusted ROAA2, and adjusted ROATCE2 for the third quarter 2021 were $1.27, 1.51% and 18.15%, respectively.\n\nNet income and earnings per share in the current quarter were impacted by the following items:\n\n\n\n($ in thousands, except per share data)\n\n\n\nNet Income (pretax)\n\n\n\n \n\n\n\nEPS\n\n\n\n\n\nMerger-related expenses\n\n\n\n$\n\n\n\n(14,671)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(0.31)\n\n\n\n \n\n\n\n\n\nFCBP CECL double count\n\n\n\n(25,353)\n\n\n\n \n\n\n\n \n\n\n\n(0.51)\n\n\n\n \n\n\n\n\n\nBranch closure expenses\n\n\n\n(3,441)\n\n\n\n \n\n\n\n \n\n\n\n(0.07)\n\n\n\n \n\n\n\n\nJim Lally, EFSC’s President and Chief Executive Officer, commented, “Our third quarter results included a record pre-provision net revenue1 of $56 million, or 1.81% of average assets. Our results were bolstered by the acquisition of FCBP that closed during the quarter, furthering our commercial banking capabilities in the Southern California market. This augments our Southwest presence, and when combined with our specialty loan and deposit business lines, supports our overall growth initiatives. Additionally, we recently received a $60.0 million allocation from the New Market Tax Cred...