Business
Enterprise Financial Reports Third Quarter 2022 Results
Third Quarter Results Net income of $50.2 million, $1.32 per diluted common share Net interest income of $124.3 million, a quarterly increase of $14.7
About this update from Enterprise Financial Services Corporation
[{"type":"text","content":"\nThird Quarter Results\n\n\nNet income of $50.2 million, $1.32 per diluted common share\n\n\nNet interest income of $124.3 million, a quarterly increase of $14.7 million, or 13%\n\n\nNet interest margin of 4.10%\n\n\nPre-provision return on average assets1 of 1.96%\n\n\nTotal loans2 of $9.3 billion, a quarterly increase of $122.0 million, or 5% annualized\n\n\nIncreased quarterly dividend $0.01 to $0.24 per common share for the fourth quarter\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 third quarter earnings, “Our results for the third quarter continued the momentum we established early in the year and reflects the strength of our diversified franchise. We grew loans, maintained liquidity, expanded net interest income, and reported near record earnings. We continue to be pleased with the credit quality of our loan portfolio and our solid capital position. We believe we are well positioned to finish the year with strong performance.”\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 third quarter 2022 was $50.2 million, an increase of $5.1 million compared to the linked quarter and an increase of $36.3 million from the prior year quarter. Earnings per share (“EPS”) was $1.32 per diluted common share for the third quarter 2022, compared to $1.19 and $0.38 per diluted common share for the linked and prior year quarters, respectively.\n\n\n\nPre-provision net revenue1 (“PPNR”) - PPNR of $64.9 million in the third quarter 2022 increased $6.5 million and $8.8 million from the linked and prior year quarters, respectively. The increase from both the linked and prior year quarters was primarily due to an increase in operating revenue, partially offset by an increase in noninterest expense. The increase compared to the prior year quarter was also partially attributed to the First Choice acquisition.\n\n\n\nNet interest income and net interest margin (“NIM”) - Net interest income of $124.3 million for the third quarter 2022 increased $14.7 million and $27.0 million from the linked and prior year quarters, respectively. NIM was 4.10% for the ...