Enterprise Financial Services Corporation · NASDAQ:EFSC
Enterprise Financial Services — Q3 2025 Earnings Presentation
27 slides from Enterprise Financial Services's earnings presentation, Oct 28, 2025
Slide 1: Enterprise Financial Services Corp 2025 Third Quarter Earnings Webcast
Exhibit 99.2 Enterprise Financial Services Corp 2025 Third Quarter Earnings Webcast
Slide 2: Forward-Looking Statements
Forward-Looking Statements Some of the information in this report may contain “forward-looking statements” within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include projections b
Slide 3: Financial Highlights - 3Q25
Financial Highlights - 3Q25* • Net Income $45.2 million, down $6.1 million; EPS $1.19 • Net Interest Income $158.3 million, up $5.5 million; NIM 4.23% Earnings • PPNR** $65.6 million, down $2.5 million • Adjusted ROAA** 1.12%, compared to 1.31%; PPNR ROAA** 1.61%, compared to 1.72% • Adjusted ROATCE
Slide 4: Financial Highlights, continued - 3Q25
Financial Highlights, continued - 3Q25* • Loans $11.6 billion, up $174.3 million • Loan/Deposit Ratio 85.4% Loans & • Sold $22.2 million of SBA loans, gain of $1.1 million Deposits • Deposits $13.6 billion, up $250.6 million or $240.5 million excluding brokered CDs • Noninterest-bearing Deposits/Tot
Slide 5: Loan Details
Loan Details $ In Millions LTM 3Q25 2Q25 3Q24 Qtr Change Change C&I $ 2,321 $ 2,317 $ 2,145 $ 4 $ 176 CRE Investor Owned 2,627 2,548 2,347 79 280 CRE Owner Occupied 1,297 1,282 1,323 15 (26) SBA loans* 1,258 1,249 1,273 9 (15) Sponsor Finance* 774 771 819 3 (45) Life Insurance Premium Financing* 1,1
Slide 6: Loans By Region
Loans By Region $ In Millions Specialty Lending Midwest Southwest West $4,141 $4,213 $3,990 $3,194 $3,186 $3,193 $2,005 $1,890 $1,940 $1,944 $1,942 $1,680 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 Note: Excludes “Other” loans; Region Components: Midwest (St. Louis & Kansas City), S
Slide 7: Deposit Details
Deposit Details $ In Millions LTM 3Q25 2Q25 3Q24 Qtr Change Change Noninterest-bearing demand accounts $ 4,387 $ 4,322 $ 3,934 $ 65 $ 453 Interest-bearing demand accounts 3,302 3,185 3,049 117 253 Money market accounts 3,703 3,676 3,568 27 135 Savings accounts 526 533 553 (7) (27) Certificates of de
Slide 8: Deposits By Region
Deposits By Region $ In Millions Deposit Verticals Midwest* Southwest West* $6,205 $6,340 $6,392 $3,774 $3,585 $2,059 $2,062 $1,971 $3,093 $1,333 $1,340 $1,196 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, L
Slide 9: Differentiated Deposit Verticals
Differentiated Deposit Verticals Legal Industry and Escrow Services • $3.77 billion - 28% of total deposits 22.4% • $3.81 billion - Average deposits for 3Q25 • $27.2 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.83% in 3Q25 Property Manage
Slide 10: Core Funding Mix
Core Funding Mix Commercial Business Banking Consumer Deposit Verticals $ In Millions $4,609 $1,593 $2,590 $3,774 5% 6% 27% 17% 20% 26% 36% 3Q25 34% 30% 18% 8% 65% 34% 39% 26% DDA IB DDA MMA SAV CD 1 yr or less CD > 1 yr Overview Total Portfolio Average Account Size & Cost of Funds BUSINESS DEPOSIT
Slide 11: Earnings Per Share Trend - 3Q25
Earnings Per Share Trend - 3Q25 Change in Diluted EPS1 $0.12 $(0.09) $(0.11) $(0.09) $1.36 $1.19 2Q25 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest 3Q25 Expense 1 Excluding the effect of the current period recaptured tax credits and anticipated insurance recovery of
Slide 12: Net Interest Income Trend
Net Interest Income Trend $ In Millions Net Interest Income $158.3 $152.8 $143.5 $146.4 $147.5 5.27% 4.66% 4.33% 4.33% 4.30% 4.17% 4.13% 4.15% 4.21% 4.23% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Income Net Interest Margin Avg Fed Funds Rate 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Income - FTE $ 145.6 $
Slide 13: Net Interest Margin
Net Interest Margin Margin Bridge 0.02% 0.02% 0.01% (0.03)% 4.21% 4.23% 2Q25 Loans Securities Borrowings Funding Mix 3Q25 Components of Interest-earning Assets Components of Interest-bearing Liabilities 6.95% 6.73% 6.57% 6.64% 6.64% 3.28% 3.02% 2.84% 2.81% 2.77% 3.22% 6.26% 6.05% 2.96% 5.93% 6.00% 5
Slide 14: Credit Trends
Credit Trends Annualized Net Charge-offs (Recoveries) to Average Loans Loan Growth and Average Line of Credit Utilization 44.1% 41.5% 41.9% 45.9% 45.0% $174 $ In Millions $140 $110 26 bps 14 bps 14 bps $80 $78 2 bps (4) bps 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Organic Loans Avg Line Dra
Slide 15: Allowance for Credit Losses for Loans
Allowance for Credit Losses for Loans Key Assumptions: 3Q25 • Reasonable and supportable forecast Loans ACL ACL as a % of Loans period is one year with a one year $ In Millions reversion period. Commercial and industrial $ 4,944 $ 72 1.46 % • Forecast considers a weighted Commercial real estate 5,17
Slide 16: Noninterest Income Trend
Noninterest Income Trend $ In Millions Noninterest Income Other Noninterest Income Detail $8.5 22.8% $8.3 13.0% 12.4% 11.1% 11.9% $1.2 $46.6 $0.1 $6.8 $2.6 $0.5 $2.5 $3.2 $6.4 $4.9 $1.1 $1.4 $1.9 $0.6 $0.1 $4.7 $0.3 $0.6 $0.3 $0.3 $0.3 $0.7 $21.4 $20.6 $20.6 $1.2 $2.6 $18.5 $30.1 $1.0 $2.6 $2.7 $2.6
Slide 17: Noninterest Expense Trend
Noninterest Expense Trend $ In Millions Noninterest Expense Other Noninterest Expense Detail 58.4% 57.1% 58.8% 59.3% 61.0% $27.5 $0.7 $25.1 $109.8 $24.2 $3.4 $105.7 $23.4 $0.8 $23.0 $0.9 $98.0 $99.5 $99.8 $0.9 $3.2 $0.9 $2.1 $2.2 $3.6 $2.2 $3.1 $3.4 $49.6 $3.3 $3.1 $2.2 $50.2 $1.6 $46.2 $1.5 $45.4 $
Slide 18: Capital
Capital Tangible Common Equity/Tangible Assets TBV and Dividends per Share $0.27 $0.28 $0.29 $0.30 $0.31 9.60% 9.50% 9.42% 9.30% $38.54 $40.02 $41.58 $37.26 $37.27 9.05% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Tangible Common Equity/Tangible Assets* TBV/Share* Dividends per Share Regulator
Slide 19: Appendix
Zz ENTERPRISE W. Financial Services Corp \N Appendix
Slide 20: Investment Portfolio
Investment Portfolio Investment Portfolio Breakout AFS & HTM Securities $ In Millions Obligations of U.S. Obligations of $3,000 $100 Government- states and political sponsored subdivisions enterprises 44% $2,000 $— 7% U.S. Treasury bills TOTAL 4% $3.4 billion $1,000 $(100) Corporate debt securities
Slide 21: Liquidity
Liquidity Strong Liquidity Profile $ In Billions EFSC Borrowing Capacity 44% 45% 47% • $1.0 billion available FHLB capacity • $3.3 billion available FRB capacity $6.3 $5.7 $6.1 • $160.0 million in eight federal funds lines $1.6 $1.8 • $1.8 billion in unpledged investment securities $1.6 $0.1 $0.2 $0
Slide 22: Office CRE (Non-owner Occupied)
Office CRE (Non-owner Occupied) Total $536.5 million Office CRE Loans by Location Office CRE Loans by Industry Type Southwest 31.3% Real Estate/ Rental/Leasing 88.8% Midwest West 44.9% 19.7% Specialty 4.1% Health Care Other and Social 6.8% Assistance 4.4% Office CRE Loans by Size $ In Millions • Ave
Slide 23: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common e
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures At September 30, June 30, March 31, December 31, September 30, ($ in thousands) 2025 2025 2025 2024 2024 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarter ended September 30, June 30, March 31, December 31, September 30, ($ in thousands) 2025 2025 2025 2024 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) AND RETURN ON AVERAGE ASSETS (ROAA) Average stockholder’s equity (GAAP) $ 1,964,126 $ 1,
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarter ended September 30, June 30, March 31, December 31, September 30, ($ in thousands) 2025 2025 2025 2024 2024 PRE-PROVISION NET REVENUE Net interest income $ 158,286 $ 152,762 $ 147,516 $ 146,370 $ 143,469 Noninterest income 46,649 20,604 18,483 20
Slide 27: Enterprise Financial Services Corp
og ENTERPRISE > Financial Services Corp \
Enterprise Financial Services — Q3 2025 Earnings Presentation on 6ix