Enterprise Financial Services Corporation · NASDAQ:EFSC
Enterprise Financial Services — IPO Roadshow (June 2026)
45 slides from Enterprise Financial Services's IPO roadshow presentation, Jun 12, 2026
Slide 1: Investor Presentation Fixed Income June 2026
Investor Presentation Fixed Income June 2026 Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-294014 Dated June 12, 2026
Slide 2: Disclaimer & Forward-Looking Statements
2 Disclaimer & Forward-Looking Statements Disclaimer This presentation contains summarized consolidated information concerning Enterprise Financial Services Corp (the “Company,” “Enterprise” or "EFSC") and the Company’s business, operations, financial performance and trends. No representation is mad
Slide 3: Additional Information and Where to Find It
3 Additional Information and Where to Find It Registration Statement; No Offer or Solicitation This presentation is neither an offer to sell nor a solicitation to purchase any securities of the Company. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or s
Slide 4: Offering Overview
4 Offering Overview Issuer Enterprise Financial Services Corp (NASDAQ: EFSC) Security Offered Fixed-to-Floating Rate Subordinated Notes Due 2036 Offering Size $100 Million Security Rating1 BBB (stable) by Kroll Bond Rating Agency Format SEC Registered Term 10 Years Call 5 Years Use of Proceeds Gener
Slide 5: Today's Presenters
5 Today’s Presenters Jim Lally 58, President & CEO, EFSC Enterprise Tenure: 22 years Keene Turner 46, SEVP, CFO & COO, EFSC Enterprise Tenure: 12 years Doug Bauche 56, SEVP, Chief Banking Officer, Enterprise Bank & Trust Enterprise Tenure: 26 years
Slide 6: EFSC Overview
EFSC Overview
Slide 7: EFSC At-a-Glance: A High-Performance Commercial Franchise
7 Deposit and SBA loan production offices across the country $17.2B Total Assets $2.2B Market Cap As of 6/2/2026 1.16% ROAA 12.5% ROATCE1 33.2% Noninterest-bearing Deposits 81% Loans / Deposits 11.7% CET1 1.21% Allowance Coverage (1.32% Adj. for Guaranteed Loans)1 St. Louis Kansas City Phoenix New M
Slide 8: Since 2013, Continually Optimizing Performance
8 Midwest-focused FDIC-assisted acquisitions Expanded deposit base Expanded footprint through five acquisitions Delivered performance improvements Tackled challenges, including COVID and bank liquidity crisis Aligned incentives Diversified across geographies and verticals Consistent growth Compoundi
Slide 9: Disciplined Organic Growth Strategy Augmented by M&A
9 $ in Billions Disciplined Organic Growth Strategy Augmented by M&A Strategically enhanced geographic diversification and product lines through select M&A transactions Granular, low-cost deposit base in New Mexico and St. Louis (JC Bancshares and Trinity) National Deposit Vertical Platform and Nati
Slide 10: Strategic Growth Pillars
10 Strategic Growth Pillars Well positioned in attractive markets Differentiated deposit verticals Focused loan growth strategies High-quality talent additions through focused efforts Best-in-class technology ✓ Strong presence across major markets, balancing stable Midwest anchors (St. Louis, Kansas
Slide 11: Consistently Growing and Creating Value
11 Balance sheet growth driving earnings growth 10-Year TBV CAGR5 10-Year TTM4 EPS CAGR5 110-Year CAGR from 1Q16 – 1Q26; 29.7% excluding acquisitions; 312.5% excluding acquisitions and brokered CDs. 4TTM – Trailing Twelve Months; 51Q26 results for the KRX index available as of April 24, 2026. All fi
Slide 12: Key Credit Highlights
12 Focused commercial bank, diversified across verticals and geographic markets Key Credit Highlights Well-managed balance sheet with high-quality investment portfolio and significant liquidity Strong capital foundation and consistent history of delivering results Consistent, high profitability with
Slide 13: Financial Overview
Financial Overview
Slide 14: Financial Highlights - 1Q26
14 Financial Highlights - 1Q26* *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. • Net Income $49.4 million, down $5.4 million; diluted EPS $1.30 • Net Interest Income $166.1 million, down $2.0 million; NIM 4.28% •
Slide 15: Our Focused Strategy Generates Consistency
1 15 A Non-GAAP Measure, Refer to Appendix for Reconciliation. Pre-Provision Net Revenue1 $ in Millions Pre-Provision Net Revenue ROAA1 Our Focused Strategy Generates Consistency $259 $285 $255 $275 $285 2022 2023 2024 2025 1Q26 ann. 1.94% 2.06% 1.72% 1.70% 1.65% 2022 2023 2024 2025 1Q26
Slide 16: Profitability Driving Strong Capital Generation vs. Peers
16 Note: 1Q26 data. Peers represent major exchange-traded banks with assets $10 billion - $20 billion; excludes FBP, LC, OFG, merger targets and banks with negative profitability or missing data. Peer data per S&P Capital IQ Pro. 1Non-GAAP measure, refer to appendix for reconciliation. 2Defined as R
Slide 17: Net Interest Margin Remains Stable
17 Net Interest Margin Remains Stable $150.0 $155.5 $161.3 $171.7 $169.5 4.15% 4.21% 4.23% 4.26% 4.28% 4.33% 4.33% 4.30% 3.90% 3.64% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 $220.0 $240.0 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income - FTE Net Interest Margin Aver
Slide 18: Margin Stability Supported by Funding Base
18 Margin Stability Supported by Funding Base Components of Interest-earning Assets Components of Interest-bearing Liabilities Margin Bridge
Slide 19: Fee Income Supports Profitability
19 Fee Income Supports Profitability $ In Millions Noninterest Income Other Noninterest Income Detail *Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.
Slide 20: Expenses Remain Well-Controlled
20 Expenses Remain Well-Controlled Noninterest Expense $ In Millions *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail
Slide 21: Diversified Deposit Base
21 Interest-Bearing Demand Accounts 23% DDA 33% CD 12% MMA & Savings 32% $14.5B Total Deposits Note: 1Q26 data. by Type by Region Diversified Deposit Base 1.52% Q1 Cost of Total Deposits 33.2% Noninterest-Bearing Deposits Community Associations $1.6B in deposit accounts. Specifically designed to ser
Slide 22: Balanced Loan Portfolio
22 CRE-IO 25% CRE-OO 21% C&I 44% Construction 6% Residential 3% Other 1% by Product Type by Region1 Note: 1Q26 data. 1Excludes "Consumer" loans. Balanced Loan Portfolio $11.7B Total Loans 63% Adjustable-Rate Loans 6.38% Q1 Yield on Loans $603M NDFI Exposure SBA Loans • $1.2B in loans outstanding in
Slide 23: Credit Trends
23 Credit Trends 1Q25 4Q25 1Q26 NPLs/Loans 0.97 % 0.70 % 0.56 % NPAs/Assets 0.72 % 0.95 % 0.87 % ACL/NPLs 130.1 % 169.1 % 218.8 % ACL/Loans** 1.38 % 1.29 % 1.32 % Annualized Net Charge-offs (Recoveries) to Average Loans $ In Millions bps bps bps bps bps $ In Millions Loan Growth and Average Line of
Slide 24: Effective Risk Management as a Key Enabler
24 Effective Risk Management as a Key Enabler Approach • Strong credit process • Effective controls • High quality assets • Well positioned for different rate environments Managing risk • Diversification across asset classes, geography, and industry • Reducing agriculture exposure over time • Well m
Slide 25: Allowance for Credit Losses for Loans
25 Allowance for Credit Losses for Loans $ In Millions • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors $ In Millions 1Q26 Loans ACL ACL as a % of Loans
Slide 26: High Quality Investment Portfolio
26 High Quality Investment Portfolio Investment Portfolio Breakout AFS & HTM Securities TOTAL $3.8 billion • Effective duration of 5.0 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $703.9 million • 4.13% tax-equivalent yield • Municipal b
Slide 27: Strong Liquidity Profile
27 Diverse Sources of Liquidity $ In Billions EFSC Borrowing Capacity End of Period and Average Loans to Deposits • $1.5 billion available FHLB capacity • $3.1 billion available FRB capacity • $135.0 million in eight federal funds lines • $2.2 billion in unpledged investment securities • $634.5 mill
Slide 28: Strong Capital Ratios
28 Strong Capital Ratios 3Q25 4Q25 1Q26 1Q26 Pro Forma4 Tangible Common Equity / Tangible Assets1 9.6% 9.1% 9.0% 9.0% Tier 1 Leverage 11.1% 10.5% 10.4% 10.3% Tier 1 Common Equity 12.0% 11.6% 11.7% 11.7% Tier 1 Risk-Based Capital 13.3% 12.8% 12.9% 12.9% Total Risk-Based Capital 14.4% 13.9% 13.9% 14.6
Slide 29: Appendix
Appendix
Slide 30: Double Leverage & Interest Coverage
30 Double Leverage & Interest Coverage 1For illustrative purposes only. Assumes a $100 million subordinated debt offering with market standard fees and expenses. Assumes net proceeds are held at the holding company. 2Preferred dividend is presented on a grossed-up basis using an illustrative 25% eff
Slide 31: Kroll Ratings
31 Kroll Ratings as of October 15th, 2025 Entity Type Rating Outlook Enterprise Financial Services Corp Senior Unsecured Debt BBB+ Stable Subordinated Debt BBB Stable Preferred Stock BBB- Stable Short-Term Debt K2 N/A Enterprise Bank & Trust Deposit A- Stable Senior Unsecured Debt A- Stable Subordin
Slide 32: Well-Positioned in Attractive Markets
32 Significant opportunities for growth and share gain in our markets Region Total Deposits ($B) Total Loans ($B) Market Profile Metro Midwest $6.6 $3.4 Stable St. Louis Kansas City Southwest $2.6 $2.3 Stable Albuquerque2 Growth Phoenix3 Dallas Las Vegas West $1.3 $1.9 Growth Los Angeles San Diego D
Slide 33: Deposit Details
33 Deposit Details $ In Millions 1Q26 4Q25* 1Q25 Qtr Change LTM Change Noninterest-bearing demand accounts $ 4,828 $ 4,874 $ 4,285 $ (46) $ 543 Interest-bearing demand accounts 3,396 3,537 3,194 (141) 202 Money market accounts 4,059 3,991 3,632 68 427 Savings accounts 551 538 535 13 16 Certificates
Slide 34: Loan Details
34 Loan Details 1Q26 4Q25** 1Q25 Qtr Change LTM Change C&I $ 2,655 $ 2,606 $ 2,199 $ 49 $ 456 CRE Investor Owned 2,763 2,786 2,487 (23) 276 CRE Owner Occupied 1,453 1,405 1,292 48 161 SBA loans* 1,231 1,262 1,283 (31) (52) Sponsor Finance* 662 695 784 (33) (122) Life Insurance Premium Financing* 1,2
Slide 35: Diversified & Granular Commercial Loan Portfolio
35 • Broadly diversified portfolio including $662M in loans to 100+ companies • Senior debt leverage of 1.6x; total leverage of 3.8x on average for the portfolio • Allowance coverage ratio of 4.00% Additional Loan Insights Diversified & Granular Commercial Loan Portfolio % Balance of Total NAICS Sec
Slide 36: Office CRE (Non-owner Occupied)
36 Office CRE (Non-owner Occupied) Total $578.0 million Office CRE Loans by Location Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.47 15 $ 219.2 $ 14.6 $5-10 Million 5.21 14 97.2 6.9 $2-5 Million 5.38 48 154.5 3.2 < $2 Million 5.33
Slide 37: Interest Rate Sensitivity
37 Interest Rate Sensitivity Projected Annual Percentage Change in Net Interest Income from Parallel Rate Shock1 (6.7%) (3.5%) 3.6% 7.0% -200 bps -100 bps +100 bps +200 bps 1The Company determines the sensitivity of its short-term future earnings to hypothetical parallel rate shocks through the use
Slide 38: Certain Updates Since March 31st
38 Certain Updates Since March 31st • Subsequent to quarter-end, the Company executed a small repositioning of its available-for-sale (AFS) securities portfolio to improve profitability • Approximately $179 million (book balance) of AFS securities yielding 3.13% (tax equivalent) were sold, with proc
Slide 39: Non-GAAP Financial Measures
39 The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, tangible common equity to
Slide 40: PPNR & PPNR ROAA Reconciliation
40 PPNR & PPNR ROAA Reconciliation of Non-GAAP Financial Measures Year ended ($ in thousands) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 Net interest income $ 626,738 $ 568,096 $ 562,592 $ 473,903 Noninterest income 113,123 69,703 68,725 59,162 FDIC special assessment (6
Slide 41: Reconciliation of Non-GAAP Financial Measures
41 Reconciliation of Non-GAAP Financial Measures At ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO T
Slide 42: Reconciliation of Non-GAAP Financial Measures
42 Reconciliation of Non-GAAP Financial Measures Quarter ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 ADJUSTED DILUTED EARNINGS PER SHARE Net income (GAAP) $ 49,362 $ 54,794 $ 45,235 $ 51,384 $ 49,961 FDIC special assessment (after tax) — (488) — — — Acquisi
Slide 43: Reconciliation of Non-GAAP Financial Measures
43 Reconciliation of Non-GAAP Financial Measures 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. Quarter ended Last twelve months ended March 31, December 31, March 31, 2026 2025 2026 PRE-PROVISION NET REVENUE (PPNR) A
Slide 44: Reconciliation of Non-GAAP Financial Measures
44 Reconciliation of Non-GAAP Financial Measures 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. At ($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOAN
Slide 45: Enterprise Financial Services Corp
Enterprise Financial Services — IPO Roadshow (June 2026) on 6ix