Enterprise Financial Services Corporation · NASDAQ:EFSC
Enterprise Financial Services — Q3 2026 Earnings Presentation
28 slides from Enterprise Financial Services's earnings presentation, Oct 21, 2026
Slide 1: Enterprise Financial Services Corp 2026 Third Quarter Earnings Webcast
Exhibit 99.2 Enterprise Financial Services Corp 2026 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 - 3Q26
Financial Highlights - 3Q26* • Net Income $42.4 million, up $1.5 million; EPS $1.14 • Net Interest Income $174.6 million, up $5.9 million; NIM 4.30% Earnings • PPNR** $74.6 million, up $6.4 million • ROAA 0.95%, stable compared to linked quarter; PPNR ROAA** 1.67%, compared to 1.58% • ROATCE** 10.74
Slide 4: Financial Highlights, continued - 3Q26
Financial Highlights, continued - 3Q26* • Loans $12.3 billion, up $452.3 million Loans & • Loan/Deposit Ratio 81.6% Deposits • Deposits $15.1 billion, up $624.4 million • Noninterest-bearing Deposits/Total Deposits 33% • Nonperforming Loans/Loans 0.71% Asset • Nonperforming Assets/Assets 1.03% Quali
Slide 5: 2026 Priorities
2026 Priorities Leverage Technology to Organic Loan and Improve Asset Quality Enhance Productivity and Deposit Growth Efficiency • Reduce criticized and • Disciplined pricing • Expand use of existing classified loans • Expand existing technology framework • Reduce nonperforming relationships and new
Slide 6: Loan Details
Loan Details $ In Millions LTM 3Q26** 2Q26** 3Q25 Qtr Change Change C&I $ 2,707 $ 2,628 $ 2,321 $ 79 $ 386 CRE Investor Owned 3,041 2,903 2,627 138 414 CRE Owner Occupied 1,455 1,422 1,297 33 158 SBA loans* 1,245 1,237 1,258 8 (13) Sponsor Finance* 714 709 774 5 (60) Life Insurance Premium Financing
Slide 7: Loans By Region
Loans By Region $ In Millions Specialty Lending Midwest Southwest West $4,404 $4,213 $4,249 $3,277 $3,319 $3,193 $2,600 $2,415 $2,005 $1,942 $1,972 $1,898 3Q25 2Q26* 3Q26* 3Q25 2Q26* 3Q26* 3Q25 2Q26* 3Q26* 3Q25 2Q26* 3Q26* Excludes “Consumer” loans; Region Components: Midwest (St. Louis & Kansas Cit
Slide 8: Deposit Details
Deposit Details $ In Millions LTM 3Q26* 2Q26* 3Q25 Qtr Change Change Noninterest-bearing demand accounts $ 5,044 $ 4,910 $ 4,387 $ 134 $ 657 Interest-bearing demand accounts 3,723 3,407 3,302 316 421 Money market accounts 4,140 3,945 3,703 195 437 Savings accounts 525 538 526 (13) (1) Certificates o
Slide 9: Deposits By Region
Deposits By Region $ In Millions Deposit Verticals Midwest* Southwest West* $6,923 $6,392 $6,558 $4,064 $4,187 $3,774 $2,661 $2,695 $2,062 $1,340 $1,322 $1,220 3Q25 2Q26** 3Q26** 3Q25 2Q26** 3Q26** 3Q25 2Q26** 3Q26** 3Q25 2Q26** 3Q26** Region Components: Midwest (St. Louis & Kansas City), Southwest
Slide 10: Differentiated Deposit Verticals
Differentiated Deposit Verticals Legal Industry and Escrow Services • $4.19 billion - 28% of total deposits 21.5% • $4.32 billion - Average deposits for 3Q26 • $27.5 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.52% in 3Q26 Property Manage
Slide 11: Core Funding Mix
Core Funding Mix Commercial Business Banking Consumer Deposit Verticals $ In Millions $5,375 $1,721 $2,862 $4,187 6% 6% 25% 19% 24% 18% 3Q26 32% 41% 29% 16% 6% 68% 39% 32% 30% 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 12: Earnings Per Share Trend - 3Q26
Earnings Per Share Trend - 3Q26 Change in Diluted EPS $0.13 $0.02 $0.01 $(0.01) $(0.08) $(0.02) $1.09 $1.14 2Q26 Net Interest Noninterest Provision for Credit Noninterest Change in ETR Change in Shares 3Q26 Income Income Losses Expense 12
Slide 13: Net Interest Income Trend
Net Interest Income Trend Net Interest Income $174.6 $ In Millions $168.2 $166.1 $168.7 $158.3 4.30% 4.26% 4.28% 4.30% 4.30% 4.23% 3.90% 3.67% 3.64% 3.63% 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income Net Interest Margin Avg Fed Funds Rate 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income - FTE $ 161.3 $
Slide 14: Net Interest Margin
Net Interest Margin Margin Bridge 0.01% 0.01% (0.01)% (0.01)% 4.30% 4.30% 2Q26 Short Term Funds Securities Borrowing Mix Deposits 3Q26 Components of Interest-earning Assets Components of Interest-bearing Liabilities 6.64% 6.51% 6.43% 6.38% 6.42% 2.77% 2.52% 2.39% 2.42% 2.37% 5.99% 5.86% 5.82% 5.84%
Slide 15: Credit Trends
Credit Trends Annualized Net Charge-Offs to Average Loans Loan Growth and Average Line of Credit Utilization 45.0% 43.9% 44.7% 46.7% 46.6% 70 bps $452 $ In Millions 46 bps $292 36 bps $174 $200 14 bps 15 bps $(75) $(108) 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Organic Loans Acquired Loans
Slide 16: Allowance for Credit Losses on Loans
Allowance for Credit Losses on Loans Key Assumptions: 3Q26 • 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 $ 5,468 $ 82 1.50 % • Forecast considers a weighted Commercial real estate 5,725
Slide 17: Noninterest Income Trend
Noninterest Income Trend $ In Millions Noninterest Income Other Noninterest Income Detail $11.9 23.5% 13.1% 10.3% 7.4% 7.0% $48.6 $8.8 $2.6 $6.2 $7.3 $2.5 $1.4 $0.1 $0.5 $4.9 $6.8 $4.4 $1.8 $1.8 $0.3 $1.1 $0.4 $0.1 $0.2 $0.7 $0.6 $0.9 $1.1 $0.3 $0.1 $2.4 $25.4 $0.3 $0.1 $2.6 $2.1 $1.9 $2.5 $32.1 $0.
Slide 18: Noninterest Expense Trend
Noninterest Expense Trend $ In Millions Noninterest Expense Other Noninterest Expense Detail 61.0% 61.1% $30.7 58.3% 60.2% 58.9% $28.6 $28.9 $1.3 $27.5 $1.4 $27.4 $1.3 $0.7 $1.4 $114.5 $115.1 $115.7 $114.7 $5.9 $109.8 $3.4 $3.7 $3.9 $4.0 $3.6 $3.2 $4.0 $3.8 $3.5 $50.1 $55.8 $53.1 $50.6 $2.2 $2.3 $2.
Slide 19: Capital
Capital Tangible Common Equity/Tangible Assets TBV and Dividends per Share 9.60% $0.31 $0.32 $0.33 $0.34 $0.35 9.07% 9.01% 9.04% $41.58 $41.37 $41.38 $42.30 $39.45 8.13% 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Tangible Common Equity/Tangible Assets* TBV/Share* Dividends per Share Regulator
Slide 20: Appendix
Zz ENTERPRISE W. Financial Services Corp \N Appendix
Slide 21: Investment Portfolio
Investment Portfolio Investment Portfolio Breakout AFS & HTM Securities $ In Millions Obligations of U.S. $3,000 Government- sponsored Obligations of $— enterprises states and political 4% subdivisions $2,000 38% TOTAL $(200) $3.8 billion $1,000 U.S. Treasury bills 3% Agency mortgage- $— $(400) Corp
Slide 22: Liquidity
Liquidity Strong Liquidity Profile $ In Billions EFSC Borrowing Capacity 47% 46% 44% • $1.4 billion available FHLB capacity • $2.9 billion available FRB capacity $6.9 $6.6 $6.6 • $135.0 million in eight federal funds lines $2.2 $2.3 $2.1 • $2.1 billion in unpledged investment securities $0.1 $0.1 $0
Slide 23: Office CRE (Non-owner Occupied)
Office CRE (Non-owner Occupied) Total $644.9 million Office CRE Loans by Location Office CRE Loans by Industry Type Southwest 37.2% Real Estate/ Rental/Leasing 88.6% West 23.3% Midwest 35.7% Specialty 3.8% Health Care Other and Social 8.4% Assistance 3.0% Office CRE Loans by Size $ In Millions • Ave
Slide 24: 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 25: 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, except per share data) 2026 2026 2026 2025 2025 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGI
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarter ended September 30, June 30, ($ in thousands) 2026 2026 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average stockholder’s equity (GAAP) $ 2,040,244 $ 2,052,233 Less average preferred stock 71,988 71,988 Less average goodwill 416,968 416,968
Slide 27: 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) 2026 2026 2026 2025 2025 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 174,606 $ 168,716 $ 166,147 $ 168,174 $ 158,286 Tax-equivalent adjustment 3,306 3,418 3
Slide 28: og ENTERPRISE
og ENTERPRISE > Financial Services Corp \
Enterprise Financial Services — Q3 2026 Earnings Presentation on 6ix