Enterprise Financial Services Corporation · NASDAQ:EFSC
Enterprise Financial Services — Q4 2025 Earnings Presentation
29 slides from Enterprise Financial Services's earnings presentation, Jan 27, 2026
Slide 1: 2025 Fourth Quarter Earnings Webcast
Exhibit 99.2 Enterprise Financial Services Corp 2025 Fourth 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 - 4Q25
Financial Highlights - 4Q25* • Net Income $54.8 million, up $9.6 million; EPS $1.45 • Net Interest Income $168.2 million, up $9.9 million; NIM 4.26% Earnings • PPNR**$74.8 million, up $9.2 million • ROAA 1.27%, compared to 1.11%; PPNR ROAA** 1.74%, compared to 1.61% • ROATCE** 14.02%, compared to 11
Slide 4: Financial Highlights, continued - 4Q25
Financial Highlights, continued - 4Q25* • Loans $11.8 billion, up $217.2 million ◦ Loans down $74.7 million excluding acquired loans Loans & • Loan/Deposit Ratio 80.8% Deposits • Deposits $14.6 billion, up $1.0 billion or $1.1 billion excluding brokered CDs ◦ Deposits up $431.9 million excluding acq
Slide 5: Financial Highlights, continued - 2025
Financial Highlights, continued - 2025* • Net Income $201.4 million, up $16.1 million; EPS $5.31 • Net Interest Income $626.7 million, up $58.6 million; NIM 4.21% Earnings • PPNR** $274.7 million, up $19.5 million • ROAA 1.24%, compared to 1.25%; PPNR ROAA** 1.70%, compared to 1.72% • ROATCE** 13.34
Slide 6: 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 7: Loan Details
Loan Details $ In Millions Qtr LTM Branch Net Organic Net Organic 4Q25 3Q25 4Q24 Change Change Acquisition** Qtr Change LTM Change C&I $ 2,606 $ 2,321 $ 2,139 $ 285 $ 467 $ 85 $ 200 $ 382 CRE Investor Owned 2,786 2,627 2,405 159 381 84 75 297 CRE Owner Occupied 1,405 1,297 1,305 108 100 118 (10) (18
Slide 8: Loans By Region
Loans By Region $ In Millions Specialty Lending Midwest Southwest West $4,213 $4,256 $4,109 $3,372 $3,201 $3,193 $2,229 $2,005 $1,942 $1,855 $1,883 $1,784 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25* 4Q24 3Q25 4Q25* 4Q24 3Q25 4Q25 Note: Excludes “Consumer” loans; Region Components: Midwest (St. Louis & Kansas Cit
Slide 9: Deposit Details
Deposit Details $ In Millions Net Net Organic Qtr LTM Branch 4Q25 3Q25 4Q24 Organic Qtr LTM Change Change Acquisition* Change Change Noninterest-bearing demand accounts $ 4,874 $ 4,387 $ 4,484 $ 487 $ 390 $ 213 $ 274 $ 177 Interest-bearing demand accounts 3,537 3,302 3,175 235 362 109 126 253 Money
Slide 10: Deposits By Region
Deposits By Region $ In Millions Deposit Verticals Midwest* Southwest West* $6,921 $6,433 $6,392 $3,774 $3,815 $3,388 $2,561 $2,057 $2,062 $1,268 $1,340 $1,312 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25** 4Q24 3Q25 4Q25** 4Q24 3Q25 4Q25 Note: Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, N
Slide 11: Differentiated Deposit Verticals
Differentiated Deposit Verticals Legal Industry and Escrow Services • $3.82 billion - 26% of total deposits 21.9% • $3.93 billion - Average deposits for 4Q25 • $27.5 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.78% in 4Q25 Property Manage
Slide 12: Core Funding Mix
Core Funding Mix Commercial Business Banking Consumer Deposit Verticals $ In Millions $5,246 $1,752 $2,810 $3,815 5% 6% 30% 20% 24% 22% 37% 32% 30% 4Q25 17% 8% 67% 34% 33% 27% 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 13: Earnings Per Share Trend - 4Q25
Earnings Per Share Trend - 4Q25 Change in Diluted EPS1 $0.19 $0.22 $(0.02) $(0.10) $(0.03) $1.45 $1.19 3Q25 Net Interest Income Noninterest Income Provision for Credit Noninterest Change in ETR 4Q25 Losses Expense 1 Excluding the effect of the third quarter 2025 recaptured tax credits and anticipate
Slide 14: Net Interest Income Trend
Net Interest Income Trend $ In Millions Net Interest Income $168.2 $158.3 $152.8 $146.4 $147.5 4.66% 4.33% 4.33% 4.30% 4.26% 4.13% 4.15% 4.21% 4.23% 3.90% 4Q24 1Q25 2Q25 3Q25 4Q25* Net Interest Income Net Interest Margin Avg Effective Fed Funds Rate 4Q24 1Q25 2Q25 3Q25 4Q25* Net Interest Income - FT
Slide 15: Net Interest Margin
Net Interest Margin Margin Bridge 0.08% 0.05% 0.12% (0.22)% 4.23% 4.26% 3Q25 Loans Securities Borrowings Deposits 4Q25 Components of Interest-earning Assets Components of Interest-bearing Liabilities 6.73% 6.57% 6.64% 6.64% 6.51% 3.02% 2.84% 2.81% 2.77% 2.52% 6.05% 2.96% 5.93% 6.00% 5.99% 5.86% 2.77
Slide 16: Credit Trends
Credit Trends Annualized Net Charge-offs (Recoveries) to Average Loans Loan Growth and Average Line of Credit Utilization $ In Millions 41.5% 41.9% 45.9% 45.0% 43.9% 70 bps $292 $174 26 bps $140 $110 $78 2 bps (4) bps 14 bps $(75) 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25* Organic Loans Acqu
Slide 17: Allowance for Credit Losses for Loans
Allowance for Credit Losses for Loans Key Assumptions: 4Q25 • 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 $ 5,232 $ 69 1.32 % • Forecast considers a weighted Commercial real estate 5,45
Slide 18: Noninterest Income Trend
Noninterest Income Trend $ In Millions Noninterest Income Other Noninterest Income Detail 23.5% $11.9 12.4% 11.1% 11.9% 13.1% $48.6 $2.6 $8.5 $2.5 $6.2 $4.9 $1.2 $0.1 $6.8 $6.4 $0.5 $1.1 $1.4 $25.4 $1.9 $0.2 $4.7 $0.1 $0.6 $20.6 $20.6 $2.6 $0.3 $0.9 $32.1 $0.3 $0.3 $0.1 $18.5 $2.6 $0.3 $2.7 $2.6 $0.
Slide 19: Noninterest Expense Trend
Noninterest Expense Trend $ In Millions Noninterest Expense Other Noninterest Expense Detail 61.0% $28.6 57.1% 58.8% 59.3% 58.3% $27.5 $1.4 $0.7 $25.1 $24.2 $3.4 $3.7 $114.5 $23.4 $0.8 $109.8 $0.9 $105.7 $0.9 $3.2 $99.8 $2.1 $3.2 $99.5 $2.2 $3.6 $3.1 $3.4 $2.3 $3.1 $2.2 $50.1 $49.6 $1.6 $1.5 $50.2 $
Slide 20: Capital
Capital Tangible Common Equity/Tangible Assets* TBV and Dividends per Share $0.28 $0.29 $0.30 $0.31 $0.32 9.60% 9.42% 9.30% $38.54 $40.02 $41.58 $41.37 $37.27 9.05% 9.07% 4Q24 1Q25 2Q25 3Q25 4Q25*** 4Q24 1Q25 2Q25 3Q25 4Q25 Tangible Common Equity/Tangible Assets TBV/Share* Dividends per Share Regula
Slide 21: Appendix
Zz ENTERPRISE W. Financial Services Corp \N Appendix
Slide 22: Investment Portfolio
Investment Portfolio Investment Portfolio Breakout AFS & HTM Securities Obligations of $ In Millions Obligations of U.S. states and political $3,000 $100 Government- subdivisions sponsored 40% enterprises $2,000 $— 5% U.S. Treasury bills TOTAL 5% $3.7 billion $1,000 $(100) Corporate debt securities
Slide 23: Liquidity
Liquidity Strong Liquidity Profile $ In Billions EFSC Borrowing Capacity 45% 47% 46% • $1.6 billion available FHLB capacity • $3.0 billion available FRB capacity $6.3 $6.7 $6.1 • $135.0 million in eight federal funds lines $2.0 $1.6 $1.8 • $2.0 billion in unpledged investment securities $0.2 $0.2 $0
Slide 24: Office CRE (Non-owner Occupied)
Office CRE (Non-owner Occupied) Total $574.8 million Office CRE Loans by Location Office CRE Loans by Industry Type Southwest 29.3% Real Estate/ Rental/Leasing 87.4% Midwest 49.3% West 17.5% Specialty 3.9% Health Care Other and Social 8.9% Assistance 3.7% Office CRE Loans by Size $ In Millions • Ave
Slide 25: 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 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures At ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO T
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarter ended Year ended ($ in thousands) December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average stockholder’s equity (GAAP) $ 2,022,472 $ 1,964,126 $ 1,939,494 $ 1,784,175 Less
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 168,174 $ 158,286 $ 152,762 $ 147,516 $ 146,370 Tax-equivalent adjustment 3,477 3,045 2,
Slide 29: Enterprise Financial Services Corp
og ENTERPRISE > Financial Services Corp \
Enterprise Financial Services — Q4 2025 Earnings Presentation on 6ix