Enterprise Financial Services Corporation · NASDAQ:EFSC
Enterprise Financial Services — Q1 2026 Earnings Presentation
28 slides from Enterprise Financial Services's earnings presentation, Apr 23, 2026
Slide 1: Enterprise Financial Services Corp 2026 First Quarter Earnings Webcast
Exhibit 99.2 Enterprise Financial Services Corp 2026 First 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 - 1Q26
Financial Highlights - 1Q26* • Net Income $49.4 million, down $5.4 million; EPS $1.30 • Net Interest Income $166.1 million, down $2.0 million; NIM 4.28% Earnings • PPNR** $70.4 million, down $4.4 million • ROAA 1.16%, compared to 1.27%; PPNR ROAA** 1.65%, compared to 1.74% • ROATCE** 12.53%, compare
Slide 4: Financial Highlights, continued - 1Q26
Financial Highlights, continued - 1Q26* • Loans $11.7 billion, down $107.6 million • Loan/Deposit Ratio 80.5% Loans & • Sold $25.4 million of SBA loans, gain of $1.4 million Deposits • Deposits $14.5 billion, down $84.9 million • Noninterest-bearing Deposits/Total Deposits 33% • Nonperforming Loans/
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 1Q26 4Q25** 1Q25 Qtr Change 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 Fin
Slide 7: Loans By Region
Loans By Region $ In Millions Specialty Lending Midwest Southwest West $4,256 $4,096 $4,076 $3,372 $3,352 $3,153 $2,345 $2,229 $1,867 $1,915 $1,883 $1,864 1Q25 4Q25* 1Q26 1Q25 4Q25* 1Q26 1Q25 4Q25* 1Q26 1Q25 4Q25* 1Q26 Excludes “Consumer” loans; Region Components: Midwest (St. Louis & Kansas City),
Slide 8: Deposit Details
Deposit Details $ In Millions LTM 1Q26 4Q25* 1Q25 Qtr Change 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 of
Slide 9: Deposits By Region
Deposits By Region $ In Millions Deposit Verticals Midwest* Southwest West* $6,921 $6,621 $4,002 $6,187 $3,815 $3,522 $2,561 $2,624 $2,096 $1,312 $1,277 $1,229 1Q25 4Q25** 1Q26 1Q25 4Q25** 1Q26 1Q25 4Q25** 1Q26 1Q25 4Q25** 1Q26 Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM,
Slide 10: Differentiated Deposit Verticals
Differentiated Deposit Verticals Legal Industry and Escrow Services • $4.00 billion - 28% of total deposits 20.0% • $4.07 billion - Average deposits for 1Q26 • $26.0 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.59% in Property Management
Slide 11: Core Funding Mix
Core Funding Mix Commercial Business Banking Consumer Deposit Verticals $ In Millions $4,804 $1,849 $2,892 $4,002 6% 6% 28% 20% 24% 22% 36% 1Q26 34% 30% 17% 7% 68% 33% 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 12: Earnings Per Share Trend - 1Q26
Earnings Per Share Trend - 1Q26 Change in Diluted EPS $0.04 $(0.05) $(0.13) $(0.01) $1.45 $1.30 4Q25 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest 1Q26 Expense 12
Slide 13: Net Interest Income Trend
Net Interest Income Trend $ In Millions Net Interest Income $168.2 $166.1 $158.3 $152.8 $147.5 4.33% 4.33% 4.30% 4.26% 4.28% 4.15% 4.21% 4.23% 3.90% 3.64% 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income Net Interest Margin Avg Fed Funds Rate 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income - FTE $ 150.0 $
Slide 14: Net Interest Margin
Net Interest Margin Margin Bridge 0.06% 0.11% (0.13)% (0.02)% 4.26% 4.28% 4Q25 Loans Securities Funding Mix Deposits 1Q26 Components of Interest-earning Assets Components of Interest-bearing Liabilities 6.57% 6.64% 6.64% 6.51% 6.38% 2.84% 2.81% 2.77% 2.52% 2.37% 5.93% 6.00% 5.99% 5.86% 2.77% 2.70% 5
Slide 15: Credit Trends
Credit Trends Annualized Net Charge-offs (Recoveries) to Average Loans Loan Growth and Average Line of Credit Utilization 41.9% 45.9% 45.0% 43.9% 44.7% 70 bps $292 $ In Millions $174 $110 $78 15 bps 2 bps (4) bps 14 bps $(75) $(108) 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Organic Loans Acq
Slide 16: Allowance for Credit Losses for Loans
Allowance for Credit Losses for Loans Key Assumptions: 1Q26 • 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 $ 5,169 $ 73 1.41 % • Forecast considers a weighted Commercial real estate 5,45
Slide 17: Noninterest Income Trend
Noninterest Income Trend $ In Millions Noninterest Income Other Noninterest Income Detail $11.9 23.5% 11.1% 11.9% 13.1% 10.3% $8.8 $48.6 $8.5 $6.2 $2.6 $1.4 $2.5 $1.2 $4.9 $0.1 $6.8 $6.4 $0.5 $1.8 $1.1 $1.4 $1.9 $0.6 $0.2 $0.1 $1.1 $25.4 $0.3 $0.9 $0.3 $0.1 $0.1 $20.6 $32.1 $2.6 $0.7 $18.5 $2.6 $19.
Slide 18: Noninterest Expense Trend
Noninterest Expense Trend $ In Millions Noninterest Expense Other Noninterest Expense Detail 58.8% 59.3% 61.0% 58.3% 60.2% $28.6 $27.5 $27.4 $1.4 $0.7 $1.4 $114.5 $115.1 $25.1 $109.8 $3.4 $3.7 $105.7 $23.4 $0.8 $4.0 $99.8 $0.9 $3.2 $2.2 $3.6 $3.2 $3.5 $50.1 $3.4 $2.3 $49.6 $55.8 $3.1 $2.2 $50.2 $1.6
Slide 19: Capital
Capital Tangible Common Equity/Tangible Assets TBV and Dividends per Share $0.29 $0.30 $0.31 $0.32 $0.33 9.60% 9.42% 9.30% $38.54 $40.02 $41.58 $41.37 $41.38 9.07% 9.01% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 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. Obligations of $3,000 $100 Government- states and political sponsored subdivisions enterprises 39% $2,000 $— 4% U.S. Treasury bills TOTAL 4% $3.8 billion $1,000 $(100) Corporate debt securities
Slide 22: Liquidity
Liquidity Strong Liquidity Profile $ In Billions EFSC Borrowing Capacity 47% 46% 47% • $1.5 billion available FHLB capacity • $3.1 billion available FRB capacity $6.7 $6.9 $6.3 • $135.0 million in eight federal funds lines $1.8 $2.0 $2.2 • $2.2 billion in unpledged investment securities $0.2 $0.1 $0
Slide 23: Office CRE (Non-owner Occupied)
Office CRE (Non-owner Occupied) Total $578.0 million Office CRE Loans by Location Office CRE Loans by Industry Type Southwest 37.4% Real Estate/ Rental/Leasing 87.5% West 18.9% Midwest 40.1% Specialty Health Care 3.6% Other and Social 8.7% Assistance 3.8% 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 March 31, December 31, September 30, June 30, March 31, ($ in thousands) 2026 2025 2025 2025 2025 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO TANG
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarter ended March 31, December 31, ($ in thousands) 2026 2025 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average stockholder’s equity (GAAP) $ 2,076,504 $ 2,022,472 Less average preferred stock 71,988 71,988 Less average goodwill 416,968 414,858
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarter ended March 31, December 31, September 30, June 30, March 31, ($ in thousands) 2026 2025 2025 2025 2025 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 166,147 $ 168,174 $ 158,286 $ 152,762 $ 147,516 Tax-equivalent adjustment 3,320 3,477 3,045
Slide 28: Enterprise Financial Services Corp
og ENTERPRISE > Financial Services Corp \
Enterprise Financial Services — Q1 2026 Earnings Presentation on 6ix