2026 Third Quarter Earnings Release Presentation

ENTERPRISE

Financial Services Corp

Exhibit 99.2

• 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%

• 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%, compared to 10.39%

  Capital

• Tangible Common Equity/Tangible Assets** 8.13%, compared to 9.04%

• Tangible Book Value Per Common Share** $39.45, compared to $42.30

• CET1 Ratio 11.1%, compared to 11.5%

• Quarterly common stock dividend of $0.35 per share in third quarter 2026 ($0.01 increase)

• Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share)

• Returned $34.0 million to stockholders through common stock repurchases

  *Comparisons noted below are to the linked quarter unless otherwise noted.

  **A Non-GAAP Measure, Refer to Appendix for Reconciliation.

  Financial Highlights, continued - 3Q26* Loans & Deposits

• Loans $12.3 billion, up $452.3 million

• Loan/Deposit Ratio 81.6%

• Deposits $15.1 billion, up $624.4 million

• Noninterest-bearing Deposits/Total Deposits 33%

  Asset Quality

• Nonperforming Loans/Loans 0.71%

• Nonperforming Assets/Assets 1.03%

• Allowance Coverage Ratio 1.17%; 1.27% adjusted for guaranteed loans**

• Net Charge-Offs $11.0 million

  *Comparisons noted below are to the linked quarter unless otherwise noted.

  **A Non-GAAP Measure, Refer to Appendix for Reconciliation.

  2026 Priorities Improve Asset Quality

  • Reduce criticized and classified loans

  • Reduce nonperforming assets

  • Focused credit underwriting and monitoring

    Organic Loan and Deposit Growth

• Disciplined pricing

• Expand existing relationships and new client acquisitions

• Leverage investment in sales associates

  Leverage Technology to Enhance Productivity and Efficiency

  • Expand use of existing technology framework

  • Evaluate business automation opportunities

  • Integrate manual procedures into automated workflow processes

*Specialty loan category.

**Branch acquisition completed in October 2025.

***Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted.

$ In Millions

Specialty Lending

Midwest

Southwest

West

$4,213

$4,249

$4,404

$3,193

$3,277

$3,319

$2,415

$2,005

$2,600

$1,942 $1,898 $1,972

3Q25 2Q26* 3Q26*

3Q25 2Q26* 3Q26*

3Q25 2Q26* 3Q26*

3Q25 2Q26* 3Q26*

Excludes "Consumer" loans;

Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California);

*Branch acquisition completed in October 2025.

Deposit Verticals (included in total deposits)** $ 4,187 $ 4,064 $ 3,774 $ 123 $ 413

* Branch acquisition completed in October 2025

** Total deposits excluding Deposit Verticals and brokered CDs increased $501 million from 2Q26 and increased $1.2 billion from 3Q25

$ In Millions

Deposit Verticals

Midwest*

Southwest

West*

$3,774

$4,064

$4,187

$6,923

$2,661 $2,695

$2,062

$1,340

$1,220

$1,322

$6,392

$6,558

3Q25 2Q26** 3Q26**

3Q25 2Q26** 3Q26**

3Q25 2Q26** 3Q26**

3Q25 2Q26** 3Q26**

Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California)

*Includes brokered balances

**Branch acquisition completed in October 2025.

• $4.19 billion - 28% of total deposits

• $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

• $132.6 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B*

  • 32 - The national deposit vertical portfolio is the equivalent of 32 traditional bank branches

*Data Source: Deposit data as of June 30th, 2026, per the FDIC Summary of Deposits.

Legal Industry and Escrow Services 21.5%

Property Management 42.5%

Community Associations 36.0%

$2,000

$ In Millions

$1.5 billion in deposit accounts specifically designed to serve the needs of community associations.

$1.8 billion in deposits. Specializing in the compliance of Property Management Trust Accounts.

$901 million in deposits. Product lines providing services to independent escrow and non-depository trust companies.

$1,500

$1,000

$500

$-

Community Associations

Property Management

Legal Industry and Escrow Services

3Q25

4Q25

1Q26

2Q26

3Q26

Commercial Business Banking Consumer Deposit Verticals

$ In Millions

$5,375

$1,721

$2,862

$4,187

25%

32%

39%

6%

18%

41%

32%

6%

19%

29%

16%

30%

24%

6%

68%

3Q26

DDA IB DDA MMA SAV CD 1 yr or less CD > 1 yr

• ~80% of commercial deposits utilize Treasury Management services

  3Q26	$	374	$	79	$	23	$	101
  2Q26	$	341	$	78	$	23	$	99
  3Q25	$	324	$	82	$	23	$	105
  Cost of funds
  3Q26	2.17 %		1.17 %		1.46 %		0.57 %
  2Q26	2.00 %		1.05 %		1.38 %		0.58 %
  3Q25	2.19 %		1.36 %		1.49 %		0.81 %

• ~90% of checking and savings accounts utilize online banking services

• ~60% of commercial deposits have a lending relationship

Note: Brokered deposits were $980.5 million at 3Q26; 3.55% cost of funds

Change in Diluted EPS

$0.13

$(0.01)

$(0.08)

$0.02

$(0.02)

$0.01

$ In Millions

$158.3

$168.2

$166.1

$168.7

$174.6

4.30%

4.26%

4.28%

4.30%

4.30%

4.23%

3.90%

3.64%

3.63%

3.67%

Net Interest Income Net Interest Margin Avg Fed Funds Rate

0.01% 0.01%

(0.01)% (0.01)%

2Q26 Short Term Funds Securities Borrowing Mix Deposits 3Q26

6.64%

5.99%

2.77%

2.67%

2.52% 2.37% 2.39% 2.42%

2.46% 2.31% 2.30% 2.32%

3.93%

1.80% 1.64% 1.52% 1.53% 1.54%

3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26

Earning asset yield Securities yield Loan yield Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities

46 bps

36

bps

45.0% 43.9% 44.7% 46.7% 46.6%

$ In Millions

$292

$174

$200

$452

15 bps

$(75) $(108)

3Q25 4Q25 1Q26 2Q26 3Q26

3Q25 4Q25 1Q26 2Q26 3Q26

Organic Loans Acquired Loans Avg Line Draw %

$ In Millions

$8.4 $9.2 $7.2

$14.2

$18.1

3Q25 4Q25 1Q26 2Q26 3Q26

*Includes credit loss expense on loans, investments and unfunded commitments.

**Excludes guaranteed loans. A Non-GAAP Measure, Refer to Appendix for Reconciliation.

• Reasonable and supportable forecast period is one year with a one year reversion period.

• Forecast considers a weighted average of baseline, upside and downside scenarios.

• Primary macroeconomic factors:

  • Percentage change in GDP

  • Unemployment

  • Percentage change in Retail Sales

  • Percentage change in CRE Index

    $ In Millions

    $ In Millions	Loans	3Q26 ACL		ACL as a % of Loans
    Commercial and industrial	$ 5,468 $	82		1.50 %

    Commercial real estate		5,725		41	0.72 %
    Construction real estate		745		13	1.74 %
    Residential real estate		357		7	1.96 %
    Consumer		50		2	4.00 %
    Total	$	12,345	$	145	1.17 %

    Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $31.6 million, $2.6 million, and $6.0 million, respectively. Total ACL as a percentage of loans excluding $946.6 million of government guaranteed loans was 1.27%*.

    $16.3

    $139.2

$(11.0)

ACL 2Q26 Portfolio Changes Net Charge-offs ACL 3Q26

*A Non-GAAP Measure, Refer to Appendix for Reconciliation.

$ In Millions

23.5%

$11.9

$48.6

13.1% 10.3% 7.4% 7.0%

$0.3

$6.8

$8.8

$4.4

$7.3

$0.1

$25.4

$(5.0)

$(1.7)

$(0.2)

$(0.3)

$2.9

$2.6

$5.4

$7.3

$13.5

$19.1

$13.2

$(0.1)

$(0.3)

$(0.3)

3Q25 4Q25 1Q26 2Q26 3Q26

Other income Recaptured tax credit insurance proceeds*

Tax credit income (loss) Deposit service charges

Card services revenue Wealth management revenue Noninterest income/Total income

3Q25 4Q25 1Q26 2Q26 3Q26

Miscellaneous income Servicing fees

BOLI Swap fees

CDE Private equity fund distribution

Net gain (loss) on OREO Gain on SBA loan sales

Net loss on sales of investment securities

*Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. 17

$ In Millions

Noninterest Expense

$30.7

$27.5

$0.7

$3.4

$28.6

$1.4

$27.4

$1.4

$28.9

$1.3

$1.3

$3.7

$3.9

$5.9

$4.0

$3.6

$3.2

$4.0

$3.8

$2.2

$2.3

$3.5

$1.7

$1.6

$2.0

$5.0

$5.2

$5.6

$6.0

$5.7

$12.6

$12.8

$11.3

$11.7

$12.3

61.0%

58.3%

$109.8

$114.5

$49.6

$50.1

$55.8

$53.1

$50.6

$4.9

$5.8

$5.9

$5.9

$5.9

$27.2

$27.5

$26.0

$27.8

$27.5

$0.6

$2.5

$27.5

$28.6

$27.4

$28.9

$30.7

3Q25

4Q25

1Q26

2Q26

3Q26

Other expense Deposit costs

Employee compensation and benefits

Acquisition costs Occupancy

Core efficiency ratio*

3Q25 4Q25 1Q26 2Q26 3Q26

Miscellaneous expense Data processing

Professional fees FDIC and other insurance

Loan, legal expenses Amortization expense

*A Non-GAAP Measure, Refer to Appendix for Reconciliation. 18

9.60%

TBV and Dividends per Share

9.07%

9.01%

9.04%

8.13%

$0.31 $0.32 $0.33 $0.34 $0.35

$41.58 $41.37 $41.38 $42.30 $39.45

3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26

Minimum "Well Capitalized" Ratio

Tangible Common Equity/Tangible Assets*

14.4%

10.0%

13.3%

12.0%

13.9%

12.8%

11.6%

13.9%

12.9%

11.7%

15.0%

14.4%

12.7%

11.5%

12.2%

11.1%

8.0%

6.5%

3Q25 4Q25 1Q26 2Q26 3Q26**

CET1 Tier 1 Total Risk Based Capital

TBV/Share* Dividends per Share

• Strong earnings profile

• Sustainable dividend profile

  Supporting Robust Asset Growth

• Organic loan and deposit growth

• High quality M&A to enhance commercial franchise and geographic diversification

  Maintain High Quality Capital Stack

• Minimize WACC over time (preferred, sub debt, etc.)

• Optimize capital levels CET1 ~10%, Tier 1 ~12%, and Total Capital ~14%

  Maintain 8-9% TCE

• Common stock repurchases

  - 525,767 shares repurchased at an average price of $64.74 during 3Q26

• M&A deal structures

*A Non-GAAP Measure, Refer to Appendix for Reconciliation.

**Preliminary regulatory capital ratios.

- Drives ROATCE above peer levels

19

ENTERPRISE

Financial Services Corp