Enterprise Financial Services : 2024 Fourth Quarter Earnings Release Presentation

Published: 2025-01-27 16:29:42 ET EFSC

Exhibit 99.2

Enterprise Financial Services Corp

2024 Fourth Quarter Earnings Webcast

Financial Highlights - 4Q24*

Earnings

Capital

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

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

3

Financial Highlights, continued - 4Q24*

Loans & Deposits

Asset

Quality

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

4

Financial Highlights, continued - 2024*

• Net Income $185.3 million, down $8.8 million; EPS $4.83

• Net Interest Income $568.1 million, up $5.5 million; NIM

4.16%

Earnings

• PPNR** $255.2 million, down $29.6 million

• Adjusted ROAA** 1.26%, compared to 1.41%; PPNR

ROAA**1.72%, compared to 2.06%

• Adjusted ROATCE** 13.71%, compared to 16.35%

• Tangible Common Equity/Tangible Assets** 9.05%, compared

to 8.96%

Capital

• Tangible Book Value Per Share** $37.27, compared to $33.85,

increase of 10%

• Common stock dividend increased to $1.06 per share,

compared to $1.00 per share

• Repurchased 626,778 shares at an average price of $46.95

Loans,

• Loans $11.2 billion, up $336.2 million, or 3%

• Deposits $13.1 billion, up $970.1 million, or 8%

Deposits, &

• Net Charge-offs $17.5 million, or 0.16% of average loans,

Asset Quality

compared to 0.37%

*Comparisons noted below are to the prior year.

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

5

Areas of Focus

Organic Loan and Deposit Growth

Disciplined Loan and Deposit Pricing

Focused Credit Underwriting and Monitoring

Focus on Long-term Earnings Trajectory

Core System Conversion

• Completed on October 11, 2024

6

Loan Trends

$ In Millions

$10,884

$11,028

$11,000

$11,080

$11,220

4Q23

1Q24

2Q24

3Q24

4Q24

7

Loan Details

$ In Millions

4Q24

3Q24

4Q23

Qtr

LTM

Change

Change

C&I

$

2,139

$

2,145

$

2,186

$

(6)

$

(47)

CRE Investor Owned

2,405

2,347

2,292

58

113

CRE Owner Occupied

1,305

1,323

1,262

(18)

43

SBA loans*

1,298

1,273

1,282

25

16

Sponsor Finance*

783

819

872

(36)

(89)

Life Insurance Premium Financing*

1,114

1,030

956

84

158

Tax Credits*

760

724

735

36

25

Residential Real Estate

351

346

360

5

(9)

Construction and Land Development

794

797

670

(3)

124

Other

271

276

269

(5)

2

Total Loans

$

11,220

$

11,080

$

10,884

$

140

$

336

*Specialty loan category.

8

Loan By Region

$ In Millions

Specialty Lending

Midwest

$3,898 $3,990 $4,109

$3,338 $3,194 $3,201

4Q23

3Q24

4Q24

4Q23

3Q24

4Q24

Southwest

West

$1,680

$1,784

$1,813

$1,940

$1,855

$1,566

4Q23

3Q24

4Q24

4Q23

3Q24

4Q24

Note: Excludes "Other" loans;

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

9

Deposit Details

$ In Millions

4Q24

3Q24

4Q23

Qtr

LTM

Change

Change

Noninterest-bearing demand accounts

$

4,484

$

3,934

$

3,959

$

550

$

525

Interest-bearing demand accounts

3,175

3,049

2,950

126

225

Money market accounts

3,564

3,568

3,399

(4)

165

Savings accounts

553

553

595

-

(42)

Certificates of deposit:

Brokered

485

481

483

4

2

Customer

885

880

790

5

95

Total Deposits

$

13,146

$

12,465

$

12,176

$

681*$

970*

Deposit Verticals (included in total deposits)

$ 3,388

$ 3,093

$

2,778

$

295

$

610

* Total deposits excluding Deposit Verticals and brokered CDs increased $382 million from 3Q24 and increased $358 million from 4Q23.

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Disclaimer

Enterprise Financial Services Corporation published this content on January 27, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 27, 2025 at 21:27:59.405.