Enterprise Financial Services Corp. (EFSC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$767.9M

Revenue growth

14.4%

Net income, last twelve months

$190.3M

Earnings per share

$5.03

Net margin

24.8%

Free cash flow

$211.4M

Return on equity

9.3%

Market value

$2.3B

Price to earnings

12.4x

Dividend yield

2.1%

Cash

$552.1M

Debt

$682.1M

Debt to equity

0.33

Shares outstanding

36.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 21 October 2026.

• Net income rose from linked quarter. Net income was $42.4 million, or $1.14 per diluted share, against $1.09 in the linked quarter and $1.19 in the prior year quarter.
• Net interest income up on loan growth. Net interest income was $174.6 million, up $5.9 million on the linked quarter and $16.3 million on the prior year quarter. An additional day in the period also contributed.
• Pre-provision net revenue increased. PPNR was $74.6 million, up $6.4 million on the linked quarter and $9.0 million on the prior year quarter, mainly from higher net interest income.
• Prior year comparison includes insurance proceeds. The prior year quarter included $32.1 million of anticipated insurance proceeds tied to a tax credit recapture, which affects the year-over-year comparison.
• Construction and specialty loans drove growth. Construction and land development rose 12% on the linked quarter, life insurance premium financing rose 8%, and CRE investor owned rose 5%. Together these added $310 million of net growth.
• Loan production exceeded repayments. Loan volume of $1.3 billion compared with $800.7 million of repayment activity in the quarter.
• Line utilization held near 47%. Average line utilization was about 47%, the same as the linked quarter and up from 45% in the prior year quarter.
• Noninterest-bearing deposits near one-third. Noninterest-bearing accounts were $5.0 billion, or 33% of total deposits, and the loan to deposit ratio was 82%.
• Deposits grew on the quarter. Total deposits were $15.1 billion, up $624.4 million on the linked quarter and $1.6 billion on the prior year quarter. Average deposits were $15.0 billion.
• Reciprocal deposits increased. Reciprocal deposits placed through third party programs for FDIC insurance on larger relationships were $1.3 billion, up from $1.2 billion.
• New loan rate and yield disclosed. New loan originations carried a 6.61% average rate, and investment purchases a 4.74% tax-equivalent yield. The loan portfolio yield was 6.42%.
• Expenses down slightly on linked quarter. Noninterest expense was $114.7 million, down $1.1 million on the linked quarter and up $4.9 million on the prior year quarter. Lower compensation offset higher OREO and workout costs.
• Core efficiency ratio fell to 58.9%. The core efficiency ratio was 58.9%, compared with 61.1% in the linked quarter and 61.0% in the prior year quarter.
• Tax rate rose on state taxes. The effective tax rate was 22.9%, up from 21.7% in the linked quarter, due to higher state taxes.

Company events

The newest 8-K filings of 340 held.

Every filing

The newest filings with the SEC of 703 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

291 funds held it at 30 Jun 2026: 137 added and 69 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• First Citizens Bancshares Inc. (FCNCA): revenue $9.6B, market value $26.9B

What the company does

Enterprise Financial Services Corp, known as EFSC, is a financial holding company headquartered in Clayton, Missouri, and incorporated under Delaware law in December 1994. It owns Enterprise Bank & Trust, a full-service institution that offers banking and wealth management services to individuals and corporate clients. Its clients are primarily in Arizona, California, Florida, Kansas, Missouri, Nevada and New Mexico, and it also runs loan and deposit production offices throughout the United States. At 31 December 2025 it employed 1,370 regular full-time and 48 part-time associates. Its common stock and its depositary shares for Series A Preferred Stock are listed on the Nasdaq Global Select Market.

How the business is organised

The company states its mission as "Guiding people to a lifetime of financial success." Its business objective is to serve privately-held businesses, their owner families and other success-minded individuals. It describes its approach as relationship-oriented, with an emphasis on niche businesses. It says it supplements organic growth with acquisitions. In 2025 it bought 12 former First Interstate Bank branches, 10 in Arizona and two in Kansas City.

What it lends

Lending covers commercial and industrial (C&I) loans, commercial real estate (CRE), construction and land development, residential real estate, SBA and consumer loans.

- C&I: 44.3% - CRE, investor owned: 25.3% - CRE, owner occupied: 20.9% - Construction and land development: 5.9% - Residential real estate: 3.1% - Consumer: 0.5%

By borrower industry, real estate and rental and leasing makes up 26% of loans and finance and insurance 22%. Accommodation and food services accounts for 8% and manufacturing for 7%. About 60% of total loans carry variable rates.

Specialty niches

The company focuses on several lending niches where it says its commercial lending experience gives it an advantage:

- SBA 7(a): Bankers in production offices across the country make these loans. They are primarily owner-occupied CRE loans secured by a first lien, and the SBA predominantly guarantees 75% of each. - Life insurance premium finance: It finances whole life insurance premiums used in high net worth estate planning, through boutique estate planners. - Sponsor finance: It provides mainly senior debt to portfolio companies of private equity firms, principally SBICs, and also holds deposits from the sponsors. - Tax credit lending and brokerage: It lends on affordable housing projects funded by federal and state low income housing tax credits. It also lends on projects under the Treasury CDFI New Markets Tax Credit program, where it has received eight allocations. It holds a minority ownership in a partnership that acquires, invests in and sells state low income housing tax credits.

Deposits and fee income

Core deposits from business and professional clients, and from consumers near its branches, fund most loan growth. Noninterest-bearing deposits are 33% of total deposits. The company runs deposit verticals for clients with complex account needs: community associations, property management, the legal industry and escrow services. These clients receive an earnings credit that offsets account costs.

Fee income comes from treasury management, fiduciary, investment management and financial advisory services. It also comes from client hedging products, international banking, card services and tax credit businesses, and from private equity and SBIC investments. Clients reach products through branches, online and mobile banking, text and voice banking, and tools such as remote deposit capture and positive pay. Investment securities make up 22% of total assets.

Where it operates

Loan markets named in the filing include the St. Louis, Los Angeles, Phoenix, Kansas City, San Diego, Dallas-Fort Worth, Albuquerque, Santa Fe, Las Vegas and Tucson areas. The company says its specialty loans are not tied to its home markets, which lets it reach new geographies.

Competition and regulation

The company describes its markets as highly competitive. Rivals include large financial and bank holding companies, credit unions, investment managers, insurers, brokerage firms, private credit and financial technology companies. The company says it believes its cash management products, which blend technology and personal service, often create a competitive advantage.

The Federal Reserve regulates the holding company. The Bank is a Missouri trust company with banking powers, supervised by the Missouri Division of Finance and, as a Federal Reserve non-member bank, by the FDIC. Because it has more than $10 billion in assets, it is also subject to examination by the CFPB. The Bank holds a satisfactory CRA rating and met the well-capitalized standard at 31 December 2025.

Its people

About 68% of associates can take part in the Short Term Incentive Plan. The minimum wage from 1 January 2026 is $17 per hour, and 99% of associates earn more than it. Benefits include a 401(k), paid time off, parental leave and medical, dental and vision coverage. Training routes include the Career Acceleration Program and Gateway to a Banking Career, a joint effort with two other St. Louis-based institutions. A Belonging & Inclusion Council advises management. American Banker has included the Bank in its "Best Banks to Work for" for eight years, and ranked it sixth in 2025 among similar institutions with more than $10 billion in assets.

*From Enterprise Financial Services Corp's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1025835/000102583526000058/efsc-20251231.htm)*

From the company's 10-K.