Fri, Jul 26, 7:02 PM (43 days ago)
Enterprise Financial Services Corp (EFSC) reported its financial results for the quarter ended June 30, 2024. Key highlights include: - **Net Interest Income**: Increased to $140.5 million for Q2 2024 from $137.7 million in the previous quarter, driven by higher average loan balances and yields on earning assets. The net interest margin (NIM) was 4.19%. - **Provision for Credit Losses**: Recorded at $4.8 million for Q2 2024, down from $5.8 million in the previous quarter, reflecting updates to qualitative factors and increased reserves on individually evaluated loans. - **Noninterest Income**: Rose to $15.5 million, primarily due to higher tax credit income. - **Noninterest Expense**: Slightly increased to $94.0 million, with higher deposit costs and core system conversion expenses. - **Loans**: Total loans grew by $115.9 million, or 1.06%, to $11.0 billion. - **Deposits**: Deposits increased by $106.0 million to $12.3 billion, with noninterest-bearing deposits comprising 32% of total deposits. - **Asset Quality**: Nonperforming loans decreased to $39.4 million, with the allowance for credit losses on loans at 1.27% of total loans. - **Shareholders’ Equity**: Increased to $1.76 billion, with a tangible common equity ratio of 9.18%. Overall, EFSC demonstrated stable growth in loans and deposits, maintained solid asset quality, and managed interest rate risks effectively.