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Jun 30, 2021
Enterprise Financial Q2 2021 Earnings Report
Reported record net income and strong pre-provision net revenue return on average assets, driven by successful navigation of pandemic challenges and the integration of Seacoast acquisition.
Key Takeaways
Enterprise Financial Services Corp reported a record net income of $38.4 million for the second quarter of 2021, a significant increase compared to both the linked quarter and the prior year quarter. The company successfully navigated pandemic-related challenges and completed the acquisition and integration of Seacoast, contributing to the strong financial performance. Core loan growth accelerated, fee income rebounded, and expenses were well-controlled.
Net income reached a record $38.4 million, or $1.23 per diluted share.
Net interest margin (tax equivalent) was 3.46%.
Loan growth, excluding PPP loan activity, was $278.5 million, or 17% annualized.
The company increased its dividend by 6% to $0.19 per share for the third quarter and repurchased 251,637 shares.
Enterprise Financial
Enterprise Financial
Enterprise Financial Revenue by Segment
Revenue by Segment
Commercial & Industrial Revenue
CapyFin.comCommercial Real Estate Revenue
CapyFin.comConstruction Real Estate Revenue
CapyFin.comResidential Real Estate Revenue
CapyFin.com Forward Guidance
The company announced the closing of the First Choice acquisition, expanding its commercial banking presence in California. Future prospects include an expanded footprint, a strengthening economy and customer base, and increased in-person collaboration.
Positive Outlook
- Expanded commercial banking presence in California.
- Strengthening economy.
- Growing customer base.
- Increased in-person collaboration.
- Successful navigation of pandemic challenges.
Challenges Ahead
- Potential failure to realize expected acquisition benefits.
- Adverse regulatory conditions.
- Reputational risks.
- Diversion of management time on acquisition-related issues.
- Uncertainty related to the COVID-19 pandemic.