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Sep 30, 2021
Enterprise Financial Q3 2021 Earnings Report
EFSC's third quarter was marked by strong financial performance and strategic progress.
Key Takeaways
Enterprise Financial Services Corp reported an outstanding third quarter, with record pre-provision net revenue and solid growth in loans and deposits. The acquisition of First Choice Bancorp contributed positively to the results, and the company increased its fourth-quarter dividend by 5%.
Reported net income was $13.9 million, with earnings per share at 38 cents, or $1.27 on an adjusted basis.
Pre-provision net revenue reached a record $56.1 million, resulting in a PPNR return on average assets of 1.81%.
Total deposits grew to $10.8 billion, with the DDA percentage rising to 40%.
Loan growth was supported by C&I teams, SBA business, and the First Choice portfolio.
Enterprise Financial
Enterprise Financial
Forward Guidance
The company will focus on flawless execution, organic loan growth, and pipeline expansion. They will leverage their position as a top 10 SBA 7A lender and continue to recruit in high-growth markets and specialty businesses. The company will also use the changing work environment to combat workforce challenges.
Positive Outlook
- Focus remains on flawless execution.
- Organic loan growth and pipeline expansion remains a priority.
- Will leverage position as a top 10 SBA 7A lender to continue to recruit and grow this business.
- Will continue to recruit in higher growth markets and specialty businesses to continue the growth.
- With recent award of $60 million in New Markets Tax Credits, will continue to grow tax credit business.
Challenges Ahead
- Changing environment of how we work to combat the workforce challenges that all businesses are facing.