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Enterprise Financial Services Corp (EFSC) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

Enterprise Financial Services Corp

CIK: 1025835 Ticker: EFSC


EXHIBIT 99.1
enterprisefinancialservices.jpg
ENTERPRISE FINANCIAL REPORTS THIRD QUARTER 2018 RESULTS

Reported Third Quarter Highlights
Net income of $22.5 million, or $0.97 per diluted share
Return on average assets of 1.63%
Repurchase of 71,007 shares at an average price of $53.26 per share

Third Quarter Core Highlights1 
Net income of $20.0 million, or $0.86 per diluted share
Return on average assets of 1.45%
Core net interest margin stable at 3.74%

St. Louis, Mo. October 22, 2018 – Enterprise Financial Services Corp (NASDAQ: EFSC) (the “Company” or "EFSC") reported net income of $22.5 million for the quarter ended September 30, 2018, an increase of $0.3 million, and $6.2 million as compared to the linked second quarter and prior year quarter, respectively. Earnings per diluted share were $0.97 for the quarter ended September 30, 2018, an increase of 2% and 41%, compared to $0.95 and $0.69 per diluted share for the linked second quarter and prior year period, respectively.

The increase in net income and earnings per diluted share compared to the linked second quarter was primarily due to stable core earnings and a net tax benefit recognized upon finalization of the Company's 2017 tax returns.

Core Results1 

On a core basis1, net income totaled $20.0 million, or $0.86 per diluted share, for each of the quarters ended September 30, 2018 and June 30, 2018. Third quarter 2018 diluted core earnings per share1 grew 30%, or $0.20 per diluted share, from $0.66 for the prior year period which continues to be driven by growth in net interest income mitigated by modest expense growth. The Company's income tax rate for the third quarter of 2018 was 18% compared to 32% in the prior year quarter due to the combination of 2017 federal income tax reform and the Company's tax planning initiatives.

The Company's Board of Directors approved a one cent per common share increase in the Company's quarterly dividend to $0.13 per common share from $0.12 for the fourth quarter of 2018, payable on December 28, 2018 to shareholders of record as of December 14, 2018.

Jim Lally, EFSC’s President and Chief Executive Officer, commented, “Third quarter results reflect another strong earnings per share quarter for our Company. Earnings per share for the third quarter were higher than one year ago by 41% and 30% on a total and core1 basis, respectively. Our profitability remains very strong with year to date return on average assets of 1.62%, a 51 basis point increase over the prior year period.”

Lally added, “Capital levels continue to build in line with our expectations, affording us the flexibility to increase the dividend and continue modest share repurchase activity. We are encouraged by the strength of our balance sheet as we look to enhance our performance in the fourth quarter and 2019.”



1 A non-GAAP measure. Refer to discussion and reconciliation of these measures in the accompanying financial tables.
1

The following information was filed by Enterprise Financial Services Corp (EFSC) on Monday, October 22, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Enterprise Financial Services Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Commitments
Commitments (Details)
Commitments (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value On Balance Sheet (Details)
Fair Value Measurements - Schedule Of Level 3 Financial Instruments Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Summary Of Carrying Amount And Fair Values Of Financial Instruments Reported On The Balance Sheets (Details)
Fair Value Measurements - Summary Of Financial Instruments And Non-Financial Assets Measured At Fair Value On A Non-Recurring Basis (Details)
Fair Value Measurements - Summary Of Financial Instruments Measured At Fair Value On A Recurring Basis (Details)
Investments
Investments (Tables)
Investments - Investments Classified By Contractual Maturity Date (Details)
Investments - Narrative (Details)
Investments - Schedule Of Available-For-Sale And Held-To-Maturity Securities Reconciliation (Details)
Investments - Schedule Of Unrealized Loss On Investments (Details)
Loans
Loans (Tables)
Loans - Narrative (Details)
Loans - Summary Of Aging Of Recorded Investment In Past Due Portfolio Loans By Portfolio Class And Category (Details)
Loans - Summary Of Allowance For Loan Losses By Portfolio Class And Category (Details)
Loans - Summary Of Past Due And Impaired Loans (Details)
Loans - Summary Of Portfolio Loans By Category (Details)
Loans - Summary Of Portfolio Loans Individually Evaluated For Impairment By Category (Details)
Loans - Summary Of Recorded Investment By Category For Portfolio Loans Restructured (Details)
Loans - Summary Of Recorded Investment By Risk Category Of Portfolio Loans By Portfolio Class And Category (Details)
Loans - Summary Of Recorded Investment In Impaired Portfolio Loans By Category (Details)
Loans - Summary Of Recorded Investment In Portfolio Loans By Class And Category Based On Impairment Method (Details)
New Authoritative Accounting Guidance
Purchased Credit Impaired ("Pci") Loans
Purchased Credit Impaired ("Pci") Loans (Tables)
Purchased Credit Impaired ("Pci") Loans - Narrative (Details)
Purchased Credit Impaired ("Pci") Loans - Rollforward Of Pci Loans, Net Of Allowance For Loan Losses (Details)
Purchased Credit Impaired ("Pci") Loans - Summary Of Aging Of Recorded Investment In Past Due Pci Loans By Portfolio Class And Category (Details)
Purchased Credit Impaired ("Pci") Loans - Summary Of Pci Loans By Category (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Ticker: EFSC
CIK: 1025835
Form Type: 10-Q Quarterly Report
Accession Number: 0001025835-18-000098
Submitted to the SEC: Fri Oct 26 2018 12:30:08 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: State Commercial Banks

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