Enterprise Financial Services : 2022 Second Quarter Investor Presentation

Enterprise Financial Services Corp

Second Quarter 2022 Investor Presentation

Forward-Looking Statements

Some of the information in this report may contain "forward-looking statements" within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include projections based on management's current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company's expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, shareholder value creation and the impact of the Company's integration of First Choice Bancorp ("First Choice") and other acquisitions.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company's ability to efficiently integrate acquisitions, including the First Choice acquisition, into its operations, retain the customers of these businesses and grow the acquired operations, as well as credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts, U.S. fiscal debt, budget and tax matters, and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, consolidation in the banking industry, competition from banks and other financial institutions, the Company's ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, changes in the method of determining LIBOR and the phase out of LIBOR, natural disasters, terrorist activities, war and geopolitical matters (including the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, including the COVID-19 pandemic, and their effects on economic and business environments in which we operate, including the ongoing disruption to the financial market and other economic activity caused by the continuing COVID-19 pandemic, and those factors and risks referenced from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"), including in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and the Company's other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company's results.

For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results.

Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC
disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or
circumstances that occur after the date on which such statements were made.	2

Enterprise Financial Services Corp

Guiding People to a Lifetime of Financial Success

Vision

Target

Market

Company Highlights

Growth

History

To be a company where our associates are proud to work, that delivers ease of navigation to our customers and value to our investors, while helping our communities flourish.

Privately held businesses, business owners and professionals in vibrant and high growth markets of Arizona, California, Kansas, Missouri, Nevada and New Mexico.

• EFSC incorporated in 1996	• Nasdaq listed:
•	Enterprise Bank & Trust chartered	◦	Common stock trading symbol EFSC
	as a Missouri trust company	◦	Depositary shares trading symbol EFSCP
•	1,000+ associates

$ in Billions
					$13.7
				$9.8	$2.5
				$11.2
			$7.3	$1.3
			$8.5
	$5.3	$5.6	$1.2
$4.1
$0.9		$6.1
	$4.4
2016	2017	2018	2019	2020	2021
		EFSC Assets	Merger Contribution		3

Key Metrics

Profitability

Balance Sheet

Credit

Peer Banks $10-50B

					Median	Top Quartile
		2Q22 YTD			FY2021
Return on average tangible common equity(1)	17.46 %	18.29 %	15.48 %	16.96 %
Net interest margin	3.41 %	3.41 %	2.98 %	3.18 %
Efficiency ratio(1)	52.62 %	51.61 %	56.30 %	49.52 %
Tangible common equity/tangible assets(1)	7.83 %	8.31 %	8.64 %	9.64 %
Loan/deposit ratio	83.56 %	79.49 %	70.79 %	80.93 %
Nonperforming assets/assets	0.16 %	0.23 %	0.30 %	0.18 %
Allowance for credit losses/loans*	1.69 %	1.84 %	1.17 %	1.36 %

FY2020

Profitability

Balance Sheet

Credit

Profitability

Balance Sheet

Credit

Return on average tangible common equity(1)	12.74 %	11.57 %	13.44 %
Net interest margin	3.56 %	3.27 %	3.54 %
Efficiency ratio(1)	50.96 %	55.70 %	49.61 %
Tangible common equity/tangible assets(1)	9.07 %	8.84 %	9.57 %
Loan/deposit ratio	90.48 %	80.64 %	87.31 %
Nonperforming assets/assets	0.45 %	0.47 %	0.29 %
Allowance for credit losses/loans*	2.31 %	1.42 %	1.58 %
		FY2019
Return on average tangible common equity(1)	18.51 %	14.64 %	15.81 %
Net interest margin	3.80 %	3.69 %	4.04 %
Efficiency ratio(1)	52.36 %	55.34 %	50.72 %
Tangible common equity/tangible assets(1)	8.89 %	9.30 %	10.25 %
Loan/deposit ratio	92.09 %	91.66 %	95.92 %
Nonperforming assets/assets	0.45 %	0.46 %	0.33 %
Allowance for credit losses/loans	0.81 %	0.76 %	0.91 %

1. Non-GAAPMeasure, Refer to Appendix for Reconciliation.

*Excludes guaranteed loans.

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Executive Leadership Team

JAMES B. LALLY	KEENE S. TURNER	SCOTT R. GOODMAN
54, President & Chief Executive	42, EVP, Chief Financial	58, President,
Officer, EFSC	Officer, EFSC	Enterprise Bank & Trust
Enterprise Tenure - 18 years	Enterprise Tenure - 8 years	Enterprise Tenure - 19 years

DOUGLAS N. BAUCHE	MARK G. PONDER	NICOLE M. IANNACONE
52, EVP, Chief Credit Officer,	52, EVP, Chief Administrative	42, EVP, Chief Risk Officer & General
Enterprise Bank & Trust	Officer, Enterprise Bank & Trust	Counsel, Enterprise Bank & Trust
Enterprise Tenure - 22 years	Enterprise Tenure - 10 years	Enterprise Tenure - 8 years

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