Enterprise Financial Services : 2023 First Quarter Earnings Release Presentation

Enterprise Financial Services Corp

2023 First Quarter Earnings Webcast

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, liquidity, yields and returns, loan diversification and credit management, shareholder value creation and the impact of 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 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 (including U.S. federal government measures to
address higher inflation), 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, our ability to attract and retain deposits and access to other sources of liquidity, 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, 2022, 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

Financial Highlights - 1Q23*

Earnings

Capital

• Net Income $55.7 million, down $4.3 million; EPS $1.46
• Net Interest Income $139.5 million, up $0.7 million; NIM 4.71%
• PPNR** $75.0 million, down $3.6 million
• ROAA 1.72%, compared to 1.83%; PPNR ROAA** 2.32%, compared to 2.40%
• ROATCE** 19.93%, compared to 22.62%
• Tangible Common Equity/Tangible Assets** 8.81%, compared to 8.43%
• Tangible Book Value Per Common Share $30.55, compared to $28.67
• CET1 Ratio 11.2%, compared to 11.1%
• Quarterly common stock dividend of $0.25 per share in first quarter 2023
• Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share)

*Comparisons noted below are to the linked quarter unless otherwise noted.
**A Non-GAAP Measure, Refer to Appendix for Reconciliation.	3

Financial Highlights, continued - 1Q23*

Loans & Deposits

Asset Quality

• Loans $10.0 billion, up $274.8 million
• Loan/Deposit Ratio 90%
• Deposits $11.2 billion, up $325.5 million, or $75 million excluding brokered CDs
• Estimated uninsured deposits of $3.4 billion**, or 31% of total deposits
• Noninterest-bearingDeposits/Total Deposits 38%
• Nonperforming Loans/Loans 0.12%
• Nonperforming Assets/Assets 0.09%
• Allowance Coverage Ratio 1.38%; 1.53% adjusted for guaranteed loans

*Comparisons noted below are to the linked quarter unless otherwise noted.

** Excludes insured accounts, collateralized accounts, accounts that qualify for pass-through insurance, reciprocal accounts, and affiliated accounts. 4

Areas of Focus

Organic Loan and Deposit Growth

Disciplined Loan and Deposit Pricing

Maintain Strong Asset Quality

Maintain a Strong Balance Sheet

Opportunistic Talent Additions

5