8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) 

October 22, 2018

ENTERPRISE FINANCIAL SERVICES CORP

(Exact name of registrant as specified in its charter)

Delaware	001-15373	43-1706259
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

150 N. Meramec, St. Louis, Missouri (Address of principal executive offices) 63105 (Zip Code)

Registrant's telephone number, including area code 

(314) 725-5500

Not applicable 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 22, 2018, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended September 30, 2018. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The press release and the information included in this Item 2.02 shall not be deemed “filed” with the Commission.

On October 23, 2018, at 2:30 p.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended September 30, 2018. The slide presentation which will accompany the webcast is furnished in this report, pursuant to this Item 2.02, as Exhibit 99.2, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

Exhibit

NumberDescription

99.1        Press Release dated October 22, 2018

99.2        Presentation to be conducted October 23, 2018

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		ENTERPRISE FINANCIAL SERVICES CORP
Date:	October 22, 2018	By:	/s/ Mark G. Ponder
			Mark G. Ponder
			Senior Vice President and Controller

EX-99.1

EXHIBIT 99.1

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 share¹grew30%, 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

Net Interest Income

Net interest income for the third quarter increased to $48.1 million from the linked second quarter of $47.0 million, and increased $2.5 million from the prior year period. Net interest margin, on a fully tax equivalent basis, was 3.78% for the third quarter, compared to 3.77% in the linked second quarter, and 3.88% in the third quarter of 2017.

Core net interest income¹ increased by $0.8 million in the third quarter of 2018 as compared to the linked quarter due to a $49 million increase in average earning assets during the current quarter driven by portfolio loan growth along with one extra calendar day in the quarter and a relatively stable core net interest margin¹ of 3.74% as compared to 3.75% for the linked second quarter.

Core net interest margin¹ excludes incremental accretion on non-core acquired loans. See the table below for a quarterly comparison of the Company's core net interest income¹ and core net interest margin¹.

	For the Quarter ended
($ in thousands)	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Core net interest income1	$	47,558		$	46,757		$	45,405		$	44,901		$	44,069
Core net interest margin1, (fully tax equivalent)	3.74		%	3.75		%	3.74		%	3.73		%	3.75		%

The yield on portfolio loans increased 13 basis points to 5.12% for the current quarter as compared to the linked quarter of 4.99% and 43 basis points from the prior year period of 4.69% due to increasing interest rates on the existing variable-rate loan portfolio and higher rates on newly originated loans. The cost of total deposits also increased 13 basis points from the linked quarter and 40 basis points from the prior year period to 0.86% for the quarter ended September 30, 2018. The increase in the interest rate paid on deposits reflects market interest rate trends, as the Company continues to defend and attract new core deposit relationships. Additionally, the cost of total interest-bearing liabilities increased 18 basis points to 1.34% for the quarter ended September 30, 2018 from 1.16% for the linked quarter and increased 56 basis points from the prior year period of 0.78%.

The Company continues to manage its balance sheet to grow core net interest income¹ and expects to maintain core net interest margin¹ over the coming quarters as growth in loan yields balance rising deposit prices. However, pressure on funding costs could hinder the expected trends in core net interest margin¹.

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

2

Portfolio Loans

The following table presents portfolio loans with selected specialized lending detail for the most recent five quarters:

	At the Quarter ended
($ in thousands)	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
C&I - general	$	967,525		$	990,153		$	945,682		$	936,588		$	905,296
CRE investor owned - general	841,310			836,516			836,499			801,156			771,348
CRE owner occupied - general	480,106			493,589			471,417			468,151			467,154
Enterprise value lendinga	442,439			442,877			439,352			407,644			455,983
Life insurance premium financinga	378,826			358,787			365,377			364,876			330,957
Residential real estate - general	309,053			318,841			328,966			342,140			341,311
Construction and land development - general	309,879			286,482			293,938			294,123			300,697
Tax creditsa	256,666			260,595			244,088			234,835			188,498
Agriculturea	137,760			127,849			118,862			91,031			90,768
Consumer and other - general	126,194			136,647			117,901			126,115			144,489
Portfolio loans	$	4,249,758		$	4,252,336		$	4,162,082		$	4,066,659		$	3,996,501
Portfolio loan yield	5.12		%	4.99		%	4.87		%	4.71		%	4.69		%
Total C&I loans to portfolio loans	48		%	48		%	48		%	47		%	47		%
Variable interest rate loans to portfolio loans	62		%	60		%	59		%	58		%	57		%
Certain prior period amounts have been reclassified among the categories to conform to the current period presentation.
aSpecialized categories may include a mix of C&I, CRE, Construction and land development, or Consumer and other loans.

Portfolio loans were $4.2 billion at September 30, 2018, decreasing$3 million, when compared to the linked quarter. On a year-over-year basis, portfolio loans increased$253 million, or 6%. We expect continued total portfolio loan growth in 2018 and 2019 to be a high single digit percentage.

The Company continues to focus on originating high-quality commercial and industrial ("C&I") relationships, as they typically have variable interest rates and allow for cross selling opportunities involving other banking products. Total C&I loans represent 48% of the Company's loan portfolio as of the third quarter of 2018. C&I loan growth supports management's efforts to maintain the Company's asset sensitive interest rate risk position.

Non-Core Acquired Loans

Non-core acquired loans were those acquired from the FDIC and were previously covered by shared-loss agreements. These loans continue to be accounted for as purchased credit impaired ("PCI") loans. Non-core acquired loans totaled $17.7 million at September 30, 2018, a decrease of $5.8 million, or 25% from the linked second quarter, and $16.5 million, or 48%, from the prior year period, primarily as a result of principal payments and loan payoffs. At September 30, 2018, the remaining accretable yield on the portfolio was estimated to be $9 million and the non-accretable difference was approximately $10 million.

The Company estimates 2018 and 2019 pre-tax income from accelerated cash flows and other incremental accretion to be between $2 million and $3 million. Additionally, year-to-date pretax income from non-core acquired assets includes a $2.1 million provision for loan loss reversal as well as $1.0 million of other income from non-core acquired assets.

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

3

Asset Quality: The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:

	For the Quarter ended
($ in thousands)	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Nonperforming loans	$	17,044		$	14,801		$	15,582		$	15,687		$	8,985
Other real estate	408			454			455			498			491
Nonperforming assets	$	17,452		$	15,255		$	16,037		$	16,185		$	9,476
Nonperforming loans to total loans a	0.40		%	0.35		%	0.38		%	0.39		%	0.23		%
Nonperforming assets to total assets	0.32		%	0.28		%	0.30		%	0.31		%	0.18		%
Allowance for portfolio loan losses to total loans a	0.99		%	1.00		%	0.98		%	0.95		%	0.97		%
Net charge-offs (recoveries)	$	2,447		$	641		$	(226	)	$	3,313		$	803

^a Excludes loans accounted for as PCI loans

The Company recorded a provision for portfolio loan losses of $2.3 million compared to $2.4 million for the linked quarter and the prior year period, respectively. The provision for the third quarter is reflective of charge-offs in the period and what management believes to be a prudent credit risk posture.

Nonperforming loans increased during the quarter ended September 30, 2018 due to three isolated C&I credits.

Deposits

The following table presents deposits broken out by type:

	At the Quarter ended
($ in thousands)	September 30, 2018			June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017
Noninterest-bearing accounts	$	1,062,126		$	1,050,969		$	1,101,705		$	1,123,907		$	1,047,910
Interest-bearing transaction accounts	743,351			754,819			875,880			915,653			814,338
Money market and savings accounts	1,730,762			1,768,793			1,655,488			1,538,081			1,579,767
Brokered certificates of deposit	202,323			224,192			201,082			115,306			170,701
Other certificates of deposit	471,914			449,139			447,222			463,467			446,495
Total deposit portfolio	$	4,210,476		$	4,247,912		$	4,281,377		$	4,156,414		$	4,059,211
Noninterest-bearing deposits to total deposits	25		%	25		%	26		%	27		%	26		%

Total deposits at September 30, 2018 were $4.2 billion, a decrease of $37 million, or 3% annualized, from June 30, 2018, but an increase of $151 million from September 30, 2017. Average deposit balances for the quarter ended September 30, 2018, increased $25 million from the linked quarter and $323 million compared to the prior year period resulting in higher interest expense on deposits for the current quarter.

Core deposits, defined as total deposits excluding certificates of deposits, were $3.5 billion at September 30, 2018, a decrease of $38 million, or 4% annualized, from the linked quarter, but an increase of $94 million from the prior year period. The Company continues to strengthen and diversify the funding base.

Noninterest-bearing deposits were $1.1 billion at September 30, 2018, an increase of $11 million compared to June 30, 2018, and an increase of $14 million compared to September 30, 2017. The total cost of deposits increased 13 basis points to 0.86% at September 30, 2018 compared to 0.73% at June 30, 2018, and also increased40 basis points from

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

4

0.46% at September 30, 2017. The cost of deposits reflects interest rate conditions for existing clients as well as rates for new customer acquisition.

Noninterest Income

Total noninterest income for the quarter ended September 30, 2018 was $8.4 million, a decrease of $1.3 million, or 13% from the linked second quarter, and relatively stable with the prior year quarter. The decrease from the linked second quarter was driven by lower miscellaneous income items. Other income in the linked second quarter included a $0.6 million gain from the sale of an equity partnership.

Core noninterest income¹ for the quarter ended September 30, 2018 was $8.4 million, a decrease of $0.6 million, or 7% from the linked second quarter, primarily due to lower income from interest rate swaps and other distributions. In addition, the linked second quarter included proceeds of $0.3 million from a bank-owned life insurance policy.

The Company expects growth in core fee income of a high single digit percentage for 2019 over 2018 levels.

Noninterest Expenses

Noninterest expenses were $29.9 million for the quarter ended September 30, 2018, compared to $29.2 million for the quarter ended June 30, 2018, and $27.4 million for the quarter ended September 30, 2017. The increase from the linked quarter was due to a non-recurring excise tax expense which was offset by lower income tax expenses discussed below. Noninterest expenses for the quarter ended September 30, 2017 included $0.3 million of merger related expenses.

Core noninterest expenses¹ were $29.2 million for each of the quarters ended September 30, 2018 and June 30, 2018, compared to $27.1 million for the prior year period. Core expenses¹ increased over the prior year period due to increases in employee compensation and benefits from investments in revenue producing personnel and $0.8 million of tax credit amortization.

The Company's core efficiency ratio¹ was 52.2% for the quarter ended September 30, 2018, compared to 52.4% for the linked quarter and 51.6% for the prior year period. The decrease in the linked quarter is reflective of marginally higher income and holding noninterest expense steady.

The Company expects to continue to invest in revenue producing associates and other infrastructure that supports additional growth. These investments are expected to result in expense growth, at a rate of 35% - 45% of projected revenue growth for 2019, resulting in continued improvements to the Company's efficiency ratio.

Income Taxes

The Company's effective tax rate was 7% for the quarter ended September 30, 2018 compared to 18% for the quarter ended June 30, 2018, and 33% for the quarter ended September 30, 2017. During the current quarter, the Company finalized its 2017 corporate income tax returns. Tax planning activities associated with the excise tax discussed above, reduced income tax expense by $2.7 million. 

The Company expects its effective tax rate for the remainder of 2018 and 2019 to be approximately 18% - 20%.

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

5

Capital

The following table presents various capital ratios:

	At the Quarter ended
Percent	September 30, 2018		June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017
Total risk-based capital to risk-weighted assets	12.94	%	12.60	%	12.41	%	12.21	%	12.33	%
Common equity tier 1 capital to risk-weighted assets	9.66	%	9.32	%	9.07	%	8.88	%	8.93	%
Tangible common equity to tangible assets	8.54	%	8.30	%	8.13	%	8.14	%	8.18	%

In the third quarter of 2018, as part of its capital management efforts, the Company repurchased 71,007 shares of its common stock for $3.8 million pursuant to its publicly announced share repurchase program.

Capital ratios for the current quarter are based on the Basel III regulatory capital framework as applied to the Company’s current businesses and operations, and are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review and implementation guidance. The attached tables contain a reconciliation of these ratios to U.S. GAAP financial measures.

For more information contact:

Investor Relations: Keene Turner, Executive Vice President and CFO (314) 512-7233

Media: Karen Loiterstein, Senior Vice President (314) 512-7141

Use of Non-GAAP Financial Measures¹ 

The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as core net income and core net interest margin, and other core performance measures, regulatory capital ratios, and the tangible common equity ratio, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

The Company considers its core performance measures presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of non-core acquired loans and related income and expenses, the impact of certain non-comparable items, and the Company's operating performance on an ongoing basis. Core performance measures include contractual interest on non-core acquired loans, but exclude incremental accretion on these loans. Core performance measures also exclude the gain or loss on sale of other real estate from non-core acquired loans, and expenses directly related to non-core acquired loans and other assets formerly covered under FDIC loss share agreements. Core performance measures also exclude certain other income and expense items, such as executive separation costs, merger related expenses, facilities charges, deferred tax asset revaluation, and the gain or loss on sale of investment securities, the Company believes to be not indicative of or useful to measure the Company's operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity ratio provides useful information to investors about the Company's capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company's performance and capital strength. The Company's management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company's operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or

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

6

preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measure for the periods indicated.

Conference Call and Webcast Information

The Company will host a conference call and webcast at 2:30 p.m. Central time on Tuesday, October 23, 2018. During the call, management will review the third quarter of 2018 results and related matters. This press release as well as a related slide presentation will be accessible on the Company's website at www.enterprisebank.com under “Investor Relations” beginning prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-877-260-1479 (Conference ID #5159617). A recorded replay of the conference call will be available on the website two hours after the call's completion. Visit http://bit.ly/EFSC3Q2018earningsand register to receive a dial in number, passcode, and pin number. The replay will be available for approximately two weeks following the conference call.

Enterprise Financial Services Corp operates commercial banking and wealth management businesses in metropolitan St. Louis, Kansas City, and Phoenix. The Company is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.

Forward-looking Statements

Readers should note that, in addition to the historical information contained herein, this press release contains "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. Forward-looking statements include, but are not limited to, statements about the Company's plans, expectations, and projections of future financial and operating results, as well as statements regarding the Company's plans, objectives, expectations or consequences of announced transactions. The Company uses words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "could," "continue," and “intend”, and variations of such words and similar expressions, in this communication to identify such forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements. Factors that could cause or contribute to such differences include, but are not limited to, 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 conditions, 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 regulatory requirements, changes in accounting regulation or standards applicable to banks, as well as other risk factors described in the Company's 2017 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events unless required under the federal securities laws.

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

7

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	For the Quarter ended															For the Nine Months ended
($ in thousands, except per share data)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Sep 30, 2018			Sep 30, 2017
EARNINGS SUMMARY
Net interest income	$	48,093		$	47,048		$	46,171		$	47,404		$	45,625		$	141,312		$	129,900
Provision for portfolio loan losses	2,332			2,385			1,871			3,186			2,422			6,588			7,578
Provision reversal for purchased credit impaired loan losses	(69		)	(1,995		)	—			(279		)	—			(2,064		)	(355		)
Noninterest income	8,410			9,693			9,542			11,112			8,372			27,645			23,282
Noninterest expense	29,922			29,219			29,143			28,260			27,404			88,284			86,791
Income before income tax expense	24,318			27,132			24,699			27,349			24,171			76,149			59,168
Income tax expense1	1,802			4,881			3,778			19,820			7,856			10,461			18,507
Net income1	$	22,516		$	22,251		$	20,921		$	7,529		$	16,315		$	65,688		$	40,661
Diluted earnings per share	$	0.97		$	0.95		$	0.90		$	0.32		$	0.69		$	2.81		$	1.75
Return on average assets	1.63		%	1.65		%	1.59		%	0.57		%	1.27		%	1.62		%	1.11		%
Return on average common equity	15.22		%	15.70		%	15.31		%	5.37		%	11.69		%	15.41		%	10.37		%
Return on average tangible common equity	19.42		%	20.23		%	19.92		%	6.99		%	15.23		%	19.85		%	13.25		%
Net interest margin (fully tax equivalent)	3.78		%	3.77		%	3.80		%	3.93		%	3.88		%	3.78		%	3.87		%
Efficiency ratio	52.96		%	51.50		%	52.31		%	48.29		%	50.75		%	52.25		%	56.66		%
CORE PERFORMANCE SUMMARY(NON-GAAP)2
Net interest income	$	47,558		$	46,757		$	45,405		$	44,901		$	44,069		$	139,720		$	124,685
Provision for portfolio loan losses	2,332			2,385			1,871			3,186			2,422			6,588			7,578
Noninterest income	8,403			9,026			8,520			11,118			8,350			25,949			23,260
Noninterest expense	29,228			29,209			29,129			28,146			27,070			87,566			79,814
Income before income tax expense	24,401			24,189			22,925			24,687			22,927			71,515			60,553
Income tax expense	4,372			4,145			3,340			6,692			7,391			11,857			18,636
Net income	$	20,029		$	20,044		$	19,585		$	17,995		$	15,536		$	59,658		$	41,917
Diluted earnings per share	$	0.86		$	0.86		$	0.84		$	0.77		$	0.66		$	2.56		$	1.81
Return on average assets	1.45		%	1.48		%	1.49		%	1.37		%	1.21		%	1.47		%	1.14		%
Return on average common equity	13.54		%	14.14		%	14.34		%	12.84		%	11.13		%	14.00		%	10.69		%
Return on average tangible common equity	17.28		%	18.22		%	18.64		%	16.71		%	14.50		%	18.03		%	13.66		%
Net interest margin (fully tax equivalent)	3.74		%	3.75		%	3.74		%	3.73		%	3.75		%	3.74		%	3.71		%
Efficiency ratio	52.23		%	52.36		%	54.02		%	50.24		%	51.64		%	52.86		%	53.95		%
1 Includes $12.1 million ($0.52 per diluted share) deferred tax asset revaluation charge for the quarter ended December 31, 2017 due to U.S. corporate income tax reform.
2 Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.

8

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Quarter ended													For the Nine Months ended
($ in thousands, except per share data)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018		Dec 31, 2017			Sep 30, 2017		Sep 30, 2018			Sep 30, 2017
INCOME STATEMENTS
NET INTEREST INCOME
Total interest income	$	60,757		$	57,879		$	55,164	$	54,789		$	52,468	$	173,800		$	147,750
Total interest expense	12,664			10,831			8,993		7,385			6,843		32,488			17,850
Net interest income	48,093			47,048			46,171		47,404			45,625		141,312			129,900
Provision for portfolio loan losses	2,332			2,385			1,871		3,186			2,422		6,588			7,578
Provision reversal for purchased credit impaired loan losses	(69		)	(1,995		)	—		(279		)	—		(2,064		)	(355		)
Net interest income after provision for loan losses	45,830			46,658			44,300		44,497			43,203		136,788			122,677
NONINTEREST INCOME
Deposit service charges	2,997			3,007			2,851		2,897			2,820		8,855			8,146
Wealth management revenue	2,012			2,141			2,114		2,153			2,062		6,267			5,949
Card services revenue	1,760			1,650			1,516		1,545			1,459		4,926			3,888
State tax credit activity, net	192			64			252		2,249			77		508			332
Gain on sale of other real estate	13			—			—		76			—		13			17
Gain on sale of investment securities	—			—			9		—			22		9			22
Other income	1,436			2,831			2,800		2,192			1,932		7,067			4,928
Total noninterest income	8,410			9,693			9,542		11,112			8,372		27,645			23,282
NONINTEREST EXPENSE
Employee compensation and benefits	16,297			16,582			16,491		15,292			15,090		49,370			46,096
Occupancy	2,394			2,342			2,406		2,429			2,434		7,142			6,628
Merger related expenses	—			—			—		—			315		—			6,462
Other	11,231			10,295			10,246		10,539			9,565		31,772			27,605
Total noninterest expense	29,922			29,219			29,143		28,260			27,404		88,284			86,791
Income before income tax expense	24,318			27,132			24,699		27,349			24,171		76,149			59,168
Income tax expense	1,802			4,881			3,778		19,820			7,856		10,461			18,507
Net income	$	22,516		$	22,251		$	20,921	$	7,529		$	16,315	$	65,688		$	40,661
Basic earnings per share	$	0.97		$	0.96		$	0.91	$	0.33		$	0.70	$	2.84		$	1.77
Diluted earnings per share	0.97			0.95			0.90		0.32			0.69		2.81			1.75

9

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	At the Quarter ended
($ in thousands)	Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Dec 31, 2017		Sep 30, 2017
BALANCE SHEETS
ASSETS
Cash and due from banks	$	78,119	$	91,851	$	81,604	$	91,084	$	76,777
Interest-earning deposits	81,351		87,586		63,897		64,884		108,976
Debt and equity investments	775,344		756,203		752,114		741,792		708,725
Loans held for sale	738		1,388		1,748		3,155		6,411
Portfolio loans	4,249,758		4,252,336		4,162,082		4,066,659		3,996,501
Less: Allowance for loan losses	41,892		42,007		40,263		38,166		38,292
Portfolio loans, net	4,207,866		4,210,329		4,121,819		4,028,493		3,958,209
Non-core acquired loans, net of the allowance for loan losses	15,378		21,062		24,376		25,980		29,258
Total loans, net	4,223,244		4,231,391		4,146,195		4,054,473		3,987,467
Other real estate	408		454		455		498		491
Fixed assets, net	32,354		32,814		32,127		32,618		32,803
State tax credits, held for sale	45,625		46,481		42,364		43,468		35,291
Goodwill	117,345		117,345		117,345		117,345		117,345
Intangible assets, net	9,148		9,768		10,399		11,056		11,745
Other assets	153,863		134,643		134,854		128,852		145,457
Total assets	$	5,517,539	$	5,509,924	$	5,383,102	$	5,289,225	$	5,231,488
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	1,062,126	$	1,050,969	$	1,101,705	$	1,123,907	$	1,047,910
Interest-bearing deposits	3,148,350		3,196,943		3,179,672		3,032,507		3,011,301
Total deposits	4,210,476		4,247,912		4,281,377		4,156,414		4,059,211
Subordinated debentures	118,144		118,131		118,118		118,105		118,093
Federal Home Loan Bank advances	401,000		361,534		224,624		172,743		248,868
Other borrowings	161,795		167,216		166,589		253,674		209,104
Other liabilities	39,287		41,047		37,379		39,716		49,876
Total liabilities	4,930,702		4,935,840		4,828,087		4,740,652		4,685,152
Shareholders' equity	586,837		574,084		555,015		548,573		546,336
Total liabilities and shareholders' equity	$	5,517,539	$	5,509,924	$	5,383,102	$	5,289,225	$	5,231,488

10

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Quarter ended
($ in thousands)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
LOAN PORTFOLIO
Commercial and industrial	$	2,033,278		$	2,038,400		$	1,982,086		$	1,919,145		$	1,861,935
Commercial real estate	1,443,088			1,445,981			1,413,897			1,363,605			1,332,111
Construction real estate	329,288			302,514			309,227			305,468			306,410
Residential real estate	309,414			319,208			329,337			342,518			341,695
Consumer and other	134,690			146,233			127,535			135,923			154,350
Total portfolio loans	4,249,758			4,252,336			4,162,082			4,066,659			3,996,501
Non-core acquired loans	17,672			23,425			28,763			30,391			34,157
Total loans	$	4,267,430		$	4,275,761		$	4,190,845		$	4,097,050		$	4,030,658
DEPOSIT PORTFOLIO
Noninterest-bearing accounts	$	1,062,126		$	1,050,969		$	1,101,705		$	1,123,907		$	1,047,910
Interest-bearing transaction accounts	743,351			754,819			875,880			915,653			814,338
Money market and savings accounts	1,730,762			1,768,793			1,655,488			1,538,081			1,579,767
Brokered certificates of deposit	202,323			224,192			201,082			115,306			170,701
Other certificates of deposit	471,914			449,139			447,222			463,467			446,495
Total deposit portfolio	$	4,210,476		$	4,247,912		$	4,281,377		$	4,156,414		$	4,059,211
AVERAGE BALANCES
Portfolio loans	$	4,230,089		$	4,196,875		$	4,108,400		$	3,990,233		$	3,899,493
Non-core acquired loans	21,891			26,179			29,125			31,957			35,120
Loans held for sale	544			962			1,445			3,599			5,144
Debt and equity investments	755,129			743,534			740,587			708,481			711,056
Interest-earning assets	5,072,573			5,023,607			4,948,875			4,826,271			4,712,672
Total assets	5,471,504			5,415,151			5,340,112			5,226,183			5,095,494
Deposits	4,255,523			4,230,291			4,124,326			4,115,377			3,932,038
Shareholders' equity	586,765			568,555			554,066			555,994			553,713
Tangible common equity	459,975			441,136			426,006			427,258			425,056
YIELDS (fully tax equivalent)
Portfolio loans	5.12		%	4.99		%	4.87		%	4.71		%	4.69		%
Non-core acquired loans	16.93		%	12.37		%	16.60		%	37.53		%	23.82		%
Total loans	5.18		%	5.04		%	4.96		%	4.97		%	4.86		%
Debt and equity investments	2.71		%	2.58		%	2.50		%	2.52		%	2.49		%
Interest-earning assets	4.77		%	4.64		%	4.54		%	4.54		%	4.45		%
Interest-bearing deposits	1.16		%	0.98		%	0.82		%	0.69		%	0.62		%
Total deposits	0.86		%	0.73		%	0.61		%	0.50		%	0.46		%
Subordinated debentures	4.98		%	4.94		%	4.70		%	4.46		%	4.42		%
Borrowed funds	1.62		%	1.41		%	1.15		%	0.84		%	0.85		%
Cost of paying liabilities	1.34		%	1.16		%	0.99		%	0.84		%	0.78		%
Net interest margin	3.78		%	3.77		%	3.80		%	3.93		%	3.88		%

11

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Quarter ended
(in thousands, except % and per share data)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
ASSET QUALITY
Net charge-offs (recoveries)1	$	2,447		$	641		$	(226	)	$	3,313		$	803
Nonperforming loans1	17,044			14,801			15,582			15,687			8,985
Classified assets	73,704			74,001			77,195			73,239			80,757
Nonperforming loans to total loans1	0.40		%	0.35		%	0.38		%	0.39		%	0.23		%
Nonperforming assets to total assets2	0.32		%	0.28		%	0.30		%	0.31		%	0.18		%
Allowance for loan losses to total loans1	0.99		%	1.00		%	0.98		%	0.95		%	0.97		%
Allowance for loan losses to nonperforming loans1	245.8		%	283.8		%	258.4		%	243.3		%	426.2		%
Net charge-offs (recoveries) to average loans (annualized)1	0.23		%	0.06		%	(0.02		)%	0.33		%	0.08		%
WEALTH MANAGEMENT
Trust assets under management	$	1,174,798		$	1,337,030		$	1,319,259		$	1,330,227		$	1,319,123
Trust assets under administration	1,984,859			2,165,870			2,151,697			2,169,946			2,102,800
MARKET DATA
Book value per common share	$	25.41		$	24.81		$	24.02		$	23.76		$	23.69
Tangible book value per common share	$	19.94		$	19.32		$	18.49		$	18.20		$	18.09
Market value per share	$	53.05		$	53.95		$	46.90		$	45.15		$	42.35
Period end common shares outstanding	23,092			23,141			23,111			23,089			23,063
Average basic common shares	23,148			23,124			23,115			23,069			23,324
Average diluted common shares	23,329			23,318			23,287			23,342			23,574
CAPITAL
Total risk-based capital to risk-weighted assets	12.94		%	12.60		%	12.41		%	12.21		%	12.33		%
Tier 1 capital to risk-weighted assets	11.03		%	10.68		%	10.46		%	10.29		%	10.36		%
Common equity tier 1 capital to risk-weighted assets	9.66		%	9.32		%	9.07		%	8.88		%	8.93		%
Tangible common equity to tangible assets	8.54		%	8.30		%	8.13		%	8.14		%	8.18		%
1 Excludes loans accounted for as PCI loans.
2 Excludes PCI loans and related assets, except for inclusion in total assets.

12

ENTERPRISE FINANCIAL SERVICES CORP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

	For the Quarter ended															For the Nine Months ended
($ in thousands, except per share data)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Sep 30, 2018			Sep 30, 2017
CORE PERFORMANCE MEASURES
Net interest income	$	48,093		$	47,048		$	46,171		$	47,404		$	45,625		$	141,312		$	129,900
Less: Incremental accretion income	535			291			766			2,503			1,556			1,592			5,215
Core net interest income	47,558			46,757			45,405			44,901			44,069			139,720			124,685
Total noninterest income	8,410			9,693			9,542			11,112			8,372			27,645			23,282
Less: Other income from non-core acquired assets	7			18			1,013			(6		)	—			1,038			—
Less: Gain on sale of investment securities	—			—			9			—			22			9			22
Less: Other non-core income	—			649			—			—			—			649			—
Core noninterest income	8,403			9,026			8,520			11,118			8,350			25,949			23,260
Total core revenue	55,961			55,783			53,925			56,019			52,419			165,669			147,945
Provision for portfolio loan losses	2,332			2,385			1,871			3,186			2,422			6,588			7,578
Total noninterest expense	29,922			29,219			29,143			28,260			27,404			88,284			86,791
Less: Other expenses related to non-core acquired loans	12			(229		)	14			114			19			(203		)	126
Less: Facilities disposal	—			239			—			—			—			239			389
Less: Merger related expenses	—			—			—			—			315			—			6,462
Less: Non-recurring excise tax3	682			—			—			—			—			682			—
Core noninterest expense	29,228			29,209			29,129			28,146			27,070			87,566			79,814
Core income before income tax expense	24,401			24,189			22,925			24,687			22,927			71,515			60,553
Total income tax expense	1,802			4,881			3,778			19,820			7,856			10,461			18,507
Less: income tax expense from deferred tax asset revaluation1	—			—			—			12,117			—			—			—
Less: Other non-core income tax expense (benefit)2, 3	(2,570		)	736			438			1,011			465			(1,396		)	(129		)
Core income tax expense	4,372			4,145			3,340			6,692			7,391			11,857			18,636
Core net income	$	20,029		$	20,044		$	19,585		$	17,995		$	15,536		$	59,658		$	41,917
Core diluted earnings per share	$	0.86		$	0.86		$	0.84		$	0.77		$	0.66		$	2.56		$	1.81
Core return on average assets	1.45		%	1.48		%	1.49		%	1.37		%	1.21		%	1.47		%	1.14		%
Core return on average common equity	13.54		%	14.14		%	14.34		%	12.84		%	11.13		%	14.00		%	10.69		%
Core return on average tangible common equity	17.28		%	18.22		%	18.64		%	16.71		%	14.50		%	18.03		%	13.66		%
Core efficiency ratio	52.23		%	52.36		%	54.02		%	50.24		%	51.64		%	52.86		%	53.95		%
1 Deferred tax asset revaluation associated with U.S. corporate income tax reform.
2 Other non-core income tax expense calculated at 24.7% of non-core pretax income for 2018. For 2017, the calculation is 38.0% of non-core pretax income plus an estimate of taxes payable related to non-deductible JCB acquisition costs.
3 Income tax for the quarter ended September 30, 2018, includes a $2.7 million income tax planning benefit, associated with the excise tax expense, recognized upon finalization of the Company's 2017 tax returns.

13

NET INTEREST MARGIN TO CORE NET INTEREST MARGIN (FULLY TAX EQUIVALENT)
	For the Quarter ended															For the Nine Months ended
($ in thousands)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Sep 30, 2018			Sep 30, 2017
Net interest income	$	48,299		$	47,254		$	46,386		$	47,824		$	46,047		$	141,939		$	131,290
Less: Incremental accretion income	535			291			766			2,503			1,556			1,592			5,215
Core net interest income	$	47,764		$	46,963		$	45,620		$	45,321		$	44,491		$	140,347		$	126,075
Average earning assets	$	5,072,573		$	5,023,607		$	4,948,875		$	4,826,271		$	4,712,672		$	5,015,471		$	4,539,350
Reported net interest margin	3.78		%	3.77		%	3.80		%	3.93		%	3.88		%	3.78		%	3.87		%
Core net interest margin	3.74		%	3.75		%	3.74		%	3.73		%	3.75		%	3.74		%	3.71		%

	At the Quarter ended
($ in thousands)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
REGULATORY CAPITAL TO RISK-WEIGHTED ASSETS
Shareholders' equity	$	586,837		$	574,084		$	555,015		$	548,573		$	546,336
Less: Goodwill	117,345			117,345			117,345			117,345			117,345
Less: Intangible assets, net of deferred tax liabilities	6,888			7,355			7,831			6,661			5,825
Less: Unrealized gains (losses)	(16,627		)	(12,580		)	(11,563		)	(3,818		)	(489		)
Plus: Other	—			—			—			12			12
Common equity tier 1 capital	479,231			461,964			441,402			428,397			423,667
Plus: Qualifying trust preferred securities	67,600			67,600			67,600			67,600			67,600
Plus: Other	60			60			60			48			48
Tier 1 capital	546,891			529,624			509,062			496,045			491,315
Plus: Tier 2 capital	94,611			94,795			95,075			93,002			93,616
Total risk-based capital	$	641,502		$	624,419		$	604,137		$	589,047		$	584,931
Total risk-weighted assets	$	4,958,999		$	4,956,820		$	4,867,491		$	4,822,695		$	4,743,393
Common equity tier 1 capital to risk-weighted assets	9.66		%	9.32		%	9.07		%	8.88		%	8.93		%
Tier 1 capital to risk-weighted assets	11.03		%	10.68		%	10.46		%	10.29		%	10.36		%
Total risk-based capital to risk-weighted assets	12.94		%	12.60		%	12.41		%	12.21		%	12.33		%
SHAREHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS
Shareholders' equity	$	586,837		$	574,084		$	555,015		$	548,573		$	546,336
Less: Goodwill	117,345			117,345			117,345			117,345			117,345
Less: Intangible assets	9,148			9,768			10,399			11,056			11,745
Tangible common equity	$	460,344		$	446,971		$	427,271		$	420,172		$	417,246
Total assets	$	5,517,539		$	5,509,924		$	5,383,102		$	5,289,225		$	5,231,488
Less: Goodwill	117,345			117,345			117,345			117,345			117,345
Less: Intangible assets	9,148			9,768			10,399			11,056			11,745
Tangible assets	$	5,391,046		$	5,382,811		$	5,255,358		$	5,160,824		$	5,102,398
Tangible common equity to tangible assets	8.54		%	8.30		%	8.13		%	8.14		%	8.18		%

14

EX-99.2

Enterprise Financial Services Corp 2018 Third Quarter Earnings Webcast

Forward-Looking Statements Some of the information in this report contains “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. Forward-looking statements typically are identified with use of terms such as “may,” “might,” “will, “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “could,” “continue” and the negative of these terms and similar words, although some forward-looking statements may be expressed differently. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions and statements about the future performance, operations, products and services of the Company and its subsidiaries. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. You should be aware that our actual results could differ materially from those anticipated by the forward-looking statements or historical performance due to a number of factors, including, but not limited to: our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations; reputational risks; 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 conditions; risks associated with rapid increases or decreases in prevailing interest rates; consolidation within the banking industry; competition from banks and other financial institutions; our ability to attract and retain relationship officers and other key personnel; burdens imposed by federal and state regulation; changes in regulatory requirements; changes in accounting regulation or standards applicable to banks; and other risks discussed under the caption “Risk Factors” of our most recently filed Form 10-K and in Part II, 1A of our most recently filed Form 10-Q, all of which could cause the Company’s actual results to differ from those set forth in the forward-looking statements. Readers are cautioned not to place undue reliance on our forward-looking statements, which reflect management’s analysis and expectations only as of the date of such statements. Forward-looking statements speak only as of the date they are made, and the Company does not intend, and undertakes no obligation, to publicly revise or update forward-looking statements after the date of this report, whether as a result of new information, future events or otherwise, except as required by federal securities law. You should understand that it is not possible to predict or identify all risk factors. Readers should carefully review all disclosures we file from time to time with the Securities and Exchange Commission (the “SEC”) which are available on our website at www.enterprisebank.com under "Investor Relations." 2

Financial Scorecard Q3 2018 Compared to Q3 2017 Continued Growth in Core EPS* 30% • Drive Net Interest Income Growth in 8% Dollars with Favorable Loan Growth Trends • Defend Core Net Interest Margin* 1 bps • Maintain High Quality Credit Profile 17 bps NPLs/Loans • Achieve Further Improvement in 1% Operating Leverage Enhance Deposit Levels to Support 4% Growth * A Non GAAP Measure, Refer to Appendix for Reconciliation 3

2018 Focus • Achieve Organic Loan and Deposit Growth • Maintain Focus on Long-Term Strategic Development • Improve Overall Sales Culture Through a Refreshed Sales Process and External Message 4

Portfolio Loan Trends 6% Total Loan Growth In Millions $4,252 $4,250 $4,162 $4,067 $3,997 Q3 '17 Q4' 17 Q1' 18 Q2' 18 Q3' 18 5

Commercial & Industrial Loan Trends 9% C&I Growth In Millions $2,038 $2,033 $1,982 $1,919 $1,862 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 6

Portfolio Loan Details QTR LTM Q3 ’18 Q2 ’18 Change Q3 ’17 Change In Millions C&I - General $ 968 $ 990 $ (22) $ 905 $ 63 CRE, Investor Owned - General 841 837 4 771 70 CRE, Owner Occupied - General 480 493 (13) 467 13 Enterprise Value Lending1 442 443 (1) 456 (14) Life Insurance Premium Financing1 379 359 20 331 48 Residential Real Estate - General 309 319 (10) 341 (32) Construction and Land Development - General 310 286 24 301 9 Tax Credits1 257 260 (3) 189 68 Agriculture1 138 128 10 91 47 Consumer & Other - General 126 137 (11) 145 (19) Portfolio Loans $ 4,250 $ 4,252 $ (2) $ 3,997 $ 253 1Specialized categories may include a mix of C&I, CRE, Construction and land development, or Consumer and other loans. 7

Portfolio Loans By Business Unit In Millions Specialized Lending St. Louis $2,335 $2,300 $860 $875 $901 $2,225 Q3 '17 Q2 '18 Q3 '18 Q3 '17 Q2 '18 Q3 '18 Kansas City Arizona $325 $331 $717 $718 $277 $635 Q3 '17 Q2 '18 Q3 '18 Q3 '17 Q2 '18 Q3 '18 8

Deposit Trend In Millions 27.0% 25.8% 25.7% 24.7% 25.2% $4,281 $4,248 $4,210 $4,156 $4,059 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Deposits DDA % u Last Twelve Months Growth Rate = 4% 9

Earnings Per Share - Q3 2018 Reported vs. Core EPS* $(0.03) $(0.08) $0.97 $0.86 EPS Non-Core Tax Adjustment Core EPS Acquired * A Non GAAP Measure, Refer to Appendix for Reconciliation 10

Earnings Per Share Trend - Q3 2018 Changes in Core EPS* $0.02 $(0.02) $0.86 $0.86 Q2 '18 Net Interest Noninterest Q3 '18 Income Income Note: * A Non GAAP Measure, Refer to Appendix for Reconciliation 11

Core Net Interest Income Trend* In Millions 3.75% 3.73% 3.74% 3.75% 3.74% $46.8 $47.6 $45.4 $44.1 $44.9 8% Core NII Growth Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Core Net Interest Income FTE Core Net Interest Margin Note: * A Non-GAAP Measure, Refer to Appendix for Reconciliation 12

Credit Trends for Portfolio Loans (1) Net Charge-offs In Millions Portfolio Loan Growth $138 33 bps $95 23 bps $90 $70 6bps 8 bps (2) bps $(2) Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 In Millions Provision for Portfolio Loans Q3 2018 EFSC Peer(2) NPA’s/Assets = 0.32% 0.59% $3.2 NPL’s/Loans = 0.40% 0.72% $2.3 $2.4 $2.4 $1.9 ALLL/NPL’s = 245.8% 141.3% ALLL/Loans = 0.99% 0.96% Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 (1) Portfolio loans only, excludes non-core acquired loans; (2) Peer median data as of 6/30/2018 (source: S&P Global Market Intelligence) 13

Core Fee Income* In Millions Core Fee Income Other Core Fee Income Detail $11.1 $1.5 $2.3 $9.0 $0.2 $2.1 $8.4 $8.5 $8.4 $0.2 $0.1 $2.2 $1.7 $1.9 $0.1 $1.8 $0.2 $1.5 $1.5 $0.1 $0.1 $1.8 $0.2 $0.3 $0.1 $0.2 $0.1 $0.6 $0.2 $0.2 $1.4 $2.3 $2.1 $1.9 $1.8 $1.4 $0.1 $0.2 $0.2 $2.9 $3.0 $2.8 $2.9 $3.0 $1.5 $1.5 $1.5 $1.3 $0.9 $2.1 $2.2 $2.1 $2.1 $2.0 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Wealth Management Deposit Services Charge Miscellaneous Swap Fees CDE Other State Tax Credits Mortgage Card Services Note: * A Non-GAAP Measure, Refer to Appendix for Reconciliation 14

Operating Expenses Trend* In Millions 54.0% 51.6% 52.4% 52.2% 50.2% $29.1 $29.2 $29.2 $28.1 $27.1 $15.3 $16.5 $16.6 $16.3 $15.1 $2.4 $2.4 $2.4 $2.4 $2.3 $9.6 $10.4 $10.2 $10.3 $10.5 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Other Occupancy Employee compensation and benefits Core Efficiency Ratio* Note: * A Non-GAAP Measure, Refer to Appendix for Reconciliation 15

Positive Momentum in Core Earnings Per Share* $0.86 $0.86 $0.84 $0.77 Four-Year CAGR 24% $0.66 $0.59 $0.59 $0.56 $0.49 $0.49 $0.49 $0.47 $0.44 $0.37 $0.38 $0.35 $0.33 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 132% Core EPS Growth from Q3 2014 to Q3 2018 Note: * A Non-GAAP Measure, Refer to Appendix for Reconciliation 16

Third Quarter 2018 Earnings Webcast Appendix

Earnings Per Share - Q3 2018 Year to Date Reported vs. Core EPS* $0.01 $(0.18) $(0.08) $2.81 $2.56 EPS Non-Core Tax Adjustment Other Core EPS Acquired Assets * A Non GAAP Measure, Refer to Appendix for Reconciliation 18

Earnings Per Share Trend - Q3 2018 Year to Date Changes in Core EPS* $0.09 $0.03 $0.40 $(0.26) $0.49 $2.56 $1.81 Q3 '17 Net Interest Portfolio Loan Noninterest Noninterest Income Tax Q3 '18 Income Loss Provision Income Expense Expense Note: * A Non GAAP Measure, Refer to Appendix for Reconciliation 19

Effective Tax Rate Reconciliation YTD 2018 2017 Q4 2017 Federal Tax Rate 21.00% 35.00% 35.00% State Tax, Net of Federal Benefit 2.33% 1.94% 1.94% Excess Tax Benefits (2.13)% (2.47)% (1.25)% Tax Credit Investments (3.87)% (1.89)% (3.62)% Other Tax Adjustments 0.03% (2.28)% (3.90)% Pre-DTA Effective Tax Rate 17.36% 30.30% 28.17% Impact of Tax Law Changes (3.62)% 14.00% 44.30% Ending Effective Tax Rate 13.74% 44.30% 72.47% 20

Use of Non-GAAP Financial Measures The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as core net income and core net interest margin and other core performance measures, in this presentation that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The Company considers its core performance measures presented in this presentation as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of non-core acquired loans and related income and expenses, the impact of non-comparable items, and the Company's operating performance on an ongoing basis. Core performance measures include contractual interest on non-core acquired loans but exclude incremental accretion on these loans. Core performance measures also exclude the gain or loss on sale of other real estate from non-core acquired loans, and expenses directly related to the non-core acquired loans and other assets formerly covered under FDIC loss share agreements. Core performance measures also exclude certain other income and expense items, such as executive separation costs, merger related expenses, facilities charges, deferred tax asset revaluation due to U.S. corporate income tax reform, and the gain or loss on sale of investment securities, the Company believes to be not indicative of or useful to measure the Company's operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company's performance and capital strength. The Company's management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company's operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the tables below, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measure for the periods indicated. Peer group data consists of median of publicly traded banks with total assets from $2-$10 billion with commercial loans greater than 20% and consumer loans less than 10%. 21

Reconciliation of Non-GAAP Financial Measures For the Quarter ended For the Nine Months ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Sep 30, Sep 30, ($ in thousands, except per share data) 2018 2018 2018 2017 2017 2018 2017 CORE PERFORMANCE MEASURES Net interest income $ 48,093 $ 47,048 $ 46,171 $ 47,404 $ 45,625 $ 141,312 $ 129,900 Less: Incremental accretion income 535 291 766 2,503 1,556 1,592 5,215 Core net interest income 47,558 46,757 45,405 44,901 44,069 139,720 124,685 Total noninterest income 8,410 9,693 9,542 11,112 8,372 27,645 23,282 Less: Other income from non-core acquired assets 7 18 1,013 (6) — 1,038 — Less: Gain on sale of investment securities — — 9 — 22 9 22 Less: Other non-core income — 649 — — — 649 — Core noninterest income 8,403 9,026 8,520 11,118 8,350 25,949 23,260 Total core revenue 55,961 55,783 53,925 56,019 52,419 165,669 147,945 Provision for portfolio loan losses 2,332 2,385 1,871 3,186 2,422 6,588 7,578 Total noninterest expense 29,922 29,219 29,143 28,260 27,404 88,284 86,791 Less: Other expenses related to non-core acquired loans 12 (229) 14 114 19 (203) 126 Less: Facilities disposal — 239 — — — 239 389 Less: Merger related expenses — — — — 315 — 6,462 Less: Non-recurring excise tax3 682 — — — — 682 — Core noninterest expense 29,228 29,209 29,129 28,146 27,070 87,566 79,814 Core income before income tax expense 24,401 24,189 22,925 24,687 22,927 71,515 60,553 Total income tax expense 1,802 4,881 3,778 19,820 7,856 10,461 18,507 Less: income tax expense from deferred tax asset revaluation1 — — — 12,117 — — — Less: Other non-core income tax expense (benefit)2, 3 (2,570) 736 438 1,011 465 (1,396) (129) Core income tax expense 4,372 4,145 3,340 6,692 7,391 11,857 18,636 Core net income $ 20,029 $ 20,044 $ 19,585 $ 17,995 $ 15,536 $ 59,658 $ 41,917 Core diluted earnings per share $ 0.86 $ 0.86 $ 0.84 $ 0.77 $ 0.66 $ 2.56 $ 1.81 Core return on average assets 1.45% 1.48% 1.49% 1.37% 1.21% 1.47% 1.14% Core return on average common equity 13.54% 14.14% 14.34% 12.84% 11.13% 14.00% 10.69% Core return on average tangible common equity 17.28% 18.22% 18.64% 16.71% 14.50% 18.03% 13.66% Core efficiency ratio 52.23% 52.36% 54.02% 50.24% 51.64% 52.86% 53.95% 1 Deferred tax asset revaluation associated with U.S. corporate income tax reform. 2 Other non-core income tax expense calculated at 24.7% of non-core pretax income for 2018. For 2017, the calculation is 38.0% of non-core pretax income plus an estimate of taxes payable related to non-deductible JCB acquisition costs. 3 Income tax for the quarter ended September 30, 2018, includes a $2.7 million income tax planning benefit, associated with the excise tax expense, recognized upon finalization of the Company's 2017 tax returns. 22

Third Quarter 2018 Earnings Webcast Q & A