EX-99.1 2 ef124369ex991.htm EXHIBIT 99.1

Exhibit 99.1

 

For more information contact:

 

Kevin Eichner or Frank Sanfilippo (314) 725 5500

 

Melissa Sturges (816) 221 7500 or Ann Marie Mayuga (314) 469 4798

ENTERPRISE FINANCIAL REPORTS 7% INCREASE IN
FIRST QUARTER NET INCOME

 

•

Fully diluted EPS at $0.26, down $0.02 from first quarter of 2006

 

•

Loans grow 40% in the past year

 

•

Trust profits rise 45% over same period in 2006

 

•

Clayco (Great American Bank) acquisition completed

 

•

Company issues earnings guidance for 2007

 

 

 

St. Louis, April 17, 2007. Enterprise Financial Services Corp (NASDAQ:  EFSC), the parent company of Enterprise Bank & Trust of St. Louis, MO, reported first quarter 2007 net income of $3.2 million, a 7% increase over the $3.0 million reported in the first quarter of 2006. Earnings per fully diluted share for the first quarter were $0.26, down $0.02 from the prior year’s first quarter.  

As previously reported, the Company completed its acquisition of Kansas City-based Clayco Banc Corporation and its wholly owned subsidiary, Great American Bank (“Great American”) for $37 million in EFSC common stock (60%) and cash (40%) on February 28, 2007. At the time of acquisition, Great American had loans of $169 million and deposits of $150 million (including $26 million of brokered deposits).  Over the last three quarters, Enterprise has tripled its market position in Kansas City through a combination of acquisitions and organic growth.

Commenting on the quarterly results, EFSC President and CEO Kevin Eichner said,  “Our first quarter results were generally consistent with our 2007 plan. Our internal budget anticipated level earnings per share for the first two quarters in comparison to 2006, with strong growth in the third and fourth quarters as we digest the effects of our two recent bank acquisitions.  Accordingly, our net income quarter-to-quarter was up, but our earnings per share declined slightly. In addition to strong loan growth and the increase in Trust profitability, major drivers in the quarter were the increased share counts and higher non-interest expenses related to the new acquisitions, margin compression due to a prolonged inverted yield curve and related competitive pressures, an increase in non-performing loans, and a decrease in Millennium profits.”

“Overall, we were pleased with the performance of our banking business as loans grew by $426 million or 40% and deposits increased by $404 million or 39% in comparing the quarter to the first quarter of 2006. Our net interest rate margin did decline by 13 basis points, but that certainly appears to be well within bounds of what the industry as a whole is experiencing. The increase in non-performing loans is largely attributable to one builder relationship totaling $4.7 million which management believes is well secured.  While our Wealth Management line of business showed a decrease in revenues of 11%, our Trust

- 1 -


division enjoyed an excellent 45% increase in its profitability for the quarter.  Though revenues and profits were down, Millennium’s paid premium on life cases was actually up 29% in the quarter. Accordingly, we expect a very strong second quarter from this unit.  We are very happy in this general banking environment to have the diversification of our wealth management franchises and their growth potential as we look forward to the rest of 2007 and beyond,” he said.

He continued, “We normally do not provide any form of earnings guidance until mid-year after performance dynamics have made themselves more evident. While we certainly do not run the company for quarterly outcomes, we thought it appropriate in this particular circumstance to communicate our own budget expectations for 2007, which call for earnings per share to be relatively flat through the first two quarters, then rising in the third and fourth quarters on the strength of expected loan growth, increased productivity and overhead absorption, and continued growth from our wealth management businesses.  For 2007 as a whole, we continue to target strong double-digit increases in earnings per share in the 12% to 15% range. While this is lower than our four-year earnings per share compound annual growth rate of 27% posted from 2002 through 2006, we expect our annual rate of growth to again be at or near the top of the industry this year.” 

“Our 2007 targets assume, among many other factors, that loans grow by 10%-13% organically (not including Great American), our net interest margin holds at 3.83%-3.88%, Great American generates earnings of $2.5-$3.0 million, the trust business delivers pre-tax profits of $1.5-$1.7 million, Millennium produces $1.9-$2.2 million in pre-tax earnings all in, and loan losses remain well within the company’s long-range plan boundaries.  With respect to our long-range plan, we see no reason at this point to adjust our organic growth model assumptions (See Form 8-K filed November 27, 2006) as we view some of the current pressures on earnings to be temporary.” Eichner noted.

Banking Line of Business

Net interest income increased $3.0 million, or 25% in the first quarter of 2007 versus the same quarter in 2006.  At quarter end, portfolio loans were up $181 million from year-end and $426 million or 40% from one year ago.  While loan pipelines and new fundings remained strong, these were partially offset by some unexpected payoffs and line paydowns which resulted in modest organic growth for the quarter.

Total deposits grew $131 million from December 31, 2006 and $404 million, or 39% from the same period one year ago.  Organically, we experienced seasonal deposit runoff consistent with our history, but at lower levels. The deposit mix for the first quarter remained favorable as non-interest bearing deposits or DDA represented 16% of average deposits and brokered deposits represented 10% of total deposits at the end of the quarter.  This is particularly encouraging as these ratios include the effects of NorthStar’s and Great American’s non core deposits on the totals.

The tax-equivalent net interest rate margin for the first quarter decreased 12 basis points from the fourth quarter of 2006 and 13 basis points from the first quarter of 2006.  Most of the decline in the rate margin since fourth quarter is due to the higher cost of deposits and interest reversals on nonperforming loans, with the rest due to higher levels of subordinated debentures associated with the acquisition of Great American.  

- 2 -


The Bank’s asset performance statistics weakened slightly but overall asset quality remains solid. The company had net charge-offs during the quarter of $628,000 or 0.19% annualized on two credits that were previously classified and for which loss reserves had been specifically allocated. For the quarter, the provision for loan losses was $850,000 versus $800,000 in the same quarter of 2006.  The increase in the provision for loan losses was due to higher non-performing asset levels than a year ago mostly offset by lower loan growth. 

Nonperforming loans totaled $9.9 million or 0.66% of total loans versus 0.49% and 0.13% at December 31, 2006 and March 31, 2006, respectively.  The increase in nonperforming loans from year end was partially offset by the net charge-offs noted previously and loan paydowns.    The Company’s allowance for loan losses represented 1.29% of portfolio loans at March 31, 2007 which is consistent with levels at year end 2006 and one year ago.  

Increases in Deposit Service Charges and Other Income for the quarter versus the same quarter in 2006 relate to the acquisitions of NorthStar in July, 2006 and Great American, along with growth in the existing client base for deposit products and related services. 

Wealth Management Line of Business

For the first quarter of 2007, Wealth Management revenue declined $356,000 or 11% from the same quarter in 2006, attributable to a $464,000 decline in revenue from Millennium. This decrease was partially offset by a $108,000 increase in revenue from Trust.  For the quarter, Enterprise Trust revenues grew 7%, while pre-tax earnings grew 45% from the same quarter in 2006 as this business continues to benefit from strong operating leverage.  

After amortization of intangibles, the cost of related debt, and minority interest, Millennium posted a pre-tax loss of $229,000 in the first quarter versus pre-tax earnings of $292,000 in the same quarter of 2006.  In addition to the revenue decline noted previously, expenses at Millennium increased $355,000 from the first quarter of 2006 primarily due to hiring additional operations, underwriting and sales support personnel, which have allowed the unit to expand its distribution network and improve service levels.

Other Business Results

For the quarter, the Company’s efficiency ratio moved from 61% in 2006 to 67% in 2007 due to the increase in expenses from acquisitions and various growth initiatives and the decline in revenue at Millennium.  Non-interest expenses were $11.9 million in the first quarter of 2007 versus $9.3 million in the same quarter of 2006, an increase of $2.6 million or 28%.  In addition to increased expenses at Millennium, approximately $1.1 million of this increase is due to incremental expenses related to the NorthStar acquisition and $322,000 of incremental expenses related to Great American.  Finally, the Company added new talent and infrastructure to support its expansion in International Banking, Wholesale Banking, Wealth Management and Treasury Management.  

- 3 -


“Strategically, we are using this environment to make advantageous incremental investments in new markets, services and talent as many of our competitors pull back or slow their growth.  We believe it is an opportune time to further solidify our markets and to position Enterprise for its next stage of growth and expansion. This is precisely the same kind of thinking that led us to invest heavily in wealth management several years ago when others would or could not do so,” concluded Eichner.

Enterprise Financial operates commercial banking and wealth management businesses mostly in metropolitan St. Louis and Kansas City, with a primary focus on serving the needs of privately held businesses, their owners and other success-minded individuals.  

Please refer to the Consolidated Financial Summary attached for more details.

#           #           #

Readers should note that in addition to the historical information contained herein, this press release contains forward-looking statements, which 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, burdens imposed by federal and state regulations of banks, credit risk, exposure to local and national economic conditions, risks associated with rapid increase or decrease in prevailing interest rates, effects of mergers and acquisitions, effects of critical accounting policies and judgments, legal and regulatory developments and competition from banks and other financial institutions, as well as other risk factors described in  Enterprise Financial’s 2006 Annual Report on Form 10-K.  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.

- 4 -


ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY
(unaudited)

INCOME STATEMENTS

 

 

For the Quarter Ended

 

 

 

 

($ In thousands, except per share data)

 

Mar 31,
2007

 

Dec 31,
2006

 

Sep 30,
2006

 

Jun 30,
2006

 

Mar 31,
2006

 

 

 

 

 

 

 

Total interest income

 

$

27,848

 

$

26,966

 

$

26,364

 

$

21,659

 

$

19,429

 

Total interest expense

 

 

13,929

 

 

12,927

 

 

12,525

 

 

9,517

 

 

8,172

 

 

 

 

 

 

 

 

Net interest income

 

 

13,919

 

 

14,039

 

 

13,839

 

 

12,142

 

 

11,257

 

Provision for loan loss

 

 

850

 

 

350

 

 

240

 

 

737

 

 

800

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

 

13,069

 

 

13,689

 

 

13,599

 

 

11,405

 

 

10,457

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management revenue

 

 

2,963

 

 

3,791

 

 

3,468

 

 

3,231

 

 

3,319

 

Deposit service charges

 

 

659

 

 

592

 

 

603

 

 

532

 

 

501

 

Gain on sale of mortgage loans

 

 

65

 

 

65

 

 

95

 

 

48

 

 

23

 

Other income

 

 

212

 

 

214

 

 

159

 

 

141

 

 

134

 

 

 

 

 

 

 

 

Total noninterest income

 

 

3,899

 

 

4,662

 

 

4,325

 

 

3,952

 

 

3,977

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

7,308

 

 

6,849

 

 

6,754

 

 

5,843

 

 

5,801

 

Occupancy

 

 

878

 

 

1,009

 

 

737

 

 

608

 

 

611

 

Furniture and equipment

 

 

315

 

 

222

 

 

317

 

 

239

 

 

250

 

Other

 

 

3,360

 

 

3,748

 

 

3,144

 

 

2,630

 

 

2,632

 

 

 

 

 

 

 

 

Total noninterest expense

 

 

11,861

 

 

11,828

 

 

10,952

 

 

9,320

 

 

9,294

 

Minority interest in net income of consolidated subsidiary

 

 

(157

)

 

(48

)

 

(434

)

 

60

 

 

(453

)

 

 

 

 

 

 

 

Income before income tax

 

 

4,950

 

 

6,475

 

 

6,538

 

 

6,097

 

 

4,687

 

Income taxes

 

 

1,792

 

 

2,084

 

 

2,356

 

 

2,196

 

 

1,689

 

 

 

 

 

 

 

 

Net income

 

$

3,158

 

$

4,391

 

$

4,182

 

$

3,901

 

$

2,998

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.27

 

$

0.38

 

$

0.37

 

$

0.37

 

$

0.29

 

Diluted earnings per share

 

$

0.26

 

$

0.37

 

$

0.35

 

$

0.36

 

$

0.28

 

Return on average assets

 

 

0.80

%

 

1.14

%

 

1.10

%

 

1.23

%

 

0.98

%

Return on average equity

 

 

8.92

%

 

13.24

%

 

12.99

%

 

16.00

%

 

12.89

%

Efficiency ratio

 

 

66.57

%

 

63.25

%

 

60.30

%

 

57.91

%

 

61.01

%

Noninterest expense to average assets

 

 

3.00

%

 

3.08

%

 

2.89

%

 

2.93

%

 

3.05

%

YIELDS (fully tax equivalent)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

 

7.94

%

 

7.95

%

 

7.90

%

 

7.65

%

 

7.22

%

Securities

 

 

4.31

%

 

4.21

%

 

4.11

%

 

4.00

%

 

3.91

%

Federal funds sold

 

 

5.51

%

 

5.43

%

 

5.29

%

 

5.28

%

 

4.45

%

Yield on earning assets

 

 

7.66

%

 

7.57

%

 

7.54

%

 

7.29

%

 

6.83

%

Interest bearing deposits

 

 

4.42

%

 

4.32

%

 

4.17

%

 

3.71

%

 

3.38

%

Borrowed Funds

 

 

4.99

%

 

4.61

%

 

5.04

%

 

4.85

%

 

4.37

%

Subordinated debt

 

 

7.21

%

 

7.37

%

 

7.31

%

 

7.08

%

 

6.84

%

Cost of paying liabilities

 

 

4.55

%

 

4.42

%

 

4.31

%

 

3.93

%

 

3.54

%

Net interest spread

 

 

3.11

%

 

3.15

%

 

3.23

%

 

3.36

%

 

3.29

%

Net interest rate margin

 

 

3.86

%

 

3.98

%

 

3.99

%

 

4.11

%

 

3.99

%

- 5 -


ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)

BALANCE SHEETS

($ In thousands)

 

Mar 31,
2007

 

Dec 31,
2006

 

Sep 30,
2006

 

Jun 30,
2006

 

Mar 31,
2006

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

41,846

 

$

41,558

 

$

53,113

 

$

48,663

 

$

42,597

 

Federal funds sold

 

 

6,992

 

 

7,066

 

 

6,959

 

 

3,034

 

 

6,027

 

Interest-bearing deposits

 

 

1,144

 

 

1,669

 

 

2,614

 

 

2,007

 

 

104

 

Debt and equity investments

 

 

119,056

 

 

111,210

 

 

114,860

 

 

109,449

 

 

110,333

 

Loans held for sale

 

 

4,650

 

 

2,602

 

 

5,268

 

 

3,028

 

 

2,447

 

Portfolio loans

 

 

1,492,460

 

 

1,311,723

 

 

1,269,391

 

 

1,108,906

 

 

1,066,084

 

Less allowance for loan losses

 

 

19,220

 

 

16,988

 

 

17,805

 

 

14,449

 

 

13,964

 

 

 

 

 

 

 

 

Net loans

 

 

1,473,240

 

 

1,294,735

 

 

1,251,586

 

 

1,094,457

 

 

1,052,120

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

22,724

 

 

17,047

 

 

15,295

 

 

13,941

 

 

13,624

 

Other real estate

 

 

1,064

 

 

1,500

 

 

1,182

 

 

—  

 

 

—  

 

Goodwill

 

 

55,284

 

 

29,983

 

 

29,804

 

 

12,004

 

 

12,004

 

Core deposit intangible

 

 

3,886

 

 

2,153

 

 

2,261

 

 

—  

 

 

—  

 

Other amortizing intangibles

 

 

3,408

 

 

3,636

 

 

3,864

 

 

4,092

 

 

4,320

 

Other assets

 

 

23,329

 

 

22,428

 

 

21,369

 

 

15,866

 

 

14,508

 

 

 

 

 

 

 

 

Total assets

 

$

1,756,623

 

$

1,535,587

 

$

1,508,175

 

$

1,306,541

 

$

1,258,084

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing deposits

 

$

214,965

 

$

234,849

 

$

222,668

 

$

195,719

 

$

192,997

 

Interest bearing deposits

 

 

1,231,139

 

 

1,080,659

 

 

1,059,282

 

 

879,995

 

 

848,633

 

 

 

 

 

 

 

 

Total deposits

 

 

1,446,104

 

 

1,315,508

 

 

1,281,950

 

 

1,075,714

 

 

1,041,630

 

Subordinated debentures

 

 

56,807

 

 

35,054

 

 

35,054

 

 

30,930

 

 

30,930

 

FHLB advances

 

 

75,387

 

 

26,995

 

 

38,162

 

 

88,653

 

 

75,068

 

Other borrowings

 

 

12,786

 

 

13,757

 

 

13,731

 

 

4,810

 

 

7,221

 

Other liabilities

 

 

6,837

 

 

11,279

 

 

11,113

 

 

7,237

 

 

7,729

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,597,921

 

 

1,402,593

 

 

1,380,010

 

 

1,207,344

 

 

1,162,578

 

Shareholders’ equity

 

 

158,702

 

 

132,994

 

 

128,165

 

 

99,197

 

 

95,506

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,756,623

 

$

1,535,587

 

$

1,508,175

 

$

1,306,541

 

$

1,258,084

 

 

 

 

 

 

 

 

- 6 -


ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)

 

 

For the Quarter Ended

 

 

 

 

($ In thousands, except per share data)

 

Mar 31,
2007

 

Dec 31,
2006

 

Sep 30,
2006

 

Jun 30,
2006

 

Mar 31,
2006

 

 

 

 

 

 

 

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

13,919

 

$

14,039

 

$

13,839

 

$

12,142

 

$

11,257

 

Provision for loan losses

 

 

850

 

 

350

 

 

240

 

 

737

 

 

800

 

Wealth Mangement revenue

 

 

2,963

 

 

3,791

 

 

3,468

 

 

3,231

 

 

3,319

 

Noninterest income

 

 

936

 

 

871

 

 

857

 

 

721

 

 

658

 

Noninterest expense

 

 

11,861

 

 

11,828

 

 

10,952

 

 

9,320

 

 

9,294

 

Minority interest in net income of consolidated subsidiary

 

 

(157

)

 

(48

)

 

(434

)

 

60

 

 

(453

)

Income before income tax

 

 

4,950

 

 

6,475

 

 

6,538

 

 

6,097

 

 

4,687

 

Net income

 

 

3,158

 

 

4,391

 

 

4,182

 

 

3,901

 

 

2,998

 

Diluted earnings per share

 

$

0.26

 

$

0.37

 

$

0.35

 

$

0.36

 

$

0.28

 

Return on average equity

 

 

8.92

%

 

13.24

%

 

12.99

%

 

16.00

%

 

12.89

%

Net interest rate margin (fully tax equivalized)

 

 

3.86

%

 

3.98

%

 

3.99

%

 

4.11

%

 

3.99

%

Efficiency ratio

 

 

66.57

%

 

63.25

%

 

60.30

%

 

57.91

%

 

61.01

%

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

12.86

 

$

11.52

 

$

11.19

 

$

9.44

 

$

9.13

 

Tangible book value per share

 

$

8.03

 

$

8.42

 

$

8.05

 

$

7.91

 

$

7.57

 

Market value per share

 

$

28.00

 

$

32.58

 

$

30.86

 

$

25.45

 

$

27.39

 

Period end common shares

 

 

12,340

 

 

11,540

 

 

11,452

 

 

10,508

 

 

10,466

 

Average basic common shares

 

 

11,835

 

 

11,491

 

 

11,397

 

 

10,490

 

 

10,465

 

Average diluted common shares

 

 

12,198

 

 

11,892

 

 

11,823

 

 

10,876

 

 

10,856

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

 

$

628

 

$

1,167

 

$

(46

)

$

251

 

$

(174

)

Nonperforming loans

 

$

9,855

 

$

6,363

 

$

6,214

 

$

893

 

$

1,353

 

Nonperforming loans to total loans

 

 

0.66

%

 

0.49

%

 

0.49

%

 

0.08

%

 

0.13

%

Allowance for loan losses to total loans

 

 

1.29

%

 

1.30

%

 

1.40

%

 

1.30

%

 

1.31

%

Net charge-offs (recoveries) to average loans (annualized)

 

 

0.19

%

 

0.37

%

 

(0.01

)%

 

0.09

%

 

(0.07

)%

CAPITAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average equity to average assets

 

 

8.96

%

 

8.65

%

 

8.49

%

 

7.66

%

 

7.63

%

Tier 1 capital to risk-weighted assets

 

 

9.50

%

 

9.63

%

 

9.54

%

 

9.87

%

 

9.87

%

Total capital to risk-weighted assets

 

 

10.85

%

 

10.87

%

 

10.79

%

 

11.11

%

 

11.11

%

Tangible equity to tangible assets

 

 

5.67

%

 

6.48

%

 

6.26

%

 

6.44

%

 

6.38

%

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio loans

 

$

1,365,340

 

$

1,265,000

 

$

1,257,394

 

$

1,079,063

 

$

1,020,866

 

Earning assets

 

 

1,487,193

 

 

1,426,341

 

 

1,400,706

 

 

1,202,676

 

 

1,165,389

 

Total assets

 

 

1,601,266

 

 

1,521,640

 

 

1,504,253

 

 

1,276,878

 

 

1,235,691

 

Deposits

 

 

1,327,177

 

 

1,301,686

 

 

1,262,544

 

 

1,044,498

 

 

1,060,035

 

Shareholders’ equity

 

 

143,514

 

 

131,621

 

 

127,685

 

 

97,786

 

 

94,338

 

LOAN PORTFOLIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

379,147

 

$

352,914

 

$

343,776

 

$

323,109

 

$

299,706

 

Commercial real estate

 

 

671,709

 

 

576,172

 

 

553,486

 

 

438,684

 

 

428,696

 

Construction real estate

 

 

251,184

 

 

196,851

 

 

185,743

 

 

162,589

 

 

155,361

 

Residential real estate

 

 

157,473

 

 

150,244

 

 

148,369

 

 

148,650

 

 

144,228

 

Consumer and other

 

 

32,947

 

 

35,542

 

 

38,017

 

 

35,874

 

 

38,093

 

 

 

 

 

 

 

 

Total loan portfolio

 

$

1,492,460

 

$

1,311,723

 

$

1,269,391

 

$

1,108,906

 

$

1,066,084

 

DEPOSIT PORTFOLIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing accounts

 

$

214,965

 

$

234,849

 

$

222,668

 

$

195,719

 

$

192,997

 

Interest-bearing transaction accounts

 

 

123,848

 

 

111,725

 

 

101,262

 

 

99,887

 

 

108,699

 

Money market and savings accounts

 

 

582,231

 

 

556,947

 

 

507,407

 

 

471,526

 

 

472,247

 

Certificates of deposit

 

 

525,060

 

 

411,987

 

 

450,613

 

 

308,582

 

 

267,687

 

 

 

 

 

 

 

 

Total deposit portfolio

 

$

1,446,104

 

$

1,315,508

 

$

1,281,950

 

$

1,075,714

 

$

1,041,630

 

- 7 -


ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)

 

 

For the Quarter Ended

 

 

 

 

($ In thousands, except per share data)

 

Mar 31,
2007

 

Dec 31,
2006

 

Sep 30,
2006

 

Jun 30,
2006

 

Mar 31,
2006

 

 

 

 

 

 

 

YIELDS (fully tax equivalent)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

 

7.94

%

 

7.95

%

 

7.90

%

 

7.65

%

 

7.22

%

Securities

 

 

4.31

%

 

4.21

%

 

4.11

%

 

4.00

%

 

3.91

%

Federal funds sold

 

 

5.51

%

 

5.43

%

 

5.29

%

 

5.28

%

 

4.45

%

Yield on earning assets

 

 

7.66

%

 

7.57

%

 

7.54

%

 

7.29

%

 

6.83

%

Interest bearing deposits

 

 

4.42

%

 

4.32

%

 

4.17

%

 

3.71

%

 

3.38

%

Borrowed Funds

 

 

4.99

%

 

4.61

%

 

5.04

%

 

4.85

%

 

4.56

%

Subordinated debt

 

 

7.21

%

 

7.37

%

 

7.31

%

 

7.08

%

 

6.84

%

Cost of paying liabilities

 

 

4.55

%

 

4.42

%

 

4.31

%

 

3.93

%

 

3.55

%

Net interest spread

 

 

3.11

%

 

3.15

%

 

3.23

%

 

3.36

%

 

3.28

%

Net interest rate margin

 

 

3.86

%

 

3.98

%

 

3.99

%

 

4.11

%

 

3.99

%

WEALTH MANAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust Assets Under Management

 

$

1,047,700

 

$

1,042,146

 

$

996,142

 

$

983,365

 

$

976,425

 

Trust Assets Under Administration

 

 

1,659,573

 

 

1,634,834

 

 

1,567,164

 

 

1,536,437

 

 

1,563,394

 

- 8 -