Enterprise Financial Services (EFSC) 8-K Enterprise Financial Reports 22% Increase In First Quarter Earnings Per Share

Exhibit 99.1

For more information, contact:
Kevin Eichner (314) 725 5500
Frank Sanfilippo (314) 725 5500
Melissa Sturges (816) 221 7500

ENTERPRISE FINANCIAL REPORTS 22% INCREASE IN FIRST QUARTER EARNINGS PER SHARE

Millennium Contributes $1.8 million to Wealth Management Revenue While Portfolio Loans Grow at a 25% Annualized Rate

St. Louis, April 17, 2006 – Enterprise Financial Services Corp (NASDAQ: EFSC), the parent company of Enterprise Bank & Trust, reported net income of $3.0 million or $0.28 per fully diluted share for the first quarter of 2006 versus $2.4 million or $0.23 per fully diluted share in the same quarter of 2005—a 22% increase.

“EFSC recorded another very robust quarter with continued record growth in earnings, EPS, loan and deposit volumes, and in wealth management revenues,” commented Enterprise Financial President & CEO, Kevin Eichner. “We continue to execute against the plans we have made public, and are grateful that the market continues to reward that execution in the form of client response and in shareholder returns. We were especially pleased to see our ratio of fee income to total revenue jump from 15% in the same period of 2005 to 26% this quarter. This remains a key strategic objective for our company as this ratio can be a major driver of profitability.”

Net interest income increased $734,000 or 7% in the first quarter of 2006 versus 2005. Portfolio loans grew by $64 million - a 25% annualized growth rate from December 31, 2005 and were up $93 million or 10% from the prior year. Deposits totaled $1.04 billion at quarter end versus $937 million in the same period of 2005, an increase of 11%. Notably, the company’s ratio of non-interest bearing deposits to total deposits remained at a very favorable 19% level as the company continued to protect its core funding advantages.

The tax-equivalent net interest rate margin was 3.99% in the first quarter of 2006, down from 4.18% a year ago. This decline was primarily due to a refinement in the company’s accounting for loan fees and direct origination costs, which negatively affected the margin calculation. There was a corresponding positive offset in salaries and benefits expense.

Asset quality continues to be a highlight for Enterprise. The company experienced net recoveries of $174,000 during the first quarter of 2006 versus net recoveries of $188,000 for the same period last year. The loan loss provision in the first quarter of 2006 was $800,000, compared to $786,000 in the same quarter last year. Provision levels remained flat due to similar levels of loan growth and the company’s overall credit risk profile. Nonperforming loans were $1.4 million or 13 basis points of total loans at March 31, 2006 versus 32 basis points at March 31, 2005. The allowance for loan losses represented 1.31% of loans at March 31, 2006. This compares to 1.30% at year end 2005 and one year ago.

As mentioned, the company’s ratio of fee income to total revenue rose to 26% versus 15% in the same period of 2005 as the company’s Wealth Management business continued to grow at a record pace. Wealth Management revenue increased 174% from $1.2 million in the first quarter of 2005 to $3.3 million in the first quarter of 2006. Assets under administration were $1.5 billion at March 31, 2006, a 32% increase over March 31, 2005 after adjusting for the $250 million in common trust fund assets that were distributed in December 2005 in accordance with a related contract. Approximately $1.8 million of the increase in Wealth Management revenue over the prior year is attributable to the company’s Millennium Brokerage Group LLC (“Millennium”) acquired in October of 2005.

Millennium represented a significant contribution to the Wealth Management line of business growth rate despite dealing with the effects of dramatically slower turn-around times on life insurance cases submitted to certain core carriers and a significantly delayed commission payout due from one large carrier (which was received and will be recognized in second quarter 2006 revenue). Paid life insurance premium production volumes continued at expected or better rates in the quarter.

A rising earnings credit rate on commercial accounts was more than offset by increased account activity, resulting in deposit service charges rising 4% in the first quarter as compared to the same quarter in 2005. This further enhanced the company’s fee income ratio.

Noninterest expenses increased from $7.7 million in the first quarter of 2005 to $9.3 million in the same quarter of 2006. Approximately $873,000 of this $1.6 million increase was related to the addition of Millennium (including the amortization of intangibles) and the remainder was primarily connected with expenses associated with the company’s growth and success (e.g. commissions, technology upgrades, and the addition of higher level production and support personnel). For the first quarter ended March 31, 2006, the company’s efficiency ratio was 61.0%, versus 62.4% for the same period in the prior year.

“Our company is off to a fine start in 2006, and we look forward to a strong year in both our Banking and Wealth Management business segments. We are also very pleased with the positive reaction to our announced acquisition of NorthStar Bancshares Inc. on March 23 in Kansas City, as we seek to expand our presence there,” said Eichner.

Enterprise Financial operates commercial banking and wealth management businesses 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. The Company’s stock is listed nationally on NASDAQ under the symbol EFSC.

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

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Readers should note that in addition to the historical information contained herein, this press release may contain 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 economic conditions, risks associated with rapid increase or decrease in prevailing interest rates and competition from banks and other financial institutions, as well as those in Enterprise Financial’s 2005 Annual Report on Form 10-K.

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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)

($ In thousands, except per share data)

	For the Quarter Ended
	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
INCOME STATEMENTS
Total interest income	$	19,429		$	19,611		$	17,611		$	16,232		$	14,654
Total interest expense		8,172			7,728			6,452			5,230			4,131
Net interest income		11,257			11,883			11,159			11,002			10,523
Provision for loan loss		800			70			408			226			786
Net interest income after provision for loan losses		10,457			11,813			10,751			10,776			9,737
NONINTEREST INCOME
Wealth Management revenue		3,319			2,370			1,472			1,471			1,212
Deposit service charges		501			512			533			537			483
Gain on sale of mortgage loans		23			34			145			80			22
Gain on sale of other real estate		—			—			91			—			—
Loss on sale of securities		—			(409	)		(85	)		—			—
Other income		134			121			121			137			119
Total noninterest income		3,977			2,628			2,277			2,225			1,836
NONINTEREST EXPENSE
Salaries and benefits		5,801			6,027			5,503			5,402			5,198
Occupancy		611			675			568			554			530
Furniture and equipment		250			248			212			188			172
Other		2,632			2,960			2,242			2,027			1,817
Total noninterest expense		9,294			9,910			8,525			8,171			7,717
Minority interest in net income of consolidated subsidiary		(453	)		(113	)		—			—			—
Income before income tax		4,687			4,418			4,503			4,830			3,856
Income taxes		1,689			1,589			1,625			1,689			1,409
Net income	$	2,998		$	2,829		$	2,878		$	3,141		$	2,447
Basic earnings per share	$	0.29		$	0.27		$	0.29		$	0.31		$	0.25
Diluted earnings per share	$	0.28		$	0.26		$	0.27		$	0.29		$	0.23
Return on average assets		0.98	%		0.90	%		0.98	%		1.13	%		0.92	%
Return on average equity		12.89	%		12.52	%		13.84	%		16.01	%		13.23	%
Net interest rate margin (fully tax equivalized)		3.99	%		4.06	%		4.03	%		4.19	%		4.18	%
Yield on earning assets (fully tax equivalized)		6.83	%		6.66	%		6.33	%		6.15	%		5.80	%
Cost of paying liabilities		3.55	%		3.27	%		2.94	%		2.53	%		2.08	%
Net interest spread		3.28	%		3.39	%		3.39	%		3.62	%		3.72	%
Efficiency ratio		61.01	%		68.28	%		63.45	%		61.78	%		62.44	%
Noninterest expense to average assets		3.05	%		3.16	%		2.92	%		2.94	%		2.91	%

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

($ in thousands)

	Mar 31, 2006		Dec 31, 2005		Sep 30, 2005		Jun 30, 2005		Mar 31, 2005
BALANCE SHEETS
ASSETS
Cash and due from banks	$	42,597	$	54,118	$	38,542	$	35,156	$	32,085
Federal funds sold		6,027		64,709		45,281		43,149		—
Interest-bearing deposits		104		84		101		94		141
Debt and equity investments		110,333		135,559		96,684		89,193		92,572
Loans held for sale		2,447		2,761		2,273		3,996		4,180
Portfolio loans		1,066,084		1,002,379		976,804		958,878		972,802
Less allowance for loan losses		13,964		12,990		13,168		12,769		12,639
Net loans		1,052,120		989,389		963,636		946,109		960,163
Premises and equipment, net		13,624		10,276		10,098		9,556		8,413
Goodwill		12,004		12,042		1,938		1,938		1,938
Other assets		18,828		18,030		11,289		11,331		11,090
Total assets	$	1,258,084	$	1,286,968	$	1,169,842	$	1,140,522	$	1,110,582
LIABILITIES AND SHAREHOLDERS’ EQUITY
Non-interest bearing deposits	$	192,997	$	229,325	$	206,724	$	199,136	$	190,667
Interest bearing deposits		848,633		886,919		816,241		796,548		746,126
Total deposits		1,041,630		1,116,244		1,022,965		995,684		936,793
Subordinated debentures		30,930		30,930		20,620		20,620		20,620
FHLB advances		75,068		28,584		28,749		30,564		68,879
Federal funds purchased		—		—		—		—		—
Other borrowings		7,221		8,347		6,975		7,230		2,303
Other liabilities		7,729		10,258		7,036		5,984		5,263
Total liabilities		1,162,578		1,194,363		1,086,345		1,060,082		1,033,858
Shareholders’ equity		95,506		92,605		83,497		80,440		76,724
Total liabilities and shareholders’ equity	$	1,258,084	$	1,286,968	$	1,169,842	$	1,140,522	$	1,110,582

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

($ In thousands, except per share data)

	For the Quarter Ended
	Mar 31, 2006			Dec 31, 2005			Sep 30, 2005			Jun 30, 2005			Mar 31, 2005
EARNINGS SUMMARY
Net interest income	$	11,257		$	11,883		$	11,159		$	11,002		$	10,523
Provision for loan losses		800			70			408			226			786
Wealth Mangement revenue		3,319			2,370			1,472			1,471			1,212
Noninterest income		658			258			805			754			624
Noninterest expense		9,294			9,910			8,525			8,171			7,717
Minority interest in net income of consolidated subsidiary		(453	)		(113	)		—			—			—
Income before income tax		4,687			4,418			4,503			4,830			3,856
Net income		2,998			2,829			2,878			3,141			2,447
Diluted earnings per share	$	0.28		$	0.26		$	0.27		$	0.29		$	0.23
Return on average equity		12.89	%		12.52	%		13.84	%		16.01	%		13.23	%
Net interest rate margin (fully tax equivalized)		3.99	%		4.06	%		4.03	%		4.19	%		4.18	%
Efficiency ratio		61.01	%		68.28	%		63.45	%		61.78	%		62.44	%
MARKET DATA
Book value per share	$	9.13		$	8.85		$	8.26		$	8.00		$	7.65
Tangible book value per share	$	7.57		$	7.27		$	8.07		$	7.81		$	7.45
Market value per share	$	27.39		$	22.68		$	21.22		$	23.65		$	19.00
Period end common shares		10,466			10,459			10,111			10,056			10,032
Average basic common shares		10,465			10,357			10,083			10,046			9,922
Average diluted common shares		10,856			10,983			10,782			10,676			10,521
ASSET QUALITY
Net charge-offs (recoveries)	$	(174	)	$	248		$	10		$	96		$	(188	)
Nonperforming loans	$	1,353		$	1,421		$	1,777		$	2,136		$	3,134
Nonperforming loans to total loans		0.13	%		0.14	%		0.18	%		0.22	%		0.32	%
Allowance for loan losses to total loans		1.31	%		1.30	%		1.35	%		1.33	%		1.30	%
Net charge-offs (recoveries) to average loans (annualized)		(0.07	)%		0.10	%		0.00	%		0.04	%		(0.08	)%
CAPITAL
Average equity to average assets		7.63	%		7.20	%		7.12	%		7.07	%		6.98	%
Tier 1 capital to risk-weighted assets		9.85	%		10.31	%		10.33	%		10.14	%		9.73	%
Total capital to risk-weighted assets		11.09	%		11.55	%		11.58	%		11.39	%		10.98	%
AVERAGE BALANCES
Portfolio loans	$	1,020,866		$	979,182		$	968,802		$	963,570		$	932,910
Earning assets		1,165,389			1,181,273			1,114,508			1,067,366			1,034,525
Total assets		1,235,691			1,244,652			1,159,341			1,113,075			1,075,724
Deposits		1,060,035			1,080,525			1,012,070			942,466			919,910
Shareholders’ equity		94,338			89,641			82,495			78,701			75,037
LOAN PORTFOLIO
Commercial and industrial	$	299,706		$	265,488		$	263,286		$	264,451		$	278,752
Commercial real estate		428,696			410,382			363,566			352,005			356,670
Construction real estate		155,361			138,318			128,444			134,459			132,297
Residential real estate		144,228			151,575			177,948			168,315			162,111
Consumer and other		38,093			36,616			43,559			39,649			42,972
Total loan portfolio	$	1,066,084		$	1,002,379		$	976,804		$	958,878		$	972,802
DEPOSIT PORTFOLIO
Noninterest-bearing accounts	$	192,997		$	229,325		$	206,724		$	199,136		$	190,667
Interest-bearing transaction accounts		108,699			108,712			85,824			86,815			91,512
Money market and savings accounts		472,247			483,186			450,107			449,793			429,102
Certificates of deposit		267,687			295,021			280,310			259,940			225,512
Total deposit portfolio	$	1,041,630		$	1,116,244		$	1,022,965		$	995,684		$	936,793
WEALTH MANAGEMENT
Trust Assets Under Management	$	976,425		$	819,608		$	975,704		$	924,817		$	942,486
Trust Assets Under Administration		1,496,020			1,388,480			1,541,597			1,476,216			1,446,874

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