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 13% INCREASE IN
FIRST QUARTER NET INCOME
- Fully diluted EPS at $0.28, up 8% from prior year first quarter
- Loans grow at 21% annualized rate – up $85 million since year end
- Nonperforming asset levels remain stable from year end at 0.83% of assets
- New Tax Credit initiative helps to drive 21% increase in Wealth Management segment revenues
St. Louis, April 15, 2008. Enterprise Financial Services Corp (NASDAQ: EFSC), the parent company of Enterprise Bank & Trust of St. Louis, MO, reported first quarter 2008 net income of $3.6 million, a 13% increase over the $3.2 million reported in the first quarter of 2007. Earnings per fully diluted share for the first quarter were $0.28, up $0.02, or 8%, from the prior year’s first quarter.
EFSC President and CEO Kevin Eichner commented, “This was another strong quarter for our Company. Organic banking growth was excellent, underscoring our belief that there is a flight to quality underway in our customer segments on both the deposit and loan sides of our business. Our people are performing at a very high level in this environment.”
Banking Line of Business
Net interest income increased $2.4 million, or 16%, in the first quarter of 2008 versus the same quarter in 2007. At quarter end, portfolio loans were up organically $85 million from year-end, or 21% annualized, and $234 million, or 16%, from one year ago. Compared to the first quarter of 2007, the absence of many of the conduit and other long-term, fixed rate competitors and a steeper yield curve have contributed to much greater net loan growth.
While we historically see seasonal runoff in deposits during the first quarter, deposits actually increased nearly $6 million from year-end 2007. Total deposits grew $145 million, or 10%, from the same period one year ago. The deposit mix for the first quarter was slightly less favorable as non-interest bearing deposits or DDA represented 14% of average deposits, but brokered deposits represented only 8% of total deposits at the end of the quarter.
The tax-equivalent net interest rate margin for the first quarter decreased 17 basis points from the fourth quarter of 2007 and 23 basis points from the first quarter of 2007 due primarily to sharply reduced short term rates following the Fed’s recent actions. The net interest spread has held constant with 2007 levels.
The Bank’s asset quality statistics met our expectations. The Company had net charge-offs during the quarter of $1.7 million (or 0.40% annualized). Eighty-seven percent of these net charge-offs relate to three credits that were previously classified and for which loss reserves had been specifically allocated. For the quarter, the provision for loan losses was $2.3 million versus $850,000 in the same quarter of 2007. The increase in the provision for loan losses was due to strong loan growth and adverse changes in risk ratings on various credits.
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Nonperforming assets totaled $17.0 million, or 0.83%, of total assets versus 0.78% and 0.62% at December 31, 2007 and March 31, 2007, respectively. Nonperforming loans declined from $12.7 million, or 0.77%, of loans at year-end to $9.3 million, or 0.54%, of loans at March 31, 2008. Approximately $7.1 million, or 76%, of the nonperforming loans at March 31, 2008, and nearly all of the $7.7 million in Other Real Estate, relate to the soft residential housing markets in St. Louis and Kansas City. Excluding nonperforming loans, delinquency rates remained low during the quarter. The Company’s allowance for loan losses represented 1.29% of portfolio loans at March 31, 2008 which is consistent with the ratio at year-end 2007 (1.32%) and one year ago (1.29%).
Peter Benoist, EFSC’s CEO-elect and head of the company’s banking division said, “Our first quarter results represent a very solid start for the year. I am especially pleased by the robust growth in both loans and deposits and our ability to maintain our net interest spread during this period of sharply dropping short term rates. From an asset quality perspective, the majority of our portfolio exposure continues to be concentrated in the residential housing sector where excess unsold inventory and declining home values persist. This sector represents a small portion of our total portfolio, but our approach continues to be to manage those risks aggressively as we work through the current credit cycle.”
Increases in Service charges on deposit accounts and Other service charges and fee income for the quarter versus the same quarter in 2007 relate to the February 28, 2007 acquisition of Great American, growth in the existing client base for deposit products and related services, and a declining earnings credit rate on commercial accounts.
During the quarter, the Company sold its Liberty, Missouri branch for a pre-tax gain of $579,000 net of related expenses. This transaction, along with the previously announced plan to sell the Great American bank charter and its DeSoto, Kansas branch, is part of the Company’s plan to consolidate locations in the Kansas City market. The DeSoto sale is scheduled to be completed in the second quarter pending regulatory approvals.
Wealth Management Line of Business
For the first quarter of 2008, the Company reported $1.0 million of gains on the sale of certain state tax credits to its clients as part of its new fee initiative within our Wealth Management line of business. This compares to $759,000 of gains recorded in the fourth quarter of 2007 when this program was launched.
Effective January 1, 2008, the Company adopted FAS 157, “Fair Value Measurements” and FAS 159, “The Fair Value Option for Financial Assets and Financial Liabilities”. As a result, the Company recorded a cumulative effect adjustment to beginning retained earnings of ($365,000). As permitted by FAS 159, the Company has chosen to report its $27.0 million in state tax credit assets at fair value. Going forward, any new state tax credit streams purchased will be considered on a project by project basis for fair value treatment, depending on perceived levels of earnings volatility and available offsets on the liability side of the balance sheet. The Company is considering funding the existing asset class with a specific liability that would also be recorded at fair value to minimize the potential market risk volatility.
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In the first quarter, total Wealth Management revenue including the tax credit activity increased by 21% from $3.0 million in first quarter of 2007 to $3.6 million. Revenue declines in Trust Advisory and Millennium were more than offset by increases from Trust Fiduciary and the tax credits. Lower net client additions and reductions in asset values due to market performance drove lower revenue results in Trust Advisory, and higher producer payouts at Millennium adversely impacted its revenue totals. Millennium paid sales were $5.4 million in the first quarter vs. $5.1 million in the same quarter of 2007, an increase of 6%.
Overall, the Wealth Management segment earned $310,000 for the quarter ended March 31, 2008 versus $113,000 in the same quarter of 2007.
Other Business Results
For the quarter, the Company’s efficiency ratio improved from 67% in 2007 to 64% in 2008. Non-interest expenses were $13.8 million in the first quarter of 2008 versus $11.9 million in the same quarter of 2007, an increase of $2.0 million, or 17%. Significant variances from the prior year first quarter include $602,000 of incremental expenses related to the Great American Bank acquisition, a $379,000 increase in expenses associated with non performing assets, a $347,000 increase in variable compensation at Millennium due to the previously announced restructure, and a $256,000 increase in FDIC insurance premiums resulting from the FDIC’s newly implemented rate structure.
Eichner concluded, “Our Company continues to occupy a position as one of the premier growth companies in our industry. As I pass the leadership baton to Peter Benoist and the excellent team we have assembled at Enterprise, I am very pleased at the progress of our leadership transition and remain very optimistic as one of EFSC’s largest shareholders about this company’s long term potential. Peter and the Enterprise team will do a splendid job and I look forward to my ongoing involvement with him and our company for many years to come.”
In February, the Company announced that Benoist will succeed Eichner as EFSC’s CEO on May 1, 2008. Eichner will remain Vice Chairman of the Board and continue to chair the Trust Company Board. James Murphy, Chairman and CEO of Murphy Company and current Lead Director for Enterprise Financial, will become non-executive Chairman of the EFSC Board.
Enterprise Financial operates commercial banking and wealth management businesses mostly in metropolitan St. Louis and Kansas City, and a commercial loan production office in Phoenix, Arizona with an intent to open a state de novo bank charter in 2008. The Company is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.
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 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 2007 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.
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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY
(unaudited)
(In thousands, except per share data) | | For the Quarter Ended |
| | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, |
INCOME STATEMENTS | | 2008 | | 2007 | | 2007 | | 2007 | | 2007 |
Total interest income | | $ | 30,246 | | | $ | 31,916 | | | $ | 31,807 | | | $ | 30,946 | | | $ | 27,848 | |
Total interest expense | | | 14,109 | | | | 15,713 | | | | 16,002 | | | | 15,821 | | | | 13,929 | |
Net interest income | | | 16,137 | | | | 16,203 | | | | 15,805 | | | | 15,125 | | | | 13,919 | |
Provision for loan losses | | | 2,325 | | | | 2,450 | | | | 600 | | | | 715 | | | | 850 | |
Net interest income after provision for loan losses | | | 13,812 | | | | 13,753 | | | | 15,205 | | | | 14,410 | | | | 13,069 | |
|
NONINTEREST INCOME | | | | | | | | | | | | | | | | | | | | |
Wealth Management revenue | | | 2,583 | | | | 4,064 | | | | 3,495 | | | | 3,458 | | | | 2,963 | |
Deposit service charges | | | 937 | | | | 926 | | | | 839 | | | | 804 | | | | 659 | |
(Loss) gain on sale of other real estate | | | (9 | ) | | | (43 | ) | | | 7 | | | | (8 | ) | | | (3 | ) |
Gain on sale of securities | | | - | | | | 233 | | | | - | | | | - | | | | - | |
Gain on sale of tax credits | | | 1,012 | | | | 759 | | | | 33 | | | | - | | | | - | |
Gain on sale of branch | | | 579 | | | | - | | | | - | | | | - | | | | - | |
Other income | | | 436 | | | | 291 | | | | 264 | | | | 652 | | | | 280 | |
Total noninterest income | | | 5,538 | | | | 6,230 | | | | 4,638 | | | | 4,906 | | | | 3,899 | |
|
NONINTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits | | | 8,340 | | | | 7,583 | | | | 7,523 | | | | 7,141 | | | | 7,308 | |
Occupancy | | | 1,083 | | | | 1,003 | | | | 995 | | | | 1,025 | | | | 878 | |
Furniture and equipment | | | 364 | | | | 384 | | | | 370 | | | | 370 | | | | 315 | |
Other | | | 4,045 | | | | 4,113 | | | | 3,314 | | | | 3,834 | | | | 3,360 | |
Total noninterest expense | | | 13,832 | | | | 13,083 | | | | 12,202 | | | | 12,370 | | | | 11,861 | |
|
Minority interest in net income of consolidated subsidiary | | | - | | | | - | | | | - | | | | 157 | | | | (157 | ) |
Income before income tax | | | 5,518 | | | | 6,900 | | | | 7,641 | | | | 7,103 | | | | 4,950 | |
Income taxes | | | 1,955 | | | | 1,994 | | | | 2,642 | | | | 2,588 | | | | 1,792 | |
Net income | | $ | 3,563 | | | $ | 4,906 | | | $ | 4,999 | | | $ | 4,515 | | | $ | 3,158 | |
|
Basic earnings per share | | $ | 0.29 | | | $ | 0.40 | | | $ | 0.40 | | | $ | 0.37 | | | $ | 0.27 | |
Diluted earnings per share | | $ | 0.28 | | | $ | 0.39 | | | $ | 0.40 | | | $ | 0.36 | | | $ | 0.26 | |
Return on average assets | | | 0.73 | % | | | 1.04 | % | | | 1.11 | % | | | 1.03 | % | | | 0.80 | % |
Return on average equity | | | 8.13 | % | | | 11.28 | % | | | 11.85 | % | | | 11.20 | % | | | 8.92 | % |
Efficiency ratio | | | 63.82 | % | | | 58.32 | % | | | 59.69 | % | | | 61.75 | % | | | 66.57 | % |
Noninterest expense to average assets | | | 2.82 | % | | | 2.77 | % | | | 2.72 | % | | | 2.83 | % | | | 3.00 | % |
|
YIELDS (fully tax equivalent) | | | | | | | | | | | | | | | | | | | | |
Loans | | | 6.93 | % | | | 7.65 | % | | | 7.96 | % | | | 7.98 | % | | | 7.94 | % |
Securities | | | 4.84 | % | | | 4.87 | % | | | 4.67 | % | | | 4.50 | % | | | 4.31 | % |
Federal funds sold | | | 3.32 | % | | | 4.23 | % | | | 5.53 | % | | | 5.49 | % | | | 5.51 | % |
Yield on earning assets | | | 6.77 | % | | | 7.42 | % | | | 7.73 | % | | | 7.72 | % | | | 7.66 | % |
Interest-bearing deposits | | | 3.46 | % | | | 4.10 | % | | | 4.44 | % | | | 4.47 | % | | | 4.42 | % |
Subordinated debt | | | 6.71 | % | | | 7.24 | % | | | 7.20 | % | | | 7.19 | % | | | 7.21 | % |
Borrowed funds | | | 3.82 | % | | | 4.54 | % | | | 5.00 | % | | | 5.04 | % | | | 4.99 | % |
Cost of paying liabilities | | | 3.62 | % | | | 4.26 | % | | | 4.59 | % | | | 4.63 | % | | | 4.55 | % |
Net interest spread | | | 3.15 | % | | | 3.16 | % | | | 3.14 | % | | | 3.09 | % | | | 3.11 | % |
Net interest rate margin | | | 3.63 | % | | | 3.80 | % | | | 3.87 | % | | | 3.81 | % | | | 3.86 | % |
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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
(In thousands) | | | | | | | | | | | | | | | |
| | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, |
BALANCE SHEETS | | 2008 | | 2007 | | 2007 | | 2007 | | 2007 |
ASSETS | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 64,108 | | $ | 76,265 | | $ | 47,593 | | $ | 45,081 | | $ | 41,846 |
Federal funds sold | | | 954 | | | 75,665 | | | 2,585 | | | 2,059 | | | 6,992 |
Interest-bearing deposits | | | 6,435 | | | 1,719 | | | 1,100 | | | 1,021 | | | 1,144 |
Debt and equity investments | | | 116,810 | | | 83,333 | | | 122,204 | | | 111,617 | | | 119,056 |
Loans held for sale | | | 3,422 | | | 3,420 | | | 1,117 | | | 3,840 | | | 4,650 |
|
Portfolio loans | | | 1,726,455 | | | 1,641,432 | | | 1,558,885 | | | 1,500,512 | | | 1,492,460 |
Less allowance for loan losses | | | 22,249 | | | 21,593 | | | 19,754 | | | 19,703 | | | 19,220 |
Net loans | | | 1,704,206 | | | 1,619,839 | | | 1,539,131 | | | 1,480,809 | | | 1,473,240 |
|
Other real estate | | | 7,736 | | | 2,963 | | | 857 | | | 441 | | | 1,064 |
Premises and equipment, net | | | 24,775 | | | 22,223 | | | 22,487 | | | 22,801 | | | 22,777 |
Goodwill | | | 58,331 | | | 57,177 | | | 55,661 | | | 54,841 | | | 55,284 |
Core deposit intangible | | | 2,887 | | | 3,330 | | | 3,511 | | | 3,693 | | | 3,886 |
Other amortizing intangibles | | | 2,512 | | | 2,723 | | | 2,952 | | | 3,180 | | | 3,408 |
Other assets | | | 55,702 | | | 50,461 | | | 29,061 | | | 23,929 | | | 23,276 |
Total assets | | $ | 2,047,878 | | $ | 1,999,118 | | $ | 1,828,259 | | $ | 1,753,312 | | $ | 1,756,623 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | $ | 232,121 | | $ | 278,313 | | $ | 212,903 | | $ | 215,771 | | $ | 214,965 |
Interest-bearing deposits | | | 1,358,588 | | | 1,306,699 | | | 1,233,532 | | | 1,212,353 | | | 1,231,139 |
Total deposits | | | 1,590,709 | | | 1,585,012 | | | 1,446,435 | | | 1,428,124 | | | 1,446,104 |
Subordinated debentures | | | 56,807 | | | 56,807 | | | 56,807 | | | 56,807 | | | 56,807 |
FHLB advances | | | 154,405 | | | 152,901 | | | 131,746 | | | 88,192 | | | 75,387 |
Other borrowings | | | 53,508 | | | 16,680 | | | 10,613 | | | 7,593 | | | 12,786 |
Other liabilities | | | 14,212 | | | 14,569 | | | 13,415 | | | 9,527 | | | 6,837 |
Total liabilities | | | 1,869,641 | | | 1,825,969 | | | 1,659,016 | | | 1,590,243 | | | 1,597,921 |
Shareholders' equity | | | 178,237 | | | 173,149 | | | 169,243 | | | 163,069 | | | 158,702 |
Total liabilities and shareholders' equity | | $ | 2,047,878 | | $ | 1,999,118 | | $ | 1,828,259 | | $ | 1,753,312 | | $ | 1,756,623 |
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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, | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, |
| | 2008 | | 2007 | | 2007 | | 2007 | | 2007 |
EARNINGS SUMMARY | | | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 16,137 | | | $ | 16,203 | | | $ | 15,805 | | | $ | 15,125 | | | $ | 13,919 | |
Provision for loan losses | | | 2,325 | | | | 2,450 | | | | 600 | | | | 715 | | | | 850 | |
Wealth Management revenue | | | 2,583 | | | | 4,064 | | | | 3,495 | | | | 3,458 | | | | 2,963 | |
Noninterest income | | | 2,955 | | | | 2,166 | | | | 1,143 | | | | 1,448 | | | | 936 | |
Noninterest expense | | | 13,832 | | | | 13,083 | | | | 12,202 | | | | 12,370 | | | | 11,861 | |
Minority interest in net income of consolidated subsidiary | | | - | | | | - | | | | - | | | | 157 | | | | (157 | ) |
Income before income tax | | | 5,518 | | | | 6,900 | | | | 7,641 | | | | 7,103 | | | | 4,950 | |
Net income | | | 3,563 | | | | 4,906 | | | | 4,999 | | | | 4,515 | | | | 3,158 | |
Diluted earnings per share | | $ | 0.28 | | | $ | 0.39 | | | $ | 0.40 | | | $ | 0.36 | | | $ | 0.26 | |
Return on average equity | | | 8.13 | % | | | 11.28 | % | | | 11.85 | % | | | 11.20 | % | | | 8.92 | % |
Net interest rate margin (fully tax equivalized) | | | 3.63 | % | | | 3.80 | % | | | 3.87 | % | | | 3.81 | % | | | 3.86 | % |
Efficiency ratio | | | 63.82 | % | | | 58.32 | % | | | 59.69 | % | | | 61.75 | % | | | 66.57 | % |
|
MARKET DATA | | | | | | | | | | | | | | | | | | | | |
Book value per share | | $ | 14.27 | | | $ | 13.96 | | | $ | 13.66 | | | $ | 13.20 | | | $ | 12.86 | |
Tangible book value per share | | $ | 9.17 | | | $ | 8.86 | | | $ | 8.65 | | | $ | 8.20 | | | $ | 8.03 | |
Market value per share | | $ | 25.00 | | | $ | 23.81 | | | $ | 24.34 | | | $ | 24.86 | | | $ | 28.00 | |
Period end common shares outstanding | | | 12,487 | | | | 12,406 | | | | 12,388 | | | | 12,354 | | | | 12,340 | |
Average basic common shares | | | 12,441 | | | | 12,387 | | | | 12,380 | | | | 12,346 | | | | 11,835 | |
Average diluted common shares | | | 12,675 | | | | 12,676 | | | | 12,652 | | | | 12,692 | | | | 12,198 | |
|
ASSET QUALITY | | | | | | | | | | | | | | | | | | | | |
Net charge-offs | | $ | 1,668 | | | $ | 611 | | | $ | 549 | | | $ | 232 | | | $ | 628 | |
Nonperforming loans | | $ | 9,307 | | | $ | 12,720 | | | $ | 8,542 | | | $ | 12,661 | | | $ | 9,855 | |
Nonperforming loans to total loans | | | 0.54 | % | | | 0.77 | % | | | 0.55 | % | | | 0.84 | % | | | 0.66 | % |
Nonperforming assets to total assets | | | 0.83 | % | | | 0.78 | % | | | 0.51 | % | | | 0.75 | % | | | 0.62 | % |
Allowance for loan losses to total loans | | | 1.29 | % | | | 1.32 | % | | | 1.27 | % | | | 1.31 | % | | | 1.29 | % |
Net charge-offs to average loans (annualized) | | | 0.40 | % | | | 0.15 | % | | | 0.14 | % | | | 0.06 | % | | | 0.19 | % |
|
CAPITAL | | | | | | | | | | | | | | | | | | | | |
Average equity to average assets | | | 8.92 | % | | | 9.21 | % | | | 9.40 | % | | | 9.22 | % | | | 8.96 | % |
Tier 1 capital to risk-weighted assets | | | 9.15 | % | | | 9.32 | % | | | 9.85 | % | | | 9.82 | % | | | 9.50 | % |
Total capital to risk-weighted assets | | | 10.36 | % | | | 10.54 | % | | | 11.05 | % | | | 11.09 | % | | | 10.85 | % |
Tangible equity to tangible assets | | | 5.77 | % | | | 5.68 | % | | | 6.07 | % | | | 5.99 | % | | | 5.67 | % |
|
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | |
Portfolio loans | | $ | 1,687,316 | | | $ | 1,583,325 | | | $ | 1,526,259 | | | $ | 1,492,573 | | | $ | 1,365,340 | |
Earning assets | | | 1,810,384 | | | | 1,719,825 | | | | 1,645,697 | | | | 1,622,139 | | | | 1,487,193 | |
Total assets | | | 1,974,590 | | | | 1,873,915 | | | | 1,780,239 | | | | 1,754,297 | | | | 1,601,266 | |
Deposits | | | 1,530,158 | | | | 1,511,476 | | | | 1,453,497 | | | | 1,426,002 | | | | 1,327,177 | |
Shareholders' equity | | | 176,170 | | | | 172,563 | | | | 167,310 | | | | 161,663 | | | | 143,514 | |
|
LOAN PORTFOLIO | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 487,289 | | | $ | 476,184 | | | $ | 416,715 | | | $ | 391,237 | | | $ | 379,147 | |
Commercial real estate | | | 735,087 | | | | 690,868 | | | | 703,772 | | | | 681,735 | | | | 671,709 | |
Construction real estate | | | 285,966 | | | | 266,111 | | | | 252,476 | | | | 247,722 | | | | 251,184 | |
Residential real estate | | | 189,549 | | | | 170,510 | | | | 155,489 | | | | 149,182 | | | | 157,473 | |
Consumer and other | | | 28,564 | | | | 37,759 | | | | 30,433 | | | | 30,636 | | | | 32,947 | |
Total loan portfolio | | $ | 1,726,455 | | | $ | 1,641,432 | | | $ | 1,558,885 | | | $ | 1,500,512 | | | $ | 1,492,460 | |
|
DEPOSIT PORTFOLIO | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing accounts | | $ | 232,121 | | | $ | 278,313 | | | $ | 212,903 | | | $ | 215,771 | | | $ | 214,965 | |
Interest-bearing transaction accounts | | | 136,009 | | | | 131,141 | | | | 120,069 | | | | 128,808 | | | | 123,848 | |
Money market and savings accounts | | | 724,725 | | | | 682,920 | | | | 596,226 | | | | 552,678 | | | | 582,231 | |
Certificates of deposit | | | 497,854 | | | | 492,638 | | | | 517,237 | | | | 530,867 | | | | 525,060 | |
Total deposit portfolio | | $ | 1,590,709 | | | $ | 1,585,012 | | | $ | 1,446,435 | | | $ | 1,428,124 | | | $ | 1,446,104 | |
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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
(In thousands) | | For the Quarter Ended |
| | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, |
| | 2008 | | 2007 | | 2007 | | 2007 | | 2007 |
YIELDS (fully tax equivalent) | | | | | | | | | | | | | | | | | | | | |
Loans | | | 6.93 | % | | | 7.65 | % | | | 7.96 | % | | | 7.98 | % | | | 7.94 | % |
Securities | | | 4.84 | % | | | 4.87 | % | | | 4.67 | % | | | 4.50 | % | | | 4.31 | % |
Federal funds sold | | | 3.32 | % | | | 4.23 | % | | | 5.53 | % | | | 5.49 | % | | | 5.51 | % |
Yield on earning assets | | | 6.77 | % | | | 7.42 | % | | | 7.73 | % | | | 7.72 | % | | | 7.66 | % |
Interest-bearing deposits | | | 3.46 | % | | | 4.10 | % | | | 4.44 | % | | | 4.47 | % | | | 4.42 | % |
Borrowed funds | | | 3.82 | % | | | 4.54 | % | | | 5.00 | % | | | 5.04 | % | | | 4.99 | % |
Subordinated debt | | | 6.71 | % | | | 7.24 | % | | | 7.20 | % | | | 7.19 | % | | | 7.21 | % |
Cost of paying liabilities | | | 3.62 | % | | | 4.26 | % | | | 4.59 | % | | | 4.63 | % | | | 4.55 | % |
Net interest spread | | | 3.15 | % | | | 3.16 | % | | | 3.14 | % | | | 3.09 | % | | | 3.11 | % |
Net interest rate margin | | | 3.63 | % | | | 3.80 | % | | | 3.87 | % | | | 3.81 | % | | | 3.86 | % |
|
WEALTH MANAGEMENT | | | | | | | | | | | | | | | | | | | | |
Trust Assets under management | | $ | 1,046,390 | | | $ | 1,098,110 | | | $ | 1,106,214 | | | $ | 1,111,042 | | | $ | 1,047,700 | |
Trust Assets under administration | | | 1,633,195 | | | | 1,696,303 | | | | 1,734,761 | | | | 1,742,426 | | | | 1,659,573 | |
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