| Exhibit 99.1 |
| For more information contact: | |
| Peter Benoist, President and CEO(314)725-5500 | |
| Frank Sanfilippo, Chief Financial Officer(314)725-5500 | |
| Jerry Mueller, Senior Vice President(314)512-7251 | |
| Ann Marie Mayuga, AMM Communications(314)485-4390 |
ENTERPRISE FINANCIAL REPORTS SECOND QUARTER 2009 RESULTS
|
St. Louis, July 21, 2009. Enterprise Financial Services Corp (NASDAQ: EFSC) earned net income of $386,000 for the quarter ended June 30, 2009 compared to $3.5 million for the prior year period. After deducting dividends on preferred stock, the Company reported a net loss of $0.02 per fully diluted share for the second quarter of 2009 compared to net income of $0.27 per share for the second quarter of 2008.
Second quarter results included a $1.1 million special assessment from the FDIC as part of its industry-wide program to bolster the insurance fund. During the quarter, the Company recorded $602,000 related to dividends on preferred stock purchased in late 2008 by the U.S. Treasury as part of its Capital Purchase Program. These dividends do not reduce the Company’s net income, but are deducted in the calculation of earnings per share. Also during the second quarter, the Company set aside $8.0 million in loan loss provision representing 161% of net charge-offs. By comparison, loan loss provision for the second quarter 2008 was $3.2 million.
Excluding the special FDIC assessment, the Company’s pre-tax, pre-provision operating earnings for the second quarter of 2009 were $8.1 million, up 6% versus the first quarter of 2009 and 5% lower than in the comparable period in 2008. The decline in year-over-year pre-tax, pre-provision operating earnings was attributable to higher loan-related legal expenses incurred in the second quarter of 2009.
Pre-tax, pre-provision operating earnings figures, which are non-GAAP (Generally Accepted Accounting Principles) financial measures, are presented because the Company believes adjusting its results to exclude loan loss provision expenses, impairment charges, special FDIC assessments and extraordinary gains or losses provides shareholders with a more comparable basis for evaluating period-to-period operating results. A schedule reconciling GAAP (loss) income before income tax to pre-tax, pre-provision operating earnings is provided in the attached tables.
Peter Benoist, President and CEO, commented, “Enterprise’s reported results improved in the second quarter, posting a modest net profit that was impacted significantly by the FDIC special assessment. On a per-share basis, we reported a $0.02 loss after giving effect to the preferred stock dividend. The quarter’s results reflected several favorable trends. Our provision expense was roughly half the level recorded in each of the prior two quarters. Net charge-offs were lower and we continued to build our allowance for loan losses.
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Core deposits increased and our net interest margin widened in the quarter. Our operating earnings continued to grow.”
“At the same time, however,” Benoist continued, “the economic environment remains stressed and we continue to be cautious and disciplined. Non-performing assets remain elevated compared to our historical standards and won’t be resolved quickly.”
Banking Line of Business
Deposits and liquidity
Total deposits rose $90 million, or 5%, from a year ago. On a linked quarter basis, deposits increased slightly, by 1%.
Core deposits at June 30, 2009 increased $108 million, or 8%, over June 30, 2008. On a linked quarter basis, core deposits rose $35 million, or 2%. At June 30, 2009, core deposits, which include all deposits other than brokered CDs, represented 87% of total deposits.
The Company increased its investment portfolio by $45.5 million during the second quarter of 2009, thereby improving its on-balance sheet liquidity.
Loans
Portfolio loans increased $56 million, or 3%, from a year ago. On a linked quarter basis, portfolio loans decreased $59 million, or 3%, as many clients are paying down borrowings to strengthen their balance sheets.
The Bank continues to pursue prudent lending opportunities to support local economic activity, with new loan approvals of $85 million during the second quarter. In the six months since the U.S. Treasury invested $35 million in EFSC preferred stock under the Capital Purchase Program, Enterprise has approved over $161 million in new loans.
Asset Quality
Non-performing loans totaled $49.2 million, or 2.58% of total loans at June 30, 2009, a $1.3 million decrease from March 31, 2009. The percentage of non-performing loans remained relatively flat due to the slight decline in total loans quarter-to-quarter. Non-performing loans were $13.2 million, or 0.71% of total loans, at June 30, 2008. Non-performing loans were $29.7 million, or 1.50% of total loans, at December 31, 2008.
Loans 30-90 days past due, excluding non-performing loans, represented 0.55% of loans at June 30, 2009, an improvement from the 0.94% level at March 31, 2009.
Non-performing loans (NPL) comprised the following industry segments as indicated below (in millions):
| June 30, 2009 | March 31, 2009 | Dec 31, 2008 | |||||||||||||
| NPL | % of Total | NPL | % of Total | NPL | % of Total | ||||||||||
| Commercial Real Estate | $ | 23.4 | 47.5% | $ | 29.2 | 57.8% | $ | 16.1 | 54.2% | ||||||
| Residential Construction/Land | |||||||||||||||
| Acquisition and Development | 23.6 | 48.0% | 16.9 | 33.5% | 11.8 | 39.7% | |||||||||
| Commercial and Industrial | 2.2 | 4.5% | 4.4 | 8.7% | 1.7 | 5.7% | |||||||||
| Other | - | - | - | - | 0.1 | 0.4% | |||||||||
| $ | 49.2 | 100.0% | $ | 50.5 | 100.0% | $ | 29.7 | 100.0% | |||||||
The $49.2 million in non-performing loans is comprised of roughly 40 relationships. The largest of these, as reported over the past few quarters, is an approximately $7 million loan secured by a medical office building. Six relationships comprise more than 50% of non-performing loans. Of the Company’s non-performingloans, 64% are located in the Kansas City market, which has encountered a more difficult residential construction and sales environment.
- 2 -
Other real estate at June 30, 2009 totaled $16.1 million, a $2.8 million increase from March 31, 2009. Other real estate added in the second quarter totaled $11.3 million, comprised largely of a $2.0 million residence, a $2.5 million commercial lot and several smaller residential lots and commercial properties. The Company sold $8.5 million in Other real estate in the second quarter at a negligible loss of $2,000 compared to recorded values.
Total non-performing assets were $65.3 million, or 2.95% of total assets at June 30, 2009, compared to 2.86% at March 31, 2009 and 1.92% at December 31, 2008.
Provision for loan losses was $8.0 million in the second quarter of 2009 compared to $15.1 million in the first quarter of 2009 and $3.2 million in the second quarter of 2008. The lower loan loss provision in the second quarter compared to first quarter is due to lower loan volumes and a leveling off of non-performing loans. Provision expense covered 161% of net charge-offs in the second quarter as the Company continued to build loan loss reserves to 2.24% of portfolio loans at June 30, 2009 over its 2.02% level at March 31, 2009. By comparison, loan loss reserves represented 1.58% of portfolio loans at December 31, 2008.
Net charge-offs in the second quarter were $5.0 million, an annualized rate of 1.03% of average loans. The majority of charge-offs in the quarter were attributable to write-downs on impaired assets and foreclosed real estate, with approximately 50% of the charge-offs related to residential real estate, 40% related to commercial real estate and 10% related to commercial and industrial loans.
By comparison, net charge-offs in the first quarter of 2009 were $6.8 million, or 1.39% annualized. Net charge-offs for the prior year second quarter were $1.4 million, or 0.32% annualized.
Net interest income
Net interest income in the banking segment increased $1.1 million, or 6%, in the second quarter of 2009 versus the comparable period in 2008. On a linked quarter basis, the increase in net interest income was 4%.
Net interest margin was 3.41% in the second quarter of 2009 compared to 3.56% in the second quarter of 2008 and 3.32% in the first quarter of 2009. The increase in the second quarter net interest margin compared to the first quarter was largely a result of a twelve basis point increase in loan yields and continuing repricing of CDs at lower rates.
Wealth Management Line of Business
Fee income from the Wealth Management line of business, including results from state tax credit brokerage activities, totaled $2.4 million for the second quarter of 2009, an 11% decline compared to the same period in 2008. On linked quarter basis, Wealth Management revenues decreased 27%, largely due to higher first quarter revenue at MBG resulting from its completion of several large insurance cases.
Trust
Fee income from Trust declined 27% from the second quarter of 2008 to the second quarter of 2009. Revenue declines were largely attributable to lower asset values due to client turnover and adverse financial markets. Compared to the first quarter of 2009, Trust revenues declined only 2%.
Millennium Brokerage Group
MBG revenues in the second quarter of 2009 were essentially flat compared to the second quarter of 2008. On a linked quarter basis, MBG revenues declined 48% due to the large insurance cases closed during the first quarter of 2009.
- 3 -
State tax credit brokerage
For the second quarter of 2009, the Company recorded a $109,000 gain from state tax credit activities compared to a $46,000 loss in the first quarter of 2009 and a $29,000 loss in the second quarter of 2008. State tax credit revenues include unrealized gains and losses on certain tax credit assets carried at fair value and related interest rate caps used to hedge against changes in the fair value of the state tax credits.
Other Business Results
Non-interest income for the second quarter of 2009 was $4.8 million, an 8% increase compared to $4.4 million for the second quarter of 2008. Included in the 2009 period results were $636,000 in securities gains and $325,000 in other income.
Total non-interest expenses for the second quarter of 2009 were $15.3 million, 20% higher than the comparable 2008 period. During the second quarter, the Company accrued a $1.1 million expense for the FDIC special assessment to be paid in the third quarter. Employee compensation and benefit expenses were 10% lower year-over-year, due to stringent personnel expense-containment efforts. However, these expense reductions were more than offset by the FDIC special assessment, higher occupancy costs resulting from an additional Trust office and significantly higher legal expenses related to non-performing asset management and resolution activities.
Reflecting those higher non-interest expense items, the Company’s efficiency ratio in the second quarter of 2009 was 68.7% compared to 59.9% in the second quarter of 2008.
The income tax benefit for the second quarter of 2009 was $1.4 million, representing a 138.5% effective tax rate relative to the loss before income tax of $1.0 million. During the second quarter of 2009, the Company concluded that minor changes in the Company’s estimated pre-tax results and changes in projected permanent items produced significant variability in the estimated annual effective tax rate. As a result, the Company began using the actual effective tax rate for the year-to-date period as a basis for determining the income tax benefit, which increased the amount of income tax benefit recognized during the second quarter of 2009.
Enterprise Financial operates commercial banking and wealth management businesses in metropolitan St. Louis and Kansas City and a loan production office in Phoenix. Enterprise is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.
# # #
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. We use the words “expect” and “intend” and variations of such words and similar expressions in this communication to identify such forward-looking 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 2008 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 | For the Six Months Ended | ||||||||||||||
| Jun 30, | Jun 30, | Jun 30, | Jun 30, | |||||||||||||
| INCOME STATEMENTS | 2009 | 2008 | 2009 | 2008 | ||||||||||||
| NET INTEREST INCOME | ||||||||||||||||
| Total interest income | $ | 27,758 | $ | 29,283 | $ | 55,084 | $ | 59,531 | ||||||||
| Total interest expense | 10,260 | 12,481 | 20,735 | 26,589 | ||||||||||||
| Net interest income | 17,498 | 16,802 | 34,349 | 32,942 | ||||||||||||
| Provision for loan losses | 8,000 | 3,200 | 23,100 | 5,525 | ||||||||||||
| Net interest income after provision for loan losses | 9,498 | 13,602 | 11,249 | 27,417 | ||||||||||||
| NONINTEREST INCOME | ||||||||||||||||
| Wealth Management revenue | 2,249 | 2,682 | 5,520 | 5,266 | ||||||||||||
| Deposit service charges | 1,249 | 1,202 | 2,544 | 2,139 | ||||||||||||
| Sale of other real estate | (2 | ) | 351 | 57 | 342 | |||||||||||
| State tax credit activity, net | 109 | (29 | ) | 63 | 984 | |||||||||||
| Sale of securities | 636 | 73 | 952 | 73 | ||||||||||||
| Sales of branch/charter | - | (19 | ) | - | 560 | |||||||||||
| Other income | 575 | 184 | 576 | 616 | ||||||||||||
| Total noninterest income | 4,816 | 4,444 | 9,712 | 9,980 | ||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||
| Salaries and benefits | 7,255 | 7,575 | 14,345 | 15,914 | ||||||||||||
| Occupancy | 1,261 | 977 | 2,428 | 2,060 | ||||||||||||
| Furniture and equipment | 359 | 355 | 723 | 719 | ||||||||||||
| Goodwill impairment charge | - | - | 45,377 | - | ||||||||||||
| Other | 6,443 | 3,816 | 11,952 | 7,863 | ||||||||||||
| Total noninterest expense | 15,318 | 12,723 | 74,825 | 26,556 | ||||||||||||
| (Loss) income before income tax | (1,004 | ) | 5,323 | (53,864 | ) | 10,841 | ||||||||||
| Income tax (benefit) expense | (1,390 | ) | 1,823 | (3,633 | ) | 3,778 | ||||||||||
| Net income (loss) | 386 | 3,500 | (50,231 | ) | 7,063 | |||||||||||
| Dividends on preferred stock | (602 | ) | - | (1,201 | ) | - | ||||||||||
| Net (loss) income available to common shareholders | $ | (216 | ) | $ | 3,500 | $ | (51,432 | ) | $ | 7,063 | ||||||
| Basic (loss) earnings per share | $ | (0.02 | ) | $ | 0.28 | $ | (4.01 | ) | $ | 0.57 | ||||||
| Diluted (loss) earnings per share | $ | (0.02 | ) | $ | 0.27 | $ | (4.01 | ) | $ | 0.56 | ||||||
| Return on average assets | (0.04% | ) | 0.67% | (4.61% | ) | 0.70% | ||||||||||
| Return on average common equity | (0.64% | ) | 7.77% | (64.40% | ) | 7.95% | ||||||||||
| Efficiency ratio | 68.65% | 59.88% | 169.82% | 61.87% | ||||||||||||
| Noninterest expense to average assets | 2.77% | 2.43% | 6.71% | 2.62% | ||||||||||||
| YIELDS (fully tax equivalent) | ||||||||||||||||
| Loans | 5.53% | 6.30% | 5.47% | 6.60% | ||||||||||||
| Securities | 3.62% | 4.60% | 3.96% | 4.71% | ||||||||||||
| Federal funds sold | 0.61% | 1.85% | 0.63% | 2.88% | ||||||||||||
| Yield on earning assets | 5.37% | 6.17% | 5.35% | 6.46% | ||||||||||||
| Interest-bearing deposits | 2.03% | 2.78% | 2.08% | 3.11% | ||||||||||||
| Subordinated debt | 6.19% | 5.66% | 6.31% | 6.18% | ||||||||||||
| Borrowed funds | 2.48% | 3.44% | 2.28% | 3.60% | ||||||||||||
| Cost of paying liabilities | 2.28% | 2.97% | 2.31% | 3.29% | ||||||||||||
| Net interest spread | 3.09% | 3.20% | 3.04% | 3.17% | ||||||||||||
| Net interest rate margin | 3.41% | 3.56% | 3.36% | 3.60% | ||||||||||||
| RECONCILIATION OF PRE-TAX (LOSS) INCOME TO PRE-TAX OPERATING EARNINGS BEFORE PROVISION | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| Jun 30, | Mar 31, | Jun 30, | ||||||||||||||
| (All amounts in thousands, except per share data) | 2009 | 2009 | 2008 | |||||||||||||
| U.S. GAAP (loss) income before income tax | $ | (1,004 | ) | $ | (52,860 | ) | $ | 5,323 | ||||||||
| Goodwill impairment charge | - | 45,377 | - | |||||||||||||
| Sale of Kansas City nonstrategic branch/charter | - | - | (19 | ) | ||||||||||||
| FDIC special assessment (included in Other noninterest expense) | 1,100 | - | - | |||||||||||||
| Operating earnings (loss) before income tax | 96 | (7,483 | ) | 5,304 | ||||||||||||
| Provision for loan losses | 8,000 | 15,100 | 3,200 | |||||||||||||
| Operating earnings before income taxes and provision for loan losses | $ | 8,096 | $ | 7,617 | $ | 8,504 | ||||||||||
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ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
| (In thousands) | |||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | |||||||||||
| BALANCE SHEETS | 2009 | 2009 | 2008 | 2008 | 2008 | ||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 41,490 | $ | 41,875 | $ | 25,626 | $ | 38,641 | $ | 67,661 | |||||
| Federal funds sold | 4,252 | 3,310 | 2,637 | 1,718 | 15,630 | ||||||||||
| Interest-bearing deposits | 2,893 | 5,852 | 14,384 | 2,178 | 349 | ||||||||||
| Debt and equity investments | 169,309 | 123,773 | 108,315 | 113,932 | 120,072 | ||||||||||
| Loans held for sale | 2,004 | 2,659 | 2,632 | 520 | 1,666 | ||||||||||
| Portfolio loans | 1,905,340 | 1,963,975 | 1,977,175 | 1,942,600 | 1,849,415 | ||||||||||
| Less allowance for loan losses | 42,635 | 39,612 | 31,309 | 25,662 | 24,011 | ||||||||||
| Net loans | 1,862,705 | 1,924,363 | 1,945,866 | 1,916,938 | 1,825,404 | ||||||||||
| Other real estate | 16,053 | 13,251 | 13,868 | 11,285 | 9,294 | ||||||||||
| Premises and equipment, net | 23,872 | 24,608 | 25,158 | 25,166 | 25,238 | ||||||||||
| State tax credits, held for sale | 42,609 | 43,474 | 39,142 | 37,751 | 37,882 | ||||||||||
| Goodwill | 3,134 | 3,134 | 48,512 | 51,312 | 57,910 | ||||||||||
| Core deposit intangible | 1,874 | 1,997 | 2,126 | 2,256 | 2,729 | ||||||||||
| Other amortizing intangibles | 1,081 | 1,230 | 1,378 | 2,090 | 2,301 | ||||||||||
| Other assets | 43,653 | 41,177 | 40,530 | 32,614 | 31,582 | ||||||||||
| Total assets | $ | 2,214,929 | $ | 2,230,703 | $ | 2,270,174 | $ | 2,236,401 | $ | 2,197,718 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
| Noninterest-bearing deposits | 238,139 | 238,449 | 247,361 | 225,013 | 240,148 | ||||||||||
| Interest-bearing deposits | 1,521,125 | 1,507,110 | 1,545,423 | 1,463,040 | 1,429,598 | ||||||||||
| Total deposits | 1,759,264 | 1,745,559 | 1,792,784 | 1,688,053 | 1,669,746 | ||||||||||
| Subordinated debentures | 85,081 | 85,081 | 85,081 | 59,307 | 56,807 | ||||||||||
| FHLB advances | 139,520 | 119,939 | 119,957 | 222,926 | 203,043 | ||||||||||
| Federal funds purchased | 21,650 | 74,400 | 19,400 | 36,600 | 1,081 | ||||||||||
| Other borrowings | 33,824 | 31,767 | 26,760 | 36,632 | 71,805 | ||||||||||
| Other liabilities | 9,366 | 7,073 | 8,404 | 7,924 | 12,335 | ||||||||||
| Total liabilities | 2,048,705 | 2,063,819 | 2,052,386 | 2,051,442 | 2,014,817 | ||||||||||
| Shareholders' equity | 166,224 | 166,884 | 217,788 | 184,959 | 182,901 | ||||||||||
| Total liabilities and shareholders' equity | $ | 2,214,929 | $ | 2,230,703 | $ | 2,270,174 | $ | 2,236,401 | $ | 2,197,718 | |||||
- 6 -
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
| (In thousands, except per share data) | For the Quarter Ended | ||||||||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | |||||||||||||||
| 2009 | 2009 | 2008 | 2008 | 2008 | |||||||||||||||
| EARNINGS SUMMARY | |||||||||||||||||||
| Net interest income | $ | 17,498 | $ | 16,851 | $ | 17,200 | $ | 16,584 | $ | 16,802 | |||||||||
| Provision for loan losses | 8,000 | 15,100 | 14,125 | 2,825 | 3,200 | ||||||||||||||
| Wealth Management revenue | 2,249 | 3,271 | 2,943 | 2,640 | 2,682 | ||||||||||||||
| Noninterest income | 2,567 | 1,625 | 4,707 | 5,001 | 1,762 | ||||||||||||||
| Noninterest expense | 15,318 | 59,507 | 17,817 | 19,133 | 12,723 | ||||||||||||||
| (Loss) income before income tax | (1,004 | ) | (52,860 | ) | (7,092 | ) | 2,267 | 5,323 | |||||||||||
| Net income (loss) | 386 | (50,617 | ) | (3,952 | ) | 1,319 | 3,500 | ||||||||||||
| Net (loss) income available to common shareholders | (216 | ) | (51,216 | ) | (4,031 | ) | 1,319 | 3,500 | |||||||||||
| Diluted (loss) earnings per share | $ | (0.02 | ) | $ | (3.99 | ) | $ | (0.32 | ) | $ | 0.10 | $ | 0.27 | ||||||
| Return on average common equity | (0.64% | ) | (111.00% | ) | (8.60% | ) | 2.81% | 7.77% | |||||||||||
| Net interest rate margin (fully tax equivalent) | 3.41% | 3.32% | 3.37% | 3.34% | 3.56% | ||||||||||||||
| Efficiency ratio | 68.65% | 273.63% | 71.70% | 78.98% | 59.88% | ||||||||||||||
| MARKET DATA | |||||||||||||||||||
| Book value per common share | $ | 10.53 | $ | 10.58 | $ | 14.58 | $ | 14.57 | $ | 14.45 | |||||||||
| Tangible book value per common share | $ | 10.05 | $ | 10.08 | $ | 10.52 | $ | 10.19 | $ | 9.48 | |||||||||
| Market value per share | $ | 9.09 | $ | 9.76 | $ | 15.24 | $ | 22.56 | $ | 18.85 | |||||||||
| Period end common shares outstanding | 12,834 | 12,833 | 12,801 | 12,694 | 12,654 | ||||||||||||||
| Average basic common shares | 12,833 | 12,828 | 12,702 | 12,664 | 12,545 | ||||||||||||||
| Average diluted common shares | 12,833 | 12,828 | 12,702 | 12,817 | 12,760 | ||||||||||||||
| ASSET QUALITY | |||||||||||||||||||
| Net charge-offs | $ | 4,977 | $ | 6,797 | $ | 8,478 | $ | 1,123 | $ | 1,439 | |||||||||
| Nonperforming loans | $ | 49,188 | $ | 50,458 | $ | 29,662 | $ | 23,546 | $ | 13,180 | |||||||||
| Nonperforming loans to total loans | 2.58% | 2.57% | 1.50% | 1.21% | 0.71% | ||||||||||||||
| Nonperforming assets to total assets | 2.95% | 2.86% | 1.92% | 1.56% | 1.02% | ||||||||||||||
| Allowance for loan losses to total loans | 2.24% | 2.02% | 1.58% | 1.32% | 1.30% | ||||||||||||||
| Net charge-offs to average loans (annualized) | 1.03% | 1.39% | 1.73% | 0.24% | 0.32% | ||||||||||||||
| CAPITAL | |||||||||||||||||||
| Average common equity to average assets | 6.09% | 8.22% | 8.30% | 8.55% | 8.62% | ||||||||||||||
| Tier 1 capital to risk-weighted assets | 8.47% | 8.22% | 8.89% | 8.83% | 8.76% | ||||||||||||||
| Total capital to risk-weighted assets | 13.13% | 12.75% | 12.81% | 10.18% | 9.96% | ||||||||||||||
| Tangible common equity to tangible assets | 5.84% | 5.82% | 6.07% | 5.93% | 5.62% | ||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||
| Portfolio loans | $ | 1,940,411 | $ | 1,980,871 | $ | 1,947,690 | $ | 1,881,428 | $ | 1,790,491 | |||||||||
| Earning assets | 2,095,328 | 2,105,599 | 2,071,560 | 2,005,635 | 1,922,309 | ||||||||||||||
| Total assets | 2,220,257 | 2,275,196 | 2,246,772 | 2,184,804 | 2,102,582 | ||||||||||||||
| Deposits | 1,748,637 | 1,716,291 | 1,739,525 | 1,645,396 | 1,600,805 | ||||||||||||||
| Shareholders' equity | 166,371 | 218,247 | 190,874 | 186,848 | 181,274 | ||||||||||||||
| LOAN PORTFOLIO | |||||||||||||||||||
| Commercial and industrial | $ | 558,146 | $ | 545,110 | $ | 556,210 | $ | 539,924 | $ | 510,377 | |||||||||
| Commercial real estate | 782,323 | 815,971 | 829,476 | 845,221 | 835,688 | ||||||||||||||
| Construction real estate | 307,482 | 328,594 | 337,550 | 313,262 | 284,556 | ||||||||||||||
| Residential real estate | 234,391 | 246,057 | 228,772 | 218,642 | 193,630 | ||||||||||||||
| Consumer and other | 22,998 | 28,243 | 25,167 | 25,550 | 25,164 | ||||||||||||||
| Total loan portfolio | $ | 1,905,340 | $ | 1,963,975 | $ | 1,977,175 | $ | 1,942,599 | $ | 1,849,415 | |||||||||
| DEPOSIT PORTFOLIO | |||||||||||||||||||
| Noninterest-bearing accounts | $ | 238,139 | $ | 238,449 | $ | 247,361 | $ | 225,013 | $ | 240,148 | |||||||||
| Interest-bearing transaction accounts | 129,680 | 129,389 | 126,644 | 118,614 | 134,659 | ||||||||||||||
| Money market and savings accounts | 619,686 | 630,744 | 710,712 | 664,436 | 680,635 | ||||||||||||||
| Certificates of deposit | 771,759 | 746,977 | 708,067 | 679,990 | 614,304 | ||||||||||||||
| Total deposit portfolio | $ | 1,759,264 | $ | 1,745,559 | $ | 1,792,784 | $ | 1,688,053 | $ | 1,669,746 | |||||||||
- 7 -
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
| (In thousands) | For the Quarter Ended | |||||||||||||
| Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||
| 2009 | 2009 | 2008 | 2008 | 2008 | ||||||||||
| YIELDS (fully tax equivalent) | ||||||||||||||
| Loans | 5.53% | 5.41% | 5.74% | 5.94% | 6.30% | |||||||||
| Securities | 3.62% | 4.44% | 4.70% | 4.75% | 4.60% | |||||||||
| Federal funds sold | 0.61% | 0.64% | 1.59% | 2.12% | 1.85% | |||||||||
| Yield on earning assets | 5.37% | 5.33% | 5.67% | 5.86% | 6.17% | |||||||||
| Interest-bearing deposits | 2.03% | 2.13% | 2.47% | 2.72% | 2.78% | |||||||||
| Subordinated debt | 6.19% | 6.43% | 6.04% | 5.63% | 5.66% | |||||||||
| Borrowed funds | 2.48% | 2.11% | 2.67% | 2.98% | 3.44% | |||||||||
| Cost of paying liabilities | 2.28% | 2.33% | 2.62% | 2.85% | 2.97% | |||||||||
| Net interest spread | 3.09% | 3.00% | 3.05% | 3.01% | 3.20% | |||||||||
| Net interest rate margin | 3.41% | 3.32% | 3.37% | 3.34% | 3.56% | |||||||||
| WEALTH MANAGEMENT | ||||||||||||||
| Trust Assets under management | $ | 691,927 | $ | 681,839 | $ | 790,646 | $ | 930,100 | $ | 986,717 | ||||
| Trust Assets under administration | 1,113,466 | 1,084,830 | 1,220,733 | 1,453,476 | 1,532,559 | |||||||||
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