Well, thank you, Jeremy, and thank you all very much for joining us this morning, and welcome to our 2024, 3rd quarter earnings call.
Joining me this morning is Keene Turner, EFSC's Chief Financial Officer and Chief Operating Officer; Scott Goodman, President of Enterprise Bank & Trust; and Doug Bauche, Chief Credit Officer of Enterprise Bank & Trust.
our would copy remind the of can found I call on accompanying begin, be a that the on we like everybody to the presentation Before website. release and
were The presentation on Form X-K furnished and yesterday. SEC release earnings
the from X our XX-K that make any for forward-looking to XX-Q Forward-Looking actual why recent titled today. of statements refer Statements presentation Please results and reasons Slide and most may vary we
financial performance the continued strong Our third in quarter.
compares XXXX. favorably delivered linked model diversified which in in of Our the EPS the to $X.XX, quarter the business $X.XX third $X.XX and quarter of
As net XX% of annualized expansion experienced the value important, a our net to from we book tangible a interest margin quarter. increase and per stable interest income share continued linked
to I'm set previous pleased and with this very to we've finish over a meetings results to any these investor Like us during and or do one earnings momentum. very of well not produce we've say, earnings. strong enter business, that they year asset with stated depend diligently the great calls business Needless and XXXX have on up high-quality to deal market several years, model such to we class worked diversify last our
performance financial Our third to for strategy and and this of improve the will strategy, a quarter is continue result we on refine years to quarters come. and
X. on financial Slide begins Our scorecard
result net first a produced This a earned quarters. of million per for strong pre-provision $XX.X we X.XX%. assets quarter, income return of on X of improvement adjusted was an we the on the over X.XX% share, return For and very or $X.XX an assets diluted and
to Our $XXX.X net million increased interest million. income $X.X
of client despite value at $XXX to X to the consistently been relationships. shareholder in last franchise able built, interest improve we strength to we've This hold remain we've deep high-quality a million this and through or number and produce Looking competitive conditions. rooted the position earnings rate back that reflects over the around challenging years,
Our our direct aided at by the originate our stable stable of the is priced was a of to net clients rate result appropriately and defense the our margin priced, interest environment. interest ability amid This current well to base commensurate net our interest needs of income but X.X%. deposit
of much environment these this results in to to that provide how expect detail our along impact growth. plan over with the most moves. a Last quarter, defend discussed more strategy mindset will loan next respect significant I This several on our we with Keene declining comments, our the base an on have we quarters. to rate interest his wait-and-see to continue financial to client of amid as continues
and I the what sell conversations get we is having mid-single-digit our annualized the quarter, basis. that we or maintain of grow we our on the our our a to credit Agricultural believe $XX we'll portfolio, In I'm ahead. meantime, widen million decline approach. continue while bit growth will we with with down. an by on Based For back the X% a quarters our clients, million pent-up $XX in in will includes This pricing loans to confident which are saw value-added continue demand, discipline to that
bright continues our growth for be spot to Deposit company. a
a million. quarter second the row, able grow close $XXX in deposits customer we're For to to
In fact, we've in expanded X customer the quarters. deposit X of balances last
experienced our growth remains and we in cost base deposit in performance composition of too. geographic continued the strong to and addition in and national has markets, solid our growth our The earnings in profitability. continued our significantly In deposit verticals, stable aided the
growth to at balance X even Loan The new pace maintained with a in to the in high growth ability days to and only XX%, of continue our I the my with XXXX. mid- loan the for quarterly and deposits quarter, to late X.XX%, total to remained last Last and we've confidence building, deposits later, mid- follow the to a grow our cost was RMs additions spoke XX -- DDA our of grow single-digit fourth pipelines quarters. maybe right level would are should caveat sheet level quarter this follow confident and that into rate in they we block I the likely teams. am still of at
much in opportunities are more You seeing will hear comments. about we Scott's where
capital common assets Another tangible planning, our by end equity stable last tangible equity, our with return X% sheet, tangible XX.XX% close which while our at assets as ratio great quarter with adjusted respect of well-positioned strength was is tangible balance year. our provides over to impressive our growing remained on of and capital equity common company of strong, for flexibility ratio levels common X.X%, to to total to the
Tangible book a share was value common annualized quarter. XX% for the $XX.XX, per increase
of continued Given our in the earnings return XXXX and will per strength $X.XX the of we $X.X to the common in per share million our our repurchases. an execution, quarter quarter stock shareholders dividend confidence by and to additional fourth the during share $X.XX increased through
our and recorded gain credit in the OREO excess when I stable. quarter. largest piece in million. sizable This attributable linked would assets of to a $X decreased strong to characterize of portfolio which compared was decrease the quality our of is of million Nonperforming sale we the primarily $XX.X
and of presented, As you loans the can ratios in at year. levels our last and NPAs NPLs from assets are total lowest total on the data see the
achieve Slide losses this loans. able of future. allowance of we strong for X.XX% maintaining to are for total while foreseeable shows credit where focusing the X been We've
over of that great high-touch of day in Our Doing clients this continued relationships. really to several while accumulated more focus consultative cherish XX-year will and those franchise lead day out, adding our quarters and history, performance businesses family-owned remains the care on value. taking the strong of building we've
credit pricing to cognizant We be sure to market our and current to grow client discipline growth protect chase make alter we will our base. not of trends we'll continue and
smooth core new our our system. planning executed team by careful and conversion, transition execution facilitated to plan we this ago, on weeks of X a our
While process we while a was we long improve into opportunities project are is continuous jump have us for that more and projects experience pleased project the client efficient. array singularly to us, milestone, And and culture extensive our and innovation. will the improvement completed make back an this one of core of and
fruits The our in growth recruiting efforts, beginning especially profit of our higher pay are higher businesses specialized and off. markets to
M&A greatest have been the focusing areas the our lending we'll disrupted with that to several shareholder banks markets. of national to markets We our new and very those in onboard due continue Similarly, disregarding on all caused continue decided businesses our combined deposit to our or to we teams in verticals, Western strategic are the and in specialized value on our teams RMs full total. capitalize by adds disruption being and M&A most disinvest business or provide to that the have with
these the XXXX. will end and pursue through of XXXX We aggressively opportunities of into more
to overall to call how vantage to provide handing provide of from economy point. would a perspective little view the Before I on are performing the a Scott, like their and our clients
conversations previous that most. subcontractors For than most they distributors, elections approach will these from we be clients will well, to the them. strategic last and days or many the is and that mid-market informs year we and our XX solid in part, another XXXX flex opportunities X once continue succession understand has This about are quarters. their the opportunity having not to any impact exist changed had more in What these for do us large acquisitions the on companies have expansion whether and X to the upcoming manufacturers to general
viewpoint, mentioned will I our footprint CRE. itself for in quarter, a classes opportunities rates longer that were to our ability that have underway produce Last the projects get near-term like throughout anxious we sheet and and quality CRE that several I wins decline. consistently growth. begun has to Overall, sound now besides new business good balance seeing the office and new about ultimately lead This tempo to take consistent clients our our asset to most feel that team's manifested are
businesses corresponding middle reputation and great share specialized enjoy businesses. We our of mature market geographies lending and market in
that confident fair get continue will than corresponding our we to of opportunities. I such, more As am share
while is a Our blend a newer these we book our peers and markets. high value that grow confidence in areas than provide we of compound to continuing while at and me future. higher-growth higher predictable to similar opportunities rate earn at foreseeable our levels gives This continue continue reputation what tangible will markets level build the will to over
would I like Scott? turn that, Scott With call to over Goodman. to the
