株探米国株
エドガーで原本を確認する
000102583512/312026Q1FALSExbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureefsc:segment00010258352026-01-012026-03-310001025835us-gaap:CommonStockMember2026-01-012026-03-310001025835efsc:DepositorySharesMember2026-01-012026-03-3100010258352026-04-2900010258352026-03-3100010258352025-12-3100010258352025-01-012025-03-310001025835us-gaap:DepositAccountMember2026-01-012026-03-310001025835us-gaap:DepositAccountMember2025-01-012025-03-310001025835us-gaap:FiduciaryAndTrustMember2026-01-012026-03-310001025835us-gaap:FiduciaryAndTrustMember2025-01-012025-03-310001025835efsc:CardServicesRevenueMember2026-01-012026-03-310001025835efsc:CardServicesRevenueMember2025-01-012025-03-310001025835efsc:TaxcreditactivitynetMember2026-01-012026-03-310001025835efsc:TaxcreditactivitynetMember2025-01-012025-03-310001025835us-gaap:FinancialServiceOtherMember2026-01-012026-03-310001025835us-gaap:FinancialServiceOtherMember2025-01-012025-03-310001025835us-gaap:PreferredStockMember2025-12-310001025835us-gaap:CommonStockMember2025-12-310001025835us-gaap:AdditionalPaidInCapitalMember2025-12-310001025835us-gaap:RetainedEarningsMember2025-12-310001025835us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001025835us-gaap:RetainedEarningsMember2026-01-012026-03-310001025835us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001025835us-gaap:CommonStockMember2026-01-012026-03-310001025835us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001025835us-gaap:PreferredStockMember2026-03-310001025835us-gaap:CommonStockMember2026-03-310001025835us-gaap:AdditionalPaidInCapitalMember2026-03-310001025835us-gaap:RetainedEarningsMember2026-03-310001025835us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001025835us-gaap:PreferredStockMember2024-12-310001025835us-gaap:CommonStockMember2024-12-310001025835us-gaap:AdditionalPaidInCapitalMember2024-12-310001025835us-gaap:RetainedEarningsMember2024-12-310001025835us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-3100010258352024-12-310001025835us-gaap:RetainedEarningsMember2025-01-012025-03-310001025835us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001025835us-gaap:CommonStockMember2025-01-012025-03-310001025835us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001025835us-gaap:PreferredStockMember2025-03-310001025835us-gaap:CommonStockMember2025-03-310001025835us-gaap:AdditionalPaidInCapitalMember2025-03-310001025835us-gaap:RetainedEarningsMember2025-03-310001025835us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-3100010258352025-03-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2026-03-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMember2026-03-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMember2026-03-310001025835us-gaap:USTreasuryBillSecuritiesMember2026-03-310001025835us-gaap:CorporateDebtSecuritiesMember2026-03-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2025-12-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMember2025-12-310001025835us-gaap:USTreasuryBillSecuritiesMember2025-12-310001025835us-gaap:CorporateDebtSecuritiesMember2025-12-310001025835efsc:ReclassifiedtoHeldtoMaturityMember2026-03-310001025835efsc:ReclassifiedtoHeldtoMaturityMember2025-12-310001025835efsc:DesMoinesMember2026-03-310001025835efsc:DesMoinesMember2025-12-310001025835efsc:NoncoveredLoansMember2026-01-012026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:RealEstateLoansPortfolioSegmentMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:RealEstateLoansPortfolioSegmentMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMember2025-12-310001025835efsc:NoncoveredLoansMember2026-03-310001025835efsc:NoncoveredLoansMember2025-12-3100010258352023-01-012023-12-310001025835us-gaap:OtherAssetsMember2026-03-310001025835us-gaap:OtherAssetsMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2026-01-012026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2026-01-012026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2026-01-012026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2026-01-012026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMember2026-01-012026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMember2026-01-012026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2024-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2024-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2024-12-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2024-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMember2024-12-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMember2024-12-310001025835efsc:NoncoveredLoansMember2024-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2025-01-012025-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-01-012025-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2025-01-012025-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2025-01-012025-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMember2025-01-012025-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMember2025-01-012025-03-310001025835efsc:NoncoveredLoansMember2025-01-012025-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2025-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2025-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2025-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMember2025-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMember2025-03-310001025835efsc:NoncoveredLoansMember2025-03-310001025835efsc:NoncoveredLoansMemberefsc:BaselineScenarioMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:NearTermGrowthUpsideMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ModerateRecessionDownsideMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2026-03-310001025835efsc:NoncoveredLoansMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2026-03-310001025835efsc:EnterpriseValueLendingPortfolioNicheSegmentMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMember2026-01-012026-03-310001025835efsc:ConstructionAndLandDevelopmentFinancingReceivableMember2026-01-012026-03-310001025835us-gaap:ResidentialPortfolioSegmentMember2026-01-012026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMember2026-01-012026-03-310001025835efsc:RiskRatingMember2026-01-012026-03-310001025835us-gaap:PerformingFinancingReceivableMember2026-01-012026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMember2025-01-012025-12-310001025835efsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-01-012025-12-310001025835efsc:CommercialOwnerOccupiedMember2025-01-012025-12-310001025835efsc:ConstructionAndLandDevelopmentFinancingReceivableMember2025-01-012025-12-310001025835us-gaap:ResidentialPortfolioSegmentMember2025-01-012025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMember2025-01-012025-12-310001025835efsc:RiskRatingMember2025-01-012025-12-310001025835us-gaap:PerformingFinancingReceivableMember2025-01-012025-12-3100010258352025-01-012025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:BlanketLienMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:OtherCollateralMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberefsc:BlanketLienMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberefsc:OtherCollateralMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberefsc:BlanketLienMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberefsc:OtherCollateralMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:CommercialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberefsc:BlanketLienMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberefsc:OtherCollateralMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:CommercialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberefsc:BlanketLienMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberefsc:OtherCollateralMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:CommercialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:ResidentialRealEstateMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:BlanketLienMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:OtherCollateralMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:BlanketLienMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:OtherCollateralMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberefsc:BlanketLienMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberefsc:OtherCollateralMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:CommercialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberefsc:BlanketLienMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberefsc:OtherCollateralMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:CommercialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberefsc:BlanketLienMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberefsc:OtherCollateralMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:CommercialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:ResidentialRealEstateMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:BlanketLienMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:OtherCollateralMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberefsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:FinancialAssetPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:FinancialAsset30to89DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberefsc:FinancialAsset30to89DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:FinancialAssetPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberefsc:FinancialAsset30to89DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:FinancialAsset30to89DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:FinancialAssetPastDueMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2026-01-012026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PaymentDeferralMember2026-01-012026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:ExtendedMaturityMember2026-01-012026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:PaymentDeferralMember2026-01-012026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2026-01-012026-03-310001025835efsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:ExtendedMaturityMember2026-01-012026-03-310001025835efsc:ConstructionAndLandDevelopmentFinancingReceivableMemberus-gaap:PaymentDeferralMember2026-01-012026-03-310001025835us-gaap:ExtendedMaturityMember2026-01-012026-03-310001025835us-gaap:PaymentDeferralMember2026-01-012026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2025-01-012025-03-310001025835efsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:ExtendedMaturityMember2025-01-012025-03-310001025835efsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:ExtendedMaturityMember2025-01-012025-03-310001025835us-gaap:ExtendedMaturityMember2025-01-012025-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PaymentDeferralMember2026-03-310001025835efsc:ResidentialRealEstateFinancingReceivableMemberus-gaap:ExtendedMaturityMember2026-01-012026-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2026-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2026-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMember2026-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2026-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2026-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2026-03-310001025835efsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2026-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2026-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2026-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2026-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2026-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2026-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:ConstructionAndLandDevelopmentFinancingReceivableMember2026-03-310001025835efsc:ConstructionAndLandDevelopmentFinancingReceivableMember2026-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:ResidentialRealEstateFinancingReceivableMember2026-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:ResidentialRealEstateFinancingReceivableMember2026-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:ResidentialRealEstateFinancingReceivableMember2026-03-310001025835efsc:ResidentialRealEstateFinancingReceivableMember2026-03-310001025835us-gaap:FinancialAssetNotPastDueMember2026-03-310001025835efsc:FinancialAsset30to89DaysPastDueMember2026-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2025-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2025-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:CommercialAndIndustrialPortfolioSegmentMember2025-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMember2025-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-03-310001025835efsc:CommercialRealEstateInvestorOwnedFinancingReceivableMember2025-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2025-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2025-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2025-03-310001025835efsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMember2025-03-310001025835us-gaap:FinancialAssetNotPastDueMemberefsc:ResidentialRealEstateFinancingReceivableMember2025-03-310001025835efsc:FinancialAsset30to89DaysPastDueMemberefsc:ResidentialRealEstateFinancingReceivableMember2025-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberefsc:ResidentialRealEstateFinancingReceivableMember2025-03-310001025835efsc:ResidentialRealEstateFinancingReceivableMember2025-03-310001025835us-gaap:FinancialAssetNotPastDueMember2025-03-310001025835efsc:FinancialAsset30to89DaysPastDueMember2025-03-310001025835us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SubstandardMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMember2026-03-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMemberus-gaap:PassMember2026-03-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMemberus-gaap:SpecialMentionMember2026-03-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMemberus-gaap:SubstandardMember2026-03-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMember2026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMemberus-gaap:PassMember2026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMemberus-gaap:SpecialMentionMember2026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMemberus-gaap:SubstandardMember2026-03-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMember2026-03-310001025835efsc:ConstructionRealEstatePortfolioSegmentMemberus-gaap:PassMember2026-03-310001025835efsc:ConstructionRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2026-03-310001025835efsc:ConstructionRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2026-03-310001025835efsc:ConstructionRealEstatePortfolioSegmentMember2026-03-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2026-03-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2026-03-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2026-03-310001025835us-gaap:ResidentialPortfolioSegmentMember2026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:PassMember2026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:SpecialMentionMember2026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:SubstandardMember2026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMember2026-03-310001025835efsc:LoansClassifiedByRiskCategoryMember2026-03-310001025835efsc:LoansClassifiedByPerformingStatusMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2025-12-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-12-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMember2025-12-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMemberus-gaap:PassMember2025-12-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-12-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-310001025835efsc:CommercialRealEstateInvestorOwnedPortfolioSegmentMember2025-12-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMemberus-gaap:PassMember2025-12-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-12-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-310001025835efsc:CommercialRealEstateOwnerOccupiedPortfolioSegmentMember2025-12-310001025835efsc:ConstructionRealEstatePortfolioSegmentMemberus-gaap:PassMember2025-12-310001025835efsc:ConstructionRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2025-12-310001025835efsc:ConstructionRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2025-12-310001025835efsc:ConstructionRealEstatePortfolioSegmentMember2025-12-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2025-12-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-12-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-310001025835us-gaap:ResidentialPortfolioSegmentMember2025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:PassMember2025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMember2025-12-310001025835efsc:LoansClassifiedByRiskCategoryMember2025-12-310001025835efsc:LoansClassifiedByPerformingStatusMember2025-12-310001025835us-gaap:PassMember2026-03-310001025835us-gaap:SpecialMentionMember2026-03-310001025835us-gaap:SubstandardMember2026-03-310001025835us-gaap:InternalInvestmentGradeMember2026-03-310001025835us-gaap:PassMember2025-12-310001025835us-gaap:SpecialMentionMember2025-12-310001025835us-gaap:SubstandardMember2025-12-310001025835us-gaap:InternalInvestmentGradeMember2025-12-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:PerformingAndNonperformingFinancialInstrumentsMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:PerformingFinancingReceivableMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:PassMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:NonperformingFinancingReceivableMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:SpecialMentionMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:PerformingAndNonperformingFinancialInstrumentsMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:SubstandardMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:PerformingFinancingReceivableMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:PassMember2026-03-310001025835efsc:NoncoveredLoansMemberus-gaap:NonperformingFinancingReceivableMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:SpecialMentionMember2026-03-310001025835efsc:NoncoveredLoansMemberefsc:PerformingAndNonperformingFinancialInstrumentsMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:SubstandardMember2026-03-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2026-03-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2026-03-310001025835us-gaap:ResidentialPortfolioSegmentMemberefsc:PerformingAndNonperformingFinancialInstrumentsMember2026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2026-03-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberefsc:PerformingAndNonperformingFinancialInstrumentsMember2026-03-310001025835us-gaap:PerformingFinancingReceivableMember2026-03-310001025835us-gaap:NonperformingFinancingReceivableMember2026-03-310001025835efsc:PerformingAndNonperformingFinancialInstrumentsMember2026-03-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2025-12-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2025-12-310001025835efsc:CommercialAndIndustrialPortfolioSegmentMemberefsc:PerformingAndNonperformingFinancialInstrumentsMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:PerformingFinancingReceivableMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:PassMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:NonperformingFinancingReceivableMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:SpecialMentionMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:PerformingAndNonperformingFinancialInstrumentsMemberefsc:CommercialRealEstateInvestorOwnedFinancingReceivableMemberus-gaap:SubstandardMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:PerformingFinancingReceivableMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:PassMember2025-12-310001025835efsc:NoncoveredLoansMemberus-gaap:NonperformingFinancingReceivableMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:SpecialMentionMember2025-12-310001025835efsc:NoncoveredLoansMemberefsc:PerformingAndNonperformingFinancialInstrumentsMemberefsc:CommercialRealEstateOwnerOccupiedFinancingReceivableMemberus-gaap:SubstandardMember2025-12-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2025-12-310001025835us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2025-12-310001025835us-gaap:ResidentialPortfolioSegmentMemberefsc:PerformingAndNonperformingFinancialInstrumentsMember2025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2025-12-310001025835efsc:ConsumerAndOtherPortfolioSegmentMemberefsc:PerformingAndNonperformingFinancialInstrumentsMember2025-12-310001025835us-gaap:PerformingFinancingReceivableMember2025-12-310001025835us-gaap:NonperformingFinancingReceivableMember2025-12-310001025835efsc:PerformingAndNonperformingFinancialInstrumentsMember2025-12-310001025835us-gaap:CommitmentsToExtendCreditMember2026-03-310001025835us-gaap:CommitmentsToExtendCreditMember2025-12-310001025835us-gaap:StandbyLettersOfCreditMember2026-03-310001025835us-gaap:StandbyLettersOfCreditMember2025-12-310001025835efsc:FixedRateLoanCommitmentMemberus-gaap:CommitmentsToExtendCreditMember2026-03-310001025835efsc:FixedRateLoanCommitmentMemberus-gaap:CommitmentsToExtendCreditMember2025-12-310001025835efsc:UnadvancedCommitmentOnImpairedLoanMember2026-03-310001025835efsc:UnadvancedCommitmentOnImpairedLoanMember2025-12-310001025835us-gaap:StandbyLettersOfCreditMembersrt:MinimumMember2026-01-012026-03-310001025835us-gaap:StandbyLettersOfCreditMembersrt:MaximumMember2026-01-012026-03-310001025835efsc:CashFlowHedge1Memberus-gaap:CashFlowHedgingMember2026-03-310001025835efsc:CashFlowHedge2Memberus-gaap:CashFlowHedgingMember2026-03-310001025835efsc:CashFlowHedge3Memberus-gaap:CashFlowHedgingMember2026-03-310001025835efsc:PrimeBasedInterestRateCollarMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310001025835us-gaap:DesignatedAsHedgingInstrumentMemberefsc:PrimeBasedInterestRateCollarMembersrt:MinimumMember2024-12-310001025835us-gaap:DesignatedAsHedgingInstrumentMemberefsc:PrimeBasedInterestRateCollarMembersrt:MaximumMember2024-12-310001025835efsc:PrimeBasedInterestRateCollarMemberus-gaap:DesignatedAsHedgingInstrumentMember2026-03-310001025835us-gaap:DesignatedAsHedgingInstrumentMemberefsc:PrimeBasedInterestRateCollarMembersrt:MinimumMember2026-03-310001025835us-gaap:DesignatedAsHedgingInstrumentMemberefsc:PrimeBasedInterestRateCollarMembersrt:MaximumMember2026-03-310001025835us-gaap:CashFlowHedgingMemberus-gaap:SubordinatedDebtMember2026-03-310001025835us-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMember2026-04-012027-03-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2026-03-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2026-03-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310001025835efsc:InterestRateCollarMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2026-03-310001025835efsc:InterestRateCollarMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310001025835efsc:InterestRateCollarMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2026-03-310001025835efsc:InterestRateCollarMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310001025835us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2026-03-310001025835us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310001025835us-gaap:DesignatedAsHedgingInstrumentMember2026-03-310001025835us-gaap:DesignatedAsHedgingInstrumentMember2025-12-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2026-03-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2025-12-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2026-03-310001025835us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2025-12-310001025835us-gaap:InterestRateSwapMember2026-03-310001025835efsc:InterestRateCollarMember2026-03-310001025835us-gaap:InterestRateSwapMember2025-12-310001025835efsc:InterestRateCollarMember2025-12-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001025835us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001025835us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001025835us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001025835us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:CorporateDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:USTreasuryBillSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001025835us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001025835efsc:OtherRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001025835efsc:OtherRealEstateMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001025835efsc:OtherRealEstateMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001025835efsc:OtherRealEstateMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001025835efsc:ImpairedLoansMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001025835efsc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835efsc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835efsc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835efsc:OtherRealEstateMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001025835efsc:OtherRealEstateMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835efsc:OtherRealEstateMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835efsc:OtherRealEstateMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001025835us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001025835us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001025835us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001025835us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001025835us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001025835us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001025835us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001025835us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-12-310001025835efsc:AOCIAccumulatedGainLossHeldToMaturitySecuritiesParentMember2025-12-310001025835us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310001025835us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-03-310001025835efsc:AOCIAccumulatedGainLossHeldToMaturitySecuritiesParentMember2026-01-012026-03-310001025835us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-03-310001025835us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-03-310001025835efsc:AOCIAccumulatedGainLossHeldToMaturitySecuritiesParentMember2026-03-310001025835us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-03-310001025835us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310001025835efsc:AOCIAccumulatedGainLossHeldToMaturitySecuritiesParentMember2024-12-310001025835us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310001025835us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-03-310001025835efsc:AOCIAccumulatedGainLossHeldToMaturitySecuritiesParentMember2025-01-012025-03-310001025835us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-03-310001025835us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-03-310001025835efsc:AOCIAccumulatedGainLossHeldToMaturitySecuritiesParentMember2025-03-310001025835us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310001025835efsc:BankOwnedLifeInsuranceMember2026-01-012026-03-310001025835efsc:BankOwnedLifeInsuranceMember2025-01-012025-03-310001025835efsc:CommunityDevelopmentFeesMember2026-01-012026-03-310001025835efsc:CommunityDevelopmentFeesMember2025-01-012025-03-310001025835efsc:GainOnSaleOfSBALoansMember2026-01-012026-03-310001025835efsc:GainOnSaleOfSBALoansMember2025-01-012025-03-310001025835efsc:OtherMiscellaneousIncomeMember2026-01-012026-03-310001025835efsc:OtherMiscellaneousIncomeMember2025-01-012025-03-310001025835efsc:AmortizationExpenseMember2026-01-012026-03-310001025835efsc:AmortizationExpenseMember2025-01-012025-03-310001025835efsc:BankingExpensesMember2026-01-012026-03-310001025835efsc:BankingExpensesMember2025-01-012025-03-310001025835efsc:FDICAndOtherInsuranceMember2026-01-012026-03-310001025835efsc:FDICAndOtherInsuranceMember2025-01-012025-03-310001025835efsc:LoanLegalExpenseMember2026-01-012026-03-310001025835efsc:LoanLegalExpenseMember2025-01-012025-03-310001025835efsc:OutsideServicesMember2026-01-012026-03-310001025835efsc:OutsideServicesMember2025-01-012025-03-310001025835efsc:OtherExpensesMember2026-01-012026-03-310001025835efsc:OtherExpensesMember2025-01-012025-03-310001025835efsc:TotalOtherNoninterestExpensesMember2026-01-012026-03-310001025835efsc:TotalOtherNoninterestExpensesMember2025-01-012025-03-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
 
FORM 10-Q
 
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2026.
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______

Commission file number 001-15373

ENTERPRISE FINANCIAL SERVICES CORP
Incorporated in the State of Delaware
I.R.S. Employer Identification # 43-1706259
Address: 150 North Meramec
Clayton, MO 63105
Telephone: (314) 725-5500
___________________
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share
 EFSC Nasdaq Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A EFSCP Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes ☐  No ☒
 
As of April 29, 2026, the Registrant had 36,585,805 shares of outstanding common stock, $0.01 par value per share.
This document is also available through our website at http://www.enterprisebank.com.


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
TABLE OF CONTENTS
 
    Page
PART I - FINANCIAL INFORMATION  
     
Item 1.  Financial Statements  
   
Condensed Consolidated Balance Sheets (Unaudited)
 
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
 
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk
   
Item 4. Controls and Procedures
 
PART II - OTHER INFORMATION
   
Item 1.  Legal Proceedings
Item 1A.  Risk Factors
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
 
Signatures
 


Glossary of Acronyms, Abbreviations and Entities
The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements in Item 1 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 2 of this Form 10-Q.

ACL Allowance for Credit Losses Federal Reserve Board of Governors of the Federal Reserve System
ASU Accounting Standards Update FHLB Federal Home Loan Bank
Bank Enterprise Bank & Trust GAAP Generally Accepted Accounting Principles (United States)
C&I Commercial and Industrial GDP Gross Domestic Product
CCB Capital Conservation Buffer NIM Net Interest Margin
CECL Current Expected Credit Loss NM Not meaningful
Company, Enterprise, We, Us or Our Enterprise Financial Services Corp and Subsidiaries OREO Other Real Estate Owned
CRE Commercial Real Estate PPNR Pre-Provision Net Revenue
EFSC Enterprise Financial Services Corp SBA Small Business Administration
FASB Financial Accounting Standards Board SEC Securities and Exchange Commission
FDIC Federal Deposit Insurance Corporation SOFR Secured Overnight Financing Rate



PART I - ITEM 1 - FINANCIAL STATEMENTS
ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
($ in thousands, except share data) March 31, 2026 December 31, 2025
Assets    
Cash and due from banks $ 258,542  $ 208,080 
Federal funds sold 8,026  5,793 
Interest-earning deposits 367,901  468,029 
Total cash and cash equivalents 634,469  681,902 
Interest-earning deposits greater than 90 days 897  898 
Securities available-for-sale 2,773,667  2,655,035 
Securities held-to-maturity, net 1,055,495  1,074,957 
Loans held-for-sale 418  928 
Loans 11,692,780  11,800,338 
ACL on loans (142,064) (140,022)
Total loans, net 11,550,716  11,660,316 
Other investments 81,944  80,884 
Fixed assets, net 57,956  58,993 
Goodwill 416,968  416,968 
Intangible assets, net 19,525  21,175 
Other assets 635,773  648,828 
Total assets $ 17,227,828  $ 17,300,884 
Liabilities and Stockholders' Equity    
Noninterest-bearing demand accounts $ 4,828,375  $ 4,874,115 
Interest-bearing demand accounts 3,395,680  3,537,334 
Money market accounts 4,058,748  3,991,110 
Savings accounts 551,914  537,400 
Certificates of deposit:
Brokered 724,788  721,977 
Customer 964,892  947,406 
Total deposits 14,524,397  14,609,342 
Subordinated debentures and notes 93,759  93,688 
Other borrowings 319,345  387,717 
Other liabilities 268,123  170,751 
Total liabilities $ 15,205,624  $ 15,261,498 
Commitments and contingent liabilities (Note 5)
Stockholders’ equity:  
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding ($1,000 per share liquidation preference)
 71,988  71,988 
Common stock, $0.01 par value; 75,000,000 shares authorized; 36,580,552 and 36,965,398 shares issued and outstanding
 366  370 
Additional paid-in capital 990,394  1,000,775 
Retained earnings 1,041,038  1,020,840 
Accumulated other comprehensive loss, net (81,582) (54,587)
Total stockholders’ equity 2,022,204  2,039,386 
Total liabilities and stockholders’ equity $ 17,227,828  $ 17,300,884 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
1

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
  Three months ended March 31,
($ in thousands, except per share data) 2026 2025
Interest income:
Loans $ 185,170  $ 181,912 
Debt securities:
Taxable 25,667  17,217 
Nontaxable 9,280  7,119 
Interest-earning deposits 4,533  5,124 
Dividends on equity securities 441  408 
Total interest income 225,091  211,780 
Interest expense:
Deposits 54,749  59,266 
Subordinated debentures and notes 1,522  2,562 
FHLB advances 56  287 
Other borrowings 2,617  2,149 
Total interest expense 58,944  64,264 
Net interest income 166,147  147,516 
Provision for credit losses 7,243  5,184 
Net interest income after provision for credit losses 158,904  142,332 
Noninterest income:
Deposit service charges 5,256  4,420 
Wealth management revenue 2,712  2,659 
Card services revenue 2,535  2,395 
Tax credit income (loss) (179) 2,610 
Other income 8,764  6,399 
Total noninterest income 19,088  18,483 
Noninterest expense:
Employee compensation and benefits 55,759  48,208 
Deposit costs 25,996  23,823 
Occupancy 5,902  4,430 
Data processing 5,644  4,809 
Professional fees 1,571  1,728 
Other expense 20,265  16,785 
Total noninterest expense 115,137  99,783 
Income before income tax expense 62,855  61,032 
Income tax expense 13,493  11,071 
Net income $ 49,362  $ 49,961 
Dividends on preferred stock 938  938 
Net income available to common stockholders $ 48,424  $ 49,023 
Earnings per common share
Basic $ 1.31  $ 1.33 
Diluted 1.30  1.31 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
2

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three months ended March 31,
($ in thousands) 2026 2025
Net income $ 49,362  $ 49,961 
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on available-for-sale securities
 (25,081) 12,885 
Reclassification of gain on the sale of available-for-sale securities
 —  (80)
Reclassification of gain on held-to-maturity securities
 (593) (612)
Change in unrealized gain (loss) on cash flow hedges
 (1,311) 2,993 
Reclassification of (gain) loss on cash flow hedges
 (10) 141 
Total other comprehensive income (loss), net of tax
 (26,995) 15,327 
Total comprehensive income $ 22,367  $ 65,288 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
Three months ended March 31
Preferred Stock Common Stock
($ in thousands, except per share data) Shares Amount Shares Amount Additional Paid-in Capital Retained Earnings Accumulated
Other
Comprehensive Income (Loss)		 Total
Stockholders’ Equity
Balance at December 31, 2025
 75  $ 71,988  36,965  $ 370  $ 1,000,775  $ 1,020,840  $ (54,587) $ 2,039,386 
Net income —  —  —  —  —  49,362  —  49,362 
Other comprehensive loss
 —  —  —  —  —  —  (26,995) (26,995)
Common stock dividends ($0.33 per share)
 —  —  —  —  —  (12,170) —  (12,170)
Preferred stock dividends ($12.50 per share)
 —  —  —  —  —  (938) —  (938)
Repurchase of common stock —  —  (483) (5) (13,190) (14,148) —  (27,343)
Issuance under equity compensation plans, net —  —  99  1  (1,495) (1,908) —  (3,402)
Stock-based compensation —  —  —  —  4,304  —  —  4,304 
Balance at March 31, 2026
 75  $ 71,988  36,581  $ 366  $ 990,394  $ 1,041,038  $ (81,582) $ 2,022,204 
Balance at December 31, 2024
 75  $ 71,988  36,988  $ 370  $ 990,733  $ 877,629  $ (116,718) $ 1,824,002 
Net income —  —  —  —  —  49,961  —  49,961 
Other comprehensive income
 —  —  —  —  —  —  15,327  15,327 
Common stock dividends ($0.29 per share)
 —  —  —  —  —  (10,717) —  (10,717)
Preferred stock dividends ($12.50 per share)
 —  —  —  —  —  (938) —  (938)
Repurchase of common stock —  —  (192) (2) (5,152) (5,476) —  (10,630)
Issuance under equity compensation plans, net —  —  132  1  (155) (1,906) —  (2,060)
Stock-based compensation —  —  —  —  3,128  —  —  3,128 
Balance at March 31, 2025
 75  $ 71,988  36,928  $ 369  $ 988,554  $ 908,553  $ (101,391) $ 1,868,073 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
  Three months ended March 31,
($ in thousands) 2026 2025
Cash flows from operating activities:    
Net income $ 49,362  $ 49,961 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation 2,061  1,327 
Provision for credit losses
 7,243  5,184 
Deferred income taxes 2,217  (4,497)
Net amortization of discount/premiums on debt securities 630  1,027 
Net amortization on loans 1,578  438 
Amortization of intangible assets 1,400  855 
Amortization of servicing assets 280  206 
Mortgage loans originated-for-sale (4,204) (5,578)
Proceeds from mortgage loans sold 4,734  5,716 
Net loss (gain) on:
Investment securities —  (106)
SBA loans (1,414) (1,895)
OREO 295  (23)
State tax credits (153) (110)
Stock-based compensation 4,304  3,128 
Net change in other assets and liabilities (9,830) (15,611)
Net cash provided by operating activities
 58,503  40,022 
Cash flows from investing activities:    
Net (increase) decrease in loans
 67,593  (110,814)
Proceeds received from:
Branch acquisition, net 250  — 
Sale of debt securities, available-for-sale —  9,631 
Paydown or maturity of debt securities, available-for-sale 177,163  103,620 
Paydown or maturity of debt securities, held-to-maturity 17,783  1,794 
Redemption of other investments 8,849  4,895 
Sale of SBA loans 27,278  33,933 
Sale of state tax credits held for sale 872  615 
Sale of OREO 7,875  700 
Settlement of bank-owned life insurance policies 1,581  — 
Payments for the purchase of:
Available-for-sale debt securities (206,186) (224,098)
Held-to-maturity debt securities —  (90,817)
Other investments (10,903) (15,691)
Bank-owned life insurance —  (75,000)
State tax credits held for sale —  (110)
Fixed assets (1,024) (4,401)
 Net cash provided by (used in) investing activities
 91,131  (365,743)
5

  Three months ended March 31,
($ in thousands) 2026 2025
Cash flows from financing activities:    
Net decrease in noninterest-bearing demand accounts
 (45,740) (199,011)
Net increase (decrease) in interest-bearing demand accounts
 (39,205) 86,749 
Net increase in short term FHLB advances, net
 —  205,000 
Repayments of term loan (2,259) — 
Net decrease in other borrowings
 (66,113) (25,186)
Repurchase of common stock (27,240) (10,616)
Cash dividends paid on common stock (12,170) (10,717)
Cash dividends paid on preferred stock (938) (938)
Other (3,402) (2,060)
Net cash provided by (used in) financing activities
 (197,067) 43,221 
Net decrease in cash and cash equivalents
 (47,433) (282,500)
Cash and cash equivalents, beginning of period 681,902  764,170 
Cash and cash equivalents, end of period $ 634,469  $ 481,670 
Supplemental disclosures of cash flow information:    
Cash paid during the period for:    
Interest $ 60,465  $ 63,724 
Income taxes 5,727  6,644 
Noncash investing and financing transactions:
Transfer to OREO in settlement of loans 7,794  — 
Right-of-use assets obtained in exchange for lease obligations 1,288  — 
Unsettled purchases of available-for-sale securities 122,896  — 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies used by the Company in the preparation of the condensed consolidated financial statements are summarized below.

Business and Consolidation
Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate clients primarily located in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit productions offices throughout the country through its banking subsidiary, Enterprise Bank & Trust.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

Basis of Financial Statement Presentation
The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated.

In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods.

Recent Accounting Pronouncements
FASB ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 was issued in November 2024 to require public business entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments in this update improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be adopted prospectively or retrospectively. The Company is evaluating the accounting and disclosure requirements of ASU 2024-03 and does not expect them to have a material effect on the Company’s consolidated financial statements.

7

FASB ASU 2025-09, Hedge Accounting Improvements. ASU 2025-09 was issued in November 2025 and is intended to better enable entities to achieve and maintain hedge accounting for highly effective economic hedges, while reducing the occurrence of missed forecasted transactions and unintuitive hedge designation events. ASU 2025-09 updated the following five areas in the hedge accounting model: 1) Similar risk assessment for cash flow hedges, 2) Hedging interest payments on choose-your-rate debt, 3) Cash flow hedges of nonfinancial forecasted transactions, 4) Net written options as hedging instruments, 5) Foreign currency-denominated debt designated as a hedging instrument and a hedged item. The amendments in this update are effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. The amendments should be applied on a prospective basis. The Company is evaluating the accounting and disclosure requirements of ASU 2025-09 and does not expect them to have a material effect on the Company’s consolidated financial statements.

NOTE 2 - EARNINGS PER SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated:
  Three months ended March 31,
(in thousands, except per share data) 2026 2025
Net income available to common stockholders $ 48,424  $ 49,023 
Weighted average common shares outstanding 36,907  36,971 
Additional dilutive common stock equivalents 245  316 
Weighted average common diluted shares outstanding 37,152  37,287 
Basic earnings per common share: $ 1.31  $ 1.33 
Diluted earnings per common share: 1.30  1.31 
For the three months ended March 31, 2026 and 2025, common stock equivalents of approximately 141,000 and 259,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive.

8

NOTE 3 - INVESTMENTS

The following tables present the amortized cost, gross unrealized gains and losses, ACL and fair value of securities available-for-sale and held-to-maturity as of the periods indicated:
 
March 31, 2026
($ in thousands) Amortized Cost Gross
Unrealized Gains		 Gross
Unrealized Losses		 Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises $ 163,598  $ 7  $ (5,259) $ 158,346 
Obligations of states and political subdivisions 644,842  1,929  (70,847) 575,924 
Agency mortgage-backed securities 1,910,623  4,189  (46,222) 1,868,590 
U.S. Treasury bills 151,901  4  (665) 151,240 
Corporate debt securities 19,448  213  (94) 19,567 
          Total securities available-for-sale $ 2,890,412  $ 6,342  $ (123,087) $ 2,773,667 
Held-to-maturity securities:
Obligations of states and political subdivisions $ 907,676  $ 5,055  $ (50,373) $ 862,358 
Agency mortgage-backed securities 37,244  —  (3,262) 33,982 
Corporate debt securities 110,777  338  (3,934) 107,181 
          Total securities held-to-maturity $ 1,055,697  $ 5,393  $ (57,569) $ 1,003,521 
ACL (202)
          Total securities held-to-maturity, net $ 1,055,495 

  December 31, 2025
($ in thousands) Amortized Cost Gross
Unrealized Gains		 Gross
Unrealized Losses		 Fair Value
Available-for-sale securities:        
    Obligations of U.S. Government-sponsored enterprises $ 187,587  $ 76  $ (5,091) $ 182,572 
    Obligations of states and political subdivisions 626,900  3,914  (58,109) 572,705 
    Agency mortgage-backed securities 1,733,003  12,638  (36,330) 1,709,311 
U.S. Treasury Bills 171,355  128  (499) 170,984 
Corporate debt securities 19,448  109  (94) 19,463 
          Total securities available-for-sale $ 2,738,293  $ 16,865  $ (100,123) $ 2,655,035 
Held-to-maturity securities:
   Obligations of states and political subdivisions $ 920,199  $ 10,861  $ (39,849) $ 891,211 
   Agency mortgage-backed securities 43,839  —  (3,199) 40,640 
Corporate debt securities 111,064  325  (3,426) 107,963 
          Total securities held-to-maturity $ 1,075,102  $ 11,186  $ (46,474) $ 1,039,814 
ACL (145)
          Total securities held-to-maturity, net $ 1,074,957 

The balance of held-to-maturity securities in the “Amortized Cost” column in the tables above include a cumulative net unamortized, unrealized gain of $6.8 million and $7.6 million at March 31, 2026 and December 31, 2025, respectively. Such amounts are amortized over the remaining life of the securities.

9

At March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities of $1.6 billion and $1.7 billion at March 31, 2026 and December 31, 2025, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve.

The amortized cost and estimated fair value of debt securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.

Available-for-sale Held-to-maturity
($ in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value
Due in one year or less $ 211,537  $ 210,482  $ 9,006  $ 8,951 
Due after one year through five years 58,670  57,058  128,789  125,519 
Due after five years through ten years 407,788  361,420  258,215  253,174 
Due after ten years 301,793  276,117  622,442  581,895 
Agency mortgage-backed securities 1,910,624  1,868,590  37,245  33,982 
  $ 2,890,412  $ 2,773,667  $ 1,055,697  $ 1,003,521 

The following tables present a summary of available-for-sale investment securities in an unrealized loss position as of the periods indicated:
  March 31, 2026
Less than 12 months 12 months or more Total
($ in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Obligations of U.S. Government-sponsored enterprises $ 44,031  $ 501  $ 110,557  $ 4,758  $ 154,588  $ 5,259 
Obligations of states and political subdivisions 63,987  1,146  413,355  69,701  477,342  70,847 
Agency mortgage-backed securities 764,440  9,086  362,330  37,136  1,126,770  46,222 
U.S. Treasury bills 87,754  90  35,354  575  123,108  665 
Corporate debt securities —  —  3,406  94  3,406  94 
  $ 960,212  $ 10,823  $ 925,002  $ 112,264  $ 1,885,214  $ 123,087 
  December 31, 2025
Less than 12 months 12 months or more Total
($ in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Obligations of U.S. Government-sponsored enterprises $ 13,971  $ 22  $ 149,230  $ 5,069  $ 163,201  $ 5,091 
Obligations of states and political subdivisions 32,658  245  425,879  57,864  458,537  58,109 
Agency mortgage-backed securities 266,639  1,215  377,787  35,115  644,426  36,330 
U.S. Treasury bills 4,996  —  40,418  499  45,414  499 
Corporate debt securities —  —  3,406  94  3,406  94 
  $ 318,264  $ 1,482  $ 996,720  $ 98,641  $ 1,314,984  $ 100,123 

10

The unrealized losses at both March 31, 2026 and December 31, 2025 were attributable primarily to changes in market interest rates after the securities were purchased. At each of March 31, 2026 and December 31, 2025, the Company did not have an ACL on available-for-sale securities.

Accrued interest on held-to-maturity debt securities totaled $11.7 million and $12.3 million at March 31, 2026 and December 31, 2025, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. The ACL on held-to-maturity securities was $0.2 million at March 31, 2026 and $0.1 million at December 31, 2025.

There were no sales of available-for-sale securities during the three months ended March 31, 2026. The Company sold $9.5 million of available-for-sale securities during the three months ended March 31, 2025 for a gain of $0.1 million.

Other Investments
At March 31, 2026 and December 31, 2025, other investments totaled $81.9 million and $80.9 million, respectively. As a member of the FHLB, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $10.0 million at March 31, 2026 and $9.4 million at December 31, 2025 is recorded at cost, which represents redemption value, and is included in “Other investments” in the Consolidated Balance Sheets. The remaining amounts in other investments primarily include investments in Small Business Investment Companies, Community Development Financial Institutions, private equity investments, and the Company’s investment in unconsolidated trusts used to issue trust preferred securities to third parties.

NOTE 4 - LOANS

The following table presents a summary of loans by category:
($ in thousands) March 31, 2026 December 31, 2025
C&I $ 5,172,817  $ 5,236,473 
Real estate loans:  
Commercial - investor owned 2,960,830  2,986,906 
Commercial - owner occupied 2,487,565  2,460,761 
Construction and land development 669,921  689,357 
Residential 345,568  367,127 
Total real estate loans 6,463,884  6,504,151 
Consumer 57,050  60,469 
Loans, before unearned loan fees 11,693,751  11,801,093 
Unearned loan fees, net (971) (755)
Loans, including unearned loan fees $ 11,692,780  $ 11,800,338 

The loan balance includes a net premium on acquired loans of $0.8 million and $0.2 million at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025, loans and securities of $6.1 billion and $6.3 billion, respectively, were pledged to the FHLB and the Federal Reserve.

Accrued interest totaled $60.7 million and $58.3 million at March 31, 2026 and December 31, 2025, respectively, and was reported in “Other assets” on the Consolidated Balance Sheets.

The Company sold the guaranteed portion of SBA 7(a) loans of $25.4 million, resulting in a gain on sale of $1.4 million during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company sold the guaranteed portion of SBA 7(a) loans of $31.3 million, resulting in a gain on sale of $1.9 million.
11


The Company had $0.2 million of consumer mortgage loans secured by residential real estate in process of foreclosure at March 31, 2026 and December 31, 2025, respectively.

The following table presents a summary of the activity, by loan category, in the ACL on loans for the three months ended March 31, 2026 and 2025 as follows:
($ in thousands) C&I CRE - investor owned CRE -
owner occupied		 Construction and land development Residential real estate Consumer Total
ACL on loans:
Balance at December 31, 2025
 $ 68,345  $ 31,565  $ 19,218  $ 11,016  $ 8,023  $ 1,855  $ 140,022 
Provision (benefit) for credit losses 8,273  (412) (1,179) 614  (595) (252) 6,449 
Charge-offs (3,667) —  —  (1,039) (355) (156) (5,217)
Recoveries 159  34  30  11  350  226  810 
Balance at March 31, 2026
 $ 73,110  $ 31,187  $ 18,069  $ 10,602  $ 7,423  $ 1,673  $ 142,064 


($ in thousands) C&I CRE - investor owned CRE -
owner occupied		 Construction and land development Residential real estate Consumer Total
ACL on loans:              
Balance at December 31, 2024
 $ 63,231  $ 34,217  $ 20,400  $ 9,837  $ 6,534  $ 3,731  $ 137,950 
Provision (benefit) for credit losses 5,748  (3,751) (1,966) 2,264  1,056  584  3,935 
Charge-offs (591) —  (362) —  (225) (107) (1,285)
Recoveries 1,499  85  288  13  379  80  2,344 
Balance at March 31, 2025
 $ 69,887  $ 30,551  $ 18,360  $ 12,114  $ 7,744  $ 4,288  $ 142,944 
The CECL methodology incorporates various economic scenarios. The Company utilizes three forecasts in the model: Moody’s baseline, a stronger near-term growth upside and a moderate downside forecast. The Company weights these scenarios at 40%, 30%, and 30%, respectively, which added approximately $8.8 million to the ACL on loans over the baseline model at March 31, 2026. The forecasts incorporate an expectation that the federal funds rate will continue to fall in 2026, and the broader macroeconomic risks to the loan portfolio from the conflict in Iran. The Company has also recognized various risks posed by loans in certain segments, including the commercial office sector, by allocating additional reserves to those segments. Some of the key risks to the forecasts that could result in future provision for credit losses are market reactions to the Federal Reserve policy actions that could push the economy into a recession, persistently higher inflation (including the impact of tariffs), tightening in the credit markets, and weakness in the financial system.

In addition to the CECL methodology, the Company incorporates qualitative adjustments into the ACL on loans to capture credit risks inherent within the loan portfolio that are not captured in the discounted cash flow method model. Included in these risks are 1) changes in lending policies and procedures, 2) actual and expected changes in business and economic conditions, 3) changes in the nature and volume of the portfolio, 4) changes in lending management, 5) changes in volume and the severity of past due loans, 6) changes in the quality of the loan review system, 7) changes in the value of underlying collateral, 8) the existence and effect of concentrations of credit and 9) other factors such as the regulatory, legal and competitive environments and events such as natural disasters, pandemics and geopolitical matters. At March 31, 2026, the ACL on loans included a qualitative adjustment of approximately $39.9 million. Of this amount, approximately $21.4 million was allocated to sponsor finance loans due to their mostly unsecured nature.

12

The following tables present a summary of gross charge-offs by loan class and year of origination as of the periods indicated:
Three months ended March 31, 2026
Term Loans by Origination Year
($ in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Converted to Term Loans Revolving Loans Total
C&I $ —  $ —  $ 608  $ 1,698  $ —  $ 47  $ —  $ 1,010  $ 3,363 
Real estate:
Construction and land development —  —  —  —  —  1,039  —  —  1,039 
Residential —  355  —  —  —  —  —  —  355 
Consumer —  —  —  —  —  5  —  —  5 
Total charge-offs by origination year $ —  $ 355  $ 608  $ 1,698  $ —  $ 1,091  $ —  $ 1,010  $ 4,762 
Total gross charge-offs by performing status 455 
Total gross charge-offs $ 5,217 

Three months ended December 31, 2025
Term Loans by Origination Year
($ in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Converted to Term Loans Revolving Loans Total
C&I $ 30  $ 2,159  $ 4,661  $ 1,280  $ 35  $ 1,167  $ 1,651  $ 11,870  $ 22,853 
Real estate:
Commercial - investor owned —  —  —  —  3,972  —  —  —  3,972 
Commercial - owner occupied —  594  285  —  284  898  —  —  2,061 
Construction and land development —  —  —  146  —  3,135  —  —  3,281 
Residential —  —  —  —  —  646  266  —  912 
Consumer —  —  —  —  177  68  5  —  250 
Total charge-offs by origination year $ 30  $ 2,753  $ 4,946  $ 1,426  $ 4,468  $ 5,914  $ 1,922  $ 11,870  $ 33,329 
Total gross charge-offs by performing status 1,187 
Total gross charge-offs $ 34,516 



13

The following tables present the recorded balance in nonperforming loans by category, excluding government guaranteed balances as of the dates indicated:
March 31, 2026
($ in thousands) Nonaccrual Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance
C&I $ 13,900  $ 4,357  $ 18,257  $ 667 
Real estate:  
Commercial - investor owned 34,194  —  34,194  24,958 
Commercial - owner occupied 7,983  —  7,983  4,970 
Construction and land development 1,505  —  1,505  980 
Residential 2,976  —  2,976  2,735 
Consumer —  26  26  — 
Total $ 60,558  $ 4,383  $ 64,941  $ 34,310 

December 31, 2025
($ in thousands) Nonaccrual Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance
C&I $ 26,359  $ 1,620  $ 27,979  $ 14,800 
Real estate:
Commercial - investor owned 36,988  —  36,988  23,685 
Commercial - owner occupied 9,338  —  9,338  7,927 
Construction and land development 155  —  155  — 
Residential 8,340  —  8,340  8,099 
Consumer —  9  9  — 
Total $ 81,180  $ 1,629  $ 82,809  $ 54,511 

The nonperforming loan balances at March 31, 2026 and December 31, 2025 exclude government guaranteed balances of $28.2 million and $28.9 million respectively. Interest income recognized on nonaccrual loans was immaterial during the three months ended March 31, 2026 and 2025.
14


The following tables present a summary of collateral-dependent nonperforming loans by class of loan as of the dates indicated:
March 31, 2026
Type of Collateral
($ in thousands) CRE Residential Real Estate Blanket Lien Other
C&I $ —  $ 13  $ 5,605  $ 3,441 
Real estate:
Commercial - investor owned 32,691  —  —  — 
Commercial - owner occupied 5,065  —  —  — 
Construction and land development —  980  —  — 
Residential —  2,275  —  460 
Total $ 37,756  $ 3,268  $ 5,605  $ 3,901 

December 31, 2025
Type of Collateral
($ in thousands) CRE Residential Real Estate Blanket Lien Other
C&I $ —  $ 19  $ 3,391  $ 15,644 
Real estate:
Commercial - investor owned 35,701  —  —  — 
Commercial - owner occupied 4,610  456  —  — 
Residential —  8,099  —  — 
Total $ 40,311  $ 8,574  $ 3,391  $ 15,644 

The following tables present a summary of aging of the recorded balance in past due loans by class and category as of the dates indicated:

March 31, 2026
($ in thousands) 30-89 Days
 Past Due		 90 or More
Days
Past Due		 Total
Past Due		 Current Total
C&I $ 8,405  $ 19,560  $ 27,965  $ 5,144,852  $ 5,172,817 
Real estate:
Commercial - investor owned 37,449  34,985  72,434  2,888,396  2,960,830 
Commercial - owner occupied 25,775  14,625  40,400  2,447,165  2,487,565 
Construction and land development 1,415  1,968  3,383  666,538  669,921 
Residential 951  2,976  3,927  341,641  345,568 
Consumer 154  26  180  56,870  57,050 
Loans, before unearned loan fees $ 74,149  $ 74,140  $ 148,289  $ 11,545,462  $ 11,693,751 
Unearned loan fees, net (971)
Total $ 11,692,780 

15

December 31, 2025
($ in thousands) 30-89 Days
 Past Due		 90 or More
Days
Past Due		 Total
Past Due		 Current Total
C&I $ 6,822  $ 25,327  $ 32,149  $ 5,204,324  $ 5,236,473 
Real estate:
Commercial - investor owned 3,627  38,063  41,690  2,945,216  2,986,906 
Commercial - owner occupied 5,274  21,110  26,384  2,434,377  2,460,761 
Construction and land development 4,881  583  5,464  683,893  689,357 
Residential 7,457  2,516  9,973  357,154  367,127 
Consumer 57  9  66  60,403  60,469 
Loans, before unearned loan fees $ 28,118  $ 87,608  $ 115,726  $ 11,685,367  $ 11,801,093 
Unearned loan fees, net (755)
Total $ 11,800,338 

The ACL on loans incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination or acquisition. The starting point for the estimate of the ACL on loans is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default and loss given default model to determine the ACL on loans.

An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. The effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL on loans because of the measurement methodologies used to estimate the allowance.

The most common concession the Company provides to borrowers experiencing financial difficulty is a term extension. In limited circumstances, the Company may modify loans by providing principal forgiveness or an interest rate reduction. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the ACL on loans. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL on loans.

In some cases, the Company will modify a loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as an interest rate reduction or principal forgiveness, may be granted.


16

The following tables show the recorded balance at the end of the dates listed for loans modified to borrowers experiencing financial difficulty, disaggregated by loan class and type of concession granted:
Three months ended
Term Extension Payment Delay Total
($ in thousands) March 31, 2026 Percent of Total Loan Class March 31, 2026 Percent of Total Loan Class March 31, 2026 Percent of Total Loan Class
C&I $ 6,677  0.13  % $ 5,851  0.11  % $ 12,528  0.24  %
Real estate:
Commercial - owner occupied 4,766  0.19  % —  —  % 4,766  0.19  %
Construction and land development 2,980  0.45  % —  —  % 2,980  0.45  %
Total $ 14,423  $ 5,851  $ 20,274 

Three months ended
Term Extension
($ in thousands) March 31, 2025 Percent of Total Loan Class
C&I $ 3,154  0.07  %
Real estate:
Commercial - owner occupied 4,905  0.21  %
Residential 25  0.01  %
Total $ 8,084 
The following tables summarize the financial impacts of loan modifications made to borrowers experiencing financial difficulty by class and modification type outstanding at the date indicated:

Three months ended March 31, 2026
($ in thousands) Financial Effect
Payment Delay
C&I
Payments were delayed for a weighted average amount of $500.
Term Extension
C&I
Maturity dates were extended for a weighted average of 6 months.
Real estate:
Commercial - owner occupied
Maturity dates were extended for a weighted average of 3 months.
Construction and land development
Maturity dates were extended for a weighted average of 5 months.

Three months ended March 31, 2025
Financial Effect
Term Extension
C&I
Maturity dates were extended for a weighted average of 6 months.
Real estate:
Commercial - owner occupied
Maturity dates were extended for a weighted average of 18 months.
Residential
Maturity dates were extended for a weighted average of 3 months.
17

The following tables present the aging of the recorded balance of modified loans in the last 12 months by class at the date indicated:

March 31, 2026
($ in thousands) Current 30-89 Days
 Past Due		 90 or More
Days
Past Due		 Total
C&I $ 47,555  $ —  $ —  $ 47,555 
Real estate:
Commercial - investor owned 240  —  —  240 
Commercial - owner occupied 15,224  —  —  15,224 
Construction and land development 2,980  —  —  2,980 
Residential —  —  460  460 
Total $ 65,999  $ —  $ 460  $ 66,459 

March 31, 2025
($ in thousands) Current 30-89 Days
 Past Due		 90 or More
Days
Past Due		 Total
C&I $ 32,126  $ —  $ 1,609  $ 33,735 
Real estate:
Commercial - investor owned 252  —  —  252 
Commercial - owner occupied 16,817  —  906  17,723 
Residential 24  —  —  24 
Total $ 49,219  $ —  $ 2,515  $ 51,734 

There were no loans that experienced a default during the three months ended March 31, 2026 or March 31, 2025, respectively, subsequent to being granted a modification in the preceding twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off.

As of March 31, 2026 and December 31, 2025, the Company allocated an immaterial amount in specific reserves to loans that have been restructured.


18

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, payment experience, credit documentation, and current economic factors among other factors. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings:
•Grades 1, 2, and 3 – Includes loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry.
•Grade 4 – Includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow.
•Grade 5 – Includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow.
•Grade 6 – Includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7, 8, or 9 rating.
•Grade 7 – Special Mention credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Although possible, no loss is anticipated, due to strong collateral and/or guarantor support.
•Grade 8 – Substandard credits include those borrowers characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted.
•Grade 9 – Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on non-accrual.
19

The recorded investment by risk category of the loans by class and year of origination is presented in the following tables as of the dates indicated:
March 31, 2026
Term Loans by Origination Year
($ in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Converted to Term Loans Revolving Loans Total
C&I
Pass (1-6) $ 368,169  $ 1,638,432  $ 640,324  $ 488,237  $ 266,024  $ 154,393  $ 89,429  $ 1,136,018  $ 4,781,026 
Special Mention (7) 31,611  61,481  12,028  7,216  3,417  4,508  5,875  73,327  199,463 
Classified (8-9) 6,783  45,363  12,185  4,228  10,728  2,630  22,549  47,008  151,474 
Total C&I $ 406,563  $ 1,745,276  $ 664,537  $ 499,681  $ 280,169  $ 161,531  $ 117,853  $ 1,256,353  $ 5,131,963 
CRE-investor owned
Pass (1-6) $ 170,747  $ 793,049  $ 401,821  $ 341,585  $ 356,951  $ 601,441  $ 17,587  $ 49,950  $ 2,733,131 
Special Mention (7) 10,642  14,099  50,313  5,165  —  18,523  32,531  177  131,450 
Classified (8-9) 649  18,222  929  360  6,922  50,947  —  —  78,029 
Total CRE-investor owned $ 182,038  $ 825,370  $ 453,063  $ 347,110  $ 363,873  $ 670,911  $ 50,118  $ 50,127  $ 2,942,610 
CRE-owner occupied
Pass (1-6) $ 149,728  $ 442,132  $ 293,677  $ 289,322  $ 350,642  $ 754,741  $ 1,681  $ 34,011  $ 2,315,934 
Special Mention (7) 4,309  7,545  3,904  17,123  5,845  18,351  —  —  57,077 
Classified (8-9) 617  18,326  7,979  11,780  19,970  37,521  228  —  96,421 
Total CRE-owner occupied $ 154,654  $ 468,003  $ 305,560  $ 318,225  $ 376,457  $ 810,613  $ 1,909  $ 34,011  $ 2,469,432 
Construction real estate
Pass (1-6) $ 87,932  $ 296,858  $ 183,343  $ 26,509  $ 6,834  $ 3,654  $ 44,629  $ 4,493  $ 654,252 
Special Mention (7) —  6,997  —  1,136  39  —  —  —  8,172 
Classified (8-9) —  2,980  1,412  482  405  —  —  —  5,279 
Total Construction real estate $ 87,932  $ 306,835  $ 184,755  $ 28,127  $ 7,278  $ 3,654  $ 44,629  $ 4,493  $ 667,703 
Residential real estate
Pass (1-6) $ 12,498  $ 45,879  $ 21,789  $ 28,307  $ 27,145  $ 104,629  $ 1,628  $ 84,976  $ 326,851 
Special Mention (7) —  1,099  1,213  22  82  773  338  640  4,167 
Classified (8-9) —  3,479  —  2,694  —  8,268  —  140  14,581 
Total residential real estate $ 12,498  $ 50,457  $ 23,002  $ 31,023  $ 27,227  $ 113,670  $ 1,966  $ 85,756  $ 345,599 
Consumer
Pass (1-6) $ 175  $ 1,329  $ 689  $ 742  $ 187  $ 40,930  $ 111  $ 8,869  $ 53,032 
Special Mention (7) —  —  —  —  —  —  —  —  — 
Classified (8-9) —  13  —  1  —  5  —  3  22 
Total Consumer $ 175  $ 1,342  $ 689  $ 743  $ 187  $ 40,935  $ 111  $ 8,872  $ 53,054 
Total loans classified by risk category $ 843,860  $ 3,397,283  $ 1,631,606  $ 1,224,909  $ 1,055,191  $ 1,801,314  $ 216,586  $ 1,439,612  $ 11,610,361 
Total loans classified by performing status 82,419 
Total loans $ 11,692,780 
20

December 31, 2025
Term Loans by Origination Year
($ in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Converted to Term Loans Revolving Loans Total
C&I
Pass (1-6) $ 1,867,472  $ 793,869  $ 521,429  $ 298,735  $ 84,618  $ 96,374  $ 94,043  $ 1,153,331  $ 4,909,871 
Special Mention (7) 17,000  22,548  26,475  3,835  4,871  2,113  22,071  48,303  147,216 
Classified (8-9) 47,637  26,370  4,861  10,964  54  845  24,043  36,659  151,433 
Total C&I $ 1,932,109  $ 842,787  $ 552,765  $ 313,534  $ 89,543  $ 99,332  $ 140,157  $ 1,238,293  $ 5,208,520 
CRE-investor owned
Pass (1-6) $ 857,292  $ 405,208  $ 380,247  $ 377,479  $ 287,917  $ 376,426  $ 55,616  $ 45,784  $ 2,785,969 
Special Mention (7) 40,134  53,306  1,934  —  9,029  4,571  1,891  —  110,865 
Classified (8-9) 17,570  —  —  6,965  26,697  20,469  —  —  71,701 
Total CRE-investor owned $ 914,996  $ 458,514  $ 382,181  $ 384,444  $ 323,643  $ 401,466  $ 57,507  $ 45,784  $ 2,968,535 
CRE-owner occupied
Pass (1-6) $ 471,422  $ 304,147  $ 296,817  $ 371,117  $ 364,894  $ 445,806  $ 3,391  $ 38,545  $ 2,296,139 
Special Mention (7) 7,814  5,801  14,730  12,440  4,432  15,019  —  —  60,236 
Classified (8-9) 18,006  5,562  11,444  15,503  13,671  22,281  —  —  86,467 
Total CRE-owner occupied $ 497,242  $ 315,510  $ 322,991  $ 399,060  $ 382,997  $ 483,106  $ 3,391  $ 38,545  $ 2,442,842 
Construction real estate
Pass (1-6) $ 372,006  $ 223,449  $ 37,889  $ 9,492  $ 3,398  $ 1,316  $ 24,961  $ 3,148  $ 675,659 
Special Mention (7) 2,000  —  23  41  —  —  8,698  —  10,762 
Classified (8-9) —  —  483  676  —  4  —  —  1,163 
Total Construction real estate $ 374,006  $ 223,449  $ 38,395  $ 10,209  $ 3,398  $ 1,320  $ 33,659  $ 3,148  $ 687,584 
Residential real estate
Pass (1-6) $ 61,245  $ 24,136  $ 27,378  $ 28,920  $ 33,857  $ 76,749  $ 7,342  $ 82,753  $ 342,380 
Special Mention (7) 3,157  1,219  23  296  84  793  —  976  6,548 
Classified (8-9) 1,831  —  2,733  —  6,466  7,055  —  80  18,165 
Total residential real estate $ 66,233  $ 25,355  $ 30,134  $ 29,216  $ 40,407  $ 84,597  $ 7,342  $ 83,809  $ 367,093 
Consumer
Pass (1-6) $ 1,466  $ 798  $ 790  $ 199  $ 26,824  $ 17,513  $ —  $ 8,511  $ 56,101 
Special Mention (7) —  —  —  —  —  —  —  —  — 
Classified (8-9) —  —  2  —  —  10  —  —  12 
Total Consumer $ 1,466  $ 798  $ 792  $ 199  $ 26,824  $ 17,523  $ —  $ 8,511  $ 56,113 
Total loans classified by risk category $ 3,786,052  $ 1,866,413  $ 1,327,258  $ 1,136,662  $ 866,812  $ 1,087,344  $ 242,056  $ 1,418,090  $ 11,730,687 
Total loans classified by performing status 69,651 
Total loans $ 11,800,338 
In the tables above, loan originations in 2026 and 2025 with a classification of “special mention” or “classified” primarily represent renewals or modifications initially underwritten and originated in prior years.

21

The following tables summarize the risk category of the loans by loan type as of the dates indicated:

March 31, 2026
($ in thousands) Pass (1-6) Special Mention (7) Classified (8-9) Total
C&I $ 4,781,026  $ 199,463  $ 151,474  $ 5,131,963 
Real estate:
Commercial - investor owned 2,733,131  131,450  78,029  2,942,610 
Commercial - owner occupied 2,315,934  57,077  96,421  2,469,432 
Construction and land development 654,252  8,172  5,279  667,703 
Residential 326,851  4,167  14,581  345,599 
Consumer 53,032  —  22  53,054 
Total loans classified by risk category $ 10,864,226  $ 400,329  $ 345,806  $ 11,610,361 
Total loans classified by performing status 82,419 
$ 11,692,780 

December 31, 2025
($ in thousands) Pass (1-6) Special Mention (7) Classified (8-9) Total
C&I $ 4,909,871  $ 147,216  $ 151,433  $ 5,208,520 
Real estate:
Commercial - investor owned 2,785,969  110,865  71,701  2,968,535 
Commercial - owner occupied 2,296,139  60,236  86,467  2,442,842 
Construction and land development 675,659  10,762  1,163  687,584 
Residential 342,380  6,548  18,165  367,093 
Consumer 56,101  —  12  56,113 
Total loans classified by risk category $ 11,066,119  $ 335,627  $ 328,941  $ 11,730,687 
Total loans classified by performing status 69,651 
$ 11,800,338 

In the risk category tables above, guaranteed loan balances are included with a classification of “pass” due to the nature of these loans.

For certain loans, the Company evaluates credit quality based on the aging status.

The following tables present the recorded balance of loans based on payment activity as of the dates indicated:

March 31, 2026
($ in thousands) Performing Non Performing Total
C&I $ 36,394  $ 176  $ 36,570 
Real estate:
Commercial - investor owned 16,110  —  16,110 
Commercial - owner occupied 25,814  —  25,814 
Residential 582  —  582 
Consumer 3,317  26  3,343 
Total $ 82,217  $ 202  $ 82,419 

22

December 31, 2025
($ in thousands) Performing Non Performing Total
C&I $ 22,778  $ 318  $ 23,096 
Real estate:
Commercial - investor owned 16,323  —  16,323 
Commercial - owner occupied 26,121  —  26,121 
Residential 589  —  589 
Consumer 3,513  9  3,522 
Total $ 69,324  $ 327  $ 69,651 

NOTE 5 - COMMITMENTS AND CONTINGENT LIABILITIES

The Company issues financial instruments in the normal course of its business of meeting the financing needs of its clients. These financial instruments include commitments to extend credit and standby letters of credit. These instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the Consolidated Balance Sheets.

The Company’s extent of involvement and maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is not more than the contractual amount of these instruments.

The Company uses the same credit policies in making commitments and conditional obligations as it does for financial instruments included on its Consolidated Balance Sheets.

The following table summarizes the contractual amounts of significant off-balance-sheet financial instruments as of the dates indicated:
($ in thousands) March 31, 2026 December 31, 2025
Commitments to extend credit $ 3,054,916  $ 2,866,028 
Letters of credit 111,301  102,884 

Off-Balance Sheet Credit Risk
Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments usually have fixed expiration dates or other termination clauses, may have significant usage restrictions, and may require payment of a fee. Of the total commitments to extend credit at March 31, 2026 and December 31, 2025, $111.6 million and $124.9 million, respectively, represent fixed rate loan commitments. Since certain of the commitments may expire without being drawn upon or may be revoked, the total commitment amounts do not necessarily represent future cash obligations. The Company evaluates each client’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, premises and equipment, and real estate. Other liabilities includes an ACL on unadvanced commitments of $6.4 million and $6.0 million at March 31, 2026 and December 31, 2025, respectively.

Letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. These letters of credit are issued to support contractual obligations of the Company’s clients. The credit risk involved in issuing letters of credit is essentially the same as the risk involved in extending loans to clients. As of March 31, 2026, the approximate remaining terms of standby letters of credit range from one month to four years, three months.

23

Contingencies
The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Management believes there are no such proceedings pending or threatened against the Company or its subsidiaries which, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries.

NOTE 6 - DERIVATIVE FINANCIAL INSTRUMENTS

Risk Management Objective of Using Derivatives
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loans and borrowings. The Company does not enter into derivative financial instruments for trading purposes.

Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy.

For hedges of the Company’s variable-rate loans, interest rate swaps designated as cash flow hedges involve the receipt of fixed amounts and the Company making variable rate payments. The Company has executed cash flow hedges to reduce a portion of variability in cash flows on the Company’s prime based loan portfolio. Select terms of the hedges are as follows:

($ in thousands)
Notional Fixed Rate Effective Date Maturity Date
$ 50,000  6.56  % January 25, 2023 February 1, 2027
$ 100,000  6.63  % December 20, 2022 January 1, 2028
$ 100,000  6.66  % April 1, 2025 April 1, 2030

The Company executed a prime based interest rate collar in the fourth quarter of 2022 with a notional amount of $100.0 million. The collar includes a cap of 8.14% and a floor of 5.25%. The collar matures on October 1, 2029.

The Company also executed a 1-month SOFR based interest rate collar in the fourth quarter of 2024 with a notional amount of $50.0 million. The collar includes a cap of 4.21% and a floor of 3.23%. The collar matures on November 1, 2029. These transactions are commonly referred to as zero cost collars, which involves the Company selling an interest rate cap where payments will be made when the index exceeds the cap rate, and the purchase of a floor where payments will be received if the index falls below the floor.

At December 31, 2025, the Company had executed a series of cash flow hedges to fix the effective interest rate for payments due on $32.1 million of junior subordinated debentures to a weighted-average-fixed rate of 2.64%. These hedges matured in the first quarter 2026.

24

The gain or loss on derivatives designated and qualified as cash flow hedges of interest rate risk are recorded in accumulated other comprehensive income and subsequently reclassified into interest income or expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest income or expense as interest payments are paid on the Company’s variable-rate loans and debt. During the next twelve months, the Company estimates $0.1 million will be reclassified as a decrease to interest income.

Non-designated Hedges
Derivatives not designated as hedges are not considered speculative and result from a service the Company provides to certain clients. The Company executes interest rate swaps with commercial banking clients to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the client derivatives and the offsetting derivatives are recognized directly in earnings as a component of other noninterest income.

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of the dates indicated:
Notional Amount  Derivative Assets Derivative Liabilities
($ in thousands) March 31,
2026		 December 31, 2025 March 31,
2026		 December 31, 2025 March 31,
2026		 December 31, 2025
Derivatives designated as hedging instruments
Interest rate swaps $ 250,000  $ 282,064  $ 427  $ 1,876  $ 53  $ — 
Interest rate collars 150,000  150,000  237  498  —  — 
Total $ 400,000  $ 432,064  $ 664  $ 2,374  $ 53  $ — 
Derivatives not designated as hedging instruments
Interest rate swaps $ 866,506  $ 878,278  $ 9,165  $ 10,110  $ 9,169  $ 10,114 

Derivative assets are reported in “Other assets” on the Consolidated Balance Sheets. Derivative liabilities are reported in “Other liabilities” on the Consolidated Balance Sheets.

25

The following tables present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments subject to offsetting. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location of financial assets and liabilities presented on the Consolidated Balance Sheets.

As of March 31, 2026
Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount
Assets:
Interest rate swaps $ 9,592  $ —  $ 9,592  $ 1,926  $ 6,356  $ 1,309 
Interest rate collars 237  —  237  —  —  237 
Liabilities:
Interest rate swaps $ 9,222  $ —  $ 9,222  $ 1,926  $ —  $ 7,296 
Securities sold under agreements to repurchase 226,669  —  226,669  —  226,669  — 

As of December 31, 2025
Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount
Assets:
Interest rate swaps $ 11,986  $ —  $ 11,986  $ 3,142  $ 6,470  $ 2,374 
Interest rate collar 498  —  498  —  —  498 
Liabilities:
Interest rate swaps $ 10,114  $ —  $ 10,114  $ 3,142  $ —  $ 6,972 
Securities sold under agreements to repurchase 292,782  —  292,782  —  292,782  — 

As of March 31, 2026, the fair value of counterparty derivatives in a net liability position, which includes accrued interest related to these agreements was $7.4 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and posts collateral related to derivatives in a net liability position. The Company has received cash collateral from counterparties on derivatives that were in a net asset position as noted in the tables above.

26

NOTE 7 - FAIR VALUE MEASUREMENTS

The following tables summarize financial instruments measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
 
March 31, 2026
($ in thousands) Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total Fair
Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises $ —  $ 158,346  $ —  $ 158,346 
Obligations of states and political subdivisions —  575,924  —  575,924 
Agency mortgage-backed securities —  1,868,590  —  1,868,590 
U.S. Treasury bills —  151,240  —  151,240 
Corporate debt securities —  19,567  —  19,567 
Total securities available-for-sale —  2,773,667  —  2,773,667 
Other investments —  3,102  —  3,102 
Derivative financial instruments —  9,829  —  9,829 
Total assets $ —  $ 2,786,598  $ —  $ 2,786,598 
Liabilities
Derivative financial instruments $ —  $ 9,222  $ —  $ 9,222 
Total liabilities $ —  $ 9,222  $ —  $ 9,222 

December 31, 2025
($ in thousands) Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total Fair
Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises $ —  $ 182,572  $ —  $ 182,572 
Obligations of states and political subdivisions —  572,705  —  572,705 
Agency mortgage-backed securities —  1,709,311  —  1,709,311 
U.S. Treasury bills —  170,984  —  170,984 
Corporate debt securities —  19,463  —  19,463 
Total securities available-for-sale —  2,655,035  —  2,655,035 
Other investments —  3,148  —  3,148 
Derivative financial instruments —  12,484  —  12,484 
Total assets $ —  $ 2,670,667  $ —  $ 2,670,667 
Liabilities
Derivative financial instruments $ —  $ 10,114  $ —  $ 10,114 
Total liabilities $ —  $ 10,114  $ —  $ 10,114 


27

From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The following tables present financial instruments and non-financial assets still held as of the reporting date measured at fair value on a non-recurring basis:

March 31, 2026
($ in thousands) Total Fair Value Quoted Prices in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
OREO 7,762  —  —  7,762 
December 31, 2025
($ in thousands) Total Fair Value Quoted Prices in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Individually-evaluated loans $ 2,200  $ —  $ —  $ 2,200 
OREO 81,544  —  —  81,544 
Total $ 83,744  $ —  $ —  $ 83,744 

The following table is a summary of the carrying amounts and fair values of the Company’s financial instruments as of the dates presented:
  March 31, 2026 December 31, 2025
($ in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level
Balance sheet assets        
Securities held-to-maturity, net $ 1,055,495  $ 1,003,521  Level 2 $ 1,074,957  $ 1,039,814  Level 2
Other investments 78,843  78,843  Level 2 77,737  77,737  Level 2
Loans held-for-sale 418  418  Level 2 928  928  Level 2
Loans, net 11,550,716  11,564,404  Level 3 11,660,316  11,622,939  Level 3
State tax credits, held-for-sale 10,422  10,836  Level 3 11,141  11,904  Level 3
Servicing asset 3,306  5,194  Level 2 3,021  4,733  Level 2
Balance sheet liabilities        
Certificates of deposit $ 1,689,680  $ 1,685,777  Level 3 $ 1,669,383  $ 1,665,449  Level 3
Subordinated debentures and notes 93,759  91,862  Level 2 93,688  92,093  Level 2
Other borrowings 319,345  297,318  Level 2 387,717  364,901  Level 2

For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments refer to Note 17 – Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

28

NOTE 8 - STOCKHOLDERS’ EQUITY

Stockholders’ Equity
Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in accumulated other comprehensive income (loss) after-tax by component:
Three months ended
($ in thousands) Net Unrealized Loss on Available-for-Sale Securities Unamortized Gain on Held-to-Maturity Securities Net Unrealized Gain (Loss) on Cash Flow Hedges Total
Balance, December 31, 2025
 $ (62,006) $ 5,641  $ 1,778  $ (54,587)
Net change (25,081) (593) (1,321) (26,995)
Balance, March 31, 2026
 $ (87,087) $ 5,048  $ 457  $ (81,582)
Balance, December 31, 2024
 $ (122,132) $ 8,088  $ (2,674) $ (116,718)
Net change 12,805  (612) 3,134  15,327 
Balance, March 31, 2025
 $ (109,327) $ 7,476  $ 460  $ (101,391)
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income (loss):
Three months ended March 31,
2026 2025
($ in thousands) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax
Change in unrealized gain on available-for-sale securities $ (33,486) $ (8,405) $ (25,081) $ 17,134  $ 4,249  $ 12,885 
Reclassification of gain on sale of available-for-sale securities(a)
 —  —  —  (106) (26) (80)
Reclassification of gain on held-to-maturity securities(a)
 (791) (198) (593) (814) (202) (612)
Change in unrealized gain (loss) on cash flow hedges (1,750) (439) (1,311) 3,980  987  2,993 
Reclassification of loss on cash flow hedges(b)
 (13) (3) (10) 188  47  141 
Total other comprehensive gain (loss) $ (36,040) $ (9,045) $ (26,995) $ 20,382  $ 5,055  $ 15,327 
(a)The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Income.
(b)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Income.

29

NOTE 9 - SUPPLEMENTAL FINANCIAL INFORMATION

The following table presents other income and other expense components, including items that exceed one percent of the aggregate of total interest income and noninterest income in one or more of the periods indicated:

Three months ended March 31,
($ in thousands) 2026 2025
Other income:
Bank-owned life insurance $ 2,533  $ 871 
Community development fees 1,067  707 
Gain on SBA loan sales 1,414  1,895 
Other income 3,750  2,926 
Total other noninterest income $ 8,764  $ 6,399 
Other expense:
Amortization of intangibles $ 1,400  $ 855 
Banking expenses 2,017  1,963 
FDIC and other insurance 3,503  3,148 
Loan, legal expenses 4,033  2,191 
Outside services 1,541  1,091 
Other expenses 7,771  7,537 
Total other noninterest expense $ 20,265  $ 16,785 

NOTE 10 - SEGMENT REPORTING

The Company has determined it has one operating and reportable segment. The economic characteristics, including the nature, the type or class of client, and the nature of the regulatory environment of the products, services and business lines of the Company are all similar. The Company provides a full range of banking services, including mortgage, tax credit brokerage, wealth management and traditional banking services, to individuals and corporate clients. Refer to “Item 1. Note 1 – Summary of Significant Accounting Policies” for the accounting policies of the Company.

The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The operating results that are regularly reviewed by the CODM are the consolidated results of the Company. The CODM uses the consolidated results of the Company in deciding whether to reinvest profits into the segment or into other parts of the entity, such as for acquisitions or to pay dividends. The CODM assesses performance for the segment and decides how to allocate resources based on net income, reported on the income statement as consolidated net income. The CODM is provided with the consolidated financial statement package on a monthly basis.

The Company considered the following factors, among others, in determining significant segment expenses: the magnitude of the expense item and its relevance to the segment’s performance, the variability and volatility of the expense item, and whether the expenses are used by the CODM. The Company’s significant segment revenues and expenses that are regularly provided to the CODM, including the Company’s profit or loss, have been included within the primary financial statements and notes thereto. Refer to “Item 1. Financial Statements” and “Item 1. Note 9 - Supplemental Financial Information” for these figures.

30

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

Forward Looking Statements
This Quarterly Report on Form 10-Q contains information and statements that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company, and include, without limitation, statements about the Company’s plans, strategies, goals, objectives, expectations, or consequences of statements about the future performance, operations, products and services of the Company and its subsidiaries, as well as statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, products and services, stockholder value creation and the impact of acquisitions. Forward-looking statements are typically identified with the use of terms such as “may,” “might,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “could,” “continue,” “intend,” and the negative and other variations of these terms and similar words and expressions, although some forward-looking statements may be expressed differently. Forward-looking statements are inherently subject to risks and uncertainties and our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. You should be aware that our actual results could differ materially from those contained in the forward-looking statements.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the clients of these businesses and grow the acquired operations, the Company’s ability to collect insurance proceeds from claims made related to tax recapture events, credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters (including the effect of a prolonged U.S. federal government shutdown), and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, natural disasters (such as wildfires and earthquakes), terrorist activities, war and geopolitical matters (including in Israel, Iran and Ukraine, and the imposition of additional sanctions and export controls in connection therewith), or pandemics, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity; and other risks discussed under the caption “Risk Factors” under Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the SEC, all of which could cause the Company’s actual results to differ from those set forth in the forward-looking statements. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results.

Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s analysis and expectations only as of the date of such statements. Forward-looking statements speak only as of the date they are made, and the Company does not intend, and undertakes no obligation, to publicly revise or update forward-looking statements after the date of this report, whether as a result of new information, future events or otherwise, except as required by federal securities law. You should understand that it is not possible to predict or identify all risk factors. Readers should carefully review all disclosures we file from time to time with the SEC which are available on the Company’s website at www.enterprisebank.com under “Investor Relations.”

31

Introduction
The following discussion describes the significant changes to the financial condition of the Company that have occurred during the first three months of 2026 compared to the financial condition as of December 31, 2025. In addition, this discussion summarizes the significant factors affecting the results of operations of the Company for the three months ended March 31, 2026, compared to the linked fourth quarter of 2025 (“linked quarter”) and the results of operations, liquidity and cash flows for the three months ended March 31, 2026 compared to the same period in 2025 (“prior year quarter”). In light of the nature of the Company’s business, the Company’s management believes that the comparison to the linked quarter is the most relevant to understand the financial results from management’s perspective. For purposes of the Quarterly Report on Form 10-Q, the Company is presenting a comparison to the corresponding prior year quarter. This discussion should be read in conjunction with the accompanying condensed consolidated financial statements included in this report and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Critical Accounting Policies and Estimates
The Company’s critical accounting policies are considered important to the understanding of the Company’s financial condition and results of operations. These accounting policies require management’s most difficult, subjective and complex judgments about matters that are inherently uncertain. Because these estimates and judgments are based on current circumstances, they may change over time or prove to be inaccurate based on actual experience. If different assumptions or conditions were to prevail, and depending upon the severity of such changes, the possibility of a materially different financial condition and/or results of operations could reasonably be expected.

A full description of our critical accounting policies and the impact and any associated risks related to those policies on our business operations are discussed throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” where such policies affect our reported and expected financial results. For a detailed discussion on the application of these and other accounting policies, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company has prepared all of the consolidated financial information in this report in accordance with GAAP. The Company makes estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include the valuation of loans, goodwill, intangible assets, and other long-lived assets, along with assumptions used in the calculation of income taxes, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using loss experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statement in future periods. There can be no assurances that actual results will not differ from those estimates.


32

ACL
The Company maintains separate allowances for funded loans, unfunded loans, and held-to-maturity securities, collectively referred to as the ACL. The ACL is a valuation account to adjust the cost basis to the amount expected to be collected, based on management’s experience, current conditions, and reasonable and supportable forecasts. For purposes of determining the allowance for funded and unfunded loans, the portfolios are segregated into pools that share similar risk characteristics that are then further segregated by credit grades. Loans that do not share similar risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. The Company estimates the amount of the allowance based on loan loss experience, adjusted for current and forecasted economic conditions, including unemployment, changes in GDP, and commercial and residential real estate prices. The Company’s forecast of economic conditions uses internal and external information and considers a weighted average of a baseline, upside, and downside scenarios. Because economic conditions can change and are difficult to predict, the anticipated amount of estimated loan defaults and losses, and therefore the adequacy of the allowance, could change significantly and have a direct impact on the Company’s credit costs. The Company’s ACL on loans was $142.1 million at March 31, 2026 based on the weighting of the different economic scenarios. As a hypothetical example, if the Company had only used the upside scenario, the allowance would have decreased $24.6 million. Conversely, the allowance would have increased $36.4 million using only the downside scenario.


33

Executive Summary
Below are highlights of the Company’s financial performance for the periods indicated.
($ in thousands, except per share data) Three months ended
March 31,
2026		 December 31,
2025		 March 31,
2025
EARNINGS
Total interest income $ 225,091  $ 232,273  $ 211,780 
Total interest expense 58,944  64,099  64,264 
Net interest income 166,147  168,174  147,516 
Provision for credit losses 7,243  9,236  5,184 
Net interest income after provision for credit losses 158,904  158,938  142,332 
Total noninterest income 19,088  25,412  18,483 
Total noninterest expense 115,137  114,532  99,783 
Income before income tax expense 62,855  69,818  61,032 
Income tax expense 13,493  15,024  11,071 
Net income $ 49,362  $ 54,794  $ 49,961 
Preferred dividends 938  937  938 
Net income available to common stockholders $ 48,424  $ 53,857  $ 49,023 
Basic earnings per common share $ 1.31  $ 1.46  $ 1.33 
Diluted earnings per common share $ 1.30  $ 1.45  $ 1.31 
Return on average assets 1.16  % 1.27  % 1.30  %
Adjusted return on average assets1
 1.16  % 1.19  % 1.29  %
Return on average common equity 9.80  % 10.95  % 11.10  %
Adjusted return on average common equity1
 9.84  % 10.28  % 11.08  %
Return on average tangible common equity1
 12.53  % 14.02  % 14.02  %
Adjusted return on average tangible common equity1
 12.59  % 13.15  % 13.99  %
NIM (tax-equivalent) 4.28  % 4.26  % 4.15  %
Efficiency ratio 62.2  % 59.2  % 60.1  %
Core efficiency ratio1
 60.2  % 58.3  % 58.8  %
Common dividend payout ratio2
 25.38  % 22.07  % 22.14  %
Book value per common share $ 53.31  $ 53.22  $ 48.64 
Tangible book value per common share1
 $ 41.38  $ 41.37  $ 38.54 
Average common equity to average assets 11.58  % 11.41  % 11.45  %
Tangible common equity to tangible assets1
 9.01  % 9.07  % 9.30  %
ASSET QUALITY
Net charge-offs (recoveries)
 $ 4,407  $ 20,674  $ (1,059)
Nonperforming loans 64,941  82,809  109,882 
Nonaccrual loans 60,558  81,180  61,080 
Nonperforming assets 149,423  164,353  113,153 
Classified assets 430,288  410,485  264,460 
Total assets 17,227,828  17,300,884  15,676,594 
Total loans 11,692,780  11,800,338  11,298,763 
Classified assets to total assets 2.50  % 2.37  % 1.69  %
Nonperforming loans to total loans 0.56  % 0.70  % 0.97  %
Nonperforming assets to total assets 0.87  % 0.95  % 0.72  %
ACL on loans to total loans 1.21  % 1.19  % 1.27  %
Net charge-offs (recoveries) to average loans (annualized)
 0.15  % 0.70  % (0.04) %
1 A non-GAAP measure. A reconciliation has been included in this section under the caption “Use of Non-GAAP Financial Measures.”
2 Dividends per common share divided by diluted earnings per common share.
34

Financial results and other notable items include:

•PPNR1 - PPNR of $70.4 million for the first quarter of 2026 decreased $4.4 million from the linked quarter and increased $4.3 million from the prior year quarter. The decrease from the linked quarter was primarily due to a decrease in net interest income due to a lower day count and noninterest income, specifically tax credit income that is typically highest in the fourth quarter of each year, and an increase in noninterest expense, primarily due to the reset of payroll tax limits and paid time-off accruals. The increase compared to the prior year quarter was primarily due to higher net interest income from organic and acquired loan growth, continued investment in the securities portfolio and proactive management of the cost of deposits, partially offset by a decline in asset yields due to lower short-term interest rates.

•Net interest income and NIM - Net interest income of $166.1 million for the first quarter of 2026 decreased $2.0 million and increased $18.6 million from the linked and prior year quarters, respectively. Net interest income during the current quarter was impacted by lower short-term interest rates that decreased asset yields and fewer days in the period, partially offset by a favorable decrease on rates paid on interest-bearing liabilities. Compared to the prior year quarter, net interest income also benefitted from higher average loan and investment securities balances, and higher yields on the investment portfolio. NIM was 4.28% for the first quarter 2026, compared to 4.26% and 4.15% for the linked and prior year quarters, respectively.

•Noninterest income - Noninterest income of $19.1 million for the first quarter of 2026 decreased $6.3 million and increased $0.6 million from the linked and prior year quarters, respectively. The decrease in noninterest income from the linked quarter was primarily due to a gain on OREO in the linked quarter that did not reoccur and tax credit income, which is typically highest in the fourth quarter of each year, partially offset by a gain on the guaranteed portion of SBA loans sold during the current quarter. The Company opportunistically sold $25.4 million of SBA guaranteed loans during the first quarter 2026 for a gain of $1.4 million.

•Noninterest expense - Noninterest expense of $115.1 million for the first quarter of 2026 increased $0.6 million and $15.4 million from the linked and prior year quarters, respectively. The increase from the prior year quarter was primarily driven by higher employee compensation cost, variable deposit costs and loan and legal expenses related to loan workouts and OREO.

Balance sheet highlights:

•Loans – Total loans decreased $107.6 million, or 1%, to $11.7 billion at March 31, 2026, compared to $11.8 billion at December 31, 2025. Average loans totaled $11.8 billion for the three months ended March 31, 2026 compared to $11.2 billion for the three months ended March 31, 2025.

•Deposits – Total deposits decreased $84.9 million, to $14.5 billion at March 31, 2026 from $14.6 billion at December 31, 2025. Average deposits totaled $14.6 billion for the three months ended March 31, 2026 compared to $13.1 billion for the three months ended March 31, 2025. Noninterest-bearing deposit accounts represented 33% of total deposits and the loan to deposit ratio was 81% at March 31, 2026 and December 31, 2025, respectively.

1 PPNR is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.
35

•Asset quality – The ACL on loans to total loans was 1.21% at March 31, 2026, compared to 1.19% at December 31, 2025. The ratio of nonperforming assets to total assets was 0.87% at March 31, 2026 compared to 0.95% at December 31, 2025. A provision for credit losses of $7.2 million was recorded in the first quarter of 2026. This compares to $9.2 million and $5.2 million in the linked and prior year quarters, respectively.

•Stockholders’ equity – Total stockholders’ equity was $2.0 billion at March 31, 2026 and December 31, 2025, respectively, and the tangible common equity to tangible assets ratio2 was 9.01% at March 31, 2026 compared to 9.07% at December 31, 2025. The Company and the Bank’s regulatory capital ratios exceeded the “well-capitalized” levels at March 31, 2026.

The Company’s Board of Directors (the “Board”) approved a quarterly dividend of $0.34 per common share, payable on June 30, 2026 to stockholders of record as of June 15, 2026. The Board also declared a cash dividend of $12.50 per share of Series A Preferred Stock (or $0.3125 per depositary share) representing a 5% per annum rate for the period commencing (and including) March 15, 2026 to (but excluding) June 15, 2026. The dividend will be payable on June 15, 2026 to stockholders of record of Series A Preferred Stock as of May 29, 2026.
2 Tangible common equity to tangible assets ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.
36

RESULTS OF OPERATIONS
Net Interest Income and NIM
Average Balance Sheet
The following tables present, for the periods indicated, certain information related to our average interest-earning assets and interest-bearing liabilities, as well as the corresponding interest rates earned and paid, all on a tax equivalent basis.
  Three months ended March 31, Three months ended December 31, Three months ended March 31,
  2026 2025 2025
($ in thousands) Average Balance Interest
Income/Expense		 Average
Yield/
Rate		 Average Balance Interest
Income/Expense		 Average
Yield/
Rate		 Average Balance Interest
Income/Expense		 Average
Yield/
Rate
Assets            
Interest-earning assets:            
Loans1, 2
 $ 11,777,727  $ 185,380  6.38  % $ 11,794,459  $ 193,587  6.51  % $ 11,240,806  $ 182,039  6.57  %
Taxable securities 2,481,169  26,108  4.27  2,331,562  24,464  4.16  1,818,615  17,625  3.93 
Non-taxable securities2
 1,301,675  12,390  3.86  1,292,403  12,263  3.76  1,112,297  9,467  3.45 
Total securities 3,782,844  38,498  4.13  3,623,965  36,727  4.02  2,930,912  27,092  3.75 
Interest-earning deposits 504,541  4,533  3.64  552,843  5,436  3.90  479,136  5,124  4.34 
Total interest-earning assets 16,065,112  228,411  5.77  15,971,267  235,750  5.86  14,650,854  214,255  5.93 
Noninterest-earning assets 1,245,991  1,128,162  992,145 
 Total assets $ 17,311,103  $ 17,099,429  $ 15,642,999 
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts $ 3,453,650  $ 14,940  1.75  % $ 3,550,349  $ 17,236  1.93  % $ 3,167,428  $ 17,056  2.18  %
Money market accounts 3,952,475  25,198  2.59  3,948,405  27,611  2.77  3,601,535  28,505  3.21 
Savings accounts 538,597  152  0.11  540,764  168  0.12  534,512  189  0.14 
Certificates of deposit 1,665,977  14,459  3.52  1,659,905  15,223  3.64  1,374,693  13,516  3.99 
Total interest-bearing deposits 9,610,699  54,749  2.31  9,699,423  60,238  2.46  8,678,168  59,266  2.77 
Subordinated debentures and notes 93,725  1,522  6.59  93,654  1,561  6.61  156,615  2,562  6.63 
FHLB advances 5,756  56  3.95  11,620  127  4.34  25,300  287  4.60 
Securities sold under agreements to repurchase 270,057  1,614  2.42  170,058  1,065  2.48  263,608  2,017  3.10 
Other borrowings 94,910  1,003  4.29  97,196  1,108  4.52  39,535  132  1.35 
Total interest-bearing liabilities 10,075,147  58,944  2.37  10,071,951  64,099  2.52  9,163,226  64,264  2.84 
Noninterest-bearing liabilities:
Demand deposits 4,998,734  4,837,958  4,463,388 
Other liabilities 160,718  167,048  153,113 
Total liabilities 15,234,599  15,076,957  13,779,727 
Stockholders’ equity 2,076,504  2,022,472  1,863,272 
Total liabilities & stockholders’ equity $ 17,311,103  $ 17,099,429  $ 15,642,999 
Net interest income $ 169,467  $ 171,651  $ 149,991 
Net interest spread 3.40  % 3.34  % 3.09  %
NIM 4.28  % 4.26  % 4.15  %
1 Average balances include nonaccrual loans. Interest income includes net loan fees of $1.4 million, $1.7 million, and $1.6 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $3.3 million, $3.5 million, and $2.5 million for each of the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

37


Rate/Volume
The following table sets forth, on a tax-equivalent basis for the periods indicated, a summary of the changes in interest income and interest expense resulting from changes in yield/rates and volume.
Three months ended March 31, 2026
Three months ended March 31, 2026
compared to compared to
 
Three months ended December 31, 2025
Three months ended March 31, 2025
Increase (decrease) due to Increase (decrease) due to
($ in thousands)
Volume1
Rate2
 Net
Volume1
Rate2
 Net
Interest earned on:      
Loans $ (557) $ (7,650) $ (8,207) $ 8,559  $ (5,218) $ 3,341 
Taxable securities 1,181  463  1,644  6,867  1,616  8,483 
Non-taxable securities3
 28  99  127  1,724  1,199  2,923 
Interest-earning deposits (514) (389) (903) 261  (852) (591)
Total interest-earning assets $ 138  $ (7,477) $ (7,339) $ 17,411  $ (3,255) $ 14,156 
Interest paid on:      
Interest-bearing demand accounts $ (537) $ (1,759) $ (2,296) $ 1,446  $ (3,562) (2,116)
Money market accounts 17  (2,430) (2,413) 2,597  (5,904) (3,307)
Savings accounts (1) (15) (16) 1  (38) (37)
Certificates of deposit 21  (785) (764) 2,648  (1,705) 943 
Subordinated debentures and notes (4) (35) (39) (1,021) (19) (1,040)
FHLB advances (60) (11) (71) (195) (36) (231)
Securities sold under agreements to repurchase 576  (27) 549  48  (451) (403)
Other borrowed funds (33) (72) (105) 342  529  871 
Total interest-bearing liabilities (21) (5,134) (5,155) 5,866  (11,186) (5,320)
Net interest income $ 159  $ (2,343) $ (2,184) $ 11,545  $ 7,931  19,476 
1 Change in volume multiplied by yield/rate of prior period.
2 Change in yield/rate multiplied by volume of prior period.
3 Nontaxable income is presented on a tax equivalent basis.
NOTE: The change in interest due to both rate and volume has been allocated to rate and volume changes in proportion to the relationship of the absolute dollar amounts of the change in each.

Net interest income on a tax equivalent basis of $169.5 million for the quarter ended March 31, 2026 decreased $2.2 million and increased $19.5 million from the linked and prior year quarters, respectively. The change from the linked and prior year quarters was related to the impact of lower short-term interest rates on loan yields and the cost of interest-bearing liabilities, in addition to growth in both interest-earning assets and interest-bearing liabilities. Net interest income also declined from the linked quarter due to two fewer days in the current quarter. Since September 2024, the Federal Reserve has reduced the federal funds target rate 175 basis points. In response, the Company has proactively adjusted deposit pricing to partially mitigate the impact on income from the repricing of variable rate loans.

Tax equivalent interest income decreased $7.3 million and increased $14.2 million from the linked and prior year quarters, respectively. Compared to the linked quarter, loan yields decreased 13 basis points and there were two fewer days in the period, partially offset by a $158.9 million increase in average investment securities balances and an 11 basis point increase in yield on securities. Compared to the prior year quarter, interest-earning assets increased $1.4 billion, including a $536.9 million increase in average loan balances and an $851.9 million increase in average securities balances, and the yield on securities increased 38 basis points. These increases were partially offset by a 19 basis point decline in the loan yield to 6.38%, from 6.57% in the prior year quarter.

38

Interest expense decreased $5.2 million and $5.3 million from the linked and prior year quarters, respectively, primarily due to a reduction in the cost of interest-bearing deposits due to decreased interest paid on interest-bearing deposits. The total cost of deposits, including noninterest-bearing demand accounts, was 1.52% during the three months ended March 31, 2026, compared to 1.64% and 1.83% in the linked and prior year quarters, respectively.

NIM, on a tax equivalent basis, was 4.28% in the first quarter of 2026, an increase of two basis points and 13 basis points from the linked and prior year quarters, respectively.

Noninterest Income
The following table presents a comparative summary of the major components of noninterest income for the periods indicated.
Linked quarter comparison Prior year quarter comparison
Quarter ended Quarter ended
($ in thousands) March 31,
2026		 December 31, 2025 Increase (decrease) March 31, 2025 Increase (decrease)
Deposit service charges $ 5,256  $ 5,081  $ 175  3  % $ 4,420  $ 836  19  %
Wealth management revenue 2,712  2,642  70  3  % 2,659  53  2  %
Card services revenue 2,535  2,621  (86) (3) % 2,395  140  6  %
Tax credit income (loss)
 (179) 3,180  (3,359) (106) % 2,610  (2,789) (107) %
Other income 8,764  11,888  (3,124) (26) % 6,399  2,365  37  %
Total noninterest income $ 19,088  $ 25,412  $ (6,324) (25) % $ 18,483  $ 605  3  %
Total noninterest income for the first quarter of 2026 was $19.1 million, a decrease of $6.3 million and an increase of $0.6 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a seasonal decrease in tax credit income and a gain on OREO in the linked quarter that did not reoccur, partially offset by higher private equity fund distributions and a gain on the sale of the guaranteed portion of SBA loans included in other income. Compared to the prior year quarter, tax credit income decreased $2.8 million, partially offset by higher BOLI income and private equity fund distributions. Tax credit income varies based on transaction volumes and fair value changes on credits carried at fair value. Private equity fund distributions are not a consistent source of income and fluctuate based on distributions from the underlying funds.

Noninterest Expense
The following table presents a comparative summary of the major components of noninterest expense for the periods indicated.
Linked quarter comparison Prior year comparison
Quarter ended Three months ended
($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease) March 31, 2025 Increase
(decrease)
Employee compensation and benefits $ 55,759  $ 50,654  $ 5,105  10  % $ 48,208  $ 7,551  16  %
Deposit costs 25,996  27,471  (1,475) (5) % 23,823  2,173  9  %
Occupancy 5,902  5,764  138  2  % 4,430  1,472  33  %
Data processing 5,644  5,695  (51) (1) % 4,809  835  17  %
Professional fees 1,571  3,228  (1,657) (51) % 1,728  (157) (9) %
Other expense 20,265  21,720  (1,455) (7) % 16,785  3,480  21  %
Total noninterest expense $ 115,137  $ 114,532  $ 605  1  % $ 99,783  $ 15,354  15  %
Efficiency ratio 62.2  % 59.2  % 3  % 60.1  % 2  %
Core efficiency ratio3 60.2  % 58.3  % 2  % 58.8  % 1  %

3 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.
39

Noninterest expense increased $0.6 million and $15.4 million from the linked and prior year quarters, respectively. Employee compensation and benefits increased $5.6 million from the linked quarter primarily due to the first quarter reset of payroll taxes and paid time-off accruals, along with annual merit increases that became effective March 1, 2026. Deposit costs relate to certain businesses in the deposit verticals that receive an earnings credit allowance for deposit-related services provided to us. These earnings credit allowances are impacted by, among other things, interest rates and average balances. Deposit costs decreased $1.5 million from the linked quarter primarily due to the expiration of certain allowances that were not used. The decline in acquisition costs from the linked quarter is due to the completion of the Branch Acquisition that closed in the fourth quarter 2025.

The increase in noninterest expense from the prior year quarter was primarily due to an increase in the associate base as a result of the Branch Acquisition, merit increases throughout 2025 and 2026, an increase of $2.2 million in deposit costs due to higher earnings credit allowances and deposit vertical average balances, and an increase of $1.8 million in loan and legal expenses due to loan workouts and the foreclosure of certain properties.

Income Taxes
The effective tax rate for the current and linked quarters was 21.5%, respectively, compared to 18.1% in the prior year quarter. The increase in the effective tax rate from the prior year quarter was due to an increase in state taxes from apportionment factors and a decrease in tax credit investments.

Summary Balance Sheet
($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease)
Cash and cash equivalents $ 634,469  $ 681,902  $ (47,433) (7) %
Securities 3,829,162  3,729,992  99,170  3  %
Loans 11,692,780  11,800,338  (107,558) (1) %
Assets 17,227,828  17,300,884  (73,056) —  %
Deposits 14,524,397  14,609,342  (84,945) (1) %
Liabilities 15,205,624  15,261,498  (55,874) —  %
Stockholders’ equity 2,022,204  2,039,386  (17,182) (1) %

Total assets were $17.2 billion at March 31, 2026, a decrease of $73.1 million from December 31, 2025 primarily due to a $107.6 million decrease in loans and a $47.4 million decrease in cash and cash equivalents, partially offset by a $99.2 million increase in investment securities. Total liabilities of $15.2 billion decreased $55.9 million from December 31, 2025 primarily due to an $84.9 million decrease in deposits.

Investment Securities
At March 31, 2026, investment securities were $3.8 billion compared to $3.7 billion at December 31, 2025, or 22% of total assets for both periods. The portfolio is comprised of both available-for-sale and held-to-maturity securities.

The table below sets forth the carrying value of investment securities, excluding the ACL:
March 31, 2026 December 31, 2025
($ in thousands) Amount % Amount %
Obligations of U.S. Government sponsored enterprises $ 158,346  4.1  % $ 182,572  4.9  %
Obligations of states and political subdivisions 1,483,600  38.8  % 1,492,904  40.0  %
Agency mortgage-backed securities 1,905,834  49.8  % 1,753,150  47.0  %
U.S. Treasury Bills 151,240  3.9  % 170,984  4.6  %
Corporate debt securities 130,344  3.4  % 130,527  3.5  %
Total $ 3,829,364  100.0  % $ 3,730,137  100.0  %
40

Net Unrealized Losses
($ in thousands) March 31, 2026 December 31, 2025
Available-for-sale securities $ (116,745) $ (83,258)
Held-to-maturity securities (52,176) (35,288)
Total $ (168,921) $ (118,546)
Investment purchases in the first quarter of 2026 had a weighted average, tax equivalent yield of 4.51%. The average duration of the investment portfolio was 5.0 years at March 31, 2026. The Company leverages the investment portfolio to lengthen the overall duration of the balance sheet, primarily using high-quality municipal securities. The expected cash flow from pay downs, maturities and interest over the next 12 months is approximately $703.9 million.

Loans by Type
The Company has a diversified loan portfolio, with no particular concentration of credit in any one economic sector; however, a large part of the portfolio, including the C&I category, is secured by real estate. The ability of the Company’s borrowers to honor their contractual obligations is partially dependent upon the local economy and its effect on the real estate market.

The following table sets forth the composition of the loan portfolio by type of loans:
($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease)
C&I $ 5,168,533  $ 5,231,616  $ (63,083) (1) %
CRE - investor owned 2,958,720  2,984,858  (26,138) (1) %
CRE - owner occupied 2,495,246  2,468,963  26,283  1  %
Construction and land development 667,703  687,584  (19,881) (3) %
Residential real estate 346,181  367,682  (21,501) (6) %
Consumer 56,397  59,635  (3,238) (5) %
Total loans $ 11,692,780  $ 11,800,338  $ (107,558) (1) %

Loans totaled $11.7 billion at March 31, 2026 compared to $11.8 billion at December 31, 2025. Loan sales of $25.4 million mitigated growth in the SBA category during the current quarter. Average revolving line draw utilization was 45% for the first quarter of 2026, compared to 44% for the year ended December 31, 2025.

The following table sets forth additional information on certain categories of loans that are included in total loans above at the periods indicated:
($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease)
SBA Loans $ 1,230,455  $ 1,262,456  $ (32,001) (3) %
Sponsor finance 661,946  694,905  (32,959) (5) %
Life insurance premium financing 1,208,098  1,187,128  20,970  2  %
Tax credits 702,080  802,818  (100,738) (13) %

Sponsor finance, life insurance premium financing, and tax credits lending consist primarily of C&I loans. Sponsor finance and life insurance premium financing loans are sourced through relationships developed with private equity funds and estate planning firms and are not bound geographically by our markets. These loan products offer opportunities to expand and diversify geographically by entering new markets. The Company continues to focus on originating high-quality C&I relationships, as they typically have variable interest rates and allow for cross selling opportunities involving other banking products. Life insurance premium financing and tax credits are typically lower risk products due to the high collateral value securing the loans.

41

SBA loans are also generated on a national basis, and primarily consist of loans collateralized by first lien, owner-occupied real estate properties. These loans predominantly have a 75% guarantee from the SBA. The Company may sell the guaranteed portion of the loan and retain servicing rights, and in the three months ended March 31, 2026, the guaranteed portion of SBA loans totaling $25.4 million were sold.

Provision and ACL
The following table presents the components of the provision for credit losses:
Quarter ended
($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Provision for credit losses on loans
 $ 6,449  $ 8,544  $ 3,935 
Provision (benefit) for off-balance sheet commitments
 416  (383) 214 
Provision (benefit) for held-to-maturity securities
 57  (25) 38 
Charge-off of accrued interest
 321  1,100  997 
Provision for credit losses
 $ 7,243  $ 9,236  $ 5,184 

The provision for credit losses, which includes a provision for losses on unfunded commitments, is a charge to earnings to maintain the ACL on loans at a level consistent with management’s assessment of expected losses in the loan portfolio at the balance sheet date. The Company also records reversals of interest on nonaccrual loans and interest recoveries directly through the provision of credit losses.

A provision for credit losses of $7.2 million was recognized for the first quarter of 2026, a decrease of $2.0 million and an increase of $2.1 million from the linked and prior year quarters, respectively. The provision for credit losses in the first quarter of 2026 was primarily related to the net charge-offs and qualitative adjustments to recognize the broader macroeconomic risks to the loan portfolio from the conflict in Iran.

The following table summarizes the allocation of the ACL on loans:
March 31, 2026 December 31, 2025
($ in thousands) Allowance Percent of loans in each category to total loans Allowance Percent of loans in each category to total loans
C&I $ 73,110  44.2  % $ 68,345  44.4  %
Real estate:
Commercial 49,256  46.6  % 50,783  46.2  %
Construction and land development 10,602  5.7  % 11,016  5.8  %
Residential 7,423  3.0  % 8,023  3.1  %
Consumer 1,673  0.5  % 1,855  0.5  %
Total $ 142,064  100.0  % $ 140,022  100.0  %

The ACL on loans was 1.21% of total loans at March 31, 2026, compared to 1.19% of loans at December 31, 2025. Excluding guaranteed loans, the ACL on loans to total loans was 1.32%4 at March 31, 2026, compared to 1.29% at December 31, 2025.

4 ACL on loans to total loans adjusted for guaranteed loans is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.
42

The following table is a summary of net charge-offs (recoveries) to average loans for the periods indicated:
Quarter ended
March 31, 2026 December 31, 2025
($ in thousands) Net Charge-offs (Recoveries)
Average Loans(1)
Net Charge-offs (Recoveries)/Average Loans(2)
 Net Charge-offs (Recoveries)
Average Loans(1)
Net Charge-offs (Recoveries)/Average Loans(2)
C&I $ 3,508  $ 5,266,240  0.27  % $ 12,614  $ 5,183,763  0.97  %
Real estate:
Commercial (64) 5,431,826  —  % 4,836  5,378,463  0.36  %
Construction and land development 1,028  664,550  0.63  % 3,131  802,035  1.55  %
Residential 5  356,167  0.01  % (213) 370,214  (0.23) %
Consumer (70) 58,509  (0.49) % 306  59,040  2.06  %
Total $ 4,407  $ 11,777,292  0.15  % $ 20,674  $ 11,793,515  0.70  %
(1) Excludes loans held for sale.
(2)Annualized.
To the extent the Company does not recognize charge-offs and economic forecasts improve in future periods, the Company could recognize provision reversals. Conversely, if economic conditions and the Company’s forecast worsen and charge-offs increase, the Company could recognize elevated levels of provision for credit losses. The provision is also reflective of charge-offs (recoveries) in the period.

Nonperforming assets
The following table presents the categories of nonperforming assets and other ratios, excluding government guaranteed portions, as of the dates indicated:
($ in thousands) March 31, 2026 December 31, 2025
Nonaccrual loans $ 60,558  $ 81,180 
Loans past due 90 days or more and still accruing interest 4,383  1,629 
Total nonperforming loans 64,941  82,809 
OREO 84,482  81,544 
Total nonperforming assets $ 149,423  $ 164,353 
Total assets $ 17,227,828  $ 17,300,884 
Total loans 11,692,780  11,800,338 
Total ACL on loans 142,064  140,022 
ACL on loans to nonaccrual loans 235  % 172  %
ACL on loans to nonperforming loans 219  % 169  %
ACL on loans to total loans 1.21  % 1.19  %
Nonaccrual loans to total loans 0.52  % 0.69  %
Nonperforming loans to total loans 0.56  % 0.70  %
Nonperforming assets to total assets 0.87  % 0.95  %

43

Nonperforming loans based on loan type were as follows:
($ in thousands) March 31, 2026 December 31, 2025
C&I $ 18,257  $ 27,979 
CRE 42,177  46,326 
Construction and land development 1,505  155 
Residential real estate 2,976  8,340 
Consumer 26  9 
Total $ 64,941  $ 82,809 

The following table summarizes the changes in nonperforming loans:
  Three months ended
($ in thousands) March 31, 2026
Nonperforming loans, beginning of period $ 82,809 
Additions to nonperforming loans 16,283 
Charge-offs (5,217)
Principal payments (21,140)
Moved to OREO (7,794)
Nonperforming loans, end of period $ 64,941 
Nonperforming loans at March 31, 2026 decreased $17.9 million, or 22%, when compared to December 31, 2025. The decrease in nonperforming assets during the three months ended March 31, 2026 was primarily related to two loans totaling $17.5 million that went on nonaccrual in the second half of 2025 and were subsequently paid off in the first quarter 2026.

OREO
The following table summarizes the changes in OREO:
Three months ended
($ in thousands) March 31, 2026
OREO, beginning of period $ 81,544 
Additions 7,794 
Change in valuation allowance (33)
Sales (4,823)
OREO, end of period $ 84,482 

Four properties in OREO at March 31, 2026 with a carrying value of $46 million are currently under contract to sell.

44

Deposits
The following table shows the breakdown of deposits by type:
($ in thousands) March 31, 2026 December 31, 2025 Increase (decrease)
Noninterest-bearing demand accounts $ 4,828,375  $ 4,874,115  $ (45,740) (1) %
Interest-bearing demand accounts 3,395,680  3,537,334  (141,654) (4) %
Money market accounts 4,058,748  3,991,110  67,638  2  %
Savings accounts 551,914  537,400  14,514  3  %
Certificates of deposit:
Brokered 724,788  721,977  2,811  —  %
Customer 964,892  947,406  17,486  2  %
Total deposits $ 14,524,397  $ 14,609,342  $ (84,945) (1) %
Noninterest-bearing deposits / total deposits 33  % 33  %

The following table shows the average balance and average rate of the Company’s deposits by type:
Quarter ended
March 31, 2026 December 31, 2025 March 31, 2025
($ in thousands) Average Balance Average Rate Paid Average Balance Average Rate Paid Average Balance Average Rate Paid
Noninterest-bearing deposit accounts $ 4,998,734  —  % $ 4,837,958  —  % $ 4,463,388  —  %
Interest-bearing demand accounts 3,453,650  1.75  3,550,349  1.93  3,167,428  2.18 
Money market accounts 3,952,475  2.59  3,948,405  2.77  3,601,535  3.21 
Savings accounts 538,597  0.11  540,764  0.12  534,512  0.14 
Certificates of deposit 1,665,977  3.52  1,659,905  3.64  1,374,693  3.99 
Total interest-bearing deposits $ 9,610,699  2.31  $ 9,699,423  2.46  $ 8,678,168  2.77 
Total average deposits $ 14,609,433  1.52  $ 14,537,381  1.64  $ 13,141,556  1.83 

Total deposits were $14.5 billion at March 31, 2026, a decrease of $84.9 million from December 31, 2025. Brokered certificates of deposit at March 31, 2026 increased $2.8 million from December 31, 2025 and continue to be used as a stable funding source. The Company has deposit verticals focusing on property management, community associations, and escrow industries. These deposits increased to $4.0 billion at March 31, 2026 from $3.8 billion at December 31, 2025 due to continued success at generating organic deposit growth.

To provide clients a deposit product with enhanced FDIC insurance, the Company participates in several programs through third parties that provide full FDIC insurance on deposit amounts by exchanging or reciprocating larger depository relationships with other member banks. Total reciprocal deposits were $1.3 billion and $1.4 billion at March 31, 2026 and December 31, 2025, respectively. The Company considers reciprocal accounts as client-related deposits due to the client relationship that generated the transaction. At March 31, 2026, estimated uninsured deposits totaled $4.5 billion, or 31% of total deposits, compared to $4.6 billion, or 32% of total deposits, at December 31, 2025.

The total cost of deposits was 1.52% for the current quarter compared to 1.64% and 1.83% for the linked and prior year quarters, respectively.

45

Stockholders’ Equity
Stockholders’ equity totaled $2.0 billion at March 31, 2026, a decrease of $17.2 million from December 31, 2025. Significant activity during the first three months of 2026 was as follows:

•Increase from net income of $49.4 million,
•Decrease in fair value of securities and cash flow hedges of $27.0 million,
•Decrease from dividends paid on common and preferred stock of $13.1 million, and
•Decrease from common stock repurchases of $27.3 million.

Liquidity and Capital Resources

Liquidity
The objective of liquidity management is to ensure we have the ability to generate sufficient cash or cash equivalents in a timely and cost-effective manner to meet our commitments as they become due. Typical demands on liquidity are changes in deposit levels, maturing time deposits which are not renewed, and fundings under credit commitments to clients. Funds are available from a number of sources, such as the core deposit base and loan and security repayments and maturities.

Liquidity is provided from lines of credit with the FHLB, the Federal Reserve, and correspondent banks; the ability to acquire large and brokered deposits, sales of the securities portfolio, and the ability to sell loans or loan participations to other banks. These alternatives are an important part of our liquidity plan and provide flexibility and efficient execution of the asset-liability management strategy.

The Company’s Asset-Liability Management Committee oversees our liquidity position, the parameters of which are approved by the Bank’s Board of Directors. Our liquidity position is monitored daily. Our liquidity management framework includes measurement of several key elements, such as the loan to deposit ratio, a liquidity ratio, and a dependency ratio. The Company’s liquidity framework also incorporates contingency planning to assess the nature and volatility of funding sources and to determine alternatives to these sources. While core deposits and loan and investment repayments are principal sources of liquidity, funding diversification is another key element of liquidity management and is achieved by strategically varying depositor types, terms, funding markets, and instruments.

Liquidity from assets is available primarily from cash balances and the investment portfolio. Cash and interest-bearing deposits with other banks totaled $634.5 million at March 31, 2026, compared to $681.9 million at December 31, 2025. Investment securities are another important tool in liquidity planning. Securities totaled $3.8 billion and $3.7 billion at March 31, 2026 and December 31, 2025, respectively, and included $1.6 billion and $1.7 billion at March 31, 2026 and December 31, 2025, respectively, pledged as collateral for deposits of public institutions, loan notes and other requirements. The unpledged portion of the securities portfolio could be pledged or sold to enhance liquidity, if necessary.

Available on- and off-balance sheet liquidity sources include the following items:
($ in thousands) March 31, 2026
Federal Reserve borrowing capacity $ 3,076,120 
FHLB borrowing capacity 1,466,209 
Unpledged securities 2,189,371 
Federal funds lines (eight correspondent banks)
 135,000 
Cash and interest-bearing deposits 634,469 
Holding Company line of credit 25,000 
Total $ 7,526,169 

46

The Company also has a portfolio of SBA guaranteed loans, a portion of which could be sold in the secondary market to generate earnings and liquidity. The guaranteed portion of SBA loans totaling $25.4 million and $31.3 million were sold during the three months ended March 31, 2026 and 2025, respectively.

Liability liquidity funding sources are available to increase financial flexibility. In addition to amounts borrowed at March 31, 2026, the Company could borrow an additional $1.5 billion from the FHLB of Des Moines under blanket loan pledges and has additional real estate loans that could be pledged. The Company also has $3.1 billion available from the Federal Reserve under a pledged loan agreement. The Company also has unsecured federal funds lines with eight correspondent banks totaling $135.0 million as of March 31, 2026.

In the normal course of business, the Company enters into certain forms of off-balance sheet transactions, including unfunded loan commitments and letters of credit. These transactions are managed through the Company’s various risk management processes. Management considers both on-balance sheet and off-balance sheet transactions in its evaluation of the Company’s liquidity. The Company has $3.2 billion in unused commitments to extend credit as of March 31, 2026. While this commitment level would exhaust the majority of the Company’s current liquidity resources, the nature of these commitments is such that the likelihood of funding them in the aggregate at any one time is low.

At the holding company level, our primary funding sources are dividends and payments from the Bank and proceeds from the issuance of equity (i.e. stock option exercises, stock offerings) and debt instruments. The main use of this liquidity is to provide the funds necessary to pay dividends to stockholders, service debt, invest in subsidiaries as necessary, repurchase common stock and satisfy other operating requirements. The holding company maintains a revolving line of credit for an aggregate amount $25 million, all of which was available at March 31, 2026. The line of credit was renewed in the first quarter of 2026, has a one-year term, has an interest rate of one-month Term SOFR plus 185 basis points, and the annual unused commitment fee is 0.40%. The proceeds can be used for general corporate purposes.

Strong capital ratios, credit quality and core earnings are essential to retaining cost-effective access to the wholesale funding markets. Deterioration in any of these factors could have a negative impact on the Company’s ability to access these funding sources and, as a result, these factors are monitored on an ongoing basis as part of the liquidity management process. The Bank is subject to regulations and, among other things, may be limited in its ability to pay dividends or transfer funds to the parent company. Accordingly, consolidated cash flows as presented in the consolidated statements of cash flows may not represent cash immediately available for the payment of cash dividends to the Company’s stockholders or for other cash needs.

Through the normal course of operations, the Company has entered into certain contractual obligations and other commitments. Such obligations relate to funding operations through deposits or debt issuances, as well as leases for premises and equipment. As a financial services provider, the Company routinely enters into commitments to extend credit. While contractual obligations represent future cash requirements of the Company, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Company. The Company also enters into derivative contracts under which the Company either receives cash from or pays cash to counterparties depending on changes in interest rates. Derivative contracts are carried at fair value on the consolidated balance sheet with the fair value representing the net present value of expected future cash receipts or payments based on market interest rates as of the balance sheet date. The fair value of these contracts changes daily as market interest rates change.

47

Capital Resources
The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and its bank affiliate must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The banking affiliate’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
 
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total, Tier 1, and common equity tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. To be categorized as “well capitalized”, banks must maintain minimum total risk-based (10%), Tier 1 risk-based (8%), common equity tier 1 risk-based (6.5%), and Tier 1 leverage ratios (5%). In addition, the Company must maintain an additional CCB above the regulatory minimum ratio requirements. The CCB is designed to insulate banks from periods of stress and impose constraints on dividends, stock repurchases and discretionary bonus payments when capital levels fall below prescribed levels. As of March 31, 2026, and December 31, 2025, the Company and the Bank met all capital adequacy requirements to which they are subject and exceeded the amounts required to be “well capitalized”.

The following table summarizes the Company’s various capital ratios:
March 31, 2026 December 31, 2025
($ in thousands) EFSC Bank EFSC Bank To Be Well-Capitalized Minimum Ratio
with CCB
Common Equity Tier 1 Capital to Risk Weighted Assets 11.7  % 12.1  % 11.6  % 11.9  % 6.5  % 7.0  %
Tier 1 Capital to Risk Weighted Assets 12.9  % 12.1  % 12.8  % 11.9  % 8.0  % 8.5  %
Total Capital to Risk Weighted Assets 13.9  % 13.2  % 13.9  % 13.0  % 10.0  % 10.5  %
Leverage Ratio (Tier 1 Capital to Average Assets) 10.4  % 9.8  % 10.5  % 9.7  % 5.0  % N/A
Tangible common equity to tangible assets1
 9.01  % 9.07  %
1 Not a required regulatory capital ratio.

The Company believes the tangible common equity ratio is an important measure of capital strength, even though it is considered a non-GAAP measure. A reconciliation has been included in this section under the caption “Use of Non-GAAP Financial Measures.”

Use of Non-GAAP Financial Measures:
The Company’s accounting and reporting policies conform to GAAP and the prevailing practices in the banking industry. However, the Company provides additional financial measures, such as tangible common equity, adjusted ROAA, adjusted return on average common equity, ROATCE, adjusted ROATCE, ACL on loans to total loans adjusted for guaranteed loans, core efficiency ratio, PPNR, tangible book value per common share, return on average common equity and tangible common equity to tangible assets ratio, in this report that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.
48

The Company considers its tangible common equity, adjusted ROAA, adjusted return on average common equity, ROATCE, adjusted ROATCE, ACL on loans to total loans adjusted for guaranteed loans, core efficiency ratio, PPNR, tangible book value per common share, return on average common equity and tangible common equity to tangible assets ratio, collectively “core performance measures,” presented in this report and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, acquisition costs, the net gain or loss on OREO, and the net gain or loss on sale of investment securities, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject.

The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated.

Core Efficiency Ratio
Quarter ended
($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Net interest income (GAAP) $ 166,147  $ 168,174  $ 147,516 
Tax-equivalent adjustment 3,320  3,477  2,475 
Net interest income - FTE (non-GAAP) $ 169,467  $ 171,651  $ 149,991 
Noninterest income (GAAP) 19,088  25,412  18,483 
Less net gain (loss) on sale of investment securities
 —  (57) 106 
Less net gain (loss) on OREO
 (295) 6,169  23 
Core revenue (non-GAAP) $ 188,850  $ 190,951  $ 168,345 
Noninterest expense (GAAP) $ 115,137  $ 114,532  $ 99,783 
Less FDIC special assessment —  (652) — 
Less amortization on intangibles 1,400  1,380  855 
Less acquisition costs —  2,548  — 
Core noninterest expense (non-GAAP) $ 113,737  $ 111,256  $ 98,928 
Core efficiency ratio (non-GAAP) 60.2  % 58.3  % 58.8  %

49

Tangible Common Equity, Tangible Book Value per Common Share, and Tangible Common Equity to Tangible Assets Ratio
At
(in thousands, except per share data) March 31, 2026 December 31, 2025 March 31, 2025
Stockholders’ equity (GAAP) $ 2,022,204  $ 2,039,386  $ 1,868,073 
Less preferred stock 71,988  71,988  71,988 
Less goodwill 416,968  416,968  365,164 
Less intangible assets 19,525  21,175  7,628 
Tangible common equity (non-GAAP) $ 1,513,723  $ 1,529,255  $ 1,423,293 
Common stock outstanding 36,581  36,965  36,928 
Tangible book value per common share (non-GAAP) $ 41.38  $ 41.37  $ 38.54 
Total assets (GAAP) $ 17,227,828  $ 17,300,884  $ 15,676,594 
Less goodwill 416,968  416,968  365,164 
Less intangible assets 19,525  21,175  7,628 
Tangible assets (non-GAAP) $ 16,791,335  $ 16,862,741  $ 15,303,802 
Tangible common equity to tangible assets (non-GAAP) 9.01  % 9.07  % 9.30  %

ACL on Loans to Total Loans Adjusted for Guaranteed Loans
At
($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Total loans (GAAP) $ 11,692,780  $ 11,800,338  $ 11,298,763 
Less: Guaranteed loans, net 935,409  960,132  942,651 
Total adjusted loans (non-GAAP) $ 10,757,371  $ 10,840,206  $ 10,356,112 
ACL on loans $ 142,064  $ 140,022  $ 142,944 
ACL on loans to total loans 1.21  % 1.19  % 1.27  %
ACL on loans to total adjusted loans 1.32  % 1.29  % 1.38  %

Pre-Provision Net Revenue (PPNR)
Quarter ended
($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Net interest income (GAAP) $ 166,147  $ 168,174  $ 147,516 
Noninterest income (GAAP) 19,088  25,412  18,483 
FDIC special assessment —  (652) — 
Acquisition costs —  2,548  — 
Less net gain (loss) on sale of investment securities
 —  (57) 106 
Less net gain (loss) on OREO
 (295) 6,169  23 
Less noninterest expense (GAAP) 115,137  114,532  99,783 
PPNR (non-GAAP) $ 70,393  $ 74,838  $ 66,087 


50

Adjusted Return on Average Common Equity, Return on Average Tangible Common Equity (ROATCE) and Adjusted Return on Average Assets (ROAA)
Quarter ended
($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Average stockholder’s equity (GAAP) $ 2,076,504  $ 2,022,472  $ 1,863,272 
Less average preferred stock 71,988  71,988  71,988 
Less average goodwill 416,968  414,858  365,164 
Less average intangible assets 20,419  11,173  8,026 
Average tangible common equity (non-GAAP) $ 1,567,129  $ 1,524,453  $ 1,418,094 
Net income (GAAP) $ 49,362  $ 54,794  $ 49,961 
FDIC special assessment (after tax) —  (488) — 
Acquisition costs (after tax) —  1,742  — 
Less net gain (loss) on sale of investment securities (after tax)
 —  (43) 80 
Less net gain (loss) on OREO (after tax)
 (221) 4,621  17 
Net income adjusted (non-GAAP) $ 49,583  $ 51,470  $ 49,864 
Less preferred stock dividends 938  937  938 
Net income available to common stockholders adjusted (non-GAAP) $ 48,645  $ 50,533  $ 48,926 
Return on average common equity (GAAP) 9.80  % 10.95  % 11.10  %
Adjusted return on average common equity (non-GAAP) 9.84  % 10.28  % 11.08  %
ROATCE (non-GAAP) 12.53  % 14.02  % 14.02  %
Adjusted ROATCE (non-GAAP) 12.59  % 13.15  % 13.99  %
Average assets $ 17,311,103  $ 17,099,429  $ 15,642,999 
Return on average assets (GAAP) 1.16  % 1.27  % 1.30  %
Adjusted return on average assets (non-GAAP) 1.16  % 1.19  % 1.29  %


ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The disclosures set forth in this item are qualified by the cautionary language regarding forward-looking statements in the introduction to Item 2 of Part I of this Quarterly Report on Form 10-Q and other cautionary statements set forth elsewhere in this report.

Interest Rate Risk 
Our interest rate risk management practices are aimed at optimizing net interest income, while guarding against deterioration that could be caused by certain interest rate scenarios. Interest rate sensitivity varies with different types of interest-earning assets and interest-bearing liabilities. We attempt to maintain interest-earning assets, comprised primarily of both loans and investments, and interest-bearing liabilities, comprised primarily of deposits, maturing or repricing in similar time horizons in order to manage any impact from market interest rate changes according to our risk tolerances. The Company uses a simulation model to measure the sensitivity to changing rates on earnings.

The Company determines the sensitivity of its short-term future earnings to a hypothetical plus or minus 100 to 300 basis point parallel rate shock through the use of simulation modeling. The simulation includes the modeling of the balance sheet as an ongoing entity. Future business assumptions involving administered rate products, prepayments for future rate-sensitive balances, and the reinvestment of maturing assets and liabilities are included. These items are then modeled to project net interest income based on a hypothetical change in interest rates. The resulting net interest income for the next 12-month period is compared to the baseline amounts calculated using flat rates. The difference represents the Company’s sensitivity to a positive or negative 100 basis points parallel rate shock.
51


The following table summarizes the expected impact of interest rate shocks on net interest income at March 31, 2026:
Rate Shock Annual % change
in net interest income
+ 300 bp 10.2%
+ 200 bp 7.0%
+ 100 bp 3.6%
 - 100 bp (3.5)%
 - 200 bp (6.7)%
 - 300 bp (9.5)%
The Company occasionally uses interest rate derivative instruments as an asset/liability management tool to hedge mismatches in interest rate exposure indicated by the net interest income simulation described above. They are used to modify the Company’s exposures to interest rate fluctuations and provide more stable spreads between loan yields and the rate on their funding sources. At March 31, 2026, the Company had derivative contracts to manage interest rate risk, including $400.0 million in notional value on derivatives to hedge the cash flows on floating rate loans. Derivative financial instruments are also discussed in “Item 1. Note 6 – Derivative Financial Instruments.”

The Company had $7.3 billion in variable rate loans at March 31, 2026. Of these loans, $4.9 billion have an interest rate floor and nearly all of those loans were at or above the floor. Variable rate loans include $2.9 billion indexed to the prime rate, $3.6 billion indexed to SOFR, and $862.0 million indexed to other rates.

At March 31, 2026, the Company’s available-for-sale and held-to-maturity investment securities totaled $2.8 billion and $1.1 billion, respectively. These portfolios consist primarily of fixed-rate securities that are subject to changes in market value due to changes in interest rates. At March 31, 2026, net unrealized losses were $116.7 million and $52.2 million on the available-for-sale and held-to-maturity investment portfolios, respectively.

ITEM 4: CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of the Company’s Chief Executive Officer (the “CEO”) and the Chief Financial Officer (the “CFO”), management has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15, as of March 31, 2026. Disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Based on that evaluation, the CEO and CFO concluded the Company’s disclosure controls and procedures were effective as of March 31, 2026 to provide reasonable assurance of the achievement of the objectives described above.

Changes to Internal Controls
There were no changes during the period covered by this Quarterly Report on Form 10-Q in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, those controls.

PART II - OTHER INFORMATION

52

ITEM 1: LEGAL PROCEEDINGS

The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Management believes there are no such legal proceedings pending or threatened against the Company or its subsidiaries in the ordinary course of business, directly, indirectly, or in the aggregate that, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries.

ITEM 1A: RISK FACTORS

For information regarding risk factors affecting the Company, please see the cautionary language regarding forward-looking statements in the introduction to Item 2 of Part I of this Quarterly Report on Form 10-Q, and Part I, Item 1A of our Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Period Total number of shares purchased Weighted-average price paid per share Total number of shares purchased as part of publicly announced plans or programs (a) Maximum number of shares that may yet be purchased under the plans or programs (a)
January 1, 2026 through January 31, 2026 —  $ —  —  1,114,483 
February 1, 2026 through February 28, 2026 183,000  60.34  183,000  931,483 
March 1, 2026 through March 31, 2026 300,000  53.57  300,000  631,483 
Total 483,000  $ 56.13  483,000  631,483 
(a) In May 2022, the Company’s Board of Directors authorized the repurchase of up to two million shares of the Company’s common stock. The repurchases may be made from time to time in the open market or through privately negotiated transactions.

ITEM 3: DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4: MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5: OTHER INFORMATION

During the quarter ended March 31, 2026, no officer or director of the company adopted or terminated any contract, instruction, or written plan for the purchase or sale of securities of the company’s common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement as defined in 17 CFR § 229.408(c).


53

ITEM 6: EXHIBITS

Exhibit No.    Description

3.1    Certificate of Incorporation of Registrant, (incorporated herein by reference to Exhibit 3.1 of Registrant's Registration Statement on Form S-1 filed on December 16, 1996 (File No. 333-14737)).

3.2    Amendment to the Certificate of Incorporation of Registrant (incorporated herein by reference to Exhibit 4.2 to Registrant's Registration Statement on Form S-8 filed on July 1, 1999 (File No. 333-82087)).

3.3    Amendment to the Certificate of Incorporation of Registrant (incorporated herein by reference to Exhibit 3.1 to Registrant's Quarterly Report on Form 10-Q for the period ended September 30, 1999 filed on November 12, 1999 (File No. 001-15373)).

3.4    Amendment to the Certificate of Incorporation of Registrant (incorporated herein by reference to Exhibit 99.2 to Registrant's Current Report on Form 8-K filed on April 30, 2002 (File No. 001-15373)).

3.5    Amendment to the Certificate of Incorporation of Registrant (incorporated herein by reference to Appendix A to Registrant's Definitive Proxy Statement on Schedule 14A filed on November 20, 2008 (File No. 001-15373)).

3.6    Amendment to the Certificate of Incorporation of Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended June 30, 2014 filed on July 29, 2014 (File No. 001-15373)).

3.7    Amendment to the Certificate of Incorporation of Registrant (incorporated herein by reference to Exhibit 3.8 to Registrant’s Quarterly Report on Form 10-Q for the period ended June 30, 2019 filed on July 26, 2019 (File No. 001-15373)).

3.8    Amendment to the Certificate of Incorporation of Registrant (incorporated herein by reference to Appendix C to Registrant’s Registration Statement on Form S-4/A filed on June 2, 2021 (File No. 333-256265)).

3.9    Certificate of Designations of Registrant for Fixed Rate Cumulative Perpetual Preferred Stock, Series A, dated December 17, 2008 (incorporated herein by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on December 23, 2008 (File No. 001-15373)).

3.10    Certificate of Elimination of Registrant’s Certificate of Designation, Preferences, and Rights of the Fixed Rate Cumulative Perpetual Preferred Stock, Series A, dated November 9, 2021 (incorporated herein by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K filed on November 9, 2021 (File No. 001-15373)).

3.11    Certificate of Designation of Registrant of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, dated November 16, 2021 (incorporated herein by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K filed on November 17, 2021 (File No. 001-15373)).

3.12     Amended and Restated Bylaws of Registrant (incorporated herein by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on June 12, 2015 (File No. 001-15373)).

54

4.1    Long-term borrowing instruments are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Company undertakes to furnish copies of such instruments to the Securities and Exchange Commission upon request.

*31.1    Chief Executive Officer’s Certification required by Rule 13(a)-14(a).

*31.2    Chief Financial Officer’s Certification required by Rule 13(a)-14(a).

**32.1    Chief Executive Officer Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to section § 906 of the Sarbanes-Oxley Act of 2002.

**32.2    Chief Financial Officer Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to section § 906 of the Sarbanes-Oxley Act of 2002.

101.INS    XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH    Inline XBRL Taxonomy Extension Schema Document.

101.CAL    Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB    Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE    Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF    Inline XBRL Taxonomy Extension Definitions Linkbase Document.

104    The cover page of Enterprise Financial Services Corp’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL (contained in Exhibit 101).

* Filed herewith
** Furnished herewith. Notwithstanding any incorporation of this Quarterly Statement on Form 10-Q in any other filing by the Registrant, Exhibits furnished herewith and designated with two (**) shall not be deemed incorporated by reference to any other filing unless specifically otherwise set forth herein or therein.
55


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Clayton, State of Missouri, on the day of May 1, 2026.
 
ENTERPRISE FINANCIAL SERVICES CORP
   
  By: /s/ James B. Lally  
James B. Lally
Chief Executive Officer
   
  By:  /s/ Keene S. Turner  
Keene S. Turner
Chief Financial and Operating Officer


56
EX-31.1 2 a2026331-ex311.htm EX-31.1 Document

EXHIBIT 31.1
 
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
 
I, James B. Lally, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Enterprise Financial Services Corp;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 

By: /s/ James B. Lally Date: May 1, 2026
James B. Lally  
Chief Executive Officer  

EX-31.2 3 a2026331-ex312.htm EX-31.2 Document

EXHIBIT 31.2
 
CERTIFICATION OF CHIEF FINANCIAL OFFICER
 
I, Keene S. Turner, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Enterprise Financial Services Corp;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have;

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 
By:   /s/ Keene S. Turner Date: May 1, 2026
Keene S. Turner  
Chief Financial Officer  

EX-32.1 4 a2026331-ex321.htm EX-32.1 Document

EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report of Enterprise Financial Services Corp (the “Company”) on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission (the “Report”), I, James B. Lally, Chief Executive Officer of the Company, certify to the best of my knowledge and belief, pursuant to 18 U.S.C. § 1350, as enacted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ James B. Lally
James B. Lally
Chief Executive Officer
May 1, 2026
EX-32.2 5 a2026331-ex322.htm EX-32.2 Document

EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report of Enterprise Financial Services Corp (the “Company”) on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission (the “Report”), I, Keene S. Turner, Chief Financial Officer of the Company, certify to the best of my knowledge and belief, pursuant to 18 U.S.C. § 1350, as enacted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ Keene S. Turner
Keene S. Turner
Chief Financial Officer
May 1, 2026