Form 8-K

8-K — ENTERPRISE FINANCIAL SERVICES CORP

Accession: 0001025835-26-000092

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0001025835

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — efsc-20260422.htm (Primary)

EX-99.1 — EARNINGS RELEASE (ex991financialstatementsan.htm)

EX-99.2 — WEBCAST SLIDES (q12026efscearningsreleas.htm)

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8-K

8-K (Primary)

Filename: efsc-20260422.htm · Sequence: 1

efsc-20260422

0001025835FALSE150 N. Meramec AvenueSt. LouisMissouri6310500010258352026-04-222026-04-220001025835us-gaap:CommonStockMember2026-04-222026-04-220001025835efsc:DepositarySharesMember2026-04-222026-04-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

April 22, 2026

ENTERPRISE FINANCIAL SERVICES CORP

(Exact name of registrant as specified in its charter)

Delaware

001-15373

43-1706259

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

150 N. Meramec Avenue, St. Louis, Missouri

(Address of principal executive offices)

63105

(Zip Code)

Registrant's telephone number, including area code

(314) 725-5500

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 22, 2026, Enterprise Financial Services Corp (the "Company" or "EFSC") issued a press release announcing financial information for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

On April 23, 2026, at 10:00 a.m. Central time, the Company intends to hold a webcast to present information on its results of operations for the quarter ended March 31, 2026. The slide presentation which will accompany the webcast is furnished as Exhibit 99.2 and is incorporated herein by reference.

The press release, slide presentation and information contained therein and in this Item 2.02 shall not be deemed “filed” with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit Number Description

99.1

Press Release dated April 22, 2026.

99.2

Presentation to be conducted April 23, 2026.

104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ENTERPRISE FINANCIAL SERVICES CORP

Date: April 22, 2026 By: /s/ Troy R. Dumlao

Troy R. Dumlao

Executive Vice President and Chief Accounting Officer

EX-99.1 — EARNINGS RELEASE

EX-99.1

Filename: ex991financialstatementsan.htm · Sequence: 2

Document

EXHIBIT 99.1

ENTERPRISE FINANCIAL SERVICES CORP REPORTS FIRST QUARTER 2026 RESULTS

First Quarter Results

•Net income of $49.4 million, or $1.30 per diluted common share, compared to $1.45 in the linked quarter and $1.31 in the prior year quarter

•Net interest margin (“NIM”) of 4.28%, quarterly increase of two basis points

•Net interest income of $166.1 million, quarterly decrease of $2.0 million

•Total loans of $11.7 billion, quarterly decrease of $107.6 million

•Total deposits of $14.5 billion, quarterly decrease of $84.9 million

•Return on average assets (“ROAA”) of 1.16% in the current quarter, compared to 1.27% in the linked quarter and 1.30% in the prior year quarter

•Return on average tangible common equity (“ROATCE”)1 of 12.53%, compared to 14.02% in both the linked and prior year quarters, respectively

•Tangible common equity to tangible assets1 of 9.01%, a decrease of six basis points and 29 basis points from the linked and prior year quarters, respectively

•Tangible book value per common share1 of $41.38, stable compared to the linked quarter and an increase of 7% from the prior year quarter

•Returned $27.3 million to stockholders through the repurchase of 483,000 shares and $12.2 million through common stock dividends

•Increased quarterly dividend $0.01 to $0.34 per common share for the second quarter 2026

St. Louis, MO. April 22, 2026 – Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company” or “EFSC”) today announced financial results for the first quarter of 2026. “Our first quarter results demonstrated a stable net interest margin, improved credit quality, along with a strong balance sheet,” said Jim Lally, President and Chief Executive Officer. “With a 1.16% return on average assets, we continued to return capital to stockholders through an increased dividend and share repurchases. These fundamentally sound results represent a solid start to 2026, even accounting for seasonal loan and deposit trends. Given our capital strength and diversified model, we remain optimistic about the opportunities ahead in our markets.”

Comparisons to the prior year quarter are impacted by the acquisition of 12 branches in Arizona and Kansas in the fourth quarter 2025 (the “Branch Acquisition”).

Highlights

•Earnings - Net income in the first quarter 2026 was $49.4 million, a decrease of $5.4 million and $0.6 million compared to the linked and prior year quarters, respectively. Earnings per diluted common share for the first quarter 2026 was $1.30, compared to $1.45 and $1.31 for the linked and prior year quarters, respectively. Adjusted diluted earnings per share1 was $1.31 in the current and prior year quarters, respectively, and $1.36 in the linked quarter.

1 ROATCE, tangible common equity to tangible assets, tangible book value per common share, and adjusted diluted earnings per share are non-GAAP measures. Please refer to discussion and reconciliation of these measures in the accompanying financial tables.

•Pre-provision net revenue (“PPNR”)2 - PPNR of $70.4 million in the first quarter 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 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. The total cost of deposits of 1.52% for the first quarter 2026 decreased 12 and 31 basis points from the linked and prior year quarters, respectively.

•Noninterest income - Noninterest income of $19.1 million for the first quarter 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 other real estate owned (“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 Small Business Administration (“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 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.

•Loans - Loans totaled $11.7 billion at March 31, 2026, a decrease of $107.6 million from the linked quarter and an increase of $394.0 million from the prior year quarter. Average loans totaled $11.8 billion for the current and linked quarters, respectively, and $11.2 billion for the prior year quarter.

•Asset quality - The allowance for credit losses to total loans was 1.21% at March 31, 2026, compared to 1.19% at December 31, 2025 and 1.27% at March 31, 2025. The provision for credit losses in the first quarter 2026 was $7.2 million, compared to $9.2 million and $5.2 million for the linked and prior year quarters, respectively. The ratio of nonperforming assets to total assets was 0.87% at March 31, 2026, compared to 0.95% and 0.72% at December 31, 2025 and March 31, 2025, respectively.

•Deposits - Deposits totaled $14.5 billion at March 31, 2026, a decrease of $84.9 million and an increase of $1.5 billion from the linked and prior year quarters, respectively. Average deposits were $14.6 billion, $14.5 billion and $13.1 billion for the current, linked and prior year quarters, respectively. At March 31, 2026, noninterest-bearing deposit accounts totaled $4.8 billion, or 33% of total deposits, and the loan to deposit ratio was 81%.

2 PPNR is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

2

•Capital - Total stockholders’ equity was $2.0 billion and the tangible common equity to tangible assets ratio3 was 9.01% at March 31, 2026, compared to 9.07% at December 31, 2025. Enterprise Bank & Trust remains “well-capitalized,” with a common equity tier 1 ratio of 12.1% and a total risk-based capital ratio of 13.2% at March 31, 2026. The Company’s common equity tier 1 ratio and total risk-based capital ratio were 11.7% and 13.9%, respectively, 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.

3 Tangible common equity to tangible assets ratio is a non-GAAP measure. Please refer to discussion and reconciliation of this measure in the accompanying financial tables.

3

Net Interest Income and NIM

Average Balance Sheets

The following table presents, for the periods indicated, certain information related to the average interest-earning assets and interest-bearing liabilities, as well as the corresponding average interest rates earned and paid, all on a tax-equivalent basis.

Quarter ended

March 31, 2026 December 31, 2025 March 31, 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 and stockholders' equity $ 17,311,103  $ 17,099,429  $ 15,642,999

Total net interest income $ 169,467  $ 171,651  $ 149,991

Net interest margin 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 each of 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.

4

Net interest income of $166.1 million for the first quarter 2026 decreased $2.0 million and increased $18.6 million from the linked and prior year quarters, respectively. Net interest income on a tax equivalent basis was $169.5 million, $171.7 million and $150.0 million for the current, 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.

Interest income for the first quarter 2026 decreased $7.2 million and increased $13.3 million from the linked and prior year quarters, respectively. The decrease from the linked quarter was primarily due to a 13 basis point decrease in loan yields and 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. The average interest rate of new loan originations in the first quarter 2026 was 6.58%, a decrease of 17 basis points from the linked quarter. Investment purchases in the first quarter 2026 had a weighted average, tax equivalent yield of 4.51%. Compared to the prior year quarter, interest-earning assets increased $1.4 billion.

Interest expense in the first quarter 2026 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 first quarter 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 2026, an increase of two basis points and 13 basis points from the linked and prior year quarters, respectively. For the month of March 2026, the loan portfolio yield was 6.31% and the cost of total deposits was 1.50%.

Investments

At

March 31, 2026 December 31, 2025 March 31, 2025

($ in thousands) Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss Carrying Value Net Unrealized Loss

Available-for-sale (AFS) $ 2,773,667  $ (116,745) $ 2,655,035  $ (83,258) $ 1,990,068  $ (146,184)

Held-to-maturity (HTM) 1,055,495  (52,176) 1,074,957  (35,288) 1,034,282  (74,228)

Total $ 3,829,162  $ (168,921) $ 3,729,992  $ (118,546) $ 3,024,350  $ (220,412)

Investment securities totaled $3.8 billion at March 31, 2026, an increase of $99.2 million from the linked quarter. The tangible common equity to tangible assets ratio adjusted for unrealized losses on HTM securities4 was 8.78% at March 31, 2026, compared to 8.91% at December 31, 2025.

4 The tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables.

5

Loans

The following table presents total loans for the most recent five quarters:

At

($ in thousands) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

C&I $ 2,655,273  $ 2,606,472  $ 2,320,868  $ 2,316,609  $ 2,198,802

CRE investor owned 2,763,227  2,786,139  2,626,657  2,547,859  2,487,375

CRE owner occupied 1,452,350  1,404,704  1,296,902  1,281,572  1,292,162

SBA loans* 1,230,455  1,262,456  1,257,817  1,249,225  1,283,067

Sponsor finance* 661,946  694,905  774,142  771,280  784,017

Life insurance premium financing* 1,208,098  1,187,128  1,151,700  1,155,623  1,149,119

Tax credits* 702,080  802,818  780,767  708,401  677,434

Residential real estate 340,966  362,278  359,315  356,722  357,615

Construction and land development 621,988  633,803  784,218  773,122  800,985

Consumer** 56,397  59,635  230,723  248,427  268,187

Total loans $ 11,692,780  $ 11,800,338  $ 11,583,109  $ 11,408,840  $ 11,298,763

Quarterly loan yield 6.38  % 6.51  % 6.64  % 6.64  % 6.57  %

Loans by rate type (to total loans):

Fixed 37  % 40  % 41  % 40  % 39  %

Variable: 63  % 60  % 59  % 60  % 61  %

SOFR 32  % 30  % 29  % 29  % 29  %

Prime 24  % 23  % 23  % 24  % 24  %

Other 7  % 7  % 7  % 7  % 8  %

Variable rate loans to total loans, adjusted for interest rate hedges 59  % 56  % 55  % 56  % 56  %

*Specialty loan category

**Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted.

Loans totaled $11.7 billion at March 31, 2026, a decrease of $107.6 million compared to the linked quarter. Repayment activity outpaced loan production in the quarter with repayment activity of $921.1 million compared to loan volume of $813.5 million. Repayment activity was strongest in the tax credit and C&I portfolios in the current quarter. Loan sales of $25.4 million also mitigated growth in the SBA category during the current period. On a periodic basis, the Company will opportunistically sell SBA guaranteed loans. Average line utilization was approximately 45% for the current quarter, compared to 44% and 42% for the linked and prior year quarters, respectively.

6

Asset Quality

The following table presents the categories of nonperforming assets and related ratios for the most recent five quarters:

At

($ in thousands) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Nonperforming loans* $ 64,941  $ 82,809  $ 127,878  $ 105,807  $ 109,882

Other1

84,482  81,544  7,821  8,221  3,271

Nonperforming assets* $ 149,423  $ 164,353  $ 135,699  $ 114,028  $ 113,153

Nonperforming loans to total loans 0.56  % 0.70  % 1.10  % 0.93  % 0.97  %

Nonperforming assets to total assets 0.87  % 0.95  % 0.83  % 0.71  % 0.72  %

Allowance for credit losses $ 142,064  $ 140,022  $ 148,854  $ 145,133  $ 142,944

Allowance for credit losses to total loans 1.21  % 1.19  % 1.29  % 1.27  % 1.27  %

Allowance for credit losses to nonperforming loans* 218.8  % 169.1  % 116.4  % 137.2  % 130.1  %

Quarterly net charge-offs (recoveries)

$ 4,407  $ 20,674  $ 4,057  $ 630  $ (1,059)

*Guaranteed balances excluded $ 28,243  $ 28,903  $ 33,475  $ 26,536  $ 22,607

1OREO and repossessed assets

Nonperforming assets decreased $14.9 million and increased $36.3 million from the linked and prior year quarters, respectively. The decrease in nonperforming assets compared to the linked quarter is primarily due 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. The increase in nonperforming assets from the prior year quarter is primarily related to one commercial real estate loan totaling $22.6 million that went on nonaccrual in the fourth quarter 2025. Four properties in OREO at March 31, 2026 with a carrying value of $46 million are currently under contract to sell.

The provision for credit losses totaled $7.2 million in the first quarter 2026, compared to $9.2 million and $5.2 million in the linked and prior year quarters, respectively. The provision for credit losses in the first quarter 2026 was primarily related to net charge-offs and qualitative adjustments to recognize the broader macroeconomic risks to the loan portfolio from the conflict in Iran. Annualized net charge-offs totaled 15 basis points of average loans in the current quarter, compared to 70 basis points in the linked quarter and annualized net recoveries totaled 4 basis points of average loans in the prior year quarter.

7

Deposits

The following table presents deposits broken out by type for the most recent five quarters:

At

($ in thousands) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Noninterest-bearing demand accounts $ 4,828,375  $ 4,874,115  $ 4,386,513  $ 4,322,332  $ 4,285,061

Interest-bearing demand accounts 3,395,680  3,537,334  3,301,621  3,184,670  3,193,903

Money market and savings accounts 4,610,662  4,528,510  4,228,605  4,209,032  4,167,375

Brokered certificates of deposit 724,788  721,977  762,499  752,422  542,172

Other certificates of deposit 964,892  947,406  888,674  848,903  845,719

Total deposit portfolio $ 14,524,397  $ 14,609,342  $ 13,567,912  $ 13,317,359  $ 13,034,230

Noninterest-bearing deposits to total deposits 33.2  % 33.4  % 32.3  % 32.5  % 32.9  %

Quarterly cost of deposits 1.52  % 1.64  % 1.80  % 1.82  % 1.83  %

Total deposits at March 31, 2026 were $14.5 billion, a decrease of $84.9 million and an increase of $1.5 billion from the linked and prior year quarters, respectively. Average deposits for the three months ended March 31, 2026 were $14.6 billion, compared to $14.5 billion and $13.1 billion for the three months ended December 31, 2025 and March 31, 2025, respectively. Reciprocal deposits, which are placed through third party programs to provide FDIC insurance on larger deposit relationships, totaled $1.3 billion and $1.4 billion at March 31, 2026 and December 31, 2025, 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 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 was $19.1 million for the first quarter 2026, 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.

8

The following table presents a comparative summary of the major components of other income for the periods indicated:

Linked quarter comparison Prior year comparison

Quarter ended Quarter ended

($ in thousands) March 31,

2026 December 31,

2025 Increase (decrease) March 31,

2025 Increase (decrease)

BOLI $ 2,533  $ 1,925  $ 608  32  % $ 871  $ 1,662  191  %

Community development investments 1,067  922  145  16  % 707  360  51  %

Gain on SBA loan sales 1,414  —  1,414  —  % 1,895  (481) (25) %

Net gain (loss) on OREO

(295) 6,169  (6,464) (105) % 23  (318) (1,383) %

Private equity fund distributions 1,837  226  1,611  713  % 653  1,184  181  %

Servicing fees 448  517  (69) (13) % 555  (107) (19) %

Swap fees 97  159  (62) (39) % (2) 99  (4,950) %

Miscellaneous income 1,663  1,970  (307) (16) % 1,697  (34) (2) %

Total other income $ 8,764  $ 11,888  $ (3,124) (26) % $ 6,399  $ 2,365  37  %

The decrease in other income from the linked quarter was primarily due to a $6.2 million net gain on OREO in the linked quarter that did not reoccur, partially offset by a $1.6 million increase in private equity fund distributions, a $1.4 million gain on the sale of $25.4 million of guaranteed SBA loans, and the payout of a BOLI policy that increased BOLI income in the current quarter.

Compared to the prior year quarter, other income increased $2.4 million primarily driven by an increase of $1.7 million in BOLI income due to the purchase of additional life insurance policies, and to a lesser extent, the payout of a BOLI policy, as well as a $1.2 million increase in private equity fund distributions. 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 Quarter ended

($ in thousands) March 31,

2026 December 31,

2025 Increase (decrease) March 31,

2025 Increase (decrease)

Employee compensation and benefits $ 55,759  $ 50,149  $ 5,610  11  % $ 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  %

Acquisition costs —  2,548  (2,548) (100) % —  —  100  %

FDIC special assessment —  (652) 652  (100) % —  —  100  %

Other expense 27,480  29,252  (1,772) (6) % 23,322  4,158  18  %

Total noninterest expense $ 115,137  $ 114,532  $ 605  1  % $ 99,783  $ 15,354  15  %

9

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. For the first quarter 2026, the core efficiency ratio5 was 60.2%, compared to 58.3% for the linked quarter and 58.8% for the prior year quarter.

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.

Capital

The following table presents total equity and various capital ratios for the most recent five quarters:

At

($ in thousands) March 31, 2026* December 31,

2025 September 30, 2025 June 30, 2025 March 31,

2025

Stockholders’ equity $ 2,022,204  $ 2,039,386  $ 1,982,332  $ 1,922,899  $ 1,868,073

Total risk-based capital to risk-weighted assets 13.9  % 13.9  % 14.4  % 14.7  % 14.7  %

Tier 1 capital to risk weighted assets 12.9  % 12.8  % 13.3  % 13.2  % 13.1  %

Common equity tier 1 capital to risk-weighted assets 11.7  % 11.6  % 12.0  % 11.9  % 11.8  %

Leverage ratio 10.4  % 10.5  % 11.1  % 11.1  % 11.0  %

Tangible common equity to tangible assets5

9.01  % 9.07  % 9.60  % 9.42  % 9.30  %

*Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

Total equity was $2.0 billion at March 31, 2026, a decrease of $17.2 million and an increase of $154.1 million from the linked and prior year quarters, respectively. Tangible book value per common share5 was $41.38 at March 31, 2026, compared to $41.37 and $38.54 at December 31, 2025 and March 31, 2025, respectively. The Company repurchased 483,000 shares at an average price of $56.13 in the first quarter 2026. The Company has 631,483 shares remaining under a Board-approved stock repurchase plan.

The Company’s regulatory capital ratios continue to exceed the “well-capitalized” regulatory benchmark. Capital ratios for the current quarter are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

5 Core efficiency ratio, tangible common equity to tangible assets, and tangible book value per common share are non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables.

10

Use of Non-GAAP Financial Measures

The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, adjusted return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA, and adjusted diluted earnings per share, in this release 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.

The Company considers its tangible common equity, PPNR, ROATCE, adjusted ROATCE, core efficiency ratio, tangible common equity to tangible assets ratio, tangible common equity to tangible assets ratio adjusted for unrealized losses on held-to-maturity securities, tangible book value per common share, return on average common equity, adjusted return on average common equity, allowance for credit losses to total loans excluding guaranteed loans, adjusted ROAA and adjusted diluted earnings per share, collectively “core performance measures,” presented in this earnings release 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, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, the net gain or loss on OREO and the net gain or loss on sales 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 to tangible assets 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.

Conference Call and Webcast Information

The Company will host a conference call and webcast at 10:00 a.m. Central Time on Thursday, April 23, 2026. During the call, management will review the first quarter 2026 results and related matters. This press release as well as a related slide presentation will be accessible via the “Investor Relations” page of the Company’s website, https://investor.enterprisebank.com/events-and-presentations, prior to the scheduled broadcast of the conference call. The call can be accessed via this same website page, or via telephone at 1-888-500-3691. After connecting, you may say the name of the conference or enter the Conference ID 78356. We encourage participants to pre-register for the conference call using the following link: https://bit.ly/EFSC1Q2026EarningsCallRegistration. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. A recorded replay of the conference call will be available on the website after the call’s completion. The replay will be available for at least two weeks following the conference call.

11

About Enterprise Financial Services Corp

Enterprise Financial Services Corp (Nasdaq: EFSC), with approximately $17.2 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust, a Missouri state-chartered trust company with banking powers and a wholly-owned subsidiary of EFSC, operates branch offices in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit production offices throughout the country. Enterprise Bank & Trust offers a range of business and personal banking services and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at www.enterprisebank.com.

Enterprise Financial Services Corp’s common stock is traded on the Nasdaq Global Select Market under the symbol “EFSC.” Please visit our website at www.enterprisebank.com to see our regularly posted material information.

Forward-looking Statements

Readers should note that, in addition to the historical information contained herein, this press release contains “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, stockholder value creation and the impact of acquisitions.

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma”, “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. 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 customers 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, changes in business prospects that could impact goodwill estimates and assumptions, 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 (including 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, or other health emergencies 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 those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025,

12

and the Company’s other filings with the SEC. 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.

For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made.

For more information contact

Investor Relations: Keene Turner, Senior Executive Vice President, CFO and COO (314) 512-7233

Dakota Danescu, Senior Investor Relations Analyst (314) 810-3623

Media: Steve Richardson, Senior Vice President, Corporate Communications (314) 995-5695

13

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited)

Quarter ended

(in thousands, except per share data) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

EARNINGS SUMMARY

Net interest income $ 166,147  $ 168,174  $ 158,286  $ 152,762  $ 147,516

Provision for credit losses 7,243  9,236  8,447  3,470  5,184

Noninterest income 19,088  25,412  48,624  20,604  18,483

Noninterest expense 115,137  114,532  109,790  105,702  99,783

Income before income tax expense 62,855  69,818  88,673  64,194  61,032

Income tax expense 13,493  15,024  43,438  12,810  11,071

Net income 49,362  54,794  45,235  51,384  49,961

Preferred stock dividends 938  937  938  937  938

Net income available to common stockholders $ 48,424  $ 53,857  $ 44,297  $ 50,447  $ 49,023

Diluted earnings per common share $ 1.30  $ 1.45  $ 1.19  $ 1.36  $ 1.31

Adjusted diluted earnings per common share1

1.31  1.36  1.20  1.37  1.31

Return on average assets 1.16  % 1.27  % 1.11  % 1.30  % 1.30  %

Adjusted return on average assets1

1.16  % 1.19  % 1.12  % 1.31  % 1.29  %

Return on average common equity1

9.80  % 10.95  % 9.29  % 11.03  % 11.10  %

Adjusted return on average common equity1

9.84  % 10.28  % 9.40  % 11.12  % 11.08  %

ROATCE1

12.53  % 14.02  % 11.56  % 13.84  % 14.02  %

Adjusted ROATCE1

12.59  % 13.15  % 11.70  % 13.96  % 13.99  %

Net interest margin (tax equivalent) 4.28  % 4.26  % 4.23  % 4.21  % 4.15  %

Efficiency ratio 62.2  % 59.2  % 53.1  % 61.0  % 60.1  %

Core efficiency ratio1

60.2  % 58.3  % 61.0  % 59.3  % 58.8  %

Assets $ 17,227,828  $ 17,300,884  $ 16,402,405  $ 16,076,299  $ 15,676,594

Average assets $ 17,311,103  $ 17,099,429  $ 16,178,088  $ 15,859,721  $ 15,642,999

Period end common shares outstanding 36,581  36,965  37,011  36,950  36,928

Dividends per common share $ 0.33  $ 0.32  $ 0.31  $ 0.30  $ 0.29

Tangible book value per common share1

$ 41.38  $ 41.37  $ 41.58  $ 40.02  $ 38.54

Tangible common equity to tangible assets1

9.01  % 9.07  % 9.60  % 9.42  % 9.30  %

Total risk-based capital to risk-weighted assets2

13.9  % 13.9  % 14.4  % 14.7  % 14.7  %

1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.

2 Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

14

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Quarter ended

(in thousands, except per share data) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

INCOME STATEMENTS

NET INTEREST INCOME

Interest income $ 225,091  $ 232,273  $ 225,390  $ 218,967  $ 211,780

Interest expense 58,944  64,099  67,104  66,205  64,264

Net interest income 166,147  168,174  158,286  152,762  147,516

Provision for credit losses 7,243  9,236  8,447  3,470  5,184

Net interest income after provision for credit losses 158,904  158,938  149,839  149,292  142,332

NONINTEREST INCOME

Deposit service charges 5,256  5,081  4,935  4,940  4,420

Wealth management revenue 2,712  2,642  2,571  2,584  2,659

Card services revenue 2,535  2,621  2,535  2,444  2,395

Tax credit income (loss)

(179) 3,180  (300) 2,207  2,610

Insurance recoveries1

—  —  32,112  —  —

Other income 8,764  11,888  6,771  8,429  6,399

Total noninterest income 19,088  25,412  48,624  20,604  18,483

NONINTEREST EXPENSE

Employee compensation and benefits 55,759  50,149  49,640  50,164  48,208

Deposit costs 25,996  27,471  27,172  24,765  23,823

Occupancy 5,902  5,764  4,895  5,065  4,430

FDIC special assessment —  (652) —  —  —

Acquisition costs —  2,548  609  518  —

Other expense 27,480  29,252  27,474  25,190  23,322

Total noninterest expense 115,137  114,532  109,790  105,702  99,783

Income before income tax expense 62,855  69,818  88,673  64,194  61,032

Income tax expense 13,493  15,024  11,326  12,810  11,071

Tax credit recapture and provision for anticipated tax applied to related insurance recoveries2

—  —  32,112  —  —

Total income tax expense 13,493  15,024  43,438  12,810  11,071

Net income $ 49,362  $ 54,794  $ 45,235  $ 51,384  $ 49,961

Preferred stock dividends 938  937  938  937  938

Net income available to common stockholders $ 48,424  $ 53,857  $ 44,297  $ 50,447  $ 49,023

Basic earnings per common share $ 1.31  $ 1.46  $ 1.20  $ 1.36  $ 1.33

Diluted earnings per common share $ 1.30  $ 1.45  $ 1.19  $ 1.36  $ 1.31

1 Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.

2 Represents recapture of $24.1 million solar tax credit and approximately $8.0 million of estimated tax liability related to anticipated proceeds from pending insurance claim related to a third quarter 2025 recapture event.

15

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

At

($ in thousands) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

BALANCE SHEET

ASSETS

Cash and due from banks $ 258,542  $ 208,080  $ 208,455  $ 252,817  $ 260,280

Interest-earning deposits 376,824  474,720  264,399  239,602  222,780

Debt and equity investments 3,911,106  3,810,876  3,527,467  3,384,347  3,108,763

Loans held for sale 418  928  681  586  —

Loans 11,692,780  11,800,338  11,583,109  11,408,840  11,298,763

Allowance for credit losses (142,064) (140,022) (148,854) (145,133) (142,944)

Total loans, net 11,550,716  11,660,316  11,434,255  11,263,707  11,155,819

Fixed assets, net 57,956  58,993  49,248  48,639  48,083

Goodwill 416,968  416,968  365,164  365,164  365,164

Intangible assets, net 19,525  21,175  6,140  6,876  7,628

Other assets 635,773  648,828  546,596  514,561  508,077

Total assets $ 17,227,828  $ 17,300,884  $ 16,402,405  $ 16,076,299  $ 15,676,594

LIABILITIES AND STOCKHOLDERS’ EQUITY

Noninterest-bearing deposits $ 4,828,375  $ 4,874,115  $ 4,386,513  $ 4,322,332  $ 4,285,061

Interest-bearing deposits 9,696,022  9,735,227  9,181,399  8,995,027  8,749,169

Total deposits 14,524,397  14,609,342  13,567,912  13,317,359  13,034,230

Subordinated debentures and notes 93,759  93,688  93,617  156,796  156,695

FHLB advances —  —  327,000  294,000  205,000

Other borrowings 319,345  387,717  247,006  210,641  255,635

Other liabilities 268,123  170,751  184,538  174,604  156,961

Total liabilities 15,205,624  15,261,498  14,420,073  14,153,400  13,808,521

Stockholders’ equity:

Preferred stock 71,988  71,988  71,988  71,988  71,988

Common stock 366  370  370  369  369

Additional paid-in capital 990,394  1,000,775  997,446  991,663  988,554

Retained earnings 1,041,038  1,020,840  980,548  947,864  908,553

Accumulated other comprehensive loss (81,582) (54,587) (68,020) (88,985) (101,391)

Total stockholders’ equity 2,022,204  2,039,386  1,982,332  1,922,899  1,868,073

Total liabilities and stockholders’ equity $ 17,227,828  $ 17,300,884  $ 16,402,405  $ 16,076,299  $ 15,676,594

16

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

At or for the quarter ended

($ in thousands) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

LOAN PORTFOLIO

Commercial and industrial $ 5,168,533  $ 5,231,616  $ 4,943,561  $ 4,870,268  $ 4,729,707

Commercial real estate 5,453,966  5,453,821  5,178,649  5,074,100  5,046,293

Construction real estate 667,703  687,584  858,146  844,497  880,708

Residential real estate 346,181  367,682  365,010  364,281  366,353

Consumer 56,397  59,635  237,743  255,694  275,702

Total loans $ 11,692,780  $ 11,800,338  $ 11,583,109  $ 11,408,840  $ 11,298,763

DEPOSIT PORTFOLIO

Noninterest-bearing demand accounts $ 4,828,375  $ 4,874,115  $ 4,386,513  $ 4,322,332  $ 4,285,061

Interest-bearing demand accounts 3,395,680  3,537,334  3,301,621  3,184,670  3,193,903

Money market and savings accounts 4,610,662  4,528,510  4,228,605  4,209,032  4,167,375

Brokered certificates of deposit 724,788  721,977  762,499  752,422  542,172

Other certificates of deposit 964,892  947,406  888,674  848,903  845,719

Total deposits $ 14,524,397  $ 14,609,342  $ 13,567,912  $ 13,317,359  $ 13,034,230

AVERAGE BALANCES

Loans $ 11,777,727  $ 11,794,459  $ 11,454,183  $ 11,358,209  $ 11,240,806

Securities 3,782,844  3,623,965  3,353,305  3,149,010  2,930,912

Interest-earning assets 16,065,112  15,971,267  15,135,880  14,822,957  14,650,854

Assets 17,311,103  17,099,429  16,178,088  15,859,721  15,642,999

Deposits 14,609,433  14,537,381  13,604,302  13,245,241  13,141,556

Stockholders’ equity 2,076,504  2,022,472  1,964,126  1,906,089  1,863,272

Tangible common equity1

1,567,129  1,524,453  1,520,476  1,461,700  1,418,094

YIELDS (tax equivalent)

Loans 6.38  % 6.51  % 6.64  % 6.64  % 6.57  %

Securities 4.13  4.02  3.93  3.86  3.75

Interest-earning assets 5.77  5.86  5.99  6.00  5.93

Interest-bearing deposits 2.31  2.46  2.67  2.70  2.77

Deposits 1.52  1.64  1.80  1.82  1.83

Subordinated debentures and notes 6.59  6.61  7.78  7.00  6.63

FHLB advances and other borrowed funds 2.92  3.27  3.47  3.48  3.01

Interest-bearing liabilities 2.37  2.52  2.77  2.81  2.84

Net interest margin 4.28  4.26  4.23  4.21  4.15

1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.

17

ENTERPRISE FINANCIAL SERVICES CORP

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

Quarter ended

(in thousands, except per share data) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

ASSET QUALITY

Net charge-offs (recoveries)

$ 4,407  $ 20,674  $ 4,057  $ 630  $ (1,059)

Nonperforming loans 64,941  82,809  127,878  105,807  109,882

Classified assets 430,288  410,485  352,792  281,162  264,460

Nonperforming loans to total loans 0.56  % 0.70  % 1.10  % 0.93  % 0.97  %

Nonperforming assets to total assets 0.87  % 0.95  % 0.83  % 0.71  % 0.72  %

Allowance for credit losses to total loans 1.21  % 1.19  % 1.29  % 1.27  % 1.27  %

Allowance for credit losses to total loans, excluding guaranteed loans1

1.32  % 1.29  % 1.40  % 1.38  % 1.38  %

Allowance for credit losses to nonperforming loans 218.8  % 169.1  % 116.4  % 137.2  % 130.1  %

Net charge-offs (recoveries) to average loans - annualized

0.15  % 0.70  % 0.14  % 0.02  % (0.04) %

WEALTH MANAGEMENT

Trust assets under management $ 2,882,919  $ 2,750,803  $ 2,566,784  $ 2,457,471  $ 2,250,004

SHARE DATA

Book value per common share $ 53.31  $ 53.22  $ 51.62  $ 50.09  $ 48.64

Tangible book value per common share1

$ 41.38  $ 41.37  $ 41.58  $ 40.02  $ 38.54

Market value per share $ 54.11  $ 54.00  $ 57.98  $ 55.10  $ 53.74

Period end common shares outstanding 36,581  36,965  37,011  36,950  36,928

Average basic common shares 36,907  36,997  37,015  36,963  36,971

Average diluted common shares 37,152  37,265  37,333  37,172  37,287

CAPITAL

Total risk-based capital to risk-weighted assets2

13.9  % 13.9  % 14.4  % 14.7  % 14.7  %

Tier 1 capital to risk-weighted assets2

12.9  % 12.8  % 13.3  % 13.2  % 13.1  %

Common equity tier 1 capital to risk-weighted assets2

11.7  % 11.6  % 12.0  % 11.9  % 11.8  %

Tangible common equity to tangible assets1

9.01  % 9.07  % 9.60  % 9.42  % 9.30  %

1 Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.

2 Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review.

18

ENTERPRISE FINANCIAL SERVICES CORP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Quarter ended

($ in thousands) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

CORE EFFICIENCY RATIO

Net interest income (GAAP) $ 166,147  $ 168,174  $ 158,286  $ 152,762  $ 147,516

Tax-equivalent adjustment 3,320  3,477  3,045  2,738  2,475

Noninterest income (GAAP) 19,088  25,412  48,624  20,604  18,483

Less insurance recoveries1

—  —  32,112  —  —

Less net gain (loss) on sale of investment securities

—  (57) —  —  106

Less net gain (loss) on OREO

(295) 6,169  7  56  23

Core revenue (non-GAAP) $ 188,850  $ 190,951  $ 177,836  $ 176,048  $ 168,345

Noninterest expense (GAAP) $ 115,137  $ 114,532  $ 109,790  $ 105,702  $ 99,783

Less FDIC special assessment —  (652) —  —  —

Less amortization on intangibles 1,400  1,380  736  753  855

Less acquisition costs —  2,548  609  518  —

Core noninterest expense (non-GAAP) $ 113,737  $ 111,256  $ 108,445  $ 104,431  $ 98,928

Core efficiency ratio (non-GAAP) 60.2  % 58.3  % 61.0  % 59.3  % 58.8  %

1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.

Quarter ended

(in thousands, except per share data) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER COMMON SHARE AND TANGIBLE COMMON EQUITY RATIO

Stockholders’ equity (GAAP) $ 2,022,204  $ 2,039,386  $ 1,982,332  $ 1,922,899  $ 1,868,073

Less preferred stock 71,988  71,988  71,988  71,988  71,988

Less goodwill 416,968  416,968  365,164  365,164  365,164

Less intangible assets 19,525  21,175  6,140  6,876  7,628

Tangible common equity (non-GAAP) $ 1,513,723  $ 1,529,255  $ 1,539,040  $ 1,478,871  $ 1,423,293

Less net unrealized losses on HTM securities, after tax 39,080  26,431  37,341  56,508  55,819

Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) $ 1,474,643  $ 1,502,824  $ 1,501,699  $ 1,422,363  $ 1,367,474

Common shares outstanding 36,581  36,965  37,011  36,950  36,928

Tangible book value per common share (non-GAAP) $ 41.38  $ 41.37  $ 41.58  $ 40.02  $ 38.54

Total assets (GAAP) $ 17,227,828  $ 17,300,884  $ 16,402,405  $ 16,076,299  $ 15,676,594

Less goodwill 416,968  416,968  365,164  365,164  365,164

Less intangible assets 19,525  21,175  6,140  6,876  7,628

Tangible assets (non-GAAP) $ 16,791,335  $ 16,862,741  $ 16,031,101  $ 15,704,259  $ 15,303,802

Tangible common equity to tangible assets (non-GAAP) 9.01  % 9.07  % 9.60  % 9.42  % 9.30  %

Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) 8.78  % 8.91  % 9.37  % 9.06  % 8.94  %

19

Quarter ended

($ in thousands) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE), RETURN ON AVERAGE ASSETS (ROAA) AND DILUTED EARNINGS PER SHARE

Average stockholder’s equity (GAAP) $ 2,076,504  $ 2,022,472  $ 1,964,126  $ 1,906,089  $ 1,863,272

Less average preferred stock 71,988  71,988  71,988  71,988  71,988

Less average goodwill 416,968  414,858  365,164  365,164  365,164

Less average intangible assets 20,419  11,173  6,498  7,237  8,026

Average tangible common equity (non-GAAP) $ 1,567,129  $ 1,524,453  $ 1,520,476  $ 1,461,700  $ 1,418,094

Net income (GAAP) $ 49,362  $ 54,794  $ 45,235  $ 51,384  $ 49,961

FDIC special assessment (after tax) —  (488) —  —  —

Acquisition costs (after tax) —  1,742  549  462  —

Less net gain (loss) on sale of investment securities (after tax)

—  (43) —  —  80

Less net gain (loss) on OREO (after tax)

(221) 4,621  5  42  17

Net income adjusted (non-GAAP) $ 49,583  $ 51,470  $ 45,779  $ 51,804  $ 49,864

Less preferred stock dividends 938  937  938  937  938

Net income available to common stockholders adjusted (non-GAAP) $ 48,645  $ 50,533  $ 44,841  $ 50,867  $ 48,926

Return on average common equity (non-GAAP) 9.80  % 10.95  % 9.29  % 11.03  % 11.10  %

Adjusted return on average common equity (non-GAAP) 9.84  % 10.28  % 9.40  % 11.12  % 11.08  %

ROATCE (non-GAAP) 12.53  % 14.02  % 11.56  % 13.84  % 14.02  %

Adjusted ROATCE (non-GAAP) 12.59  % 13.15  % 11.70  % 13.96  % 13.99  %

Average assets $ 17,311,103  $ 17,099,429  $ 16,178,088  $ 15,859,721  $ 15,642,999

Return on average assets (GAAP) 1.16  % 1.27  % 1.11  % 1.30  % 1.30  %

Adjusted return on average assets (non-GAAP) 1.16  % 1.19  % 1.12  % 1.31  % 1.29  %

Average diluted common shares 37,152 37,265 37,333 37,172 37,287

Diluted earnings per share (GAAP) $ 1.30  $ 1.45  $ 1.19  $ 1.36  $ 1.31

Adjusted diluted earnings per share (non-GAAP) $ 1.31  $ 1.36  $ 1.20  $ 1.37  $ 1.31

Quarter ended

($ in thousands) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

CALCULATION OF PRE-PROVISION NET REVENUE (PPNR)

Net interest income (GAAP) $ 166,147  $ 168,174  $ 158,286  $ 152,762  $ 147,516

Noninterest income (GAAP) 19,088  25,412  48,624  20,604  18,483

FDIC special assessment —  (652) —  —  —

Acquisition costs —  2,548  609  518  —

Less net gain (loss) on sale of investment securities

—  (57) —  —  106

Less net gain (loss) on OREO

(295) 6,169  7  56  23

Less insurance recoveries —  —  32,112  —  —

Less noninterest expense (GAAP) 115,137  114,532  109,790  105,702  99,783

PPNR (non-GAAP) $ 70,393  $ 74,838  $ 65,610  $ 68,126  $ 66,087

20

At

($ in thousands) Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

ALLOWANCE TO LOANS RATIO EXCLUDING GUARANTEED LOANS

Loans (GAAP) $ 11,692,780  $ 11,800,338  $ 11,583,109  $ 11,408,840  $ 11,298,763

Less guaranteed loans 935,409  960,132  922,168  913,118  942,651

Adjusted loans (non-GAAP) $ 10,757,371  $ 10,840,206  $ 10,660,941  $ 10,495,722  $ 10,356,112

Allowance for credit losses $ 142,064  $ 140,022  $ 148,854  $ 145,133  $ 142,944

Allowance for credit losses/loans (GAAP) 1.21  % 1.19  % 1.29  % 1.27  % 1.27  %

Allowance for credit losses/adjusted loans (non-GAAP) 1.32  % 1.29  % 1.40  % 1.38  % 1.38  %

21

EX-99.2 — WEBCAST SLIDES

EX-99.2

Filename: q12026efscearningsreleas.htm · Sequence: 3

q12026efscearningsreleas

Exhibit 99.2 Enterprise Financial Services Corp 2026 First Quarter Earnings Webcast

2 Some of the information in this report may contain “forward-looking statements” within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include projections based on management’s current expectations and beliefs concerning future developments and their potential effects on Enterprise Financial Services Corp (the “Company” or “EFSC”) including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, stockholder value creation and the impact of acquisitions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma,” “pipeline” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. 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: our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations; our 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; changes in business prospects that could impact goodwill estimates and assumptions; consolidation within the banking industry; competition from banks and other financial institutions; the 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 business, including rules and regulations relating to bank products and financial services; changes in accounting policies and practices or accounting standards; natural disasters (including 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, or other health emergencies 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 those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and the Company’s other filings with the SEC. 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. For any forward-looking statements made in this press release or in any documents, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made. Forward-Looking Statements

3 Financial Highlights - 1Q26* Capital • Tangible Common Equity/Tangible Assets** 9.01%, compared to 9.07% • Tangible Book Value Per Common Share** $41.38, compared to $41.37 • CET1 Ratio 11.7%, compared to 11.6% • Quarterly common stock dividend of $0.33 per share in first quarter 2026 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depositary share) • Returned $27.3 million to stockholders through common stock repurchases • Net Income $49.4 million, down $5.4 million; EPS $1.30 • Net Interest Income $166.1 million, down $2.0 million; NIM 4.28% • PPNR** $70.4 million, down $4.4 million • ROAA 1.16%, compared to 1.27%; PPNR ROAA** 1.65%, compared to 1.74% • ROATCE** 12.53%, compared to 14.02% Earnings *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation.

4 Financial Highlights, continued - 1Q26* Loans & Deposits • Loans $11.7 billion, down $107.6 million • Loan/Deposit Ratio 80.5% • Sold $25.4 million of SBA loans, gain of $1.4 million • Deposits $14.5 billion, down $84.9 million • Noninterest-bearing Deposits/Total Deposits 33% Asset Quality • Nonperforming Loans/Loans 0.56% • Nonperforming Assets/Assets 0.87% • Allowance Coverage Ratio 1.21%; 1.32% adjusted for guaranteed loans** • Net Charge-Offs $4.4 million *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation.

5 2026 Priorities Improve Asset Quality • Reduce criticized and classified loans • Reduce nonperforming assets • Focused credit underwriting and monitoring Leverage Technology to Enhance Productivity and Efficiency • Expand use of existing technology framework • Evaluate business automation opportunities • Integrate manual procedures into automated workflow processes Organic Loan and Deposit Growth • Disciplined pricing • Expand existing relationships and new client acquisitions • Leverage investment in sales associates

6 Loan Details 1Q26 4Q25** 1Q25 Qtr Change LTM Change C&I $ 2,655 $ 2,606 $ 2,199 $ 49 $ 456 CRE Investor Owned 2,763 2,786 2,487 (23) 276 CRE Owner Occupied 1,453 1,405 1,292 48 161 SBA loans* 1,231 1,262 1,283 (31) (52) Sponsor Finance* 662 695 784 (33) (122) Life Insurance Premium Financing* 1,208 1,187 1,149 21 59 Tax Credits* 702 803 678 (101) 24 Residential Real Estate 341 362 358 (21) (17) Construction and Land Development 622 634 801 (12) (179) Consumer*** 56 60 268 (4) (212) Total Loans $ 11,693 $ 11,800 $ 11,299 $ (107) $ 394 *Specialty loan category. **Branch acquisition completed in October 2025. ***Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. $ In Millions

7 Loans By Region Specialty Lending $4,096 $4,256 $4,076 1Q25 4Q25* 1Q26 $ In Millions Midwest $3,153 $3,372 $3,352 1Q25 4Q25* 1Q26 Southwest $1,867 $2,229 $2,345 1Q25 4Q25* 1Q26 Excludes “Consumer” loans; Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California); *Branch acquisition completed in October 2025. West $1,915 $1,883 $1,864 1Q25 4Q25* 1Q26

8 Deposit Details 1Q26 4Q25* 1Q25 Qtr Change LTM Change Noninterest-bearing demand accounts $ 4,828 $ 4,874 $ 4,285 $ (46) $ 543 Interest-bearing demand accounts 3,396 3,537 3,194 (141) 202 Money market accounts 4,059 3,991 3,632 68 427 Savings accounts 551 538 535 13 16 Certificates of deposit: Brokered 725 722 542 3 183 Customer 965 947 846 18 119 Total Deposits $ 14,524 $ 14,609 $ 13,034 $ (85) $ 1,490 Deposit Verticals (included in total deposits)** $ 4,002 $ 3,815 $ 3,522 $ 187 $ 480 $ In Millions * Branch acquisition completed in October 2025 ** Total deposits excluding Deposit Verticals and brokered CDs decreased $275 million from 4Q25 and increased $827 million from 1Q25

9 Deposits By Region Deposit Verticals $3,522 $3,815 $4,002 1Q25 4Q25** 1Q26 $ In Millions Region Components: Midwest (St. Louis & Kansas City), Southwest (AZ, NM, Las Vegas, TX), West (Southern California) *Includes brokered balances **Branch acquisition completed in October 2025. Midwest* $6,187 $6,921 $6,621 1Q25 4Q25** 1Q26 West* $1,229 $1,312 $1,277 1Q25 4Q25** 1Q26 Southwest $2,096 $2,561 $2,624 1Q25 4Q25** 1Q26

10 Differentiated Deposit Verticals Community Associations 39.5% Property Management 40.5% Legal Industry and Escrow Services 20.0% Community Associations $1.6 billion in deposit accounts specifically designed to serve the needs of community associations. Property Management $1.6 billion in deposits. Specializing in the compliance of Property Management Trust Accounts. Legal Industry and Escrow Services $802 million in deposits. Product lines providing services to independent escrow and non- depository trust companies. • $4.00 billion - 28% of total deposits • $4.07 billion - Average deposits for 1Q26 • $26.0 million - Related deposit costs in noninterest expense, resulting in an average deposit vertical cost of 2.59% in 1Q26 • $132.7 million - Average Deposits per Branch for FDIC Insured Banks with a deposit portfolio between $5-20B* ◦ 31 - The national deposit vertical portfolio is the equivalent of 31 traditional bank branches *Data Source: Deposit data as of June 30th, 2025, per the FDIC Summary of Deposits. 1Q25 2Q25 3Q25 4Q25 1Q26 Community Associations Property Management Legal Industry and Escrow Services $— $500 $1,000 $1,500 $2,000 $ In Millions

11 Core Funding Mix Commercial Business Banking Consumer $ In Millions Note: Brokered deposits were $976.6 million at 1Q26; 3.52% cost of funds Deposit Verticals 1Q26 Total Portfolio Average Account Size & Cost of Funds COMMERCIAL BUSINESS BANKING CONSUMER DEPOSIT VERTICALS Average account size ($ in thousands) 1Q26 $ 326 $ 84 $ 24 $ 102 4Q25 $ 349 $ 80 $ 23 $ 101 1Q25 $ 326 $ 79 $ 23 $ 107 Cost of funds 1Q26 1.96 % 1.26 % 1.39 % 0.61 % 4Q25 1.99 % 1.19 % 1.41 % 0.64 % 1Q25 2.28 % 1.44 % 1.50 % 0.92 % • ~80% of commercial deposits utilize Treasury Management services • ~90% of checking and savings accounts utilize online banking services • ~60% of commercial deposits have a lending relationship Overview 28% 33% 34% 36% 33% 22% 6% 6% 30% 27% 17% 20% 68% 7% 24% $4,804 $4,002$2,892$1,849 DDA IB DDA MMA SAV CD 1 yr or less CD > 1 yr

12 Earnings Per Share Trend - 1Q26 $1.45 $(0.05) $(0.13) $0.04 $(0.01) $1.30 4Q25 Net Interest Income Noninterest Income Provision for Credit Losses Noninterest Expense 1Q26 Change in Diluted EPS

13 $147.5 $152.8 $158.3 $168.2 $166.1 4.15% 4.21% 4.23% 4.26% 4.28%4.33% 4.33% 4.30% 3.90% 3.64% Net Interest Income Net Interest Margin Avg Fed Funds Rate 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income Trend $ In Millions Net Interest Income 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income - FTE $ 150.0 $ 155.5 $ 161.3 $ 171.7 $ 169.5 Purchase Accounting Amortization/(Accretion) 0.2 0.4 0.6 (0.2) (0.5) Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $ 150.2 $ 155.9 $ 161.9 $ 171.5 $ 169.0 Net Interest Margin 4.15 % 4.21 % 4.23 % 4.26 % 4.28 % Purchase Accounting Amortization/(Accretion) 0.01 % 0.01 % 0.02 % 0.00 % (0.01) % Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) 4.16 % 4.22 % 4.25 % 4.26 % 4.27 %

14 Net Interest Margin 6.57% 6.64% 6.64% 6.51% 6.38% 3.75% 3.86% 3.93% 4.02% 4.13% 5.93% 6.00% 5.99% 5.86% 5.77% Earning asset yield Securities yield Loan yield 1Q25 2Q25 3Q25 4Q25 1Q26 2.77% 2.70% 2.67% 2.46% 2.31% 1.83% 1.82% 1.80% 1.64% 1.52% 2.84% 2.81% 2.77% 2.52% 2.37% Interest-bearing deposit rate Total cost of deposits Interest-bearing liabilities 1Q25 2Q25 3Q25 4Q25 1Q26 Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets 4.26% (0.13)% 0.06% (0.02)% 0.11% 4.28% 4Q25 Loans Securities Funding Mix Deposits 1Q26 Margin Bridge

15 (4) 2 14 70 15 1Q25 2Q25 3Q25 4Q25 1Q26 $78 $110 $174 $(75) $(108) $292 41.9% 45.9% 45.0% 43.9% 44.7% Organic Loans Acquired Loans Avg Line Draw % 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 4Q25 1Q26 NPLs/Loans 0.97 % 0.70 % 0.56 % NPAs/Assets 0.72 % 0.95 % 0.87 % ACL/NPLs 130.1 % 169.1 % 218.8 % ACL/Loans** 1.38 % 1.29 % 1.32 % Annualized Net Charge-offs (Recoveries) to Average Loans Provision for Credit Losses* $5.2 $3.5 $8.4 $9.2 $7.2 1Q25 2Q25 3Q25 4Q25 1Q26 $ In Millions bps bps bps bps bps $ In Millions Loan Growth and Average Line of Credit Utilization *Includes credit loss expense on loans, investments and unfunded commitments. **Excludes guaranteed loans. A Non-GAAP Measure, Refer to Appendix for Reconciliation. Credit Trends

16 $140.0 $6.5 $(4.4) $142.1 ACL 4Q25 Portfolio Changes Net Charge-offs ACL 1Q26 Allowance for Credit Losses for Loans $ In Millions • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors $ In Millions 1Q26 Loans ACL ACL as a % of Loans Commercial and industrial $ 5,169 $ 73 1.41 % Commercial real estate 5,454 49 0.90 % Construction real estate 668 11 1.65 % Residential real estate 346 7 2.02 % Consumer 56 2 3.57 % Total $ 11,693 $ 142 1.21 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $26.5 million, $2.4 million, and $5.5 million, respectively. Total ACL as a percentage of loans excluding $935.4 million of government guaranteed loans was 1.32%*. Key Assumptions: • Reasonable and supportable forecast period is one year with a one year reversion period. • Forecast considers a weighted average of baseline, upside and downside scenarios. • Primary macroeconomic factors: ◦ Percentage change in GDP ◦ Unemployment ◦ Percentage change in Retail Sales ◦ Percentage change in CRE Index *A Non-GAAP Measure, Refer to Appendix for Reconciliation.

17 Noninterest Income Trend $18.5 $20.6 $48.6 $25.4 $19.1 $6.4 $8.5 $6.8 $11.9 $8.8 $32.1 $2.6 $2.2 $(0.3) $3.2 $(0.2) $4.4 $4.9 $4.9 $5.1 $5.3 $2.4 $2.4 $2.5 $2.6 $2.5 $2.7 $2.6 $2.6 $2.6 $2.7 11.1% 11.9% 23.5% 13.1% 10.3% Other income Recaptured tax credit insurance proceeds* Tax credit income (loss) Deposit service charges Card services revenue Wealth management revenue Noninterest income/Total income 1Q25 2Q25 3Q25 4Q25 1Q26 $6.4 $8.5 $6.8 $11.9 $8.8 $1.7 $2.1 $1.8 $2.1 $1.8 $0.5 $0.5 $0.6 $0.5 $0.4 $0.9 $2.6 $2.1 $1.9 $2.5 $0.1 $0.3 $0.1 $0.1 $0.7 $1.4 $0.3 $0.9 $1.1 $0.7 $0.5 $0.6 $0.2 $1.8 $0.1 $6.2 $(0.3) $1.9 $1.2 $1.1 $1.4 Miscellaneous income Servicing fees BOLI Swap fees CDE Private equity fund distribution Net gain (loss) on OREO Gain on SBA loan sales 1Q25 2Q25 3Q25 4Q25 1Q26 $ In Millions Noninterest Income Other Noninterest Income Detail *Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.

18 Noninterest Expense Trend Noninterest Expense $ In Millions $23.4 $25.1 $27.5 $28.6 $27.4 $0.5 $0.6 $2.5 $23.8 $24.8 $27.2 $27.5 $26.0 $4.4 $5.1 $4.9 $5.8 $5.9 $48.2 $50.2 $49.6 $50.1 $55.8 58.8% 59.3% 61.0% 58.3% 60.2% $99.8 $105.7 $109.8 $114.5 $115.1 Other expense Acquisition costs Deposit costs Occupancy Employee compensation and benefits Core efficiency ratio* 1Q25 2Q25 3Q25 4Q25 1Q26 $23.4 $25.1 $27.5 $28.6 $27.4 $10.7 $11.4 $12.6 $12.8 $11.3 $4.8 $4.8 $5.0 $5.2 $5.6 $1.7 $1.5 $2.2 $2.3 $1.6 $3.1 $3.4 $3.6 $3.2 $3.5 $2.2 $3.2 $3.4 $3.7 $4.0 $0.9 $0.8 $0.7 $1.4 $1.4 Miscellaneous expense Data processing Professional fees FDIC and other insurance Loan, legal expenses Amortization expense 1Q25 2Q25 3Q25 4Q25 1Q26 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail

19 Capital Tangible Common Equity/Tangible Assets 9.30% 9.42% 9.60% 9.07% 9.01% Tangible Common Equity/Tangible Assets* 1Q25 2Q25 3Q25 4Q25 1Q26 *A Non-GAAP Measure, Refer to Appendix for Reconciliation. **Preliminary regulatory capital ratios. Regulatory Capital 10.0% 14.7% 14.7% 14.4% 13.9% 13.9% 6.5% 11.8% 11.9% 12.0% 11.6% 11.7% CET1 Tier 1 Total Risk Based Capital Minimum "Well Capitalized" Ratio 1Q25 2Q25 3Q25 4Q25 1Q26 8.0% 13.1% 13.2% 13.3% 12.8% EFSC Capital Strategy: Low Cost - Highly Flexible High Capital Retention Rate – Strong earnings profile – Sustainable dividend profile Supporting Robust Asset Growth – Organic loan and deposit growth – High quality M&A to enhance commercial franchise and geographic diversification Maintain High Quality Capital Stack – Minimize WACC over time (preferred, sub debt, etc.) – Optimize capital levels CET1 ~10%, Tier 1 ~12%, and Total Capital ~14% Maintain 8-9% TCE – Common stock repurchases – 483,000 shares repurchased at an average price of $56.13 during 1Q26 – M&A deal structures – Drives ROATCE above peer levels TBV and Dividends per Share $38.54 $40.02 $41.58 $41.37 $41.38 $0.29 $0.30 $0.31 $0.32 $0.33 TBV/Share* Dividends per Share 1Q25 2Q25 3Q25 4Q25 1Q26 12.9% **

Appendix

21 Investment Portfolio Breakout AFS & HTM Securities Obligations of U.S. Government- sponsored enterprises 4% Obligations of states and political subdivisions 39% Agency mortgage- backed securities 50% Corporate debt securities 3% U.S. Treasury bills 4% TOTAL $3.8 billion • Effective duration of 5.0 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $703.9 million • 4.13% tax-equivalent yield • Municipal bond portfolio rated A or better • Laddered maturity and repayment structure for consistent cash flows Overview Total AFS (Fair Value) Total HTM (Fair Value) AFS Securities (Net Unrealized Loss) HTM Securities (Net Unrealized Loss) 1Q25 2Q25 3Q25 4Q25 1Q26 $— $1,000 $2,000 $3,000 $(200) $(100) $— $100 $ In Millions $314.9 $348.6 $226.6 $575.8 $206.2 5.20% 5.30% 4.99% 4.61% 4.51% Principal Cost Yield (TEQ) 1Q25 2Q25 3Q25 4Q25 1Q26 Investment Purchase Yield $ In Millions Investment Portfolio

22 EFSC Borrowing Capacity $6.3 $6.7 $6.9 $1.0 $1.6 $1.5 $3.3 $3.0 $3.1 $0.2 $0.1 $0.1 $1.8 $2.0 $2.2 47% 46% 47% FHLB borrowing capacity FRB borrowing capacity Fed Funds lines Unpledged securities Borrowing capacity/Deposits 3Q25 4Q25 1Q26 $ In Billions End of Period and Average Loans to Deposits 87% 86% 85% 81% 81% 86% 86% 84% 81% 81% End of period Loans/Deposits Avg Loans/Avg Deposits 1Q25 2Q25 3Q25 4Q25 1Q26 • $1.5 billion available FHLB capacity • $3.1 billion available FRB capacity • $135.0 million in eight federal funds lines • $2.2 billion in unpledged investment securities • $634.5 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 22% • FHLB maximum credit capacity is 45% of assets $0.7 $0.5 $0.4 $0.4 $0.3 $0.7 $1.2 $1.6 $2.0 $2.3 Annual Cash Flows Cumulative Cash Flows 2026 2027 2028 2029 2030 Investment Portfolio Cash Flows* $ In Billions Strong Liquidity Profile *Trailing 12 months ending March 31 of each year Liquidity

23 Office CRE (Non-owner Occupied) Total $578.0 million Midwest 40.1% Southwest 37.4% West 18.9% Specialty 3.6% Office CRE Loans by Location Real Estate/ Rental/Leasing 87.5% Health Care and Social Assistance 3.8% Other 8.7% Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.47 15 $ 219.2 $ 14.6 $5-10 Million 5.21 14 97.2 6.9 $2-5 Million 5.38 48 154.5 3.2 < $2 Million 5.33 196 107.1 0.5 Total 5.34 273 $ 578.0 $ 2.1 Office CRE Loans by Size $ In Millions • Average loan-to-origination value 52% • 71% of loans have recourse to owners • Average debt-service coverage ratio (DSCR) of 1.52x • Average market occupancy of 88%; average rents of $24 psf • 42% Class A, 54% Class B, 4% Class C • $51.2 million unfunded commitments 23

24 Use of Non-GAAP Financial Measures The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, PPNR, ROATCE, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets (“PPNR ROAA”), core efficiency ratio, tangible common equity to tangible assets, and tangible book value per common share, in this release 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. The Company considers its tangible common equity, PPNR, ROATCE, allowance coverage ratio adjusted for guaranteed loans, PPNR return on average assets (“PPNR ROAA”), core efficiency ratio, tangible common equity to tangible assets, and tangible book value per common share, collectively “core performance measures,” presented in this earnings release 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, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, the net gain or loss on other real estate owned, and the net gain or loss on 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.

25 Reconciliation of Non-GAAP Financial Measures At ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Stockholders’ equity (GAAP) $ 2,022,204 $ 2,039,386 $ 1,982,332 $ 1,922,899 $ 1,868,073 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 416,968 416,968 365,164 365,164 365,164 Less intangible assets 19,525 21,175 6,140 6,876 7,628 Tangible common equity (non-GAAP) $ 1,513,723 $ 1,529,255 $ 1,539,040 $ 1,478,871 $ 1,423,293 Common shares outstanding 36,581 36,965 37,011 36,950 36,928 Tangible book value per common share (non-GAAP) $ 41.38 $ 41.37 $ 41.58 $ 40.02 $ 38.54 Total assets (GAAP) $ 17,227,828 $ 17,300,884 $ 16,402,405 $ 16,076,299 $ 15,676,594 Less goodwill 416,968 416,968 365,164 365,164 365,164 Less intangible assets 19,525 21,175 6,140 6,876 7,628 Tangible assets (non-GAAP) $ 16,791,335 $ 16,862,741 $ 16,031,101 $ 15,704,259 $ 15,303,802 Tangible common equity to tangible assets (non-GAAP) 9.01 % 9.07 % 9.60 % 9.42 % 9.30 % Quarter ended ($ in thousands) March 31, 2026 December 31, 2025 PRE-PROVISION NET REVENUE (PPNR) AND PPNR RETURN ON AVERAGE ASSETS (PPNR ROAA) Net interest income (GAAP) $ 166,147 $ 168,174 Noninterest income (GAAP) 19,088 25,412 FDIC special assessment — (652) Acquisition costs — 2,548 Less net loss on sale of investment securities — (57) Less net gain (loss) on other real estate owned (295) 6,169 Less noninterest expense (GAAP) 115,137 114,532 PPNR (non-GAAP) $ 70,393 $ 74,838 Average assets $ 17,311,103 $ 17,099,429 PPNR ROAA (non-GAAP) 1.65 % 1.74 %

26 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) March 31, 2026 December 31, 2025 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average stockholder’s equity (GAAP) $ 2,076,504 $ 2,022,472 Less average preferred stock 71,988 71,988 Less average goodwill 416,968 414,858 Less average intangible assets 20,419 11,173 Average tangible common equity (non-GAAP) $ 1,567,129 $ 1,524,453 Net income available to common stockholders (GAAP) $ 48,424 $ 53,857 ROATCE (non-GAAP) 12.53 % 14.02 % At ($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $ 11,692,780 $ 11,800,338 $ 11,298,763 Less guaranteed loans 935,409 960,132 942,651 Adjusted loans (non-GAAP) $ 10,757,371 $ 10,840,206 $ 10,356,112 Allowance for credit losses $ 142,064 $ 140,022 $ 142,944 Allowance for credit losses/loans (GAAP) 1.21 % 1.19 % 1.27 % Allowance for credit losses/adjusted loans (non-GAAP) 1.32 % 1.29 % 1.38 %

27 Reconciliation of Non-GAAP Financial Measures Quarter ended ($ in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 166,147 $ 168,174 $ 158,286 $ 152,762 $ 147,516 Tax-equivalent adjustment 3,320 3,477 3,045 2,738 2,475 Noninterest income (GAAP) 19,088 25,412 48,624 20,604 18,483 Less insurance recoveries1 — — 32,112 — — Less net gain (loss) on sale of investment securities — (57) — — 106 Less net gain (loss) on other real estate owned (295) 6,169 7 56 23 Core revenue (non-GAAP) $ 188,850 $ 190,951 $ 177,836 $ 176,048 $ 168,345 Noninterest expense (GAAP) $ 115,137 $ 114,532 $ 109,790 $ 105,702 $ 99,783 Less FDIC special assessment — (652) — — — Less amortization on intangibles 1,400 1,380 736 753 855 Less acquisition costs — 2,548 609 518 — Core revenue (non-GAAP) $ 113,737 $ 111,256 $ 108,445 $ 104,431 $ 98,928 Core efficiency ratio (non-GAAP) 60.2 % 58.3 % 61.0 % 59.3 % 58.8 % 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

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-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

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