Enterprise Financial Services (EFSC) Tops Q2 EPS by 3c

Enterprise Financial Services (NASDAQ: EFSC) reported Q2 EPS of $0.56, $0.03 better than the analyst estimate of $0.53.

Highlights

• Earnings - Net income in the second quarter 2020 was $14.6 million, and EPS was $0.56 per diluted share.
• Pre-tax pre-provision income1 (“PTPP”) - PTPP of $37.9 million in the second quarter 2020, decreased $0.2 million and increased $13.3 million from the linked-quarter and prior year quarter, respectively.
• Net interest income and net interest margin - Net interest income of $65.8 million for the second quarter 2020, increased $2.5 million and $4.1 million, from the linked quarter and prior year quarter, respectively. Net interest margin (“NIM”) was 3.53% for the second quarter 2020, compared to 3.79% and 3.86% for the linked quarter and prior year quarter, respectively.
• Loans - Total loans grew $682.5 million, or 12.5%, from the linked quarter to $6.1 billion as of June 30, 2020. Year-over-year, loans grew $990.6 million, or 19.2%, from $5.1 billion as of June 30, 2019. PPP loans primarily contributed to growth in the loan portfolio during the current quarter. As of June 30, 2020, loan modifications comprised 11% of the loan portfolio.

Jim Lally, EFSC’s President and Chief Executive Officer, commented, “We are operating in a challenging environment and remain committed to the health and well-being of our employees and customers. We have diligently worked with our customers on PPP and loan structuring and continue to be a supportive financial partner for our customers and communities. As we continue to focus on the Company’s long-term success, we believe the strength of our pre-provision earnings creates a strong foundation for that success. We increased our reserve build through the allowance for credit losses and strengthened our overall capital position during the period while generating $0.56 of earnings per diluted share.”

For earnings history and earnings-related data on Enterprise Financial Services (EFSC) click here.

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