Here are 1-2 brief analogies for Enterprise Financial Services (EFSC):

• KeyBank or Comerica for the Midwest and Southwest business community.

• A regional, business-focused Wells Fargo or Bank of America for the Midwest and Southwest.

• Commercial Lending: Provides various loans and lines of credit to businesses for operating capital, expansion, and equipment financing.
• Commercial Real Estate Lending: Offers financing solutions for the acquisition, development, and construction of commercial properties.
• Deposit Services: Manages a range of deposit accounts, including checking, savings, money market, and certificates of deposit for both businesses and individuals.
• Treasury Management Services: Delivers comprehensive cash management solutions to businesses, optimizing their liquidity and payment processing.
• Wealth Management: Provides personalized financial planning, investment management, and trust services to individuals and families.
• Private Banking: Offers tailored financial services and specialized lending solutions to high-net-worth individuals and their businesses.

Enterprise Financial Services (symbol: EFSC) primarily sells its services to **other companies**.

Due to the nature of banking and client confidentiality, specific customer company names are not publicly disclosed. Enterprise Financial Services serves a diversified client base of businesses and the individuals associated with them. Based on their publicly stated focus, their major customer categories include:

• Entrepreneurial Businesses and Small to Medium-Sized Enterprises (SMEs): This includes a wide range of privately held businesses across various industries that require commercial loans, lines of credit, treasury management, and other business banking services. EFSC often targets specific niches such as franchise finance, healthcare businesses, and those seeking SBA loans.
• Commercial Real Estate Developers and Investors: Companies and entities involved in the acquisition, development, and management of various types of commercial properties.
• Business Owners and Other Professionals: Individuals, often high-net-worth, who own or lead the entrepreneurial businesses served by the bank, or other professionals (e.g., doctors, lawyers) who utilize wealth management, private banking, and personal banking services.

• KPMG LLP
• Visa Inc. (V)
• Mastercard Incorporated (MA)

James B. Lally, President & Chief Executive Officer

James B. Lally has served as President and Chief Executive Officer of Enterprise Financial Services Corp since May 2017, having previously been appointed President in August 2016. He joined Enterprise in 2003 as Senior Vice President. Before his role as CEO, he was President of EFSC, Director of Fee Businesses, and Director of Commercial Banking for Enterprise Bank & Trust. Prior to joining EFSC, Mr. Lally gained commercial banking experience at U.S. Bank and Commerce Bank, where he served as a Vice President at U.S. Bank in St. Louis. He holds an MBA from the University of Missouri-St. Louis and a Bachelor of Science in Finance from Saint Louis University. Mr. Lally has also completed The Executive Program at the Darden School of Business, University of Virginia. He serves on several boards, including Wallis Companies, St. Louis Aquarium Foundation, Gateway Arch Park Foundation, Regional Business Council, and Saint Louis University Board of Trustees.

Keene S. Turner, Senior Executive Vice President, Chief Financial Officer and Chief Operating Officer

Keene S. Turner was promoted to Chief Operating Officer in addition to his role as Senior Executive Vice President and Chief Financial Officer, effective October 1, 2025. He joined Enterprise Financial Services Corp in 2013. Mr. Turner previously served as Executive Vice President and Chief Accounting Officer at National Penn Bancshares, Inc.. Before National Penn, he was a Vice President at Griffin Financial Group, an investment banking firm where he advised financial institutions on mergers, acquisitions, and other strategic matters, indicating his involvement with companies that were sold to acquirers. His background also includes public accounting experience at Ernst & Young, LLP. Mr. Turner is a Certified Public Accountant (CPA) and holds a Bachelor of Science degree in Economics, Accounting, and Business Administration from Albright College.

Douglas N. Bauche, Senior Executive Vice President, Chief Banking Officer

Douglas N. Bauche was promoted to the newly created role of Chief Banking Officer, effective October 1, 2025, where he is responsible for the company's commercial revenue-producing businesses. He has been with Enterprise for more than 25 years, having joined Enterprise Bank & Trust in 2000 as a Vice President of commercial banking. Mr. Bauche previously served as Chief Credit Officer since May 2023. Prior to joining Enterprise, he was promoted within Mercantile's community bank credit administration, which oversaw commercial credit origination in various markets.

Nicole M. Iannacone, Senior Executive Vice President, Chief Legal Officer and Corporate Secretary

Nicole M. Iannacone serves as Senior Executive Vice President, Chief Legal Officer, and Corporate Secretary of Enterprise Financial Services Corp. She joined the company as General Counsel in 2014 and has held the role of Corporate Secretary since January 2018. Before her tenure at Enterprise, Ms. Iannacone was an attorney at Jenkins and Kling, P.C. from 2005 to 2014, becoming a Principal in 2014.

Kevin L. Handley, Senior Executive Vice President and Chief Credit Officer

Kevin L. Handley was promoted to Chief Credit Officer, effective October 1, 2025. He joined Enterprise Financial Services Corp in 2018 and previously served as Executive Vice President, Regional Senior Lender. Mr. Handley is an industry veteran with over 30 years of commercial banking experience. His prior roles include various relationship management, credit approval, and market leadership positions in commercial banking with Bank of America and Wells Fargo Bank.

The key risks to Enterprise Financial Services (EFSC) are primarily centered around credit quality, interest rate fluctuations, and managing operational costs.

1. Credit Risk from Economic Downturns and Nonperforming Loans: Enterprise Financial Services operates in a sector susceptible to economic cycles, and an economic downturn could lead to increased loan defaults and reduced demand for banking services. The company has recently experienced a significant increase in nonperforming loans, which surged to $127.9 million from $42.7 million. This presents a direct threat to the company's financial performance and asset quality.
2. Interest Rate Risk: As a financial institution, EFSC is exposed to risks associated with rapid increases or decreases in prevailing interest rates. Such fluctuations can impact the company's net interest margin, profitability, and the value of its assets and liabilities.
3. Rising Noninterest Expenses: The company's operational efficiency is challenged by an increase in noninterest expenses, which rose to $315.275 million from $285.525 million. This increase is primarily attributed to higher employee compensation and benefits, as well as deposit costs, which can put pressure on overall profitability.

The accelerating competition from digitally native financial service providers, including fintech companies, neobanks, and online lenders, which offer more agile, user-friendly, and often lower-cost alternatives to traditional banking services. These digital-first entities threaten to erode EFSC's customer base and market share by attracting consumers and businesses seeking modern, convenient, and often more cost-effective financial solutions.

Enterprise Financial Services (EFSC) primarily offers business and personal banking services, wealth management services, lending services, and treasury management services in the United States. The addressable markets for their main products and services in the U.S. or North America are:

• Commercial Banking: The commercial banking market size in the U.S. is projected to be approximately $4,398.22 billion in 2025.
• Wealth Management: The North American wealth management market is estimated to be approximately $1.09 trillion in 2024, representing about two-thirds of the global market.
• Treasury Management Services: The North American treasury management market is estimated to be approximately $2.31 billion in 2025.
• Community Banking: The U.S. community banking market was valued at approximately $6.35 billion in 2024.

Enterprise Financial Services (EFSC) is expected to drive future revenue growth through several key strategies over the next two to three years:

1. Strategic Market Expansion and Customer Growth: The company recently completed the acquisition of 12 branches, significantly enhancing its presence in Arizona and Kansas City. This expansion is anticipated to strengthen EFSC's market position and attract new customers in these regions. Additionally, EFSC is seeing positive traction and high-quality growth in newer markets such as Dallas and Las Vegas, capitalizing on strong economic growth in the Southwest.
2. Sustained Loan and Deposit Growth: EFSC reported an annualized loan growth of 6% in the third quarter of 2025 and anticipates maintaining mid-single-digit loan growth for the upcoming year, with projections of 5-7% in the second half of 2025. This loan growth is supported by exceptional deposit growth, which increased by $240 million net of brokered CDs in Q3 2025, providing ample liquidity for future lending activities.
3. Optimized Net Interest Margin (NIM): The company has demonstrated a consistent ability to expand its net interest income, with NIM improving to 4.23% in Q3 2025. Management expects to maintain the net interest margin near 4.20% in 2026, indicating disciplined pricing of loans and deposits which contributes to stable and growing net interest income.
4. Growth in Specialized Lending (SBA Loans): Enterprise Financial Services anticipates an increase in Small Business Administration (SBA) loan production, particularly with expected future interest rate cuts. This focus on a specialized and growing loan product segment offers a targeted avenue for revenue expansion.

Share Repurchases

• Enterprise Financial Services Corp authorized a new share repurchase program on May 6, 2022, allowing for the buyback of up to 2,000,000 shares of common stock, which represented approximately 5% of its outstanding shares at that time.
• Since January 2021, the company has returned over $93 million to common shareholders through share repurchases.
• As of October 31, 2025, under the program announced in May 2022, EFSC had completed the repurchase of 818,517 shares for $40.03 million. Additionally, in the first quarter of 2025, EFSC repurchased 192,000 shares for approximately $11 million, with about 1.2 million shares remaining under the repurchase plan.

Share Issuance

• In November 2020, Enterprise Financial Services Corp completed an all-stock merger with Seacoast Commerce Banc Holdings, where Seacoast shareholders received 0.5061 shares of EFSC stock for each of their shares.
• EFSC acquired First Choice Bancorp in an all-stock merger valued at approximately $397.7 million, with EFSC shareholders holding 80% and First Choice shareholders owning 20% of the combined entity.
• The company offered 2,800,000 depositary shares, each representing a 1/40th ownership interest in its 5.00% fixed rate non-cumulative perpetual preferred stock, Series A, with a liquidation preference of $25.00 per depositary share.

Outbound Investments

• In November 2020, Enterprise Financial Services Corp completed its merger with Seacoast Commerce Banc Holdings, adding approximately $1.3 billion in assets, $1.2 billion in loans, and $1.0 billion in deposits to Enterprise.
• Enterprise Financial Services Corp announced the acquisition of First Choice Bancorp in an all-stock merger valued at approximately $397.7 million, which was expected to create a combined entity with approximately $12.7 billion in assets.
• On October 14, 2025, Enterprise Bank & Trust, a subsidiary of EFSC, completed the acquisition of twelve branches from First Interstate Bank, which added approximately $300 million in loans and $645 million in deposits.