Enterprise Financial Services Posts $42.4M Q3 Profit, Topping Prior Quarter
EFSC sits 18% above its 52-week low of $51.18.
Summary
Enterprise Financial Services reported Q3 net income of $42.4M, up from $40.9M in Q2, when credit costs had dragged profit down 20% year over year, with Q3 EPS of $1.14. The quarter's provision for credit losses rose to $18.1M from $14.2M in Q2, with nonperforming assets at 1.03% of total assets. The sequential improvement suggests the credit-cost pressure that hit the second quarter may be easing, and the quarter brought higher net interest income of USD 174.6 Million along with loan and deposit growth. For a bank this size, a roughly $1.5M quarter-over-quarter gain is a modest but directionally positive swing after the Q2 miss. The company also increased its quarterly dividend by $0.01 to $0.36. The full release and any updated guidance on credit and buybacks will carry the real detail; the Q2 10-Q flagged the $175M debt issuance and expanded repurchase authorization as balance-sheet levers.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — EFSC's Q3 provision for credit losses rose to $18.1M from $14.2M in Q2, with nonperforming assets at 1.03% of total assets.
At the time of this announcement, EFSC was trading at $60.25 on NASDAQ in the Finance sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $51.18 to $68.73. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.