EFSCP - Enterprise Financial Services Corp. (EFSC) Q4 2023 Earnings Call Transcript
2024-01-23 13:29:04 ET
Enterprise Financial Services Corp. (EFSC)
Q4 2023 Results Conference Call
January 23, 2024 11:00 AM ET
Company Participants
Jim Lally - President, CEO
Scott Goodman - President-Enterprise Bank & Trust
Keene Turner - CFO, COO
Doug Bauche - CCO
Conference Call Participants
Jeff Rulis - D.A. Davidson
Damon DelMonte - KBW
Brian Martin - Janney
Andrew Liesch - Piper Sandler
Presentation
Operator
Thank you for standing by, and welcome to the Enterprise Financial Services Corp. Fourth Quarter 2023 Earnings Conference Call.
I would now like to welcome Jim Lally, President and CEO, to begin the call. Jim, over to you.
Jim Lally
Well, thank you, Mandeep, and thank you all very much for joining us this morning, and welcome to our 2023 fourth quarter earnings call. Today is January 23, 2024. And joining me this morning is Keene Turner, EFSC's Chief Financial Officer and Chief Operating Officer; Scott Goodman, President of Enterprise Bank & Trust; and Doug Bauche, Chief Credit Officer for Enterprise Bank & Trust.
Before we begin, I would like to remind everybody on the call that a copy of the release and accompanying presentation can be found on our website. The presentation and earnings release were furnished on SEC Form 8-K yesterday. Please refer to Slide 2 of the presentation titled Forward-Looking Statements and our most recent 10-K and 10-Q for reasons why actual results may vary from any forward-looking statements that we make today.
The fourth quarter once again showed the strong earnings power of our company despite the manifestation of a few credit challenges that we experienced. Diluted earnings per share for the quarter was $1.16 and versus $1.17 in the third quarter and $1.58 in the fourth quarter of 2022.
Before I get into some of the highlights of a very strong quarter and year, I would like to briefly address the elevated level of charge-offs that we experienced during the quarter. 2 relationships that we charged off during the quarter could be described as extraordinary and uncharacteristic. The first such credit was an agricultural loan, which we believe was an isolated incident that was not directly related to our credit underwriting. There were irregularities in the financial information provided by the borrower that masked the challenges it was facing and ultimately covered up a $13 million collateral shortfall. ...
Enterprise Financial Services Corp. (EFSC) Q4 2023 Earnings Call Transcript