Enterprise Financial Services Corp (EFSC) Q4 2024 Earnings Call Transcript

2025-01-28 15:08:04 ET

Enterprise Financial Services Corp (EFSC)

Q4 2024 Earnings Conference Call

January 28, 2024 11:00 AM ET

Company Participants

Jim Lally - President and CEO

Scott Goodman - President, Enterprise Bank & Trust

Keene Turner - CFO and COO

Doug Bauche - CCO Officer, Enterprise Bank & Trust

Conference Call Participants

Jeff Rulis - D.A. Davidson

David Long - Raymond James

Damon DelMonte - KBW

Andrew Liesch - Piper Sandler

Presentation

Operator

Hello, and welcome to the Enterprise Financial Services Corp. Fourth Quarter 2024 Earnings Conference Call. Please note that this call is being recorded. After the speakers' prepared remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. I'd now like to hand the call over to Jim Lally, President and CEO. Please go ahead.

Jim Lally

Well, thank you, Ellie, and good morning. Thank you all very much for joining us this morning, and welcome to our 2024 fourth quarter earnings call.

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 Baude, Chief Credit Officer of Enterprise Bank & Trust.

Before we begin, I would like to remind everyone on the call that a copy of the release and the 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.

Our financial scorecard begins on Slide 3. I'm very pleased with our results for the fourth quarter and for all of 2024. Our strong financial performance continued in the fourth quarter, where we earned $1.28 per diluted share, which compares to $1.32 in the linked quarter and $1.16 in the fourth quarter of 2023. We produced an adjusted return on assets of 1.31% and a pre-provision return on assets of 1.80%.

Our diversified business model drove an expansion in net interest income, while defending net interest margin, which was essentially flat when compared to the linked quarter and remained above 4%....

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