Enterprise Financial Services Corporation

Thank you. I would now like to turn the conference over to Jim Lally, President and CEO. You may begin.

Well, thank you, Pam, and good morning, everybody. Thank you all very much for joining us this morning, and welcome to our 2025 First Quarter Earnings Call. Joining me this morning is Keen Turner, EFSC's Chief Financial Officer and Chief Operating Officer, Scott Goodman, President of Enterprise Bank & Trust, and Doug Bauke, Chief Credit Officer of 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 Forum 8K yesterday, in addition to two other press releases that we'll be referencing in our remarks this morning. Please refer to slide two of the presentation titled Forward Looking Statements and our most recent 10K and 10Q for reasons why actual results may vary from any forward looking statements that we make this morning. Our financial scorecard begins on slide three. 2025 is off to an exciting start for our company. In addition to strong financial results for the first quarter, yesterday we announced the acquisition of 12 branches from First Interstate Bank, 10 of which are in our Arizona market, complementing very well the focused commercial bank we have built over the last 15 years. The strong financial performance that we have generated for the past several years continued into the first quarter of 2025. For the quarter, we earned $1.31 per diluted share, which compares favorably to the seasonally strong $1.28 that we earned in the late quarter and the $1.05 that we earned in the first quarter of 2024. This level of performance produced an adjusted return on assets of 1.29% and a pre-provision ROAA of 1.71%. I would characterize our performance in the quarter as strong and consistent. Net interest income and net interest margin both saw expansion in the quarter. NII came in at $1.1 million better than the previous quarter despite two fewer days in the quarter and represented the fourth consecutive quarter where we saw NII expansion. This reflects both better seasonal performance in our deposit balances and net interest margin expansion resulting from our relationship-oriented deposit base and our team's ability to provide value-added service to our customers that is well worth the extra few basis points when it comes to loan and deposit pricing. Loan growth in the quarter was 3%, or $78 million, with active production across all of our markets and businesses. However, net growth was somewhat muted by two factors. The first was a sale of $30 million of SBA loans, and the second was the seasonal decline due to sales in loans in our tax credit business that totaled approximately $75 million. Our diversified deposit base remains a differentiator for us. Typically, in the first quarter, shows significant outflows due to the heavy concentration of commercial-oriented accounts. This year, absent a municipal relationship that we knew was exiting, our deposit flows were stable overall. We worked extremely hard to blunt this trend through growth of our national deposit verticals, as well as through market and business diversification within both the commercial bank and our more granular business banking and consumer relationships. The composition of the

market for medical office, self-storage, and automotive services. Our western market of Southern California also had a strong quarter with $60 million or 13% annualized loan growth. New business included loans to refinance fully occupied medical and mixed-use properties in San Diego, as well as a new relationship with a specialty finance company. Moving on to deposits, on slides eight and nine. Changes in the quarter within the core geographic portfolio reflect this typical seasonal decline in client balances of $303 million, mainly associated with distributions, bonuses, and tax payments. The material portion of this reduction was offset by continued growth within the national deposit verticals, which grew $134 million, or roughly 16% annualized in Q1. On a year-over-year basis, total client deposits excluding brokered funds are up 7.7%. In general, the larger C&I portfolios within the Midwest and Western markets are most heavily impacted by the seasonal reductions, which typically then rebuild throughout the remainder of the year. We continue to perform well relative to retention of existing clients, as well as adding new C&I relationships, even as we proactively focus on gaining incremental margin in the pricing of loans and deposits. Our commercial teams are well-versed in reinforcing our key value drivers, particularly as we assist clients with strategic capital needs or target disrupted competitors. The national deposit verticals, profiled on slide 10, continue to provide differentiated, low-cost funding while also diversifying our overall deposit base and somewhat softening the seasonality of our other channels. HOA had a particularly strong growth quarter associated with onboarding a significant number of new account relationships. Lastly, slide 11 profiles the mix of our core deposit base, which continues to be well diversified and highly relationship-oriented, with roughly one-third of these accounts being non-interest-bearing and 90% of them using some form of treasury management or online banking. They provide strong continuity and a solid base from which to expand other fee-generating revenue streams. Now I would like to hand the call over to Keane Turner for his comments. Keane.