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Enterprise Financial Reports Fourth Quarter 2012 And Year End Results

Stocks in this article: EFSC

  • Net income for 2012 totals $28.3 million, up 11% over 2011
  • 2012 earnings per diluted share of $1.37, compared to $1.34 in prior year
  • Fourth quarter net income totals $5.4 million, or $0.23 per diluted share
  • Commercial & Industrial loans grow 9% over linked quarter and 26% over prior year period
  • Noninterest-bearing demand deposits up 17% over prior year period
  • Company repurchases preferred stock and warrants from U.S. Treasury, exiting TARP

ST. LOUIS, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Enterprise Financial Services Corp (Nasdaq:EFSC) (the "Company") reported net income of $28.3 million for the year ended December 31, 2012, compared to net income of $25.4 million for the prior year period. After deducting dividends and accretion on preferred stock, the Company reported net income of $1.37 per diluted share as compared to $1.34 in 2011. The accelerated accretion associated with the Company's repurchase of preferred stock reduced 2012 diluted earnings per share for the fourth quarter and full year of 2012 by approximately $0.03.

For the fourth quarter of 2012, the Company reported net income of $5.4 million, a 25% decrease compared to net income of $7.2 million for the prior year period. After deducting dividends and accretion on preferred stock, including the accelerated dividend accretion, the Company reported net income of $0.23 per diluted share for the fourth quarter of 2012, compared to net income of $0.36 per diluted share for the fourth quarter of 2011. Higher provision for loan losses and accelerated accretion of discount from the early redemptions of preferred stock held in the U.S. Treasury's Troubled Asset Relief Program ("TARP") accounted for the reduction in earnings from the prior year fourth quarter.

Peter Benoist, President and CEO, commented, "Enterprise's 11% increase in net income for 2012 reflected continued favorable results from our covered loan portfolio and sustained growth in our core banking business. We continue to gain share in our primary private business market, driving strong growth in loans and demand deposits. Over the course of the year we increased net C&I loans outstanding by $200 million, or 26%. These loans now represent 46% of our total organic loan portfolio. We also increased our noninterest bearing demand deposit balances by more than 17%, contributing to a significantly lower-cost mix of deposits compared to a year ago."

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