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TheStreet Open House

Enterprise Financial Reports First Quarter 2013 Results

Stock quotes in this article: EFSC

  • First quarter net income of $10.0 million or $0.53 per diluted share, up 62% and 71%, respectively, over the prior year period
  • Nonperforming assets decrease 41% from one year ago to 1.26% of total assets
  • Net interest rate margin rises to 5.10% compared to 4.33% a year ago
  • Commercial and Industrial ("C&I") loans rise 20% over a year ago
  • Scott Goodman named President of Enterprise Bank & Trust

ST. LOUIS, April 25, 2013 (GLOBE NEWSWIRE) -- Enterprise Financial Services Corp (Nasdaq:EFSC) (the "Company") reported net income of $10.0 million for the quarter ended March 31, 2013, compared to net income of $6.2 million for the prior year period. Net income per diluted share was $0.53 for the first quarter of 2013, compared to $0.31 per diluted share for the first quarter of 2012. Higher net interest income as well as a reduction in non-interest expenses drove the increase in net income.

Peter Benoist, President and CEO, commented, "Enterprise posted strong earnings for the quarter, with solid results from our core banking operations, as well as our covered asset portfolios. Compared to a year ago, organic C&I loan balances grew 20% while nonperforming assets declined 41%. Over the same period, key components of our noninterest income increased steadily, with wealth management revenues rising 14% and service charges up 15%. The pending acquisition of Gorman & Gorman Home Loans will expand our mortgage business and related fee income opportunities."

"Net revenues from our FDIC loss share assets continue to add meaningfully to our results," noted Benoist. "Covered assets produced $8.7 million in net revenue in the first quarter and have generated $75.8 million since we completed our first FDIC-assisted transaction a little more than three years ago."

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