Dear Fellow Shareholders:
We are returning to the practice of releasing financial information on a semi-annual basis to keep you more currently updated of our progress and results.
We are please to report that Enterprise Financial Services Group, Inc. has continued to strengthen core operations while maintaining our emphasis on helping small businesses and our operating focus in the small business niche market. Our capital levels have grown stronger and we have increased the common stock dividend while beginning to buy back the preferred stock related to the Small Business Lending Fund.
The Bank's asset quality remains strong and has further improved while our core operating income has also grown. The prior fiscal year was more profitable overall than the current year but this is the result of extraordinary fee income generated from the PPP loan program last year. These results are reported and evident in "Other Fee Revenues".
The Bank completed the remodeling of the office building located on campus across Alpha Drive from the Bank. Our subsidiaries have moved into and are conducting business from the renovated facility. The Bank's main office building now has sufficient space to double the size of our banking operations without increasing overhead.
We expect inflation to remain high and interest rates to increase further as we progress thru 2022. The Bank is prepared for this scenario such that our bottom line should not be harmed from these economic pressures and conditions.
The Bank continues to expand investments and give back to our communities by rehabilitating distressed homes to provide housing for singled parented families. Don't forget, you can follow our progress on social media.
As always, we appreciate your investment, your trust, and your ongoing support of Enterprise Financial Services Group Inc.
Sincerely,
Chuck Leyh | Doug Lockard |
Chairman of the Board | Vice Chairman of the Board |
Enterprise Financial Services Group Inc.
Six Months Ended: March 31, 2022
March 31, 2022 | March 31, 2021 | ||||
ASSETS | |||||
Cash and due from banks | $ | 662,973 | $ | 812,484 | |
Cash on deposit with Federal Reserve Bank | 69,609,143 | 48,132,334 | |||
Interest bearing deposits with banks | 451,282 | 383,403 | |||
Cash and cash Equivalents | 70,723,398 | 49,328,221 | |||
Loans receivable | 282,744,954 | 318,810,953 | |||
Allowance for loan losses | (821,185) | (932,039) | |||
Net Loans | 281,923,769 | 317,878,914 | |||
Accrued interest receivable | 1,172,303 | 1,343,595 | |||
Premises and equipment, net | 11,255,071 | 9,073,340 | |||
Foreclosed real estate | 2,329,824 | 3,079,139 | |||
Restricted investments in Bank stock | 2,663,600 | 2,845,500 | |||
Other assets | 4,936,883 | 4,069,559 | |||
Total Assets | $ | 375,004,848 | $ | 387,618,268 | |
LIABILITIES & STOCKHOLDERS' EQUITY | |||||
LIABILITIES: | |||||
Non-interest bearing deposits | $ | 4,502,985 | $ | 7,715,274 | |
Interest bearing deposits | 270,749,472 | 260,782,682 | |||
Total Deposits | 275,252,457 | 268,497,956 | |||
Borrowings | 62,476,500 | 83,405,750 | |||
Accrued interest payable | 306,608 | 392,396 | |||
Accrued expenses and other liabilities | 2,463,387 | 2,649,192 | |||
Total Liabilities | 340,498,952 | 354,945,294 | |||
STOCKHOLDERS' EQUITY | |||||
Preferred Stock | 3,750,000 | 5,000,000 | |||
Common stock | 600,160 | 600,160 | |||
Additional paid-in capital | 13,756,225 | 13,628,506 | |||
Retained earnings | 16,772,328 | 14,012,737 | |||
Treasury Stock, cost | (372,817) | (568,429) | |||
Total Stockholders' Equity | 34,505,896 | 32,672,974 | |||
Total Liabilities and Stockholders' Equity | $ | 375,004,848 | $ | 387,618,268 | |
Six Months | Six Months | ||||
Ended | Ended | ||||
March 31, 2022 | March 31, 2021 | ||||
INTEREST INCOME | |||||
Interest and fees on loans | 7,646,233 | 8,989,561 | |||
Interest on Federal Reserve balances | 59,524 | 30,226 | |||
Other interest and dividend income | 66,293 | 85,502 | |||
Total Interest Income | 7,772,050 | 9,105,289 | |||
INTEREST EXPENSE | |||||
Interest on deposits | 824,870 | 1,070,448 | |||
Interest on borrowings | 675,141 | 822,494 | |||
Total Interest Expense | 1,500,011 | 1,892,942 | |||
Net Interest Income | 6,272,039 | 7,212,347 | |||
PROVISION FOR (CREDIT FROM) LOAN LOSSES | (168,409) | (191,726) | |||
Net Interest Income | |||||
After Provision For (Credit From) Loan Losses | 6,440,448 | 7,404,073 | |||
OTHER OPERATING INCOME | |||||
Service charges on deposit accounts | 178,441 | 167,563 | |||
Other fee revenue | 1,305,392 | 2,003,045 | |||
Gain/(Loss) on sale of foreclosed real estate | 194,020 | (22,965) | |||
Gain/(Loss) on valuation of foreclosed real estate | 81,393 | (204) | |||
Total Other Operating Income | 1,759,246 | 2,147,439 | |||
OTHER OPERATING EXPENSES | |||||
Salaries and employee benefits | 2,074,032 | 2,151,528 | |||
Relationship manager's expense | 1,186,255 | 1,351,151 | |||
Occupancy | 237,999 | 252,009 | |||
Furniture and office equipment | 186,390 | 164,831 | |||
Data processing and computer equipment | 403,135 | 382,155 | |||
FDIC insurance expense | 172,151 | 276,006 | |||
Other | 1,608,457 | 1,927,374 | |||
Total Other Operating Expenses | 5,868,419 | 6,505,054 | |||
Net Income From Continuing Operations, Before Tax | 2,331,275 | 3,046,458 | |||
Income Tax Expense | 518,486 | 652,918 | |||
Net Income | 1,812,789 | 2,393,540 | |||
Preferred stock dividends | 248,125 | 225,000 | |||
Net Income Attributable to Common Stockholders | $ | 1,564,664 | $ | 2,168,540 | |
Earnings Per Share | $ | 1.35 | $ | 1.91 | |
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Enterprise Financial Services Group Inc. published this content on 15 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2022 12:52:02 UTC.