Enterprise Financial Services Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's total interest income was $36,435,000 against $45,346,000 a year ago. Net interest income was $32,371,000 against $40,051,000 a year ago. Income before income tax expense was $4,481,000 against $7,517,000 a year ago. Net income was $3,621,000 against $5,415,000 a year ago. Net income available to common shareholders was $3,621,000 or $0.18 per diluted share against $4,153,000 or $0.23 per basic and diluted share a year ago. Return on average assets was 0.46% against 0.51% a year ago. Return on average common equity was 5.07% against 6.99% a year ago. Book value per common share was $14.47 as at December 31, 2013 against $13.09 as at December 31, 2012. Fourth quarter 2013 net income was impacted by a $2.6 million, or $0.08 per diluted share, non-recurring prepayment penalty on the early pay-off of $30.0 million of debt with the Federal Home Loan Bank of Des Moines (‘FHLB'). Exclusive of the FHLB pre-payment, fourth quarter 2013 earnings per diluted share would have increased 13% to $0.26 per common share.

For the year, the company's total interest income was $153,289,000 against $165,464,000 a year ago. Net interest income was $135,152,000 against $142,297,000 a year ago. Income before income tax expense was $50,080,000 against $42,830,000 a year ago. Net income was $33,104,000 against $28,296,000 a year ago. Net income available to common shareholders was $33,104,000 or $1.73 per diluted share against $25,101,000 or $1.37 per diluted share a year ago. Return on average assets was 1.06% against 0.78% a year ago. Return on average common equity was 12.78% against 11.21% a year ago.

For the quarter, the company reported net charge-offs of $1.8 million, representing an annualized rate of 0.33% of average loans, compared to net charge-offs of $0.4 million, an annualized rate of 0.07%, in the linked third quarter. Net charge-offs were $5.8 million, an annualized rate of 1.15%, in the fourth quarter of 2012.