Overview

• U.S. regional bank's Q1 adjusted EPS beat analyst expectations

• Net income and net interest income declined from prior quarter, citing lower rates and fewer days in the period

• Company raised quarterly dividend and repurchased 483,000 shares

Outlook

• Company did not provide specific financial guidance for the current or upcoming periods

Result Drivers

• LOWER RATES & FEWER DAYS - Net interest income declined from the prior quarter due to lower short-term interest rates that decreased asset yields, and fewer days in the period

• SEASONAL NONINTEREST INCOME - Noninterest income fell from the linked quarter due to the absence of a gain on OREO and lower seasonal tax credit income, partly offset by gains from SBA loan sales

• HIGHER COMPENSATION COSTS - Noninterest expense increased from the prior quarter, mainly due to higher employee compensation costs related to payroll tax resets and merit increases

Company press release: ID:nBw5BBbG7a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted EPS	Beat	$1.31	$1.30 (4 Analysts)
Q1 Net Income		$49.40 mln
Q1 Net Interest Income		$166.10 mln
Q1 Dividend		$0.34
Q1 Net Interest Margin		4.28%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Enterprise Financial Services Corp is $66.50, about 15.6% above its April 21 closing price of $57.53

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.