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ENTERPRISE Financial Services Corp ENTERPRISE FINANCIAL REPORTS SECOND QUARTER 2021 RESULTS Second Quarter Results Net income of $ 38.4 million , $ 1.23 per diluted share Net interest margin ( tax equivalent ) of 3.46 % Return on average assets of 1.50 % Loan growth of $ 278.5 million , excluding PPP loan activity , or 17 % annualized Increased dividend 6 % to $ 0.19 per share for third quarter • Repurchased 251,637 shares at an average price of $ 47.00 per share EXHIBIT 99.1 St. Louis , Mo. July 26 , 2021 - Enterprise Financial Services Corp ( Nasdaq : EFSC ) ( the " Company " or " EFSC " ) reported net income of $ 38.4 million for the second quarter 2021 , an increase of $ 8.5 million compared to the linked first quarter ( " linked quarter " ) and an increase of $ 23.8 million from the prior year quarter . Earnings per diluted share ( " EPS " ) was $ 1.23 for the second quarter 2021 , compared to $ 0.96 and $ 0.56 for the linked and prior year quarters , respectively . Jim Lally , EFSC's President and Chief Executive Officer , commented , " We have successfully navigated the challenges posed over the past year due to the pandemic , while also completing the acquisition and integration of Seacoast . These successes are evident in our second quarter results that produced a record net income of $ 38.4 million and a strong pre - provision net revenue ( " PPNR " ) return on average assets of 1.85 % . Core loan growth accelerated during the period , with solid growth in C & I and our specialty niches , partially offset by PPP forgiveness . Fee income rebounded from the first quarter , net interest margin was stable and our expenses were well- controlled . Continued improvement in the economic forecast and our improving asset quality metrics led to an allowance release of $ 2.7 million in the quarter , while still maintaining a significant allowance coverage ratio of 2.09 % when excluding guaranteed loans . The strength of our operating fundamentals supported an increase of our dividend by approximately 6 % and the repurchase of $ 12 million of stock during the quarter as a way to provide an additional return to our shareholders . " Lally added , " We announced the closing of the First Choice acquisition last week that significantly expands our commercial banking presence in California . I am excited about our future with an expanded footprint , a strengthening economy and customer base and the increased ability for in - person collaboration . " PPNR and PPNR return on assets are a non - GAAP measure . Refer to discussion and reconciliation of these measures in the accompanying financial tables . Highlights Comparisons to the prior year are impacted by the acquisition of Seacoast Commerce Banc Holdings ( " Seacoast " ) that closed in the fourth quarter 2020 . Earnings - Net income in the second quarter 2021 was $ 38.4 million , an increase of $ 8.5 million compared to the linked quarter and an increase of $ 23.8 million from the prior year quarter . EPS was $ 1.23 per diluted share for the second quarter 2021 , compared to $ 0.96 and $ 0.56 per diluted share for the linked and prior year quarters , respectively . Merger - related expenses of $ 1.9 million and $ 3.1 million for second quarter