Enterprise Financial Services Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reports Net Charge-Offs for the Third Quarter Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Remainder of 2018 and 2019
October 22, 2018 at 04:31 pm EDT
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Enterprise Financial Services Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net interest income was $48,093,000 against $45,625,000 for the same period a year ago. Total interest income was $60,757,000 against $52,468,000 for the same period a year ago. Income before income tax expense was $24,318,000 against $24,171,000 for the same period a year ago. Net income was $22,516,000 against $16,315,000 for the same period a year ago. Diluted earnings per share were $0.97 compared to $0.69 a year ago. Return on average assets was 1.63% compared to 1.27% a year ago. Return on average common equity was 15.22% compared to 11.69% a year ago. Return on average tangible common equity was 19.42% compared to 15.23% a year ago. Core net interest income was $47,558,000 against $44,069,000 for the same period a year ago. Core income before income tax expense was $24,401,000 against $22,927,000 for the same period a year ago. Core net income was $20,029,000 against $15,536,000 for the same period a year ago. Core diluted earnings per share were $0.86 compared to $0.66 a year ago. Core return on average assets was 1.45% compared to 1.21% a year ago. Core return on average common equity was 13.54% compared to 11.13% a year ago. Core return on average tangible common equity was 17.28% compared to 14.50% a year ago.
For the nine months, the company reported net interest income was $141,312,000 against $129,900,000 for the same period a year ago. Total interest income was $173,800,000 against $147,750,000 for the same period a year ago. Income before income tax expense was $76,149,000 against $59,168,000 for the same period a year ago. Net income was $65,688,000 against $40,661,000 for the same period a year ago. Diluted earnings per share were $2.81 compared to $1.75 a year ago. Return on average assets was 1.62% compared to 1.11% a year ago. Return on average common equity was 15.41% compared to 10.37% a year ago. Return on average tangible common equity was 19.85% compared to 13.25% a year ago. Core net interest income was $139,720,000 against $124,685,000 for the same period a year ago. Core income before income tax expense was $71,515,000 against $60,553,000 for the same period a year ago. Core net income was $59,658,000 against $41,917,000 for the same period a year ago. Core diluted earnings per share were $2.56 compared to $1.81 a year ago. Core return on average assets was 1.47% compared to 1.14% a year ago. Core return on average common equity was 14.00% compared to 10.69% a year ago. Core return on average tangible common equity was 18.03% compared to 13.660% a year ago. Book value per common share was $25.41 against $23.69 year ago. Tangible book value per common share was $19.94 against $18.09 a year ago.
For the quarter, the company reported net charge-offs was $2,447,000 compared to $803,000 a year ago.
The company expects its effective tax rate for the remainder of 2018 and 2019 to be approximately 18% and 20%.
Enterprise Financial Services Corp is a financial holding company for Enterprise Bank & Trust, which is a full-service financial institution, which offers banking and wealth management services to individuals and corporate customers primarily located in Arizona, California, Kansas, Missouri, Nevada and New Mexico. The Company offers a range of business and personal banking services, including wealth management services provided through Enterprise Trust, a division of Enterprise Bank & Trust. Its lending services include commercial and industrial, commercial real estate, real estate construction and development, residential real estate, small business administration, consumer and other loan products. The Company's lending services include variety of deposit products, including property management and community associations along with a complete suite of treasury management and international trade services for operating businesses. It also offers specialty deposit accounts to customers.
Enterprise Financial Services Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reports Net Charge-Offs for the Third Quarter Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Remainder of 2018 and 2019