EFSC Q2 net income $40.9M ($1.09 EPS) down 16% QoQ; credit costs rise

ENTERPRISE FINANCIAL SERVICES CORP

Net income $40.9M, diluted EPS $1.09 vs $1.30 linked and $1.36 prior year; adjusted EPS $1.13.
Net interest margin 4.30% (+2 bps QoQ); net interest income $168.7M (+$2.6M QoQ).
Provision for credit losses $14.2M (up from $7.2M linked); net charge-offs $13.6M (46 bps annualized) driven by two accounts.
Nonperforming assets to total assets 0.92% (up from 0.87% linked); allowance to loans 1.17%.
Board authorized repurchase of up to 2M additional shares (~5% of outstanding); quarterly dividend raised $0.01 to $0.35.

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