Investor Presentation Fixed Income March 2026 Exhibit 99.1
2 Disclaimer & Forward-Looking Statements Disclaimer This presentation contains summarized consolidated information concerning Enterprise Financial Services Corp (the “Company,” “Enterprise” or "EFSC") and the Company’s business, operations, financial performance and trends. No representation is made that the information in this presentation is complete. For additional financial, statistical and business-related information, see the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) for the fiscal year ended December 31, 2025 and the Company's other reports filed with the SEC from time to time. Such reports are or will be available in the Investor Relations section of the Company’s website (www.enterprisebank.com) and the SEC’s website (www.sec.gov). Forward-Looking Statements Some of the information in this presentation may contain “forward-looking statements” within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include projections based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, liquidity, yields and returns, loan diversification and credit management, stockholder value creation and the impact of acquisitions. Forward-looking statements typically are identified with use of terms such as “may,” “might,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “outlook,” “forecast,” “project,” “pro forma”, “pipeline,” “believe,” “estimate,” “predict,” “intend,” “potential,” “could,” “continue,” and the negative and other variations of these terms and similar words, although some forward-looking statements may be expressed differently. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: the Company’s ability to efficiently integrate acquisitions into its operations, retain the clients of these businesses and grow the acquired operations, the Company’s ability to collect insurance proceeds from claims made related to tax recapture events, credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic and market conditions, high unemployment rates, higher inflation and its impacts (including U.S. federal government measures to address higher inflation), impacts of trade and tariff policies, U.S. fiscal debt, budget and tax matters (including the effect of a prolonged U.S. federal government shutdown), and any slowdown in global economic growth, risks associated with rapid increases or decreases in prevailing interest rates, our ability to attract and retain deposits and access to other sources of liquidity, consolidation in the banking industry, competition from banks and other financial institutions, the Company’s ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in legislative or regulatory requirements, as well as current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services, changes in accounting policies and practices or accounting standards, natural disasters (such as wildfires and earthquakes), terrorist activities, war and geopolitical matters (including the war in Israel and Iran, and potential for a broader regional conflict, and the war in Ukraine and the imposition of additional sanctions and export controls in connection therewith), or pandemics, or other health emergencies, and their effects on economic and business environments in which we operate, including the related disruption to the financial market and other economic activity; and those factors and risks referenced from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and the Company’s other filings with the SEC. The Company cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Company’s results. For any forward-looking statements made in this presentation, EFSC claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only, are not forecasts and may not reflect actual results. Readers are cautioned not to place undue reliance on any forward-looking statements. Except to the extent required by applicable law or regulation, EFSC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made.
3 Today’s Presenters Jim Lally 58, President & CEO, EFSC Enterprise Tenure: 22 years Keene Turner 46, SEVP, CFO & COO, EFSC Enterprise Tenure: 12 years Doug Bauche 56, SEVP, Chief Banking Officer, Enterprise Bank & Trust Enterprise Tenure: 25 years
EFSC Overview
5 Differentiated Business Model Focused on privately owned businesses and business owners Commercial Deposits • Highly productive network of 54 branches with $200M2 average deposits per branch • Complete and easy-to-use cash management services Deposit Verticals • Community associations • Property management • Third party escrow • Trust services Deposit and SBA loan production offices across the country Commercial Lending • C&I focus • Business banking • CRE lending • Blend of stable and growth MSAs Lending Verticals • SBA 7(a) lending • Sponsor finance • Tax credits • Life insurance premium finance $17.3B Total Assets $2.1B Market Cap As of 2/24/2026 1.24% 2025Y ROAA 13.3% 2025Y ROATCE1 33.4% Noninterest Bearing Deposits 81% Loans / Deposits 11.6% CET1 1.19% Allowance Coverage (1.29% Adj. for Guaranteed Loans)1 Note: 4Q25 data; market data as of 2/24/26; *Loan production office. 1A Non-GAAP Measure, Refer to Appendix for Reconciliation. 2Excluding national deposit verticals. St. Louis Kansas City Phoenix New Mexico Los Angeles Las Vegas San Diego Dallas* Orlando EFSC At-a-Glance A High-Performance Commercial Franchise Regional National
6 Midwest-focused FDIC-assisted acquisitions Expanded deposit base Expanded footprint through five acquisitions Delivered performance improvements Tackled challenges, including COVID and bank liquidity crisis Aligned incentives Diversified across geographies and verticals Consistent growth Compounding tangible book value per share 2012 and earlier ROAA: 0.78% (2012) 1.24% (2025) 2013 – 2025 2026 and beyond Top Quartile ROAA Since 2013, Continually Optimizing Performance
7 Strategically enhanced geographic diversification and product lines through select M&A transactions $ in Billions Granular, low-cost deposit base in New Mexico and St. Louis (JC Bancshares and Trinity) National Deposit Vertical Platform and National SBA Lending Platform (Seacoast) Deepened C&I focus in California market (First Choice) Disciplined Organic Growth Strategy Augmented by M&A Criteria For Potential Future M&A • Quality deposit portfolios • Differentiated specialty businesses • Selective, disciplined approach Enhanced funding profile providing attractive growth opportunities in existing markets (First Interstate) * *Acquisition of twelve branches in Arizona and Kansas completed in October 2025.
8 Strategic Growth Pillars Well positioned in attractive markets Differentiated deposit verticals Focused loan growth strategies High-quality talent additions through focused efforts Best-in-class technology Strong presence across major markets, balancing stable Midwest anchors (St. Louis, Kansas City) with high-growth Southwest and Western MSAs (Phoenix, Dallas, Los Angeles) Scalable platform with meaningful opportunities for growth and market share gains Specialized funding across three verticals including community associations, property management and legal/escrow High-retention, low-cost deposits that complement traditional retail banking network Four distinct lending verticals including SBA (top 25 national ranking), life insurance premium finance, sponsor finance and tax credit programs Lending verticals provide a competitive advantage, risk-adjusted pricing, and fee income opportunities Opportunistically added 29 high-performing producers since 2021 to increase density in core focus geographies Bolstered capabilities in Los Angeles (11 hires), San Diego (10 hires), Phoenix/Las Vegas (5 hires) and Texas (3 hires) to increase market penetration in high- value market corridors End-to-end digital lifecycle that supports the full client journey from onboarding to growth Integrating artificial intelligence and fintech partnerships to optimize internal workflows and enhance the client experience Relationship-driven community banking DNA with scalable national lending and deposit gathering expertise, utilizing premier talent and technology to capture opportunity across a balanced footprint of stable and high-growth markets
9 Balance sheet growth driving earnings growth 10-Year TBV CAGR510-Year TTM4 EPS CAGR5 110-Year CAGR from 4Q15 – 4Q25; 29.7% excluding acquisitions; 311.9% excluding acquisitions and brokered CDs. 4TTM – Trailing Twelve Months; 54Q25 results for the KRX index available as of January 21, 2026. All figures are as reported by S&P. 10-Year CAGR1 Loans2: 15.7% Deposits3: 18.0% KRX Median KRX Top Quartile EFSC KRX Median KRX Top Quartile EFSC Consistently Growing and Creating Value
10 Focused commercial bank, diversified verticals and markets Key Credit Highlights Well-managed balance sheet with high-quality investment portfolio and significant liquidity Strong capital foundation and consistent history of delivering results Consistent, high profitability with diversified revenue streams and robust capital generation Experienced management team with track record of consistent growth and optimization
Financial Overview
12 Financial Highlights - 4Q25* *Comparisons noted below are to the linked quarter unless otherwise noted. **A Non-GAAP Measure, Refer to Appendix for Reconciliation. • Net Income $54.8 million, up $9.6 million; diluted EPS $1.45 • Net Interest Income $168.2 million, up $9.9 million; NIM 4.26% • ROAA 1.27%, compared to 1.11%; PPNR ROAA** 1.74%, compared to 1.61% • ROATCE** 14.02%, compared to 11.56% Earnings Capital • Tangible Common Equity/Tangible Assets** 9.07%, compared to 9.60% • Tangible Book Value Per Common Share** $41.37, compared to $41.58 • CET1 Ratio 11.6%, compared to 12.0% • Quarterly common stock dividend of $0.32 per share in fourth quarter 2025 ($0.01 increase) • Quarterly preferred stock dividend of $12.50 per share ($0.3125 per depository share) • Repurchased 67,000 shares at an average price of $52.64 M&A • Completed branch acquisition in Arizona and Kansas in October 2025 Loans & Deposits • Loans $11.8 billion, up $217.2 million (down $74.7 million excluding acquired loans) • Deposits $14.6 billion, up $1.0 billion or $1.1 billion excluding brokered CDs ◦ Deposits up $431.9 million excluding acquired deposits Asset Quality • Nonperforming Loans/Loans 0.70%; Nonperforming Assets/Assets 0.95% • Allowance Coverage Ratio 1.19%; 1.29% adjusted for guaranteed loans** • Net Charge-Offs $20.7 million • $6.2 million gain on OREO
131A Non-GAAP Measure, Refer to Appendix for Reconciliation. Pre-Provision Net Revenue1 $ in Millions Pre-Provision Net Revenue ROAA1 Our Focused Strategy Generates Consistency
14 Note: Peers represent major exchange traded banks with assets $10 billion - $25 billion; excludes FBP, LC, OFG, merger targets and banks with negative profitability or missing data. Peer data per S&P Capital IQ Pro. 1Non-GAAP measure, refer to appendix for reconciliation. 2Defined as ROATCE x (1 - dividend payout ratio). Profitability is Driving Strong Capital Generation… With a Flexible and Well-Structured Balance Sheet Positioned for Consistent Growth 2025Y PPNR ROAA1 2025Y NIM 2025Y Equity Retention Rate2 Loans / Deposits EFSC Banks $10B - $25B 0.59% 1.70% 2.80% 2.45% 4.21% 4.51% 1% 10% 15% 102% 81% 61%
15 Net Interest Margin Remains Stable $148.6 $150.0 $155.5 $161.3 $171.7 4.13% 4.15% 4.21% 4.23% 4.26% 4.66% 4.33% 4.33% 4.30% 3.90% 2.50% 3.00% 3.50% 4.00% 4.50% $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 $220.0 $240.0 4Q24 1Q25 2Q25 3Q25 4Q25* Net Interest Income - FTE Net Interest Margin Average Effective Fed Funds Rate 4Q24 1Q25 2Q25 3Q25 4Q25* Net Interest Income - FTE $ 148.6 $ 150.0 $ 155.5 $ 161.3 $ 171.7 Purchase Accounting Amortization/(Accretion) 0.8 0.2 0.4 0.6 (0.2) Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) $ 149.4 $ 150.2 $ 155.9 $ 161.9 $ 171.5 Net Interest Margin 4.13 % 4.15 % 4.21 % 4.23 % 4.26 % Purchase Accounting Amortization/(Accretion) 0.02 % 0.01 % 0.01 % 0.02 % 0.00 % Adjusted Net Interest Income - FTE (Excluding Purchase Accounting) 4.15 % 4.16 % 4.22 % 4.25 % 4.26 % *Branch acquisition completed in October 2025.
16 Margin Stability Supported by Funding Base Components of Interest-bearing LiabilitiesComponents of Interest-earning Assets Margin Bridge
17 Fee Income Supports Profitability Noninterest Income Other Noninterest Income Detail *Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. $ In Millions
18 Expenses Remain Well-Controlled Noninterest Expense $ In Millions *A Non-GAAP Measure, Refer to Appendix for Reconciliation. Other Noninterest Expense Detail
19 39% 39% 22% $14.6B Total Deposits Note: 4Q25 data. by Type by Region Interest-Bearing Demand Accounts 24% DDA 33% CD 12% MMA & Savings 31% Diversified Deposit Base 1.64% Q4 Cost of Total Deposits 33.4% Noninterest Bearing Deposits Community Associations $1.5B in deposit accounts. Specifically designed to serve the needs of community associations Property Management $1.5B in deposits. Specializing in the compliance of Property Management Trust Accounts Legal Industry and Escrow Services $833M in deposits. Product lines providing services to independent escrow and non-depository trust companies Midwest 47% West 9% Southwest 18% Deposit Verticals 26%
20 Midwest 29% West 16% Specialty 36% Southwest 19% CRE-IO 25% CRE-OO 21% C&I 44% Construction 6% Residential 3% Consumer 1% by Product Type by Region1 Note: 4Q25 data. 1Excludes "Consumer" loans. Balanced Loan Portfolio $11.8B Total Loans 59.5% Adjustable-Rate Loans 6.51% Q4 Yield on Loans $635M NDFI Exposure Tax Credi t Programs 20% Sponsor Finance 18% Li fe Insurance 30% SBA Loans 32% SBA Loans • $1.3B in loans outstanding in SBA 7(a) loans, including $960M guaranteed • We remain a top 25 SBA 7(a) lender nationally • 1 of 8 lenders in a lower risk profile designated by the SBA - 73 lenders in peer group (portfolio size >=$350MM) Life Insurance Premium Finance • $1.2B in loans outstanding related to high-net-worth estate planning Sponsor Finance • $695M in M&A related loans outstanding, partnering with SBIC and PE firms Tax Credit Programs • $803M in loans outstanding related to Federal, Historic, and Affordable Housing tax credits • $433M in Federal & State New Market Tax Credits awarded to date
21 Credit Trends 4Q24 3Q25 4Q25 NPLs/Loans 0.38 % 1.10 % 0.70 % NPAs/Assets 0.30 % 0.83 % 0.95 % ACL/NPLs 323.2 % 116.4 % 169.1 % ACL/Loans*** 1.34 % 1.40 % 1.29 % Annualized Net Charge-offs (Recoveries) to Average Loans $ In Millions bps bps bpsbps bps $ In Millions Loan Growth and Average Line of Credit Utilization *Organic loan growth excludes branch acquisition completed in October 2025. **Includes credit loss expense on loans, investments and unfunded commitments. ***Excludes guaranteed loans. A Non-GAAP Measure, Refer to Appendix for Reconciliation.
22 Effective Risk Management as a Key Enabler Approach • Strong credit process • Effective controls • High quality assets • Well positioned for different rate environments Managing risk • Diversification across asset classes, geography, and industry • Reducing agriculture exposure over time • Well managed CRE concentration Key Performance Metrics (4Q25) • Nonperforming Loans/Loans: 0.70% • Nonperforming Assets/Assets:1 0.95% • Allowance Coverage Ratio: 1.19%; 1.29% adjusted for guaranteed loans2 • Net Charge-offs: $20.7 million QTD Near-Term Credit Resolution Path: Asset Exposure Q4 Status Resolution Path SoCal CRE – 7 Properties Under Common Ownership ~$73M 6 Properties moved to OREO in Q4 3 properties under contract, currently negotiating PSAs for other properties; expected proceeds at or above carrying value Riverside, CA Retail Center ~$23M New nonaccrual in Q4 Favorable LTV; actively negotiating an exit with little / no loss Life Insurance Premium Finance ~$12M Nonaccrual in Q3 Paid off in 1Q26 San Diego Residential Property ~$6M New nonaccrual in Q4 Paid off in 1Q26 1Includes $73.5 million in other real estate owned related to the previously disclosed Southern California relationship. 2A Non-GAAP Measure, Refer to Appendix for Reconciliation. ~$114M total (~0.66% of total assets)
23 Allowance for Credit Losses for Loans $ In Millions • New loans and changes in composition of existing loans • Changes in risk ratings, past due status and reserves on individually evaluated loans • Changes in macroeconomic and qualitative factors $ In Millions 4Q25 Loans ACL ACL as a % of Loans Commercial and industrial $ 5,232 $ 69 1.32 % Commercial real estate 5,454 51 0.94 % Construction real estate 688 11 1.60 % Residential real estate 368 8 2.17 % Consumer 58 1 1.72 % Total $ 11,800 $ 140 1.19 % Reserves on sponsor finance, agricultural, and investor office CRE loans, which are included in the categories above, represented $26.3 million, $3.6 million, and $5.2 million, respectively. Total ACL as a percentage of loans excluding $960.1 million of government guaranteed loans was 1.29%*. Key Assumptions: • Reasonable and supportable forecast period is one year with a one year reversion period. • Forecast considers a weighted average of baseline, upside and downside scenarios. • Primary macroeconomic factors: ◦ Percentage change in GDP ◦ Unemployment ◦ Percentage change in Retail Sales ◦ Percentage change in CRE Index *A Non-GAAP Measure, Refer to Appendix for Reconciliation.
24 High Quality Investment Portfolio Investment Portfolio Breakout AFS & HTM Securities TOTAL $3.7 billion • Effective duration of 5.1 years balances the short 3-year duration of the loan portfolio • Cash flows next 12 months of approximately $660.9 million • 4.02% tax-equivalent yield • Municipal bond portfolio rated A or better • Laddered maturity and repayment structure for consistent cash flows Overview $ In Millions Investment Purchase Yield $ In Millions
25 Diverse Sources of Liquidity EFSC Borrowing Capacity$ In Billions End of Period and Average Loans to Deposits • $1.6 billion available FHLB capacity • $3.0 billion available FRB capacity • $135.0 million in eight federal funds lines • $2.0 billion in unpledged investment securities • $681.9 million cash • $25.0 million available line of credit • Portfolio of saleable SBA loans • Investment portfolio/total assets of 22% • FHLB maximum credit capacity is 45% of assets Investment Portfolio Cash Flows* $ In Billions Strong Liquidity Profile *Trailing 12 months ending December 31 of each year.
26 Strong Capital Ratios 2Q25 3Q25 4Q25 Tangible Common Equity / Tangible Assets1 9.4% 9.6% 9.1% Tier 1 Leverage 11.1% 11.1% 10.5% Tier 1 Common Equity 11.9% 12.0% 11.6% Tier 1 Risk-Based Capital 13.2% 13.3% 12.8% Total Risk-Based Capital 14.7% 14.4% 13.9% Bank CRE Concentration Ratio2 227% 229% 234% Bank C&D Concentration Ratio3 47% 47% 39% Note: 4Q25 data. 1A Non-GAAP Measure, Refer to Appendix for Reconciliation. 2CRE as defined in the regulatory agencies guidance on CRE and is sourced from the bank call report. Includes C&D, multifamily and non-owner occupied CRE loans. 3Includes 1-4 family construction and other construction, development and land loans.
Appendix
28 Double Leverage & Interest Coverage (dollars in thousands) For the Twelve Months Ended 12/31/22 12/31/23 12/31/24 12/31/25 Double Leverage Total Investment In Subsidiaries $1,573,033 $1,762,426 $1,836,167 $2,023,537 Consolidated Equity 1,522,263 1,716,068 1,824,002 2,039,386 Double Leverage Ratio 103% 103% 101% 99% Interest Coverage Earnings: Income From Continuing Operations Before Taxes $259,460 $246,526 $231,244 $283,717 (+) Short-term Borrowings Interest (FHLB, Fed Funds & Repos) 1,855 8,823 7,850 11,031 (+) Long-term Borrowings Interest (inc. TruPS & Sub Debt) 9,166 9,781 10,497 9,543 Earnings (Before Corporate Debt Interest) $270,481 $265,130 $249,591 $304,291 (+) Interest on Deposits 30,158 183,723 264,608 241,098 Earnings (Before Corporate Debt Int. & Deposit Int.) 300,639 448,853 514,199 545,389 Interest Expense + Preferred Dividends: Short-term Borrowings Interest (FHLB, Fed Funds & Repos) 1,855 8,823 7,850 11,031 Long-term Borrowings Interest (inc. TruPS & Sub Debt) 9,166 9,781 10,497 9,543 Preferred Dividends1 5,388 5,000 5,000 5,000 Interest Expense, Excluding Interest on Deposits 16,409 23,604 23,347 25,574 Interest on Deposits 30,158 183,723 264,608 241,098 Interest Expense, Including Interest on Deposits 46,567 207,327 287,955 266,672 Interest Coverage (Excluding Deposit Interest Expense) - A / C 16.5x 11.2x 10.7x 11.9x Interest Coverage (Including Deposit Interest Expense) - B / D 6.5x 2.2x 1.8x 2.0x A B C D 1Preferred dividend is presented on a grossed-up basis using an illustrative 25% effective tax rate.
29 Kroll Ratings as of October 15th, 2025 Entity Type Rating Outlook Enterprise Financial Services Corp Senior Unsecured Debt BBB+ Stable Subordinated Debt BBB Stable Preferred Stock BBB- Stable Short-Term Debt K2 N/A Enterprise Bank & Trust Deposit A- Stable Senior Unsecured Debt A- Stable Subordinated Debt BBB+ Stable Short-Term Deposit K2 N/A Short-Term Debt K2 N/A Source: Kroll Bond Rating Agency. 1Kroll Ratings Scale: https://www.kbra.com/understanding-ratings/rating-scales/long-term-credit-rating. 1
30 Significant opportunities for growth and share gain in our markets Region Total Deposits ($B) Total Loans ($B) Market Profile Metro Midwest $6.9 $3.4 Stable St. Louis Kansas City Southwest $2.6 $2.2 Stable Albuquerque2 Growth Phoenix3 Dallas Las Vegas West $1.3 $1.9 Growth Los Angeles San Diego Deposit Verticals / Specialty Lending $3.8 $4.3 Total $14.6 $11.8 Note: 4Q25 data. 1Specialty Lending includes "Consumer" Loans. 2The Combined Statistical Area includes Albuquerque-Santa Fe-Los Alamos. 3The Combined Statistical Area includes Phoenix-Mesa and Tucson-Nogales. 1 Well-Positioned in Attractive Markets
31 Deposit Details 4Q25 3Q25 4Q24 Qtr Change LTM Change Branch Acquisition* Net Organic Qtr Change Net Organic LTM Change Noninterest-bearing demand accounts $ 4,874 $ 4,387 $ 4,484 $ 487 $ 390 $ 213 $ 274 $ 177 Interest-bearing demand accounts 3,537 3,302 3,175 235 362 109 126 253 Money market accounts 3,991 3,703 3,564 288 427 219 69 208 Savings accounts 538 526 553 12 (15) 21 (9) (36) Certificates of deposit: Brokered 722 762 485 (40) 237 — (40) 237 Customer 947 888 885 59 62 47 12 15 Total Deposits $ 14,609 $ 13,568 $ 13,146 $ 1,041 $ 1,463 $ 609 $ 432 $ 854 Deposit Verticals** $ 3,815 $ 3,774 $ 3,388 $ 41 $ 427 $ 41 $ 427 $ In Millions *Amounts reported are as of December 31, 2025 and represent deposit balances from the branch acquisition from First Interstate Bank completed on October 10, 2025. **Included in Total Deposits. Note, Total Deposits excluding Deposit Verticals and brokered CDs increased $1.0 billion from 3Q25 and $799 million from 4Q24.
32 Loan Details 4Q25 3Q25 4Q24 Qtr Change LTM Change Branch Acquisition** Net Organic Qtr Change Net Organic LTM Change C&I $ 2,606 $ 2,321 $ 2,139 $ 285 $ 467 $ 85 $ 200 $ 382 CRE Investor Owned 2,786 2,627 2,405 159 381 84 75 297 CRE Owner Occupied 1,405 1,297 1,305 108 100 118 (10) (18) SBA loans* 1,262 1,258 1,298 4 (36) — 4 (36) Sponsor Finance* 695 774 783 (79) (88) — (79) (88) Life Insurance Premium Financing* 1,187 1,152 1,114 35 73 — 35 73 Tax Credits* 803 781 760 22 43 — 22 43 Residential Real Estate 362 359 351 3 11 4 (1) 7 Construction and Land Development 634 784 794 (150) (160) — (150) (160) Consumer*** 60 230 271 (170) (211) 1 (171) (212) Total Loans $ 11,800 $ 11,583 $ 11,220 $ 217 $ 580 $ 292 $ (75) $ 288 *Specialty loan category. **Amounts reported are as of December 31, 2025 and represent loan balances from the branch acquisition from First Interstate Bank completed on October 10, 2025. ***Certain loans were reclassified from Consumer and into other categories in the fourth quarter of 2025. Prior period amounts were not adjusted. $ In Millions
33 • Broadly diversified portfolio including $695M in loans to 100+ companies • Senior debt leverage of 1.6x; total leverage of 3.9x on average for the portfolio • Allowance coverage ratio of 3.78% Additional Loan Insights Diversified & Granular Commercial Loan Portfolio % Balance of Total NAICS Sector ($M) Loans Finance and Insurance $2,503.1 21.2% Manufacturing $782.4 6.6% Health Care and Social Assistance $598.2 5.1% Retail Trade $530.2 4.5% Wholesale Trade $512.7 4.3% Construction $512.6 4.3% Real Estate and Rental and Leasing $475.4 4.0% Accommodation and Food Services $313.2 2.7% Professional, Scientific, and Technical Services $305.7 2.6% Other Services (except Public Administration) $268.8 2.3% Transportation and Warehousing $232.6 2.0% Administrative and Support and Waste Management $193.8 1.6% Agriculture, Forestry, Fishing and Hunting $103.5 0.9% Arts, Entertainment, and Recreation $95.8 0.8% Management of Companies and Enterprises $64.1 0.5% Information $62.8 0.5% Educational Services $47.9 0.4% Util ities $25.6 0.2% Mining, Quarrying, and Oil and Gas Extraction $14.1 0.1% Public Administration $8.9 0.1% Total $7,651.4 64.8% 1 C&I and Owner Occupied CRE Loans by Sector 1Life insurance premium finance represents $1,171M or 47% of Finance and Insurance NAICS balance. 2Excludes investor CRE loans secured by collateral not classified as investor CRE. Investor CRE Loans by Property Type2 % Balance of Total Property Type ($M) Loans Retail $582.9 4.9% Office/Professional/Showroom $528.4 4.5% Hotel / Motel - National Flag $516.7 4.4% Multi Family $400.8 3.4% Industrial/Warehouse $342.9 2.9% Mini-Warehouse/Self-storage $168.0 1.4% Not Elsewhere Classified - Special Purpose $143.2 1.2% Hotel / Motel - Non-Flag $74.2 0.6% Convenience Store/Gas Station $56.0 0.5% Senior Housing $52.7 0.4% Mobile Home Park $14.4 0.1% Total $2,880.3 24.4% Sponsor Finance Detail (Balances included in table at left)
34 Office CRE (Non-owner Occupied) Total $574.8 million Office CRE Loans by Location Office CRE Loans by Industry Type Size Average Risk Rating Number of Loans Balance Average Balance > $10 Million 5.50 16 $ 244.2 $ 15.3 $5-10 Million 5.00 12 80.3 6.7 $2-5 Million 5.31 45 143.9 3.2 < $2 Million 5.29 192 106.4 0.6 Total 5.29 265 $ 574.8 $ 2.2 Office CRE Loans by Size $ In Millions • Average loan-to-origination value 52% • 71% of loans have recourse to owners • Average debt-service coverage ratio (DSCR) of 1.52x • Average market occupancy of 88%; average rents of $24 psf • 42% Class A, 54% Class B, 4% Class C • $33.9 million unfunded commitments 34
35 Interest Rate Sensitivity Projected Annual Percentage Change in Net Interest Income from Parallel Rate Shock1 (7.9%) (4.1%) 3.6% 6.9% -200 bps -100 bps +100 bps +200 bps 1The Company determines the sensitivity of its short-term future earnings to hypothetical parallel rate shocks through the use of simulation modeling. The simulation of earnings includes the modeling of the balance sheet as an ongoing entity. Future business assumptions involving administered rate products, prepayments for future rate-sensitive balances, and the reinvestment of maturing assets and liabilities are included. These items are then modeled to project net interest income based on a hypothetical change in interest rates. The resulting net interest income for the next 12-month period is compared to the net interest income amount calculated using flat rates. This difference represents the Company’s earnings sensitivity to a positive or negative parallel rate shock.
36 The Company’s accounting and reporting policies conform to generally accepted accounting principles in the United States (“GAAP”) and the prevailing practices in the banking industry. However, the Company provides other financial measures, such as tangible common equity, tangible common equity to tangible assets, common equity tier 1 ratio adjusted for unrealized losses, PPNR, PPNR ROAA, allowance for coverage ratio adjusted for guaranteed loans, and ROATCE, in this release that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The Company considers its tangible common equity, tangible common equity to tangible assets, common equity tier 1 ratio adjusted for unrealized losses, PPNR, PPNR ROAA, allowance for coverage ratio adjusted for guaranteed loans, and ROATCE, collectively “core performance measures,” presented in this earnings release and the included tables as important measures of financial performance, even though they are non-GAAP measures, as they provide supplemental information by which to evaluate the impact of certain non-comparable items, and the Company’s operating performance on an ongoing basis. Core performance measures exclude certain other income and expense items, such as the FDIC special assessment, core conversion expenses, merger-related expenses, branch closure expenses, accrued insurance proceeds anticipated to be received as a result of recaptured tax credits, net gain or loss on investment securities and net gain or loss on other real estate owned, that the Company believes to be not indicative of or useful to measure the Company’s operating performance on an ongoing basis. The attached tables contain a reconciliation of these core performance measures to the GAAP measures. The Company believes that the tangible common equity ratio provides useful information to investors about the Company’s capital strength even though it is considered to be a non-GAAP financial measure and is not part of the regulatory capital requirements to which the Company is subject. The Company believes these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding the Company’s performance and capital strength. The Company’s management uses, and believes that investors benefit from referring to, these non-GAAP measures and ratios in assessing the Company’s operating results and related trends and when forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP. In the attached tables, the Company has provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios, or a reconciliation of the non-GAAP calculation of the financial measures for the periods indicated. Use of Non-GAAP Financial Measures
37 At ($ in thousands) December 31, 2025 CET1 capital $ 1,583,989 Less unrealized loss on investment portfolio, after tax1 88,791 CET1 capital excluding unrealized loss on securities $ 1,495,198 Total risk-weighted assets $ 13,629,250 CET1 capital / risk-weighted assets (GAAP) 11.6 % CET1 capital excluding unrealized loss on securities / risk-weighted assets (non-GAAP) 11.0 % CET1 Ratio Adjusted For Unrealized Loss Reconciliation of Non-GAAP Financial Measures 1Tax rate is approximately 25%.
38 Year ended ($ in thousands) 2025 2024 2023 2022 Net interest income (GAAP) $ 626,738 $ 568,096 $ 562,592 $ 473,903 Noninterest income (GAAP) 113,123 69,703 68,725 59,162 FDIC special assessment (652) 625 2,412 — Core conversion expense — 4,868 — — Acquisition costs 3,675 — — — Less net gain on sale of investment securities 49 — 601 — Less net gain (loss) on other real estate owned 6,255 3,089 187 (93) Less insurance recoveries1 32,112 — — — Less noninterest expense (GAAP) 429,807 385,047 348,186 274,216 PPNR (non-GAAP) $ 274,661 $ 255,156 $ 284,755 $ 258,942 Average assets $ 16,199,003 $ 14,841,690 $ 13,805,236 $ 13,319,624 ROAA (GAAP) 1.24 % 1.25 % 1.41 % 1.52 % PPNR ROAA (non-GAAP) 1.70 % 1.72 % 2.06 % 1.94 % PPNR & PPNR ROAA Reconciliation of Non-GAAP Financial Measures 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.
39 Reconciliation of Non-GAAP Financial Measures At ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 STOCKHOLDERS’ EQUITY TO TANGIBLE COMMON EQUITY, TOTAL ASSETS TO TANGIBLE ASSETS, TANGIBLE BOOK VALUE PER COMMON SHARE, AND TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Stockholders’ equity (GAAP) $ 2,039,386 $ 1,982,332 $ 1,922,899 $ 1,868,073 $ 1,824,002 Less preferred stock 71,988 71,988 71,988 71,988 71,988 Less goodwill 416,968 365,164 365,164 365,164 365,164 Less intangible assets 21,175 6,140 6,876 7,628 8,484 Tangible common equity (non-GAAP) $ 1,529,255 $ 1,539,040 $ 1,478,871 $ 1,423,293 $ 1,378,366 Common shares outstanding 36,965 37,011 36,950 36,928 36,988 Tangible book value per common share (non-GAAP) $ 41.37 $ 41.58 $ 40.02 $ 38.54 $ 37.27 Total assets (GAAP) $ 17,300,884 $ 16,402,405 $ 16,076,299 $ 15,676,594 $ 15,596,431 Less goodwill 416,968 365,164 365,164 365,164 365,164 Less intangible assets 21,175 6,140 6,876 7,628 8,484 Tangible assets (non-GAAP) $ 16,862,741 $ 16,031,101 $ 15,704,259 $ 15,303,802 $ 15,222,783 Tangible common equity to tangible assets (non-GAAP) 9.07 % 9.60 % 9.42 % 9.30 % 9.05 %
40 Reconciliation of Non-GAAP Financial Measures Quarter ended Year ended ($ in thousands) December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) Average stockholder’s equity (GAAP) $ 2,022,472 $ 1,964,126 $ 1,939,494 $ 1,784,175 Less average preferred stock 71,988 71,988 71,988 71,988 Less average goodwill 414,858 365,164 377,690 365,164 Less average intangible assets 11,173 6,498 8,238 10,329 Average tangible common equity (non-GAAP) $ 1,524,453 $ 1,520,476 $ 1,481,578 $ 1,336,694 Net income available to common stockholders (GAAP) $ 53,857 $ 44,297 $ 197,624 $ 181,516 ROATCE (non-GAAP) 14.02 % 11.56 % 13.34 % 13.58 % Quarter ended ($ in thousands) December 31, 2025 September 30, 2025 PRE-PROVISION NET REVENUE (PPNR) Net interest income $ 168,174 $ 158,286 Noninterest income 25,412 48,624 FDIC special assessment (652) — Core conversion expense — — Acquisition costs 2,548 609 Less net gain (loss) on sale of investment securities (57) — Less net gain on other real estate owned 6,169 7 Less insurance recoveries1 — 32,112 Less noninterest expense 114,532 109,790 PPNR (non-GAAP) $ 74,838 $ 65,610 Average assets $ 17,099,429 $ 16,178,088 PPNR ROAA (non-GAAP) 1.74 % 1.61 % 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event.
41 Reconciliation of Non-GAAP Financial Measures 1Represents anticipated proceeds from a pending insurance claim related to a third quarter 2025 solar tax credit recapture event. At ($ in thousands) December 31, 2025 September 30, 2025 December 31, 2024 ALLOWANCE COVERAGE RATIO ADJUSTED FOR GUARANTEED LOANS Loans (GAAP) $ 11,800,338 $ 11,583,109 $ 11,220,355 Less guaranteed loans 960,132 922,168 947,665 Adjusted loans (non-GAAP) $ 10,840,206 $ 10,660,941 $ 10,272,690 Allowance for credit losses $ 140,022 $ 148,854 $ 137,950 Allowance for credit losses/loans (GAAP) 1.19 % 1.29 % 1.23 % Allowance for credit losses/adjusted loans (non-GAAP) 1.29 % 1.40 % 1.34 % Quarter ended ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 CORE EFFICIENCY RATIO Net interest income (GAAP) $ 168,174 $ 158,286 $ 152,762 $ 147,516 $ 146,370 Tax-equivalent adjustment 3,477 3,045 2,738 2,475 2,272 Noninterest income (GAAP) 25,412 48,624 20,604 18,483 20,631 Less insurance recoveries1 — 32,112 — — — Less net gain (loss) on sale of investment securities (57) — — 106 — Less net gain (loss) on other real estate owned 6,169 7 56 23 (68) Core revenue (non-GAAP) $ 190,951 $ 177,836 $ 176,048 $ 168,345 $ 169,341 Noninterest expense (GAAP) $ 114,532 $ 109,790 $ 105,702 $ 99,783 $ 99,522 Less core conversion expense — — — — 1,893 Less FDIC special assessment (652) — — — — Less amortization on intangibles 1,380 736 753 855 916 Less acquisition costs 2,548 609 518 — — Core noninterest expense (non-GAAP) $ 111,256 $ 108,445 $ 104,431 $ 98,928 $ 96,713 Core efficiency ratio (non-GAAP) 58.3 % 61.0 % 59.3 % 58.8 % 57.1 %
