Enterprise Financial Services Corp. reported net income of $10 million for the quarter ended March 31, 2013, compared with net income of $6.2 million for the prior year period. Net income per diluted share was $0.53 for the first quarter of 2013, compared with $0.31 per diluted share for the first quarter of 2012. Higher net interest income as well as a reduction in non-interest expenses drove the increase in net income.
Peter Benoist, president and CEO, commented, “Enterprise posted strong earnings for the quarter, with solid results from our core banking operations, as well as our covered asset portfolios. Compared to a year ago, organic C&I loan balances grew 20% while nonperforming assets declined 41%. Over the same period, key components of our noninterest income increased steadily, with wealth management revenues rising 14% and service charges up 15%. The pending acquisition of Gorman & Gorman Home Loans will expand our mortgage business and related fee income opportunities.”
“Net revenues from our FDIC loss share assets continue to add meaningfully to our results,” noted Benoist. “Covered assets produced $8.7 million in net revenue in the first quarter and have generated $75.8 million since we completed our first FDIC-assisted transaction a little more than three years ago.”
Benoist added, “We positioned the company for further growth with several new management assignments during the quarter. Scott Goodman was named president of Enterprise Bank & Trust, partnering with Steve Marsh to drive the Bank’s earnings growth as the economy continues to improve. In addition, several other executives were appointed to leadership roles in the Bank’s Arizona and Kansas City Regions. These promotions reflect the strength of our team and the company’s ability to deploy talent effectively to capitalize on market opportunities.”