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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q


☒						Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025.


☐						Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to ______

Commission file number 001-15373

ENTERPRISE FINANCIAL SERVICES CORP

Incorporated in the State of Delaware

I.R.S. Employer Identification # 43-1706259

Address: 150 North Meramec

Clayton, MO 63105

Telephone: (314) 725-5500

___________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

EFSC

Nasdaq Global Select Market

Depositary Shares, each representing a 1/40th interest in a share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

EFSCP

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes ☐ No ☒

As of October 29, 2025, the Registrant had 37,010,909 shares of outstanding common stock, $0.01 par value per share.

This document is also available through our website at http://www.enterprisebank.com.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

TABLE OF CONTENTS


						Page
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (Unaudited)						1

Condensed Consolidated Statements of Income (Unaudited)						2

Condensed Consolidated Statements of Comprehensive Income (Unaudited)						3

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)						4

Condensed Consolidated Statements of Cash Flows (Unaudited)						5

Notes to Condensed Consolidated Financial Statements (Unaudited)						7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						35

Item 3. Quantitative and Qualitative Disclosures About Market Risk						60

Item 4. Controls and Procedures						61

PART II - OTHER INFORMATION

Item 1. Legal Proceedings						61

Item 1A. Risk Factors						61

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						61

Item 3. Defaults Upon Senior Securities						61

Item 4. Mine Safety Disclosures						61

Item 5. Other Information						61

Item 6. Exhibits						63

Signatures						65

Glossary of Acronyms, Abbreviations and Entities

The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements in Item 1 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 2 of this Form 10-Q.

ACL

Allowance for Credit Losses

Federal Reserve

Board of Governors of the Federal Reserve System

ASU

Accounting Standards Update

FHLB

Federal Home Loan Bank

Bank

Enterprise Bank & Trust

GAAP

Generally Accepted Accounting Principles (United States)

C&I

Commercial and Industrial

GDP

Gross Domestic Product

CCB

Capital Conservation Buffer

NIM

Net Interest Margin

CECL

Current Expected Credit Loss

Not meaningful

Company, Enterprise, We, Us or Our

Enterprise Financial Services Corp and Subsidiaries

OREO

Other real estate owned

CRE

Commercial Real Estate

PPNR

Pre-provision net revenue

EFSC

Enterprise Financial Services Corp

SBA

Small Business Administration

FASB

Financial Accounting Standards Board

SEC

Securities and Exchange Commission

FDIC

Federal Deposit Insurance Corporation

SOFR

Secured Overnight Financing Rate

PART I - ITEM 1 - FINANCIAL STATEMENTS

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)


($ in thousands, except share data)	September 30, 2025		December 31, 2024
Assets
Cash and due from banks	$	208,455	$	270,975
Federal funds sold	2,960		5,706
Interest-earning deposits	260,540		487,489
Total cash and cash equivalents	471,955		764,170
Interest-earning deposits greater than 90 days	899		1,881
Securities available-for-sale	2,351,493		1,862,270
Securities held-to-maturity, net	1,081,847		928,935
Loans held-for-sale	681		110
Loans	11,583,109		11,220,355
Allowance for credit losses on loans	(148,854)		(137,950)
Total loans, net	11,434,255		11,082,405


Other investments	94,127		72,784
Fixed assets, net	49,248		45,009




Goodwill	365,164		365,164
Intangible assets, net	6,140		8,484

Other assets	546,596		465,219
Total assets	$	16,402,405	$	15,596,431

Liabilities and Stockholders' Equity
Noninterest-bearing demand accounts	$	4,386,513	$	4,484,072
Interest-bearing demand accounts	3,301,621		3,175,292
Money market accounts	3,702,896		3,564,063
Savings accounts	525,709		553,461
Certificates of deposit:
Brokered	762,499		484,588
Customer	888,674		885,016
Total deposits	13,567,912		13,146,492
Subordinated debentures and notes	93,617		156,551
FHLB advances	327,000		—
Other borrowings	247,006		280,821



Other liabilities	184,538		188,565
Total liabilities	$	14,420,073	$	13,772,429

Commitments and contingent liabilities (Note 5)

Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding ($1,000 per share liquidation preference)	71,988		71,988
Common stock, $0.01 par value; 75,000,000 shares authorized; 37,010,585 and 36,987,728 shares issued and outstanding	370		370

Additional paid in capital	997,446		990,733
Retained earnings	980,548		877,629
Accumulated other comprehensive loss, net	(68,020)		(116,718)
Total stockholders’ equity	1,982,332		1,824,002
Total liabilities and stockholders’ equity	$	16,402,405	$	15,596,431

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Income (Unaudited)


	Three months ended September 30,				Nine months ended September 30,
($ in thousands, except per share data)	2025		2024		2025		2024
Interest income:
Loans	$	191,397	$	191,505	$	561,154	$	567,280
Debt securities:
Taxable	21,175		13,067		57,702		36,251
Nontaxable	8,650		5,921		23,583		17,484

Interest-earning deposits	3,638		5,348		12,130		13,306
Dividends on equity securities	530		463		1,568		1,350
Total interest income	225,390		216,304		656,137		635,671
Interest expense:




Deposits	61,615		68,768		180,860		199,615
Subordinated debentures and notes	2,683		2,695		7,982		7,863
FHLB advances	1,207		59		3,295		1,649
Other borrowings	1,599		1,313		5,436		4,818
Total interest expense	67,104		72,835		197,573		213,945
Net interest income	158,286		143,469		458,564		421,726
Provision for credit losses	8,447		4,099		17,101		14,674
Net interest income after provision for credit losses	149,839		139,370		441,463		407,052
Noninterest income:
Deposit service charges	4,935		4,649		14,295		13,614
Wealth management revenue	2,571		2,599		7,814		7,733
Card services revenue	2,535		2,573		7,374		7,482


Tax credit income (loss)	(300)		3,252		4,517		2,936


Other income	38,883		8,347		53,711		17,307
Total noninterest income	48,624		21,420		87,711		49,072
Noninterest expense:
Employee compensation and benefits	49,640		45,359		148,012		135,145
Deposit costs	27,172		23,781		75,760		65,764
Occupancy	4,895		4,372		14,390		12,895
Data processing	5,022		5,548		14,544		15,226
Professional fees	2,620		1,595		6,377		4,328




Other expense	20,441		17,352		56,192		52,167
Total noninterest expense	109,790		98,007		315,275		285,525

Income before income tax expense	88,673		62,783		213,899		170,599
Income tax expense (includes $32.1 million related to recaptured tax credits for the three and nine months ended September 30, 2025) (Note 13)	43,438		12,198		67,319		34,167
Net income	$	45,235	$	50,585	$	146,580	$	136,432
Dividends on preferred stock	938		938		2,813		2,813
Net income available to common stockholders	$	44,297	$	49,647	$	143,767	$	133,619

Earnings per common share
Basic	$	1.20	$	1.33	$	3.89	$	3.57
Diluted	1.19		1.32		3.86		3.56

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Net income	$	45,235	$	50,585	$	146,580	$	136,432
Other comprehensive income, net of tax:
Change in unrealized gain on available-for-sale securities	21,677		38,033		45,910		21,585
Reclassification of gain on the sale of available-for-sale securities	—		—		(80)		—
Reclassification of gain on held-to-maturity securities	(636)		(619)		(1,855)		(1,864)
Change in unrealized gain (loss) on cash flow hedges	(368)		5,492		3,987		1,375
Reclassification of loss on cash flow hedges	292		398		736		1,084
Total other comprehensive income, net of tax	20,965		43,304		48,698		22,180
Total comprehensive income	$	66,200	$	93,889	$	195,278	$	158,612

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)


Three and nine months ended September 30, 2025
	Preferred Stock			Common Stock
($ in thousands, except per share data)	Shares	Amount		Shares	Amount		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
Balance at June 30, 2025	75	$	71,988	36,950	$	369	$	991,663	$	947,864	$	(88,985)	$	1,922,899
Net income	—	—		—	—		—		45,235		—		45,235





Other comprehensive income	—	—		—	—		—		—		20,965		20,965
Common stock dividends ($0.31 per share)	—	—		—	—		—		(11,473)		—		(11,473)
Preferred stock dividends ($12.50 per share)	—	—		—	—		—		(938)		—		(938)



Issuance under equity compensation plans, net	—	—		61	1		2,761		(140)		—		2,622


Stock-based compensation	—	—		—	—		3,022		—		—		3,022




Balance at September 30, 2025	75	$	71,988	37,011	$	370	$	997,446	$	980,548	$	(68,020)	$	1,982,332

Balance at December 31, 2024	75	$	71,988	36,988	$	370	$	990,733	$	877,629	$	(116,718)	$	1,824,002
Net income	—	—		—	—		—		146,580		—		146,580





Other comprehensive income	—	—		—	—		—		—		48,698		48,698
Common stock dividends ($0.90 per share)	—	—		—	—		—		(33,271)		—		(33,271)
Preferred stock dividends ($37.50 per share)	—	—		—	—		—		(2,813)		—		(2,813)


Repurchase of common stock	—	—		(192)	(2)		(5,152)		(5,476)		—		(10,630)
Issuance under equity compensation plans, net	—	—		215	2		2,651		(2,101)		—		552


Stock-based compensation	—	—		—	—		9,214		—		—		9,214




Balance at September 30, 2025	75	$	71,988	37,011	$	370	$	997,446	$	980,548	$	(68,020)	$	1,982,332



Three and nine months ended September 30, 2024
	Preferred Stock			Common Stock
($ in thousands, except per share data)	Shares	Amount		Shares	Amount		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
Balance at June 30, 2024	75	$	71,988	37,344	$	373	$	994,116	$	810,935	$	(122,139)	$	1,755,273
Net income	—	—		—	—		—		50,585		—		50,585





Other comprehensive income	—	—		—	—		—		—		43,304		43,304
Common stock dividends ($0.27 per share)	—	—		—	—		—		(10,065)		—		(10,065)
Preferred stock dividends ($12.50 per share)	—	—		—	—		—		(938)		—		(938)


Repurchase of common stock	—	—		(195)	(2)		(5,239)		(4,548)		—		(9,789)
Issuance under equity compensation plans, net	—	—		35	1		1,201		(125)		—		1,077


Stock-based compensation	—	—		—	—		2,564		—		—		2,564




Balance at September 30, 2024	75	$	71,988	37,184	$	372	$	992,642	$	845,844	$	(78,835)	$	1,832,011

Balance at December 31, 2023	75	$	71,988	37,416	$	374	$	995,208	$	749,513	$	(101,015)	$	1,716,068
Net income	—	—		—	—		—		136,432		—		136,432





Other comprehensive income	—	—		—	—		—		—		22,180		22,180
Common stock dividends ($0.78 per share)	—	—		—	—		—		(29,171)		—		(29,171)
Preferred stock dividends ($37.50 per share)	—	—		—	—		—		(2,813)		—		(2,813)

Repurchase of common stock	—	—		(420)	(4)		(11,233)		(7,148)		—		(18,385)

Issuance under equity compensation plans, net	—	—		188	2		1,089		(969)		—		122


Stock-based compensation	—	—		—	—		7,578		—		—		7,578




Balance at September 30, 2024	75	$	71,988	37,184	$	372	$	992,642	$	845,844	$	(78,835)	$	1,832,011

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Nine months ended September 30,
($ in thousands)	2025		2024
Cash flows from operating activities:
Net income	$	146,580	$	136,432
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	4,724		3,906
Provision for credit losses	17,101		14,674
Deferred income taxes	(4,304)		1,975
Net amortization of discount/premiums on debt securities	3,142		3,109
Net amortization on loans	866		1,386
Amortization of intangible assets	2,344		2,918
Amortization of servicing assets	694		881
Mortgage loans originated-for-sale	(19,926)		(18,292)
Proceeds from mortgage loans sold	19,518		18,451
Net loss (gain) on:
Sale of investment securities	(106)		—
Sale of SBA loans	(4,188)		(1,415)
Sale of other real estate	(86)		(3,157)

Sale of state tax credits	(110)		(768)


Stock-based compensation	9,214		7,578




Net change in other assets and liabilities	(24,790)		27,745







Net cash provided by operating activities	150,673		195,423
Cash flows from investing activities:

Net increase in loans	(456,978)		(238,646)


Proceeds received from:
Sale of debt securities, available-for-sale	9,631		—
Paydown or maturity of debt securities, available-for-sale	294,939		185,167
Paydown or maturity of debt securities, held-to-maturity	20,706		4,583
Redemption of other investments	109,214		55,791
Sale of SBA loans	83,760		25,090
Sale of state tax credits held for sale	725		4,317
Sale of other real estate	3,967		11,017

Settlement of bank-owned life insurance policies	2,079		—
Payments for the purchase of:
Available-for-sale debt securities	(721,648)		(325,665)
Held-to-maturity debt securities	(178,520)		(110,172)
Other investments	(131,624)		(66,841)
Bank-owned life insurance	(75,009)		—
State tax credits held for sale	(360)		(2,810)
Fixed assets	(8,964)		(5,594)
Net cash used in investing activities	(1,048,082)		(463,763)


	Nine months ended September 30,
($ in thousands)	2025		2024
Cash flows from financing activities:
Net decrease in noninterest-bearing deposit accounts	(97,559)		(24,498)
Net increase in interest-bearing deposit accounts	518,979		313,449
Net increase in short term FHLB advances, net	327,000		150,000


Proceeds from notes payable	63,250		—
Repayments of notes payable	(2,259)		(11,429)
Repayments of subordinated debentures	(63,250)		—



Net decrease in other borrowings	(94,805)		(115,586)




Repurchase of common stock	(10,630)		(18,385)
Cash dividends paid on common stock	(33,271)		(29,171)
Cash dividends paid on preferred stock	(2,813)		(2,813)
Other	552		124



Net cash provided by financing activities	605,194		261,691
Net decrease in cash and cash equivalents	(292,215)		(6,649)
Cash and cash equivalents, beginning of period	764,170		433,029
Cash and cash equivalents, end of period	$	471,955	$	426,380
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	197,164	$	214,819
Income taxes	46,147		27,192
Noncash investing and financing transactions:
Transfer to other bank owned assets	7,821		6,659

Right-of-use assets obtained in exchange for lease obligations	1,131		1,387
Transfer to securities available-for-sale in settlement of loans	—		10,448

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies used by the Company in the preparation of the condensed consolidated financial statements are summarized below:

Business and Consolidation

Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers primarily located in Arizona, California, Florida, Kansas, Missouri, Nevada, and New Mexico, and SBA loan and deposit productions offices throughout the country through its banking subsidiary, Enterprise Bank & Trust.

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2025. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.

Basis of Financial Statement Presentation

The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated.

In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods.

Recent Accounting Pronouncements

FASB ASU 2023-09, Income Tax Disclosures. ASU 2023-09 was issued in December 2023 to require annual disclosures on specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Annual disclosures are required on income taxes paid, including the amounts paid for federal, state and foreign taxes and the amount paid in individual jurisdictions if the amount is equal to or greater than 5% of total income taxes paid (net of refunds received). Additional annual disclosures are required on pre-tax income from continuing operations and income tax expense, disaggregated by domestic and foreign amounts. The amendments in this update are effective for fiscal years beginning after December 15, 2024. The Company is evaluating the accounting and disclosure requirements of ASU 2023-09 and does not expect them to have a material effect on the consolidated financial statements.

FASB ASU 2024-03, Expense Disaggregation Disclosures. ASU 2024-03 was issued in November 2024 to require public business entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments in this update improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of ASU 2024-03 and does not expect them to have a material effect on the consolidated financial statements.

FASB ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 was issued in July 2025 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606. The update allows all entities to elect a practical expedient that assumes current conditions as of the balance sheet date remain static for the remaining life of the asset. The update also allows for an accounting policy election, which is not applicable to public business entities. Entities are required to disclose whether they have elected to use the practical expedient and, if applicable, the accounting policy election. The amendments in this update are effective for annual and interim periods beginning after December 15, 2025. ASU 2025-05 will not have a material effect on the consolidated financial statements.

NOTE 2 - EARNINGS PER SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income available to common stockholders	$	44,297	$	49,647	$	143,767	$	133,619

Weighted average common shares outstanding	37,015		37,337		36,983		37,437
Additional dilutive common stock equivalents	318		146		290		110
Weighted average common diluted shares outstanding	37,333		37,483		37,273		37,547

Basic earnings per common share:	$	1.20	$	1.33	$	3.89	$	3.57
Diluted earnings per common share:	1.19		1.32		3.86		3.56

For the three and nine months ended September 30, 2025, common stock equivalents of approximately 115,000 and 225,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 441,000 and 572,000 common stock equivalents excluded in the three and nine months ended September 30, 2024, respectively.

NOTE 3 - INVESTMENTS

The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available-for-sale and held-to-maturity:


	September 30, 2025
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	252,046	$	158	$	(7,698)	$	244,506
Obligations of states and political subdivisions	590,182		2,226		(67,662)		524,746
Agency mortgage-backed securities	1,473,138		11,987		(40,573)		1,444,552
U.S. Treasury bills	114,698		60		(717)		114,041
Corporate debt securities	23,698		120		(170)		23,648
Total securities available-for-sale	$	2,453,762	$	14,551	$	(116,820)	$	2,351,493
Held-to-maturity securities:

Obligations of states and political subdivisions	$	925,829	$	6,999	$	(49,430)	$	883,398
Agency mortgage-backed securities	44,837		—		(3,509)		41,328
Corporate debt securities	111,351		312		(4,028)		107,635
Total securities held-to-maturity	$	1,082,017	$	7,311	$	(56,967)	$	1,032,361
Allowance for credit losses	(170)
Total securities held-to-maturity, net	$	1,081,847


	December 31, 2024
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	290,329	$	69	$	(14,358)	$	276,040
Obligations of states and political subdivisions	492,896		12		(83,711)		409,197
Agency mortgage-backed securities	1,090,495		1,072		(64,173)		1,027,394
U.S. Treasury Bills	130,565		34		(1,706)		128,893
Corporate debt securities	21,198		—		(452)		20,746
Total securities available-for-sale	$	2,025,483	$	1,187	$	(164,400)	$	1,862,270
Held-to-maturity securities:

Obligations of states and political subdivisions	$	759,059	$	2,366	$	(60,351)	$	701,074
Agency mortgage-backed securities	47,912		—		(5,004)		42,908
Corporate debt securities	122,221		269		(7,601)		114,889
Total securities held-to-maturity	$	929,192	$	2,635	$	(72,956)	$	858,871
Allowance for credit losses	(257)
Total securities held-to-maturity, net	$	928,935

The balance of held-to-maturity securities in the “Amortized Cost” column in the table above includes a cumulative net unamortized unrealized gain of $8.4 million and $10.8 million at September 30, 2025 and December 31, 2024, respectively. Such amounts are amortized over the remaining life of the securities.

At September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities of $1.6 billion and $1.5 billion at September 30, 2025 and December 31, 2024, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve.

The amortized cost and estimated fair value of debt securities at September 30, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.


	Available-for-sale				Held-to-maturity
($ in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	207,822	$	205,486	$	5,226	$	5,226
Due after one year through five years	141,250		138,032		125,772		122,173
Due after five years through ten years	317,131		282,830		240,152		238,874
Due after ten years	314,421		280,593		666,030		624,760
Agency mortgage-backed securities	1,473,138		1,444,552		44,837		41,328

	$	2,453,762	$	2,351,493	$	1,082,017	$	1,032,361

The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:


	September 30, 2025
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	5,993	$	8	$	219,987	$	7,690	$	225,980	$	7,698
Obligations of states and political subdivisions	6,614		244		416,996		67,418		423,610		67,662
Agency mortgage-backed securities	96,890		854		406,132		39,719		503,022		40,573
U.S. Treasury bills	2,020		1		40,188		716		42,208		717
Corporate debt securities	—		—		6,580		170		6,580		170
	$	111,517	$	1,107	$	1,089,883	$	115,713	$	1,201,400	$	116,820


	December 31, 2024
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government-sponsored enterprises	$	21,044	$	132	$	234,191	$	14,226	$	255,235	$	14,358
Obligations of states and political subdivisions	3,117		143		403,767		83,568		406,884		83,711
Agency mortgage-backed securities	423,600		6,763		478,790		57,410		902,390		64,173
U.S. Treasury bills	11,708		23		54,177		1,683		65,885		1,706
Corporate debt securities	1,956		44		8,342		408		10,298		452
	$	461,425	$	7,105	$	1,179,267	$	157,295	$	1,640,692	$	164,400

The unrealized losses at both September 30, 2025 and December 31, 2024 were attributable primarily to changes in market interest rates after the securities were purchased. At each of September 30, 2025 and December 31, 2024, the Company did not have an allowance for credit losses on available-for-sale securities.

Accrued interest on held-to-maturity debt securities totaled $12.2 million and $8.6 million at September 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. The ACL on held-to-maturity securities was $0.2 million at September 30, 2025 and $0.3 million at December 31, 2024.

There were no sales of available-for-sale securities during the three months ended September 30, 2025 and September 30, 2024, respectively, or the nine months ended September 30, 2024. The Company sold $9.5 million of available-for-sale securities during the nine months ended September 30, 2025 for a gain of $0.1 million.

Other Investments

At September 30, 2025 and December 31, 2024, other investments totaled $94.1 million and $72.8 million, respectively. As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $24.1 million at September 30, 2025 and $8.7 million at December 31, 2024 is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include investments in Small Business Investment Companies, Community Development Financial Institutions, private equity investments, and the Company’s investment in unconsolidated trusts used to issue trust preferred securities to third parties.

NOTE 4 - LOANS

The following table presents a summary of loans by category:


($ in thousands)	September 30, 2025		December 31, 2024
Commercial and industrial	$	4,948,761	$	4,720,428
Real estate:
Commercial - investor owned	2,824,200		2,607,755
Commercial - owner occupied	2,348,111		2,359,956
Construction and land development	859,827		892,563
Residential	364,516		358,923
Total real estate loans	6,396,654		6,219,197
Other	238,881		281,193
Loans, before unearned loan fees	11,584,296		11,220,818
Unearned loan fees, net	(1,187)		(463)
Loans, including unearned loan fees	$	11,583,109	$	11,220,355

The loan balance includes a net premium on acquired loans of $6.4 million and $7.8 million at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, loans and securities of $6.4 billion and $5.7 billion, respectively, were pledged to the FHLB and the Federal Reserve.

Accrued interest totaled $56.5 million and $52.4 million at September 30, 2025 and December 31, 2024, respectively, and was reported in “Other assets” on the consolidated balance sheets.

The Company sold $22.2 million and $78.0 million of the guaranteed portion of SBA 7(a) loans during the three and nine months ended September 30, 2025, respectively. A gain on sale of $1.1 million and $4.2 million was recognized for the three and nine months ended September 30, 2025, respectively. During the nine months ended September 30, 2024, the Company sold the guaranteed portion of SBA 7(a) loans of $23.1 million resulting in a gain on sale of $1.4 million. There were no sales in the three months ended September 30, 2024.

The Company had $5.8 million of consumer mortgage loans secured by residential real estate in process of foreclosure as of September 30, 2025, compared to none at December 31, 2024.

A summary of the activity, by loan category, in the ACL on loans for the three and nine months ended September 30, 2025 and 2024 is as follows:


($ in thousands)	Commercial and industrial		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Other		Total
Allowance for credit losses on loans:
Balance at June 30, 2025	$	72,081	$	30,189	$	17,643	$	12,964	$	8,484	$	3,772	$	145,133
Provision for credit losses	3,533		2,469		1,055		458		203		60		7,778

Charge-offs	(4,345)		—		—		—		(295)		(315)		(4,955)
Recoveries	234		67		292		19		232		54		898
Balance at September 30, 2025	$	71,503	$	32,725	$	18,990	$	13,441	$	8,624	$	3,571	$	148,854



($ in thousands)	Commercial and industrial		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Other		Total
Allowance for credit losses on loans:
Balance at December 31, 2024	$	63,231	$	34,217	$	20,400	$	9,837	$	6,534	$	3,731	$	137,950
Provision (benefit) for credit losses	11,029		(1,686)		(1,022)		3,713		2,233		265		14,532
Charge-offs	(7,358)		—		(1,034)		(146)		(889)		(610)		(10,037)
Recoveries	4,601		194		646		37		746		185		6,409
Balance at September 30, 2025	$	71,503	$	32,725	$	18,990	$	13,441	$	8,624	$	3,571	$	148,854


($ in thousands)	Commercial and industrial		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Other		Total
Allowance for credit losses on loans:







Balance at June 30, 2024	$	61,478	$	31,903	$	24,316	$	11,504	$	5,588	$	4,675	$	139,464
Provision (benefit) for credit losses	2,360		1,050		(935)		1,766		266		(343)		4,164
Charge-offs	(440)		—		(906)		(3,224)		(19)		(184)		(4,773)
Recoveries	662		30		25		21		140		45		923
Balance at September 30, 2024	$	64,060	$	32,983	$	22,500	$	10,067	$	5,975	$	4,193	$	139,778



($ in thousands)	Commercial and industrial		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Other		Total
Allowance for credit losses on loans:
Balance at December 31, 2023	$	58,886	$	31,280	$	23,405	$	10,198	$	6,142	$	4,860	$	134,771
Provision (benefit) for credit losses	9,146		1,914		1,818		3,042		(415)		(179)		15,326
Charge-offs	(6,349)		(305)		(2,773)		(3,224)		(760)		(725)		(14,136)
Recoveries	2,377		94		50		51		1,008		237		3,817
Balance at September 30, 2024	$	64,060	$	32,983	$	22,500	$	10,067	$	5,975	$	4,193	$	139,778

The ACL on sponsor finance loans, which is included in the categories above, represented $27.5 million and $14.5 million at September 30, 2025 and December 31, 2024, respectively. The increase in ACL on sponsor finance loans from December 31, 2024 is primarily due to an increase in special mention and classified sponsor finance loan balances.

The CECL methodology incorporates various economic scenarios. The Company utilizes three forecasts in the model: Moody’s baseline, a stronger near-term growth upside and a moderate downside forecast. The Company weights these scenarios at 40%, 30%, and 30%, respectively, which added approximately $10.7 million to the ACL on loans over the baseline model at September 30, 2025. The baseline forecast incorporates an expectation that the federal funds rate will continue to fall in 2025 and 2026. The Company has also recognized various risks posed by loans in certain segments, including the commercial office sector, by allocating additional reserves to those segments. Some of the key risks to the forecasts that could result in future provision for credit losses are market reactions to the Federal Reserve policy actions that could push the economy into a recession, persistently higher inflation (including the impact of tariffs), tightening in the credit markets, and further weakness in the financial system.

In addition to the CECL methodology, the Company incorporates qualitative adjustments into the ACL on loans to capture credit risks inherent within the loan portfolio that are not captured in the CECL model. Included in these risks are 1) changes in lending policies and procedures, 2) actual and expected changes in business and economic conditions, 3) changes in the nature and volume of the portfolio, 4) changes in lending management, 5) changes in volume and the severity of past due loans, 6) changes in the quality of the loan review system, 7) changes in the value of underlying collateral, 8) the existence and effect of concentrations of credit and 9) other factors such as the regulatory, legal and competitive environments and events such as natural disasters and pandemics. At September 30, 2025, the ACL on loans included a qualitative adjustment of approximately $37.0 million. Of this amount, approximately $21.4 million was allocated to sponsor finance loans due to their mostly unsecured nature.

The current year-to-date gross charge-offs by loan class and year of origination is presented in the following tables:


	September 30, 2025
	Term Loans by Origination Year
($ in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Converted to Term Loans		Revolving Loans		Total
Commercial and industrial	$	—	$	1,002	$	3,688	$	243	$	35	$	684	$	656	$	797	$	7,105
Real estate:

Commercial - owner occupied	—		—		285		—		80		669		—		—		1,034
Construction and land development	—		—		—		146		—		—		—		—		146
Residential	—		—		—		—		—		623		266		—		889
Other	—		—		—		—		177		65		5		—		247
Total charge-offs by origination year	$	—	$	1,002	$	3,973	$	389	$	292	$	2,041	$	927	$	797	$	9,421
Total gross charge-offs by performing status																	616
Total gross charge-offs																	$	10,037


	December 31, 2024
	Term Loans by Origination Year
($ in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Converted to Term Loans		Revolving Loans		Total
Commercial and industrial	$	312	$	2,646	$	3,043	$	35	$	166	$	772	$	2,205	$	3,589	$	12,768
Real estate:
Commercial - investor owned	—		—		—		252		—		448		—		—		700
Commercial - owner occupied	—		—		41		475		10		2,548		—		—		3,074
Construction and land development	—		—		—		—		3,224		—		—		—		3,224
Residential	—		—		166		15		—		471		202		24		878
Other	4		17		—		58		—		79		103		1		262
Total charge-offs by origination year	$	316	$	2,663	$	3,250	$	835	$	3,400	$	4,318	$	2,510	$	3,614	$	20,906
Total gross charge-offs by performing status																	968
Total gross charge-offs																	$	21,874

Nonperforming loans were $127.9 million at September 30, 2025, compared to $42.7 million at December 31, 2024. The increase in nonperforming loans largely reflects two borrowing relationships that share some common ownership where the entities filed bankruptcy as a result of a business dispute between the owners of the entities. As a result of the Bank’s senior secured first lien collateral position with respect to the real property owned by the borrowers, the Company expects to collect the full balance of these loans. The following tables present the recorded investment in nonperforming loans by category, excluding government guaranteed balances:


	September 30, 2025
($ in thousands)	Nonaccrual		Loans over 90 days past due and still accruing interest		Total nonperforming loans		Nonaccrual loans with no allowance
Commercial and industrial	$	29,307	$	405	$	29,712	$	15,159
Real estate:
Commercial - investor owned	35,361		43,083		78,444		5,842
Commercial - owner occupied	10,654		—		10,654		6,879
Construction and land development	386		—		386		231
Residential	3,123		5,525		8,648		2,882
Other	—		34		34		—
Total	$	78,831	$	49,047	$	127,878	$	30,993


	December 31, 2024
($ in thousands)	Nonaccrual		Loans over 90 days past due and still accruing interest		Total nonperforming loans		Nonaccrual loans with no allowance
Commercial and industrial	$	15,810	$	11	$	15,821	$	4,279
Real estate:
Commercial - investor owned	14,186		—		14,186		2,106
Commercial - owner occupied	10,910		—		10,910		8,235
Construction and land development	1,503		—		1,503		1,503
Residential	258		—		258		—
Other	—		9		9		—
Total	$	42,667	$	20	$	42,687	$	16,123

The nonperforming loan balances at September 30, 2025 and December 31, 2024 exclude government guaranteed balances of $33.5 million and $22.0 million respectively.

Interest income recognized on nonaccrual loans was immaterial during the three and nine months ended September 30, 2025 and 2024.

Collateral-dependent nonperforming loans by class of loan is presented as of the dates indicated:


	September 30, 2025
	Type of Collateral
($ in thousands)	Commercial Real Estate		Residential Real Estate		Blanket Lien		Other
Commercial and industrial	$	—	$	23	$	3,210	$	15,644
Real estate:
Commercial - investor owned	76,256		—		—		—
Commercial - owner occupied	4,177		456		—		—

Residential	—		8,407		—		—

Total	$	80,433	$	8,886	$	3,210	$	15,644


	December 31, 2024
	Type of Collateral
($ in thousands)	Commercial Real Estate		Residential Real Estate		Blanket Lien		Other
Commercial and industrial	$	—	$	—	$	4,279	$	3,495
Real estate:
Commercial - investor owned	14,136		—		—		—
Commercial - owner occupied	7,521		482		486		—



Total	$	21,657	$	482	$	4,765	$	3,495

The aging of the recorded investment in past due loans by class and category is presented as of the dates indicated.


	September 30, 2025
($ in thousands)	30-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
Commercial and industrial	$	6,358	$	23,975	$	30,333	$	4,918,428	$	4,948,761
Real estate:
Commercial - investor owned	5,080		77,203		82,283		2,741,917		2,824,200
Commercial - owner occupied	5,561		28,104		33,665		2,314,446		2,348,111
Construction and land development	1,005		1,454		2,459		857,368		859,827
Residential	2,085		8,651		10,736		353,780		364,516
Other	17		33		50		238,831		238,881
Loans, before unearned loan fees	$	20,106	$	139,420	$	159,526	$	11,424,770	$	11,584,296
Unearned loan fees, net									(1,187)
Total									$	11,583,109


	December 31, 2024
($ in thousands)	30-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
Commercial and industrial	$	1,948	$	12,228	$	14,176	$	4,706,252	$	4,720,428
Real estate:
Commercial - investor owned	1,377		14,333		15,710		2,592,045		2,607,755
Commercial - owner occupied	10,542		18,591		29,133		2,330,823		2,359,956
Construction and land development	101		5,620		5,721		886,842		892,563
Residential	2,833		258		3,091		355,832		358,923
Other	34		9		43		281,150		281,193
Loans, before unearned loan fees	$	16,835	$	51,039	$	67,874	$	11,152,944	$	11,220,818
Unearned loan fees, net									(463)
Total									$	11,220,355

The allowance for credit losses on loans incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination or acquisition. The starting point for the estimate of the allowance for credit losses on loans is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default and loss given default model to determine the allowance for credit losses on loans.

An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. The effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses on loans because of the measurement methodologies used to estimate the allowance.

The most common concession the Company provides to borrowers experiencing financial difficulty is a term extension. In limited circumstances, the Company may modify loans by providing principal forgiveness or an interest rate reduction. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses on loans. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses on loans.

In some cases, the Company will modify a loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as an interest rate reduction or principal forgiveness, may be granted.

The following tables show the recorded investment at the end of the dates listed for loans modified to borrowers experiencing financial difficulty, disaggregated by loan class and type of concession granted:












	Term Extension
	Three months ended				Nine months ended
($ in thousands)	September 30, 2025		Percent of Total Loan Class		September 30, 2025		Percent of Total Loan Class
Commercial and industrial	$	5,350	0.11	%	$	48,426	0.98	%
Real estate:
Commercial - investor owned	244		0.01	%	244		0.01	%
Commercial - owner occupied	875		0.04	%	5,888		0.25	%

Residential	—		—	%	23		0.01	%

Total	$	6,469			$	54,581


	Term Extension
	Three months ended
($ in thousands)	September 30, 2024		Percent of Total Loan Class
Commercial and industrial	$	9,996	0.22	%
Real estate:
Commercial - investor owned	258		0.01	%
Total	$	10,254


	Term Extension				Payment Delay				Total
	Nine months ended				Nine months ended				Nine months ended
($ in thousands)	September 30, 2024		Percent of Total Loan Class		September 30, 2024		Percent of Total Loan Class		September 30, 2024		Percent of Total Loan Class
Commercial and industrial	$	60,256	1.30	%	$	567	0.01	%	$	60,823	1.31	%
Real estate:
Commercial - investor owned	8,667		0.34	%	—		—	%	8,667		0.34	%
Commercial - owner occupied	94		NM		—		—	%	94		NM

Residential	7,644		2.15	%	—		—	%	7,644		2.15	%

Total	$	76,661			$	567			$	77,228

The following tables summarize the financial impacts of loan modifications made to borrowers experiencing financial difficulty and outstanding at the date indicated:


		Three months ended	Nine months ended
	Weighted Average Term Extension (in months)	Weighted Average Term Extension (in months)
($ in thousands)		September 30, 2025	September 30, 2025
Commercial and industrial		4	6
Real estate:
Commercial - investor owned		12	12
Commercial - owner occupied		3	15

Residential		0	3


		Three months ended	Nine months ended
	Weighted Average Term Extension (in months)	Weighted Average Term Extension (in months)	Amount of Payment Delay
($ in thousands)		September 30, 2024	September 30, 2024
Commercial and industrial		7	5	$	85
Real estate:
Commercial - investor owned		0	4	—
Commercial - owner occupied		12	3	—

Residential		0	12	—

The following table shows the aging of the recorded investment in modified loans in the last 12 months by class at the date indicated:


	September 30, 2025
($ in thousands)	Current		30-89 Days Past Due		90 or More Days Past Due		Total
Commercial and industrial	$	51,929	$	—	$	—	$	51,929
Real estate:
Commercial - investor owned	244		—		—		244
Commercial - owner occupied	17,420		—		—		17,420

Residential	—		23		—		23

Total	$	69,593	$	23	$	—	$	69,616


	September 30, 2024
($ in thousands)	Current		30-89 Days Past Due		90 or More Days Past Due		Total
Commercial and industrial	$	52,488	$	—	$	—	$	52,488
Real estate:
Commercial - investor owned	259		—		—		259
Commercial - owner occupied	—		92		—		92

Residential	70		70		—		140

Total	$	52,817	$	162	$	—	$	52,979

There were no loans that experienced a default during the three and nine months ended September 30, 2025, respectively, or the three months ended September 30, 2024 subsequent to being granted a modification in the preceding twelve months. The following table summarizes loans that experienced a default during the nine months ended September 30, 2024, subsequent to being granted a modification in the preceding twelve months. All of these loans were charged-off during the preceding period. Default is defined as movement to nonperforming status, foreclosure or charge-off.


		Term Extension
	Nine months ended
($ in thousands)		September 30, 2024		Percent of Total Loan Class
Commercial and industrial		$	1,000	0.02	%
Real estate:


Construction and land development		1,748		0.20	%

Other		4		NM
Total		$	2,752

As of September 30, 2025, the Company allocated an immaterial amount in specific reserves to loans that have been restructured.

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, payment experience, credit documentation, and current economic factors among other factors. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings:

•Grades 1, 2, and 3 – Includes loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry.

•Grade 4 – Includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow.

•Grade 5 – Includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow.

•Grade 6 – Includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7, 8, or 9 rating.

•Grade 7 – Special Mention credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Although possible, no loss is anticipated, due to strong collateral and/or guarantor support.

•Grade 8 – Substandard credits include those borrowers characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted.

•Grade 9 – Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on non-accrual.

The recorded investment by risk category of the loans by class and year of origination is presented in the following tables as of the dates indicated:


	September 30, 2025
	Term Loans by Origination Year
($ in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Converted to Term Loans		Revolving Loans		Total
Commercial and industrial
Pass (1-6)	$	1,422,869	$	953,287	$	598,715	$	360,379	$	64,502	$	70,024	$	58,351	$	1,052,872	$	4,580,999
Special Mention (7)	54,569		11,640		27,542		4,207		4,192		474		11,837		45,895		160,356
Classified (8-9)	38,148		29,186		5,180		11,457		1,305		670		36,312		37,408		159,666
Total Commercial and industrial	$	1,515,586	$	994,113	$	631,437	$	376,043	$	69,999	$	71,168	$	106,500	$	1,136,175	$	4,901,021

Commercial real estate-investor owned
Pass (1-6)	$	540,435	$	455,226	$	366,506	$	429,549	$	318,971	$	419,207	$	34,624	$	46,922	$	2,611,440
Special Mention (7)	33,629		34,679		3,806		6,197		9,110		5,809		14,030		—		107,260
Classified (8-9)	2,088		—		—		808		63,041		21,435		—		—		87,372
Total Commercial real estate-investor owned	$	576,152	$	489,905	$	370,312	$	436,554	$	391,122	$	446,451	$	48,654	$	46,922	$	2,806,072

Commercial real estate-owner occupied
Pass (1-6)	$	336,672	$	311,896	$	301,266	$	371,100	$	361,559	$	473,934	$	1,069	$	28,941	$	2,186,437
Special Mention (7)	13,883		1,477		12,514		15,358		12,098		16,586		—		—		71,916
Classified (8-9)	2,417		17,859		7,907		10,791		7,345		24,691		—		250		71,260
Total Commercial real estate-owner occupied	$	352,972	$	331,232	$	321,687	$	397,249	$	381,002	$	515,211	$	1,069	$	29,191	$	2,329,613

Construction real estate
Pass (1-6)	$	421,706	$	304,372	$	89,338	$	9,953	$	3,651	$	1,457	$	12,604	$	2,992	$	846,073
Special Mention (7)	10,607		—		26		43		—		—		—		—		10,676
Classified (8-9)	—		—		481		910		—		6		—		—		1,397
Total Construction real estate	$	432,313	$	304,372	$	89,845	$	10,906	$	3,651	$	1,463	$	12,604	$	2,992	$	858,146

Residential real estate
Pass (1-6)	$	49,850	$	24,849	$	27,963	$	30,391	$	34,084	$	84,419	$	5,516	$	76,334	$	333,406
Special Mention (7)	3,084		1,355		122		305		87		870		—		941		6,764
Classified (8-9)	23

ENTERPRISE FINANCIAL SERVICES CORP 10-Q