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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 June 30, 2026.


☐						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 July 29, 2026, the Registrant had 36,192,520 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						58

Item 4. Controls and Procedures						60

PART II - OTHER INFORMATION

Item 1. Legal Proceedings						60

Item 1A. Risk Factors						60

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						62

Signatures						64

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

OREO

Other Real Estate Owned

Company, Enterprise, We, Us or Our

Enterprise Financial Services Corp and Subsidiaries

PPNR

Pre-Provision Net Revenue

CRE

Commercial Real Estate

SBA

Small Business Administration

EFSC

Enterprise Financial Services Corp

SEC

Securities and Exchange Commission

FASB

Financial Accounting Standards Board

SOFR

Secured Overnight Financing Rate

FDIC

Federal Deposit Insurance Corporation

PART I - ITEM 1 - FINANCIAL STATEMENTS

ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)


($ in thousands, except share data)	June 30, 2026		December 31, 2025
Assets
Cash and due from banks	$	273,875	$	208,080
Federal funds sold	11,179		5,793
Interest-earning deposits	267,007		468,029
Total cash and cash equivalents	552,061		681,902
Interest-earning deposits greater than 90 days	666		898
Securities available-for-sale	2,795,725		2,655,035
Securities held-to-maturity, net	1,036,477		1,074,957
Loans held-for-sale	1,145		928
Loans	11,892,399		11,800,338
ACL on loans	(139,238)		(140,022)
Total loans, net	11,753,161		11,660,316


Other investments	128,632		80,884
Fixed assets, net	57,318		58,993




Goodwill	416,968		416,968
Intangible assets, net	18,228		21,175

Other assets	638,628		648,828
Total assets	$	17,399,009	$	17,300,884

Liabilities and Stockholders' Equity
Noninterest-bearing demand accounts	$	4,910,235	$	4,874,115
Interest-bearing demand accounts	3,406,505		3,537,334
Money market accounts	3,944,742		3,991,110
Savings accounts	537,269		537,400
Certificates of deposit:
Brokered	736,377		721,977
Customer	967,423		947,406
Total deposits	14,502,551		14,609,342
Subordinated debentures and notes	265,910		93,688
FHLB advances	208,000		—
Other borrowings	208,166		387,717



Other liabilities	173,536		170,751
Total liabilities	$	15,358,163	$	15,261,498

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; 36,257,707 and 36,965,398 shares issued and outstanding	363		370

Additional paid-in capital	986,133		1,000,775
Retained earnings	1,056,072		1,020,840
Accumulated other comprehensive loss, net	(73,710)		(54,587)
Total stockholders’ equity	2,040,846		2,039,386
Total liabilities and stockholders’ equity	$	17,399,009	$	17,300,884

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 June 30,				Six months ended June 30,
($ in thousands, except per share data)	2026		2025		2026		2025
Interest income:
Loans	$	188,493	$	187,845	$	373,663	$	369,757
Debt securities:
Taxable	27,192		19,310		52,859		36,527
Nontaxable	9,225		7,814		18,505		14,933

Interest-earning deposits	3,697		3,368		8,230		8,492
Dividends on equity securities	706		630		1,147		1,038
Total interest income	229,313		218,967		454,404		430,747
Interest expense:




Deposits	55,670		59,979		110,419		119,245
Subordinated debentures and notes	2,061		2,737		3,583		5,299
FHLB advances	861		1,801		917		2,088
Other borrowings	2,005		1,688		4,622		3,837
Total interest expense	60,597		66,205		119,541		130,469
Net interest income	168,716		152,762		334,863		300,278
Provision for credit losses	14,210		3,470		21,453		8,654
Net interest income after provision for credit losses	154,506		149,292		313,410		291,624
Noninterest income:
Deposit service charges	5,477		4,940		10,733		9,360
Wealth management revenue	2,804		2,584		5,516		5,243
Card services revenue	2,545		2,444		5,080		4,839


Tax credit income (loss)	(1,733)		2,207		(1,912)		4,817


Other income	4,385		8,429		13,149		14,828
Total noninterest income	13,478		20,604		32,566		39,087
Noninterest expense:
Employee compensation and benefits	53,114		50,164		108,873		98,372
Deposit costs	27,832		24,765		53,828		48,588
Occupancy	5,909		5,065		11,811		9,495
Data processing	5,999		4,713		11,643		9,522
Professional fees	1,965		2,029		3,536		3,757




Other expense	20,920		18,966		41,185		35,751
Total noninterest expense	115,739		105,702		230,876		205,485

Income before income tax expense	52,245		64,194		115,100		125,226
Income tax expense	11,318		12,810		24,811		23,881
Net income	$	40,927	$	51,384	$	90,289	$	101,345
Dividends on preferred stock	937		937		1,875		1,875
Net income available to common stockholders	$	39,990	$	50,447	$	88,414	$	99,470

Earnings per common share
Basic	$	1.10	$	1.36	$	2.41	$	2.69
Diluted	1.09		1.36		2.39		2.67

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 June 30,				Six months ended June 30,
($ in thousands)	2026		2025		2026		2025
Net income	$	40,927	$	51,384	$	90,289	$	101,345
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on available-for-sale securities	7,324		11,348		(17,757)		24,233
Reclassification of (gain) loss on the sale of available-for-sale securities	4,408		—		4,408		(80)
Reclassification of gain on held-to-maturity securities	(524)		(607)		(1,117)		(1,219)
Change in unrealized gain (loss) on cash flow hedges	(3,407)		1,362		(4,718)		4,355
Reclassification of loss on cash flow hedges	71		303		61		444
Total other comprehensive income (loss), net of tax	7,872		12,406		(19,123)		27,733
Total comprehensive income	$	48,799	$	63,790	$	71,166	$	129,078

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 six months ended June 30, 2026
	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 March 31, 2026	75	$	71,988	36,581	$	366	$	990,394	$	1,041,038	$	(81,582)	$	2,022,204
Net income	—	—		—	—		—		40,927		—		40,927
Other comprehensive income	—	—		—	—		—		—		7,872		7,872
Common stock dividends ($0.34 per share)	—	—		—	—		—		(12,331)		—		(12,331)
Preferred stock dividends ($12.50 per share)	—	—		—	—		—		(937)		—		(937)
Repurchase of common stock	—	—		(382)	(4)		(10,344)		(12,561)		—		(22,909)
Issuance under equity compensation plans, net	—	—		59	1		2,509		(64)		—		2,446
Stock-based compensation	—	—		—	—		3,574		—		—		3,574
Balance at June 30, 2026	75	$	71,988	36,258	$	363	$	986,133	$	1,056,072	$	(73,710)	$	2,040,846

Balance at December 31, 2025	75	$	71,988	36,965	$	370	$	1,000,775	$	1,020,840	$	(54,587)	$	2,039,386
Net income	—	—		—	—		—		90,289		—		90,289
Other comprehensive loss	—	—		—	—		—		—		(19,123)		(19,123)
Common stock dividends ($0.67 per share)	—	—		—	—		—		(24,501)		—		(24,501)
Preferred stock dividends ($25.00 per share)	—	—		—	—		—		(1,875)		—		(1,875)
Repurchase of common stock	—	—		(865)	(9)		(23,534)		(26,709)		—		(50,252)
Issuance under equity compensation plans, net	—	—		158	2		1,014		(1,972)		—		(956)
Stock-based compensation	—	—		—	—		7,878		—		—		7,878
Balance at June 30, 2026	75	$	71,988	36,258	$	363	$	986,133	$	1,056,072	$	(73,710)	$	2,040,846



Three and six months ended June 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 March 31, 2025	75	$	71,988	36,928	$	369	$	988,554	$	908,553	$	(101,391)	$	1,868,073
Net income	—	—		—	—		—		51,384		—		51,384





Other comprehensive income	—	—		—	—		—		—		12,406		12,406
Common stock dividends ($0.30 per share)	—	—		—	—		—		(11,081)		—		(11,081)
Preferred stock dividends ($12.50 per share)	—	—		—	—		—		(937)		—		(937)



Issuance under equity compensation plans, net	—	—		22	—		45		(55)		—		(10)


Stock-based compensation	—	—		—	—		3,064		—		—		3,064




Balance at June 30, 2025	75	$	71,988	36,950	$	369	$	991,663	$	947,864	$	(88,985)	$	1,922,899

Balance at December 31, 2024	75	$	71,988	36,988	$	370	$	990,733	$	877,629	$	(116,718)	$	1,824,002
Net income	—	—		—	—		—		101,345		—		101,345





Other comprehensive income	—	—		—	—		—		—		27,733		27,733
Common stock dividends ($0.59 per share)	—	—		—	—		—		(21,798)		—		(21,798)
Preferred stock dividends ($25.00 per share)	—	—		—	—		—		(1,875)		—		(1,875)

Repurchase of common stock	—	—		(192)	(2)		(5,152)		(5,476)		—		(10,630)

Issuance under equity compensation plans, net	—	—		154	1		(110)		(1,961)		—		(2,070)


Stock-based compensation	—	—		—	—		6,192		—		—		6,192




Balance at June 30, 2025	75	$	71,988	36,950	$	369	$	991,663	$	947,864	$	(88,985)	$	1,922,899

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)


	Six months ended June 30,
($ in thousands)	2026		2025
Cash flows from operating activities:
Net income	$	90,289	$	101,345
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	4,105		3,091
Provision for credit losses	21,453		8,654
Deferred income taxes	2,907		(2,789)
Net amortization of discount/premiums on debt securities	1,427		2,085
Net amortization on loans	3,538		975
Amortization of intangible assets	2,697		1,608
Amortization of servicing assets	506		476
Mortgage loans originated-for-sale	(13,778)		(12,150)
Proceeds from mortgage loans sold	13,631		11,744
Net loss (gain) on:
Investment securities	2,146		(106)
SBA loans	(1,414)		(3,048)
OREO	597		(79)
Fixed assets	(687)		—
State tax credits	(153)		(110)
Stock-based compensation	7,878		6,192
Net change in other assets and liabilities	(7,975)		(16,579)
Net cash provided by operating activities	127,167		101,309
Cash flows from investing activities:
Net increase in loans	(157,957)		(255,212)
Proceeds received from:
Branch acquisition	250		—
Sale of debt and equity securities, available-for-sale	178,256		9,631
Paydown or maturity of debt securities, available-for-sale	321,700		198,032
Paydown or maturity of debt securities, held-to-maturity	35,361		9,400
Redemption of other investments	42,988		63,144
Sale of SBA loans	27,278		60,028
Sale of state tax credits held for sale	872		725
Sale of OREO	16,845		3,619
Sale of fixed assets	939		—
Settlement of bank-owned life insurance policies	1,581		2,079
Payments for the purchase of:
Available-for-sale debt securities	(643,652)		(488,484)
Held-to-maturity debt securities	—		(175,052)
Other investments	(95,150)		(78,102)
Bank-owned life insurance	—		(75,000)
State tax credits held for sale	—		(360)
Fixed assets	(2,682)		(6,721)
Net cash used in investing activities	(273,371)		(732,273)


	Six months ended June 30,
($ in thousands)	2026		2025
Cash flows from financing activities:
Net increase (decrease) in noninterest-bearing demand accounts	36,120		(161,740)
Net increase (decrease) in interest-bearing demand accounts	(142,911)		332,607
Net increase in short term FHLB advances, net	208,000		294,000
Repayment of term loan	(58,732)		—
Net decrease in other borrowings	(120,819)		(70,180)
Proceeds from issuance of subordinated debentures, net	172,080		—
Repurchase of common stock	(50,043)		(10,630)
Cash dividends paid on common stock	(24,501)		(21,798)
Cash dividends paid on preferred stock	(1,875)		(1,875)
Other	(956)		(2,070)
Net cash provided by financing activities	16,363		358,314
Net decrease in cash and cash equivalents	(129,841)		(272,650)
Cash and cash equivalents, beginning of period	681,902		764,170
Cash and cash equivalents, end of period	$	552,061	$	491,520
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	122,266	$	130,213
Income taxes	21,647		24,626
Noncash investing and financing transactions:
Transfer to OREO in settlement of loans	16,779		7,821

Right-of-use assets obtained in exchange for lease obligations	1,346		—
Unsettled purchases of available-for-sale securities	16,773		—

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 clients 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 six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. 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, 2025, 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, 2025.

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 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. 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 amendments may be adopted prospectively or retrospectively. 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 Company’s consolidated financial statements.

FASB ASU 2025-09, Hedge Accounting Improvements. ASU 2025-09 was issued in November 2025 and is intended to better enable entities to achieve and maintain hedge accounting for highly effective economic hedges, while reducing the occurrence of missed forecasted transactions and unintuitive hedge designation events. ASU 2025-09 updated the following five areas in the hedge accounting model: 1) Similar risk assessment for cash flow hedges, 2) Hedging interest payments on choose-your-rate debt, 3) Cash flow hedges of nonfinancial forecasted transactions, 4) Net written options as hedging instruments, 5) Foreign currency-denominated debt designated as a hedging instrument and a hedged item. The amendments in this update are effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. The amendments should be applied on a prospective basis. The Company is evaluating the accounting and disclosure requirements of ASU 2025-09 and does not expect them to have a material effect on the Company’s consolidated financial statements.

FASB ASU 2026-02, Environmental Credits and Environmental Credit Obligations. ASU 2026-02 was issued in May 2026 and introduces a comprehensive model that establishes recognition, measurement, presentation, and disclosure requirements for 1) environmental credits, and 2) compliance obligations that may be settled by using environmental credits. The amendments in this update are effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. The Company is evaluating the accounting and disclosure requirements of ASU 2026-02 and does not expect them to have a material effect on the Company’s 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 June 30,				Six months ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net income available to common stockholders	$	39,990	$	50,447	$	88,414	$	99,470

Weighted average common shares outstanding	36,438		36,963		36,671		36,967
Additional dilutive common stock equivalents	258		209		255		257
Weighted average common diluted shares outstanding	36,696		37,172		36,926		37,224

Basic earnings per common share:	$	1.10	$	1.36	$	2.41	$	2.69
Diluted earnings per common share:	1.09		1.36		2.39		2.67

For the three and six months ended June 30, 2026, common stock equivalents of approximately 111,000 and 130,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 353,000 and 258,000 common stock equivalents excluded in the three and six months ended June 30, 2025.

NOTE 3 - INVESTMENTS

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


	June 30, 2026
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	124,177	$	7	$	(4,316)	$	119,868
Obligations of states and political subdivisions	637,300		4,070		(57,999)		583,371
Agency mortgage-backed securities	2,004,677		3,500		(46,367)		1,961,810
U.S. Treasury bills	111,204		—		(146)		111,058
Corporate debt securities	19,447		217		(46)		19,618
Total securities available-for-sale	$	2,896,805	$	7,794	$	(108,874)	$	2,795,725
Held-to-maturity securities:

Obligations of states and political subdivisions	$	889,657	$	7,742	$	(39,430)	$	857,969
Agency mortgage-backed securities	36,484		—		(3,219)		33,265
Corporate debt securities	110,489		352		(3,608)		107,233
Total securities held-to-maturity	$	1,036,630	$	8,094	$	(46,257)	$	998,467
ACL	(153)
Total securities held-to-maturity, net	$	1,036,477


	December 31, 2025
($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	187,587	$	76	$	(5,091)	$	182,572
Obligations of states and political subdivisions	626,900		3,914		(58,109)		572,705
Agency mortgage-backed securities	1,733,003		12,638		(36,330)		1,709,311
U.S. Treasury Bills	171,355		128		(499)		170,984
Corporate debt securities	19,448		109		(94)		19,463
Total securities available-for-sale	$	2,738,293	$	16,865	$	(100,123)	$	2,655,035
Held-to-maturity securities:

Obligations of states and political subdivisions	$	920,199	$	10,861	$	(39,849)	$	891,211
Agency mortgage-backed securities	43,839		—		(3,199)		40,640
Corporate debt securities	111,064		325		(3,426)		107,963
Total securities held-to-maturity	$	1,075,102	$	11,186	$	(46,474)	$	1,039,814
ACL	(145)
Total securities held-to-maturity, net	$	1,074,957

The balance of held-to-maturity securities in the “Amortized Cost” column in the tables above include a cumulative net unamortized, unrealized gain of $6.1 million and $7.6 million at June 30, 2026 and December 31, 2025, respectively. Such amounts are amortized over the remaining life of the securities.

At June 30, 2026 and December 31, 2025, 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 $1.7 billion at June 30, 2026 and December 31, 2025, 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 June 30, 2026, 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	$	151,382	$	150,785	$	12,153	$	12,032
Due after one year through five years	20,369		20,192		132,052		129,111
Due after five years through ten years	410,763		366,967		266,607		262,876
Due after ten years	309,614		295,971		589,335		561,183
Agency mortgage-backed securities	2,004,677		1,961,810		36,483		33,265

	$	2,896,805	$	2,795,725	$	1,036,630	$	998,467

The following tables present a summary of available-for-sale investment securities in an unrealized loss position as of the periods indicated:


	June 30, 2026
	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	$	50,231	$	542	$	54,233	$	3,774	$	104,464	$	4,316
Obligations of states and political subdivisions	28,419		324		376,154		57,675		404,573		57,999
Agency mortgage-backed securities	1,102,768		10,752		314,085		35,615		1,416,853		46,367
U.S. Treasury bills	101,923		139		4,992		7		106,915		146
Corporate debt securities	—		—		3,454		46		3,454		46
	$	1,283,341	$	11,757	$	752,918	$	97,117	$	2,036,259	$	108,874


	December 31, 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	$	13,971	$	22	$	149,230	$	5,069	$	163,201	$	5,091
Obligations of states and political subdivisions	32,658		245		425,879		57,864		458,537		58,109
Agency mortgage-backed securities	266,639		1,215		377,787		35,115		644,426		36,330
U.S. Treasury bills	4,996		—		40,418		499		45,414		499
Corporate debt securities	—		—		3,406		94		3,406		94
	$	318,264	$	1,482	$	996,720	$	98,641	$	1,314,984	$	100,123

The unrealized losses at both June 30, 2026 and December 31, 2025 were attributable primarily to changes in market interest rates after the securities were purchased. At each of June 30, 2026 and December 31, 2025, the Company did not have an ACL on available-for-sale securities.

Accrued interest on held-to-maturity debt securities totaled $11.3 million and $12.3 million at June 30, 2026 and December 31, 2025, 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 June 30, 2026 and $0.1 million at December 31, 2025.

The Company sold $180.4 million of available-for-sale securities during the three and six months ended June 30, 2026 for a pre-tax loss of approximately $6 million. The loss was partially offset by a pre-tax gain of approximately $4 million from the sale of Visa Class B-1 common stock that the Company held at a zero book value, resulting in a net loss of $2.1 million. The Company sold $9.5 million of available-for-sale securities during the six months ended June 30, 2025 for a gain of $0.1 million. There were no sales of available-for-sales securities during the three months ended June 30, 2025.

Other Investments

At June 30, 2026 and December 31, 2025, other investments totaled $128.6 million and $80.9 million, respectively, and includes investments in FHLB and Federal Reserve capital stock. As a member of the FHLB, 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 $19.4 million at June 30, 2026 and $9.4 million at December 31, 2025 is recorded at cost, which represents redemption value, and is included in “Other investments” in the Consolidated Balance Sheets.

On May 26, 2026, the Bank became a member bank of the Federal Reserve. As a member, the Bank is required to maintain a minimum investment in capital stock with the Federal Reserve. The Federal Reserve capital stock of $33.9 million at June 30, 2026 is recorded at cost, which represents redemption value, and is included in “Other investments” in the Consolidated Balance Sheets. This investment represents 50% of the par value due to the Federal Reserve Bank to become a member bank and the stock cannot be sold, traded, or pledged as collateral for loans. Although the probability is remote, the remaining 50% or $33.9 million due to the Federal Reserve Bank may be callable at its discretion.

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)	June 30, 2026		December 31, 2025
C&I	$	5,263,245	$	5,236,473
Real estate loans:
Commercial - investor owned	3,107,205		2,986,906
Commercial - owner occupied	2,444,781		2,460,761
Construction and land development	665,729		689,357
Residential	360,686		367,127
Total real estate loans	6,578,401		6,504,151
Consumer	53,350		60,469
Loans, before unearned loan fees	11,894,996		11,801,093
Unearned loan fees, net	(2,597)		(755)
Loans, including unearned loan fees	$	11,892,399	$	11,800,338

The loan balance includes a net premium on acquired loans of $1.5 million and $0.2 million at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026 and December 31, 2025, loans and securities of $5.9 billion and $6.3 billion, respectively, were pledged to the FHLB and the Federal Reserve.

Accrued interest totaled $58.7 million and $58.3 million at June 30, 2026 and December 31, 2025, respectively, and was reported in “Other assets” on the Consolidated Balance Sheets.

The Company sold the guaranteed portion of SBA 7(a) loans of $25.4 million resulting in a gain of $1.4 million during the six months ended June 30, 2026. There were no sales in the three months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company sold the guaranteed portion of SBA 7(a) loans of $24.4 million and $55.7 million, respectively. A gain on sale of $1.2 million and $3.0 million was recognized during the three and six months ended June 30, 2025, respectively.

The Company had $0.2 million of consumer mortgage loans secured by residential real estate in process of foreclosure at June 30, 2026 and December 31, 2025, respectively.

The following table presents a summary of the activity, by loan category, in the ACL on loans for the three and six months ended June 30, 2026 and 2025 as follows:


($ in thousands)	C&I		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Consumer		Total
ACL on loans:
Balance at March 31, 2026	$	73,110	$	31,187	$	18,069	$	10,602	$	7,423	$	1,673	$	142,064
Provision (benefit) for credit losses	16,550		(6,839)		50		1,883		(804)		(111)		10,729

Charge-offs	(14,377)		(20)		(453)		(787)		—		(161)		(15,798)
Recoveries	1,752		58		20		5		352		56		2,243
Balance at June 30, 2026	$	77,035	$	24,386	$	17,686	$	11,703	$	6,971	$	1,457	$	139,238



($ in thousands)	C&I		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Consumer		Total
ACL on loans:
Balance at December 31, 2025	$	68,345	$	31,565	$	19,218	$	11,016	$	8,023	$	1,855	$	140,022
Provision (benefit) for credit losses	24,823		(7,251)		(1,129)		2,497		(1,399)		(363)		17,178
Charge-offs	(18,044)		(20)		(453)		(1,826)		(355)		(317)		(21,015)
Recoveries	1,911		92		50		16		702		282		3,053
Balance at June 30, 2026	$	77,035	$	24,386	$	17,686	$	11,703	$	6,971	$	1,457	$	139,238


($ in thousands)	C&I		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Consumer		Total
ACL on loans:







Balance at March 31, 2025	$	69,887	$	30,551	$	18,360	$	12,114	$	7,744	$	4,288	$	142,944
Provision (benefit) for credit losses	1,748		(404)		(111)		991		974		(379)		2,819
Charge-offs	(2,422)		—		(672)		(146)		(369)		(188)		(3,797)
Recoveries	2,868		42		66		5		135		51		3,167
Balance at June 30, 2025	$	72,081	$	30,189	$	17,643	$	12,964	$	8,484	$	3,772	$	145,133



($ in thousands)	C&I		CRE - investor owned		CRE - owner occupied		Construction and land development		Residential real estate		Consumer		Total
ACL 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	7,496		(4,155)		(2,077)		3,255		2,030		205		6,754
Charge-offs	(3,013)		—		(1,034)		(146)		(594)		(295)		(5,082)
Recoveries	4,367		127		354		18		514		131		5,511
Balance at June 30, 2025	$	72,081	$	30,189	$	17,643	$	12,964	$	8,484	$	3,772	$	145,133

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 $10.2 million to the ACL on loans over the baseline model at June 30, 2026. The forecasts consider macroeconomic risks to the loan portfolio, such as the conflict in Iran, among others. 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 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 discounted cash flow method 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, pandemics and geopolitical matters. At June 30, 2026, the ACL on loans included a qualitative adjustment of approximately $45.8 million. Of this amount, approximately $26.1 million was allocated to sponsor finance loans due to their mostly unsecured nature.

The following tables present gross charge-offs by year of origination and loan class for the periods indicated:


	Six months ended June 30, 2026
	Term Loans by Origination Year
($ in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans Converted to Term Loans		Revolving Loans		Total
C&I	$	66	$	19	$	1,206	$	4,551	$	10,082	$	47	$	93	$	1,595	$	17,659
Real estate:
Commercial - investor owned	—		—		—		—		—		20		—		—		20
Commercial - owner occupied	—		—		—		—		328		125		—		—		453
Construction and land development	—		—		—		—		33		1,793		—		—		1,826
Residential	—		355		—		—		—		—		—		—		355
Consumer	11		26		—		—		—		6		7		—		50
Total charge-offs by origination year	$	77	$	400	$	1,206	$	4,551	$	10,443	$	1,991	$	100	$	1,595	$	20,363
Total gross charge-offs by performing status																	652
Total gross charge-offs																	$	21,015


	Twelve months ended December 31, 2025
	Term Loans by Origination Year
($ in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Converted to Term Loans		Revolving Loans		Total
C&I	$	30	$	2,159	$	4,661	$	1,280	$	35	$	1,167	$	1,651	$	11,870	$	22,853
Real estate:
Commercial - investor owned	—		—		—		—		3,972		—		—		—		3,972
Commercial - owner occupied	—		594		285		—		284		898		—		—		2,061
Construction and land development	—		—		—		146		—		3,135		—		—		3,281
Residential	—		—		—		—		—		646		266		—		912
Consumer	—		—		—		—		177		68		5		—		250
Total charge-offs by origination year	$	30	$	2,753	$	4,946	$	1,426	$	4,468	$	5,914	$	1,922	$	11,870	$	33,329
Total gross charge-offs by performing status																	1,187
Total gross charge-offs																	$	34,516

The following tables present the recorded balance in nonperforming loans by category, excluding government guaranteed balances as of the dates indicated:


	June 30, 2026
($ in thousands)	Nonaccrual		Loans over 90 days past due and still accruing interest		Total nonperforming loans		Nonaccrual loans with no allowance
C&I	$	19,996	$	85	$	20,081	$	1,174
Real estate:
Commercial - investor owned	42,101		—		42,101		40,670
Commercial - owner occupied	9,176		—		9,176		5,560
Construction and land development	384		—		384		—
Residential	4,301		100		4,401		4,061
Consumer	—		1		1		—
Total	$	75,958	$	186	$	76,144	$	51,465


	December 31, 2025
($ in thousands)	Nonaccrual		Loans over 90 days past due and still accruing interest		Total nonperforming loans		Nonaccrual loans with no allowance
C&I	$	26,359	$	1,620	$	27,979	$	14,800
Real estate:
Commercial - investor owned	36,988		—		36,988		23,685
Commercial - owner occupied	9,338		—		9,338		7,927
Construction and land development	155		—		155		—
Residential	8,340		—		8,340		8,099
Consumer	—		9		9		—
Total	$	81,180	$	1,629	$	82,809	$	54,511

The nonperforming loan balances at June 30, 2026 and December 31, 2025 exclude government guaranteed balances of $40.7 million and $28.9 million, respectively. Interest income recognized on nonaccrual loans was immaterial during the three and six months ended June 30, 2026 and 2025.

The following tables present a summary of collateral-dependent nonperforming loans by class of loan as of the dates indicated:


	June 30, 2026
	Type of Collateral
($ in thousands)	CRE		Residential Real Estate		Blanket Lien		Other
C&I	$	—	$	753	$	5,959	$	156
Real estate:
Commercial - investor owned	39,621		—		—		—
Commercial - owner occupied	2,910		—		—		—

Residential	—		4,088		—		—

Total	$	42,531	$	4,841	$	5,959	$	156


	December 31, 2025
	Type of Collateral
($ in thousands)	CRE		Residential Real Estate		Blanket Lien		Other
C&I	$	—	$	19	$	3,391	$	15,644
Real estate:
Commercial - investor owned	35,701		—		—		—
Commercial - owner occupied	4,610		456		—		—

Residential	—		8,099		—		—

Total	$	40,311	$	8,574	$	3,391	$	15,644

The following tables present a summary of aging of the recorded balance in past due loans by class and category as of the dates indicated:


	June 30, 2026
($ in thousands)	30-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
C&I	$	25,713	$	14,389	$	40,102	$	5,223,143	$	5,263,245
Real estate:
Commercial - investor owned	42,257		41,915		84,172		3,023,033		3,107,205
Commercial - owner occupied	30,871		21,273		52,144		2,392,637		2,444,781
Construction and land development	1,484		—		1,484		664,245		665,729
Residential	3,235		5,051		8,286		352,400		360,686
Consumer	84		1		85		53,265		53,350
Loans, before unearned loan fees	$	103,644	$	82,629	$	186,273	$	11,708,723	$	11,894,996
Unearned loan fees, net									(2,597)
Total									$	11,892,399


	December 31, 2025
($ in thousands)	30-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
C&I	$	6,822	$	25,327	$	32,149	$	5,204,324	$	5,236,473
Real estate:
Commercial - investor owned	3,627		38,063		41,690		2,945,216		2,986,906
Commercial - owner occupied	5,274		21,110		26,384		2,434,377		2,460,761
Construction and land development	4,881		583		5,464		683,893		689,357
Residential	7,457		2,516		9,973		357,154		367,127
Consumer	57		9		66		60,403		60,469
Loans, before unearned loan fees	$	28,118	$	87,608	$	115,726	$	11,685,367	$	11,801,093
Unearned loan fees, net									(755)
Total									$	11,800,338

The ACL 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 ACL 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 ACL 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 ACL 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 ACL 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 ACL 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 balance at the end of the dates listed for loans modified to borrowers experiencing financial difficulty, disaggregated by loan class and type of concession granted:


	Three months ended
	Term Extension				Term Extension and Rate Reduction			Total
($ in thousands)	June 30, 2026		Percent of Total Loan Class			June 30, 2026		Percent of Total Loan Class		June 30, 2026		Percent of Total Loan Class
C&I	$	26,768	0.51	%		$	4,082	0.08	%	$	30,850	0.59	%
Real estate:

Commercial - owner occupied	—		—	%		227		0.01	%	227		0.01	%



Total	$	26,768				$	4,309			$	31,077


	Six months ended
	Term Extension				Payment Delay				Term Extension and Rate Reduction				Total
($ in thousands)	June 30, 2026		Percent of Total Loan Class		June 30, 2026		Percent of Total Loan Class		June 30, 2026		Percent of Total Loan Class		June 30, 2026		Percent of Total Loan Class
Commercial and industrial	$	33,311	0.63	%	$	5,855	0.11	%	$	4,082	0.08	%	$	43,248	0.82	%
Real estate:

Commercial - owner occupied	4,715		0.19	%	—		—	%	227		0.01	%	4,942		0.20	%
Construction and land development	1,996		0.30	%	—		—	%	—		—	%	1,996		0.30	%


Total	$	40,022			$	5,855			$	4,309			$	50,186


	Three months ended				Six months ended
	Term Extension				Term Extension
($ in thousands)	June 30, 2025		Percent of Total Loan Class		June 30, 2025		Percent of Total Loan Class
C&I	$	41,002	0.84	%	$	44,211	0.91	%
Real estate:

Commercial - owner occupied	228		0.01	%	5,074		0.22	%

Residential	—		—	%	23		0.01	%

Total	41,230				$	49,308

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


						Three months ended June 30, 2026
						Financial Effect


Term Extension and Rate Reduction
C&I						Maturity dates were extended for a weighted average of 20 months and rates were reduced by a weighted average of 0.65%.
Real estate:
Commercial - owner occupied						Maturity dates were extended for a weighted average of 12 months and rates were reduced by a weighted average of 0.96%.

Term Extension
C&I						Maturity dates were extended for a weighted average of 10 months.


						Six months ended June 30, 2026
($ in thousands)						Financial Effect
Term Extension and Rate Reduction
C&I						Maturity dates were extended for a weighted average of 20 months and rates were reduced by a weighted average of 0.65%.
Real estate:
Commercial - owner occupied						Maturity dates were extended for a weighted average of 12 months and rates were reduced by a weighted average of 0.96%.

Payment Delay
C&I						Payments were delayed for a weighted average amount of $500.

Term Extension
C&I						Maturity dates were extended for a weighted average of 9 months.
Real estate:

Commercial - owner occupied						Maturity dates were extended for a weighted average of 3 months.
Construction and land development						Maturity dates were extended for a weighted average of 4 months.


						Three months ended June 30, 2025
						Financial Effect
Term Extension
C&I						Maturity dates were extended for a weighted average of 6 months.
Real estate:
Commercial - owner occupied						Maturity dates were extended for a weighted average of 5 months.


						Six months ended June 30, 2025
						Financial Effect
Term Extension
C&I						Maturity dates were extended for a weighted average of 6 months.
Real estate:
Commercial - owner occupied						Maturity dates were extended for a weighted average of 17 months.
Residential						Maturity dates were extended for a weighted average of 3 months.

The following tables present the aging of the recorded balance of modified loans in the last 12 months by class at the date indicated:


	June 30, 2026
($ in thousands)	Current		30-89 Days Past Due		90 or More Days Past Due		Total
C&I	$	47,461	$	—	$	—	$	47,461
Real estate:
Commercial - investor owned	237		—		—		237
Commercial - owner occupied	15,097		—		—		15,097
Construction and land development	1,996		—		—		1,996


Total	$	64,791	$	—	$	—	$	64,791


	June 30, 2025
($ in thousands)	Current		30-89 Days Past Due		90 or More Days Past Due		Total
C&I	$	51,352	$	—	$	818	$	52,170
Real estate:
Commercial - investor owned	249		—		—		249
Commercial - owner occupied	16,690		228		—		16,918

Residential	—		23		—		23

Total	$	68,291	$	251	$	818	$	69,360

There were no loans that experienced a default during the three and six months ended June 30, 2026 or June 30, 2025, respectively, subsequent to being granted a modification in the preceding twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off.

As of June 30, 2026 and December 31, 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:


	June 30, 2026
	Term Loans by Origination Year
($ in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans Converted to Term Loans		Revolving Loans		Total
C&I
Pass (1-6)	$	853,318	$	1,516,435	$	535,013	$	341,400	$	225,339	$	131,920	$	147,439	$	1,152,595	$	4,903,459
Special Mention (7)	22,813		35,952		9,853		7,964		8,074		3,852		15,836		54,743		159,087
Classified (8-9)	39,698		4,275		13,045		4,094		10,488		1,898		35,488		44,493		153,479
Total C&I	$	915,829	$	1,556,662	$	557,911	$	353,458	$	243,901	$	137,670	$	198,763	$	1,251,831	$	5,216,025

CRE-investor owned
Pass (1-6)	$	568,421	$	682,692	$	348,752	$	328,794	$	347,486	$	523,577	$	26,912	$	48,639	$	2,875,273
Special Mention (7)	41,088		9,014		37,389		3,593		—		15,167		44,385		—		150,636
Classified (8-9)	1,258		17,956		1,948		1,900		6,881		32,601		—		—		62,544
Total CRE-investor owned	$	610,767	$	709,662	$	388,089	$	334,287	$	354,367	$	571,345	$	71,297	$	48,639	$	3,088,453

CRE-owner occupied
Pass (1-6)	$	278,247	$	398,416	$	265,230	$	260,992	$	315,898	$	670,308	$	12,688	$	34,216	$	2,235,995
Special Mention (7)	11,692		21,436		5,876		10,542		7,060		37,723		—		—		94,329
Classified (8-9)	10,734		10,346		2,965		15,163		19,188		38,053		227		—		96,676
Total CRE-owner occupied	$	300,673	$	430,198	$	274,071	$	286,697	$	342,146	$	746,084	$	12,915	$	34,216	$	2,427,000

Construction real estate
Pass (1-6)	$	175,727	$	254,623	$	158,957	$	15,169	$	4,776	$	3,161	$	33,601	$	4,723	$	650,737
Special Mention (7)	—		—		—		1,129		470		—		6,998		—		8,597
Classified (8-9)	1,996		—		1,405		384		361		—		—		—		4,146
Total Construction real estate	$	177,723	$	254,623	$	160,362	$	16,682	$	5,607	$	3,161	$	40,599	$	4,723	$	663,480

Residential real estate
Pass (1-6)	$	37,206	$	41,608	$	21,297	$	28,050	$	25,026	$	98,126	$	1,082	$	92,722	$	345,117
Special Mention (7)	134		962		—		22		—		838		337		733		3,026
Classified (8-9)	—		1,599		—		2,655		—		8,251		—		134		12,639
Total residential real estate	$	37,340	$	44,169	$	21,297	$	30,727	$	25,026	$	107,215	$	1,419	$	93,589	$	360,782

Consumer
Pass (1-6)	$	521	$	1,162	$	544	$	682	$	177	$	36,681	$	586	$	8,715	$	49,068
Special Mention (7)	—		—		—		—		—		521		—		—		521
Classified (8-9)	—		14		19		—		—		3		—		—		36
Total Consumer	$	521	$	1,176	$	563	$	682	$	177	$	37,205	$	586	$	8,715	$	49,625

Total loans classified by risk category	$	2,042,853	$	2,996,490	$	1,402,293	$	1,022,533	$	971,224	$	1,602,680	$	325,579	$	1,441,713	$	11,805,365
Total loans classified by performing status																	87,034
Total loans																	$	11,892,399


	December 31, 2025
	Term Loans by Origination Year
($ in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Converted to Term Loans		Revolving Loans		Total
C&I
Pass (1-6)	$	1,867,472	$	793,869	$	521,429	$	298,735	$	84,618	$	96,374	$	94,043	$	1,153,331	$	4,909,871
Special Mention (7)	17,000		22,548		26,475		3,835		4,871		2,113		22,071		48,303		147,216
Classified (8-9)	47,637		26,370		4,861		10,964		54		845		24,043		36,659		151,433
Total C&I	$	1,932,109	$	842,787	$	552,765	$	313,534	$	89,543	$	99,332	$	140,157	$	1,238,293	$	5,208,520

CRE-investor owned
Pass (1-6)	$	857,292	$	405,208	$	380,247	$	377,479	$	287,917	$	376,426	$	55,616	$	45,784	$	2,785,969
Special Mention (7)	40,134		53,306		1,934		—		9,029		4,571		1,891		—		110,865
Classified (8-9)	17,570		—		—		6,965		26,697		20,469		—		—		71,701
Total CRE-investor owned	$	914,996	$	458,514	$	382,181	$	384,444	$	323,643	$	401,466	$	57,507	$	45,784	$	2,968,535

CRE-owner occupied
Pass (1-6)	$	471,422	$	304,147	$	296,817	$	371,117	$	364,894	$	445,806	$	3,391	$	38,545	$	2,296,139
Special Mention (7)	7,814		5,801		14,730		12,440		4,432		15,019		—		—		60,236

ENTERPRISE FINANCIAL SERVICES CORP 10-Q