Research Desk Line-up: Cullen/Frost Bankers Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 1, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Enterprise Financial Services Corp. (NASDAQ: EFSC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=EFSC, following the Company's reporting of its financial results on October 23, 2017, for the third quarter of the fiscal year 2017 (Q3 FY17). The St. Louis, Missouri-based Company's diluted core earnings per share (EPS) grew on a year-over-year basis, outperforming Wall Street's estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Regional - Southwest Banks industry. Pro-TD has currently selected Cullen/Frost Bankers, Inc. (NYSE: CFR) for due-diligence and potential coverage as the Company reported on October 26, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Cullen/Frost Bankers when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on EFSC; also brushing on CFR. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

During Q3 FY17, Enterprise Financial Services' total core revenue grew 3% to $52.42 million from the $38.36 million reported in the year-ago same quarter. The Company's interest income grew to $52.47 million in Q3 FY17 from $37.29 million in Q3 FY16. The Company's interest expenses increased to $6.84 million in Q3 FY17 from $3.46 million in Q3 FY16.

Enterprise Financial Services' net interest income rose to $45.63 million during the reported quarter from $33.83 million in Q3 FY16. Furthermore, total non-interest income came in at $8.37 million for the reported quarter versus $6.98 million in the year-ago comparable quarter.

The financial holding Company reported a net income of $16.32 million, or $0.69 per diluted share, in Q3 FY17 compared to $11.83 million, or $0.59 per diluted share, in Q3 FY16. The Company's quarterly net income per diluted share beat market consensus estimates of $0.68 per diluted share. Moreover, the Company's core earnings increased to $15.54 million, or $0.66 per diluted share, in Q3 FY17 from $9.94 million, or $0.49 per diluted share, in Q3 FY16.

Earnings Metrics

During the reported quarter, the Company's return on average assets increased to 1.21% from 1.04% in the previous year's corresponding quarter. The return on average common equity came in at 11.13% in Q3 FY17, which was above the 10.47% reported in the year-ago same period. The Company's return on tangible common equity also increased to 14.50% in Q3 FY17, up from 11.46% in Q3 FY16. Furthermore, tangible common book value grew to $18.09 per share in Q3 FY17 from $17.43 per share in Q3 FY16.

Enterprise Financial Services' core efficiency ratio was 51.64% in Q3 FY17 compared to 52.77% in Q3 FY16. The Company's core net interest margin rose to 3.75% during Q3 FY17 from 3.54% in Q3 FY16. However, the tangible common equity to tangible assets ratio fell to 8.18% at September 30, 2017, from 8.99% at September 30, 2016. The Company's tier 1 capital to risk-weighted assets was 10.36% as on September 30, 2017, compared to 10.82% as on September 30, 2016. Furthermore, common equity tier 1 capital to risk-weighted assets ratio stood at 8.93% as on September 30, 2017, versus 9.33% as on September 30, 2016.

Balance Sheet

Enterprise Financial Services' average portfolio loans balance was $3.90 billion at the end of Q3 FY17 compared to $2.95 billion at the end of last year's corresponding quarter. In Q3 FY17, the yield on average portfolio loans was 4.69% compared to 4.25% in Q3 FY16. Average interest-earning assets were $4.71 billion for the quarter ended September 30, 2017, versus $3.59 billion recorded in the prior year's comparable period. Furthermore, average total deposits increased to $3.93 billion in Q3 FY17 from $3.07 billion in Q3 FY16.

The Company had total non-performing loans of $8.99 million at September 30, 2017, compared to $19.94 million at September 30, 2016. Non-performing assets as a percentage of total loans were 0.23% at September 30, 2017, versus 0.66% at September 30, 2016.

Dividend and Share Repurchase

In its earnings press release, Enterprise Financial Services' Board of Directors announced a quarterly dividend of $0.11 per common share, payable on December 29, 2017, to shareholders of record as of December 15, 2017.

During Q3 FY17, the Company repurchased 429,955 shares of its common stock for $16.6 million at an average price of $38.69, pursuant to its publicly announced program.

Stock Performance

At the closing bell, on Tuesday, October 31, 2017, Enterprise Financial Services' stock rose slightly by 0.35%, ending the trading session at $43.60. A total volume of 82.26 thousand shares have exchanged hands. The Company's stock price soared 9.69% in the last three months, 3.20% in the past six months, and 31.72% in the previous twelve months. Moreover, the stock gained 1.40% since the start of the year. The stock is trading at a PE ratio of 18.05 and has a dividend yield of 1.01%. The stock currently has a market cap of $1.02 billion.

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