Enterprise Financial Services Corp (NASDAQ:EFSC) Q2 2023 Earnings Conference Call July 25, 2023 11:00 AM ET

Company Participants

Jim Lally - President & Chief Executive Officer

Scott Goodman - President, Enterprise Bank & Trust

Keene Turner - Chief Financial Officer & Chief Operating Officer

Conference Call Participants

Jeff Rulis - D.A. Davidson

Damon DelMonte - KBW

Andrew Liesch - Piper Sandler

Brian Martin - Janney

Operator

Hello, and welcome to the Enterprise Financial Services Corp. Second Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I will now turn the conference over to Jim Lally, President and CEO. Please go ahead.

Jim Lally

Thank you, Jay and good morning. Thank you all very much for joining us this morning and welcome to our 2023 second quarter earnings call. Joining me this morning is Keene Turner, EFSC's Chief Financial Officer and Chief Operating Officer; and Scott Goodman, President of Enterprise Bank & Trust.

Before we begin, I would like to remind everybody on the call that a copy of the release and accompanying presentation can be found on our website. The presentation and earnings release were furnished on SEC Form 8-K yesterday. Please refer to slide two of the presentation titled Forward-Looking Statements and our most recent 10-K and 10-Q for reasons why actual results may vary from any forward-looking statements that we make today.

In mid-March, we made a strategic decision to continue our growth trajectory for 2023, supporting the needs of our clients in addition to onboarding several new relationships from competitors who are inwardly focused. Much of this growth focused on C&I relationships, typically coming with a floating rate loan structure and full treasury management products and deposits. As you can see from our growth in the quarter, this decision paid off well for us.

As part of our efforts to support clients and enhance long-term shareholder and franchise value, we also saw some significant deposit wins in the quarter from our regions and specialty deposit businesses that will fund over the remainder of this year. Scott will provide much more color on these topics in his comments.

I spent the month of June visiting several of our markets and had a chance to visit with over 100 clients and prospects. For the most part, these companies continue to perform well and are optimistic about the remainder of this year and next, despite the increased costs throughout their businesses, inclusive of debt service.