Enterprise Financial Services Corp (NASDAQ:EFSC) Q3 2024 Earnings Conference Call October 22, 2024 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
Doug Bauche - Chief Credit Officer, Enterprise Bank & Trust
Conference Call Participants
Ryan Payne - D.A. Davidson
Andrew Liesch - Piper Sandler
Damon DelMonte - KBW
Brian Martin - Janney
Operator
Hello, and welcome to the Enterprise Financial Services Corporation Third Quarter 2024 Earnings Conference 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 would now like to turn the call over to Jim Lally, President and CEO. You may begin.
Jim Lally
Well, thank you, Jeremy, and thank you all very much for joining us this morning, and welcome to our 2024 third quarter earnings call.
Joining me this morning is Keene Turner, EFSC's Chief Financial Officer and Chief Operating Officer; Scott Goodman, President of Enterprise Bank & Trust; and Doug Baude, Chief Credit Officer of Enterprise Bank & Trust.
Before we begin, I would like to remind everyone on the call that a copy of the release and the 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 2 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.
Our strong financial performance continued in the third quarter. Our diversified business model delivered EPS of $1.32, which compares favorably to the $1.19 in the linked quarter and $1.17 in the third quarter of 2023. As important, we experienced a stable net interest margin, continued expansion of net interest income and a 25% annualized increase to our tangible book value per share from the linked quarter. Needless to say, I'm very pleased with these results and they set us up well to finish this year very strong and enter 2025 with a great deal of momentum.
Like we've stated during previous earnings calls and investor meetings over the last several years, we've worked diligently to diversify our business model such that we do not have to depend on any one business, market or asset class to produce high-quality earnings. Our third quarter financial performance is a result of this strategy, and we will continue to refine and improve on the strategy for quarters and years to come.