Enterprise Financial reports Q1 EPS 67c, consensus 91c
Reports Q1 revenue $60.05M, consensus $61.74M. Net income and EPS in the current quarter declined from both the linked quarter and prior year quarter, primarily as a result of merger-related expenses of $7.3M or 24c per diluted share. The issuance of shares related to the merger increased average diluted shares outstanding by 1,064,000 for the quarter ended March 31. The company realized growth in its core net interest margin1 of two basis points in the current quarter to 3.79%, as compared to 3.77% in the linked quarter and 3.74% in the prior year quarter. Excluding merger related expenses, the adjusted ROAA, adjusted ROAE, and adjusted ROATCE1 were 1.49%, 13.40%, and 17.53%, respectively for the first quarter of 2019. Jim Lally, EFSC's President and Chief Executive Officer, commented, "We are pleased with our performance in the first quarter of 2019. Our financial results included continued strong credit performance, an expansion of top-line revenue and the impact of the completion of the TCC acquisition in early March. While expenses from the merger reduced earnings and our operating metrics for the quarter, we were able to start system and operations integration earlier than originally planned." Lally added, "We are excited to have completed the acquisition of TCC, the largest acquisition in our Company's history. We welcome the new employees and the customers of LANB to our combined organization. LANB has a strong history of community engagement that we look forward to continuing. The power of our two franchises will help propel us as the preeminent banking choice in our markets."