Enterprise Financial Services : Semi-Annual Financial Statement (Unaudited)

Dear Fellow Shareholders:

We are returning to the practice of releasing financial information on a semi-annual basis to keep you more currently updated of our progress and results.

We are please to report that Enterprise Financial Services Group, Inc. has continued to strengthen core operations while maintaining our emphasis on helping small businesses and our operating focus in the small business niche market. Our capital levels have grown stronger and we have increased the common stock dividend while beginning to buy back the preferred stock related to the Small Business Lending Fund.

The Bank's asset quality remains strong and has further improved while our core operating income has also grown. The prior fiscal year was more profitable overall than the current year but this is the result of extraordinary fee income generated from the PPP loan program last year. These results are reported and evident in "Other Fee Revenues".

The Bank completed the remodeling of the office building located on campus across Alpha Drive from the Bank. Our subsidiaries have moved into and are conducting business from the renovated facility. The Bank's main office building now has sufficient space to double the size of our banking operations without increasing overhead.

We expect inflation to remain high and interest rates to increase further as we progress thru 2022. The Bank is prepared for this scenario such that our bottom line should not be harmed from these economic pressures and conditions.

The Bank continues to expand investments and give back to our communities by rehabilitating distressed homes to provide housing for singled parented families. Don't forget, you can follow our progress on social media.

As always, we appreciate your investment, your trust, and your ongoing support of Enterprise Financial Services Group Inc.

Sincerely,

Chuck Leyh	Doug Lockard
Chairman of the Board	Vice Chairman of the Board

Enterprise Financial Services Group Inc.

Six Months Ended: March 31, 2022

		March 31, 2022			March 31, 2021
ASSETS
Cash and due from banks	$	662,973	$	812,484
Cash on deposit with Federal Reserve Bank		69,609,143			48,132,334
Interest bearing deposits with banks		451,282			383,403
Cash and cash Equivalents		70,723,398			49,328,221
Loans receivable		282,744,954			318,810,953
Allowance for loan losses		(821,185)			(932,039)
Net Loans		281,923,769			317,878,914
Accrued interest receivable		1,172,303			1,343,595
Premises and equipment, net		11,255,071			9,073,340
Foreclosed real estate		2,329,824			3,079,139
Restricted investments in Bank stock		2,663,600			2,845,500
Other assets		4,936,883			4,069,559
Total Assets	$	375,004,848	$	387,618,268
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES:
Non-interest bearing deposits	$	4,502,985	$	7,715,274
Interest bearing deposits		270,749,472			260,782,682
Total Deposits		275,252,457			268,497,956
Borrowings		62,476,500			83,405,750
Accrued interest payable		306,608			392,396
Accrued expenses and other liabilities		2,463,387			2,649,192
Total Liabilities		340,498,952			354,945,294
STOCKHOLDERS' EQUITY
Preferred Stock		3,750,000			5,000,000
Common stock		600,160			600,160
Additional paid-in capital		13,756,225			13,628,506
Retained earnings		16,772,328			14,012,737
Treasury Stock, cost		(372,817)			(568,429)
Total Stockholders' Equity		34,505,896			32,672,974
Total Liabilities and Stockholders' Equity	$	375,004,848	$	387,618,268

		Six Months			Six Months
		Ended			Ended
		March 31, 2022			March 31, 2021
INTEREST INCOME
Interest and fees on loans		7,646,233			8,989,561
Interest on Federal Reserve balances		59,524			30,226
Other interest and dividend income		66,293			85,502
Total Interest Income		7,772,050			9,105,289
INTEREST EXPENSE
Interest on deposits		824,870			1,070,448
Interest on borrowings		675,141			822,494
Total Interest Expense		1,500,011			1,892,942
Net Interest Income		6,272,039			7,212,347
PROVISION FOR (CREDIT FROM) LOAN LOSSES		(168,409)			(191,726)
Net Interest Income
After Provision For (Credit From) Loan Losses		6,440,448			7,404,073
OTHER OPERATING INCOME
Service charges on deposit accounts		178,441			167,563
Other fee revenue		1,305,392			2,003,045
Gain/(Loss) on sale of foreclosed real estate		194,020			(22,965)
Gain/(Loss) on valuation of foreclosed real estate		81,393			(204)
Total Other Operating Income		1,759,246			2,147,439
OTHER OPERATING EXPENSES
Salaries and employee benefits		2,074,032			2,151,528
Relationship manager's expense		1,186,255			1,351,151
Occupancy		237,999			252,009
Furniture and office equipment		186,390			164,831
Data processing and computer equipment		403,135			382,155
FDIC insurance expense		172,151			276,006
Other		1,608,457			1,927,374
Total Other Operating Expenses		5,868,419			6,505,054
Net Income From Continuing Operations, Before Tax		2,331,275			3,046,458
Income Tax Expense		518,486			652,918
Net Income		1,812,789			2,393,540
Preferred stock dividends		248,125			225,000
Net Income Attributable to Common Stockholders	$	1,564,664	$	2,168,540
Earnings Per Share	$	1.35	$	1.91