Enterprise Financial Services Corp. of St. Louis said Tuesday that it narrowed its first-quarter loss to $3 million, from $51.8 million a year earlier, as credit costs declined but problem loans increased.
The $2.36 billion-asset company said its loan-loss provision was $13.8 million, down 16% from a year earlier.
However, nonperforming loans totaled $55.8 million, a slight increase from a year earlier and a 45% increase from the fourth quarter.
Nonperforming loans accounted for 3.10% of total loans.
The increase was driven by delinquencies on a condominium project, a retail development in St. Louis and an office building in Kansas City.
Enterprise's results for the first quarter of 2009 were affected by a $45.4 million goodwill impairment charge.