Enterprise Financial Services Corp. of St. Louis said Tuesday that its first-quarter earnings rose 13% from a year earlier, to $3.6 million.
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The loan portfolio increased 16%, to $1.7 billion, while deposits grew 10%, to $1.6 billion
The provision for loan losses nearly tripled, to $2.3 million. Enterprise attributed the increase to strong loan growth and adverse changes in risk ratings on various credits.
The nonperforming asset rate rose 21 basis points, to 0.83% of total assets. Nonperforming loans declined 26% from the fourth quarter, to $9.3 million.
