Annual Report of Employee Stock Purchase/Savings Plan Form 11 K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 11-K

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

December 31, 2023

or

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

________________

Commission File

No. 001-15373

________________

	A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:

EFSC INCENTIVE SAVINGS PLAN

________________

	B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Enterprise Financial Services Corp

150 N. Meramec Avenue

St. Louis, Missouri 63105

________________

EFSC Incentive Savings Plan

TABLE OF CONTENTS

Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Net Assets Available for Benefits	3
Statements of Changes in Net Assets Available for Benefits	4
Notes to Financial Statements	5
Supplementary Information
Schedule of Assets (Held At End of Year)	11
Signature	12
Exhibit Index	13

Report of Independent Registered Public Accounting Firm

To the Participants and Board of Trustees of

the EFSC Incentive Savings Plan

St. Louis, Missouri

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the EFSC Incentive Savings Plan (the "Plan") as of December 31, 2023 and 2022, and the related statements of changes in net assets available for benefits for the years then ended, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits for the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4i-S Schedule of Assets (Held at Year End) as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income

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Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Armanino, LLP

St. Louis, Missouri

June 26, 2024

We have served as the Plan's auditor since 2013.

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EFSC INCENTIVE SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31,
2023	2022
Assets:
Cash	$	67,064	$	-
Investments, at fair value:
Mutual funds	$	59,157,773	$	49,534,671
Collective trust funds	91,431,360	72,602,364
Employer stock fund	7,858,058	7,783,077
Total investments, at fair value	158,447,191	129,920,112
Notes receivable from participants	1,840,535	1,589,176
Net assets available for benefits	$	160,354,790	$	131,509,288
See the accompanying notes to financial statements.

3

EFSC INCENTIVE SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS

AVAILABLE FOR BENEFITS

Years ended December 31,
2023	2022
Additions:
Investment activity:
Net appreciation (depreciation) in fair value of investments	$	19,021,952	$	(22,553,208)
Dividend income	2,095,148	2,118,693
Total investment income (loss)	21,117,100	(20,434,515)
Contributions:
Participants	9,479,092	8,291,638
Employer, net of forfeitures	6,503,908	5,689,313
Rollovers	1,659,676	1,122,754
Total contributions	17,642,676	15,103,705
Interest income on notes receivable from participants	95,106	72,902
Total additions, net	38,854,882	(5,257,908)
Deductions:
Benefits paid to participants	9,845,686	14,765,706
Administrative expenses	163,694	164,814
Total deductions	10,009,380	14,930,520
Net increase (decrease)	28,845,502	(20,188,428)
Transfers:
Transfer-in: acquisition	-	14,709,287
Net assets available for benefits
Beginning of year	131,509,288	136,988,429
End of year	$	160,354,790	$	131,509,288
See the accompanying notes to financial statements.

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December 31, 2023 and 2022

NOTE 1 - DESCRIPTION OF PLAN

The following description of the EFSC Incentive Savings Plan ("the Plan") provides only general information. Participants should refer to the Plan Agreement for a complete description of the Plan's provisions.

General

The Plan is a defined contribution plan, with a 401(k) provision, covering all employees of Enterprise Financial Services Corp ("EFSC") and its wholly-owned subsidiary Enterprise Bank & Trust ("Enterprise") (collectively, the "Company"), who are not seasonal or leased employees, and have attained the age of 21. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

The Plan Administrator and Plan Sponsor is EFSC. The Plan Trustee is Charles Schwab Trust Bank. The committee responsible for governance over the Plan is the EFSC Incentive Savings Plan Committee, which is comprised of employees of Enterprise.

Contributions

Participants may make elective deferrals up to 75% of eligible compensation to the Plan on a pre-tax basis, up to defined limits. The Plan also allows participants to contribute to an account that accepts Roth after-tax contributions. A participant could contribute up to $22,500 and $20,500 in 2023 and 2022, respectively, in total, to all accounts (pre-tax contributions and Roth after-tax contributions). If a participant is age 50 or older and makes the maximum allowable deferral, they are eligible to make catch-up contributions. The maximum catch-up contribution was $7,500 in 2023 and $6,500 in 2022.

The Company matches 100% of the first 6% of a Participant's compensation contributed into the Plan. Participants may also contribute qualified rollover contributions representing distributions from other qualified defined benefit or defined contribution plans. All contributions are subject to applicable limits of the Internal Revenue Code.

The Plan allows for an automatic salary deferral feature for new participants. New employees are automatically enrolled at 3%, unless an alternative amount or an election to not defer under the Plan occurs by the participant. Annually on March 1, deferrals for participants who were automatically enrolled are increased 1% per year, up to a maximum of 10%, unless an alternative deferral amount or election to not defer is made by the participant.

Transfers

EFSC acquired First Choice Bancorp and its wholly-owned subsidiary, First Choice Bank ("First Choice") on July 21, 2021. On April 1, 2022, the First Choice Bank 401(k) Profit Sharing Plan was merged with the Plan. The First Choice employees became eligible to participate in the Plan on January 1, 2022. The assets of the First Choice Plan totaling $14.7 million were transferred into the Plan.

Vesting

Participants are immediately vested in their contributions, including rollover contributions plus actual earnings thereon. Vesting in the remainder of their accounts is based on years of service, as defined in the Plan Agreement. Participants vest in employer matching contributions according to a three-year graded schedule and are 33.3% vested after one year of service and 100% vested after three years of service, upon reaching early or normal retirement, or upon total and permanent disability or death.

Participant Accounts

Each participant's account is credited with the participant's contributions, employer matching contributions and an allocation of the Plan's earnings. The allocation of earnings is determined by the earnings of the participant's

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investment selection based on each participant's balance, as defined in the Plan Agreement. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

The Plan's investments are held in a qualified tax-exempt trust, managed by Charles Schwab Trust Bank ("the Custodian").

Payment of Benefits

Benefits are recorded when paid.

While actively employed, participants may receive hardship withdrawals of their vested account balance, subject to applicable regulations and approvals covering hardship withdrawals. Also, participants age 59.5 and over may receive regular in-service distributions of their vested accounts while actively employed.

On termination of service, a participant may elect to defer their distribution or, subject to appropriate spousal consent, receive a lump-sum distribution equal to the participant's vested interest in their account. Account balances less than $200 are paid out in cash and accounts less than $5,000 are generally distributed to an Individual Retirement Account if the participant does not make a distribution election.

Forfeitures

Participants forfeit the non-vested portion of their accounts in the Plan upon termination of employment with the Company. As described in the Plan Agreement, forfeitures are used to reduce future employer matching contributions or administrative expenses of the Plan. Forfeitures used to offset employer matching contributions amounted to $95,979 and $84,223 for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, available forfeiture balances totaled $12,788 and $5,037, respectively.

Notes Receivable From Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance, whichever is less. Note receivable terms range from one month to five years (longer for the purchase of a primary residence), at a mutually agreed term between the participant and the Plan Administrator. The notes are secured by the vested balance in the participant's account and bear interest at a rate equal to 1% above the prime rate. The interest rate is fixed for the duration of the loan. Principal and interest are paid through payroll deductions. Participants may only have one loan outstanding at a time.

Administrative Expenses

Administrative expenses are paid partly by the Company and partly by participants. A participant's share of these expenses is allocated on a pro rata basis over the total assets in the Plan.

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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The accompanying financial statements are presented on the accrual basis of accounting.

Investment Valuation and Income Recognition

The Plan's investments are stated at fair value. See Note 3 for further discussion on fair value measurements.

The EFSC Common Stock Fund ("the Fund") is tracked on a unitized basis. The Fund consists of EFSC common stock and cash investments in the Charles Schwab Institutional Money Market Fund sufficient to meet the Fund's daily liquidity needs. EFSC common stock is traded on a national securities exchange (Nasdaq: EFSC). The value of a unit reflects the combined market value of EFSC common stock and the cash investments held by the Fund. At December 31, 2023 and 2022, 341,097 and 317,064 units were outstanding with a value of approximately $23.04 and $24.49 per unit, respectively. Participants may transfer into and out of the Fund on a daily basis, in the same manner as other investments in the Plan.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets during the reporting period. Actual results could differ from those estimates.

Risk and Uncertainties

The Plan invests in various investment securities, including common stock of the Plan Sponsor. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect participant's account balances and the amounts reported in the statement of net assets available for benefits.

NOTE 3 - FAIR VALUE MEASUREMENTS

The Plan utilizes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below.

•Level 1 Inputs - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date.

•Level 2 Inputs - Inputs to the valuation methodology include:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in inactive markets;

•Inputs other than quoted prices that are observable for the asset or liability;

•Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 Inputs - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

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The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value.

•Mutual funds - Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. The funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

•Collective trust funds - Valued at the NAV of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. The practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.

•Common stock fund - Valued at the closing price reported on the active market on which the individual securities are traded plus the carrying value of the cash component of the fund, which approximates fair value.

The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan Administrator believes the valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2023 and 2022.

Investments at Fair Value as of December 31, 2023
Level 1	Level 2	Level 3	Total
Mutual funds	$	59,157,773	$	-	$	-	$	59,157,773
Employer stock fund	-	7,858,058	-	7,858,058
Total investments by hierarchy level	$	59,157,773	$	7,858,058	$	-	$	67,015,831
Collective trust funds*	91,431,360
Total investments, at fair value	$	158,447,191

Investments at Fair Value as of December 31, 2022
Level 1	Level 2	Level 3	Total
Mutual funds	$	49,534,671	$	-	$	-	$	49,534,671
Employer stock fund	-	7,783,077	-	7,783,077
Total investments by hierarchy level	$	49,534,671	$	7,783,077	$	-	$	57,317,748
Collective trust funds*	72,602,364
Total investments, at fair value	$	129,920,112

*Certain investments that are measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.

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The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2023, and 2022, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

December 31, 2023	Fair value	Redemption frequency (if currently eligible)	Redemption notice period
Galliard Stable Value Fund	$	6,578,085	Daily	Daily (a)
Schwab Indexed Retirement Trust 2010 Fund Class I	625,615	Daily	Daily
Schwab Indexed Retirement Trust 2015 Fund Class I	299,265	Daily	Daily
Schwab Indexed Retirement Trust 2020 Fund Class I	5,923,186	Daily	Daily
Schwab Indexed Retirement Trust 2025 Fund Class I	7,199,348	Daily	Daily
Schwab Indexed Retirement Trust 2030 Fund Class I	10,881,912	Daily	Daily
Schwab Indexed Retirement Trust 2035 Fund Class I	7,354,809	Daily	Daily
Schwab Indexed Retirement Trust 2040 Fund Class I	13,593,702	Daily	Daily
Schwab Indexed Retirement Trust 2045 Fund Class I	6,684,791	Daily	Daily
Schwab Indexed Retirement Trust 2050 Fund Class I	8,089,430	Daily	Daily
Schwab Indexed Retirement Trust 2055 Fund Class I	2,493,288	Daily	Daily
Schwab Indexed Retirement Trust 2060 Fund Class I	1,750,000	Daily	Daily
Schwab Indexed Retirement Trust 2065 Fund Class I	56,248	Daily	Daily
SSGA S&P 500	19,773,328	Daily	Daily
State Street U.S. Inflation Protected Bond Index Fund	128,353	Daily	Daily
$	91,431,360
December 31, 2022	Fair value	Redemption frequency (if currently eligible)	Redemption notice period
Galliard Stable Value Fund	$	7,468,105	Daily	Daily (a)
Schwab Indexed Retirement Trust 2010 Fund Class I	1,083,662	Daily	Daily
Schwab Indexed Retirement Trust 2015 Fund Class I	292,978	Daily	Daily
Schwab Indexed Retirement Trust 2020 Fund Class I	5,041,742	Daily	Daily
Schwab Indexed Retirement Trust 2025 Fund Class I	5,614,155	Daily	Daily
Schwab Indexed Retirement Trust 2030 Fund Class I	8,647,565	Daily	Daily
Schwab Indexed Retirement Trust 2035 Fund Class I	5,464,750	Daily	Daily
Schwab Indexed Retirement Trust 2040 Fund Class I	10,029,715	Daily	Daily
Schwab Indexed Retirement Trust 2045 Fund Class I	4,721,219	Daily	Daily
Schwab Indexed Retirement Trust 2050 Fund Class I	5,879,573	Daily	Daily
Schwab Indexed Retirement Trust 2055 Fund Class I	1,615,528	Daily	Daily
Schwab Indexed Retirement Trust 2060 Fund Class I	1,034,942	Daily	Daily
Schwab Indexed Retirement Trust 2065 Fund Class I	265	Daily	Daily
SSGA S&P 500	15,612,982	Daily	Daily
State Street U.S. Inflation Protected Bond Index Fund	95,183	Daily	Daily
$	72,602,364

(a) - Participants may transact daily in the fund; however, if the Plan desired to close out its entire position in the fund, the Plan would be subject to a 12 month redemption notice period.

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NOTE 4 - PLAN TERMINATION

Although it has not expressed intent to do so, EFSC has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their employer contributions. EFSC may elect to have all assets transferred to another qualified plan in which all participants who would have otherwise received a distribution will have an interest, and each participant's interest will be non-forfeitable as to amounts attributable to assets transferred on his or her behalf.

NOTE 5 - INCOME TAX STATUS

The Plan uses a prototype plan document sponsored by Retirement Plan Services, LLC ("RPS"). RPS amended and restated the Plan effective January 1, 2016 to bring the plan into compliance with the Pension Protection Act of 2006 and other legislative regulatory changes. RPS received an opinion letter from the Internal Revenue Service ("IRS"), dated June 30, 2020, which states that the prototype document satisfies the applicable provisions of the Internal Revenue Code. The Plan itself has not received a determination letter from the IRS. However, the Plan's management believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRS and with IRS Revenue Procedure 2005-16, which provides that, if certain conditions are met, an employer may rely on a favorable opinion letter issued to a prototype Plan Sponsor as if the employer had received a favorable determination letter.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

NOTE 6 - TRANSACTIONS WITH RELATED PARTIES AND PARTIES-IN-INTEREST

Certain Plan investments are shares of collective trusts managed by Charles Schwab. Charles Schwab is the custodian and trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Fees incurred by the Plan for the investment management services are included in the net change in fair value of the investments, rather than a direct payment. In 2023 and 2022, the Plan made a direct payment to the third-party administrator of $163,694 and $164,814, respectively.

During 2023 and 2022, the Plan purchased 27,473 and 33,170 EFSC common shares, respectively. The Plan also sold or distributed a total of 12,020 and 25,930 EFSC common shares, during 2023 and 2022, respectively. All shares were bought and sold on the open market based on participant elections.

NOTE 7 - SUBSEQUENT EVENTS

Effective January 1, 2024, the Plan will be updated to a Qualified Automatic Contribution Arrangement ("QACA") safe harbor plan. With the update to the QACA, there is a change to the vesting schedule. The vesting schedule will change to a two year vesting schedule for safe harbor match contributions made after January 1, 2024. The vesting schedule will not change for any match contributions made by the Company prior to January 1, 2024. In addition, the minimum age to participate in the 401(k) has been reduced to age 18 effective January 1, 2024.

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EFSC INCENTIVE SAVINGS PLAN

SUPPLEMENTAL SCHEDULE

EIN: 43-1706259 PLAN: 001

SCHEDULE H, LINE 4i: SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2023

(a)	(b) Identity of issue, borrower, lessor, or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par, or maturity value	(d) Cost**	(e) Current Value
Cash	$	67,064
Mutual funds:
AMG River Road Small Cap Value Fund Class I	Mutual Fund	7,240,037
Baird Aggregate Bond Fund Class Institutional	Mutual Fund	4,737,874
Conestoga Small Cap Fund Class Investor	Mutual Fund	35,361
CRM Mid Cap Value Fund Class Institutional	Mutual Fund	3,722,237
Dodge & Cox Stock Fund Class I	Mutual Fund	11,112,884
Goldman Sachs GQG Partners International Opportunities Fund Class Institutional	Mutual Fund	6,207,485
Hartford Schroders International Multi-Cap Value Fund Class I	Mutual Fund	1,709,550
PGIM Jennison Mid-Cap Growth Fund Class R6	Mutual Fund	6,122,297
Polen Growth Fund Class Institutional	Mutual Fund	383,301
State Street Aggregate Bond Index Fund Class K	Mutual Fund	253,479
State Street Global All Cap Equity ex-U.S. Index Fund Class K	Mutual Fund	2,380,820
State Street Small/Mid Cap Equity Index Fund Class K	Mutual Fund	3,051,183
TIAA-CREF Core Impact Bond Fund Class Institutional	Mutual Fund	324
TIAA-CREF Social Choice Equity Fund Class Institutional	Mutual Fund	133,955
Vanguard LifeStrategy Moderate Growth Fund Class I	Mutual Fund	5,147,356
Vanguard LifeStrategy Growth Fund Class I	Mutual Fund	4,350,337
Vanguard LifeStrategy Income Fund Class I	Mutual Fund	1,309,631
Vanguard LifeStrategy Conservative Growth Fund Class I	Mutual Fund	1,259,662
$	59,157,773
Collective trust funds:
*	Schwab Indexed Retirement Trust 2010 Fund Class I	Collective Trust Fund	$	625,615
*	Schwab Indexed Retirement Trust 2015 Fund Class I	Collective Trust Fund	299,265
*	Schwab Indexed Retirement Trust 2020 Fund Class I	Collective Trust Fund	5,923,186
*	Schwab Indexed Retirement Trust 2025 Fund Class I	Collective Trust Fund	7,199,348
*	Schwab Indexed Retirement Trust 2030 Fund Class I	Collective Trust Fund	10,881,912
*	Schwab Indexed Retirement Trust 2035 Fund Class I	Collective Trust Fund	7,354,809
*	Schwab Indexed Retirement Trust 2040 Fund Class I	Collective Trust Fund	13,593,702
*	Schwab Indexed Retirement Trust 2045 Fund Class I	Collective Trust Fund	6,684,791
*	Schwab Indexed Retirement Trust 2050 Fund Class I	Collective Trust Fund	8,089,430
*	Schwab Indexed Retirement Trust 2055 Fund Class I	Collective Trust Fund	2,493,288
*	Schwab Indexed Retirement Trust 2060 Fund Class I	Collective Trust Fund	1,750,000
*	Schwab Indexed Retirement Trust 2065 Fund Class I	Collective Trust Fund	56,248
SSGA S&P 500 Index	Collective Trust Fund	19,773,328
State Street U.S. Inflation Protected Bond Index Fund	Collective Trust Fund	128,353
Galliard Stable Value Fund	Collective Trust Fund	6,578,085
$	91,431,360
Common stock fund:
*	EFSC Common Stock Fund	Common Stock	$	7,858,058
*	Participant loans	4.25% - 9.50% Due at various dates through 2053	$	1,840,535
Total	$	160,354,790
*Represents a party-in-interest to the Plan.
**Historical cost information has been omitted as these investments are participant-directed.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 26, 2024 EFSC Incentive Savings Plan

/s/ Troy R. Dumlao

Troy R. Dumlao

Chief Accounting Officer

Enterprise Financial Services Corp

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EXHIBIT INDEX

Exhibit No.	Description
23.1	Consent of Independent Registered Public Accounting Firm - Armanino, LLP

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