XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Acquisitions & Divestitures (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2017
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the assets acquired and liabilities assumed of JCB as of February 10, 2017, and their preliminary estimated fair values:
(in thousands) | As Recorded by JCB |  | Adjustments |  | As Recorded by EFSC
Assets acquired: |  |  |  |  |
Cash and cash equivalents | $ | 33,739 |  |  | $ | — |  |  | $ | 33,739 |
Interest-bearing deposits | 1,715 |  |  | — |  |  | 1,715 |
Securities | 148,670 |  |  | — |  |  | 148,670 |
Portfolio loans, net | 685,905 |  |  | (11,094 | ) | (a) | 674,811 |
Other real estate owned | 6,762 |  |  | (5,082 | ) | (b) | 1,680 |
Other investments | 2,695 |  |  | — |  |  | 2,695 |
Fixed assets, net | 21,780 |  |  | (3,325 | ) | (c) | 18,455 |
Accrued interest receivable | 2,794 |  |  | — |  |  | 2,794 |
Goodwill | 7,806 |  |  | (7,806 | ) | (d) | — |
Other intangible assets | 25 |  |  | 11,489 |  | (e) | 11,514 |
Deferred tax assets | 4,634 |  |  | 3,991 |  | (f) | 8,625 |
Other assets | 19,107 |  |  | (296 | ) | (g) | 18,811 |
Total assets acquired | $ | 935,632 |  |  | $ | (12,123 | ) |  | $ | 923,509 |
Liabilities assumed: |  |  |  |  |
Deposits | $ | 764,539 |  |  | $ | 629 |  | (h) | $ | 765,168 |
Other borrowings | 55,430 |  |  | 681 |  | (i) | 56,111 |
Trust preferred securities | 12,887 |  |  | (382 | ) | (j) | 12,505 |
Accrued interest payable | 653 |  |  | — |  |  | 653 |
Other liabilities | 5,006 |  |  | 65 |  | (k) | 5,071 |
Total liabilities assumed | $ | 838,515 |  |  | $ | 993 |  |  | $ | 839,508 |
Net assets acquired | $ | 97,117 |  |  | $ | (13,116 | ) |  | $ | 84,001 |
Consideration paid: |  |  |  |  |
Cash |  |  |  |  | $ | 29,283 |
Common stock |  |  |  |  | 141,729 |
Total consideration paid |  |  |  |  | $ | 171,012 |
Goodwill |  |  |  |  | $ | 87,011 |
(a) | Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs, reclassification from other real estate owned, and elimination of the allowance for loan losses recorded by JCB. The fair value discount recorded to the loan portfolio is $24.7 million.
(b) | Fair value adjustment based on the Company’s evaluation of the acquired other real estate portfolio, and reclassification to portfolio loans.
(c) | Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. A decrease of $1.1 million was recorded during the third quarter of 2017 due to continued refinement of the purchase accounting calculations.
(d) | Eliminate JCB’s recorded goodwill.
(e) | Record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum of years digits method over a 10 year useful life.
(f) | Adjustment for deferred taxes at the acquisition date. The adjustment decreased by $0.2 million during the current quarter due to continued refinement of the purchase accounting calculations.
(g) | Fair value adjustment based on evaluation of other assets.
(h) | Fair value adjustment to time deposits based on current interest rates.
(i) | Fair value adjustment to the FHLB advances based on current interest rates.
(j) | Fair value adjustment based on the Company's evaluation of the trust preferred securities.
(k) | A decrease of $0.1 million was recorded during the current quarter due to further refinement of the purchase accounting calculations.
Business Acquisition, Pro Forma Information [Table Text Block] | The following table provides the unaudited pro forma information for the results of operations for the nine months ended September 30, 2017 and 2016, as if the acquisition had occurred on January 1, 2016. The pro forma results combine the historical results of JCB with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including loan discount accretion, intangible assets amortization, and deposit and trust preferred securities premium accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2016. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition related expenses that have been incurred as of September 30, 2017 are included in net income in the table below.
| Pro Forma
| Nine months ended September 30,
(in thousands, except per share data) | 2017 |  | 2016
Total revenues (net interest income plus noninterest income) | $ | 155,907 |  |  | $ | 146,623 |
Net income | 40,151 |  |  | 42,298 |
Diluted earnings per common share | 1.70 |  |  | 1.80 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration