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Acquisition (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Summary of Assets Acquired and Liabilities Assumed | For the three and nine months ended September 30, 2021, the Company recognized $14.7 million and $16.6 million, respectively, of merger-related costs recorded in noninterest expense in the statement of operations related to the FCBP acquisition. The following tables present the assets acquired and liabilities assumed. The consideration exchanged, assets acquired and liabilities assumed of FCBP were recorded at estimated fair value on the date of acquisition. Fair values are considered preliminary until final fair values are determined, or the measurement period has passed, which is no later than one year from the date of acquisition.
(in thousands) | As Recorded by First Choice |  | Adjustments |  | As Recorded by EFSC
Assets acquired: |  |  |  |  |
Cash and cash equivalents | $ | 214,794 |  |  | $ | — |  |  | $ | 214,794 |
Securities | 34,533 |  |  | (44) |  | (a) | 34,489 |
Loans | 1,937,635 |  |  | 5,508 |  | (b) | 1,943,143 |
Allowance | (19,626) |  |  | 12,620 |  | (b) | (7,006) |
Other investments | 19,178 |  |  | 138 |  | (c) | 19,316 |
Fixed assets | 1,869 |  |  | (820) |  | (c) | 1,049 |
Accrued interest receivable | 7,131 |  |  | (242) |  | (c) | 6,889 |
Goodwill | 73,425 |  |  | (73,425) |  | (d) | — |
Intangible assets | 4,517 |  |  | 375 |  | (e) | 4,892 |
Deferred tax assets | 7,558 |  |  | (2,440) |  | (c) | 5,118 |
Other assets | 23,024 |  |  | 2,103 |  | (c) | 25,127 |
Total assets acquired | $ | 2,304,038 |  |  | $ | (56,227) |  |  | $ | 2,247,811 |
Liabilities assumed: |  |  |  |  |
Deposits | $ | 1,840,716 |  |  | $ | (287) |  | (c) | $ | 1,840,429 |
FHLB advances | 160,000 |  |  | — |  |  | 160,000 |
Accrued interest payable | 124 |  |  | — |  |  | 124 |
Other liabilities | 8,464 |  |  | (2,160) |  | (c) | 6,304 |
Total liabilities assumed | $ | 2,009,304 |  |  | $ | (2,447) |  |  | $ | 2,006,857 |
Net assets acquired | $ | 294,734 |  |  | $ | (53,780) |  |  | $ | 240,954 |
Consideration paid: |  |  |  |  |
Cash |  |  |  |  | $ | 2,152 |
Common stock 1 |  |  |  |  | 343,650 |
Total consideration paid |  |  |  |  | $ | 345,802 |
Goodwill |  |  |  |  | $ | 104,848 |
1 Common stock consideration was $342,280, net of $1,370 for shares withheld on the settlement of share-based awards of FCBP employees. (a)Fair value adjustments based on the Company’s evaluation of the acquired securities portfolio. (b)Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by FCBP. (c)Other miscellaneous fair value adjustments. (d)Adjustment to eliminate goodwill. (e)Eliminate acquired intangibles and 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 useful life of 10 years.
Schedule of Pro Forma Results | Only the acquisition-related expenses that have been incurred as of September 30, 2021 are included in net income in the table below.
|  |  | Nine months ended September 30,
(in thousands, except per share data) |  |  |  |  | 2021 |  | 2020
Total revenues (net interest income plus noninterest income) |  |  |  |  | $ | 363,426 |  |  | $ | 296,148 |
Net income |  |  |  |  | 135,920 |  |  | 28,776 |
Diluted earnings per common share |  |  |  |  | 3.49 |  |  | 0.84 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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