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Merger with Pioneer Bancshares, Inc. (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed in this Transaction | Estimated fair values of the assets acquired and liabilities assumed in this transaction are as follows:
| April 1, 2022
Cash and cash equivalents | $ | 449,278 |
Investment securities | 157,859 |
Loans held-for-sale | 2,923 |
Loans | 811,300 |
Premises and equipment | 39,935 |
Bank-owned life insurance | 21,382 |
Restricted equity securities | 9,320 |
Core deposits and other intangible assets | 11,771 |
Accrued interest receivable | 3,947 |
Deferred tax assets | 19,752 |
Prepaid expenses and other assets | 7,317 |
Total assets acquired | 1,534,784 |
Deposits | 1,192,081 |
Federal Home Loan Bank advances | 159,924 |
Accrued interest payable | 407 |
Accrued expenses and other liabilities | 1,975 |
Total liabilities assumed | 1,354,387 |
Fair value of net assets acquired | 180,397 |
Purchase price | 240,830 |
Goodwill | $ | 60,433 |
The following table discloses the fair value and contractual value of loans acquired from Pioneer on April 1, 2022.
| Acquired Loans |  | Contractual Principal Balance
Commercial and industrial | $ | 98,351 |  |  | $ | 98,752 |
Commercial real estate | 509,173 |  |  | 516,341 |
Residential real estate | 173,094 |  |  | 174,763 |
Consumer | 30,682 |  |  | 31,982 |
Total fair value | $ | 811,300 |  |  | $ | 821,838 |
Schedule of Supplemental Pro Forma Information | The following unaudited pro forma summary presents consolidated information of FirstSun as if the business combination had occurred on January 1, 2022.
|  |  | (Unaudited) Pro forma for the nine months ended September 30,
|  |  | 2022
Net interest income |  |  | $ | 178,507 |
Provision for loan losses |  |  | 11,600 |
Net interest income after provision for loan losses |  |  | 166,907 |
Noninterest income |  |  | 72,375 |
Noninterest expenses |  |  | 173,864 |
Income before income taxes |  |  | 65,418 |
Provision for income taxes |  |  | 13,227 |
Net income |  |  | $ | 52,191 |
Earnings per share: |  |  |
Net income available to common stockholders |  |  | $ | 52,191 |
Basic |  |  | $ | 2.30 |
Diluted |  |  | $ | 2.24 |

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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