Acquisitions & Divestitures Acquisitions & Divestitures (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following tables present the assets acquired and liabilities assumed. The consideration exchanged, assets acquired and liabilities assumed of First Choice 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		(870)		(c)	999
Accrued interest receivable	7,131		20		(c)	7,151
Goodwill	73,425		(73,425)		(d)	—
Intangible assets	4,517		375		(e)	4,892
Deferred tax assets	7,558		(1,943)		(c)	5,615
Other assets	23,024		1,645		(c)	24,669
Total assets acquired	$	2,304,038	$	(55,976)		$	2,248,062

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	$	(53,529)		$	241,205

Consideration paid:
Cash						$	2,152
Common stock1						343,650
Total consideration paid						$	345,802

Goodwill						$	104,597

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.

Business Acquisition, Pro Forma Information [Table Text Block]

Only the acquisition-related expenses that have been incurred as of December 31, 2021 are included in net income in the table below.



	Twelve months ended December 31,
(in thousands, except per share data)		2021		2020
Total revenues (net interest income plus noninterest income)		$	488,280	$	420,487
Net income		188,416		67,275
Diluted earnings per common share		4.86		1.94