- The merger of equals with Berkshire Hills has been approved by stockholders of both companies.
- System integration is scheduled for early February, specifically February 9.
- Management is awaiting Federal Reserve approval, with an optimistic target for completion around September.
- The merger aims to enhance products and services for the combined customer base.
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- The acquisition of Evergreen Bank closed on July 1, 2025, and has resulted in less capital consumption than initially expected.
- The company repurchased approximately 327,000 shares in a private transaction at $18 per share after the deal closure.
- The acquisition has positively influenced book value and capital ratios, with a 144 basis point increase in tangible common equity over the past year.
- Management emphasizes that the transaction's fair value adjustments are minimal, simplifying future financial reporting and integration efforts.
- Average deposits were up 1% linked quarter and 6% year-over-year excluding payroll and broker deposits.
- Average loans increased by $95 million or 1% linked quarter and $327 million or 4% year-over-year.
- Net interest income increased by $2.2 million or 2% linked quarter and 4% year-over-year.
- Net interest margin was 3.27%, up 3 basis points linked quarter.
- Nonperforming loans were 27 basis points of total loans, net charge-offs were $3.3 million, down $200,000 linked quarter, and coverage ratio remained flat at 124 basis points.
- Operating earnings per share were $0.69, up 15% from the first quarter and 25% year-over-year.
- Operating expenses were $67 million, down 2% linked quarter and 7% year-over-year.
- Operating net income was $31.6 million, up 14% linked quarter and 36% year-over-year.
- Operating noninterest income was up 5% linked quarter and 8% year-over-year, driven by loan-related fees and BOLI gains.
- Operating ROTCE was 10.76%, up about 110 basis points linked quarter and year-over-year.
- Post-merger, tangible book value per share increased by 9% to $24.57 as of June 30, 2025.
- Tangible equity ratio recovered to pre-merger levels within 10 months.
- Capital strength supports strategic growth initiatives and future M&A evaluations.
- Adjusted pretax pre-provision net revenue (PPNR) was $81 million, with an efficiency ratio improving to 53.3% on an adjusted basis.
- Allowance for loan losses increased to $185 million (1.5% of loans), reflecting acquisition-related provisions and organic loan growth.
- Net interest income increased 32.2% quarter-over-quarter to $147.2 million, driven by higher margin and portfolio additions.
- Net interest margin expanded 27 basis points to 3.95%, aided by Southern States' higher margin portfolios and purchase accounting accretion.
- Non-interest expense included $16.1 million merger-related costs; adjusted expenses increased due to combined operations but efficiency ratio improved.
- Non-interest income rose to $27.3 million adjusted, supported by mortgage banking, investment services, and fee income from Southern States.
- Reported EPS of $0.43 and adjusted EPS of $1.07 for Q3 2025, reflecting combined results post-merger with Southern States Bankshares.
- Return on average assets was 0.58% reported and 1.43% adjusted; return on tangible common equity was 5.82% reported and 14.7% adjusted.
- Colony Bank announced a definitive merger agreement with TC Bancshares, operating TC Federal Bank in South Georgia and North Florida.
- The merger is expected to be immediately accretive to earnings per share, excluding onetime costs.
- The combined entity will have approximately $3.8 billion in assets, $3.1 billion in deposits, and $2.4 billion in loans.
- The transaction will close in Q4 2025, pending approvals, with core system conversion early next year.
- Greg Eiford, CEO of TC Federal, will join as EVP and Chief Community Banking Officer, emphasizing cultural alignment and community focus.
- The merger aims to expand in key markets like Thomasville, Georgia, and Jacksonville, Florida, and enhance earnings power and operational efficiency.
- Announcement of a branch acquisition in Pennsylvania expected to close in Q4 2025.
- Provides a strong presence in a high strategic importance market with high-quality liquidity.
- No asset issues or concentrations, limited execution risk, and no share issuance involved.
- Enhances the company's retail growth strategy and market share in the Lehigh Valley.
- Expected to be accretive to earnings and deploy cash proceeds into earning assets over the next few years.
- Eastern Bankshares plans to build out in the Rhode Island market, including commercial, consumer, and wealth management businesses.
- No current plans to expand banking services into Connecticut or New York, but open to future opportunities.
- The Rhode Island franchise is viewed as a potential springboard for regional growth, with active engagement in the market.
- Acquisition of Sandy Spring Bank closed on April 1, 2025, earlier than expected, providing strategic benefits and a strong earnings potential.
- Sale of $2 billion of commercial real estate loans from Sandy Spring exceeded initial pricing estimates, reducing risk and lowering CRE concentration.
- The acquisition introduced merger accounting noise, but operating results post-merger are meeting expectations.
- The integration is progressing smoothly with a focus on a fourth quarter core systems conversion, leveraging past acquisition experience.
- Prosperity Bancshares announced a definitive agreement to merge with American Bank Holding Company, aiming to strengthen its footprint in South Texas and enhance presence in San Antonio and Central Texas.
- The merger is expected to bring about significant growth in the San Antonio market with four new branches and increase market share in Corpus Christi, Victoria, Odessa, Midland, Lubbock, and Bryan-College Station.
- Management emphasized the strategic importance of the acquisition, highlighting the high-quality deposit franchise, strong credit quality, and the potential for NII accretion, with an estimated $85-90 million annualized benefit.
- The deal is seen as a core bank acquisition with low runoff risk, and the company remains open to further M&A activity, including potential expansion outside Texas and Oklahoma.
- Brown & Brown has completed regulatory approvals for the acquisition of RSC Topco (Accession), with an expected closing date of August 1.
- The company completed a successful oversubscribed follow-on equity issuance and multi-tranche bond issuance to finance the deal.
- Integration plans are underway, aiming to leverage expanded capabilities and talent from Accession, which has deep specializations and talented personnel.
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