Earnings Feed

50% of deal synergies in 2025, 100% in 2026

On pace to achieve 50% of our deal synergies in 2025 and expect 100% in 2026, earlier than originally modeled due to timely deal close and conversion.

$27.9 million loss

As a result of the onetime loss incurred from selling lower yielding legacy securities and from merger-related items, together with a onetime impact from a change in California's state tax apportionment law, we reported a net loss of $27.9 million for the second quarter.

Net loss of $29.7 million or $1.57 per diluted share

Realized a $53.4 million loss selling $482 million in bonds yielding 2.2%, reinvesting in higher-yielding securities at ~5%.

$24 million

Asset quality and net income were impacted by a single $24 million Twin Cities suburban CRE office loan originated in June 2022 that moved to nonaccrual in the quarter, increasing credit loss expense.