Acquisitions by American, Southwest, and Stellar Boost Total Loans
2 reports, 2 independent
Updated Wed 00:00
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What happened
Total loans grew to $32.1 billion, an increase of $10.0 billion from $22.0 billion, following acquisitions involving American, Southwest, and Stellar. Total assets reached $54.1 billion, marking a 41.1% increase compared to the prior year, primarily due to recent merger activity.
Why it matters
The institution reported an Adjusted Net Income of $200.8 million, excluding merger-related expenses. Furthermore, the Tax-Equivalent Net Interest Margin rose to 3.73%, which is 49 basis points higher than the same quarter last year.