Tcfchemical merger of equals investor presentation tcf bank. Statements concerning the transaction being accretive to lakeland bancorps earnings and dilutive to tangible book value with an estimated earn back in 3. Metabank to acquire the assets of eps financial llc nasdaq. The decision to pursue or forgo an opportunity to make an. Tangible book value per share dilution old national bank. Howard bancorp hbmd q2 2019 earnings call transcript. These forwardlooking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and. Tangible book value per share is the pershare value of a companys equity after removing any intangible assets. As acquirers have employed different methods to calculate tbv dilution arising from deals, analysts have questioned the math in some transactions, particularly in cases where acquirers project. On a combined basis, the transaction is expected to be accretive to earnings by 19% in 2021, but will be dilutive to tangible book value by 7. Price to book value is a valuation ratio that is measured by stock price book value per share. Investors quantify this tradeoff by calculating a tbv earnback period. The amount the asset has declined in value over time. Eagle bancorp inc egbn q1 2019 earnings call transcript.
Old national bancorp expands into wisconsin partners. During the past 3 years, the average book value per share growth rate was 4. Learn vocabulary, terms, and more with flashcards, games, and other study tools. For instance, a truck with 100,000 miles on it isnt as valuable as a brandnew one. Meta does not anticipate the need to raise additional capital for this acquisition and expects to realize approximately 12 percent tangible book value dilution from the transaction at close with an earnback period of approximately 4 years.
Chemical financial, tcf financial announce allstock merger. Expected to be 11% accretive to eps in 2018 tangible book value earnback in 3. First guaranty or the company is a louisianachartered bank holding company headquartered in hammond, louisiana. Nbh expects the transaction to result in a highteens accretion to earnings per share in the first full year of operations, less than a 5% dilution to tangible book value with an earn back. Tangible book value earnback in 3 years internal rate of return in excess of 20%. The book value is essentially the tangible accounting value of a firm compared to the market value that is shown. Premier community bank of florida to join national commerce.
Oct 03, 2016 meta does not anticipate the need to raise additional capital for this acquisition and expects to realize approximately 12 percent tangible book value dilution from the transaction at close with an earnback period of approximately 4 years. National bank holdings corporation announces record third. Old national bancorp expands into wisconsin partners with. The transaction is expected to be accretive to the companys earnings per share within the first year following consummation, with an expected tangible book dilution value earnback period of less. Jun 26, 2017 nbh expects the transaction to result in a highteens accretion to earnings per share in the first full year of operations, less than a 5% dilution to tangible book value with an earn back period. By calculating tangible book value we might get a step closer to the. And so that can lead to little more tangible book value dilution. Metabank to acquire the assets of fort knox financial. In other words, banks that produce greater returns on tangible capital. Jan 28, 2019 the transaction is projected to deliver 17% eps accretion to chemical and 31% eps accretion to tcf by 2020, with a tangible book value earnback period of 2.
Based on fort knox present revenues and expenses, meta would see approximately 15 percent tangible book value dilution with an earnback period of less than 4 years. Lakeland bancorp to acquire harmony bank press releases. Sterling financial corporation and commerce national bank. The deal priced brand at 224% of its tangible book value. Acquisition of western holding company of wolf point. It should take less than three years to earn back any dilution to renasants tangible book value. The new bank will build on the heartland and schmitz family tradition of exceptional value added service and community leadership financially attractive to heartland. Oct 25, 2019 on a combined basis, the transaction is expected to be accretive to earnings by 19% in 2021, but will be dilutive to tangible book value by 7. Dec 17, 2012 the transaction is expected to be accretive to the companys earnings per share within the first year following consummation, with an expected tangible book dilution value earnback period of less. During the past 5 years, the average book value per share growth rate was 4. The company expects the transaction will be accretive to earnings per share during the first year following completion with a tangible book value dilution earnback. And so we may take some tangible book value dilution, but we again watch that closely and we want to manage that earn back closely.
Metabank to acquire the assets of eps financial llc meta. Equity coc is the required return your equity holders demand. Chemical financial, tcf financial announce allstock. The transaction is projected to deliver 17% eps accretion to chemical and 31% eps accretion to tcf by 2020, with a tangible book value earnback period of 2. And so we may take some tangible book value dilution, but we again watch that closely and we want to manage that earn back. If the company is going through a period of cyclical losses, it may not have. We calculate tangible book value per share as total stockholders equity less goodwill and other intangible assets, net of accumulated amortization at the end of the relevant period, divided by the outstanding number of shares of our common stock at the end of the relevant period. Ncc expects the transaction to result in minimal tangible book value per share dilution, with an expected earnback period of less than one year. The transaction is expected to be accretive to lakeland bancorps earnings per share in 2014 and slightly dilutive to tangible book value with an estimated earn back prior to december 31, 2014. Tangible book value per share tbvps is a method by which a companys value is determined on a pershare basis by measuring its equity without the inclusion of any intangible assets.
Jan 24, 2020 the book value of an individual tangible asset is calculated by subtracting accumulated depreciation from the initial cost of the asset, or its purchase price. The transaction is expected to be accretive to the companys earnings per share within the first year following consummation, with an expected tangible book dilution value earnback period of. Kentucky bancshares estimates 2% dilution to tangible book value per share with tangible book value earnback in approximately three years. The new bank will build on the heartland and schmitz family tradition of exceptional value added service and community leadership. Expected impact on earnings and tbv dilution earn back period. As a result, price to tangible book value tbv became a driving metric for bank valuations and bank merger pricing. The book value of an individual tangible asset is calculated by subtracting accumulated depreciation from the initial cost of the asset, or its purchase price. Pro forma balance sheet metrics as of the period ended december. Tangible book value per share tbvps definition investopedia. National bank holdings corporation acquisition of peoples, inc. The earnback period could be substantially shorter with efficiencies realized from the transaction.
Oct 03, 2016 metabank to enhance its presence in tax payments. Flushing financial corporation to acquire empire bancorp, inc. Meta financial group inc metabank to acquire the assets. Register for a free account to gain greater access to the wall street transcript right now. Sterling financial corporation to acquire seattlearea. Flushing financial corporation to acquire empire bancorp. To calculate the tangible book value per share, malcolm finds that the firms number of shares outstanding is 2,000,000 million. Lakeland bancorp to acquire somerset hills bancorp tapinto. The transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by.
Dec 17, 2012 the transaction is expected to be accretive to the companys earnings per share within the first year following consummation, with an expected tangible book dilution value earnback period of. The company expects the transaction will be accretive to earnings per share during the first year following completion with a tangible book value dilution earnback period of approximately three. Lakeland bancorp to acquire pascack bancorp press releases. Howard bancorp hbmd q2 2019 earnings call transcript the. Morgan, who is set to become renasants chief commercial banking officer, is also in line to. Intangible assets are those that lack physical substance, thus making their valuation a more difficult undertaking. The transaction is expected to be approximately 1% accretive to lakeland bancorps earnings per share in 2017 and approximately 0. As acquirers have employed different methods to calculate tbv dilution arising from deals, analysts have questioned the math in some transactions, particularly in cases where acquirers project results into the distant future. Meta financial group inc metabank to acquire the assets of. Meta does not anticipate the need to raise additional capital for this acquisition and expects to realize approximately 12 percent tangible book. A tangible book value per share tbvps is a method of valuing a company on a pershare basis by measuring its equity after removing any intangible assets. National bank holdings corporation announces the acquisition.
The boards of directors of ncc, nbc and premier have approved the transaction. The different approaches to calculating tangible book value dilution in. Is tangible book value per share dilution an insurmountable investor fixation. Bank of americas book value per share for the quarter that ended in mar. The different approaches to calculating tangible book value dilution in bank deals have caused a divide between bankers and the investment community.
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