A group of banks led by Santander has sweetened terms on a loan tied to Thoma Bravo’s take-private of Verint, a rare example of a faltering buyout financing in the midst of a corporate-lending boom https://t.co/Jbny7dKS7U ...

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $1.04, an increase of $0.21 or 25.3% year-over-year and a $0.07 or 7.2% increase from the previous quarter [8][9] - Operating earnings per share reached $1.09, compared to $0.88 a year prior and $1.04 in the linked second quarter [8] - Total operating revenues were $206.8 million, marking a record high for the company [8] Business Line Data and Key Metrics Changes - The pre-tax tangible returns for the quarter were 63% for insurance services, 62% for employee benefit services, 48% for wealth management services, and 25% for banking and corporate [5][6] - Net interest income was $128.2 million, a $3.4 million or 2.7% increase from the previous quarter and a $15.4 million or 13.7% increase year-over-year [9] - Operating non-interest revenues represented 38% of total operating revenues, reflecting growth across all business lines [10] Market Data and Key Metrics Changes - Ending loans increased by $231.1 million or 2.2% during the quarter and $498.6 million or 4.9% year-over-year [12] - Total deposits increased by $580.7 million or 4.3% from one year prior and $355.1 million or 2.6% from the previous quarter [12][13] - The company's liquidity position remains strong with readily available sources of liquidity totaling $6.6 billion, which is 240% of estimated uninsured deposits [14] Company Strategy and Development Direction - The company is making a $100 million investment in facilities, talent, and technology across all businesses to drive growth [3] - The acquisition of seven Santander branches is expected to enhance the retail strategy in the banking services business [17] - A minority investment in Leap Holdings, Inc. is intended to complement the insurance services business [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth, particularly in insurance and wealth management services [6][7] - The company anticipates a strong fourth quarter with a loan growth guidance of 4%-5% for the year [36] - The effective tax rate increased to 24.7% due to higher state income taxes, but overall capital ratios remain strong [12][15] Other Important Information - The company recorded a provision for credit losses of $5.6 million, down from $7.7 million in the prior year's third quarter [10] - Non-performing loans totaled $56.1 million, representing 52 basis points of total loans outstanding, a decrease from the previous year [15][16] Q&A Session Summary Question: On the minority investment into Leap - Management views the investment as a step towards potential larger investments in the future, with a financial impact expected to be roughly neutral for 2026 [22][23] Question: On deposit costs and legacy footprint - No dramatic difference in deposit costs was observed between legacy and de novo markets, with expectations for overall deposit costs to trend down [25] Question: On loan growth and competition - Management remains optimistic about loan growth, with the commercial pipeline at its highest level ever and expectations for continued market share gains [36] Question: On margin outlook with Santander deposits - The blended margin is expected to remain in the 3%-5% range, with costs likely decreasing further [39] Question: On employee benefit services growth - Seasonality is expected in Q4 due to recent acquisitions, but overall performance is anticipated to be better than Q3 [44] Question: On investment portfolio yields - The investment portfolio yield has decreased, but cash flows from treasury maturities are expected to provide opportunities for redeployment into loans [48][49]

Financial Data and Key Metrics Changes - The company reported record operating earnings per share of $1.04, an increase of $0.21 or 25.3% year-over-year and a $0.07 or 7.2% increase from the previous quarter [8][9] - Operating revenues reached $206.8 million, reflecting a $7.6 million or 3.8% increase from the previous quarter and a $17.7 million or 9.4% increase year-over-year [9][10] - The net interest income was $128.2 million, marking a $3.4 million or 2.7% increase from the previous quarter and a $15.4 million or 13.7% increase year-over-year [9][10] Business Line Data and Key Metrics Changes - The pre-tax tangible returns for the quarter were 63% for insurance services, 62% for employee benefit services, 48% for wealth management services, and 25% for banking and corporate [5][6] - Operating non-interest revenues increased by $2.3 million or 3% year-over-year and $4.1 million or 5.6% from the previous quarter, representing 38% of total operating revenues [10][11] - The company recorded a provision for credit losses of $5.6 million, down from $7.7 million in the prior year's third quarter [10][11] Market Data and Key Metrics Changes - Ending loans increased by $231.1 million or 2.2% during the quarter and $498.6 million or 4.9% year-over-year, indicating organic growth in the business and consumer lending portfolio [12][14] - Total deposits increased by $580.7 million or 4.3% year-over-year and $355.1 million or 2.6% from the previous quarter [12][14] - The company's liquidity position remains strong with readily available sources of liquidity totaling $6.6 billion, which is 240% of the estimated uninsured deposits [14][15] Company Strategy and Development Direction - The company is making a $100 million investment in facilities, talent, and technology across all businesses to drive growth [3][5] - The acquisition of seven Santander branches is expected to enhance the retail strategy in the banking services business [17] - A minority investment in Leap Holdings Inc. is intended to complement the insurance services business [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth, particularly in insurance and wealth management services [7][17] - The company anticipates a strong fourth quarter with a loan growth guidance of 4% to 5% for the year [36] - Management noted that the effective tax rate increased to 24.7% due to higher state income taxes, but overall capital ratios remain strong [12][15] Other Important Information - The company did not hold any brokered or wholesale deposits during the quarter, maintaining a focus on core deposit growth [13][14] - The allowance for credit losses increased to $84.9 million, reflecting reserve building in the lending portfolio [16] Q&A Session Summary Question: On the minority investment into Leap - Management indicated that the investment is seen as a first step towards potential larger investments in the future, with a financial impact expected to be roughly neutral [22][23] Question: On deposit costs and legacy footprint - Management noted no dramatic difference in deposit costs between legacy and De Novo markets, with expectations for overall deposit costs to trend down [25] Question: On loan growth and competition - Management remains optimistic about loan growth, with the commercial pipeline at its highest level ever and expectations for continued market share gains [36] Question: On margin outlook with Santander deposits - Management expects blended margins to remain favorable, with costs potentially decreasing further as they address exception pricing [39][40] Question: On investment portfolio yields - Management explained that yields in the investment portfolio may fluctuate due to timing of dividends, with plans to redeploy cash flows into loans or pay down borrowings [47][50]

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $1.04, an increase of $0.21 or 25.3% year over year and an increase of $0.07 or 7.2% from the linked second quarter [8] - Operating earnings per share were $1.09, compared to $0.88 one year prior and $1.04 in the linked second quarter [8] - Total operating revenues reached a record high of $206.8 million, increasing $7.6 million or 3.8% from the linked second quarter and $17.7 million or 9.4% from one year prior [9] Business Line Data and Key Metrics Changes - The pre-tax tangible returns for the quarter were 63% for insurance services, 62% for employee benefit services, 48% for wealth management services, and 25% for banking and corporate [5] - Net interest income was $128.2 million, representing a $3.4 million or 2.7% increase over the linked second quarter and a $15.4 million or 13.7% improvement over the third quarter of 2024 [9] - Operating non-interest revenues increased $2.3 million or 3% compared to the prior year's third quarter, reflecting revenue growth in all four business lines [10] Market Data and Key Metrics Changes - Ending loans increased $231.1 million or 2.2% during the third quarter and increased $498.6 million or 4.9% from one year prior [12] - Total deposits increased $580.7 million or 4.3% from one year prior and increased $355.1 million or 2.6% from the end of the linked second quarter [12] - The company's liquidity position remains strong with readily available sources of liquidity totaling $6.6 billion, or 240% of the estimated uninsured deposits [13] Company Strategy and Development Direction - The company is focused on diversified, higher growth, subscription-like revenue streams in insurance, benefits, and wealth management, while also pursuing strong funding and liquidity in attractive high-priority markets [5] - The company anticipates closing on the acquisition of seven Santander branches, which will accelerate its retail strategy in the banking services business [16] - A minority investment in Leap Holdings Inc. was announced, complementing the insurance services business [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth, particularly in insurance and wealth businesses, and highlighted strong capital deployment opportunities [5][6] - The company expects to maintain a strong earnings growth foundation due to its diversified revenue profile, strong liquidity, and stable core deposit bank [16] - Management noted that the effective tax rate increased to 24.7% from 23% in the prior year's third quarter, driven by increases in certain state income taxes [12] Other Important Information - The company recorded a $5.6 million provision for credit losses during the third quarter, down from $7.7 million in the prior year's third quarter [10] - Non-performing loans totaled $56.1 million or 52 basis points of total loans outstanding at the end of the third quarter, a decrease from $62.8 million or 61 basis points one year prior [14] Q&A Session Summary Question: On the minority investment into Leap - Management indicated that the investment is seen as a first step and is expected to be roughly neutral in financial impact for 2026 [19][20] Question: On deposit costs and legacy footprint - Management noted no dramatic difference in deposit costs between legacy and De Novo markets, with expectations for overall deposit costs to trend down [21] Question: On spread compression on incremental CRE loans - Management discussed current CRE loan yields and indicated a trend towards lower rates due to market evolution and competition [22][24] Question: On loan growth and pipeline - Management remains optimistic about loan growth, with the commercial pipeline at its highest level ever and expectations for a strong fourth quarter [28][30] Question: On NIM and investment portfolio - Management explained that the investment portfolio yield decreased due to timing of dividends and provided cash flow projections for future years [38][40]

Cypress Creek Renewables has announced the financial close for the Sundance solar and energy storage project in Elbert County in the US state of Colorado. The hybrid project, featuring 75MW of alternating current (MWac) of solar capacity and a 50MW/200 megawatt-hour (MWh) battery energy storage system, is a significant leap towards Colorado's clean energy objectives. The Sundance solar and energy storage project will provide sufficient energy to power 25,000 homes in Colorado through the CORE Electric Co ...

When First Brands tried to refinance about $6 billion of debt over the summer, it lined up Santander to work with Jefferies on the deal, according to sources, before it was shelved following investor concern https://t.co/UMvcSAVMSM ...

TOM: GOOD MORNING. THIS IS BLOOMBERG DAYBREAK EUROPE. HAPPY FRIDAY.I’M TOM MACKENZIE. A GAUGE OF U.S. REGIONAL BANKS PLUNGED MORE THAN 6%. THE FEARS OUTWEIGH NEWS OF TARIFF RELIEF FOR THE COUNTRY’S AUTO INDUSTRY.MEANWHILE THE U.S. PRESIDENT IS SET TO HOST UKRAINE’S VOLODYMYR ZELENSKY AFTER A SECOND MEETING WITH VLADIMIR PUTIN. THE SPANISH BANK IS OFF AFTER SHAREHOLDERS SAY NO. BLOOMBERG HAS THE FIRST INTERVIEW WITH THE BBVA CHAIRMAN LATER THIS MORNING.♪ TOM: IT IS RISK OFF ACROSS THE GLOBAL EQUITY MARKETS A ...

Crypto & Banking Landscape - International banks like Santander, BOA, Barclays, Citi, and Goldman Sachs are exploring jointly issuing their own stablecoin [1] - The market may be recreating SWIFT with increased surveillance and spending controls [1] Regulatory Concerns - The current system is perceived as being exploited by bankers with regulatory cover from their connections [1] Alternative Solutions - There is a call to exit the current system and embrace decentralized crypto solutions [1]

When Scott Bessent decided to buy Argentine pesos in the market to shore up the South American economy, it didn’t turn to a US bank. Instead it chose Spain’s Santander. https://t.co/LPrkwcEG58 ...

JUST IN: Major global banks are collaborating on plans to launch joint stablecoin Initiative:• Bank of America• Goldman Sachs• Deutsche Bank• BNP Paribas• Santander• Barclays• TD Bank• MUFG• UBS• Citi https://t.co/wz1jy0ThaF ...