KBRA Comments on Bar Harbor Bankshares' Proposed Acquisition of Guaranty Bancorp, Inc.
Bar Harbor Bankshares (NYSE American: BHB) has announced a definitive agreement to acquire Guaranty Bancorp, Inc. (OTC: GUAA) in an all-stock transaction valued at $41.6 million. The merger, expected to close in 2H25, will expand BHB's New Hampshire presence, particularly in the Lebanon-Claremont MSA.
The acquisition will add approximately $675 million in assets to BHB's balance sheet, resulting in proforma figures of $4.8 billion in total assets, $3.6 billion in loans, and $3.9 billion in deposits, along with 9 additional branch locations. The combined entity projects cost savings of 40% of Guaranty's operating base by 2026 and expects $41.6 million in interest rate marks on the loan portfolio.
The proforma loan portfolio will maintain similar composition with investor CRE at ~40%, residential loans at 35%, and C&I at 14%. A gross pre-tax credit mark of $4.3 million (1%) is expected, along with a Day 2 CECL adjustment of $4.3 million. While BHB's CET1 ratio will decrease from 11.4% to 10.3% at closing, projected earnings should enable capital rebuilding post-acquisition.
Bar Harbor Bankshares (NYSE American: BHB) ha annunciato un accordo definitivo per acquisire Guaranty Bancorp, Inc. (OTC: GUAA) in una transazione interamente azionaria del valore di 41,6 milioni di dollari. La fusione, prevista per chiudere nel secondo semestre del 2025, espanderà la presenza di BHB nel New Hampshire, in particolare nell'area metropolitana di Lebanon-Claremont.
L'acquisizione aggiungerà circa 675 milioni di dollari in attivi al bilancio di BHB, portando i dati proforma a 4,8 miliardi di dollari in attivi totali, 3,6 miliardi di dollari in prestiti e 3,9 miliardi di dollari in depositi, insieme a 9 ulteriori filiali. L'entità combinata prevede risparmi sui costi pari al 40% della base operativa di Guaranty entro il 2026 e si aspetta 41,6 milioni di dollari in segni sui tassi d'interesse del portafoglio prestiti.
Il portafoglio prestiti proforma manterrà una composizione simile con il CRE per investitori al ~40%, prestiti residenziali al 35% e C&I al 14%. Si prevede un segno di credito lordo ante imposte di 4,3 milioni di dollari (1%), insieme a un aggiustamento CECL del Giorno 2 di 4,3 milioni di dollari. Sebbene il rapporto CET1 di BHB diminuirà dall'11,4% al 10,3% al momento della chiusura, gli utili previsti dovrebbero consentire il ripristino del capitale dopo l'acquisizione.
Bar Harbor Bankshares (NYSE American: BHB) ha anunciado un acuerdo definitivo para adquirir Guaranty Bancorp, Inc. (OTC: GUAA) en una transacción totalmente en acciones valorada en 41.6 millones de dólares. La fusión, que se espera cierre en la segunda mitad de 2025, ampliará la presencia de BHB en New Hampshire, particularmente en el área metropolitana de Lebanon-Claremont.
La adquisición añadirá aproximadamente 675 millones de dólares en activos al balance de BHB, resultando en cifras proforma de 4.8 mil millones de dólares en activos totales, 3.6 mil millones de dólares en préstamos y 3.9 mil millones de dólares en depósitos, junto con 9 ubicaciones adicionales de sucursales. La entidad combinada proyecta ahorros de costos del 40% de la base operativa de Guaranty para 2026 y espera 41.6 millones de dólares en marcas de tasas de interés en el portafolio de préstamos.
El portafolio de préstamos proforma mantendrá una composición similar con CRE para inversores en ~40%, préstamos residenciales en 35% y C&I en 14%. Se espera una marca de crédito bruto previa a impuestos de 4.3 millones de dólares (1%), junto con un ajuste CECL del Día 2 de 4.3 millones de dólares. Aunque el ratio CET1 de BHB disminuirá del 11.4% al 10.3% al cierre, se espera que las ganancias proyectadas permitan la reconstrucción de capital después de la adquisición.
바 하버 뱅크셰어스 (NYSE American: BHB)는 보증 뱅코프, Inc. (OTC: GUAA)를 4,160만 달러의 전액 주식 거래로 인수하기 위한 확정 계약을 발표했습니다. 이 합병은 2025년 하반기에 마감될 것으로 예상되며, 특히 레바논-클레어몬트 MSA에서 BHB의 뉴햄프셔 내 존재감을 확장할 것입니다.
이번 인수로 BHB의 대차대조표에 약 6억 7,500만 달러의 자산이 추가되어, 총 자산 48억 달러, 대출 36억 달러, 예금 39억 달러의 프로포르마 수치가 도출되며, 9개의 추가 지점이 포함됩니다. 결합된 기업은 2026년까지 보증의 운영 기반의 40%에 해당하는 비용 절감을 예상하며, 대출 포트폴리오에서 4,160만 달러의 이자율 마크를 기대하고 있습니다.
프로포르마 대출 포트폴리오는 투자자 CRE가 약 40%, 주택 대출이 35%, C&I가 14%로 유사한 구성을 유지할 것입니다. 세전 신용 마크는 430만 달러 (1%)로 예상되며, 2일 차 CECL 조정도 430만 달러로 예상됩니다. BHB의 CET1 비율은 마감 시 11.4%에서 10.3%로 감소하겠지만, 예상 수익은 인수 후 자본 재건을 가능하게 할 것입니다.
Bar Harbor Bankshares (NYSE American: BHB) a annoncé un accord définitif pour acquérir Guaranty Bancorp, Inc. (OTC: GUAA) dans une transaction entièrement en actions d'une valeur de 41,6 millions de dollars. La fusion, qui devrait être finalisée au second semestre 2025, élargira la présence de BHB dans le New Hampshire, en particulier dans la zone métropolitaine de Lebanon-Claremont.
L'acquisition ajoutera environ 675 millions de dollars d'actifs au bilan de BHB, entraînant des chiffres proforma de 4,8 milliards de dollars d'actifs totaux, 3,6 milliards de dollars de prêts et 3,9 milliards de dollars de dépôts, ainsi que 9 emplacements de succursales supplémentaires. L'entité combinée prévoit des économies de coûts de 40% de la base opérationnelle de Guaranty d'ici 2026 et s'attend à 41,6 millions de dollars en marques de taux d'intérêt sur le portefeuille de prêts.
Le portefeuille de prêts proforma maintiendra une composition similaire avec le CRE pour investisseurs à ~40%, les prêts résidentiels à 35% et C&I à 14%. Une marque de crédit brute avant impôts de 4,3 millions de dollars (1%) est attendue, ainsi qu'un ajustement CECL du Jour 2 de 4,3 millions de dollars. Bien que le ratio CET1 de BHB diminue de 11,4% à 10,3% lors de la clôture, les bénéfices projetés devraient permettre une reconstruction du capital après l'acquisition.
Bar Harbor Bankshares (NYSE American: BHB) hat eine endgültige Vereinbarung zur Übernahme von Guaranty Bancorp, Inc. (OTC: GUAA) in einer Aktien-Transaktion im Wert von 41,6 Millionen Dollar bekannt gegeben. Die Fusion, die voraussichtlich in der zweiten Hälfte von 2025 abgeschlossen wird, wird die Präsenz von BHB in New Hampshire, insbesondere im MSA Lebanon-Claremont, erweitern.
Die Übernahme wird BHBs Bilanz um etwa 675 Millionen Dollar an Vermögenswerten erweitern, was zu proforma Zahlen von 4,8 Milliarden Dollar an Gesamtvermögen, 3,6 Milliarden Dollar an Krediten und 3,9 Milliarden Dollar an Einlagen führt, sowie 9 zusätzlichen Filialstandorten. Das kombinierte Unternehmen rechnet mit Kosteneinsparungen von 40% der Betriebskosten von Guaranty bis 2026 und erwartet 41,6 Millionen Dollar an Zinsmarken im Kreditportfolio.
Das proforma Kreditportfolio wird eine ähnliche Zusammensetzung aufweisen, wobei Investoren-CRE bei ~40%, Wohnkredite bei 35% und C&I bei 14% liegen. Ein Brutto-Kreditmark von 4,3 Millionen Dollar (1%) wird erwartet, zusammen mit einer CECL-Anpassung am Tag 2 von 4,3 Millionen Dollar. Obwohl das CET1-Verhältnis von BHB zum Zeitpunkt des Abschlusses von 11,4% auf 10,3% sinken wird, sollten die prognostizierten Erträge eine Kapitalerneuerung nach der Übernahme ermöglichen.
- All-stock acquisition valued at $41.6 million expands footprint in New Hampshire
- Significant cost savings of 40% of Guaranty's operating base expected by 2026
- $41.6 million in interest rate marks on loan portfolio to boost earnings
- Addition of $675 million in assets strengthens market position
- Both institutions demonstrate solid asset quality with nominal credit loss history
- CET1 ratio will decline from 11.4% to 10.3% at closing
- Integration risk inherent in merger execution
- Pre-tax credit mark and CECL adjustment totaling $8.6 million required
Insights
This $41.6 million acquisition of Guaranty Bancorp represents a strategically sound expansion for Bar Harbor Bankshares that strengthens its competitive position in New Hampshire markets. The transaction metrics appear favorable with a price-to-tangible book value of 1.3x, which is reasonable in the current banking environment for a healthy target.
The deal structure as an all-stock transaction preserves BHB's capital flexibility while adding $675 million in assets to create a more substantial $4.8 billion regional banking franchise. Particularly compelling are the projected 40% cost savings from Guaranty's operating base, which should drive meaningful earnings accretion once fully implemented in 2026.
The $41.6 million in interest rate marks on the loan portfolio (to be accreted over six years) provides an additional earnings tailwind that will support profitability metrics. While BHB's CET1 ratio will temporarily decline from 11.4% to 10.3% at closing, this remains well above regulatory requirements, and projected earnings should facilitate rapid capital rebuilding.
Credit quality considerations appear well-addressed with a modest 1% credit mark ($4.3 million) following due diligence, suggesting concerns about Guaranty's loan portfolio. The complementary loan mix and deposit base (featuring 16% non-interest-bearing deposits) should integrate smoothly into BHB's operations.
Integration risk exists as with any acquisition, but is mitigated by management's previous M&A experience and the contiguous market expansion strategy.
In our view, the proposed acquisition is in line with
Regarding credit quality, both institutions have reflected solid asset quality performance over time, including nominal credit loss history, which is underpinned by disciplined underwriting and conservative management teams that have extensive knowledge of operating markets. The proforma loan portfolio is not expected to change materially as both institutions have complementary loan mixes, with investor CRE remaining the largest component at ~
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Hunter Chadwick, Senior Analyst
+1 301-960-7042
hunter.chadwick@kbra.com
Brian Ropp, Managing Director
+1 301-969-3244
brian.ropp@kbra.com
Business Development Contact
Justin Fuller, Managing Director
+1 312-680-4163
justin.fuller@kbra.com
Source: Kroll Bond Rating Agency, LLC
FAQ
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