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Dogwood State Bank (DSBX) reported Q3 2024 results, highlighting the completion of Community First Bancorporation acquisition on August 1, 2024. Adjusted net income improved to $6.4 million ($0.36 per diluted share) in Q3 2024, up from $3.1 million in Q2 2024. The bank's net interest margin expanded to 3.93%, while SBA lending income increased to $2.8 million. The Community First acquisition added $682.8 million in total assets and $474.1 million in gross loans. However, GAAP earnings showed a net loss of ($4.8) million due to merger expenses and a one-time provision charge on acquired loans.
Dogwood State Bank (OTCQX: DSBX) reported strong Q2 2024 earnings as it prepares to close its acquisition of Community First Bancorporation on August 1, 2024. Key highlights include:
- Net income grew to $2.7 million in Q2 2024, up from $1.8 million in Q1 2024 and $2.0 million in Q2 2023
- Net interest margin increased to 3.53% in Q2 2024
- SBA lending income rose to $2.7 million in Q2 2024
- Loans held for investment grew by $87.8 million in Q2 2024
- Deposits grew by $35.3 million in Q2 2024
The bank incurred $562,000 in merger and acquisition expenses related to the Community First acquisition. Post-acquisition, Dogwood will have approximately $2.2 billion in assets, $1.7 billion in loans, and $1.8 billion in deposits.
Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) have received all necessary regulatory approvals to finalize their merger. The merger, set to close on August 1, 2024, combines the assets, loans, and deposits of both institutions.
Post-merger, the new entity will possess approximately $2.13 billion in assets, $1.66 billion in loans, and $1.80 billion in deposits based on March 31, 2024, financial data. Regulatory and shareholder approvals were critical steps in this process. The merger aims to enhance value for customers, employees, and shareholders of both organizations.
Shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) have approved a merger between the two entities. The merger is expected to close in early Q3 2024, pending regulatory approvals and customary closing conditions. The combined entity will have approximately $2.13 billion in assets, $1.80 billion in deposits, and $1.66 billion in loans as of March 31, 2024. Both companies' leadership expressed enthusiasm about the merger, citing confidence from shareholders and the strategic benefits of the union, which include enhanced market competitiveness and expanded product offerings.
On May 22, 2024, shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) approved a merger of Community First with and into Dogwood. The expected closure is early in the third quarter of 2024, pending regulatory approvals. The combined entity will hold around $2.13 billion in assets, $1.80 billion in deposits, and $1.66 billion in loans as of March 31, 2024. Leaders from both banks expressed enthusiasm, highlighting the merger's potential to deliver long-term value, enhance market competitiveness, and benefit customers through expanded services.
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