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Alerus Financial Corporation (ALRS) has successfully completed its acquisition of MPB BHC, Inc. (MPHX), marking the largest bank acquisition in its history. This all-stock transaction enhances Alerus' presence in Arizona, positioning it as the fifth largest community bank in the Phoenix metropolitan area with approximately $516 million in total deposits. MPB BHC, with $453 million in total assets, specializes in serving small to medium-sized businesses. The acquisition aligns with Alerus' long-term growth strategy across its business segments.
MPB BHC, INC. (OTCPink:MPHX) reported a net income of $1,904,000, or $0.51 per diluted share, for Q1 2022, reflecting a slight decline from $1,951,000 in Q4 2021 but a 19.98% increase year-over-year. The bank experienced a top-line revenue growth of 12.88%. Despite strong commercial loan originations, the net interest margin was pressured due to large loan payoffs. Notably, total deposits rose by 10.34%, while total loans decreased by 3.70%. The bank's capital ratio remains strong at 10.33%, exceeding regulatory requirements.
MPB BHC, INC. (OTCPink:MPHX) reported a net income of $1,951,000 for Q4 2021, translating to $0.52 per diluted share, up from $1,927,000 in Q3 2021 and reflecting a 52.06% increase year-over-year. Key highlights include a 5.20% loan growth (net of PPP) and an unchanged non-performing asset ratio of 0.00%. The allowance for loan losses stands at $3.775 million. The Bank's capital ratio was 10.32%, above the regulatory minimum. Total assets increased by 0.03% to $411.6 million, while total deposits decreased by 0.48%. Optimistic outlook for 2022 due to strong loan pipeline.
Metro Phoenix Bank (MPB), under MPB BHC, INC. (OTCPink:MPHX), celebrates its 14th year supplying Small Business Association (SBA) lending solutions to small- to mid-sized businesses. MPB has been pivotal in providing government-backed loans and is recognized as a Preferred Lender (PLP), enhancing its loan processing capabilities. In FY 2021, MPB ranked 11th in SBA loan volume in Arizona and achieved double-digit growth in SBA loans, thanks to strong leadership from Mr. Stangler, who noted the rewarding experience of aiding businesses during the pandemic.
MPB BHC, INC. (OTCPink:MPHX) announced a merger agreement with Alerus Financial Corporation (NASDAQ:ALRS) on December 8, 2021. The acquisition enhances Alerus' presence in Arizona and marks its twenty-fifth acquisition since 2000. MPB, with approximately $411 million in assets, will be merged into Alerus, creating a combined total of about $439 million in loans and $483 million in deposits in Arizona. MPHX shareholders will receive 0.74 Alerus shares per MPHX share, valuing the deal at $85.3 million. Alerus expects the merger to be accretive to earnings in the first year.
Alerus Financial Corporation (NASDAQ: ALRS) has signed a definitive agreement to acquire MPB BHC, Inc. (OTCPK: MPHX), the parent company of Metro Phoenix Bank, for approximately $85.3 million. This merger, Alerus' 25th acquisition since 2000, aims to enhance its presence in Arizona, potentially placing it as the fifth largest community bank by deposit market share in the Phoenix area. Alerus expects the transaction to be accretive to earnings per share in the first year, while MPHX shareholders will receive 0.74 Alerus shares for each MPHX share owned.
MPB BHC, INC. (OTCPink:MPHX) reported net income of $1,927,000 ($0.51 per diluted share) for Q3 2021, an 18.88% increase year-over-year. The bank's total assets rose by 4.04% to $411.4 million, with total loans declining 2.31% to $283.4 million. Despite flat loan growth, deposits grew by 4.13% to $366.4 million. The allowance for loan losses stands at 1.32% of total loans, indicating robust asset quality. The CEO emphasized a strong pipeline for future loans while acknowledging challenges from aggressive pricing competition.
MPB BHC, INC. (OTCPink:MPHX) reported a net income of $1,703,000, or $0.45 per diluted share, for the quarter ending June 30, 2021, marking a 21.47% increase year-over-year. Key highlights include a return on assets (ROA) of 1.75% and a return on equity (ROE) of 16.80%. The bank achieved a 5.09% growth in total assets to $395.4 million, with total loans rising 0.99% and deposits increasing by 5.84%. The allowance for loan losses stands at 1.30% of total loans, reflecting strong asset quality.
MPB BHC, INC. (OTCPink:MPHX) has declared a special cash dividend of $0.725 per share, payable to shareholders of record as of May 3, 2021. This marks the first dividend since the bank's inception in 2007. Bank President Stephen P. Haggard emphasized the strong core earnings and robust capital position, indicating confidence in future growth. The dividend payment is subject to regulatory non-objection. The bank services small- to mid-sized businesses, offering various financial solutions.
Metro Phoenix Bank announced the successful completion of its corporate reorganization into MPB BHC, INC. (OTCPink: MPHX), effective May 3, 2021. Existing shares of Metro Phoenix Bank will convert into MPB BHC shares on a one-for-one basis, retaining the MPHX ticker. The bank aims to enhance operational flexibility and shareholder value, a plan delayed by the COVID-19 pandemic. The organization continues to serve small- to mid-sized businesses with diverse banking services.
