CVB Profit Surges to $78.1 Million as S&T Posts Record Third-Quarter EPS
Key Facts
Three U.S. regional banks reported mixed results for the third quarter of 2026, with CVB Financial’s net income rising to $78.1 million, S&T Bancorp posting record diluted earnings per share, and Third Coast Bancshares’ net income falling from the previous quarter. CVB said net income was $78.1 million for the quarter ended September 30, compared with $48.3 million in the second quarter and $52.6 million a year earlier, while diluted earnings per share were $0.44. S&T’s net income was $38.6 million, up from $36.6 million in the previous quarter and $35.0 million in the third quarter of 2025. Third Coast reported $19.0 million, compared with $22.0 million in the second quarter and $18.1 million a year earlier. The comparison reflects the three banks’ differing trajectories, with net interest income and profitability improving at CVB and S&T, while expenses and sale gains weighed on Third Coast’s results.
At S&T, diluted earnings per share rose to a record $1.09, up 19.8% from the third quarter of 2025. The company attributed the increase in earnings per share to higher net income and share repurchases, having bought back shares equivalent to 8.3% of shares outstanding since September 30, 2025. Net interest margin on a tax-equivalent basis rose to 4.06% from 3.99% in the previous quarter. Net interest income also increased to $93.1 million from $90.4 million. The company said higher yields on interest-earning assets and an extra business day in the quarter contributed to the increase in net interest income.
CVB’s improvement was supported by an expansion in its tax-equivalent net interest margin to 3.89%, from 3.72% in the second quarter and 3.33% a year earlier. The company attributed the 17-basis-point quarterly increase primarily to higher yields on interest-earning assets; securities yields rose 23 basis points, while loan yields increased 13 basis points. Net interest income was $179.1 million, up $16.7 million, or 10.25%, from the previous quarter. The company said the increase compared with both the prior quarter and year-earlier periods largely reflected the full impact of its acquisition of Heritage Bank of Commerce, which closed on April 17, 2026. The chief executive described the results as reflecting “higher profitability, net interest margin expansion and expense discipline” following the acquisition, adding that the third quarter was the company’s 198th consecutive profitable quarter.
By contrast, Third Coast’s net income declined from the second quarter, which the company said was primarily due to lower gains on sales of purchased receivables and higher merger and acquisition expenses during the quarter. Net interest margin fell to 3.70% from 3.83% in the previous quarter and 4.10% a year earlier. Net interest income was $59.5 million, down 1.2% from $60.3 million in the second quarter, but up 17.1% from $50.8 million in the third quarter of 2025. The chief executive said the bank saw healthy loan activity, progress in its funding base and stable credit performance. The chief executive described the Great Plains agreement as bringing together two institutions “with complementary strengths and shared values.”
The announced deal is a stock-for-stock acquisition of Great Plains by Third Coast, aimed at expanding its presence in Dallas and entering the Oklahoma market. Great Plains, based in Oklahoma City, operates 23 branches in Oklahoma and Texas and has served its markets for more than 100 years. Third Coast expects the combined entity to have about $9 billion in assets and to issue 5,570,352 shares upon completion of the deal. Initial ownership will be 78% for Third Coast shareholders and 22% for Great Plains shareholders. Great Plains will continue to operate as Great Plains Bank, a subsidiary of Third Coast Bank. Third Coast estimates targeted cost savings of $17.1 million, equivalent to 20.0% of Great Plains’ estimated 2027 noninterest expenses; 50.0% of the savings are expected to be realized in 2027 and all of them thereafter.
The deal is expected to close in the first quarter of 2027, subject to regulatory approvals and other closing conditions. EL7’s recorded closing price on October 29 shows that S&T, listed under the ticker STBA, ended the session at $51.09. CVB, ticker CVBF, closed at $22.75 on the same day. Third Coast, ticker TCBX, also closed at $40.41. These are daily closing prices, and the data provided include no comparison with or explanation of the session’s price movement.