Key Highlights

  • Two Harbors Investment Corp. (NYSE:TWO) was acquired by CrossCountry Mortgage for USD 12 per share in cash, about USD 1.26 billion, and stopped trading in August 2026, so no public Q3 report is due.
  • HBT Financial (NASDAQ:HBT) is awaiting a stockholder vote on October 29, 2026 on the Tri-County Financial Group acquisition, expected to close in early 2027, and has paused buybacks until the vote.
  • H2O America (NASDAQ:HTO) closed the Quadvest acquisition on October 1, 2026 for USD 542.7 million in cash, and expects the Cibolo Valley deal to close on November 2, 2026, with standalone EPS guidance of USD 3.10 to 3.16.
  • Park National (NYSEAMERICAN:PRK) reported USD 7.0 million of merger-related expenses tied to First Citizens Bancshares, which added USD 1.58 billion of loans and USD 2.22 billion of deposits this year, and declared a USD 1.30 special dividend.

Two Harbors Investment Corp. (NYSE:TWO): delisted after a USD 12 per share sale

A market data page still listed Two Harbors with a third-quarter 2026 report scheduled after the close on October 26, 2026 and a consensus of USD 0.30, but the company no longer has public shares. CrossCountry Mortgage announced completion of the merger in late August 2026, final regulatory approval came on August 21, and the common stock stopped trading on the NYSE. Two Harbors Investment Corp. (NYSE:TWO) survives as a wholly owned CrossCountry subsidiary, and all eight pre-merger directors left the board. Its last public results were for the second quarter, reported on July 28, 2026, so the calendar entry cannot be a results event. Two Harbors, a mortgage real estate investment trust that holds mortgage servicing rights and owns the servicer RoundPoint, drew a bidding contest. CrossCountry offered USD 10.80 per share in March, USD 11.30 in April and USD 12 in May. UWM Holdings proposed USD 12.00 in cash or stock, but the Two Harbors board rejected it on May 4, 2026, citing financing, closing, business and credibility risks, including a bridge facility conditional on due diligence. Stockholders approved the CrossCountry deal. CrossCountry agreed to pay UWM a termination fee of about USD 25.4 million. After closing, the company redeemed its preferred stock and moved to retire its 9.375% senior notes.

HBT Financial (NASDAQ:HBT): Tri-County vote on October 29

HBT Financial, an Illinois bank holding company, earned USD 31.4 million, up from USD 27.8 million in the second quarter and USD 19.8 million a year earlier. Adjusted EPS was also USD 0.86 against USD 0.78 and USD 0.65. Net interest income of USD 70.3 million was up 1.8% from the second quarter and 40.7% year over year, and loans rose from USD 3.40 billion to USD 4.78 billion, about 41%, simple arithmetic on two reported figures. Return on assets was 1.85%. Noninterest expense was USD 42.7 million, including USD 1.0 million of acquisition costs, and the efficiency ratio improved to 48.73% from 50.67%. Return on average equity was 16.17%, and noninterest income was USD 14.2 million. The provision was a negative USD 0.6 million, nonperforming assets were USD 10.8 million, or 0.16% of assets, and the company booked net recoveries of USD 0.5 million. The allowance was 1.26% of loans, or 599% of nonperforming loans. Common equity tier 1 was 12.94%, and tangible book value per share was USD 17.34, down USD 0.26 on unrealized securities losses. CEO Lance Carter called the quarter very strong, attributing the margin gain to fixed-rate loans repricing higher and securities cash flows reinvested at higher rates, partly offset by higher funding costs and lower loan accretion, and said expenses were well controlled and that all regulatory capital ratios increased during the quarter.

H2O America (NASDAQ:HTO): Quadvest closed, Cibolo Valley next

The water utility reported GAAP net income of USD 43.0 million, down 5%, and adjusted net income of USD 45.2 million, down 1%. Per-share results fell more because the share count rose after 2025 at-the-market sales and a March 2026 stock issuance: nine-month adjusted net income rose 8% but adjusted EPS fell to USD 2.30 from USD 2.53. Revenue growth of 4% came from USD 16.2 million of rate increases, about half of them pass-through water costs, offset by lower consumption and a USD 2.6 million regulatory mechanism decrease. Operating expenses rose 8% on production costs, depreciation and merger costs. The effective tax rate was 11% in both periods. Quadvest closed on October 1, 2026 for USD 542.7 million, adding Texas customers, and CEO Andrew Walters called it a significant milestone in building a stronger, more diversified utility portfolio. Capital spending was USD 325.1 million through September 30, with the 2026 company-funded plan lowered to about USD 465 million from USD 483 million and the 2026 to 2030 plan unchanged at USD 2.7 billion. Regulatory items include Connecticut, where H2O America (NASDAQ:HTO) requested USD 28.8 million with new rates targeted for February 2027, Maine, where it asked for USD 9.5 million, and a California filing on PFAS compliance costing about USD 176 million. Texas, the CEO said, is a growing driver of long-term value.

Park National (NYSEAMERICAN:PRK): merger costs and acquired growth

Park National is an Ohio bank holding company. Third-quarter net income was USD 56.9 million, which included USD 7.0 million of merger-related expenses, or USD 5.5 million after tax, tied to First Citizens Bancshares. GAAP diluted EPS was USD 3.13 against USD 2.92, and the adjusted figure was USD 3.37 against USD 2.87. Net interest income was USD 140.7 million and the margin was 4.84%. Other income was USD 36.6 million, up 19.8%. The efficiency ratio was 60.25% against 55.85%, but the adjusted ratio was 56.39% against 56.18%, so the cost increase is largely merger related. Park's results also include a full quarter of the acquired bank, which lifted loans, deposits and interest income together. Credit improved: Park recorded a credit loss recovery of USD 0.964 million against a USD 4.0 million provision a year earlier, and the nonperforming loan ratio fell to 0.92% from 1.13%. Net charge-offs were USD 2.8 million, or 0.11% of average loans annualized. Loans were up 22.3% year over year and deposits up 27.5%, largely through acquisition. CEO Matthew Miller attributed results to the bank's relationship-based approach, and said Park National (NYSEAMERICAN:PRK) was pleased to recognize shareholders with a special dividend. A special dividend of USD 1.30 is a one-time payment, not a new run rate, and it follows a year in which capital was also used for the merger.

Where Things Stand

The answer is that each company's October 26 results are shaped by a transaction, at different stages. Two Harbors Investment Corp. (NYSE:TWO) completed its sale and is no longer public. HBT Financial (NASDAQ:HBT) awaits a vote. H2O America (NASDAQ:HTO) has closed one deal and is closing another. Park National (NYSEAMERICAN:PRK) is absorbing a merger. Deals add scale but also integration and financing risk. Two Harbors also faces a USD 500 million suit from UWM, which it rejects. This is not investment advice.