Daily Brief · July 15, 2026
Citigroup buyback and bank mergers join earnings reports
Large-bank earnings and capital returns shared attention with regional M&A milestones and one supervisory relief item.
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Earnings and capital return
Citigroup paired higher profit with a larger capital-return plan
Second-quarter 2026 net income rose 45% for the quarter ended June 30, and the bank plans to increase its planned dividend by 12% and launch a $30 billion buyback plan.
Source: SEC 8-K
JPMorgan Chase reported stronger profit, loans and deposits
Second-quarter 2026 net income was $21.2 billion, or $7.70 per share, up from $15.0 billion, or $5.24 per share, a year earlier. American Banker reported revenue rose 15% excluding one-time items, markets revenue rose 35%, average deposits rose 7% and average loans rose 10%; the investor slides also highlighted $6.2 billion of common stock net repurchases.
Sources: SEC 8-K, American Banker
PNC reported second-quarter profit, a dividend and buybacks, while M&T posted earnings
PNC reported $2.1 billion of second-quarter 2026 net income, a $2.00 quarterly common dividend and $0.6 billion of share repurchases. M&T Bank reported $818 million of second-quarter 2026 net income, $5.32 diluted EPS and an investor presentation for investors and analysts.
Source: SEC 8-K
Bank M&A and approvals
Catalyst completed Lakeside as First Bancorp signed First Carolina deal
Catalyst completed the Lakeside Bancshares and Lakeside Bank acquisitions effective July 14, paying $19.58 per share in cash to Lakeside shareholders, or $41.1 million total. First Bancorp signed a merger agreement to acquire First Carolina Bancshares in a stock-and-cash deal valued at about $166 million, with closing expected in the fourth quarter of 2026 or early 2027.
Source: SEC 8-K
First Hawaiian signed a TriCo acquisition agreement, while Hawthorn won regulatory approvals for FSC
First Hawaiian entered an all-stock merger agreement to acquire TriCo Bancshares, and Tri Counties Bank will merge into First Hawaiian Bank after the transaction; American Banker reported the $2 billion deal would add 68 California branches and $8.4 billion of deposits. Hawthorn Bancshares received all required regulatory approvals for its acquisition of FSC Bancshares, but closing remains subject to FSC shareholder approval and customary conditions.
Sources: SEC 8-K, American Banker
Supervisory status
OCC said Patriot Bank is no longer in troubled condition
In an 8-K, Patriot National Bancorp said the OCC notified Patriot Bank that, as of July 7, 2026, it is no longer considered in “troubled condition” under applicable regulations.
Source: SEC 8-K