Key Highlights

  • LXP Industrial Trust reported third-quarter diluted EPS of $1.54, helped by a $94.5 million property sale gain, with its $61.20 per share cash merger, valued at about $5.2 billion, expected to close on or about November 2, 2026.
  • Finward Bancorp reported diluted EPS of $0.31, down from $0.81, as merger costs lifted noninterest expense to $17.0 million.
  • First Financial Bancorp reported adjusted EPS of $0.84 on record revenue of $273.9 million and targets January 1, 2027 for the Finward closing.
  • Butterfield reported core diluted EPS of $1.58 and expects the CIBC Caribbean acquisition to close in the first half of 2027.
  • Perfect closed its going-private merger on October 23, 2026 at $2.00 in cash per share and did not report on October 27.

Which Companies With Pending Mergers or Take-Privates Reported Around October 27?

Five companies sit at different stages of a deal. LXP Industrial Trust (NYSE:LXP) reported diluted earnings of $1.54 per share, against $0.59 a year earlier, before an all-cash take-private at $61.20 per common share. Finward Bancorp (NASDAQ:FNWD) reported $0.31 per diluted share, as costs tied to its sale to First Financial Bancorp (NASDAQ:FFBC) weighed on the quarter. First Financial posted adjusted EPS of $0.84, and Butterfield (NYSE:NTB) posted core EPS of $1.58 while it awaits the CIBC Caribbean closing. Perfect (NYSE:PERF) is the exception, having completed its $2.00 cash merger on October 23.

The closing dates differ. LXP points to about November 2, 2026, the bank deal to January 1, 2027, and Butterfield to the first half of 2027.

LXP Industrial Trust: How Much of the $1.54 Came From Property Sales?

LXP reported third-quarter net income attributable to common shareholders of $90.3 million, or $1.54 per diluted share, against $34.6 million, or $0.59, in the 2025 quarter. A $94.5 million gain on the sale of real estate drove most of it, and gross revenues rose to $90.8 million from $86.9 million. Removing the gain would leave a loss of about $4.2 million (calculated). The most recent operating figures are from the second-quarter release of July 29: Adjusted Company FFO of $0.84 per diluted share and a stabilized portfolio 97.4% leased.

The merger is with an entity owned by affiliates of Brookfield Asset Management (NYSE:BAM) and CPP Investments, at $61.20 per share in cash, valued at about $5.2 billion including net debt and preferred equity. A shareholder meeting was scheduled for October 26 after an October 19 supplemental proxy, but the filings available do not state the vote outcome. The outside date is January 19, 2027, no guidance is issued and the dividend stays suspended. Debt totals about $1.35 billion (calculated).

Finward Bancorp: Did Merger Costs Cut Earnings to $0.31 a Share?

Finward earned $1.4 million, or $0.31 per diluted share, compared with $3.5 million and $0.81 a year earlier. Noninterest expense reached $17.0 million, including about $1.8 million of compensation adjustments and $536 thousand of professional fees tied to the merger. Net interest income rose to $15.9 million and the margin widened to 3.39%.

The Indiana-based bank holding company saw book value per share fall to $36.45 from $41.15 at June 30 as unrealized securities losses widened. Closing needs state regulatory approval and a Finward shareholder vote, since federal approval has been received.

First Financial Bancorp: Did Record Revenue Hide Higher Classified Assets?

First Financial reported GAAP diluted EPS of $0.77 and adjusted EPS of $0.84, on record revenue of $273.9 million. Net interest income rose 22.3% to $196.3 million and the margin reached 4.05%. The dividend was raised to $0.26 per share from $0.25.

Classified assets rose to $281.4 million, or 1.26% of assets, from 1.01%, mostly on one downgraded investor commercial real estate relationship. The company has a conference call scheduled for Wednesday, October 28, and targets January 1, 2027 for the Finward acquisition.

Butterfield: Can a 25.0% Core Return Hold as the CIBC Caribbean Deal Nears?

Butterfield reported core diluted EPS of $1.58, up from $1.51, with GAAP EPS of $1.50 and net income of $61.0 million. Core return on average tangible common equity was 25.0%, net interest income was $97.2 million and the net interest margin was 2.76%. Non-core items of $3.2 million pre-tax were mainly acquisition costs.

Gross non-accrual loans rose to $119.6 million, or 2.7% of gross loans, which management tied to two well-secured residential mortgage facilities. The CET1 ratio was 29.4%, buybacks have been paused since the May 28 announcement, and a $0.50 dividend is payable on November 25. The bank is Bermuda-based, with $14.27 billion in assets.

Perfect: Why Is There No October 27 Report After the $2.00 Cash Merger?

Perfect did not report third-quarter results because its going-private merger closed on Friday, October 23, with each ordinary share cancelled for $2.00 in cash. It asked the NYSE to delist its Class A ordinary shares and plans to end its reporting obligations.

Its most recent results, for the June quarter, showed revenue of $16.3 million, a gross margin of 80.9% and net income of $1.3 million. Active YouCam subscribers were 820,000, and the unexercised warrants expire on October 28, 2027.

Pending Deal Earnings Compared: Who Is Closest to the Finish Line and How Do the Bank Partners Differ?

Timing is the clearest contrast. From October 27, LXP's expected November 2 closing is 6 days away (calculated), the First Financial and Finward closing is 66 days away on January 1, 2027 (calculated), and Perfect's merger had already closed 4 days earlier (calculated).

Scale separates the bank partners. First Financial's net interest income of $196.3 million is about 12.3 times Finward's $15.9 million (calculated), and its $13.9 billion of loans is about 9.3 times Finward's $1.50 billion (calculated). Its 4.05% margin is 66 basis points above Finward's 3.39% (calculated). Earnings moved in opposite directions: LXP's EPS rose about 161% from $0.59 (calculated), while Finward's fell about 61.7% from $0.81 (calculated).

What to Watch Next: LXP's November 2 Close, Finward's Vote and the January 1 Bank Closing

The next checkpoint is LXP's expected closing on or about Monday, November 2, 2026, earlier than the end-of-2026 timing first outlined, along with confirmation of the October 26 vote outcome, which the filings do not yet state. Perfect's temporary warrant exercise price runs through November 23. Butterfield's dividend is payable on November 25, and First Financial's $0.26 dividend is payable on December 15 to holders of record on December 1. The Finward shareholder vote and state approval remain ahead of the January 1, 2027 target, and Butterfield's CIBC Caribbean closing is expected in the first half of 2027.