at 134% P/TBV. While there were no transactions with pricing data disclosed in 2023, there were three transactions with disclosed pricing data in Kansas in 2022, including Spring Harvest Corporation’s acquisition of My Anns Corporation, the parent company of Piqua State Bank, at 134% P/TBV; Landmark Bancorp Inc.’s acquisition of Freedom Bancshares Inc. at 152% P/TBV; and WSB Financial Inc’s acquisition of J&M Bancshares Inc. at 177% P/TBV. In Kansas, one transaction has been announced year-to-date March 2025, which matches the number of announced transactions through March 2024. Year-to-date through March 2025, no transactions have been announced in Kansas with indicative pricing data available. 0 0.5 1 1.5 2 2.5 2019 2020 2021 2022 2023 2024 YTD Mar 2024 Price/Tangible Book National Midwest Kansas Data source: S&P Global Market Intelligence Given the fast-changing trade policies that have whipsawed the stock market and concerned customers and economists alike, many bankers have indicated they are keeping a close eye on direct economic impacts, while also considering the potential long-term, strategic opportunities that M&A can provide. With an uncertain economic footing, those banks that continue to be interested in growth through M&A will likely see opportunities, but they will need to continue their focus on operations and integration excellence. As Warren Buffett famously highlighted with his quote regarding swimming in changing tides, a quickly shifting market environment can expose underlying weaknesses and inadequately managed risks. Wyatt Jenkins, CPA, is a Director at Forvis Mazars Capital Advisors LLC in Springfield, Missouri, where he manages corporate finance engagements, including mergers, acquisitions, strategic affiliations, company sales and divestitures, recapitalizations, management buyouts and succession planning. This article is for general information purposes only and is not to be considered as legal advice. This information was written by qualified, experienced professionals at Forvis Mazars, but applying this information to your particular situation requires careful consideration of your specific facts and circumstances. Consult a professional at Forvis Mazars or legal counsel before acting on any matter covered in this update. 31
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