Bank M&A pricing hit a new post-crisis high during the third quarter as the median price-to-tangible book value ratio for all announced deals hit 174.5%, up from 161.6% in the second quarter and 128.4% in the year-ago quarter.

Despite the increase in pricing, aggregate deal value fell 22.2% to $5.1 billion during the third quarter, compared to $6.55 billion in the same period last year.

There were seven branch deals announced during the third quarter, down from 11 apiece in the first and second quarter. People's Utah Bancorp's acquisition of Utah branches from Walla Walla, Wash.-based Banner Corp.'s Utah branches was the largest deal of the quarter at seven branches and $180 million in total deposits.

There were no government-assisted deals announced during the quarter.

On July 25, Cincinnati-based First Financial Bancorp. announced that it would acquire Greensburg, Ind.-based MainSource Financial Group Inc. in an all-stock deal worth $1 billion, making it not only the largest transaction announced during the quarter, but also the most richly valued at a price-to-tangible book value ratio of 266.4%. The deal is expected to close during the first quarter of 2018.

Once the deal closes, First Financial will become the sixth-largest deposit holder in Indiana among banks and thrifts, up from No. 14. The deal will also push the bank above the important $10 billion regulatory threshold.

The very next day, on July 26, Wayne, N.J.-based Valley National Bancorp announced that it would acquire Clearwater, Fla.-based USAmeriBancorp Inc. for $815.7 million, making it both the second-largest and second-most-expensive deal announced during the quarter. According to an S&P Global Market Intelligence analysis, the deal is also the largest acquisition of a bank based in the Tampa metro area ever.

Click here to review the latest Bank M&A Deal Tracker. Click here to download the U.S. Bank & Thrift M&A Heat Map template.