NBT Bank Sees Income and Deposit Growth in Third Quarter
NBT Bank made both deposit and income gains in the third quarter of 2024, partially a result of the acquisition of Western Massachusetts’ Salisbury Bank.
As Potential Rate Cuts Loom, Banks’ Waiting Game Begins
An end to successive quarters of profit margin compression at local banks could be near, thanks to an expected interest rate cut that opens the door to reduced deposit expenses.
Megabank Quarterly Results Show Signs of Consumers Spending Slowdown
JPMorgan Chase and Wells Fargo saw their adjusted profits fall, while Citigroup saw sluggish spending on its credit cards.
M&T Keeps Cutting Exposure to CRE Lending
In its first earnings call after a major credit ratings agency downgraded its out look for the lender, M&T Bank announced progress in reducing its book of commercial real estate loans.
Big Banks Issue Mixed Profit Reports as JPMorgan Flags ‘Uncertain’ 2024
JPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
Berkshire Bank Falls to Net Loss Over Securities Sale
Berkshire Bank suffered a net loss on a securities sale during the fourth quarter of 2023, the bank reported, dragging it down to a net loss of $1.4 million compared to last quarter’s net profit of $19.5 million.
Megabank Profits Mostly Fall in Q4 Amid Upbeat CEO Messaging
Three of the nation’s biggest banks said Friday that their profits fell last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
S&P: U.S. Banks Will Still ‘Perform Well’ Amid Slow Economy
S&P Global Ratings is expecting that American banks will still perform well this year and build capital as they face a slowed economy and tighter regulatory landscape in 2024.
JPMorgan Q2 Profit Jumps with Boost from First Republic Takeover
In the deal, JPMorgan acquired 84 First Republic branches, bringing it $92 billion in deposits and $203 billion in loans and other securities.
Salisbury Bank’s Year-Over-Year Earnings Down 14 Percent
Lakeville-based Salisbury Bank had first quarter net income of $3 million, or $0.52 per basic common share, compared to $4.1 million, or $0.71 per basic common share, in the fourth quarter of 2022 and $3.5 million, or $0.62 per basic common share, in the first quarter of 2022.
Bankwell Saw Year-Over-Year Earnings Increase 26 Percent
New Canaan-based Bankwell Financial Group had first quarter net income of $10.4 million, or $1.33 per share, compared to $8.2 million, or $1.04 per share, in the first quarter of 2022.
NBT Expects to Complete Salisbury Bank Merger This Quarter
Norwich, New York-based NBT Bancorp had first quarter net income of $33.7 million, or $0.78 per diluted common share, compared to $39.1 million, or $0.90 per diluted share, in the first quarter of 2022.
First Republic Lost $100B in Deposits
Depositors at First Republic Bank pulled more than $100 billion out of the bank during last month’s crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Webster Bank Saw Deposit Growth in First Quarter
Stamford-based Webster Bank saw deposits increase by 2.3 percent during the first quarter.
Berkshire Bank Saw Deposits Fall in the First Quarter
Boston-based Berkshire Bank saw deposits drop by 2.5 percent during the first quarter, but some of those lost deposits moved to money market products in the bank’s wealth management division.
BofA Profits Grow 15 Percent, Avoids Industry Crisis
Bank of America said its profits grew 15 percent last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank.
M&T Saw Commercial Deposits Drop $2.4B in the First Quarter
Buffalo-based M&T Bank saw deposits decline during the first quarter, a shift the bank expects to stabilize in the coming quarters.
Patriot Bank Saw 2022 Earnings Increase
Stamford-based Patriot Bank saw full-year 2022 earnings increase 20 percent, and the bank continues to evaluate its next strategic moves.
Connecticut-based Banks Still See Deposit Growth
While deposits decreased nationwide, Connecticut-based banks saw deposit growth in the last half of 2022, according to FDIC data.
Webster Bank Ended 2022 With $628M in Earnings
Following its merger with New York-based Sterling National Bank to start 2022, Webster Bank ended the year with earnings of more than $600 million.
