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.
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.
Patriot Bank Has First Profitable Quarter Since 2019
Stamford-based Patriot Bank just had its first profitable quarter since 2019, as the bank saw first quarter net income of $854,000, or $0.22 basic and diluted earnings per share, compared to a net loss of $1.1 million in the first quarter of 2020.
Berkshire Bank Continues To See Positive Earnings
Berkshire Bank continued to see positive earnings in the first quarter after experiencing losses in the first half of 2020.
Webster Saw Earnings Increase in First Quarter
Waterbury-based Webster Bank saw first quarter earnings increase almost 200 percent compared to the same quarter last year, when banks were responding to the start of the pandemic.
Berkshire Bank Sees Losses in First Quarter Thanks to CECL
Berkshire Bank saw the impact of CECL implementation and the coronavirus pandemic in its earnings, as the Boston-based bank suffered losses in the first quarter.
KeyBank Earnings Fall in First Quarter
Cleveland-based KeyBank, which has branches in western Massachusetts and Connecticut, had first quarter net income of $118 million, or $.12 per diluted common share, compared to $386 million, or $.38 per diluted common share, in the first quarter of 2019, a 69 percent decrease.
Virus Starts to Take Toll on Bank Earnings
With banks starting to release first quarter earnings this week, early results show the potential extent of the coronavirus’ impact on national banks operating in Connecticut.
