More than 80 percent of Connecticut’s credit unions had positive net income in 2022, and a majority had double-digit loan growth last year, according to data released this month by the National Credit Union Administration.
Stamford-based Patriot Bank saw full-year 2022 earnings increase 20 percent, and the bank continues to evaluate its next strategic moves.
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.
Bankwell Financial Group had record fourth quarter and full-year loan growth, with 2022 earnings up 40 percent.
Lakeville-based Salisbury Bank and Trust continued to see loan growth in the fourth quarter, while year-over-year quarterly earnings fell slightly.
Berkshire Bank expects to see double digit loan growth despite economic uncertainties in the year ahead.
Norwich, New York-based NBT Bank had net income for the full-year of 2022 of $152 million, or $3.52 per diluted common share, compared to $154.9 million, or $3.54 per diluted share, in 2021.
After two quarters with a positive outlook on their profits, more community bankers, particularly in the Northeast, expect bank profitability to decline, according to the Conference of State Bank Supervisors latest survey.
While most Connecticut credit unions had positive net income in 2021, the state’s credit unions had one of the lowest returns on average assets in the U.S., according to data released last week by the National Credit Union Administration.
Stamford-based Patriot Bank ended 2021 with positive earnings after two years of losses.
Two of Connecticut’s publicly traded stock banks have reported record net income for 2021.
Ahead of its upcoming merger with Sterling National Bank, Waterbury-based Webster Bank finished 2021 with record quarterly and full-year net income.
Providence-based Citizens Financial Group plans to use its upcoming acquisitions, including HSBC’s digital bank, to help fuel its expansion nationally.
After ending 2020 with more than $500 million in losses, Boston-based Berkshire Bank finished 2021 with $118 million in earnings and approved a share repurchase program that the bank said would return a significant amount of excess capital to shareholders.
Three of the nation’s biggest banks reported blowout profits for 2021 on Friday, helped by the improving economy and consumers and businesses willing to spend and take on loans.
While positive developments with the pandemic led JPMorgan Chase to release funds from its credit reserves, leading to record profits in the fourth quarter, the total credit reserves remain high.
Connecticut’s FDIC-insured banks saw total assets and year-to-date net income increase in 2019, but fewer institutions reported earning gains.
The banking industry saw fourth quarter earnings rise 7.7 percent from the prior year, boosted largely by interest income, the FDIC said this week.
