Eastern Bank is resolving its three troubled office loans from the third quarter of last year, plus a new non-performing real estate loan that cropped up in the fourth quarter, by selling them at a loss.
Berkshire Bank suffered a net loss on a securities sale during the fourth quarter of 2023, the bank reported Thursday, dragging it down to a net loss of $1.4 million.
Brookline Bank’s parent company recorded net income of $22.9 million in the fourth quarter of 2023, flat compared to the $22.7 million the previous quarter thanks to higher deposit costs and spending related to its acquisition of PCSB Bank.
NBT Bank saw its quarterly profits dragged down by higher funding costs as customers continue to seek higher-yield deposits, despite the bank’s gains in loans and deposits from its August acquisition of Salisbury Bank.
Webster Bank’s fourth-quarter net income declined due to the one-time charges from the FDIC special assessment restocking the nation’s deposit insurance fund, expenses on the merger with Sterling National Bank and securities repositioning.
The regional bank has nearly 150 branches in New England, including in several across the Berkshires.
The $6.2 billion-asset Middlesex Savings Bank is opening a new branch in Worcester, its first location in Central Massachusetts.
Residential lenders in Massachusetts think a challenging, high interest rate environment will continue to weigh the mortgage market down in 2024, pushing lenders to be more resilient and creative to attract more business.
Rockland Trust revealed two commercial loans loans worth $26 million that were not generating payments for the bank as of the fourth quarter of 2023, and a class A office loan worth $11 million that had gone into early-stage delinquency after the start of 2024.
M&T Bank is set to move its main office from the 32nd floor of downtown Boston’s One Post Office Square to the new Winthrop Center skyscraper in the fall – and it’s significantly expanding its footprint.
M&T Bank reported lower quarterly net income as it was affected by the high costs of retaining high interest-bearing deposits, despite both its loans and deposits increasing in the quarter.
Mortgage data provider Optimal Blue said mortgage refinancing saw a boost in December both nationwide and in Greater Boston as mortgage interest rates dropped from 20-year highs in the fall.
Cape Ann-based BankGloucester has elected Paul T. Muniz as its new chairman of the board, succeeding Charles G. Nahatis, who retired at the beginning of January.
Webster Five is appointing a new chief operating officer and a chief risk officer as the bank expands its senior leadership role to support its growing demand and operations.
Even as 1 in 6 square feet of downtown Boston office space sits available for lease, local banks have said that any trouble in their urban office loan portfolios will be easy to contain. But questions are being raised about how much longer that will be the case.
Eastern Bank is moving its main office to the tower at 125 High St. in downtown Boston in the spring, a short distance from its current home at 265 Franklin St.
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.
Banks are still on the defensive when it comes to lending, due to high interest rates but middle-market commercial and industrial lending is one area that local banks are looking to for growth this year.
Community banks in the Northeast are the most pessimistic about the economy of anywhere in the nation, according to a new survey.
