Credit-Loss Provisions Hurt Mass. Banks’ Profitability
Provisions for credit losses more than doubled and net charge-offs – bad debt that will never be recovered – jumped to $67 million from $19 million.
Massachusetts Banks Saw Near-Record Earnings Last Year
Higher net interest income helped drive near-record earnings at Massachusetts banks last year, according to FDIC data.
Net Interest Income Drives Earnings at Mass. Banks
Higher net interest income has helped drive earnings at Massachusetts banks through the first three quarters of 2022, according to FDIC data.
Earnings Remain Down At Mass. Banks
Massachusetts-based banks saw lower net income in the first half of the year compared to 2021, in part because of higher compensation for employees, according to FDIC data.
Massachusetts Banks Saw Record Income Last Year
Amid the ongoing economic effects of the pandemic, Massachusetts bank earnings in 2021 reached record levels, according to FDIC data.
Massachusetts Bank Earnings Continue to Climb
While the economic effects of the Omicron variant remain to be seen, improving economic conditions during the first nine months of 2021 helped drive Massachusetts bank earnings above pre-pandemic levels.
Massachusetts Bank Earnings Increased in First Half of 2021
While the economic effects of the Delta variant remain to be seen, improving economic conditions during the first half of 2020 helped drive Massachusetts bank earnings above pre-pandemic levels.
Mass. Bank Incomes Still Under Pressure from Interest Rates
While decreases in loan loss provisions helped Massachusetts banks bring in more net income in the first quarter, the net interest margin at these institutions continued to decline.
