Provident Bank Sees First Quarter Earnings Fall
Both the coronavirus pandemic and loans tied to a community bank network affected The Provident Bank’s first quarter earnings.
Mortgages Help Drive HarborOne’s Performance
An increase in mortgage originations helped drive HarborOne Bank’s performance in the first quarter.
First Quarter Stock Market Showed in Banks’ Wealth Management Performance
As stock markets reacted to the coronavirus crisis in late February and March, community banks with investment management divisions felt the effects, with assets under management declining during the first quarter.
Brookline, Envision Banks See Losses in First Quarter
The impact of the coronavirus crisis continues to show in bank performance, with two more local stock banks seeing income losses in the first quarter.
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. Berkshire had a net loss of $19.9 million in the first quarter compared to net income of $25.8 million in the fourth quarter.
Boston Private’s Earnings Drop 96 Percent
Boston Private has joined the list of banks seeing the effects of the coronavirus crisis and CECL adoption, as its first quarter earnings dropped 96 percent compared to the same period last year.
People’s United Sees $130M in Earnings, Grants Forbearance to 7.6K Loans
People’s United Bank had first quarter net income of $130.4 million, or $0.30 per common share.
Branch Expansion Still On Track at East Boston Savings Bank
East Boston Savings Bank had a 14 percent decrease in net income for the first quarter compared to the same period last year. Net income was $13 million, or $0.25 per diluted share, in the first quarter compared to $15.1 million, or $0.29 per diluted share, for the first quarter of 2019.
$2.4B in Webster Bank Loans Receive Modifications
Webster Financial Corp., the holding company for Webster Bank and its HSA Bank division, saw first quarter earnings decline by 63 percent compared to last year.
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, a 69 percent decrease.
Century Bank Reports First Quarter Growth Despite COVID-19
While early results suggested banks would see steep declines in first quarter earnings, Century Bank yesterday reported a 2.6 percent increase in net income compared to the first quarter last year.
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 both local community banks and international titans of finance.
