A majority of Massachusetts credit unions had double-digit loan growth last year, but the state’s credit unions continued to see one of the lowest returns on average assets in the U.S., according to data released this month by the National Credit Union Administration.
Loan growth in a rising rate environment helped drive earnings at several Massachusetts stock banks.
BankProv saw positive earnings in the fourth quarter after a review of impaired loans in its cryptocurrency mining portfolio led to a $35 million loss in the previous quarter.
By waiting longer than expected to receive regulatory approval for its recent bank acquisition, Brookline Bancorp now has an additional year before the Durbin Amendment takes effect.
After a record year for commercial loan originations, Boston-based Eastern Bank expects slower loan growth in 2023 and plans to make broad-based reductions in operating expenses.
Berkshire Bank expects to see double digit loan growth despite economic uncertainties in the year ahead.
The parent company of Quincy-based Colonial Federal Savings Bank has seen three straight quarters with positive income after recording a loss of $828,000 in the first quarter of 2022, when the bank had a partial initial public offering and used some of the proceeds for a donation to its new charitable foundation.
Recent retirements among Cambridge Trust Co.’s senior executives do not signal a coming strategic change at the bank, according to the bank’s CEO.
Hingham Institution for Savings saw full-year earnings fall 44 percent in 2022 as its net interest margin continued to decrease.
On his last earnings call, Rockland Trust CEO Christopher Oddleifson delved into why he decided to retire next month, and what it means for the bank’s strategy.
Buffalo-based M&T Bank expects to see loan growth in 2023 and plans to build it its small business banking services in its newly acquired New England market.
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.
Massachusetts had fewer credit unions with positive net income in 2021 compared to the previous year, according to data released last week by the National Credit Union Administration.
In its first quarterly earnings statement since partially converting to a stock bank, Quincy-based Colonial Federal Savings Bank reported fourth quarter earnings of $234,000, an 8 percent increase over the fourth quarter of 2020.
After launching a cryptocurrency lending platform in 2021, Amesbury-based BankProv saw its digital asset lending portfolio grow to $120 million and earnings increase 34 percent.
HarborOne saw fourth quarter earnings drop about 28 percent year-over-year as mortgage demand declined, but the Brockton-based bank still saw full-year earnings increase by 30 percent.
Commercial real estate loans helped drive growth at several local banks in 2021 as the industry moved away from Paycheck Protection Program lending in the second half of 2021.
Quincy-based Envision Bank saw declining mortgage demand in the fourth quarter as earnings in 2021 dropped more than 50 percent compared to 2020.
As Brookline Bank’s parent company approaches $10 billion in assets, executives expect the company to see few effects from the additional costs and regulatory requirements associated with reaching that threshold.
While ready for the next opportunity to acquire another bank, Eastern Bank is focused on organic loan growth and technology investments, CEO and Chairman Bob Rivers said during the bank’s fourth quarter earnings call.
