
Brookline Bank Cuts Specialty Finance Unit, But Still Sees Growth
While Brookline Bancorp Inc. is exiting a specialty vehicle financing business, the bank reported $66 million in loan growth elsewhere in its portfolio.
While Brookline Bancorp Inc. is exiting a specialty vehicle financing business, the bank reported $66 million in loan growth elsewhere in its portfolio.
Eastern Bank closed its merger with Cambridge Trust earlier this month, and executives spent part of the bank’s second-quarter earnings call looking ahead to the deal’s benefits while not expressing any immediate desire to continue expansion.
A full quarter after acquiring of Silicon Valley Bank, Raleigh, North Carolina-based First Citizens Bank said SVB’s deposits have stabilized, and that it believes SVB’s product offerings remain relevant to the innovation economy.
Successful lending strategies propped up their second-quarter financial performance despite headwinds from high interest rates and intense competition for deposits.
Rockland Trust Co. saw its second quarter net income rise to $62.6 million compared to the $61.2 million in the first quarter and $61.77 million in the second quarter of last year.
Boston-based Berkshire Bank saw its second quarter net income come in 14 percent lower than its first-quarter results, the bank said in its quarterly earnings call Thursday.
Connecticut-based Webster Bank recorded a notable year-over-year jump in net income in its second-quarter earnings call Thursday morning.
The second quarter result was strongly influenced by the $3.1 million expense that come with its latest merger and the associated systems conversion. If not for the one-off expense, the company said its operating net income would have decreased by a mere 24.3 percent.
Despite a high interest rate environment making it harder for banks to turn a profit, Hingham Institution for Savings surprised stakeholders with a positive second quarter net income on repriced loans and strength in serving new clients in its focused areas according to earnings released Friday.
In the deal, JPMorgan acquired 84 First Republic branches, bringing it $92 billion in deposits and $203 billion in loans and other securities.
Compass has stopped offering stock and cash incentives to get real estate agents to affiliate with the brokerage as the slowing real estate market hammers its finances.
While federal economic aid payments and efforts to assist customers affected by the pandemic led to lower fee income at some banks, mortgage activity helped offset some of these losses.
With most bank stocks trading much lower than pre-pandemic levels, Berkshire Bank announced in its second-quarter earnings statement that it had written off all goodwill on its books resulting from previous acquisitions.
Cambridge Trust Co. reported $4 billion in assets but saw an earnings loss in the second quarter after its merger with Wellesley Bank affected expenses and the provision for loan losses.
Bridgeport, Connecticut-based People’s United Bank saw earnings drop 33 percent as the bank made another large provision for loan losses.
As Eastern Bank prepares to go public later this year, its year-to-date earnings show the effects of the pandemic, as the bank has downgraded the risk ratings for much of its hotel and restaurant portfolio.
East Boston Savings Bank had record earnings in the second quarter despite the coronavirus pandemic, due in part to gains on a real estate sale.
The Provident Bank saw earnings increase in the second quarter despite modifying more than 20 percent of its loans due to the coronavirus pandemic.
Century Bank has increased its shareholder dividend for the first time since 2003, according to its second quarter earnings statement.
The parent company of Lowell-based Enterprise Bank reported net income of $7.6 million, or $0.64 per diluted share, an increase of $2 million compared to the same three-month period in 2017.