Amesbury-based BankProv had third quarter losses of more than $35 million and identified weaknesses in internal controls and procedures that affected one of its cryptocurrency-related loan portfolios, according to the bank’s third quarter report.
BankProv’s third quarter losses could exceed $27 million, and a majority of a cryptocurrency-related loan portfolio could be impaired, the bank said yesterday in a securities filing.
In a quarter that included its conversion to a stock bank, Everett Bank saw a third quarter earnings loss, driven by a donation to its new charitable foundation.
Brookline Bancorp still expects to complete its acquisition of New York-based PCSB Financial Corp. this year, but the company has not yet received all regulatory approvals.
Changes to its outlook for liquidity has led Eastern Bank to discontinue a program launched in July that reduced its securities portfolio by purchasing mortgages.
Westfield Bank, which has branches in Western Massachusetts and Northern Connecticut, saw year-over-year earnings remain mostly unchanged in the third quarter.
While HarborOne has seen its mortgage banking income decline, the bank said the rising value of its servicing rights has helped keep its mortgage business profitable.
Enterprise Bank saw earnings increase year-over-year by 26 percent, due in part to loan growth.
Rockland Trust Co. continues to bring in more noninterest-bearing deposits, and the bank’s executives see benefits from its focus on core deposits as interest rates continue to increase.
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.
Envision Bank will start paying a regular quarterly dividend to shareholders and also use excess capital on a stock repurchase program.
Eastern Bank is now two weeks away from completing its acquisition of Century Bank, and the bank is looking at another opportunity to spend some of the capital raised in last year’s initial public offering.
After another lending round of the Paycheck Protection Program ended in May, Massachusetts banks have continued to see loan forgiveness help drive financial performance.
In the last full quarter before its expected merger with Rockland Trust, East Boston Savings Bank saw its earnings increase 10 percent over the same quarter last year.
Despite not yet receiving state regulatory approval to acquire East Boston Savings Bank, Rockland Trust Co. still expects to close the deal in the middle of next month.
Berkshire Bank has partnered with financial technology firm Upstart to launch a new lending platform that could lead to $100 million in consumer loan originations annually.
While the deposit surge during the pandemic has left many banks dealing with more liquidity but fewer opportunities for lending, Cambridge Trust Co. remains optimistic about loan growth and continues to seek new deposits.
Hingham Institution for Savings saw earnings increase 50 percent during the first nine months of 2021 compared to the same period last year.
In the last full quarter before its upcoming merger with Eastern Bank, Medford-based Century Bank had record third quarter earnings.
Century Bancorp, the holding company of Century Bank, continued to increase commercial and industrial lending, while also reporting double-digit income growth in the third quarter of this year.
