Eastern Bank Predicts Cambridge Merger Will Close in Q3
Eastern Bank executive said they are highly confident the bank’s merger with Cambridge Trust won’t be delayed much longer.
Eastern Bank executive said they are highly confident the bank’s merger with Cambridge Trust won’t be delayed much longer.
In its first earnings call after a major credit ratings agency downgraded its out look for the lender, M&T Bank announced progress in reducing its book of commercial real estate loans.
JPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
Lowell-based Enterprise Bank saw net income in the fourth quarter decrease to $7.9 million from $9.7 million in the third quarter as the cost of high-interest deposits– primarily in its money market and certificates of deposit products – offset the gains from yields in assets.
Silicon Valley Bank recorded lower deposits and loans in the fourth quarter of last year as the nation’s innovation economy continues to suffer under the weight of higher interest rates and investor expectations.
Eastern Bank is resolving its three troubled office loans from the third quarter of last year, plus a new non-performing real estate loan that cropped up in the fourth quarter, by selling them at a loss.
Berkshire Bank suffered a net loss on a securities sale during the fourth quarter of 2023, the bank reported Thursday, dragging it down to a net loss of $1.4 million.
Brookline Bank’s parent company recorded net income of $22.9 million in the fourth quarter of 2023, flat compared to the $22.7 million the previous quarter thanks to higher deposit costs and spending related to its acquisition of PCSB Bank.
S&P Global Ratings is expecting that American banks will still perform well this year and build capital as they face a slowed economy and tighter regulatory landscape in 2024.
Three of the nation’s biggest banks said Friday that their profits fall last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
In what may prove to be one of its final quarters as an independent bank, Cambridge Trust reported its net income fell 6 percent year-over-year.
In spite of recording higher profits in the second quarter, Hingham Institution for Savings felt the profit pinch in the third quarter due to higher costs of deposits outweighing interest yields on loans.
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.
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.
Eastern Bank has got out of the woods with positive net income in the second quarter after being in the negative in the first quarter after selling securities at a loss as interest rate increases eroded their value.
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.