Berkshire Returns to Profitability in Q3
After a tough second quarter, Berkshire Bank says it’s back to profitability based on its third-quarter results.
After a tough second quarter, Berkshire Bank says it’s back to profitability based on its third-quarter results.
The parent company of Medford-based Century Bank announced record earnings for the third quarter of 2019. Century Bancorp Inc.’s third quarter net income of $10.084 million
Competitive pricing continued to slow loan growth at the parent company of Hartford-based United Bank in the third quarter of 2018.
While much of the recent focus has been on Rockland Trust’s planned acquisition of Blue Hills Bank and its expansion in the Boston area, the company has also been busy building out its franchise in Worcester and Central Massachusetts.
With fierce competition, deposit building in and around Boston has been a challenge for many banks.
When Webster Bank expanded into Boston in 2016, its goal was to raise $1 billion in deposits within the first five years. And at the beginning of this year, the bank reported being on target to hit that goal.
The recent divestiture in wealth management subsidiaries could free up capital for future acquisition opportunities, while staff reductions were an attempt to make up for slow growth, Boston Private executives said on an earnings call last week.
Medford-based Century Bank had a profitable third quarter of the year, but saw total commercial real estate volume decline on an annual basis.
Credit unions in the U.S. continued to grow in the third quarter and produce strong earnings.
State-chartered banks in Massachusetts collectively reported roughly $2.6 billion in net income through the first nine months of 2017, up about $353 million from the end of the third quarter of 2016.
Community banks had another strong quarter, but the majority of the 5,294 community banks in the U.S. saw declines in noninterest income as the pace of loan growth slowed.
Growth at Pilgrim Bank and Melrose Bank, two banks that completed initial public offerings in 2014, has been slowing significantly over the last year and even more so this year, according to FDIC data and call reports.
Wellesley Bancorp, the holding company of Wellesley Bank, reported third quarter net income of $1.2 million, up more than $450,000 from the third quarter of 2016.
Since completing the merger of Chicopee Savings Bank into Westfield Bank last December, becoming the largest headquartered bank in Hampden county, total assets for holding company Western New England Bancorp have barely moved, growing just $10 million between Dec. 31, 2016, and the end of the third quarter.
Enterprise Bancorp, the parent company of Billerica-based Enterprise Bank, reported third quarter net income of $5.5 million, or diluted earnings per share of $0.47, a 17 percent increase from the third quarter of 2016.
Meridian Bancorp, the holding company of East Boston Savings Bank, continues to press ahead with its expansion plan after another strong quarter for the company.
BSB Bancorp, the holding company of Belmont Savings Bank, had its 17th consecutive quarter of organic income growth, while garnering some serious national recognition along the way.
Admirals Bank reported more than $2.5 million in losses in the third quarter, bringing total losses year-to-date to roughly $17.8 million.
Blue Hills Bancorp, the holding company of Blue Hills Bank, reported net income of $3.8 million, or $0.16 per diluted share, for the third quarter of 2017, compared to net income of $1.6 million, or $0.07 per diluted share, for the third quarter of 2016.
Independent Bank Corp., the parent company of Rockland Trust Company, reported third quarter net income of $23.9 million, or $0.87 per diluted share, an increase of more than $3 million from the third quarter of last year.