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.
M&T Keeps Cutting Exposure to CRE Lending
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.
Brookline Bancorp Exec Sees Opportunity Large Banks’ Lending Pullback
Brookline Bank has grown its loans by 26 percent from the fourth quarter of 2022 to the fourth quarter of 2023 and is looking to grow its loan portfolio more this year as large banks pull back their lending in New England markets.
Enterprise Bank Q4 Profits Down on Higher Deposit Costs
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.
Mortgage Company Drags Down HarborOne Bank’s Q4 Profit
HarborOne Bank recorded a net loss in the fourth quarter of the year as a challenging mortgage market forced it to record a goodwill impairment charge at its mortgage company subsidiary.
Lower Costs Improve Q4 Profits for Cambridge Trust
Cambridge Trust recorded a $2.7 million decline in non-interest, non-recurring expenses which resulted in a higher net income in the fourth quarter.
SVB Loans, Deposits Shrank in Q4
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 Moves to Sell Four Non-Performing Loans
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 Falls to Net Loss Over Securities Sale
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 Bancorp Recorded Flat Profits in Q4
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.
High Funds Costs Drag NBT’s Gains from Salisbury Bank Buy
NBT Bank saw its quarterly profits dragged down by higher funding costs as customers continue to seek higher-yield deposits, despite the bank’s gains in loans and deposits from its August acquisition of Salisbury Bank.
Webster Bank Q4 Profit Down on One-Time Charges
Webster Bank’s fourth-quarter net income declined due to the one-time charges from the FDIC special assessment restocking the nation’s deposit insurance fund, expenses on the merger with Sterling National Bank and securities repositioning.
Rockland Trust Reports More Nonperforming Commercial Loans
Rockland Trust revealed two commercial loans loans worth $26 million that were not generating payments for the bank as of the fourth quarter of 2023, and a class A office loan worth $11 million that had gone into early-stage delinquency after the start of 2024.
M&T Bank Saw Lower Q4 Net Income on Higher Deposit Costs
M&T Bank reported lower quarterly net income as it was affected by the high costs of retaining high interest-bearing deposits, despite both its loans and deposits increasing in the quarter.
Citizens’ Profits Down for Q4, All of 2023
Citizens saw its profitability drop in both the...
Megabank Profits Mostly Fall in Q4 Amid Upbeat CEO Messaging
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.
Eastern Bank Reveals Three Troubled Boston Office Loans
The dollar volume of Eastern Bank’s non-performing loans jumped by $17 million thanks to three non-performing commercial office buildings in Boston’s Financial District.
Brookline Bank Profits Grow Conservatively Quarter-on-Quarter
Brookline Bank reported a slight improvement in net income for the third quarter versus the previous quarter, faring better than most banks amid industry-wide margin compression.
HarborOne Profitable in Third Quarter on Higher Deposits, Loans
Brockton-based HarborOne Bank saw profitability quarter-on-quarter as it attracted more deposits and slightly more loans, despite the high-interest rate environment dragging its performance year-on-year.
Resi, CRE Borrowing Drives Q3 Increase in Rockland Trust Loans
Borrowers are facing some of the steepest interest...
