In its first full quarter since partially converting to a stock bank, Quincy-based Colonial Federal Savings Bank saw positive earnings after a first quarter earnings loss driven by a donation to its new charitable foundation.
Massachusetts-based banks saw lower net income in the first half of the year compared to 2021, in part because of higher compensation for employees, according to FDIC data.
Everett Bank saw its multifamily real estate loans increase by nearly 80 percent during the first six months of 2022, the bank’s final quarters before converting to a stock bank.
Digital asset lending helped drive second quarter loan growth at Amesbury-based BankProv, but concerns about risk led the bank to close a couple of deposit accounts for digital asset customers.
Clarendon Private, Brookline Bancorp’s new wealth management division, has operated as the company expected and executives say the division remains on track to break even by late 2024.
Eastern Bank has entered into an agreement with Rhode Island-based Embrace Home Loans to purchase about $80 million in loans each month as the bank looks to reduce its securities portfolio.
After announcing plans in March to sell itself and then closing the first quarter with net losses, Quincy-based Envision Bank saw positive earnings in the second quarter.
Brockton-based HarborOne Bank saw year-over-year earnings drop 30 percent as mortgage banking income fell by almost 50 percent in the second quarter.
Rockland Trust Co. remains open to mergers in the coming years, but changing economic conditions could see the bank taking a different approach to possible deals.
Lowell-based Enterprise Bank saw second quarter earnings fall 27 percent year-over-year, due in part to increased costs for employee salaries.
Berkshire Bank plans to stop originating loans through its Needham-based specialty lender while also pausing lending through a financial technology partnership the bank established last year.
Recent market volatility has affected Cambridge Trust Co.’s wealth management business, with the bank’s assets under management dropping by more than $640 million in the second quarter.
Hingham Institution for Savings saw second quarter earnings decline 84 percent year-over-year while the bank continued to increase its quarterly dividend.
While the economic effects of the Delta variant remain to be seen, improving economic conditions during the first half of 2020 helped drive Massachusetts bank earnings above pre-pandemic levels.
While Amesbury-based The Provident Bank saw second quarter income decline slightly compared to last year, specialty lending and income from customers operating Bitcoin machines helped boost profits.
Slowing mortgage activity contributed to a drop in net income for Envision Bank, which saw second quarter earnings decline nearly 70 percent from last year.
Brookline Bancorp saw record earnings in the second quarter as net income increased more than 60 percent compared to the same quarter last year.
Eastern Bank saw second quarter earnings decline about 28 percent from the first quarter as it moves through its first year as a publicly traded company.
HarborOne saw second quarter earnings increase about 35 percent over the same quarter last year, but a decline in mortgage refinance activity has affected the bank’s income.
Loan income from the Paycheck Protection Program helped drive Enterprise Bank’s earnings up more than 50 percent compared to the same quarter last year.
