Regulators finally back WaFd’s purchase of Luther Burbank
WaFd in Seattle has finally secured regulatory approval to buy Luther Burbank in Santa Rosa, Calif. The $22.6 billion-asset WaFd said in a press release that the Federal Reserve, Federal Deposit Insurance Corp. and the Washington State Department of Financial Institutions have approved the deal. WaFd agreed to buy the $8.2 billion-asset Luther Burbank in […]
Central Pacific in Hawaii posts lower profit after long-term moves
Central Pacific Financial in Honolulu reported lower quarterly profit that reflected margin pressure, a higher loan-loss provision and a securities loss. The $7.6 billion-asset company said in a press release that its fourth-quarter earnings fell by 26% from a year earlier, to $14.9 million. Net interest income fell by 9.1% to $51.1 million – the […]
New York Community slashes dividend after surprise 4Q loss
New York Community Bancorp in Hicksville, which bought the failed Signature Bank last year, slashed its dividend after credit issues led to a surprise quarterly loss. The $116.3 billion-asset company said in a press release that it lost $260 million in the fourth quarter, largely due to a $552 million loan-loss provision. The company cut […]
Cadence uses insurance sale to absorb securities sales
Cadence Bank used proceeds from the sale of its insurance business to more than offset a large securities sale. The $48.9 billion-asset bank, with offices in Tupelo, Miss., and Houston, said in a press release that its fourth-quarter net income was more than double that of a year earlier, at $257 million. Cadence sold its […]
Heritage Financial in Wash. reports lower profit on one-time items
Heritage Financial in Olympia, Wash., reported lower earnings that reflected securities sales and an expense-cutting effort. The $7.2 billion-asset company said in a press release that its fourth-quarter profit fell by 72% from a year earlier, to $6.2 million. The company sold $151.8 million of securities at a $10 million pretax loss, using the proceeds […]
Southern California Bancorp, California BanCorp to merge
Southern California Bancorp in San Diego has agreed to buy California BanCorp in Oakland. The $2.4 billion-asset Southern California said in a press release that it will pay $233.6 million in stock for the $2 billion-asset California BanCorp. The deal is expected to close in the third quarter. Southern California shareholders will own about 57.1% […]
OCC to rescind notable merger approval clause
The Office of the Comptroller of the Currency plans to revoke a rule that limits the amount of time it has to consider a merger application. The agency, which oversees nationally chartered banks, issued a notice of proposed rulemaking to do away with a 1990s rule that requires merger applications to be considered approved on […]
Advia Credit Union agrees to buy NorthSide Community Bank
Advia Credit Union in Kalamazoo, Mich., has agreed to buy NorthSide Community Bank in Gurnee, Ill. The $3 billion-asset Advia said in a press release that it expects to buy the $255 million NorthSide in the third quarter. The price wasn’t disclosed. “NorthSide has a very talented team, and we are excited to have them […]
Bank of Marin has narrow 4Q profit after selling more securities
Bank of Marin in Novato, Calif., continued to purge its balance sheet. The $3.8 billion-asset company said in a press release that it earned just $610,000 in the fourth quarter after it sold $131.9 million of securities at a net pretax loss of $5.9 million. Proceeds were largely directed toward new loan originations and repaying borrowings, which […]
Sale-leaseback offsets securities loss at Sierra Bancorp
Sierra Bancorp in Porterville, Calif., offset the costs of selling securities with proceeds from a sale-leaseback transaction. The $3.7 billion-asset company’s said in a press release that its fourth-quarter earnings fell by 11% from a year earlier, to $6.3 million. Sierra sold $196.7 million of bonds at a $14.5 million loss. Though the sales took […]
Beacon CU to buy Mid-Southern Savings Bank in Indiana
Beacon Credit Union in Wabash, Ind., has agreed to buy substantially all of the assets and liabilities of Mid-Southern Savings Bank in Salem, Ind. The $1.5 billion-asset credit union said in a press release that it will pay at least $43 million in cash for the $265 million-asset Mid-Southern, subject to adjustment based on the […]
TD Bank commits $20B to community development
TD Bank has unveiled a three-year, $20 billion community development plan. The Canadian bank said in a press release that the plan, developed with the National Community Reinvestment Coalition, will back lending, philanthropy and bank access in underserved communities in 15 states and Washington, D.C. The plan is much smaller than the five-year $50 billion […]
Choice Financial in ND hit with consent order tied to third parties
CORRECTION: A previous version of this article identified the wrong company and the regulatory order was incorrect. The errors have been corrected. Choice Financial Group has been hit with a consent order that is largely tied to how the Fargo, N.D., company handles third-party relationships. The order, from the Federal Deposit Insurance Corp. and […]
Primis in Va. discloses 19% stake in doctor-focused fintech
Primis Financial in McLean, Va., acquired a 19% stake in Panacea Financial Holdings as part of the fintech’s recent Series B financing round. The $3.9 billion-asset company said in a press release that it was part of the funding round, where Valar Ventures was the only institutional investor. Primis, which has a partnership agreement with […]
First Hawaiian profit falls on margin pressure, one-time items
First Hawaiian in Honolulu reported lower earnings that reflected margin pressure, securities losses and a special assessment from the Federal Deposit Insurance Corp. The $24.9 billion-asset company said in a press release that its fourth-quarter profit fell by 40% from a year earlier, to $47.5 million. Net interest income fell by 12% to […]
OCC order says Blue Ridge Bank in ‘troubled condition’
The Office of the Comptroller of the Currency now considers Blue Ridge Bank in Charlottesville, Va., to be in a “troubled condition.” The $3.3 billion-asset Blue Ridge disclosed in a regulatory filing that it has entered into a consent order with the OCC – the second for the bank since September 2022. The consent order […]
WSFS offsets FDIC assessment, BOLI costs with Spring EQ gain
WSFS Financial in Wilmington, Del., had a noisy fourth quarter. The $20.6 billion-asset company said in a press release that its quarterly profit fell by 24.2% from a year earlier, to $63.9 million. WSFS paid a $5.1 million special assessment to help replenish the Federal Deposit Insurance Corp. Deposit Insurance Fund. It also recorded a […]
Kearny in NJ sheds OREO, restructures BOLI holdings
Kearny Financial in Fairfield, N.J., said it recently sold some real estate holdings and restructured its bank-owned life insurance portfolio. The $7.9 billion-asset company said in a press release that it sold a $12 million other real estate owned asset this month. Proceeds were redeployed into interest-earning assets. The company said the move will improve […]
HomeTrust in NC to exit indirect auto, right-size mortgage ops
HomeTrust Bancshares in Asheville, N.C., has decided to exit indirect auto lending and “right-size” its mortgage operations. The $4.7 billion-asset company said in a press release that the changes, which are expected to take place at the end of this quarter, should save $800,000 annually. The company had $115,000 in expenses in the fourth quarter […]
Valley National profit stung by higher provision, one-time expenses
Valley National Bancorp in New York reported lower quarterly profit that included a higher loan-loss provision and costs tied to core conversion and a special assessment from the Federal Deposit Insurance Corp. The $60.9 billion-asset company said in a press release that its fourth-quarter net income fell by 60% from a year earlier, to $71.6 […]
Banks continue to scrub securities portfolios in fourth quarter
More banks continued to absorb losses from securities sales during the fourth quarter. Carter Bankshares in Martinsville, Va., sold $30 million of securities at a $1.5 million loss. The $4.5 billion-asset company, which reported a $1.9 million net loss in the fourth quarter, said it should take less than a year to earn back the […]
Profit falls at Origin in La. from NIM pressure, securities loss
Origin Bancorp in Ruston, La., posted a decline in quarterly profit that reflected margin pressure and the sale of securities. The $9.7 billion-asset company said in a press release that its fourth-quarter earnings fell by 54.5% from a year earlier, to $13.4 billion. Net interest income fell by 13.9%, to $73 million. The net interest […]
Hanover in N.Y. files paperwork to raise up to $50M in capital
Hanover Bancorp in Mineola, N.Y., filed a shelf registration to raise up to $50 million in capital over time. The $2.2 billion-asset company said in the filing that it could sell common and preferred stock, warrants, debt securities or depositary share units. Hanover did not provide a timeline for selling securities or issuing debt. The […]
FVCB reports 4Q loss due to securities losses, branch closing
FVCBankcorp in Fairfax, Va., reported a net loss in the fourth quarter after it purged its securities portfolio and closed a branch. The $2.2 billion-asset company said in a press release that it lost $5.1 million in the quarter, a reversal from the $4.9 million it earned a year earlier. The company sold $61.4 million […]
Simmons in Ark. has sharp earnings drop after series of charges
Simmons First National in Pine Bluff, Ark., reported a messy fourth quarter that included a securities loss, a higher loan-loss provision and expenses tied to cost-cutting initiatives. The $27.3 billion-asset company said in a press release that its quarterly profit decreased by 71% from a year earlier, to $23.9 million. Revenue fell by 25% to […]