HarborOne Bancorp in Brockton, Mass., reported lower quarterly profit due to an issue with a commercial real estate loan. The $5.8 billion-asset company said in a press release that its third-quarter earnings fell by 54% from a year earlier, to $3.9 million. HarborOne recorded a $4.7 million specific reserve tied to a suburban office property. The loan is on nonaccrual status.  

Valley National in New York is continuing to derisk its balance sheet. The $62.1 billion-asset company said in a press release that it recently agreed to sell an $800 million portfolio of commercial real estate loans to a single investor at a roughly 1% discount. The sale is expected to close by the end of this year. Valley has been selling loans as part of a plan to lower its

Pathward Financial in Sioux Falls, S.D., will receive a $1 million advance for its patience with selling its commercial insurance premium finance business. The company agreed in August to sell the business to AFS IBEX Financial Services. A month later, the companies disclosed that the sale faced delays "primarily related to a longer-than-expected operational implementation timeline.” AFS IBEX agreed to pay an nonrefundable extension fee that will be credited to

First Bancorp in Southern Pines, N.C., reported lower quarterly profit as it braces for the potential financial impact of Hurricane Helene. The $12 billion-asset company said in a press release that third-quarter net income fell by 37% from a year earlier, to $18.7 million. The company said it recorded a $13 million loan-loss provision "in anticipation of our customers' potential challenges to recover from the storm." The hurricane created intense

Independent Bank Group in McKinney, Texas, which is in the process of selling itself to SouthState in Winter Haven, Fla., is exiting the mortgage warehouse business. The $18.6 billion-asset company said in a press release that the move should increase capital and liquidity. Independent said it began notifying customers and that it will stop funding new mortgage warehouse purchase loans in the fourth quarter. It had $392 million of mortgage warehouse

Y-12 Federal Credit Union in Oak Ridge, Tenn., has agreed to buy First State Bank of the Southeast in Middlesboro, Ky. The $2 billion-asset Y-12 said in a press release that it expects to buy the $415 million-asset First State in early 2025. The price wasn't disclosed. First State is the 19th bank to announce plans to sell to a credit union this year, continuing to surpass the previous record

The Consumer Financial Protection Bureau hit Goldman Sachs and Apple with $89 million in financial penalties tied to their handling of the Apple Card. Goldman was hit with a $45 million civil money penalty, while Apple must pay $25 million. In addition, Goldman must pay at least $19.8 million in redress to impacted Apple Card users. Goldman was also barred from launching a new credit card unless it provides a credible

Farmers National Banc Corp. in Canfield, Ohio, reported lower quarterly profit after an issue with a commercial credit backed by an office property. The $5.2 billion-asset company said in a press release that its third-quarter earnings fell by 36% from a year earlier, to $8.5 million. Farmers said the lower profit was due to a $4.4 million charge-off and a $1.2 million specific reserve tied to the $12.5 million loan.