Banner Corp. in Walla Walla, Wash., reported lower quarterly profit that reflected balance sheet pressure and a securities loss. The $15.7 billion-asset company said in a press release that its fourth-quarter net income fell by 22% from a year earlier, to $42.6 million. Net interest income decreased by 13% to $138.4 million after the net interest margin compressed by 40 basis points, to 3.83%. Banner also sold securities at a

Patriot Bank in Millington, Tenn., will pay $1.9 million to settle a redlining probe. The Justice Department said in a press release that, under a proposed consent order, the $459.4 million-asset bank will invest at least $1.3 million in a loan subsidy fund to increase mortgages, refinances and home improvement loans in majority-Black and Hispanic neighborhoods. Patriot will spend $375,000 on advertising, outreach, consumer financial education and credit counseling focused on majority-Black

The Office of the Comptroller of the Currency is looking to crack down on a bank holding company that is dealing with underwater securities. The agency said it is seeking cease-and-desist orders against three units of Industry Bancshares in Industry, Texas – First National Bank of Shiner, Bank of Brenham and First National Bank of Bellville. The OCC alleges that “that each bank engaged in unsafe or unsound practices relating

Citizens Bank in Philadelphia, Miss., completed a sale-leaseback transaction involving three branches. The $1.4 billion-asset bank sold the locations for $10.8 million to MountainSeed, the buyer said in a press release. Citizens agreed to lease the branches for an initial 15-year term. The other lease terms were not disclosed. “Through the sale-leaseback … the bank has monetized nonearning assets, enhancing balance sheet flexibility and positioning the bank to better execute

F.N.B. in Pittsburgh reported a decline in quarterly earnings after it sold underwater securities, set the stage for selling indirect auto loans and paid a special assessment to the Federal Deposit Insurance Corp. The $46 billion-asset company said in a press release that its fourth-quarter profit fell by 65% from a year earlier, to $48.7 million. F.N.B. sold $650 million of available-for-sale securities in mid-December at a $67.4 million pretax

Another banking company has shed underwater securities. The latest announcement comes from 1st Source in South Bend, Ind., which sold $40 million of available-for-sale securities in the fourth quarter at a roughly $2.9 million loss. Proceeds were used to buy about $40 million of higher-yielding securities. Separately, the $8.7 billion-asset 1st Source said it opened a loan production office in Lake County, Ind., this month.  Overall, fourth-quarter profit fell by

The newly created America’s Credit Unions plan to lay off 25% to 30% of its workforce, or roughly 80 positions. The trade association, formed by the Jan. 1 merger of Credit Union National Association and the National Association of Federally-Insured Credit Unions, disclosed in a WARN Notice that it notified “potentially affected workers” on Jan. 12. The layoffs are expected to take place from March to July and are “a

David Stevens, who led the Mortgage Bankers Association for seven years, has died. Stevens, 66, died unexpectedly, the MBA said in a statement. Stevens once battled cancer, but said he was in remission when he retired from the trade group in 2018. "To those who worked with him at MBA, Dave is remembered as a great mentor, boss and friend," Bob Broeksmit, his successor at the association, said in the