Arrow Financial in Glens Falls, N.Y., reported lower earnings that included margin pressure, a securities loss and a gain from selling Visa stock. The $4.2 billion-asset company said in a press release that its fourth-quarter profit fell by 36% from a year earlier, to $7.7 million. Net interest income declined by 16% to $25.6 million. The net interest margin compressed by 55 basis points to 2.53%. Arrow sold $110 million

Business First Bancshares in Baton Rouge, La., has agreed to buy Waterstone LSP, a company that helps small banks and business owners implement and manage Small Business Administration’s (SBA) loan programs.   The $6.6 billion-asset Business First did not disclose the price it will pay for the Katy, Texas, company.   “We have worked closely for a number of years with Waterstone and have been impressed with their deep understanding

Carver Bancorp said it “definitively rejects” an investor's offer to buy a 35% stake in the New York bank. The $743 million-asset Carver said in a press release that its board determined that selling the stake to Dream Chasers Capital could cause “unacceptable reputational risks” to the bank’s standing and mission credibility. The board also determined the Dream Chasers’ proposal was “wholly deficient” in regards to structural details, implied valuation,

Get used to hearing more about MountainSeed Real Estate Services after it secured its third sale-leaseback transaction in the past month. Finward Bancorp in Munster, Ind., disclosed in a regulatory filing that it sold five properties to MountainSeed for $17.2 million. Four of the properties are in Indiana; the fourth is in Illinois. The $2.1 billion-asset Finward said it agreed to initial 15-year lease terms for the properties, which the

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 November 2022 for $654 million. The companies recently extended the deadline for closing the deal

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 margin narrowed by 33 basis points to 2.84%. The company had a $4.7 million provision,

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 its dividend by 71%, to 5 cents a share. Net charge-offs totaled $185 million, a

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 insurance unit in November for $904 million, including a $520 million net gain on sale.