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 million. Valley paid a $50.3 million special assessment designed to help replenish the FDIC’s Deposit
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 loss as proceeds are reinvested in higher-yielding assets. Berkshire Hills Bancorp in Boston lost $1
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 margin compressed by 62 basis points, to 3.19%. Origin sold $78.9 million of securities at
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 company said it could use net proceeds for general corporate purposes, including acquisitions; capital expenditures;
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 of securities at a $8.5 million after-tax loss. It should take less than three years
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 $177.6 million. The quarter included a $10 million provision – there was no provision a
FDIC assessment, securities loss cut into BOK Financial profit
BOK Financial in Tulsa, Okla., reported a sharp decline in net income that reflected securities losses and its special assessment from the Federal Deposit Insurance Corp. The $49.8 billion-asset company said in a press release that its fourth-quarter profit fell by 51% from a year earlier, to $82.5 million. The results included a $43.7 million special assessment to help replenish the Deposit Insurance Fund following several bank failures last spring.
National Bankshares in Va. to buy Frontier Community Bank
National Bankshares in Blacksburg, Va., has agreed to buy Frontier Community Bank in Waynesboro, Va. The $1.6 billion-asset National Bankshares said in a press release that it will pay $17.1 million in cash and stock for the $154 million-asset Frontier. The deal is expected to close in the second quarter. “We believe that our compatible cultures and shared values will enhance our position as a true Virginia community bank,” Brad