Atlantic Union Bankshares in Richmond, Va., said a series of balance sheet moves, a legal reserve and a higher loan-loss provision cut into quarterly profit. The $21 billion-asset company’s first-quarter net income available for shareholders fell by 19.7% from a year earlier, to $32.7 million. Atlantic Union said that it sold $505.7 million of securities between Jan. 18 and March 9 at a pretax loss of $13.4 million. Net proceeds

Peoples Bancorp in Marietta, Ohio, reported improved quarterly profit despite repositioning its balance sheet and recording a loan-loss provision. The $7.3 billion-asset company said in a press release that first-quarter net income rose 13% from a year earlier, to $26.6 million. Peoples sold $96.7 million of lower-yielding securities at an after-tax loss of $1.6 million. The proceeds were used to pay down overnight borrowings. The realized losses should be earned back

Three community banks completed private placements of common stock that collectively brought in nearly $45 million of capital. Iron Bancshares in Salisbury, Conn.; Thread Bancorp in Rogersville, Tenn.; and First Capital Bancshares in Charleston, S.C., raised capital between April 11 and April 14, according to data compiled by Performance Trust Capital Partners. The $417 million-asset Thread raised $25.2 million. The company recently brought on a Banking-as-a-Service client and hired a

NBT Bancorp in Norwich, N.Y., reported lower quarterly net income after writing off a $5 million investment in a failed bank. The $11.8 billion-asset company said in a press release that it had invested in subordinated debt for the failed institution, which it did not name. AmeriServ Financial recently disclosed that it wrote off sub debt tied to Signature Bank. First-quarter profit at NBT fell by 14% from a year

First Republic Bank in San Francisco plans to cut 20% to 25% of its workforce. The $233 billion-asset bank said in a press release the cuts will occur in the second quarter. Other cost-cutting moves will include “significant reductions” to executive compensation, condensing corporate office space and reducing nonessential projects and activities. First Republic also said it is “pursuing strategic options to expedite its progress while reinforcing its capital position.”

First National Bank and Trust in Shawnee, Okla., is getting closer to rebranding as Sovereign Bank. While the $815 million-asset tribal-owned bank began the process on Feb. 1, signage is set to change in the coming weeks. The bank is owned by the Citizen Potawatomi Nation. The bank also updated its logo which includes the Potawatomi medicine wheel. “We are building a banking family in multiple markets and need a

Bank of Marin Bancorp in Novato, Calif., lost $204 million of deposits over the final weeks of March. The $4.1 billion-asset company said in a press release that the outflows occurred between March 10, when Silicon Valley Bank failed, and March 31. Overall, deposits fell by 9% in the first quarter from the end of 2022. A review of the 100 relationships with the biggest net outflows found that 83%

Middlefield Banc Corp. in Middlefield, Ohio, was the victim of a recent cyberattack. The $1.7 billion-asset Middlefield disclosed in a regulatory filing that the attack occurred on April 12 and resulted in a disruption to its bank’s computer systems. “The bank took immediate action to remediate the security vulnerability,” the filing said. Middlefield also hired a cybersecurity firm to investigate the incident, evaluate systems and identify solutions, and confirm what data,