Eastern Bankshares in Boston reported a large quarterly loss after a major restructuring of its balance sheet. The $22.7 billion-asset company said in a press release that it lost $194.1 million in the first quarter after it sold $1.9 billion of securities at a $280 million loss. Proceeds from the sale were used to increase cash levels, which totaled $2.1 billion on March 31. “Eastern deployed excess liquidity into the

Hanover Bancorp in Mineola, N.Y., has a new president. The $2.1 billion-asset company said in a press release that Mac Wilcox had succeeded Brian Finneran, who retired in February. Wilcox joined Hanover in May 2021 after the company bought Savoy Bank, where he was president and CEO. He has been serving as Hanover’s chief lending and revenue officer. Wilcox will be responsible for the company’s digital, product and niche lending

MidWestOne Financial Group in Iowa City reported a sharp drop in profitability after repositioning its balance sheet. The $6.4 billion-asset company also announced a three-year strategic plan designed to improve efficiency and returns. MidWestOne’s net income fell by 90% from a year earlier, to $1.4 million. The company sold $231 million of securities in late February at a pretax loss of $13.2 million. The $220 million of proceeds were used

Hawthorn Bancshares in Jefferson City, Mo., will soon have a new CEO. The $1.9 billion-asset company said in a press release that Brent Giles will also become CEO of its bank on May 1. Giles previously served as president and CEO of Blue Valley Bank. Gregg Bexten, regional president of the bank’s central region, will become Hawthorn’s president. Bexten joined Hawthorn in 1998. Giles and Bexten will succeed David Turner,

Mutuals in Illinois and Ohio plan to raise up to $27.7 million by converting to stock-owned companies.   PFS Bancorp in Peru, Ill., plans to raise up to $16.9 million in net proceeds from the conversion of Peru Federal Savings Bank. PFS is looking to sell 1.4 million to 1.8 million shares at $10 each.   PFS could sell more shares for net proceeds of up to $19.7 million if

HarborOne Bancorp in Brockton, Mass., cut jobs in its mortgage division and will close a branch as part of a broader cost-cutting initiative. The $5.6 billion-asset company said in a press release that the layoffs in its HarborOne Mortgage business will save it $1.2 million annually. Layoffs elsewhere will save another $2.9 million a year. The company will eliminate 37 full-time positions as part of the cost-cutting effort, incurring $701,000

First Internet Bancorp in Fishers, Ind., reported a net loss in the first quarter after shutting down its mortgage operations and partially charging off a commercial participation loan. The $4.7 billion-asset company lost $1.3 million, a reversal from the $11.2 million it earned a year earlier. The results included $3 million in costs tied to exiting the mortgage business and $4.7 million tied to the C&I loan. “Despite an issue

First Interstate BancSystem in Billings, Mont., absorbed a large hit from selling securities in the first quarter. The $31.6 billion-asset company said in a press release that its earnings fell 34% from a quarter earlier, to $56.3 million. The company lost $33.4 million a year earlier. First Interstate recorded $23.4 million in losses after selling $853 million of securities in the first quarter. The quarter also included a $1.9 million