EverBank in Jacksonville, Fla., has agreed to buy the life premium finance division of Primis Bank in McLean, Va. The $4 billion-asset Primis said in a press release that the $39.4 billion-asset EverBank will pay a $6 million premium for the business, adding that it expects to record a $4.5 million pretax gain in the fourth quarter. Final closing is set for Jan. 31. The deal includes about $370 million

Heritage Financial in Olympia, Wash., reported lower quarterly earnings after selling underwater securities and charging off a loan. The $7.2 billion-asset company said in a press release that its third-quarter profit fell by 37% from a year earlier, to $11.4 million. Heritage Financial sold $78 million of investment securities at a $6.9 million pretax loss. Proceeds were used to fund higher-yielding loans. The company also had a chargeoff tied to

MidWestOne Financial Group in Iowa City posted a big quarterly loss after repositioning its balance sheet. The $6.6 billion-asset company lost $95.7 million in the third quarter after selling $1 billion of debt securities. MidWestOne used the proceeds to buy $590 million of higher-yielding debt securities; the earnback period will be between four and five years. MidWestOne also said its financial results included a $1.2 million fraud loss tied to

Midland States Bancorp in Effingham, Ill., is scaling back in equipment finance and some consumer lending segments. The $7.8 billion-asset company said in a press release that total loans in the third quarter fell by 1.8% from a quarter earlier, to $5.7 billion.  Equipment finance balances declined by $30 million as the company reduces its dealings in that segment. Consumer loans fell by $83 million after Midland States stopped originating

HarborOne Bancorp in Brockton, Mass., reported lower quarterly profit due to an issue with a commercial real estate loan. The $5.8 billion-asset company said in a press release that its third-quarter earnings fell by 54% from a year earlier, to $3.9 million. HarborOne recorded a $4.7 million specific reserve tied to a suburban office property. The loan is on nonaccrual status.  

Valley National in New York is continuing to derisk its balance sheet. The $62.1 billion-asset company said in a press release that it recently agreed to sell an $800 million portfolio of commercial real estate loans to a single investor at a roughly 1% discount. The sale is expected to close by the end of this year. Valley has been selling loans as part of a plan to lower its

Pathward Financial in Sioux Falls, S.D., will receive a $1 million advance for its patience with selling its commercial insurance premium finance business. The company agreed in August to sell the business to AFS IBEX Financial Services. A month later, the companies disclosed that the sale faced delays "primarily related to a longer-than-expected operational implementation timeline.” AFS IBEX agreed to pay an nonrefundable extension fee that will be credited to

First Bancorp in Southern Pines, N.C., reported lower quarterly profit as it braces for the potential financial impact of Hurricane Helene. The $12 billion-asset company said in a press release that third-quarter net income fell by 37% from a year earlier, to $18.7 million. The company said it recorded a $13 million loan-loss provision "in anticipation of our customers' potential challenges to recover from the storm." The hurricane created intense