CVB Financial in Ontario, Calif., reported lower quarterly profit after selling some underwater securities. The $15.4 billion-asset company said in a press release that its third-quarter profit fell by 12% from a year earlier, to $51.2 million. CVB sold $312 million of securities at an $11.6 million loss during the quarter. The company offset some of that hit through the sale-leaseback of two banking centers for a pretax gain of

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