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M&T, PNC, SunTrust and other regionals reported strong fee growth thanks to inroads they have made in investment banking, wealth management and other areas. It couldn't have come at a better time for them.
July 17 -
The New Jersey company's entrée into New York City had been expected for years. A week after opening an office on Madison Avenue, ConnectOne is eager to court small businesses and identify possible people to hire.
July 20 -
Signature Bank in New York has partnered with Financial Software Solutions to expand the products and services that it offers bankruptcy trustees.
July 14
Signature Bank in New York reported higher second-quarter profit due to a rise in interest-earning assets.
The $29.9 billion-asset company's
Net interest income rose 22% to $236.3 million. Average interest-earning assets rose 23% to $29.4 billion. Loans, excluding loans held for sale, increased to $20.5 billion. The net interest margin narrowed by four basis points to 3.27%.
Noninterest income fell 21% to $9.8 million. Signature cited a $4.2 million decrease in net gains on the sales of securities.
Noninterest expense grew 16.4% to $84.9 million, with the bank citing the hiring of private client banking teams, investment in its specialty finance division and higher costs for risk management and compliance. Signature's efficiency ratio improved by 90 basis points to 34.5%.
During the quarter, Signature moved $170 million of loans for taxi medallions in Chicago to its watch list and it continues to refinance the loans as troubled debt restructurings, Morgan Stanley analyst Ken Zerbe wrote in a research note. Overall, Signature's net chargeoffs rose to $2.6 million from $718,000.
