-
Washington Trust Bancorp in Westerly, R.I., reported increased profitability that reflected balance sheet growth and lower costs.
October 21 -
Regions Financial in Birmingham, Ala., reported higher third-quarter earnings, as cost cuts offset declines in net interest income and fee income.
October 21 -
Synovus Financial in Columbus, Ga., reported a higher third-quarter profit as its total loans and net interest income increased.
October 21
Signature Bank in New York reported higher third-quarter profits driven by an uptick in commercial and multifamily lending.
The $26 billion-asset bank
Shares of Signature climbed more than 7% in early trading, to $115.10.
Interest income fueled the rise in earnings, despite lower yields. Net interest income climbed 23%, to $205.3 million. The bank's loan portfolio grew by 37%, mainly from a rise in commercial lending and specialty finance.
The net interest margin was 3.25%, or 7 basis points lower than last year.
Asset quality also improved. Signature's third-quarter provision for losses dropped 30%, to $7.7 million. The bank attributed the decline to lower chargeoffs.
Fee-based income remained relatively flat, increasing by 3%, to $8 million, as higher commissions and fees were offset by lower revenue from the sale of securities.
Meanwhile, operating expenses increased 19%, to $74.3 million.
