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Zions Bancorp. in Salt Lake City reported a spike in quarterly earnings after posting a larger credit to its loan-loss provision and reducing noninterest expenses.
July 21 -
Arrow Financial (AROW) in Glens Falls, N.Y., posted higher quarterly earnings because of loan growth and an improved net interest margin.
July 21
Washington Trust in Westerly, R.I., rode gains in its lending portfolio and lower operating expenses to a
The $3.3 billion-asset bank reported a profit of $9.8 million for the three-month period ending June 30, an increase of 10% from a year earlier. Earnings were 58 cents per common share, just shy of a 59-cent estimate of analysts polled by Bloomberg.
Strong returns from the bank's mortgage division fueled the rise in earnings. Net interest income increased by 9%, to $24.5 million. Total loans rose 8%, to $2.6 billion.
Meanwhile, the bank slashed its set-aside for bad loans, decreasing its provision for losses by 36%, to $450,000. Chargeoffs were $1.5 million, down 67%.
The net interest margin climbed nine basis point to 3.35%.
Earnings were also boosted by a drop in expenses, following the bank's
Lower expenses helped compensate for a steep drop in noninterest income, which fell 22% to $12.8 million. The bank attributed the lower fees to a decrease in loan sales and divestiture of its merchant processing line.
