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The buy now/pay later company beat analysts' expectations on revenue, net income and earnings per share as it issued new guidance for the end of its next fiscal year. Its stock was up as much as 31%. [ABSTRACT FROM AUTHOR]

The Minneapolis company is issuing stock to the Japanese banking giant that previously owned MUFG Union Bank in order to repay part of a $3.5 billion obligation. The move will also boost a key capital ratio, which sagged after the deal was completed, but is expected to cut into U.S. Bancorp's earnings per share. [ABSTRACT FROM AUTHOR]

The Boston-based custody bank reported a 9% decline in fee income from a year earlier and a shift away from non-interest-bearing deposits that cost it millions in net interest income. As a result, earnings per share fell 12 cents short of analysts' expectations. [ABSTRACT FROM AUTHOR]

It plans to rename the bank Newtek Bank & Trust and transform it into a national digital bank, which would draw deposits from around the country to help fund a growing lending operation. March 08, 2022 Newtek Business Services, a business development company and a prolific Small Business Administration lender, is trying to buy a bank. [Extracted from the article]

January 20, 2022 While executives at Fifth Third Bancorp are eager to deploy a glut of deposits in the company's lending businesses, they also aren't concerned about some of those funds falling off the balance sheet. Net interest income ticked up 1% to $1.2 billion on higher commercial loan growth, and the net interest margin contracted by three basis points to 2.55%. Noninterest income rose 1% to $791 million, as growth in commercial banking and mortgage banking revenue somewhat offset securities losses and a decline in other noninterest income. [Extracted from the article]

September 08, 2021 PayPal Holdings said it will acquire the Japanese upstart Paidy for 300 billion yen ($2.7 billion) as it seeks to deepen a push into buy now/pay later products. "There is no better home for Paidy to continue to grow and innovate than PayPal, which has been removing friction from online shopping for more than 20 years", said Russell Cummer, founder and executive chairman of Paidy. [Extracted from the article]

These low-cost depositswill benefit F.N.B.'s performancein a rising-rate environment, F.N.B. Chairman and CEO VincentDelie Jr. said in a call with analysts after reporting second-quarterresults. F.N.B. Corp. in Pittsburgh reported a nearly 8% increase insecond-quarter earnings, citing strong loan growth and helped bythe acquisition this year of Howard Bancorp. The Pittsburgh company beat analysts' expectations and reporteddouble-digit loan growth even excluding assets added in a recentacquisition. [Extracted from the article]

It rebrandedin 2017 after acquiring Union Bank in Oxford, North Carolina.F.N.B. expects the acquisition of UB to be approximately 2%accretive to earnings per share after capturing 45% cost savingson UB Bancorp's noninterest expense base, which totaled $5.6million for the quarter ending March 31. Through the first three months of2022, the $1.2 billion-asset UB, which is headquartered inGreenville, North Carolina, derived just 9% of its $8.92 milliontotal revenue from noninterest income. [Extracted from the article]

F.N.B. expects the acquisition to be approximately 2%accretive to earnings per share after capturing 45% costsavings on UB Bancorp's noninterest expense base. F.N.B. will beef up its presence in Raleigh and Durhamwith the acquisition of UB Bancorp. [Extracted from the article]

Byline: Jackie Stewart Park National (PRK) in Newark, Ohio, warned that a loan chargeoff may lower earnings per share for the third quarter by as much as 41%. One of [...]

Net charge-offs fell to $71 million, or 0.27% of all loans, compared with $118 million and 0.43% in the prior quarter. Average loans shrank 2% year over year to $109 billion due to lower commercial lending, residential mortgage and home equity lending. Net interest income declined 4% year over year to $1.2 billion, and the net interest margin narrowed 66 basis points to 2.62%. [Extracted from the article]

M&A February 18, 2021 First National in Strasburg, Va., has agreed to buy Bank of Fincastle in Virginia. The $944 million-asset First National said in a press release Thursday that it will pay $31.6 million in cash and stock for the $256 million-asset Bank of Fincastle. [Extracted from the article]

Bank of New York Mellon took a first-quarter earnings hit from its Russia withdrawal, and the custody banking giant predicted that the negative financial impacts will continue. The New York-based company reported fee revenue of $3.1 billion, down 3% from a year ago, due to $88 million in losses largely from sanctions against Russia and lost depository receipt services for Russian companies. In March, BNY Mellon said it had "ceased new banking business in Russia and suspended investment management purchases of Russian securities", joining a cadre of other Wall Street firms abandoning business in the country. [Extracted from the article]

April 13, 2022 Loan growth at JPMorgan Chase is moving in the right direction, and credit quality remains uncharacteristically strong, but there are signs the momentum may not last. JPMorgan's miss on earnings per share and its "larger than expected" credit reserve build "could weigh on JPMorgan and the bank shares in general", analyst Jeffery Harte of Piper Sandler wrote in a research note. JPMorgan builds its reserves, warns of "storm clouds". [Extracted from the article]

The bank had previously signaled an interest in substantial growth in the market, including through M&A. Based on deposit market share data from the Federal Deposit Insurance Corp., Fulton would jump from the 21st-largest bank in Philadelphia to the 12th largest. The cash-and-stock deal, announced Wednesday and set to close in the third quarter, would give the $26 billion-asset Fulton another $1 billion of assets as well as seven branches in Pennsylvania's largest market. [Extracted from the article]

March 01, 2022 Bank of Nova Scotia and Bank of Montreal got an earnings boost with commercial clients ramping up their borrowing as economies emerged further from the pandemic. The deal will add about C$35 million per quarter in profit and immediately boost earnings per share, Scotiabank said. q © 2022 Arizent and American Banker. [Extracted from the article]

January 27, 2021 Stock Yards Bancorp in Louisville, Ky., has agreed to buy Kentucky Bancshares in Paris, Ky., for $190 million in cash and stock. First full-year earnings per share accretion was estimated at 12.5%, and it should take less than three years for Stock Yards to earn back any dilution to its tangible book value. Louis Prichard, president and CEO of Kentucky Bancshares, would join the company as president of the central Kentucky market. [Extracted from the article]

January 13, 2021 BancorpSouth Bank in Tupelo, Miss., has agreed to buy FNS Bancshares in Scottsboro, Ala. Steve Rownd, chief executive of FNS Bancshares, will join BancorpSouth as a division president. [Extracted from the article]

Metro Phoenix Bank President and CEO Steve Haggard will become president of Alerus's Arizona market. December 09, 2021 Alerus Financial Corp. in Grand Forks, North Dakota, is buying Metro Phoenix Bank in Arizona for $85.3 million. [Extracted from the article]

The $172.6 billion-asset regional bank generated robust growth in loans and wealth management assets in the third quarter, driving double-digit gains in revenue and net income. Major cities are also fertile ground for wealth management assets, a source of ongoing strength and a key driver of third-quarter earnings, the bank said. October 13, 2021 For all the worry about hollowed-out cities in the wake of the pandemic and shifts to remote work, First Republic sees continued vibrancy and solid loan demand in its home base of San Francisco as well as key markets such as Manhattan and Boston. [Extracted from the article]

It did not specify an expense reduction target in the release, but Amalgamated Financial said it would eliminate duplicative functions to drive cost savings and support the EPS accretion. COMMUNITY BANKING September 22, 2021 Amalgamated Financial in New York is acquiring Amalgamated Investments Co., the parent of Amalgamated Bank of Chicago, for $98.1 million in cash. [Extracted from the article]

July 22, 2021 Fifth Third Bancorp plans to close more branches in legacy markets this year to pay for digital upgrades and its Southeastern expansion, executives said Thursday. Net interest income ticked up 1% to $1.2 billion, driven partly by lower deposit costs. Net charge-offs fell to $44 million from $130 million last year, bringing the net charge-off ratio down to 0.16% from 0.44% in the same quarter last year. [Extracted from the article]

Noninterest income rose 2.8% to $79.8 million thanks in large part to increases in service charges and fees from two wealth management lines. EARNINGS July 20, 2021 Fee-income growth and a reserve release buoyed the $38.4 billion-asset FNB Corp. amid relatively flat lending and revenue in the second quarter. [Extracted from the article]

Lakeland Bancorp in Oak Ridge, New Jersey, has agreed to acquire 1st Constitution Bancorp in Cranbury, New Jersey, for $244 million. During a call to discuss the deal with analysts, Shara said Lakeland would try to capitalize on new revenue potential and expense savings from the deal to offset costs of eventually crossing the $10 billionasset threshold in 2023. [Extracted from the article]

May 26, 2021 Horizon Bancorp will expand in 11 counties across Michigan as part of a deal to acquire 14 branches from Huntington Bancshares in Columbus, Ohio. The branches Huntington is divesting are all currently TCF branches and Horizon, in Michigan City, Indiana, has agreed to pay $17.1 million for them. [Extracted from the article]

April 14, 2021 SmartFinancial in Knoxville, Tenn., has agreed to buy Sevier County Bancshares in Sevierville, Tenn. The $3.3 billion-asset SmartFinancial said it will pay $38.2 million in cash and stock for the $424 million-asset parent of Sevier County Bank. [Extracted from the article]

The SEC "has informed the company that this investigation and subpoena does not mean that the SEC has concluded that any violation of law has occurred or that the SEC has any negative opinion of any person, entity or security", the filing said. March 15, 2021 Territorial Bancorp in Honolulu has received a subpoena from the Securities and Exchange Commission tied to its 2018 earnings. [Extracted from the article]

The $14.3 billion-asset WSFS said in a press release Tuesday that it will pay $976.4 million in stock for the $5.4 billion-asset Bryn Mawr. Frank Leto, Bryn Mawr's president and CEO, and two other Bryn Mawr directors will join the WSFS board. [Extracted from the article]

March 03, 2021 Shore Bancshares in Easton, Md., has agreed to buy Severn Bancorp in Annapolis, Md. The $1.9 billion-asset Shore said in a press release Wednesday that it will pay $146 million in cash and stock for the $953 million-asset Severn. [Extracted from the article]

"The federal relief programs that helped us deliver better than expected results in 2020 have created a headwind to our revenue and earnings in 2021", Henry warned during a fourth-quarter earnings call. "Gross dollar volume in the quarter was also boosted by a second round of stimulus funds received late in December, which added approximately $570 million during the last two days of 2020", Jess Unruh, interim chief financial officer and chief accounting officer at Green Dot, said in the earnings call. [Extracted from the article]

January 22, 2021 Regions Financial executives were candid Friday about one of their biggest challenges: what to do with a glut of deposits before its begins to hurt the bottom line. The increase was across the board: Consumers are receiving government stimulus payments and spending less because of the pandemic, corporate clients are consolidating liquidity, and wealth management customers are clutching their extra cash. Net interest income grew nearly 10% to $1 billion, benefiting from the company's hedging strategy, lower deposit costs and fee income from PPP loans forgiven during the fourth quarter. [Extracted from the article]

January 19, 2021 Bank of America in Charlotte, N.C., is counting on a rebound in consumer spending to get revenue back on track. "Consumer payment activity began and ended the year very strong", while pressure from low interest rates "likely bottomed" in the fourth quarter, Moynihan said during a conference call to discuss quarterly earnings. [Extracted from the article]

January 15, 2021 PNC Financial Services Group in Pittsburgh will not pause its organic growth strategy while it ties up its deal to buy BBVA USA. PNC reported net income of $1.5 billion in the fourth quarter, up 5.4% from the same period in 2019, as improved credit quality and strong fee income helped to offset weaker net interest income and total revenue. [Extracted from the article]

December 22, 2020 Farmers & Merchants Bancorp in Archbold, Ohio, has agreed to buy Ossian Financial Services in Indiana. The $1.9 billion-asset F&M said in a press release Monday that it will pay $20 million in cash for the $122 million-asset Ossian. Ossian "immediately enhances and complements our growing franchise in northeast Indiana", Lars Eller, F&M's president and CEO, said in the release. [Extracted from the article]

M&A December 02, 2020 Alerus Financial in Grand Forks, N.D., has agreed to buy Retirement Planning Services in Littleton, Colo. The $2.9 billion-asset Alerus said in a Wednesday press release that it expects the deal to close on Dec. 18. [Extracted from the article]

This article discusses the difficulties that banks with accumulated capital are having in deciding how to invest the money. In the past, acquisitions and internal investment would have been the way to grow the capital, but the uncertain business conditions have made investments more difficult. Returning the capital to investors through dividends and stock repurchase plans also have their drawbacks. Some analysts believe that banks that are likely to continue to generate capital, such as Bank of America Corp. and JPMorgan Chase & Co., could raise their dividends.

Officially, new restrictions on paying shareholder dividends amid the pandemic only apply to 33 large banks. The $177 billion-asset Citizens, the $113.8 billion-asset Huntington and the $155 billion-asset Key have all vowed to maintain their dividends in the third quarter, but they haven't commented on what may happen beyond that point. [Extracted from the article]

BV Financial in Baltimore has agreed to buy Delmarva Bancshares in Cambridge, Md. The $398 billion-asset BV Financial said in a press release Thursday that it will pay $54 million in cash for the $377 million-asset parent of 1880 Bank. BV Financial said it plans to fund the acquisition by issuing $30 million in subordinated debt and a cash dividend from its bank. [Extracted from the article]

The next round of earnings calls could provide a better understanding the toll that the coronavirus outbreak is taking on the banking industry. "At a minimum … banks will see delayed payment requests over a meaningful portion of their hotel portfolio with internal downgrades [and] higher provisions likely", the Stephens team wrote. [Extracted from the article]

Heartland Financial USA in Dubuque, Iowa, has agreed to buy AIM Bancshares in Levelland, Texas. The $13.2 billion-asset Heartland said in a press release Tuesday that it will pay $280.4 million in cash and stock for the $1.8 billion-asset parent of AimBank. "We are highly impressed with the people and performance of AimBank and the solid community banking franchise they have built", Lynn Fuller, Heartland's executive operating chairman, said in the release. [Extracted from the article]

First Western Financial in Denver has agreed to buy three branches in its home market from Simmons First Financial. The $1.3 billion-asset First Western said in a press release Monday that it will also gain a loan production office, $58 million in deposits and $105 million in loans. [Extracted from the article]

SB Financial in Defiance, Ohio, has agreed to buy Edon Bancorp in Edon, Ohio. The $1 billion-asset SB said in a press release Friday that it will pay $15.5 million in cash for the $62 million-asset Edon. [Extracted from the article]

Arbor Bancorp in Ann Arbor, Mich., has agreed to buy FNBH Bancorp in Howell, Mich. Ronald Long, FNBH's president and CEO, will become Arbor's district president for Livingston County. [Extracted from the article]