More than a year after the start of the pandemic saw banks and their customers confronting the unknowns of a public health crisis and a recession, the latest quarterly earnings results for Massachusetts-based banks continue to point to an improving outlook.
While Amesbury-based The Provident Bank saw second quarter income decline slightly compared to last year, specialty lending and income from customers operating Bitcoin machines helped boost profits.
Slowing mortgage activity contributed to a drop in net income for Envision Bank, which saw second quarter earnings decline nearly 70 percent from last year.
Brookline Bancorp saw record earnings in the second quarter as net income increased more than 60 percent compared to the same quarter last year.
Eastern Bank saw second quarter earnings decline about 28 percent from the first quarter as it moves through its first year as a publicly traded company.
HarborOne saw second quarter earnings increase about 35 percent over the same quarter last year, but a decline in mortgage refinance activity has affected the bank’s income.
Rockland Trust Co. remains on track to complete the East Boston Savings Bank acquisition later this year, and the bank plans to continue to look for merger opportunities in the coming years.
A year after a multimillion-dollar goodwill impairment charge marked a period of turmoil at Berkshire Bank, the Boston-based bank had another quarter with positive earnings, as executives remain optimistic that a new plan to transform the bank will lead to growth.
With several of Greater Boston’s stock banks involved in mergers this year, Cambridge Trust Co. is ready to join in on the activity. But the bank’s leader sees few opportunities ahead.
In its first full quarter since announcing in late February its sale to Buffalo-based M&T Bank, People’s United saw earnings almost double compared to the same quarter last year.
Hingham Institution for Savings saw earnings increase 25 percent in the second quarter compared to the same quarter last year.
After announcing its sale to Eastern Bank in early April, Century Bank saw earnings increase year-over-year by more than 7 percent in the second quarter.
Randolph-based Envision Bank reported positive net earnings for 2019 after enduring two years of losses, showing efforts to turn the lender around may be succeeding.
The parent company of Medford-based Century Bank announced record earnings for the third quarter of 2019. Century Bancorp Inc.’s third quarter net income of $10.084 million
For the first time in over two years, Randolph-based Envision Bank has had a profitable quarter. The bank attributed declining mortgage rates and four new loan production offices in Central and Western Massachusetts for the success.
Boston Private has begun the process of consolidating one of its last wealth affiliates, KLS Professional Services, as the company continues to forge a new path ahead.
After its leaders spent months trying to fix workplace culture issues that came to light at the end of 2018, Berkshire Bank received an award for how it has engaged its employees.
Berkshire Bank has completed its acquisition of the parent company of Willimantic, Connecticut-based Savings Institute Bank & Trust, a deal first announced last December and valued at $180 million.
The parent company of Rockland Trust spent most of the second quarter integrating the parent company of Blue Hills Bank into its fold.
Amid a recent spate of M&A activity among Massachusetts banks, Webster Bank’s leaders don’t expect to be joining in.
