Durbin

Lakeland Bancorp Announces Third Quarter Results

Retrieved on: 
Thursday, October 26, 2023
Ratio, Sale, Futures contract, FDIC, Bank, Acquisition, 1st Constitution Bancorp, Durbin, Growth, Provident Bank of New Jersey, Provident, EPS, Marketing, OAK, Durbin amendment, Provident Financial, Security (finance), Cryptocurrency, Rare-earth element

Net interest margin for the third quarter of 2023 decreased 15 basis points to 2.68% from 2.83% in the prior quarter and decreased 60 basis points from 3.28% in the third quarter of 2022.

Key Points: 
  • Net interest margin for the third quarter of 2023 decreased 15 basis points to 2.68% from 2.83% in the prior quarter and decreased 60 basis points from 3.28% in the third quarter of 2022.
  • Nonperforming assets decreased 27% to $13.4 million, or 0.12% of total assets, for the third quarter of 2023 compared to $18.4 million in the third quarter of 2022 and $16.1 million in the linked quarter.
  • Net interest income for the third quarter of 2023 of $68.9 million decreased $11.4 million compared to the third quarter of 2022.
  • The cost of interest-bearing liabilities for the third quarter of 2023 was 2.96% compared to 0.94% for the third quarter of 2022 and 2.59% for the second quarter of 2023.

OceanFirst Financial Corp. Announces Third Quarter Financial Results

Retrieved on: 
Thursday, October 19, 2023
PCD, Sale, OceanFirst Bank, Tax, Federal Home Loan Banks, 107th Grey Cup, Net, GAAP, PTPP, Environment, Trust, Growth, Durbin, FHLB, Credit, Durbin amendment, Investment, Uncertainty, Bank, Security (finance), Life insurance, Cryptocurrency, Reinsurance, Clothing, Insurance, Pharmaceutical industry, Financial services

Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Key Points: 
  • Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
  • Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
  • The current quarter results were impacted by the following matters.
  • OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, and Boston.

NBT Bancorp Inc. Announces Second Quarter Net Income of $30.1 Million ($0.70 Per Diluted Common Share)

Retrieved on: 
Monday, July 31, 2023
NIM, Borrowing base, Federal Reserve Bank, Federal Reserve Bank of St. Louis, Michael J. Hsu, Share repurchase, Comptroller, RPS, Stock dilution, EPIC, AFS, FDIC, Sale, Currency, Durbin, Acquisition, FTE, Durbin amendment, NBT Bank, NBT, Commercial, Dodd–Frank Wall Street Reform and Consumer Protection Act, Health, Retirement, Cryptocurrency, Video game, Pharmaceutical industry, Bank, Financial adviser, Beauty salon, Hudson Valley, NORWICH

In the second quarter of 2023, the Company realized $4.5 million ($0.08 per diluted share) in securities losses.

Key Points: 
  • In the second quarter of 2023, the Company realized $4.5 million ($0.08 per diluted share) in securities losses.
  • The Company incurred acquisition expenses of $1.2 million ($0.02 per diluted share) and $0.6 million ($0.01 per diluted share) related to the pending merger with Salisbury Bancorp, Inc. (“Salisbury”) in the second quarter of 2023 and the first quarter of 2023, respectively.
  • Net interest income for the second quarter of 2023 was $89.1 million, which was down $6.0 million, or 6.3%, from the first quarter of 2023 and up $1.5 million, or 1.7%, from the second quarter of 2022.
  • Total noninterest income, excluding securities losses, was $36.7 million for the three months ended June 30, 2023, up $0.3 million from the first quarter and down $5.6 million from the prior year’s second quarter.

Cornerstone Advisors Research Illustrates How Durbin Amendment Negatively Impacted Financial Institutions and Consumers

Retrieved on: 
Monday, July 10, 2023
Government, Interchange, Durbin, Credit card, Debits and credits, Research, Regulation, Durbin amendment, Legislation, Cryptocurrency, Bank, Financial adviser

SCOTTSDALE, Ariz., July 10, 2023 /PRNewswire/ -- New research from Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, reveals how legislation that mandated debit card payment routing and interchange price caps has negatively impacted the nation's banking system and consumers. The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.

Key Points: 
  • The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.
  • "Think of it as regulatory 'whack-a-mole,' where a reduction in revenue from government regulation in one category forces multiple fee-generating categories to rise," said Glenn Grossman, director of research for Cornerstone Advisors and author of the report.
  • "Debit and credit card price controls harm both consumers and the banking system," Grossman said.
  • "Given their much more limited resources, community financial institutions and the customers they serve will suffer disproportionately from these rules."

FTC Approves Final Order Requiring Mastercard to Stop Blocking the Use of Competing Debit Payment Networks

Retrieved on: 
Wednesday, May 31, 2023
Mastercard, Commission, Durbin amendment, Regulation, Durbin, Social media, News, Blog, Federal Trade Commission, FTC, Dodd–Frank Wall Street Reform and Consumer Protection Act, Payment card

Under the FTC’s order, Mastercard will have to start providing competing networks with customer account information that these networks need to process debit payments.

Key Points: 
  • Under the FTC’s order, Mastercard will have to start providing competing networks with customer account information that these networks need to process debit payments.
  • This reverses a tactic Mastercard allegedly had been using to prevent merchants from using competing networks to process certain ecommerce debit payments.
  • The order requires Mastercard to end those practices and provide competing networks with customer account information they need to process debit payments.
  • It also bans Mastercard from taking other actions to inhibit merchants’ ability to choose between competing debit card networks.

FTC Approves Final Order Requiring Mastercard to Stop Blocking the Use of Competing Debit Payment Networks

Retrieved on: 
Wednesday, May 31, 2023
Mastercard, Commission, Durbin amendment, Regulation, Durbin, Social media, News, Blog, Federal Trade Commission, FTC, Dodd–Frank Wall Street Reform and Consumer Protection Act, Payment card

Under the FTC’s order, Mastercard will have to start providing competing networks with customer account information that these networks need to process debit payments.

Key Points: 
  • Under the FTC’s order, Mastercard will have to start providing competing networks with customer account information that these networks need to process debit payments.
  • This reverses a tactic Mastercard allegedly had been using to prevent merchants from using competing networks to process certain ecommerce debit payments.
  • The order requires Mastercard to end those practices and provide competing networks with customer account information they need to process debit payments.
  • It also bans Mastercard from taking other actions to inhibit merchants’ ability to choose between competing debit card networks.

NBT Bancorp Inc. Announces First Quarter Net Income of $33.7 Million ($0.78 Per Diluted Common Share)

Retrieved on: 
Monday, April 24, 2023
NIM, Lender option borrower option, Travel, Salisbury, Paycheck Protection Program, FDIC, Federal, Sale, Durbin, Acquisition, FTE, Durbin amendment, NBT Bank, NBT, Commercial, Retirement, Federal funds, Dodd–Frank Wall Street Reform and Consumer Protection Act, Cryptocurrency, Video game, Bank, Security (finance), Pharmaceutical industry, Coal, Airline, NORWICH

Net income for the three months ended March 31, 2023 was $33.7 million, or $0.78 per diluted common share, compared to $39.1 million, or $0.90 per diluted share, for the three months ended March 31, 2022, and $36.1 million, or $0.84 per diluted share, in the fourth quarter of 2022.

Key Points: 
  • Net income for the three months ended March 31, 2023 was $33.7 million, or $0.78 per diluted common share, compared to $39.1 million, or $0.90 per diluted share, for the three months ended March 31, 2022, and $36.1 million, or $0.84 per diluted share, in the fourth quarter of 2022.
  • The first quarter of 2022 also included $2.0 million ($0.04 per diluted share) of income from the Paycheck Protection Program (“PPP”).
  • The following are highlights comparing the first quarter of 2023 to the prior quarter:
    Average short-term borrowings increased $162.4 million, quarter over quarter.
  • Provision expense was $3.8 million lower than the fourth quarter of 2022 and $3.3 million higher than the first quarter of 2022.

FTC Orders an End to Illegal Mastercard Business Tactics and Requires it to Stop Blocking Competing Debit Card Payment Networks

Retrieved on: 
Monday, January 16, 2023
Commission, Federal Register, Social media, Dodd–Frank Wall Street Reform and Consumer Protection Act, Apple Pay, Federal Trade Commission, Regulations.gov, Google Pay, Samsung, Mastercard, Visa, Blog, Federal, News, Competition, FTC, Durbin, Policy, Regulation, Processor register, Durbin amendment, Congress, Payment card, Cryptocurrency
Key Points: 

    FTC Orders an End to Illegal Mastercard Business Tactics and Requires it to Stop Blocking Competing Debit Card Payment Networks

    Retrieved on: 
    Monday, January 16, 2023
    Commission, Federal Register, Social media, Dodd–Frank Wall Street Reform and Consumer Protection Act, Apple Pay, Federal Trade Commission, Regulations.gov, Google Pay, Samsung, Mastercard, Visa, Blog, Federal, News, Competition, FTC, Durbin, Policy, Regulation, Processor register, Durbin amendment, Congress, Payment card, Cryptocurrency
    Key Points: 

      FTC Orders an End to Illegal Mastercard Business Tactics and Requires it to Stop Blocking Competing Debit Card Payment Networks

      Retrieved on: 
      Monday, January 16, 2023
      Commission, Federal Register, Social media, Dodd–Frank Wall Street Reform and Consumer Protection Act, Apple Pay, Federal Trade Commission, Regulations.gov, Google Pay, Samsung, Mastercard, Visa, Blog, Federal, News, Competition, FTC, Durbin, Policy, Regulation, Processor register, Durbin amendment, Congress, Payment card, Cryptocurrency
      Key Points: