Net income for the Oregon regional bank was $61.3 million, a slight decline from the same quarter last year. It earned 28 cents per share and fell short of analysts’ expectations,
Total loans fell 1.6% at the North Carolina-based regional bank, which has been scaling back in key segments such as residential mortgages and auto. Wider margins offset that reduction, but earnings were flat and revenue growth small.
The Cleveland company's third-quarter profit more than doubled from the same period last year, thanks largely to its 2016 acquisition of Buffalo-based First Niagara Financial Group.
"I’m not going to step aside because I’m an asset for this company," Tim Sloan said Wednesday, rejecting arguments by some Senate Democrats that he is too tied to the phony-accounts scandal.
Strong gains in net interest income offset a decline in fee income, but a recent settlement with the federal government over alleged misconduct at its Wilmington Trust unit weighed on the Buffalo company's overall results.
Burgess, chairman of FirstCapital Bank of Texas, succeeds Dorothy Savarese, of Cape Cod Five Cents Savings Bank in Massachusetts, as chairman of the American Bankers Association.
The embattled company has begun offering cash bonuses to certain customers who open accounts, but at least for now pricey deposit rates would not ensure that customers stick around, executives said Friday.
Wells Fargo took a surprise $1 billion charge in the third quarter for previously disclosed pre-crisis, mortgage-related regulatory investigations. It contributed to a 19% fall in profits.
