Western Alliance (WAL) in Phoenix reported a drop in quarterly profits largely because of debt valuation adjustments.

Prosperity Bancshares (PB) in Houston, riding its recent wave of acquisitions, posted higher quarterly profit.

First Niagara Financial Group (FNFG) in Buffalo, N.Y., met quarterly estimates and announced a plan to invest heavily in technological improvements as it moves beyond its recent phase of rapid growth.

Washington Federal (WAFD) in Seattle has agreed to buy 23 Bank of America (BAC) branches in Arizona and Nevada.

City National Corporation (CYN) of Beverly Hills, Calif., posted net income of $55.1 million for the fourth quarter, up 17% from the same quarter a year earlier.

The $214 million-asset First Federal said in a press release Thursday that it will pay about $4.3 million in stock for the $73.7 million-asset Alpena. The deal is expected to close in the second or third quarter.

BancorpSouth (BXS) in Tupelo, Miss., reported a big jump in profit as credit quality continued to improve.

Perhaps more community banks should think boldly like TriCo Bancshares. The small California bank's deal to buy another rural lender, North Valley Bancorp, could give it the scale it needs to knock heads with Wells Fargo and B of A, its execs say.

Columbia Banking System (COLB) in Tacoma, Wash., reported higher quarterly earnings buoyed by last year's purchase of West Coast Bancorp in Lake Oswego, Ore.

Barkocy, research director of Mendon Capital Advisors, salutes his mentors and confesses a soft spot for small banks as he prepares to wrap up a career that lasted nearly five decades.

PacWest Bancorp (PACW) of Los Angeles reported a steep decline in quarterly earnings after it took a large charge tied to stock awards.

Alemany, who stepped down as head of RBS Citizens Financial Group in October, will serve as a director and audit committee member at business lender CIT Group.

BankUnited (BKU) in Miami Lakes, Fla., reported quarterly earnings that were in line with Wall Street expectations.

Susquehanna Bancshares (SUSQ) in Lititz, Pa., reported a profit of $41.3 million in the fourth quarter, down 4.4% from a year earlier.

First Financial Bancorp (FFBC) in Cincinnati warned that it will take a hit to fourth-quarter earnings because of a $22.4 million valuation adjustment to its indemnification asset from the Federal Deposit Insurance Corp.

HomeTrust Bancshares (HTBI) in Asheville, N.C., has agreed to buy Jefferson Bancshares (JFBI) in Morristown, Tenn.

BancorpSouth (BXS) in Tupelo, Miss., is making to most out of its return to bank acquisitions.

Leading indicators are still so-so, but normally bearish U.S. Bancorp CEO Richard Davis predicts more loan demand in the second half based on his conversations with customers, who he says want to "get things moving."

Univest Corp. of Pennsylvania (UVSP) in Souderton reported lower fourth-quarter profit after an acquisition led to higher expenses.

Flock Specialty Finance, a financing company for middle market debt buyers and collection agencies, announces the recapitalization of Velocity Portfolio Group Inc., a debt buyer based in Wall, N.J.