Finance

The Tulsa, Okla., company also benefited from higher interest and fee revenue while keeping expenses under control.

The New York company also reported a wider net interest margin and lower noninterest expenses.

Profits at the Dallas lender plunged as it slashed originations and edged up the credit spectrum.

The era of exceptionally strong loan performance in the credit card business has come to an end, and the Riverwoods, Ill., firm is feeling the effects.

Most of the delinquencies and chargeoffs were in the bank’s credit card and auto loan portfolios

Northwest, which produced lackuster first-quarter results, said it will close all 44 offices of Northwest Consumer Discount Co. by mid-July. The unit’s loans will be transferred to Northwest’s bank for servicing and collections.

Growth outside of its residential mortgage business contributed to Flagstar Bank beating first-quarter earnings estimates, company executives said.

The results handily beat estimates as the company benefited from CEO Ellen Alemany’s ongoing effort to shed businesses and simplify operations.

The West Virginia company sold the mortgages to Residential Funding and ResCap Liquidating Trust between 2003 and 2007.

Fannie Mae has made three selling guide changes aimed at helping the growing number of borrowers with student debt qualify for home loans, and may begin testing similar proposals related to this goal.

Merger-related expenses cut into the Pittsburgh company's earnings, though management is excited about growth opportunities in North Carolina.

Double-digit gains in assets under management and administration and higher interest rates more than offset rising expenses.

The Cincinnati company’s 1Q profits were hurt as it scaled back in key consumer and commercial credits, paid higher severance and saw fee income fall.

The Florida company relied on loan growth and loan sales to offset higher expenses and ongoing issues in its taxi medallion lending operations.

Sierra will pay $36 million for the parent of the $257 million-asset Ojai Community Bank in a deal that should close by the end of this year.

Payments and financial services technology are still stuck in yesteryear, chained to paper and dangerously prone to fraud, according to Matt Streisfeld, a principal at Oak HC/FT.

Monetary policy was intended to act as an accelerant for an economy in recession, and did in fact accomplish that goal early on; however, its benefits have waned, if not reversed, over time.

Zions beat expectations on several bits of good news, but it reported about $30 million of chargeoffs tied to a single commercial borrower.

Quarterly earnings at the Wayzata, Minn., company fell as gains from the sale of auto loans continued to slide.

The California company's credit issues eased some in the first quarter, though earnings were down from a year earlier due to charges tied to cost cutting and reductions in three loan categories.