Pennsylvania Commerce Bancorp Inc. in Harrisburg said Friday that its first-quarter profits plummeted 45% from a year earlier, to $1.1 million, largely as a result of increased expenses.
Earnings per share plunged 47%, to 17 cents.
Noninterest expenses jumped 18% from a year earlier and 3% from the fourth quarter, to $16.5 million.
Pennsylvania Commerce said its assets increased 8%, to $1.9 billion.
Core deposits rose 11%, to $1.5 billion, and loans rose 20%, to $1 billion.
Whether red or blue, leaders share an affinity for battling fintech giants, as the liberal mayor is pressuring regulators to scuttle Western Union's plan to buy digital transfer Intermex, shortly following PayPal's 'DEI settlement' with the Trump administration.
Prashant Sharma, JPMorgan Payments' executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.
The Office of the Comptroller of the Currency issued a final rule saying that federal law trumps state mandates on interest in escrow accounts for national banks, wading into an ongoing court battle.
The Mortgage Bankers Association now predicts a Federal Reserve rate hike to arrive in 2027, as housing price growth also slows over the next two years.
The company says its mission-driven culture, family-supporting benefits and emphasis on flexibility are key factors.
An analysis of American Banker's 2026 Best Fintechs to Work For finds that workers appreciate flexibility, as well as "meaningful" work.
