Related Links
Harleysville National Corp. in Pennsylvania said second-quarter earnings fell by nearly 24% from a year earlier, to $7.1 million.
The $3.3 billion-asset company chalked up the results to higher funding costs and a rise in nonperforming assets. Harleysville said net interest income decreased 5.1%, and its net interest margin fell 22 basis points, to 2.82%, because deposit rates increased faster than loan rates. Nonperforming assets rose 21 basis points, to 0.57% of total loans.
The embattled Long Island bank unveiled a turnaround plan that involves selling non-core assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
