Horizon Bancorp of Michigan City, Ind., said it increased its provision for loan and lease losses by $1.4 million last month, because of deteriorating credit quality in its wholesale mortgage and indirect auto loan portfolios.
The $1.2 billion-asset Horizon said Monday that it expects to report that its fourth-quarter provision more than tripled from the third quarter, to $1.77 million. However, it also expects to report an increase in full-year earnings.
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.
An analysis of American Banker's 2026 Best Places to Work in Fintech finds that workers appreciate flexibility, as well as "meaningful" work.
The company says its mission-driven culture, family-supporting benefits and emphasis on flexibility are key factors.
The 33 companies that made it to this year's Best Places to Work in Fintech list are actively preserving remote work options and non-salary benefit packages.
Sens. Ed Markey and Ron Wyden argue that the Small Business Administration neglected to warn small firms of the risks of merchant cash advances and closed off a key "escape route" from the resulting debts.
In a move seen to bolster his 2028 presidential run, California Governor Gavin Newsom named Rohit Chopra, the former director of the Consumer Financial Protection Bureau, to lead a new oversight agency; a Pine Bluff, Arkansas, bank employee was sentenced to 36 months in federal prison for bank theft; a Fairfax, Virginia, security administrator has been charged with allegedly stealing more than $6.6 million from his employer; and more in this week's banking news roundup.
