Buoyed by strong loan growth, North Jersey Community Bank earned a record $1.5 million in the first quarter, up nearly 175% from the same period last year.
The six-year-old, privately held bank said Monday that total loans increased 29% year-over-year, to $525 million, and that assets rose 21%, to $631 million. Book value per-share increased 15.8%, to $15.76, also an all-time high.
North Jersey has seven branches in Bergen and Hudson counties.
A new analysis from the White House's Council of Economic Advisers says the banking industry's fears about deposit flight are overstated. Experts familiar with the banking industry's concerns say the report's conclusions are beside the point.
The card brand introduced tech for businesses to tap agentic AI, while Revolut counters Italy's accusations of inaccurate marketing. That and more in the American Banker global payments and fintech roundup.
The Treasury Department Wednesday proposed a set of rules that would require stablecoin issuers to abide by risk-based anti-money-laundering programs similar to those that banks must employ, as well as secondary market monitoring and independent testing by issuers.
Closing its Brex acquisition adds a corporate-focused fintech and new agentic commerce tools to an already considerable consumer payments division.
American Banker data found that those who upped artificial intelligence spending by more than 25% in the last year saw major improvements in employee output.
A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.
