Americas

United Community Banks (UCBI) in Blairsville, Ga., reported a profit of $8.5 million in the first quarter as lower expenses and 31% jump in fee-based revenues from the prior year more than offset slightly weakening asset quality.

Central Pacific Financial (CPF) said Thursday that first-quarter earnings rose 191% from a year earlier, to $13.5 million, as it reduced nonperforming assets and decreased the amount of chargeoffs.

Sterling Financial (STSA) said after markets closed Wednesday that its first-quarter net income rose 146% from the same period last year, to $13.3 million, due primarily to a growth in loan balances, lower funding costs and improved asset quality.

Buoyed by stronger credit quality and higher mortgage banking income, Lakeland Financial (LKFN) of Warsaw, Ind., reported record first-quarter income of $8.6 million, up 45% from a year earlier.

A surge in mortgage lending combined with improved asset quality and expense control led the embattled First Mariner Bancorp in Baltimore to its first profitable quarter in more than five years for the quarter that ended March 31.

Cullen/Frost Bankers (CFR) in San Antonio posted record profits in the first quarter as strong deposit growth and sharply improved asset quality more than offset a declining net interest margin and a dip in fee income.

Shares of Sun Bancorp (SNBC) plunged early Wednesday after the Vineland, N.J., company reported a wider-than-expected loss in the first quarter due to ongoing weakness in its loan portfolio.

EverBank Financial finally set a price for a planned $225 million capital raise after sitting on its initial public offering for half a year.

PremierWest Bancorp's losses widened in the first quarter as problem loans continued to drag down results as the Medford, Ore., company.

BancorpSouth (BXS) of Tupelo, Miss., is coming off its strongest quarter in two years as improved asset quality and modest growth in fee income more than offset declining loan revenue.