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People's United Financial in Bridgeport, Conn., reported higher first-quarter profit on higher lending fees and gains on the sale of loans.

Sandy Spring Bancorp, in Olney, Md., reported an increase in quarterly profit because of an increase in mortgage revenue.

Citigroup faced many of the same earnings headwinds as other large banks — lower revenue and lending — but still surprised observers with a strong first quarter Thursday. Its North American consumer business was a big reason why.

Webster Financial in Waterbury, Conn., reported lower first-quarter profit as costs from adding personnel and an acquisition weighed on results.

Strategic acquisitions in payments and investment banking helped the Cleveland company absorb compressed margins and lackluster results elsewhere. Management also vowed to keep cutting costs, including ongoing efforts to pare back its branch network.

Wintrust Financial in Rosemont, Ill., reported first-quarter earnings of $39.1 million, up 13% from a year earlier, as loans increased and mortgage revenue rose.

Home BancShares in Conway, Ark., reported higher first-quarter profit and assets after it acquired branches and loans from the failed Doral Bank in Puerto Rico.

PacWest Bancorp reported higher quarterly profit, as loan growth and lower expenses offset credit issues in the Los Angeles company's energy portfolio.

First Republic Bank reported higher quarterly profit, though loan growth pushed the San Francisco company above $50 billion in assets.

KeyCorp in Cleveland reported a drop in first-quarter earnings as expenses and its provision for loan losses crept up.

Goldman Sachs Group reported first-quarter earnings that beat analysts' estimates as the firm posted a bigger increase in revenue from trading debt, commodities and currencies than its rivals and the highest merger-advisory revenue since the financial crisis.

Citigroup boosted profit more than analysts estimated after a cost-cutting push helped it weather a slump in trading.

Umpqua Holdings in Portland, Ore., posted lower profit from a quarter earlier, largely reflecting a decline in net interest income.

First-quarter results from U.S. Bancorp and PNC Financial Services Group shows banks have little choice but to wait until the Fed raises interest rates. They have cut expenses almost as far as they can go, and fee income is limited in how much it can offset narrower spread income.

IF Bancorp in Watseka, Ill., has selected the successor for its retiring president and chief executive.

Bank of America reported its best quarterly profit in more than a year, but with revenue declining and expense-reduction slowing, it is unclear where the company can turn to boost earnings. Similar questions are plaguing many banks as the latest earnings season unfolds.

Bank of the Ozarks could raise more capital, especially if a rising number of unfunded loans convert to funded credits. Management is also keeping an eye on credit quality, raising certain standards and selling some syndicated loans.

Boston Private Financial Holdings and its bank have shuffled some key executive posts.

PNC Financial Services Group posted profit that beat analysts' estimates as commercial lending accelerated.

Bank of America Corp., the second-biggest U.S. lender by assets, posted a $3.36 billion first-quarter profit that beat analysts' estimates, as legal costs tumbled.