Corporate taxes

A coalition of free-market-oriented groups is calling on Senate Finance Committee Chairman Orrin Hatch to rethink his push for a new tax on credit unions.

Several banks suffered fourth-quarter hits when they reduced the value of certain energy investments. Still, renewable energy could remain a viable business thanks to other benefits embedded in the tax law.

Commercial lending and mortgage income surged in the fourth quarter at the West Virginia bank thanks to two acquisitions, but a tax charge cut into profits.

The Chicago custody bank won new fund-administration business and benefited from the acquisition of a UBS asset-management unit. A one-time adjustment tied to the new tax law also provided a boost.

The new tax law took a one-time bite out of fourth-quarter results, but higher rates strengthened yields and new business boosted fee income.

The new tax law led to a nearly $16 million charge at the Pennsylvania bank, but it reported 7% loan growth and an 8% increase in fee income.

The new tax law helped boost fourth-quarter results at SunTrust Banks in Atlanta, while the recent rate hikes led to gains in spread income.

BNY Mellon plowed some of its tax law savings into restructuring efforts.

Tax reform and other regulatory factors could allow Citigroup — and other banks — to maintain high capital levels and strong rewards for shareholders.

The Pittsburgh company got the tax-related boost from an increase in the valuation of its deferred tax liabilities. It was partly offset by several charges.