Financial institutions

Profits fell 42% at the Birmingham, Ala., bank because of a $121 million tax charge in the fourth quarter, but net interest income and noninterest income each rose 14%, softening the blow of the one-time tax hit.

The regional bank sold the business, which serves about 90 clients, to a New York commercial finance firm.

The company, which has been actively curbing growth to avoid becoming a systemically important financial institution, reported lower loan balances and reduced fee income after exiting the residential wholesale mortgage business.

The government must continue to provide support for the mortgage market in any new housing finance system, Treasury Secretary Steven Mnuchin said Tuesday.

Consolidation can help community institutions better tackle the many regulatory and financial challenges facing them.

Four financial trade associations sent a letter to Senate leaders touting the regulatory relief bill as "example of how our elected leaders can advance necessary solutions by working together and across the aisle."

The Financial Stability Oversight Council should ignore two recent Treasury Department recommendations regarding the labeling of systemically risky nonbanks.

Kim Manigault, who previously was chief financial officer for the company’s technology and operations organization, will be responsible for ensuring that Key continues to make diversity and inclusion a priority in hiring.

The special round of certification will close on Feb. 16, and credit unions approved for CDFI status will be notified by the end of March.

The Japanese cryptocurrency exchange Coincheck says roughly $400 million of the digital currency NEM was stolen. If banks and others are to invest in the digital-asset industry, it will have to do better.

The Louisiana company recorded charges tied to recently passed tax reform and the purchase of Sabadell United Bank.

Marathon International Bank would target the Ethiopian community with specific advertising and educational programs.

The Texas bank also capitalized on rising rates and a positive adjustment to deferred taxes tied to tax reform in reporting a double-digit gain to profits in the fourth quarter.

The Community Home Lenders Association sent a letter to the Senate Banking Committee on Wednesday laying out its priorities for GSE reform.

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 York company recorded more than $130 million of expenses tied to its October purchase of Astoria Financial.

Three Trump administration nominees faced thorough questioning from the Senate Banking Committee, although Democrats reserved much of their fire for the president’s nominee to the Federal Reserve Board.

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.

An economic correction is long overdue, the Ohio company says in explaining why now is the wrong time for long-term entanglements like mergers.

The Pittsburgh company reported a noisy fourth quarter that included expenses tied to its purchase of Yadkin Financial and a reduction in the value of its deferred tax assets.