Today's Banking Pulse
Mortgage refinance demand plunges 18% as rates climb to 6.65%
Refinance applications fell 18% week‑over‑week, dropping to 38% of total mortgage filings—the lowest share since June 2025. The average 30‑year fixed rate rose to 6.65%, while purchase‑loan volume edged down 0.4% and the average loan size hit $473,600.
Also developing:
By the numbers: OakNorth acquires Monite to boost business banking
LendingClub Rebrands as Happen Bank, Targeting Mobile-First Consumers
LendingClub Corp announced it will rename LendingClub Bank as Happen Bank, a fully digital bank aimed at mobile‑first customers. The rebrand, set to roll out in summer 2026, signals a shift from a pure lending marketplace to a broader suite of deposit and credit products.
War Risks, Rate Cuts Affect Thai Banks’ Margins
Thai banks posted modest profit growth in Q1 2024, but net interest income (NII) fell sharply as regional war risks and the Bank of Thailand’s rate cuts squeezed margins. Kasikornbank (KBank) reported a net profit of 14.6 billion baht (≈$410 million), up...
KeyCorp to Acquire Clearwater UK, Expanding Middle‑Market Advisory in Europe
KeyCorp announced a definitive agreement to acquire Clearwater Corporate Finance LLP, the UK‑based middle‑market investment‑banking advisory firm. The deal, expected to close in the second half of 2026, gives the Cleveland‑headquartered bank a foothold in Western Europe and broadens its...
Capital One Posts $2.2B Q1 Net Income as Consumer Banking Revenue Jumps 37% YoY
Capital One posted $2.2 billion GAAP net income for Q1 2026 and a 37% year‑over‑year rise in consumer banking revenue, driven by Discover integration and auto‑loan growth. The bank also completed a $4.5 billion Brex acquisition, underscoring a push to expand its commercial‑card...
G
A bit more on the GCC swap line puzzle (why the ask, and why is Bessent apparently keen to say yes to a set of countries with tons of assets) There doesn't seem to be any shortage of good collateral (Treasuries)...
RBI Governor Warns of Short‑Term FX Volatility, Monitors FDI Outflows Amid West Asia Crisis
Reserve Bank of India Governor Sanjay Malhotra warned that the rupee could face heightened short‑term volatility after a 4% slide since March, and said the central bank is closely tracking foreign direct investment outflows. He reiterated that RBI’s forex interventions...
Alogent Gains Federal Reserve Clearance to Directly Exchange X9 Check Images for Banks
Alogent has been authorized by the Federal Reserve to exchange X9 check image files on behalf of banks and credit unions, allowing end‑to‑end check presentment without third‑party processors. The move positions the firm as a core payments‑infrastructure provider as the...
Dime Community Bancshares Inc (DCOM) Q1 2026 Earnings Call Transcript
Dime Community Bancshares reported core earnings per share of $0.79, an 88% year‑over‑year increase, driven by record $124 million total revenue. Core deposits grew $1.2 billion YoY while business loans added $1.075 billion quarter‑over‑quarter, reflecting successful expansion into healthcare, fund finance and other...
Low Code in Financial Services, Part 3: A Practical Example of Internal Workflow Transformation
The article illustrates how banks can replace a traditional, 8‑12‑week custom‑coded request‑intake system with a Power Platform‑based low‑code solution. It contrasts the heavy engineering effort—frontend, backend, integration, testing—with a streamlined, governed extension layer that leverages Power Apps, Power Automate, and...
West Bancorporation Inc (WTBA) Q1 2026 Earnings Call Transcript
West Bancorporation reported a 35% year‑over‑year increase in net income to $32.6 million, despite a $4 million pretax loss from a securities sale aimed at boosting balance‑sheet flexibility. Net interest margin improved to roughly 2.5%, driven by lower deposit costs and higher‑yielding...
Heritage Financial Corp (HFWA) Q1 2026 Earnings Call Transcript
Heritage Financial Corp reported a strong Q1 performance, highlighted by $160.7 million deposit growth—95% of which came from non‑maturity accounts—and a net interest margin rise to 3.44% driven by lower funding costs. Loan balances slipped $37 million due to elevated payoffs, while...
Huntington Bancshares Inc (HBAN) Q1 2026 Earnings Call Transcript
Huntington Bancshares reported 11% revenue growth and 16% adjusted EPS increase in Q1 2026, with loan portfolio expanding 14.4% year‑over‑year and net interest income rising 14% YoY to $86 million. The bank completed Veritex integration in 187 days and is preparing...
Independent Bank Corp (Michigan) (IBCP) Q1 2026 Earnings Call Transcript
Independent Bank Corp posted Q1 2025 net income of $15.6 million, a slight decline from the prior year, while total loans grew 3.4% annualized and commercial loans surged 11% annualized. Core deposits increased modestly, but business deposits fell, and the net...
ConnectOne Bancorp Inc (CNOB) Q1 2026 Earnings Call Transcript
ConnectOne Bancorp reported a strong Q1 2026 performance, with net interest margin climbing to 3.11% and core deposits adding over $600 million. Loan originations topped $465 million, keeping the loan‑to‑deposit ratio under 100%, while credit quality remained solid with nonperforming assets...
Ryder System Inc (R) Q1 2026 Earnings Call Transcript
Independent Bank Corporation reported Q1 2026 net income of $16.9 million, an 8% increase year‑over‑year, while its net interest margin rose to 3.65%, up three basis points. Total deposits grew to $4.9 billion, driven by core retail and commercial inflows, and loan...
Rhinebeck Bancorp Inc (RBKB) Q1 2026 Earnings Call Transcript
Rhinebeck Bancorp (RBKB) posted Q1 2026 net income of $35 million, or $0.94 per share, a 6% sequential rise and 8% YoY increase. Customer deposits surged past $8 billion, delivering $300 million of quarterly inflows and allowing a $200 million reduction in wholesale funding,...
HomeTrust Bancshares Inc (HTB) Q1 2026 Earnings Call Transcript
HomeTrust Bancshares posted a record book value per share of $22.15, up 13% year‑over‑year, and maintained strong capital ratios with CET1 and Tier 1 at 16.7%. Net income reached $118.2 million, delivering a 2.09% return on assets and 16.56% return on tangible...
S&T Bancorp Inc (STBA) Q1 2026 Earnings Call Transcript
S&T Bancorp posted Q1 net income of $34 million, or $0.89 per share, and lifted its net interest margin to 3.99%, the strongest level since 2023. Loan growth accelerated to a 4.5% annualized rate, driven by commercial and industrial as well...
Acme United Corp (ACU) Q1 2026 Earnings Call Transcript
Atlantic Union Bankshares reported Q1 2026 adjusted operating earnings of $126.2 million, with net income of $119.2 million, after fully absorbing the Sandy Spring merger costs. Loan balances rose to $27.9 billion, reflecting 2.2% annualized growth, while deposits slipped slightly to $30.4 billion as brokered...
Byline Bancorp Inc (BY) Q1 2026 Earnings Call Transcript
Byline Bancorp reported Q4 2025 results with net income of $34.5 million and full‑year earnings of $130.1 million, translating to $0.76 and $2.89 per diluted share. Total revenue rose 9.7% year‑over‑year to $446 million, driven by record net interest income of $101 million and...
First Western Financial Inc (MYFW) Q1 2026 Earnings Call Transcript
First Western Financial (MYFW) posted Q2 2025 net income of $2.5 million, down from the prior quarter after one‑time gains in Q1, while pre‑provision net revenue rose 36% year‑over‑year to $5.1 million. Loan balances increased $114 million sequentially, with $167 million of new loan...
WSFS Financial Corp (WSFS) Q1 2026 Earnings Call Transcript
WSFS Financial Corp reported a strong Q1 2026, posting core earnings per share of $1.43, a 29% year‑over‑year increase, and a core ROA of 1.42%. Net interest margin held at 3.83% despite 75 basis points of rate cuts, while fee...
C&F Financial Corp (CFFI) Q1 2026 Earnings Call Transcript
Bread Financial Holdings reported a solid Q1 2026 performance, with credit sales rising 7% to $6.5 billion and loan balances edging higher. Direct‑to‑consumer deposits jumped 10% to $8.7 billion, boosting the funding mix to 78% deposits. Net income reached $181 million, yielding diluted...
Primis Financial Corp (FRST) Q1 2026 Earnings Call Transcript
Primis Financial Corp. posted Q1 2026 earnings of $29.5 million, or $1.20 per share, buoyed by a sale‑leaseback gain and stronger net interest margin. Net interest margin climbed to 3.28% from 2.90% a year earlier, while checking deposits surged 23% to...
Bancorp Inc (TBBK) Q1 2026 Earnings Call Transcript
Banc of California (TBBK) posted first‑quarter 2026 earnings per share of $0.39, a 50% year‑over‑year increase, driven by net interest margin expansion and strong operating leverage. Net interest margin rose to 3.24% and the adjusted efficiency ratio improved by roughly...
Popular Inc (BPOP) Q1 2026 Earnings Call Transcript
Popular Inc. reported a Q1 2020 net income of $34 million, sharply lower than the prior quarter, driven primarily by a $190 million provision for credit losses under the new CECL accounting standard and pandemic‑related economic disruption. Net interest income rose modestly...
Amerant Bancorp Inc (AMTB) Q1 2026 Earnings Call Transcript
Amerant Bancorp reported a sharp contraction in its balance sheet for Q1 2026, with total assets falling to $9.8 billion and deposits slipping 6.2% to $7.8 billion. Net interest margin declined to 3.78% and diluted EPS dropped to $0.07, while the efficiency ratio...
OceanFirst Financial Corp (OCFC) Q1 2026 Earnings Call Transcript
OceanFirst Financial reported Q1 2026 results with diluted GAAP EPS $0.23 and core EPS $0.41. Net interest income rose 5% sequentially and 14% year‑over‑year, driven by $1 billion of loan originations and an 18% annualized loan growth rate. Asset quality stayed...
First Citizens BancShares Inc (Delaware) (FCNCA) Q1 2026 Earnings Call Transcript
First Citizens Bancshares reported solid first‑quarter 2022 results following its January merger with CIT Group. Net interest margin expanded by 17 basis points, while noninterest‑bearing deposits grew $1.2 billion, an annualized 20% increase. Adjusted earnings per share rose to $18.95 versus...
Carter Bankshares Inc (CARE) Q1 2026 Earnings Call Transcript
Carter Bankshares reported Q4 net sales of $925 million, an 8% year‑over‑year increase, but gross margin slipped 460 basis points to 43.2% as tariffs added roughly $40 million in product costs. Adjusted earnings per share fell to $1.90 from $2.39, reflecting the...
The Big Question the Fed-Chair Hearing Leaves Open
Kevin Warsh, a former Fed governor and Trump ally, testified before the Senate Banking Committee, insisting he would act as an independent Fed chair. The hearing highlighted intense scrutiny over his willingness to resist President Trump’s push for lower rates...
Stop Getting Turned Down: The Real Way to Apply for a Small Business Loan
The article outlines a step‑by‑step playbook for entrepreneurs seeking a small business loan, emphasizing that preparation outweighs quick fixes. It stresses personal credit health, separating personal and business finances, and deliberately building a business credit profile with a D‑U‑N‑S number....
Banks Dominate IMBs in Origination and Servicing Satisfaction: JD Power
Preliminary 2026 JD Power data shows banks outpacing independent mortgage banks (IMBs) and non‑banks in both origination and servicing satisfaction. Banks lead by roughly 30 points on origination and 68 points on servicing, a gap that has widened year over year....
Office Loan Woes Bite a Pair of Banks
Washington Trust Bancorp and Bank OZK each moved two office‑related loans to nonaccrual status, sparking sharp share declines. Washington Trust’s nonperforming assets surged to $40.4 million, pushing its NPA ratio to 0.81% and sending the stock down 17% before a modest rebound....
Roosevelt Island Hotel Lender Looks to Claw Back $77M
ACRES Capital is suing AJ Capital and its Graduate hotel fund to recover $76.5 million after the Roosevelt Island Graduate Hotel ceased operations and Cornell University terminated its 65‑year ground lease. The loan, issued in 2022, became fully recourse when the...
Homebuying Advances Into New Era of Credit Score Competition
The Federal Housing Administration, along with Fannie Mae and Freddie Mac, announced they will accept VantageScore 4.0 and FICO 10T as eligible credit models for mortgage underwriting. The move, unveiled by Secretary Scott Turner and FHFA Director William J. Pulte, marks the first...
New York Falafel-Taco Fusion Joint Accuses Visa, Mastercard of Price-Fixing Monopoly over Card Fees
A Westchester restaurant, Falafel Taco, filed a class‑action lawsuit accusing Visa and Mastercard of anticompetitive price‑fixing that inflates interchange fees for merchants. The complaint alleges the card networks have overcharged businesses by billions of dollars since a 2019 settlement, prompting...
Oak Valley Bancorp Reports 1st Quarter Results
Oak Valley Bancorp posted first‑quarter 2026 net income of $5.31 million, or $0.64 per diluted share, down from $6.34 million a quarter earlier. Net interest income slipped to $18.8 million, keeping the net interest margin at 4.12% while operating expenses rose. Total assets...
Is a Private-Credit Crisis Imminent?
Over the past 15 years, private‑credit markets have ballooned, operating largely outside traditional banking oversight. Recent spikes in investor redemptions and a string of fund collapses have raised alarms of a potential credit crunch reminiscent of 2008. While a systemic...
The Big Picture
Regulatory reforms after the 2008 crisis, such as Basel III and the Volcker Rule, increased banks' costs for leveraged lending, prompting a shift of risk to non‑bank lenders. These lenders have built a private‑credit market that ballooned from $158 billion in 2010...
CVB Financial Corp. Reports Earnings for the First Quarter 2026
CVB Financial Corp. posted Q1 2026 net earnings of $51 million, or $0.38 per diluted share, essentially flat year‑over‑year. The bank’s net interest margin improved to 3.44%, up 13 basis points from the prior year, while return on average assets stood...
Credit Risk Transfers Earn Bipartisan Praise
Credit risk transfers (CRTs) received bipartisan endorsement in a House Financial Services Committee hearing, with both Republicans and Democrats highlighting their role in spreading risk across the housing finance system. Lawmakers praised CRTs as a tool for Fannie Mae and Freddie Mac...
SoFi Enters HELOC Market Amid Home Equity Surge
SoFi Technologies announced it will begin direct home‑equity line of credit (HELOC) lending, adding the product to its existing mortgage suite. The move comes as U.S. homeowners hold over $11 trillion in tappable equity and HELOC balances have surged to $433 billion,...
ES Bancshares, Inc. Announces First Quarter 2026 Results; Eighth Consecutive Quarter of Growth in Our Book Value Per Share
ES Bancshares reported Q1 2026 net income of $1.1 million, or $0.16 per diluted share, up from $660 thousand in the prior quarter. Deposits rose $24.1 million, pushing total deposits to $526.7 million, while net interest margin expanded 29 basis points to 3.06%. Book value...
Farmers & Merchants Bancorp, Inc. Reports 2026 First-Quarter Financial Results
Farmers & Merchants Bancorp posted a record first‑quarter net income of $9.6 million, up 37.8% year‑over‑year, driven by a 39‑basis‑point lift in net interest margin to 3.42%. The bank’s efficiency ratio fell to 60.08% and its Tier 1 leverage rose to 9.02%,...
Lake Shore Announces First Quarter 2026 Financial Results
Lake Shore Bancorp reported first‑quarter 2026 net income of $1.9 million, an 82% jump from the same period last year, driven primarily by higher net interest income. The net interest margin rose to 4.02%, up 53 basis points year‑over‑year, while the...
Infinite Unveils 'Infinite Accounts' To Merge Bank and Stablecoin Payments
Infinite announced the launch of Infinite Accounts, dedicated bank accounts that operate on both traditional ACH rails and stablecoin networks. Powered by Erebor Bank, the service lets firms pay contractors, settle cross‑border transactions and manage treasury functions without juggling multiple...
Fannie, Freddie, FHA to Accept VantageScore Immediately
Federal regulators announced that Fannie Mae and Freddie Mac will immediately accept VantageScore 4.0 for mortgage loan purchases, joining HUD's move to allow modern credit measures on FHA‑insured loans. Freddie Mac has already tested $10 million in VantageScore‑based sales, and a consortium...
BoQ Looks to Legacy Decommissioning as Core Consolidation Gains Pace
Bank of Queensland (BoQ) is 80‑85% through moving Me Bank customers to a new Temenos‑based core, with over 300,000 accounts and 70% of its retail base now live on the platform. The bank will begin decommissioning the Me Bank system...
ABA's Ecosystem Strategy to Tackle Fraud
In this episode of the ABA Fraudcast, Rob Nichols and Paul Benda discuss the ABA’s ecosystem‑wide strategy to combat fraud, highlighting insights from recent UN and Financial Stability Board summits. They stress that banks alone cannot protect consumers; social‑media platforms,...