Strong gains in net interest income offset a decline in fee income, but a recent settlement with the federal government over alleged misconduct at its Wilmington Trust unit weighed on the Buffalo company's overall results.
Net interest margin widened 12 basis points, too. Those lending results offset a decline in fee income at the Minneapolis company, which saw earnings rise 4%.
Quarterly earnings at big five banks could have been worse; Chase to buy WePay, which helps online marketplaces and crowdfunding websites process payments.
PacWest reversed a valuation allowance on tax credits, which helped boost third-quarter earnings. PacWest also expects its deal for CU Bancorp to close this week.
The Dallas company reported strong profits in the third quarter as higher yields on loans and improved cost control more than offset slight declines in loan balances and earning assets.
Third-quarter profits at the Georgia bank rose 52% thanks to doubled-digit growth in consumer lending and the sale of credit card assets it had obtained from the retailer Cabela's.
