Industry News

T Rowe Price Group Inc. has reduced the value of its stake in Flipkart Ltd by a fifth, its second cut in four months, reflecting continued investor concerns over the valuations of technology start-ups. The move came ahead of a statement by Flipkart on Friday that it was cutting 300 to 600 additional jobs, after already shrinking its workforce to 30,000 from 33,000 at the start of the year to reduce costs. US-based T. Rowe Price lowered the value..."/>
Flipkart valuation shrinks again; firm reveals job cuts [Mint, New Delhi]
ICICI Bank Ltd, on Friday, reported a 25% year-on-year drop in profits for the April to June quarter, owing to higher provisioning against bad loans. The private sector lender's net profit for the first quarter was at Rs.2232.35 crore, lower than the Rs.2, 976.16 crore reported a year ago. According to a poll of 20 Bloomberg analysts the bank was expected to post a net profit of Rs.2207.70 crore a year ago."/>
ICICI Bank Q1 profit falls 25% to Rs2,232.35 crore [Mint, New Delhi]
First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the First American Loan Application Defect Index for June 2016,..."/>
Loan Application Defect and Fraud Risk Declines Due to Benefits of Low Mortgage Rates, According to First American Loan Application Defect Index
American Financial Group, Inc. and its insurance subsidiaries, and the ratings of National Interstate Corporation and its insurance subsidiaries are unchanged following the July 25, 2016, announcement that an agreement has been reached under which AFG will acquire all shares of NATL not currently owned by AFG’ s subsidiary Great American Insurance Company. Under the terms of the agreement AFG reached with the Special Committee of the..."/>
A.M. Best Comments on Ratings of American Financial Group, Inc. and National Interstate Corporation Following Announcement of Merger Agreement
German American Bancorp, Inc., will be presenting at the Keefe Bruyette& Woods 2016 Community Bank Investor Conference which will be held August 2 nd and 3 rd in New York City.. Mark A Schroeder, Chairman and Chief Executive Officer of German American, together with Bradley M. Rust, Executive Vice President and Chief Financial Officer, will present the Company's business strategy and financial performance at 2:00 p.m. EDT, on Tuesday, August 2 nd."/>
German American Bancorp, Inc. to Present at KBW Community Bank Investor Conference
James River Group Holdings, Ltd. announced today that the A.M. Best Company upgraded the financial strength ratings of its subsidiary insurance and reinsurance companies to“ A” from“ A-”.. In a news release announcing its decision to upgrade James River’ s subsidiary insurance and reinsurance companies’ financial strength ratings, A.M."/>
James River Group Holdings, Ltd. (NASDAQ: “JRVR”) Upgraded to “A” by A.M. Best
Northway Financial, Inc., the parent company of Northway Bank, today reported net income for the quarter ended June 30, 2016 of $1.5 MM, or $0.56 per basic common share. Year-to-date, the Company reported net income of $3.1 MM, or $1.12 per basic common share. President and Chief Executive Officer, William J. Woodward, stated, "We are pleased to report that our level of nonperforming loans continues to decline, a reflection of our efforts to resolve our problem..."/>
Northway Financial, Inc. Announces Second Quarter Earnings
Nasdaq MarketSite in Times Square to celebrate the first decade of the Baltic Market Awards, and the company’ s special nomination as a "Top Performer Over 10 Years,” for displaying the greatest increase in share price and BMA ranking in the last 10 years. In honor of the occasion, Velerijs Maligins, Chief Executive Offer, will ring the Closing Bell. Where: Nasdaq MarketSite– 4..."/>
OlainFarm to Ring The Nasdaq Stock Market Closing Bell
Nasdaq MarketSite in Times Square. In honor of the occasion, Rodney Hershberger, CEO and Chairman of the Board, will ring the Opening Bell. Where: Nasdaq MarketSite– 4 Times Square– 43 rd& Broadway– Broadcast Studio."/>
PGT, Inc. (Nasdaq: PGTI) to Ring The Nasdaq Stock Market Opening Bell
Middleburg Financial Corporation, today announced record net income of $2.65 million, or $0.37 per diluted share, for the quarter ended June 30, 2016.. Second quarter 2016 highlights include:. Net income for the quarter increased by 29.10% to $2.65 million, or $0.37 per diluted share, compared to $2.06 million, or $0.29 per diluted share, for the previous quarter and by 16.36%, compared to $2.28 million, or $0.32 per diluted share, for the same..."/>
Middleburg Financial Corporation Announces Record Net Income For Second Quarter 2016
State Bank of India on Friday said that it will reduce its marginal cost lending rate-- the benchmark lending rate at which banks lend to new borrowers--by 5 basis points across maturities, effective 1 August. A basis point is one-hundredth of a percentage point, or 0.01%. In a statement on its website, India's largest lender said that, starting Monday, it will be reducing its one-year MCLR to 9.1%, from the current rate of 9.15%."/>
SBI to lower MCLR by 5 bps from 1 August [Mint, New Delhi]
Columbia Banking System, Inc. has declared a quarterly cash dividend of USD0.20 per common share, and per common share equivalent for holders of preferred stock, the company said. The dividends will be paid on August 24, 2016 to shareholders of record as of the close of business on August 10, 2016. This is a five percent increase from the USD0.19 regular cash dividend paid during the second quarter 2016 and an 11 percent increase from the USD0.18 paid during the first quarter 2016.."/>
Columbia Banking increases regular cash dividend
IBERIABANK Corporation, holding company of the 129- year-old IBERIABANK has reported income available to common shareholders of USD50.0 million, the company said. During the second quarter, the company said it continued to reduce energy related exposures as a result of reduced commitments, increased levels of loan pay-downs, and charge-offs of specific energy-related credits. Energy-related loans decreased USD70 million, or 10 percent, between March 31, 2016 and June 30,..."/>
IBERIABANK reports Q2 2016 net income of USD50m
Arrow Financial Corporation has declared a quarterly cash dividend of USD0.25 per share, the company said. The dividend is payable September 15, 2016, to shareholders of record September 2, 2016. This represents an increase of two percent over the cash dividend paid in the third quarter of 2015.."/>
Arrow Financial declares cash dividend
First Financial Bancorp. has declared a quarterly cash dividend of USD0.16 per common share, the company said. The dividend is payable on October 3, 2016 to shareholders of record as of September 2, 2016.. First Financial Bancorp is a Cincinnati, Ohio-based bank holding company with USD8.3 billion in assets, The company's subsidiary, First Financial Bank, N.A. provides banking and financial services products through five lines of business: commercial,..."/>
First Financial Bancorp. declares quarterly cash dividend
Central Pacific Financial Corp. has reported net income for the second quarter of 2016 of USD12.1 million, compared to net income in the second quarter of 2015 of USD12.3 million, and net income in the first quarter of 2016 of USD11.2 million, the company said. During the second quarter of 2016, the company repurchased 259,200 shares of common stock at a total cost of USD5.8 million. During the six months ended June 30, 2016, the company repurchased a total of 492,922 shares of..."/>
Central Pacific Financial reports USD12m Q2 2016 net income
BancorpSouth, Inc. has declared a quarterly cash dividend of USD0.125 per common share, representing an increase of USD0.025 per common share, or 25 percent, compared to its most recent dividend of USD0.10 paid on July 1, 2016, the company said. The dividend is payable October 3, 2016 to shareholders of record at the close of business on September 15, 2016.. BancorpSouth, Inc. is a financial holding company of BancorpSouth Bank, headquartered in Tupelo,..."/>
BancorpSouth increases quarterly dividend
Ohio Valley Banc Corp. has reported consolidated net income for the quarter ended June 30, 2016, of USD1, 706,000, an increase of 21 percent from the USD1, 410,000 earned for the second quarter of 2015, the company said. For the six months ended June 30, 2016, net income totaled USD4, 538,000, a 9.9 percent decrease from net income of USD5, 034,000 for the six months ended June 30, 2015.. Return on average assets and return on average equity were 1.05 percent and 9.88 percent,..."/>
Ohio Valley Banc reports Q2 2016 net income of USD1.7m
Comerica Bank's Michigan Economic Activity Index was down 0.6 percentage points in May to a level of 128.3, the company said. May's reading is 54 points, or 73 percent, above the index cyclical low of 74.0. The index averaged 123.7 points for all of 2015, five and four-fifths points above the index average for 2014."/>
Comerica Bank's Michigan index dips in May
Comerica Bank's California Economic Activity Index has improved by 0.1 percentage points in May to a level of 120.6, the company said. May's reading is 37 points, or 43 percent, above the index cyclical low of 84.1. The index averaged 119.8 points for all of 2015, six and two-fifths points above the average for all of 2014."/>
Comerica Bank's California Index improves
FRP Holdings, Inc. anticipates issuing its third quarter earnings results on Tuesday, August 2, 2016. The Company will also host a conference call on Tuesday, August 2, 2016 at 1:00 p.m.. Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-351-6804 domestic or 334-323-7224 international."/>
FRP Holdings, Inc. Announces Release Date For Its 2016 Third Quarter Earnings And Details For The Earnings Conference Call
Associated Banc-Corp has declared a regular quarterly cash dividend of USD0.11 per common share, payable on September 15, 2016, to shareholders of record at the close of business on September 1, 2016, the company said. The board declared a regular quarterly cash dividend of USD0.50 per depositary share on Associated Banc-Corp's 8.00 percent Series B perpetual preferred stock to shareholders of record at the close of business on September 1, 2016, with..."/>
Associated Banc-Corp declares dividends
Seacoast Banking Corporation of Florida has appointed Tim Huval, senior vice president, chief human resources officer, Humana Inc., to its board of directors, the company said. Earlier this year, Seacoast announced that Huval, together with Herb Lurie, senior advisor, Guggenheim Securities, had been selected as directors. Seacoast Banking Corporation of Florida is a community bank with approximately USD3.5 billion in assets and approximately USD2.8 billion in deposits as of..."/>
Seacoast Bank appoints new director to board
Bay Banks of Virginia, Inc. has reported earnings of USD586, 000 for the quarter ended June 30, 2016 compared to earnings of USD294, 000 for the same quarter in 2015, the company said. Earnings for the six months ended June 30, 2016 were USD1.1 million compared to USD675, 000 for the same period in 2015.. Net interest income increased by 1.4 percent, or USD47, 000, on a linked-quarter basis and increased by 7.9 percent, or USD257, 000, compared to the second quarter of 2015.."/>
Bay Banks of Virginia reports USD586,000 in Q2 2016 earnings

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