Georgias 223 state-based federally insured banks earned $2 billion during 2013, the third consecutive positive year for earnings since the worst of the economic downturn.
In the fourth quarter of 2013, the states Federal Deposit Insurance Corp. insured banks earned $554 million, according to a news release from the Georgia Bankers Association. Total loans for the year were up by $3.8 billion -- a 2 percent increase over 2012. Other performance highlights include that more banks that were profitable and more people and businesses able to make loan payments on time.
The profitability of Georgias banks has improved in lockstep with the steadily improving economy, Joe Brannen, president/CEO of the banking association, said in the release. And, it is encouraging to see that loans grew and family and business finances continue to get stronger. These are all positive signs for our state and our banking industry.