Earnings at Georgia’s banks so far this year are up, which may be a barometer of the economy.
Georgia’s 187 state-based banks insured by the Federal Deposit Insurance Corp. earned $2.3 billion during the first nine months of 2016, an increase of 6 percent over the same period of 2015, according to a release from the Georgia Bankers Association. Total deposits, loans and assets all increased from the same quarter in 2015.
“We’re pleased to see continued steady growth in earnings, loans and deposits for Georgia’s banks,” association President/CEO Joe Brannen said in the statement. “The performance of our banks is reflecting the continued positive traction for the state’s economy.”
$248.5 billion Total deposits in Georgia banks
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Highlights for Georgia-based banks from the FDIC’s results include:
▪ 93 percent of banks were profitable through September, up by 5 percentage points compared to the same period in 2015;
▪ Total assets grew by 6.9 percent compared to the third quarter of 2015.
▪ Total assets are at their highest level since 2008.
▪ Total loans of $217.9 billion were up 5.9 percent compared to the third quarter of 2015.
▪ Total deposits of $248.5 billion were up 5.8 percent compared to the third quarter 2015.
▪ Credit quality remains good, with the percentage of noncurrent loans below the national average.
▪ Capital levels across the industry are good.
The Georgia Bankers Association, founded in 1892, promotes the general welfare of banking.