Georgia’s 210 state-based, FDIC-insured banks earned $2.57 billion last year -- the highest amount since 2007.
It was the fourth consecutive positive year for earnings since the worst of the economic downturn, according to a news release from the Georgia Bankers Association.
Total loans of $203.3 billion were at their highest level since 2008, total deposits of $226.1 billion hit a record level and total assets reached their highest level since 2008, the release said.
“Improved family finances and better business conditions go hand-in-hand with better bank performance, and Georgia’s economy was markedly better in 2014 than just a few years ago,” Joe Brannen, president and CEO of the association, said in the release. “We’re encouraged by the steady growth in loans, deposits and total assets at our state’s banks.”
Other positive trends: Net income was up by 26 percent; 87 percent of banks were profitable for the year, up from 83 percent in 2013; total assets grew by 7 percent; total deposits grew by 6 percent; and total loans grew by 6 percent and are at the highest level since the end of 2008.