Georgia banks earn $2.9 billion last year, up from 2014

Georgia banks earned 13.1 percent more last year than in 2014.

The state's 194 state-based banks insured by the Federal Deposit Insurance Corp. earned $2.9 billion in 2015, an increase over 2014 total earnings, according to a news release. Total deposits, loans and assets all increased over year-end 2014 results.

Total loans of $208.8 billion were up 2.7 percent, the highest level since year-end 2008; total deposits of $239.7 billion were up 6 percent and hit a record level; and total assets of $289.3 billion hit their highest level since 2008. The value of past-due loans decreased 13.9 percent for the year.

"Our state's banks had a productive year in 2015," Joe Brannen, GBA president and CEO, said in the release. "The statewide results show Georgia's banks have lower noncurrent loans, a better average net interest margin and lower amounts set aside for loan losses than the national averages. These are all encouraging signs for our banks and the state economy."

To contact writer Linda S. Morris, call 744-4223, or follow her on Twitter@MidGaBiz.

This story was originally published February 25, 2016 at 10:32 AM with the headline "Georgia banks earn $2.9 billion last year, up from 2014 ."