Georgia’s financial institutions that are FDIC insured earned $661.1 million during the first quarter, according to the Federal Deposit Insurance Corporation.
This represents an increase of more than $71 million more than they did in the same quarter of 2014.
Here are other pertinent facts the FDIC shared:
- For the quarter, 62.9 percent of the state’s banks posted increased earnings for the quarter, and 86.8 percent were profitable overall.
- The percentage of unprofitable banks was 13.2, compared with 14.2 in the third quarter of 2013.
- The banks now employ 43,447 compared to the 43,788 who were employed in the first quarter of 2014.
- Assets hit heir highest level since 2008 at $279.5 billion, up from $271.5 in the first quarter of 2014.
- Deposits rose to a record level of $230.8 billion, up from $217.6 billion in the first quarter of 2014.
“The Georgia banking industry had a good first quarter, and that tracked alongside the generally improving state economy,” said Joe Bennan, president and CEO of the Georgia Bankers Association, said in a statement.
“Our state’s banks grew loans, deposits and assets, and there are a low number of past-due loans. These are all encouraging signs for Georgia. The deposit number is particularly telling. That should be a good signal to businesses and families that Georgia banks are in a good position to make all sorts of loans to qualified borrowers. Interest rates are still low, so it’s a great time to borrow for business growth or family needs.”