Atlanta, GA, February 28, 2013 --(PR.com
)-- Georgia’s 228 state-based FDIC insured banks earned $2.25 billion in 2012, an increase of $1.7 billion compared to the previous year. Net income for the state’s banks in the fourth quarter of 2012 alone was $1.1 billion compared to $155.8 million in the fourth quarter of 2011.
“It’s good news for everyone -- banks, business and consumers -- to have industry-wide earnings growing for the second full year coming out of the downturn. Georgia’s banks are on much firmer footing, with more reporting profitability, more with increased earnings over last year, more loans being paid on time and charge-offs significantly lower. Those are signs the economy continues its slow but steady improvement, too,” said Joe Brannen, president and CEO, Georgia Bankers Association.
Other full-year highlights for Georgia’s banking industry include:
*Almost 74 percent of the state’s banks were profitable for the year, compared to about 60 percent in 2011.
*75 percent reported increased earnings for the year compared to 62 percent in 2011.
* Deposits were up by $2.7 billion for the year, a 1.3 percent increase.
* Noncurrent loans declined for the 11th consecutive quarter and were at their lowest level since mid-2008.
* Charged-off loans for the year were down by $789.4 million.
* Average capital levels remained extremely high.
About the Georgia Bankers Association: Founded in 1892, the Georgia Bankers Association promotes the general welfare and usefulness of banking and the preservation of a sound banking system. For 121 years, the GBA has provided Georgia’s banks with top-quality professional development, revenue-enhancing products and services, government relations and public advocacy.