Atlanta, GA, March 01, 2018 --(PR.com
)-- Georgia’s 177 state-based FDIC insured banks earned $3.4 billion in 2017, an increase of 13.7 percent over the previous year. Total deposits, loans and assets all increased during the year.
“In broad terms, Georgia’s economy, families and business had a good 2017 financially, and that’s reflected in the performance of our state’s banking industry. Georgia’s banks were active in lending, they remained trusted protectors of deposits and borrowers were able to meet their obligations. Those factors are always a recipe for good economic and banking results,” said Joe Brannen, president and CEO, Georgia Bankers Association.
Here are the highlights for Georgia-based banks from the FDIC’s announced year-end bank performance results:
Net income of $3.4 billion, up 13.7%
Total assets of $312.3 billion, up 1.92% and at highest level since 2008
Total deposits of $258.4 billion, up 2.6% and are at record levels
Total loans and leases of $223.7 billion, up 1%
92 percent of all Georgia banks were profitable
Net interest margin was up by 3.24 percent and is above national average
Return on assets and return on equity were above national average
Credit quality remained very good, with about 99% of loans being paid on time.
Capital levels remain strong.