Georgia Banks Post Strong Quarter
Online, May 29, 2014 (Newswire.com) - Georgia's 219 state-based FDIC insured banks earned $590 million during the first quarter of 2014, an increase in earnings of 17.3 percent compared to the first quarter 2013. Performance improved in most major categories, as reported by the FDIC.
"The year started off well for our state's banks, and that's such good news," said Joe Brannen, president and CEO of the Georgia Bankers Association. "We like that loan growth was good and there was continued improvement in credit quality. The economy is clearly better than it was a year ago, and the results are even more encouraging when you consider the chilling effect severe winter weather had on business in many areas of Georgia during the first quarter."
Here are some of the positive trends from the results, compared to the same period in 2013:
* Net income increased by 17.3 percent in the first quarter
* 65 percent of the state's banks posted increased earnings, and 86 percent were profitable overall
* Total assets were up by 3.6 percent
* Loans grew by 5.1 percent
* Deposits were up by 3.3 percent
* Noncurrent loans declined for the 16th consecutive quarter
* Net charge offs were down by 55.2 percent.
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 122 years, GBA has been the resource that empowers Georgia's banks, providing effective government relations and public advocacy, a community of professional peers, top-quality education and professional development, and revenue-enhancing products and services.
