Financial institutions in Georgia earned $764 million during the first quarter of 2017, up 6.2 percent over the same period in 2016, according to the Georgia Bankers Association (GBA).
GBA also reported that 97 percent of Georgia’s 181 FDIC-insured banks were profitable in first quarter, up 5 percentage points from same quarter 2016. This is slightly above the national percentage, which is 96 percent according to the Federal Deposit Insurance Corporation.
Further, loan growth was up 2.4 percent to $219 billion., while deposits hit a record of 253.7 billion, up 4.2 percent. Also, total assets were at $306.7 billion, up 4 percent from the previous year.
The average net interest margin for Georgia’s banks and several credit-quality metrics also are better than national averages. In addition, credit quality remained very good and capital levels remain good, the GBA said.
“These are all indicators that Georgia’s family and business finances continue to be stable, and the economy continues to support a healthy banking sector,” Joe Brannen, GBA president and CEO, said.
The Georgia Bankers Association promotes the general welfare and usefulness of banking and the preservation of a sound banking system. For 125 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.