Banks in state report drop in bad loans for 1Q
Last Updated: 16:33 May 29, 2014
At the same time, banks in the state posted a 32 percent increase in net income year-over-year in the first quarter, from $89 million last year to $118 million this year.
Data from the Federal Deposit Insurance Corp. show that total assets increased by 1.7 percent from $45.3 million to $46.1 million, helped along by a 4 percent increase in total loans, from $24.5 million in the first quarter of 2013 to $25.6 million in the same period this year.
Deposits statewide increased by 2.5 percent during the quarter, from $38.6 million to $39.6 million.
Nationwide, FDIC-insured institutions saw a decrease in net income from $40.3 billion in the first quarter of 2013 to $37.2 million in first quarter of 2014, a 7.6 percent difference.
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