The Georgia Bankers Association reports that Georgia’s 157 FDIC-insured banks closed out 2020 with increased loans, deposits and assets at year-end compared to 2019.

According the latest FDIC data, loans were up 10%, deposits grew by 22%, and assets increased by 17% in 2020. Cumulatively, the state’s banks earned $1.3 billion during the year, which was down 30% from the previous year, but declined less than the 36.5% for banks nationally.

Fourth-quarter performance indicated continued momentum in net income from the effects of the pandemic earlier in the year. Fourth-quarter net income for Georgia-based banks was up by 43% compared to fourth-quarter 2019, and up 37% compared to the prior quarter’s net income. Bank loan customers also showed resiliency, with noncurrent loans decreasing slightly for the year and compared to the prior quarter.

Year-end 2020 vs. year-end 2019

♦ Total loans and leases up 10.5 billion, up 10%.

♦ Total deposits up $27.1 billion, up 22%.

♦ Total assets up $25.4 billion, up 17%.

♦ Net income of $1.3 billion, down $563 million, down 30%.

♦ Noncurrent loans decreased slightly and are about half the national average.

♦ 94% of banks profitable, down only slightly from 95%.

♦ Capital levels remain strong.

Fourth-quarter 2020 vs. fourth-quarter 2019

♦ Net income of $693 million, up 43% compared to same period in 2019.

♦ Noncurrent loans decreased slightly.

Fourth-quarter 2020 vs. third-quarter 2020

♦ Net income up $188.5 million, up 37% compared to third-quarter 2020.

♦ Total deposits grew by about $7 billion, up 5%.

♦ Total loans and leases declined by $3.9 billion, down 3%.

Georgia-based FDIC defined community banks (150 institutions), year-end 2020 vs. year end 2019

♦ Total loans and leases up 17%.

♦ Total deposits up 24%.

♦ Total assets up 24%.

♦ Net income down 1%.

♦ Noncurrent loans down 32%.

Support Local Journalism

Now, more than ever, residents need trustworthy reporting—but good journalism isn’t free. Please support us by purchasing a digital subscription. Your subscription will allow you unlimited access to important local news stories. Our mission is to keep our community informed and we appreciate your support.

0
0
0
0
0

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.