The 156 FDIC-insured banks headquartered in Georgia through June 30 reported strong second quarter performance.
According to the latest FDIC data, cumulatively the state’s banks earned $675.4 million during the quarter, an increase of $416.7 million or 161% compared to the same three-month period in 2020. For the first six months of this year, cumulative industry net income was up by $1.3 billion compared to the same period a year ago.
Georgia’s 149 community banks also performed well, with net income up about 41% during the quarter and 46% for the first six months of the year.
“The performance during the first half of 2021 gives a good snapshot of how well Georgia’s banks and the economy rebounded when compared to the effects of the early months of the pandemic last year,” said Joe Brannen, GBA president and CEO. "It’s a good reflection of the resilience of the industry and the ongoing trust and confidence business and families have in our FDIC-insured banks."
Here are some specific highlights of the latest data. GBA’s analysis includes comparative performance of only the banks classified by FDIC as Georgia-based banks as of the end of the second quarter 2021. There are an additional 42 FDIC-insured banks operating in Georgia whose performance numbers are reported in the state in which they’re chartered.
All 156 Georgia-based banks:
- Net income during the quarter of $675.4 million, up 161%.
- Net income for the first six months of $1.4 billion, an increase of $1.3 billion.
- Total assets of $179.8 billion, up 9.3%.
- Total deposits of $156.1 billion, up 13.3%.
- Total loans of $115.8 billion, down slightly by 1.3%.
- Only 0.56% of loans are past due, slightly improved and better than national average of 1%.
- 94% of banks were profitable.
Georgia’s 149 community banks:
- Net income during the quarter of $176.9 million, up 40.6%.
- Net income for the first six months of $350.1 million, up 46.3%.
- Total assets of $57.1 billion, up 14.3%.
- Total deposits of $50.2 billion, up 18.3%.
- Total loans of $33.9 billion, up 1.7%.
- Only 0.68% of loans are past due, slightly improved.
- 93% of banks were profitable.
Founded in September 1892, the Georgia Bankers Association promotes the general welfare and usefulness of banking and the preservation of a sound banking system.