Georgia’s 183 state-based FDIC insured banks earned $3 billion in 2016, an increase of 4.8 percent over the same period in 2015. Total deposits, loans and assets all increased during the year.
“Georgia’s banking industry had a solid year in 2016 that tracked closely with the growing Georgia economy. Loans are growing, which means people and businesses in our communities are getting funding that goes back into the economy to support more growth. As deposits climb, it reflects increased savings and financial stability for Georgia families,” said Joe Brannen, president and CEO of the Georgia Bankers Association. Here are the highlights for Georgia-based banks from the FDIC’s announced year-end bank performance results:
- Net income of $3.0 billion, up 4.81% over 2015 year-end results
- Total assets of $306.4 billion, up 5.93% and at highest level since 2008
- Total deposits of $251.8 billion, up 5.06% and are at record levels
- Total loans and leases of $221.4 billion, up 6.04% and are at their highest level since 2008
- 93 percent of all Georgia banks were profitable, up 3.3 percentage points
- Credit quality remained very good
- Capital levels remain good.
About the Georgia Bankers Association: Founded in September 1892, the Georgia Bankers Association promotes the general welfare and usefulness of banking and the preservation of a sound banking system. For nearly 125 years now, 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.
