Georgia Banks Post Third Consecutive Profitable Year
Press release from the issuing company
Thursday, February 27th, 2014
Georgia’s 223 state-based FDIC insured banks earned $2 billion during 2013, the third consecutive positive year for earnings since the worst of the economic downturn. In the fourth quarter 2013, the state’s banks earned $554 million. Total loans for the year were up by $3.8 billion, and other performance highlights include more banks that were profitable and more people and businesses able to make loan payments on time.
“The profitability of Georgia’s banks has improved in lockstep with the steadily improving economy. And, it is encouraging to see that loans grew and family and business finances continue to get stronger. These are all positive signs for our state and our banking industry,” said Joe Brannen, president and CEO of the Georgia Bankers Association.
Here are some of the positive trends from the results:
- 2013 was the third profitable year for the industry statewide coming off the worst of the downturn. Georgia’s banks earned $2 billion for the year.
- Fourth-quarter net income was $554 million.
- More banks were profitable for the year, 85 percent, compared to 74 percent in 2012.
- Total loans in 2013 were up by $3.8 billion, a 2 percent increase over 2012.
- Noncurrent loans declined for a 15th consecutive quarter and are below national average, a sign that customer finances continue to improve.
- Net charge offs in 2013 were down by $1.7 billion (60.6 percent) compared to 2012.
