Georgia's banks turn in solid first quarter

·1 min read

May 27—The 156 FDIC-insured banks headquartered in Georgia reported strong first quarter performance as the economy and banking industry continue to recover from the pandemic.

According the latest FDIC data, cumulatively the state's banks earned $715.1 million in the first three months of this year, an increase of $863.6 million compared to the first quarter of 2020. Loans were up 9.2%, deposits increased by 25.3% and total assets grew by 18.8%.

All 156 Georgia-based banks, first quarter 2021 vs first quarter 2020

— Net income of $715.1 million, compared to a loss of $148.6 million.

— Total assets of $177.3 billion, up 18.8%.

— Total deposits of $153.9 billion, up 25.3%.

— Total loans of $117.5 billion, up 9.2%.

— Only 0.6% of loans are past due, slightly improved and better than national average of 1.1%.

— Net charge offs down 47.6%.

— 93% of banks were profitable.

Georgia's 149 community banks, first quarter 2021 vs. first quarter 2020

— Net income of $173.2 million, up 50.3%.

— Total assets of $55.8 billion, up 27.1%.

— Total deposits of $48.9 billion, up 29.9%.

— Total loans of $33.8 billion, up 15.2%.

— Only 0.7% of loans are past due, slightly improved.

— Net charge offs down 96.7%.

— 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.

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