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FDIC Q2 2018 Report Shows $60.2 Billion for Banks
On Thursday, August 23, 2018, the FDIC issued a press release stating FDIC-Insured institutions reported a $60.2 Billion in Second Quarter of 2018. Highlights of the report include:
- Quarterly Net Income Rose 25.1 Percent Over Second Quarter 2017 Income, Led by Higher Net Operating Revenue and a Lower Effective Tax Rate;
- Community Bank Net Income Increased 21.1 Percent from the Second Quarter of 2017;
- Margins Increased as Average Yields Outpaced Growth in Funding Costs;
- Loan Balances Expanded 4.2 Percent from Second Quarter 2017; and
- Noncurrent Loan Rate Declined, While Net Charge-Off Rate Remained Stable.
FDIC Chairman Jelena McWilliams issued a statement on the results of the Q2 2018 Quarterly Banking Profile. She noted net income increased on higher net operating revenue, a lower effective tax rate, an rise in loan balances, and improvements to net interest margins. She also noted the number of “problem banks” dropped to 82, down from 92 the previous quarter, marking the lowest number since Q4 2007.