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FDIC: Bank profits up in Q1

Pennsylvania’s banks earned $385 million in the first quarter of 2013, according to Federal Deposit Insurance Corp. numbers released Wednesday.

That’s up 2.67 percent from the same three months in 2012, though down 13.4 percent from the first three months of 2011, the FDIC said. The numbers reflect earnings at 197 institutions this year, down from 204 in 2012 and 215 in 2011, the agency said.
Nationwide, banks earned $40.3 billion in the first quarter of 2013, up 15.8 percent from a year ago, the FDIC said. It was the 15th consecutive quarter showing a year-on-year increase in profit.
Asset quality improved, and the number of noncurrent loans dropped to the lowest level since 2008, the FDIC said.
The report “shows further progress in the recovery that has been underway in the banking industry for more than three years,” FDIC Chairman Martin Gruenberg said in a statement.
However, tight margins and slow growth incentivize institutions “to reach for yield, which is a matter of ongoing supervisory attention,” he cautioned.

Tim Stuhldreher

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