Upbeat report on Iowa banks
Friday, June 08, 2012 7:00 AM
Iowa banks reported aggregate gains in all key performance measures in the year ending March 31, the Federal Deposit Insurance Corp. (FDIC) reported. The state’s 343 banks recorded total net income of $220 million, up from $164 million a year ago, and reported a return on assets of 1.27 percent, up from 0.99 percent. Nearly 75 percent of Iowa banks reported a gain in earnings. According to the report, Iowa banks continued to shed problem loans. Overall loan volume increased slightly over the year, to $42.2 billion from $42.1 billion a year ago, but dropped as a percent of assets. Nationally, FDIC-insured banks and savings institutions reported an aggregate profit of $35.3 billion in the first quarter, a $6.6 billion improvement from the first quarter of 2011. Loan balances declined by $56.3 billion (0.8 percent) after three consecutive quarterly increases.