Iowa banks reported increases in deposits and loans in the first quarter of 2024, information released by the Federal Deposit Insurance Corp. shows.

“Our nation’s banking industry continued to show resilience as first-quarter earnings bounced back from the prior quarter, which was heavily influenced by a one-time deposit insurance special assessment,” John Sorensen, president and CEO of the Iowa Bankers Association, said in a prepared statement.

In the first quarter that ended March 31, Iowa’s 238 domiciled banks reported:

• $85.1 billion in active loans on their books, an increase of 1.2% from the fourth quarter.  The quality of the loans in the first quarter was strong, as net loan charge-offs were 0.03% of total loans, a slight decrease from the fourth quarter and the same as 2023’s first quarter. The noncurrent percentage of total loans was 0.52%, up slightly from 0.48% in 2023.
• $125.4 billion in assets, a 3.2% increase for 2023’s first quarter.
• $287 million in net income, down 10.9% from 2023’s first quarter. The decline is due to lower net interest margins due to the competitive rate environment, according to a news release.   

Nationally, the number of banks on the FDIC’s “problem bank list” increased to 63, up from 52 in the fourth quarter. Total assets held by problem banks were $82.1 billion, an increase of $15.8 billion from the year prior. Only 1.4% of total banks are considered “problem banks” which is within the normal range, according to the release. There were no bank failures in the first quarter.

To read the entire news release, click here.