A federal report concludes most Iowa banks were making a profit this fall, and the delinquent loan rate in Iowa banks is about half the national average. The Federal Deposit Insurance Corporation released its third quarter report last week. It found net earnings at Iowa banks increased 24 percent compared to the same period last year.
About 80% of banks in the United States were making a profit during the third quarter, but an even larger proportion of Iowa banks, 92%, were in the profit zone. More than 360 banking institutions in Iowa were included in the F.D.I.C. report.
Those Iowa’s banks had about 43-billion dollars in outstanding loans and leases over the past four quarters according to the Iowa Bankers Association. Just under two percent of the loans in Iowa’s banks are “non-current” meaning they’re delinquent or the folks paying back the loans have fallen behind in making their payments.
That’s about half the national average according to the Iowa Bankers Association. The F.D.I.C. reports Iowa banks are holding about $67-billion in deposits.