A new federal report on third quarter activity in Iowa’s state-chartered banks shows an increase in deposits and loan activity.
The report comes from the Federal Deposit Insurance Corporation and it’s about banks incorporated under a State of Iowa permit called a “charter.” State-chartered banks in Iowa made more than $60 billion worth of loans in the third quarter. That’s a nearly six percent increase and the president of the Iowa Bankers Association says that pace of loan-making is ahead of the rest of the country.
Fewer than one percent of the loans in state-chartered banks were “non-current” — meaning the customer was behind in making payments. Total deposits at state-chartered banks increased nearly four percent during the third quarter compared to the same period a year ago.
On September 30, Iowa-chartered banks had more than $85 billion in assets. The latest data from Iowa Division of Banking shows there were 276 state-chartered banks in Iowa in 2017. About 300 other commercial banks were doing business in Iowa, under different regulations.