Statewide Industry Earnings up 54 Percent in First Half of Year
The 13 banks based in Idaho earned $40 million in the first six months of 2018, according to data released by the FDIC Thursday. Net income for the period was up 54 percent over the same time in 2017. Loans grew by 11.3 percent to $4.29 billion, and deposits increased by 6.9 percent to $5.36 billion during the first half of the year. Net interest margin also improved to 4.37 percent, which is above the national average. For the quarter, the state’s banks earned $21 million, an increase of 58 percent over the second quarter 2017. “The performance numbers validate what we’re hearing from members that the economic conditions in general remain strong around the state, and that, in turn, leads to improved industrywide bank results,” said Trent Wright, IBA President and CEO. Family and business finances remain relatively stable as well, with the amount of noncurrent loans and loans charged off declining. Nine of 10 loans are being paid on time. Nationally, increased operating revenues and a lower effective tax rate helped industrywide earnings increase 25.1 percent for the quarter.