Maryland bank earnings drop 11 percent in the first quarter
Maryland banks earned a combined profit of $47 million in the first quarter, dropping 11 percent from a year before.
The profit was down from $53 million in the first three months of 2013, according to a report from the Federal Deposit Insurance Corp.
Through mergers and acquisitions, the number of FDIC-insured banks in the state dropped from 80 a year ago to 72 as of March 31. The number of full-time equivalent employees fell from 7,171 a year ago to 6,690.
Total assets in the first quarter were $32.6 billion, a 3 percent decline from $33.6 billion in the same period last year.
Loans and leases among state banks reached nearly $23 billion, up from $22.7 billion.
Total deposits dropped nearly 4 percent from $27.5 billion to $26.5 billion.
Nationally, banks in the first quarter reported a profit of $37.2 billion, down 7 percent from earnings of $40.3 billion a year before.
Still, 54 percent of the 6,730 insured institutions had year-over-year growth in quarterly earnings.
'Asset quality continues to improve, loan balances are trending up, fewer institutions are unprofitable, and the number of problem banks continues to decline.' Martin J. Gruenberg, chairman of the FDIC, said in a statement. 'However, industry revenue has been affected by narrow margins, modest loan growth, and a decline in noninterest income as higher interest rates have reduced mortgage-related activity and trading income fell.'
The number of banks on the FDIC's 'Problem List' declined from 467 to 411 during the quarter.
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