News Column

Pa. bank profits up in first half of 2014

August 28, 2014

By Gary Haber York, York Daily Record, Pa.



Aug. 28--Pennsylvania banks more than tripled their profit in the first half of 2014 compared with the first six months of 2013, according to figures released Thursday by the Federal Deposit Insurance Corp.

The 192 Pennsylvania banks insured by the FDIC posted combined net income of $948 million in the six months ending June 30. That was up from $293 million in net income the state's 197 FDIC-insured banks posted in the first six months of 2013.

Pennsylvania mirrored the national trend in which banks across the country saw higher profits as loan volume grew and banks did not have to set aside as much money to deal with potential problem loans.

U.S. commercial banks and savings banks had combined net income of $40.2 billion in second quarter 2014, compared with $38.2 billion in second quarter 2013. The number of banks on the FDIC's problem bank list dropped to 354 as of June 30, down from 411 at the start of the quarter.

In Pennsylvania, total loans and leases issued by FDIC-insured banks in the state increased 9.6 percent to $147.8 billion in the second quarter, up from $134.8 billion in second quarter 2013.

Metro Bancorp has second quarter profits

Codorus Valley Bancorp says second-quarter numbers up

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(c)2014 York Daily Record (York, Pa.)

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Source: York Daily Record (PA)


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