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Community banks reported net income growth of 28.7% in the second quarter from the same period last year, according to the FDIC's Quarterly Banking Profile.
Latest Numbers: Community banks reported:
Capital: Community bank equity capital grew 3% during the quarter, though the leverage capital ratio declined 13 basis points to 10.14% as growth in average assets outpaced tier 1 capital formation.
Overall Industry: The overall banking industry reported a 281% net income increase from a year ago on further economic growth and improved credit conditions.
Deposit Insurance Fund: The DIF balance rose $1.2 billion from the first quarter to $120.5 billion, and the reserve ratio increased 2 basis points to 1.27%.
Mergers and Openings: During the quarter, three new banks opened, 28 merged with other FDIC-insured institutions, and none failed.
Credit Unions: Separately, the National Credit Union Administration said federally insured credit unions reported 126.8% net income growth in the second quarter from a year ago on growth in other operating income and a decline in loss provisioning.