Lower loan loss provisions helped bolster profits at Minnesota’s community banks last year, with earnings reaching their highest point since 2007.
Year-end profits jumped by half to $603 million in 2012, according to fourth-quarter numbers out Tuesday by the Federal Deposit Insurance Corp. (FDIC).
The FDIC report shows continuing improvement among the state’s 350-plus community banks. It’s the 11th consecutive quarter that combined profits have increased.
About 73 percent of the Minnesota’s community banks saw their profits increase year over year, up from 71 percent of banks at the end of 2011.
The FDIC state banking performance summary excludes the state’s largest banks, such as Wells Fargo & Co., which are chartered elsewhere.
To see how your bank is doing, go to the searchable data on the fourth-quarter performance of individual banks in Minnesota at www.startribune.com/bank scorecard.