Minnesota's community bank profits rise 34 percent through Q3
- November 26, 2013 - 8:41 PM
Profits at Minnesota’s community banks are up 34 percent from a year ago through the third quarter of the year, according to an FDIC report out Tuesday.
Community banks in the state reported combined profits of $528 million through the third quarter of the year, according to the Federal Deposit Insurance Corp. Total combined loan volume, however, slipped about 1.5 percent, as banks continue to wrestle with weak demand for loans.
As a group, profitability continues to make small improvements. The group’s return on assets, a basic benchmark of profitability, was 1.14 percent, up from 1 percent in the previous quarter and the highest level since the end of 2007.
To see how a particular lender is doing, see the Star Tribune’s searchable database of banks at www.startribune.com/bankscorecard.
The Star Tribune updates the database each quarter with the latest numbers from the FDIC, which looks at all FDIC-insured institutions in Minnesota, mostly community banks.
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