The ranks of the state’s community banks continue to shrink, but the survivors posted profits of $340 million through the second quarter, up 3.3 percent from a year ago.
The modest increase is a marked difference from the double-digit profit growth last year and speaks to the difficulty many banks face growing revenue. The total loans and leases the banks have outstanding continue to contract, shrinking 1.6 percent through the second quarter, according to the latest report out Thursday by the Federal Deposit Insurance Corp. On the bright side, the declines have generally been narrowing.
The share of banks in the black continues improving, with 93 percent showing a profit, up from about 89 percent a year ago.
The Star Tribune has compiled the FDIC’s latest bank-by-bank performance numbers in a searchable database. Check out how your bank is doing.
The FDIC state banking summary covers the more than 350 community banks in Minnesota, but excludes banks chartered elsewhere including Wells Fargo, U.S. Bank, TCF and BMO Harris.