Saturday, July 13, 2024

Oklahoma banks increase income for third quarter

Net income at Oklahoma banks increased by almost 50% overall from the second quarter to the third quarter of 2022.

The FDIC’s latest Quarterly Banking Profile, which was released in late November, showed good news for Oklahoma banks from the second to third quarters. After reporting $799 million in profits through the end of the second quarter, Oklahoma commercial banks showed nearly $1.3 billion in profits by the end of the third quarter.

It however, was a decrease from the profit shown at the end of three quarters last year, which stood at $1.52 billion.

Overall, throughout the country, FDIC-insured banks earned more than $68 billion in the third quarter of 2021, more than a 50% increase from the $116 billion the industry garnered through the first two quarters of the year.

In Oklahoma, deposits fell from $121 billion to $120 billion in third quarter numbers compared to the second quarter. Total assets also fell from the second quarter to the third, $140 billion to $139 billion.
Return on assets improved in the quarter from 1.13% to 1.23%, although it still lags behind the 1.5% posted in the third quarter of 2021.

The percent of unprofitable institutions remained steady from the second quarter, staying at 2.25% in the third quarter. It is, however, a slight increase over the 2.16% in 2021’s third quarter. Compared to national numbers, however, Oklahoma’s percent of unprofitable insitutions is lower with the national number sitting at 3.13%.

The percent of institutions with earning gains spiked from 35.96% in the second quarter to 46.63% in the third quarter. This marked increase still fell far short of the 75.68% that showed earning gains in the third quarter of 2021.