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Idaho banks report a strong quarter

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The FDIC reported that Idaho banks, such as Idaho Independent Bank, continued to do well during the quarter ending June 30. File photo.

Idaho banks continue to do well, according to statistics from the Federal Deposit Insurance Corp. (FDIC) for the most recent quarter, which ended June 30.

Total assets grew to $6.3 billion, an increase of 2 percent over the previous quarter, and 7 percent over the previous year.

However, the number of people employed in Idaho banks dropped by a percentage point, from 1589 to 1578, compared with the previous quarter. That’s still a 2 percent improvement from a year ago.

Altogether, the 13 banks based in Idaho earned $40 million in the first six months of 2018, noted the Idaho Bankers Association (IBA). Net income for the period was up 54 percent over the same time in 2017. Loans grew by 11.3 percent to $4.29 billion, and deposits increased by 6.9 percent to $5.36 billion during the first half of the year. Net interest margin also improved to 4.37 percent, which is above the national average. For the quarter, the state’s banks earned $21 million, an increase of 58 percent over the second quarter 2017.

Family and business finances remain relatively stable as well, with the amount of noncurrent loans and loans charged off declining, the IBA reported. Nine of 10 loans are being paid on time.

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Trent Wright

“The performance numbers validate what we’re hearing from members — that the economic conditions, in general, remain strong around the state, and that, in turn, leads to improved industrywide bank results,” said Trent Wright, IBA president and CEO.

 

About Sharon Fisher

Sharon Fisher is an Idaho Business Review staff writer, covering financial institutions, technology, and business development. She holds a bachelor of science in computer science from Rensselaer Polytechnic Institute, and a masters in public administration and graduate certificates in geographic informational analysis and in community and regional planning from Boise State University. She likes explaining things and going to meetings. Join me on Twitter at @IBR_SLFisher.