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Nebraska banks continue to shatter profit records
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Nebraska banks continue to shatter profit records

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Nebraska's banks continue to crank out quarterly profit records.

Banks based in Nebraska earned $409 million in the second quarter, according to the Federal Deposit Insurance Corp., which shattered the previous quarterly record of $352 million set in the first quarter of this year.

In the first six months of the year, Nebraska banks have earned $761 million, nearly 80% more than in the same period last year. That puts them on track to easily surpass the annual profit record of $1.032 billion set in 2020.

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The second-quarter results in Nebraska were not quite as strong as banks nationwide, which nearly quadrupled their year-over-year earnings, but they were better than the collective results of smaller community banks, which saw their earnings grow only about 29%.

The FDIC said banks boosted their earnings despite lower interest rates thanks to strong economic growth and improved credit quality.

Nearly 78% of the state's banks earned more in the second quarter than they did in the second quarter of 2020, and less than 1.3% failed to make money in the quarter.

The nine banks headquartered in Lincoln collectively earned $58.1 million in the second quarter, a nearly 28% increase over the $45.5 million they earned in the second quarter of 2020.

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Reach the writer at 402-473-2647 or molberding@journalstar.com.

On Twitter @LincolnBizBuzz.

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Business reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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