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Nebraska banks make $285 million in third quarter

Nebraska banks make $285 million in third quarter

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Nebraska's banks had a strong third quarter.

According to the Federal Deposit Insurance Corp., the state's banks collectively earned $285 million during the period. That was actually down slightly from the third quarter of 2018, when the banks earned an all-time quarterly profit record of $286 million.

For the year, profit sits at $824 million, which is $50 million ahead of last year at this time, a year in which state banks made more than $1 billion for the first time ever.

Bank profits nationally declined more than 7% in the third quarter, from $61.9 billion last year to $57.4 billion this year.

The FDIC said that while higher noninterest expense, loan-loss provisions and realized securities losses contributed somewhat to the lower earnings, the drop was largely attributable to one-time events at three large banks, which it did not identify.

FDIC Chairman Jelena McWilliams said in a news release that community banks, which includes all banks based in Nebraska except for one, saw higher net operating revenue and an annual rate of loan growth that exceeded the overall industry.

Community banks as a whole saw their third-quarter earnings increase more than 7% compared with a year ago.

The nine banks headquartered in Lincoln did even better, with a 10% increase in net earnings. The banks earned a combined $48.9 million in the third quarter, up from $44.5 million in the same period a year ago.

Six of the nine Lincoln banks, or 67%, saw earnings increase compared with a year ago. That was higher than the state rate of 58% and the national rate of 62%.

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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