Around 4,614 banks insured by the Federal Deposit Insurance Corp. across America saw a decline in their aggregate net income in the third quarter versus the prior quarter due to lower non-interest income and higher losses on securities.
Connecticut banks saw the pandemic-related deposit surge continue in the fourth quarter, as the year ended with an 18 percent increase in deposits compared to 2019.
Connecticut’s FDIC-insured banks saw their year-to-date net income surge in the first two quarters of 2019 on a year-over-year basis, while the total number of full-time-equivalent employees in the industry dropped slightly.
Community banks had another strong quarter, but the majority of the 5,294 community banks in the U.S. saw declines in noninterest income as the pace of loan growth slowed.
