Maryland banks saw profits rise 18 percent in the fourth quarter of 2016, in addition to growth in lending and deposits as economic conditions continue to improve.
The state’s 54 federally insured banks reported a $348 million profit in the quarter, compared to $295 million the year before, according to data released Tuesday by the Federal Deposit Insurance Corp.
Deposits rose 7 percent to $31.1 billion from $29 billion a year ago. Total assets grew more than 7 percent to $38.5 billion. Total loans and leases increased 11 percent to $29.8 billion.
Despite the financial growth, consolidation has led to fewer bank employees in the state. The are eight fewer banks in the state, as of Dec. 31, leading to 135 fewer employees. The number of employees dropped from 6,521 to 6,386.
Nationally, federally insured commercial banks and savings institutions reported a $43.7 billion profit in the fourth quarter, up 7.7 percent from $3.1 billion a year earlier. About 59 percent of all banks reported year-over-year growth in quarterly earnings. The number of unprofitable banks in the fourth quarter fell to 8.1 percent from 9.6 percent the year before.
