|Statement on the release of second quarter 2020 FDIC numbers from|
Rose Oswald Poels, president/CEO of the Wisconsin Bankers Association
Overall lending increased (10.1%) due to huge growth in commercial loans (41.4%) driven by PPP loans
Clients continue to seek safety and security by increasing their bank deposits (12.6%)
An increase in noncurrent loans and leases (13%) highlights the negative financial effect of COVID-19 on Wisconsin. “Wisconsin banks offered strength and stability for their clients during the coronavirus crisis according to the latest FDIC quarterly numbers.
Deposits soared by 12.6% compared to a year ago as customers sought the safety and security found in building their savings account during uncertain times.
Fueled by Paycheck Protection Program loans (PPP), commercial loan growth, with a 41.4% increase, drove the overall increase in lending in Wisconsin (10.1%). Residential, farmland, and farm loans all experienced a modest decrease, ranging from 1.3% to 1.4% over the same time period.
These trends are reflective of the overall strength and stability of Wisconsin’s banking industry as we navigate the pandemic. Businesses and families continue to leverage that strength to stabilize their quality of life.
Banks continue to prepare for and work through issues caused by the pandemic as illustrated by the 13% increase in noncurrent loans and leases.
While not immune to the negative economic effects of the coronavirus, Wisconsin banks continue to stand ready to serve businesses and families during these unprecedented times.”
|FDIC Reported WI Numbers* 6/30/2020 6/30/2019 Change Net loans and leases 94,729,20286,069,171 10.1% Total deposits 103,618,396 91,990,08512.6% Commercial and industrial loans 20,937,574 14,804,147 41.4% Residential loans 23,620,935 23,927,934 -1.3% Farmland loans 3,535,711 3,587,090 -1.4% Farm loans 4,723,590 4,784,922 -1.3%Total assets 133,058,748 117,414,980 13.3% Noncurrent loans and leases 754,902668,230 13% * dollar figures in thousands|