More than 95 percent of banks in Oklahoma were profitable during the second quarter of the year and the state's financial institutions remain some of the strongest in the country, according to data from the Federal Reserve Bank of Kansas City and Federal Deposit Insurance Corp.
Only 2.36 percent of commercial banks in the state were not profitable at the end of June compared to 3.42 percent of banks the same period a year ago, according to a report released by the Federal Reserve this week. The report also shows that commercial banks in the state grew their assets from $77.6 billion at the end of June 2012 to $80.5 billion in June 2013. Problem assets at banks in the state fell slightly to $1.17 billion at the end of June from $1.24 billion in June 2013.
Oklahoma's banks are on pace to have their most profitable year on record, which reflects the state's strong economy, said Roger Beverage, president and CEO of the Oklahoma Bankers Association.
“Oklahoma banks started out in the Great Recession ahead of everyone else in a better position from a capital standpoint,” he said. “The quality of loans were quite good and Oklahoma's economy was and continues to do quite well, which are some of the factors that make Oklahoma banks very strong by comparison to other states.”