FDIC Chairwoman Jelena McWilliams said that the FDIC’s latest Quarterly Banking Profile shows that the annual rate of loan growth at community banks was 6.6% in the first quarter, stronger than the overall industry.
McWilliams noted loan growth was led by commercial real estate loans, residential mortgages, and commercial-and-industrial loans. Net income at community banks also surpassed the overall industry, growing by 10.1% from a year earlier.
She concluded: “Supporting this segment of the banking system is paramount. Community banks in the U.S. are intertwined in a symbiotic relationship with their communities: if those communities do not do well, neither will their community banks.”