Oklahoma banks post gains in third quarter

Net income at Oklahoma banks increased by almost 50% overall from the second quarter to the third quarter of 2023.

The FDIC’s latest Quarterly Banking Profile, which was released in late November, showed good news for Oklahoma banks from the second to third quarters. After reporting $975 million in profits through the end of the second quarter, Oklahoma commercial banks showed more than $1.4 billion in profits at the end of the third quarter.

It was also an increase from the profit shown at the end of three quarters last year, which stood at just under $1.3 billion.

Oklahoma’s good news didn’t quite echo throughout the country, however, as FDIC-insured banks earned $64 billion in the third quarter of 2023, a decline of $2.4 billion from the second quarter.
In Oklahoma, deposits increased from just a bit above $119 billion to right near $120 billion in third quarter numbers compared to the second quarter. Total assets also showed a slight increase from the second quarter to the third by about $400 million.

Return on assets dropped in the quarter from 1.33% to 1.30%, although it still remained ahead of the 1.22 mark after the third quarter of 2022.

The percent of unprofitable institutions showed a rather marked drop from the second quarter, landing at 3.41% in the third quarter, down from the 5.11% mark in the second quarter. It is, however, still a slight increase over the 2.25% in 2022’s third quarter. Compared to national numbers, however, Oklahoma’s percent of unprofitable insitutions is lower with the national number sitting at 3.58%.

The percent of institutions with earning gains lowered from 69.32% in the second quarter to 59.09% in the third quarter. Even with the decrease, though, the number remained higher than in the third quarter of 2022, which held at 46.63%

You can read the entire Quarterly Banking Profile on the FDIC website at FDIC.gov.