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Troubled Banks Rise, Delinquency Doubles

FDIC 2nd quarter banking profile

August 26, 2008

By staff

Bank earnings fell as the number of troubled institutions rose, delinquency doubled and the sector consolidated.

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation held $2.154 trillion in 1- to 4-family residential mortgage assets in the second quarter, down from $2.216 trillion in the first quarter and in the second quarter 2007, according to FDIC's Quarterly Banking Profile. Home-equity lines-of-credit were $0.647 trillion, rising from $0.625 trillion.

Total delinquency, which includes noncurrent mortgages and 30- to 90-day delinquent loans, amounted to 4.29 percent on all loans secured by real estate as of June 30, higher than 3.80 percent in the first quarter and more than double the 2.03 percent a year earlier.

Home-equity loan delinquency was 2.36 percent, climbing from 2.24 percent on March 31 and 1.22 percent a year earlier.

Insured banks earned $5.0 billion in the second quarter, the statement said. Earnings tumbled from $19.3 billion during the first quarter and $36.8 billion a year prior.

The latest period represented the second worst quarter for the sector since 1991.

The number of institutions reporting fell to 8,451 from 8,494 in the first quarter and 8,614 during the second quarter 2007.

As 24 new bank charters were added in the latest period, 64 existing charters were merged into other institutions and another two failed.

Problem institutions rose to 117 in the second quarter from 90 in the first quarter.

Employment at reporting institutions was 2.2 million on June 30, not much different than three months earlier or 12 months earlier.

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