Still, net interest income fell by $7.6 billion, or 5.6%, the sixth straight quarterly decline, and average net interest margin fell to 2.56%.
“Banks remained resilient in fourth quarter 2020, consistent with the improving economic outlook,” the FDIC says.
“We saw steady improvement throughout the [second] quarter as shelter-in-place orders eased and dealers quickly adapted to the COVID environment."
“Our strong [second-quarter] financial performance across our client franchises demonstrates the inherent benefits of our diversified business model."
“We are anticipating deep, severe recession events in western Europe and the U.S. in the second quarter."
"The first two months of 2020 continued the strong momentum we have delivered over the past two years, but we’re now in a different world."
Timothy Ross alleges Nutmeg State Financial Credit Union fired him for trying to expose an "illegal scheme" to boost the CEO's pay.
The industry's first-quarter results were mixed, with loan balances growing at the highest rate since 2009 and operating revenue up 2.7%.
The good times are ending before they had really begun.
