Credit-Loss Provisions Hurt Mass. Banks’ Profitability
Provisions for credit losses more than doubled and net charge-offs – bad debt that will never be recovered – jumped to $67 million from $19 million.
Provisions for credit losses more than doubled and net charge-offs – bad debt that will never be recovered – jumped to $67 million from $19 million.
Amid the ongoing economic effects of the pandemic, Massachusetts bank earnings in 2021 reached record levels, according to FDIC data.
While the economic effects of the Omicron variant remain to be seen, improving economic conditions during the first nine months of 2021 helped drive Massachusetts bank earnings above pre-pandemic levels.
While the economic effects of the Delta variant remain to be seen, improving economic conditions during the first half of 2020 helped drive Massachusetts bank earnings above pre-pandemic levels.
Massachusetts’ FDIC-insured banks saw total assets increase in 2019 while net income trailed 2018.