By ROBERT DAVIS
Federally insured banks saw a slight year-over-year increase in their home-equity assets during the second quarter of 2023. The non-current rate on those holdings is far lower at community banks.
The 4,645 institutions insured by the Federal Deposit Insurance Corp. reported more than $269.1 billion in home-equity assets, representing an 0.9% increase from a year ago, according to the latest FDIC Quarterly Banking Profile.
The 4,198 community banks saw their home-equity assets grow 5.5% year-over-year from $42 billion in the second quarter of 2022 to more than $44.4 billion in 2023.
Bank delinquency on home-equity loans was 0.48% for all institutions. Community banks had a non-current rate of 0.42% compared to 0.39% the prior quarter.
Banks’ combined net income was $70.8 billion, reflecting a decrease of 11.3% from the first quarter and an increase of roughly 10% year-over-year.
Aggregate bank employment was 2.114 million people, growing slightly from 2.1 million a year ago.
Robert Davis is a freelance housing market reporter for Home Equity Lending News. Over the past decade, his work has been featured in publications that include Business Insider. Robert obtained a Master of Science degree in Journalism from New York University. Reach him at [email protected].