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Ohio banks see profits increase in first quarter

150px-US-FDIC-Logo.svgA recent report from the FDIC showed that Ohio banks were more profitable during the first quarter, despite a reduced number of financial institutions in the state.

During the first quarter, there were 232 chartered institutions in Ohio, a decrease from 236 from the same period last year.

The number of institutions with assets less than $100 million during the first quarter fell slightly to 77, compared to 80 in the first quarter of last year, and the number of institutions with assets greater than $100 million also saw a slight decrease, from 156 to 155 over the same period.

Ohio institutions reported a net income of $7.8 billion, a 37.5 percent quarter-over-quarter increase from $5.6 billion.

Earning assets increased by $146 billion to reach $2.3 trillion, and the average return on assets rose year-over-year by 29 basis points to reach 1.18, compared with 1.12 nationally during the first quarter.

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