OKLAHOMA CITY – The Sooner State has three fewer banks today than it had at this time a year ago, but assets of the survivors have grown by 17.8%.
OKLAHOMA CITY – The Sooner State has three fewer banks today than it had at this time a year ago, but assets of the survivors have grown by 17.8%.
Oklahoma had 201 banks on June 30, 2019, the end of the second quarter, according to the Federal Deposit Insurance Corp. In comparison, the FDIC counted 204 banks operating in Oklahoma at the same time last year. Nevertheless, the total assets of the 201 banks were reported as $132.8 billion, $17.1 billion greater than the $115.7 billion in assets of the 204 banks at the end of the second quarter of 2018.
Of the 201 banks, 72 of them (35.8%) had assets of less than $100 million; 65 (or 32.3% of the institutions) had assets of $250 million to $1 billion; and 52 of them (25.9%) had assets ranging from $100 million to $250 million. Ten banks (5%) reported assets of $1 billion to $10 billion, and two banks have assets valued at greater than $10 billion each.
The current state profile shows that for the second consecutive quarter, Lawton had 13 banks with $1.5 billion in deposits; Oklahoma City, 71 banks with deposits of $30.8 billion; Tulsa, 59 banks with $25.4 billion in deposits; Fort Smith-Arkansas/ Oklahoma, 21 banks holding $4.66 billion in deposits; and Enid, 14 banks with $1.44 billion in total deposits.
In an examination of the quality of assets held by Oklahoma banks, the FDIC found that past-due and non-accrual loans have constituted 1.6% of total loans over the last 10 quarters. Net loan losses inched up from 0.03% in the first quarter of 2019 to 0.05% in the second quarter; still, that’s less than half of the 0.11% rate in 2017 and lower than the 0.09% rate in 2018.
Growth in non-farm employment in Oklahoma during the first half of this year hovered at 0.8%, compared to growth of 1.5% in 2018 and 0.5% in 2017, according to the FDIC. During the second quarter of this year, employment:
• slipped 1.5% in manufacturing, which constituted 8% of the total state labor force.
• grew 4% in non-manufacturing goods-producing, which also accounted for 8% of the workforce; this sector realized 6% growth in the first quarter of this year.
• increased 1% in the private service-providing sector, which comprised 63% of the workforce.
• declined another 0.1% in the government sector, which accounted for 21% of the labor force. Employment in Oklahoma’s public sector fell 0.3% during the first quarter of this year, 0.4% in 2018 and 0.9% in 2017, the FDIC reported.
The overall unemployment rate in Oklahoma, seasonally adjusted, was 3.2% in the second quarter of this year and 3.3% in the first quarter. The state’s jobless rate was 3.4% in 2018 and 4.2% in 2017, FDIC ledgers reflect.