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Fourth District Banking Conditions

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All performance indicators point to a strengthening banking sector in the Fourth Federal Reserve District. Asset quality showed continued signs of improvement in 2004:IQ. Net charge-offs (losses realized on loans and leases currently in default minus recoveries on previously charged-off loans and leases) fell in the first quarter to 0.63% of total loans. Problem assets (nonperforming loans and repossessed real estate) as a percent of loans and leases fell to 0.70% from 0.77% at the end of 2003. The improvement in asset quality for Fourth District banks mirrored that of the overall banking industry, in which net charge-offs and nonperforming loans fell to 0.72% of loans and 0.67% of assets, respectively.

Suggested citation: "Fourth District Banking Conditions," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-08, pp. 17, 08.01.2004.

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