Fourth District Banking
FDIC-insured commercial banks headquartered in the Fourth Federal Reserve District posted net income of $7.85 billion for the first three quarters of 2004 ($10.46 billion on an annual basis). This suggests that the District is likely to maintain the fast pace of earnings growth set in the first two quarters and that 2004 earnings are apt to match the strong performance of the previous two years. The U.S. banking industry as a whole posted earnings of $88.67 billion for the same period ($118.22 on an annual basis), which will probably take the actual 2004 earnings above the $111.76 billion in 2003.
Suggested citation: “Fourth District Banking,” Federal Reserve Bank of Cleveland, Economic Trends, no. 05-01, pp. 16-17, 01.01.2005.