Loan trouble smack Iowa banks
June 12, 2009
By MoneyAisle
According to the Des Moines register, in a 15 year low for the industry, over 2% of the banks in Iowa had nonperforming loans, which are used as indicators of the health of a bank.
According to John Sorensen, president of the Iowa Bankers Association, “The residential loans led us into these difficult times. The follow on to that are commercial real estate loans.”
“The first-quarter report showed mixed results for Iowa banks: Their income fell and more banks were unprofitable, although the state’s banks did better than peers nationally. Deposits and lending increased from a year ago.”