Coral Gables, Florida, September 15, 2021 Coral Gables, FL: BauerFinancial, Inc., the nation’s premier Bank and Credit Union rating firm, has completed its analysis of second quarter 2021 data. All star-ratings are now updated at bauerfinancial.com to reflect the changes. After a year of surging deposits and lackluster loan demand, the tides are beginning to turn.
Deposits are still growing, but the growth has slowed considerably since the early days of the pandemic. What’s more exciting is that loan demand is picking up. And consumers are leading the charge. No longer obsessed with paying down debt, U.S. consumers are confident enough to take on new debt. Credit card and auto loan balances increased by 4.1% and 3.8%, respectively at our nation’s banks in the second quarter. All loans to individuals were up 3.1% from a year earlier.
“That may not seem like a lot,” notes Karen L. Dorway, president of BauerFinancial, “but after the year we just witnessed, we’ll take it. The only way to effectively compete in the interest rate environment banks have been handed is to make more loans. Good Ones! Loans to quality applicants will help the community and help the bank. And I, for one, am happy to see these deposits going to work.”
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Bank and Credit Union data compiled from financial data for the period noted, as reported to federal regulators. The financial data obtained from these sources is consistently reliable, although; the accuracy and completeness of the data cannot be guaranteed by BauerFinancial, Inc. BauerFinancial relies upon this data in its judgment and in rendering its opinion (e.g. determination of star ratings) as well as supplying the data fields incorporated herein. BauerFinancial, Inc. is not a financial advisor; it is an independent bank research firm. BauerFinancial is a registered trademark. Any unauthorized use of its content, logos, name, and/or Star-ratings is forbidden.