Good news for bank profits in Q2 of 2015.

When the country took an economic downturn, banks were some of the first institutions to feel the blow – and have been one of the last to recover. The latest quarterly earnings report from the Federal Deposit Insurance Corp (FDIC) shows that banks have finally begun to emerge from the Recession. In fact, in Q2 the 6,348 savings associations and banks that the FDIC insures posted profits of $43 billion, a record-breaking high! $43 billion is a 7.3 percent ($2.9 billion) increase over Q2 of 2014. These high numbers are largely being driven by the fact that 59 percent of the FDIC's insured banks and savings associations reported an increase in their quarterly earnings in Q2. Big banks weren't the only ones profiting, either. Community banks' profits grew by 12 percent over Q2 2014. Only a small margin (5.6 percent) of banks were unprofitable; the number of unprofitable banks hit its lowest mark since 2005. The number of banks on the “Problem List” the FDIC maintains also hit record lows as the list fell to 228, it's lowest number in six years. For reference, it hit 888 in Q1 of 2011. What's more, only one bank failed last quarter. Bank revenue growth hasn't stayed in line with asset growth, thanks largely to the historically low interest rates we're now experiencing, so American banks aren't out of the woods just yet. The good news is that if these upward trends continue—as experts say they will—banks should continue to enjoy increasing profits. As banks become more profitable (i.e. secure), getting the financing you need to take on your next construction project becomes easier. If you have an upcoming build or remodel, contact Parkwest General Contractors. With our tailored services including estimating and value engineering, we can ensure that the financing your secure is sufficient for your project.