Coral Gables, Florida, December 17, 2020 Coral Gables, FL: As we gladly say goodbye to 2020 and head into the unknown of 2021, BauerFinancial, Inc., the nation’s premier Bank and Credit Union rating firm, would like to recognize the hard work of the employees of our nation’s financial institutions. As essential workers, these men and women worked long hours every day, especially after the CARES Act Paycheck Protection Plan passed, to get people through the toughest financial times of 2020. We know they will continue to be there for us in 2021 as well. And we want to thank them.
Our nation’s financial institutions spent the last decade beefing up after the Great Recession. And it has been paying off. Bauer has just released new bank and credit union ratings and data based on September 30, 2020 financial data, and is pleased to report how well the industry is holding up. At $51.2 billion, net income for the nation’s banks, although down 10.7% from a year earlier, was up 173% from second quarter. That was due to large amounts of provisioning for loan losses in the second quarter.
As of September 30th, loan quality is still holding up quite well. As a whole, banks and credit unions are not experiencing high delinquencies or charge-offs. Of course that is subject to change. The next few months will be critical in determining the direction they take in the new year. In the meantime, thank your healthcare workers, thank your grocery personnel, your delivery drivers… and thank your banker.
Bauer’s latest star-ratings, based on September 30, 2020 financial data, on all federally-insured banks and credit unions are now available—free of charge—at bauerfinancial.com. These ratings are assigned on a scale of zero to five-stars with five-stars being the strongest and reflect the overall financial strength of the institution. All institutions rated 5-Stars or 4-Stars are recommended by Bauer. Bauer has successfully steered consumers through four decades of turbulence—including two recessions, a savings and loan crisis, and a housing bubble burst—and we’ll navigate you safely through this as well. You take care of your health, turn to Bauer for the health of your financial institution(s).
To find out the rating of your bank or credit union, simply visit bauerfinancial.com. Look up as many ratings as you like. It really is Free. While you’re there, check out our CD rate pages to get the best CD rates in the country and read all about the current status of the banking industry, all from the comfort and safety of your home.
It’s Simple. It’s Smart. And it’s Free on our website: bauerfinancial.com.
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BAUERFINANCIAL, Inc. is the nation’s leading independent bank and credit union rating firm, since 1983.
BAUER…Trusted.
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Members of the press may request a free spreadsheet of all the bank and/or credit union star ratings in their state, along with financial highlights, by emailing research@bauerfinancial.com.