Mid-year bank performance data to be released next week

Mid-year bank performance numbers – which should reflect the impact of the coronavirus crisis in detail on the nation’s banking industry – will be released by the federal insurer of bank deposits Aug. 25, the agency said Tuesday.

The Federal Deposit Insurance Corp.’s (FDIC) Quarterly Banking Profile (QBP) for the second quarter of 2020 will be based on call reports for the three-month period ending June 30. Banks were required to file their call reports by July 30.

The second-quarter call reports included revisions associated with several rules issued by the FDIC and the other federal banking agencies in response to the financial impact of the coronavirus crisis. Some of those revisions came about from provisions contained in last spring’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which aimed to address a variety of issues spurred by the virus crisis.

The financial impact of the crisis became most apparent in mid-March, which was near the end of the first-quarter reporting period. As the first two months of the second quarter rolled by, the financial impact seemed to bottom out and stabilize. However, in June – the last month of the reporting period – the infection rate of the virus began to rise again and economic activity, again, began to slow.

The FDIC will hold a press conference at 11 a.m. ET Aug. 25 to release the second-quarter bank performance results; the event is scheduled to be streamed live via the Internet.

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