Bay Area community banks had a stellar fourth quarter, capping off a strong 2012 for bankers on the front lines with the Bay Area’s business owners and real estate investors.
Record profits were posted at several community banks, while others saw significant loan growth.
Banks throughout the region were firing on all cylinders. And the performance is all the more striking when considering the national economy shrank in the fourth quarter by 0.1 percent.
Two key factors account for the robust performance: the strength of the Bay Area economy, and this year’s higher federal taxes fueling asset sales at the end of 2012.
Read more: San Francisco Business Times – Strong local economy powers bank Q4 profits