We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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At the same time, banks in the state posted a 32 percent increase in net income year-over-year in the first quarter, from $89 million last year to $118 million this year.
Data from the Federal Deposit Insurance Corp. show that total assets increased by 1.7 percent from $45.3 million to $46.1 million, helped along by a 4 percent increase in total loans, from $24.5 million in the first quarter of 2013 to $25.6 million in the same period this year.
Deposits statewide increased by 2.5 percent during the quarter, from $38.6 million to $39.6 million.
Nationwide, FDIC-insured institutions saw a decrease in net income from $40.3 billion in the first quarter of 2013 to $37.2 million in first quarter of 2014, a 7.6 percent difference.