"The latest FDIC Quarterly Banking Profile indicates that the banking industry remains resilient as it continues to support growth while navigating economic uncertainty. The industry saw a 1% jump in loan growth in the second quarter, with increases in nearly every category. Bank deposits, partially buoyed by growth in retail CDs, declined slightly on seasonal tax outflows.

"Net income grew and asset quality remained favorable as banks carefully managed portfolio risk. Banks continued to prudently increase loan-loss provisioning while keeping a watchful eye on potential headwinds.

"America's banks remain well capitalized and financially sound as they continue meeting the needs of their customers and communities in today's economy."

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $24 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19 trillion in deposits and extend $12.4 trillion in loans.