With Gratitude This Season

As Thanksgiving approaches, we’re taking a moment to reflect on what truly enriches our work and our community.

Thank you for your trust, partnership and support throughout the year. From all of us at GBA, we wish you a meaningful, joyful Thanksgiving surrounded by the people and traditions you hold dear.

Note: This week's edition is abbreviated with only some time-sensitive industry and advocacy news. We'll have a full slate next week with all of the Newsmakers, Community Connections and GBA program news.

INDUSTRY NEWS

Cyberattack Disrupts GSCCCA Real Estate Records Access

A ransomware group called Devman has claimed responsibility for a cyberattack affecting access to the Georgia Superior Court Clerks’ Cooperative Authority (GSCCCA) website and central database for the state’s real estate records. GSCCCA says it has restricted access out of an abundance of caution and is still assessing what it calls a “credible and ongoing cybersecurity threat,” according to news reports in the Atlanta Business Chronicle and an online cybersecurity news publication. GSCCCA has not confirmed the group’s claim or whether any data was compromised. System maintenance and security testing are ongoing as the authority works to restore operations safely. We are monitoring this closely, as member banks rely heavily on the database for recording liens, mortgages and UCC filings, as well as for real and personal property searches. Please let GBA’s team know of any significant operational effects on your bank or customers. Contact Tripp Cofield at 617.909.9530. Read more here.

FDIC QUARTERLY BANKING PROFILE

Net Income Climbs in Q3; Core Growth Continues

Georgia’s 137 FDIC-insured banks reported another strong quarter, with third-quarter data from the FDIC showing higher earnings, improved margins, and steady growth across assets, loans and deposits compared to the same period in 2024. Cost of funds, net interest margin and capital levels also improved, with Georgia’s banks posting better performance than national benchmarks. Community banks with less than $1 billion in assets reported solid year-to-date earnings growth, as well as asset, loan and deposit growth of more than 6% each. Here are some select highlights:

All 137 FDIC-insured Georgia-based banks compared to third quarter 2024

• Total assets up 2.5%
• Loans up 2.1%
• Deposits up 1.4%
• Net income through Sept. 30 of $1.9 billion, an increase of $486 million (34.7%)
• Net interest margin improved to 3.9% from 3.7%, above national benchmark
• Credit quality improved. Noncurrent loans were down off low levels already, better than national benchmark
• ROA & ROE up, above national benchmark
• Capital levels also increased and are above national benchmarks
  

For the 122 Georgia-based banks with less than $1 billion in assets

• Total Assets up 6.2%
• Total Loans up 6.7%
• Total Deposits up 6.2%
• Net income through Sept. 30 of $491 million, up $64 million, (15%)
• Net interest margin improved to 4.4 from 4.3, above national benchmark
• Noncurrent loans were down off low levels already, better than national benchmark
• ROA & ROE up, above national benchmark
• Capital levels also increased and are above national benchmarks.

“Georgia’s banks continue to demonstrate the strength and consistency our communities rely on. The third-quarter results show disciplined growth, excellent credit quality and a strong commitment to meeting customer needs in every corner of our state. These results are also encouraging because they show Georgia’s economy seems to be holding up and supporting steady, healthy banking activity. It’s clear our bankers are effectively navigating the current economic environment.”

See detailed metrics here.

ADVOCACY

GBA Joins Industry Support for BSA Reporting Modernization Bills

GBA joined the American Bankers Association and other state bankers associations in a joint letter to congressional leaders urging passage of the STREAMLINE Act (S. 3017) and the Financial Reporting Threshold Modernization Act (H.R. 1799).

The bills would update Bank Secrecy Act (BSA) thresholds for Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) — the first modernization in decades. They would raise the CTR threshold from $10,000 to $30,000 and certain SAR thresholds from $5,000 to $10,000, with future adjustments tied to inflation.

The letter said these updates would help banks focus resources on real illicit finance risks such as scams, drug trafficking and terrorism while reducing outdated reporting burdens. “This modernization is a long-overdue, practical step to help banks focus on high-value threats instead of outdated regulatory processes,” said Tripp Cofield, GBA president and CEO.

Read All About It: Send Us Your News

We want to share your news with your colleagues across the state. Please forward your announcements and photos to GBA's David Oliver and Katina Weiss.

Recruit, Retain and Develop the Best Bankers with GBA's Job Bank

GBA will post open positions, free of charge, for GBA members. See the open positions in Georgia here. We will also post professional summaries for bank-job seekers on our Bankers Available page. Contact Katina Weiss, 404.420.2021, with questions or needs.