185 banks currently operate in the state of Iowa. These are banks that are also insured by the federal deposit insurance corporation. Of this amount, 263 of these banks are headquartered in the state and therefore can be considered Iowa-based banks. Banks operating within the state had in total $112 billion of assets, $95 billion of deposits and $68 billion of loans outstanding as of this writing. Looking at the asset composition of banks in Iowa, residential mortgages made up 11% of the assets managed by these banks. In addition to this, these banks in total employ 14,474 people within the state. This represents 0.5% of the population.

Density of Banks in Iowa

There are a total of 1,462 bank branches located within the state of Iowa. This works out to a ratio of approximately 4.6 branches per 10,000 people in Iowa.  If we take the data on the banks in Iowa and compare it with the banks operating in other states, we find that on this metric, banks in Iowa rank 5th out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks in Iowa had on average 2.6 branches per 100 square miles. As a result, Iowa ranks 29th out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in Iowa

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  • Net Interest Margin – banks in the state of Iowa are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in Iowa is ranked 28th out of the 52 states and main territories in the United States.
  • Return on Assets – banks in the state of Iowa are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Iowa is ranked 18th out of the 52 states and main territories in the United States.
  • Return on Equity – banks in the state of Iowa are on average generating a higher return on equity than the average bank in the United States. In total, the return on equity for banks in Iowa is ranked 21st out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Iowa are ranked 26th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average better than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Iowa are ranked 24th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of Iowa

deposit-market-share-of-banks-in-Iowa

As of this writing Wells Fargo Bank is the largest bank operating in Iowa and this is based on its share of deposits within the state. Wells Fargo Bank currently has a 8% share of the deposits within the state. Below is summary information on the top 5 largest banks in Iowa.

Wells Fargo Bank

Wells Fargo Bank currently has the largest share of deposits within the state and has $9.4 billion of deposits. In addition to this the bank also has 53 offices within the state, which represents 1% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.com

U.S. Bank 

U.S. Bank  currently has the second largest share of deposits within the state and has $7.4 billion of deposits. The bank also has 71 offices within the state, which represents 3% of its total domestic offices.

Main Office Address: 425 Walnut St. Cincinnati, OH 45202

Website: www.usbank.com

Principal Bank

Principal Bank currently has the third largest share of deposits within the state and has $4.3 billion of deposits. The bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 655 9th St Des Moines, IA 50392

Website: www.principal.com/bank

Bankers Trust Company

Bankers Trust Company currently has the fourth largest share of deposits within the state and has $4.2 billion of deposits. Further, the bank also has 23 offices within the state, which represents 85% of its total domestic offices.

Main Office Address: 453 7th St. Des Moines, IA 50309

Website: www.bankerstrust.com

Great Western Bank

Great Western Bank currently has the fifth largest share of deposits within the state and has $3.3 billion of deposits. In addition, the bank also has 48 offices within the state, which represents 27% of its total domestic offices.

Main Office Address: 225 S. Main Ave. Sioux Falls, SD 57104

Website: www.greatwesternbank.com