Employment and Wages
Finance and insurance industry employment declined by 0.9% in Kansas in 2022, a decrease of 555 workers statewide. Prior to the outbreak of the novel coronavirus, the industry had grown in employment in eight of the nine years from 2010 to 2019, expanding 6.5% in that time, with growth primarily concentrated in the insurance carrier sector and the securities and investments sector. The largest sector within finance and insurance, the credit intermediation sector, contracted employment by 1.7%, and the second-largest, the insurance carrier sector, contracted by 2.1%. These two sectors comprised nearly 90% of total employment in the industry. The smallest industry sector, the securities and investments sector, grew by 6.3%, adding 410 workers. This industry has the highest average annual wage among Kansas industries, at $88,882 in 2022, even after a mile contraction of 1.8%. Every industry sector had higher wages than the overall average for all Kansas industries. After staunch growth of 31.4% in 2021, securities, commodity contracts, and investments saw a 20.1% contraction in 2022, bringing the average annual pay back down to $143,748. Credit intermediation and related activities saw a wage decline of 1.5% while insurance carriers and related activities saw the sector’s only wage increase of 6.2%.
News and Developments
- In July 2023, Syracuse-based Dream First Bank purchased Elkhart-based Heartland Tri-State Bank from the FDIC after the failure of Heartland Tri-State. Per the FDIC, the bank $139 million in total assets and $130 million in total deposits. Upon this news, the Office of the State Banking Commissioner, stated “Overall, the Kansas banking industry is unaffected by this event and Kansas banks remain strong,"
- In March 2023, Silicon Valley Bank failed with an asset portfolio of $209 billion, making it the then-second largest bank failure in US history. Later that month, Signature Bank failed with $118 billion in assets. These were shortly eclipsed by the failure of the $229 billion First Republic Bank collapse in May.
- In May 2023, Capitol Federal Bank notified its customers of a data breach. The bank is the largest in Kansas, with $6.3 billion in deposits.