Texas banks that have survived the financial crisis by hiring more people and cutting their staffs have been among the best performers in the country, according to the U.S. Department of Housing and Urban Development.
The report, released Thursday, found that most Texas banks have posted strong performance, even after the state suffered a massive financial crisis and economic downturn.
It also said that the state has more banks with more than $100 billion in assets than any other state in the U-S.
and more than a dozen banks with at least $1 billion in deposits.
In a separate report, the U to provide an update on its work to improve the state’s credit rating.
Texas ranked first for lending capacity, fourth for consumer credit, sixth for mortgage, eighth for home equity loans and sixth for private lending.
The state also ranked second for its financial stability, fourth among states for economic growth, fourth in economic output, and second in median home prices.
“Texas banks continue to thrive thanks to their strong customer service, high levels of capital, and a commitment to providing the best service possible to our customers,” said HUD Secretary Ben Carson.
“We look forward to seeing the progress of Texas banks as they continue to make significant improvements to their processes and their customer service and their ability to attract, retain and develop customers.”
The agency said Texas ranked seventh among the states in the number of banks that reported a net loss in the first quarter of 2018, but that Texas had made significant improvements in its efforts to improve its credit ratings.
The agency reported that Texas’s five biggest banks reported a total of $1.1 trillion in net worth and that four of the banks had at least 10 years of net worth, and four had at most 25 years of financial stability.
The five biggest Texas banks were: Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), and Morgan Stanley (MS).
Bank of Houston (BH), Bank of New York Mellon (BNY), Wells Financial (W), and National Bank of Dallas (NBDO) also reported financial assets in excess of $100 million.
Among the other Texas banks: Bankers Trust (BTF), Citibank (C) and Wells Fargo & Alcoa (WFG).
For more on the housing recovery and the impact of the Great Recession on the U., check out this Fortune video: