YOUR BUSINESS AUTHORITY
Springfield, MO
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted an aggregate earnings decrease in 2017.
Net income at the 5,670 insured institutions dropped to $164.8 billion last year, a 3.5 percent decrease from 2016, according to a news release.
“One-time charges resulting from the new tax law resulted in banks reporting lower net income in the fourth quarter and full-year 2017,” FDIC Chairman Martin Gruenberg said in the release. “Despite the decline in net income, the banking industry continued to show steady improvement. Loan balances grew, net interest margins increased, asset quality remained stable and the number of ‘problem banks’ continued to fall.”
Full-year financial highlights:
• Contributing to the earnings decline, institutions in the fourth quarter reported a combined $25.5 billion in net income, a 41 percent decrease.
• The number of problem banks — those in danger of failing — dropped to 95 at year’s end from 104 as of Dec. 31, 2016. The FDIC did not report any failed Missouri banks during 2017.
• Deposits rose by 1.4 percent in the fourth quarter to $179.8 billion.
Connected to Watkins Elementary School is a new storm shelter now under construction.
STL construction firm buys KC company
Updated: Systematic Savings Bank to be acquired in $14M deal
Webster University's deficit triples
Missouri House speaker accused of obstruction in ethics probe
‘Dress for your day’: Companies are relaxing dress codes amid evolving ideas about fashion
Developer targets opening by month's end for $10M apartment complex