YOUR BUSINESS AUTHORITY
Springfield, MO
The 5,177 commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. collectively posted a decrease in 2019 earnings.
For the year, aggregate net income was roughly $233 billion, compared with around $237 billion in 2018, according to a news release.
FDIC officials cited slower growth in net interest income and higher loan-loss provisions for the drop in 2019 aggregate net income.
"During the second half of 2019, we saw three reductions in short-term interest rates and yield-curve inversions,” FDIC Chairman Jelena McWilliams said in the release. “These factors present challenges for banks' credit extension and funding. It is vital that banks maintain careful underwriting standards and prudent risk management in order to maintain lending through economic fluctuations."
Springfield’s two publicly traded banks — Great Southern Bancorp Inc. (Nasdaq: GSBC) and Guaranty Federal Bancshares Inc. (Nasdaq: GFED) — reported 2019 increases in net income. Great Southern’s earnings rose nearly 10% to $73.6 million, while Guaranty’s profits were up 28% to $9.4 million.
The Republic School District is on track to open its Intermediate School for fifth- and sixth-grade students for the 2025-26 academic year.
Chick N Max plans Springfield debut
Executive director hired at The Victim Center
Developer seeks approval of C-Street project, including Missouri Hotel renovation
Biblical history attraction planned at former Andy Williams theater
Photo Gallery: New Fire in the Hole debuts at Silver Dollar City