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Great Southern Bank was among institutions that reported net income gains in the first quarter.
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Great Southern Bank was among institutions that reported net income gains in the first quarter.

Earnings up 315% in Q1 for FDIC-insured banks

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The U.S. banking industry improved its profits significantly in the first quarter.

The 4,531 commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted aggregate net income of $76.8 billion, a 315% increase from the same quarter of 2020, according to a news release.

“Despite continued challenges, the banking industry remains resilient. Strong capital and liquidity levels support lending needs and help protect against potential losses,” FDIC Chairperson Jelena McWilliams said in the release.

Officials said the net income gain largely was due to improvements in provisions for credit losses.

Springfield's two publicly traded banks, Great Southern Bancorp Inc. (Nasdaq: GSBC) and Guaranty Federal Bancshares Inc. (Nasdaq: GFED), were among institutions nationwide that reported growth in the first quarter.

Great Southern's net income rose 27% to $18.9 million, and Guaranty reported a 5.3% increase to $2.2 million.

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