YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

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

Earnings up 315% in Q1 for FDIC-insured banks

Posted online

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.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Open for Business: Revival 98

Revival 98 opened a dispensary; the 101st store for Andy’s Frozen Custard Inc. debuted; and Collectomaniacs card shop consolidated two stores in a move.

Most Read
SBJ.net Poll
Among issues facing the city, how important is the shortage of police officers?

*

View results