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Local banks contribute to bump for FDIC-insured institutions

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Great Southern Bancorp Inc. (Nasdaq: GSBC) and Guaranty Federal Bancshares Inc. (Nasdaq: GFED) factored into an overall increase in second quarter net income for Federal Deposit Insurance Corp.-insured financial institutions.

In a news release, the FDIC announced this morning the 5,303 institutions it insures reported an aggregate 4.1% increase in net income to $62.6 billion for the quarter that ended June 30.

"While the banking industry reported another positive quarter and the banking system remains strong, the FDIC continues to encourage prudent risk management in order to remain resilient through economic cycles,” FDIC Chairman Jelena McWilliams said in the release.

During the second quarter, Great Southern’s earnings rose 32.3% to $18.4 million, while Guaranty swung from a previous quarterly loss in 2018 to post net income of $2.4 million this year, Springfield Business Journal previously reported.

Second quarter financial notes for FDIC-insured institutions include:
• an 8.1% increase to an aggregate $6.9 billion in net income for community banks, which comprise 4,873 of the insured institutions;
• three fewer so-called problem banks — those in danger of failing — to 56 as of June 30; and
• a $152.2 billion increase in total loans and leases compared with the first quarter this year.

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user10931

So the other 30 local banks did not contribute to the FDIC fund? Another example of mediocre reporting of SBJ team. Please do a better effort to report information accurately.

Russ Marquart

Thursday, September 5, 2019
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