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Guaranty Bank starts year with earnings gain
4/19/2017 11:25 AM
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Guaranty Federal Bancshares Inc. (Nasdaq: GFED) posted first-quarter net income available to common shareholders of $1.43 million, a 12 percent increase over $1.28 million a year earlier.
The Springfield-based holding company of Guaranty Bank reported a 3-cent uptick in diluted share earnings to 32 cents, according to a news release.
First-quarter financial notes:
• Net loans rose by $47 million, largely driven by commercial real estate.
• The company’s Joplin loan production office produced $13.3 million in new loan growth, bringing its total to $37.2 million since it opened in April 2016.
• Total interest income rose 9 percent to $6.8 million.
As of March 31, Guaranty’s assets were $732.1 million and its deposits were $551.4 million. The company operates nine branches in Greene and Christian counties and loan production offices in Jasper and Webster counties, according to the release.
GFED shares were trading at $19.88 as of 8:30 a.m., compared with a 52-week range of $15.50 to $21.95.
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