Guaranty Bank improves earnings 26%

Last edited 6:14 p.m., April 16, 2015

Guaranty Federal Bancshares Inc. (Nasdaq: GFED) improved first-quarter earnings by 26 percent to $1.3 million, up from $1.1 million last year.

The Springfield-based holding company of Guaranty Bank posted diluted share earnings of 30 cents for the three-month period, a 3-cent decrease. The earnings per share drop was due to an increase in average common shares in an offering that closed March 2014, according to a news release.

First-quarter financial notes:

• Interest income dropped 1.1 percent to $6.3 million from $6.4 million.
• Provisions for loan losses were $150,000 in the first quarter, down from $200,000 a year earlier.
• Nonperforming assets moved down to $8.2 million from $8.5 million.

As of March 31, Guaranty’s total assets were $668.4 million and deposits were $525.8 million. The company operates nine branches in Greene and Christian counties and a loan production office in Webster County, according to the release.

GFED shares were trading at $14.91 as of 9:05 a.m., compared to a 52-week range of $12.01 to $15.50.[[In-content Ad]]