Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) this month reported net income available to common shareholders of $1.4 million, representing an 18.6 percent increase over $1.15 million a year earlier.
However, diluted share earnings for the holding company of Guaranty Bank were down 10 cents to 31 cents per share for the quarter ended Sept. 30, according to a news release.
“The reason is we had a capital offering in March of this year that increased our share count by 1.5 million shares. We just had more shares,” Guaranty President and CEO Shaun Burke said by phone this morning.
Third-quarter financial notes:
- Net interest income declined 1.2 percent to $5.1 million compared to third-quarter 2013.
- Noninterest income moved down slightly to $867,000, while noninterest expense dropped to $3.9 million from $4 million a year earlier.
- Provision for loan losses - an expense set aside as an allowance for bad loans - rose 125 percent to $450,000 from $200,000 in the same quarter last year.
Guaranty retained its No. 4 rank in terms of deposits in the Springfield metropolitan statistical area, according to recently released data from the Federal Deposit Insurance Corp. The company held 5.9 percent of the market, with $485.6 million in deposits in the five-county area, according to
Springfield Business Journal archives.
As of Sept. 30, Guaranty’s assets were $617.1 million and deposits were $471.3 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 $12.55 as of 9:27 a.m., compared to a 52-week range of $10.12 to $13.42.[[In-content Ad]]
