YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
While fourth quarter earnings were down for Guaranty Federal Bancshares Inc. (Nasdaq: GFED), the decrease wasn’t enough to counter a yearly earnings increase.
Net income for the final quarter of 2019 dipped nearly 3% to $2.3 million, or 53 cents per diluted share. For the full year, the Guaranty Bank operator’s profits rose 28% to $9.4 million, or $2.11 per diluted share, according to a news release.
Officials cited the April 2018 acquisition of Carthage-based Hometown Bancshares Inc. providing a full year of interest-earning assets. Also, 2018 was impacted by $3 million in merger expenses.
“As we celebrate our accomplishments in 2019, we are cognizant that 2020 will bring its share of challenges in the form of interest rate volatility, competition, new technologies and continued regulatory changes,” Guaranty Bank President and CEO Shaun Burke said in the release. “However, our focus is unchanged in that we will continue to invest in the communities we serve.”
2019 financial notes for Guaranty Bank:
• The company in the third quarter hit $1 billion in assets for the first time.
• Guaranty repurchased 150,241 shares at an average price of $23.99, representing an investment of roughly $3.6 million.
• Salaries and employee benefits rose 8% to around $16 million in 2019.
As of Dec. 31, Guaranty’s assets were over $1 billion and deposits were $821.4 million. The company operates 16 branches in Greene, Christian, Jasper and Newton counties and a loan production office in Webster County, according to the release.
GFED shares were trading at $24.67 as of 9:06 a.m., compared with a 52-week range of $21.53 to $26.93.
A Hollister pub that debuted in 2017 expanded to Springfield; 417 Magazine operator Whitaker Publishing LLC changed ownership; and the Re/Max House of Brokers franchise business was purchased.
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