Guaranty Bank boosts annual profits 170%

Guaranty Federal Bancshares Inc. (Nasdaq: GFED) boosted its annual profits by 169.5 percent.

For the year ended Dec. 31, the Springfield-based holding company of nine Guaranty Bank branches in Greene and Christian counties recorded earnings of $5.2 million, up from $1.9 million in 2012, according to a news release.

"We are pleased with the improvement in margin and profitability given the challenging operating environment," Guaranty President and CEO Shaun Burke said in the release. "In 2013, we were successful in reducing leverage and wholesale funding due to core deposit growth initiatives, and we are well-positioned for growth as the economy improves."

2013 financial highlights:

• Adding to Guaranty's annual net income total was $1.4 million in fourth-quarter earnings, though that figure was down 7.3 percent from $1.5 million in the same quarter of 2012.
• Diluted shares earnings were $1.58 for the year, up from 30-cent share earnings in 2012, a 427 percent increase.
• Interest income dropped 6.3 percent to $25.9 million from $27.6 million in 2012.

As of Dec. 31, Guaranty's assets were $619.9 million and deposits were $487.3 million, the release said.

GFED shares were trading at $10.80 as of 8:55 a.m., compared to a 52-week range of $9 to $14.50.