Guaranty Bank improves profits to $1.5M

Citing higher interest income, Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) reported third-quarter earnings available to common shareholders of $1.5 million, an 8.7 percent increase compared with $1.4 million in the same period a year earlier.

The operator of Guaranty Bank boosted diluted share earnings by three cents to 35 cents, according to a news release.

Third-quarter financial notes:
    •    Net interest income improved by 2.2 percent to $5.3 million.
    •    Provision for loan losses was flat at $200,000.
    •    Aided mostly by commercial real estate, loans rose by $7.5 million.  

The company also announced today its board approved the repurchase of over 174,500 shares. The order is a resumption of a previously approved stock repurchase program, according to the release.

As of June 30, Guaranty Bank ranked fourth among deposit market share leaders in the Springfield metropolitan statistical area, according to data released last month by the Federal Deposit Insurance Corp. The company had $517.7 million in area deposits, representing 5.7 percent of the market share.

Guaranty’s assets totaled $679.6 million as of Sept. 30, and deposits were $515.8 million. The company operates nine branches in Greene and Christian counties, as well as loan production offices in Jasper and Webster counties, according to the release.

GFED shares were trading at $16.26 as of 11:25 a.m., compared with a 52-week range of $14.30 to $18.70.