Guaranty Federal Bancshares Inc. (Nasdaq: GFED) reported roughly flat first-quarter earnings.
The Guaranty Bank operator posted net income of $2.1 million, or 49 cents per diluted share. While profits were down by less than 1%, diluted share earnings increased by 2 cents compared with first-quarter 2019, according to a news release.
Amid the coronavirus pandemic, Guaranty Bank President and CEO Shaun Burke pointed to "many positive events occurring each day at the bank," including the quick adaptation of employees to remote work and connections with small businesses.
As of this morning, the company has issued $49 million in Paycheck Protection Program loans through the Coronavirus Aid, Relief and Economic Security Act. The Small Business Administration-guaranteed loans, which are forgivable if companies keep their workforces intact, have supported nearly 7,000 local jobs, according to the release.
“At the beginning of 2020, the terms coronavirus or COVID-19 meant very little to most. Today, it is an ever-present event that has completely changed how we live and conduct business with customers and vendors," Burke said in the release. "The personal and financial impacts are unlike anything seen in modern history and will likely continue for the foreseeable future."
During the quarter, Guaranty Bank increased its provision for loan losses by $500,000 in anticipation of increased loan deferment and payment delays.
As of March 31, Guaranty Bank held roughly $1 billion in assets and $849.5 million in deposits. The company has 16 full-service branches in Greene, Christian, Jasper and Newton counties, as well as a loan production office in Webster County, according to the release.
GFED shares were trading at $13.89 as of 10:41 a.m., compared with a 52-week range of $12.70 to $26.93.
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