Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) increased its net income by 36.5 percent to $1.3 million in the first quarter, up from $953,000 in the same period a year earlier.
The holding company of nine Guaranty Bank branches in Greene and Christian counties posted 33-cent diluted earnings per share, representing an 8-cent increase from first-quarter 2013, according to its quarterly report..
First-quarter financial notes:
- Net interest income dropped 0.9 percent to $6.36 million.
- Provision for loan losses fell by half to $200,000.
- The company reduced its nonperforming assets to $14.6 million from $19.7 million at the end of the fourth quarter. This was primarily due to the payoff of a $3.7 million nonaccrual loan relationship.
As of March 31, Guaranty held assets of $639.1 million and deposits of $491.4 million. The company also operates a loan production office in Webster County, according to the report.
GFED shares were trading at $12.52 as of 9:44 a.m., compared to a 52-week range of $9.63 to $14.50.[[In-content Ad]]
