Guaranty Bank’s earnings fall 18%

Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) reported second-quarter net income of $1.3 million, an 18.3 percent drop compared with profits of $1.5 million a year earlier.

Diluted earnings per share dropped 7 cents to 28 cents for the quarter ended June 30, according to a news release.

Second-quarter financial notes:
    •    Net interest income slipped 1.8 percent to $5.2 million from $5.3 million a year earlier.
    •    On June 10, Guaranty opened a loan production office in Joplin, marking the fifth market for the company.
    •    Provision for loan losses was $375,000, compared to zero loan loss provisions in the same quarter of 2015.

As of June 30, Guaranty’s assets were $629.9 million and deposits were $514.4 million. The company operates six branches in Springfield, two in Nixa and one in Ozark, and loan offices in Marshfield and Joplin.

GFED shares were trading at $16.30 as of 11:20 a.m., compared to a 52-week range of $14.15 to $17.18.