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Guaranty boosts profits more than 400% in 4Q

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Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) recorded $1.3 million in fourth-quarter net income, a 463 percent increase compared to a net loss of $360,000 in the same quarter of 2010.

The company's fourth-quarter earnings represented about 34 percent of total 2011 net income, $3.8 million, up from $1.1 million in 2010, according to a news release.

During the fourth quarter, the holding company for Guaranty Bank reported earnings per diluted share of 38 cents, compared to a loss per share of 24 cents in fourth-quarter 2010.

Company officials attributed its fourth-quarter performance largely to four areas:
  • net interest income, which increased 14.2 percent to $5.5 million from $4.8 million in the same quarter of 2010;
  • provision for loan losses, which was $550,000, compared to $2.5 million in the previous quarter;
  • noninterest income, which improved to $2 million due to gains on investments; and
  • noninterest expense, which increased 33 percent to $5.4 million, but according to the company, held to appropriate levels.
As of Dec. 31, Guaranty's assets were $648.5 million, down from $682.7 million at the end of 2010. Deposits were $484.6 million.

Guaranty Federal Bancshares Inc. operates nine full-service branches in Greene and Christian counties and loan production offices in Taney, Wright, Webster and Howell counties.  

As of 9:45 a.m., the company's shares were trading at $5.24, compared to a 52-week range of $3.84 to $7.14.[[In-content Ad]]


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