YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Guaranty boosts profits more than 400% in 4Q

Posted online
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]]

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Workforce hurdles, culture investments earn attention at manufacturing conference

Missouri Association of Manufacturers event sets record in third year.

Most Read
SBJ.net Poll
What kind of housing does Springfield need more of?

*

View results

Update cookies preferences