Guaranty earnings rise; deposits, assets decrease

Earnings for the quarter were 56 cents per share, or $1.6 million, up from 43 cents, or $1.2 million, last year.

Net interest income increased 29 percent for the quarter, from $3.2 million in first-quarter 2005 to $4.1 million this year. Guaranty’s net interest margin increased 47 basis points to 3.77 percent.

Deposits for the quarter decreased $7.2 million to $313 million, while assets decreased $1.5 million to $480 million.

Guaranty also announced that its plan to repurchase 300,000 shares of common stock, declared in November 2002, is nearly complete, as 288,900 of those shares have been repurchased at an average cost of $22.30 per share.

Guaranty Federal Bancshares (Nasdaq: GFED) closed April 19 at $29.07 per share, compared to a 52-week range of $21.93 to $30.59.