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Guaranty Federal announces results in wake of conversion

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Guaranty Federal Bancshares Inc. announced earnings for the quarter and year ended June 30, 1998.

Guaranty Federal Bancshares, the recently formed holding company for Guaranty Federal Savings Bank, had net income of $886,557 for the quarter and $2,841,091 for the year. Net income for the quarter and year ended June 30, 1997, were $506,012 and $1,161,780, respectively.

Dec. 30, 1997, Guaranty Federal Bancshares Inc. completed its conversion from a federally chartered mutual holding company to a Delaware-chartered stock corporation. In this conversion, approximately $39,186,000 was added to stockholder equity.

The total interest income for the quarter and year both rose, as did the total interest expense. Noninterest income rose for the quarter and the year, as well.

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