Guaranty Federal reports net for quarter

Springfield's Guaranty Federal Savings Bank has announced $822,182 in quarterly net income for the three months ending March 31. For the nine months previous, net income of $1.93 million was reported.

An April 20 release from President and Chief Executive Officer James E. Haseltine reported Guaranty Federal Bancshares Inc. earnings.

The holding company, of which Guaranty Federal Savings Bank is a subsidiary, came into existence with a Dec. 30, 1997, conversion from a mutual holding company to a Delaware-chartered stock corporation. Guaranty Federal Bancshares is traded on the NASDAQ under the symbol GFED.

The earnings report showed growth from comparable periods in the previous year. The 1998 quarter's net income of $822,182 is up from the $451,816 for the same quarter in 1997. The nine-month figure at March 31, 1997, was $656,000 compared to $1.93 million for the same period in 1998.

Those 1998 earnings translate to a 14-cent per share net income when diluted. Comparisons to 1997 per- share performance are not applicable because of the December reorganization.

The company's release showed Guaranty Federal had assets of $246.3 million on March 31, 1998, up from $199.4 million in total assets on June 30, 1997. Interest income for the quarter was reported at $4.4 million, against $3.7 million in interest income for the quarter in 1997. In the cumulative nine months ended March 31, interest income was $12.5 million in 1998 and $10.9 million in 1997.

Deposits of $144.4 million were reported March 31, 1998. On June 30, 1997, Guaranty Federal deposits were $151.2 million.

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