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Guaranty net income down 9% in 3Q

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Guaranty Federal Bancshares (Nasdaq: GFED), the Springfield-based holding company for Guaranty Bank, reported a 9.1 percent dip in third-quarter net income and a 2-cent fall in price per diluted share.

Quarterly net income was down 9.1 percent to $522,000, compared to third-quarter 2009 net income of $574,000, according to a company news release.

Diluted share cost was 9 cents in the quarter ended Sept. 30, compared to 11 cents in the same quarter last year.

"Economic recovery has been slow and challenges persist," CEO Shaun A. Burke said in the release, adding the company is working toward improving its nonperforming assets and its margins and earnings.

Quarter release highlights:
  • Year-to-date nonperforming assets were $38.3 million, compared to $41 million as of Dec. 31, 2009.
  • Total year-to-date assets were $705 million, compared to $737.8 million as of Dec. 31, 2009.
  • Year-to-date deposits were $493,687, compared to $513,051 as of Dec. 31, 2009.
Guaranty Bank operates nine branches in Greene and Christian counties and loan production offices in Wright, Webster and Howell counties.

Guaranty shares were trading at $5 as of 9:50 a.m., compared to a 52-week range of $4.67 to $6.50.[[In-content Ad]]

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