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Guaranty Bank’s first-quarter profits land at $2.1 million.
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Guaranty Bank’s first-quarter profits land at $2.1 million.

Guaranty posts 56% quarterly gain

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Guaranty Federal Bancshares Inc. (Nasdaq: GFED) started the year with a 56% jump in profits.

The Springfield-based operator of Guaranty Bank reported net income of $2.1 million, or 47 cents per diluted share, compared with $1.4 million, or 30 cents per diluted share, in first-quarter 2018, according to a news release.

“First-quarter results position us well for future growth in 2019,” Guaranty President and CEO Shaun Burke said in the release. “Expansion of our deposit focus and market presence continues as we approach a strategic growth goal of ($1 billion) in total assets. For our shareholders, our capital position continues to grow at a steady pace as we achieve these results, while also increasing our dividend.”

First-quarter financial notes:
• Loans, net of allowance for loan losses, were $763.4 million at the end of the quarter, down from $779.8 million on Dec. 31, 2018.
• Interest income was up 39.5% to $11.1 million compared with the same quarter of 2018.
• Salaries and employee benefits moved up 24.8% to nearly $4 million.

Guaranty Bank’s assets were $981.5 million and deposits were $806.8 million as of March 31. The company has 16 branches in Greene, Christian, Jasper and Newton counties, as well as a loan production office in Webster County, according to the release.

GFED shares closed yesterday at $23.32. That compares with a 52-week range of $20.11 to $27.39.

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