Guaranty rebounds in 3Q after net loss a year ago

Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) increased third-quarter net income 287.7 percent to $1.3 million, compared to a $717,000 loss in the same quarter a year ago.

The Springfield-based holding company of nine branches in Greene and Christian counties reported earnings per diluted share of 41 cents, compared to a 34-cent loss in third-quarter 2012, according to a news release.

Bank officials blamed 2012's third-quarter loss on the negative impact of high nonperforming assets.

Third-quarter 2013 financial highlights:

• The company continued to benefit from an elimination this fiscal year of $30.1 million in long-term borrowings.
• Provision for loan losses dropped 92.3 percent to $200,000 from $2.6 million a year ago.
• Noninterest income jumped 132.4 percent to $876,000 from $377,000, and noninterest expense was roughly flat at $4 million.

Guaranty ranked fourth in the Springfield metropolitan statistical area in terms of deposits as of June 30, according to data released in September by the Federal Deposit Insurance Corp. In the five-county area, the company held $513.3 million in deposits, or roughly 6.4 percent of the market.

Guaranty, which also operates a loan production office in Webster County, reported assets of $640.5 million as of Sept. 30 and deposits of $510.7 million, according to the release.

GFED shares were trading at $11.36 as of 11:14 a.m, compared to a 52-week range of $6.41 to $14.50.