Guaranty records 60% increase in 2Q profits

Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED), the holding company for Guaranty Bank, recorded second-quarter net income of $789,000, a 60.4 percent increase compared to it its second-quarter fiscal 2010 net income of $492,000.

Earnings per diluted share for the quarter ended June 30 were 19 cents, double the earnings per diluted share recorded in the same quarter of the previous year, according to a company news release.

Second-quarter 2011 highlights:

• Net income increased by $266,000 compared to the first quarter ended March 31 and by $297,000 compared to the second quarter of 2010.
• The company's provision for loan loss expense was $1 million during the quarter, compared to $950,000 in second-quarter 2010.
• Net interest income improved by $679,000 compared to the same quarter of fiscal 2010.

As of June 30, Guaranty's total assets were $689.3 million. Nonperforming assets were $35.5 million, up from $33.5 million as of Dec. 31.

Guaranty Bank operates nine full-service branches in Greene and Christian counties, with loan production offices in Greene, Wright, Webster and Howell counties.

Guaranty shares were trading at $5.20 as of 10:58 a.m., compared to a 52-week range of $4.30 to $7.14.[[In-content Ad]]