Guaranty reports rise in per-share earnings

Per-share earnings were 59 cents for the quarter. Year-to-date earnings per share were $1.70, compared to $1.64 in the same period last year.

Third-quarter net income showed a hint of a decline at $1.61 million, compared to $1.62 million last year.

Noninterest income increased 32 percent for the quarter to $1.2 million, compared to $921,000 in third-quarter 2006.

Deposits increased 14 percent, or $49.3 million, for the year-to-date, and 25 percent, or $79.3 million, from third-quarter 2006.

“In light of the concerns about the overall health of the economy, we are pleased with our third-quarter 5 percent increase in earnings per share,” Guaranty President and CEO Shaun Burke said in a company news release.

During the quarter on Aug. 20, Guaranty began its plan to repurchase up to 350,000 shares of common stock. As of the end of the quarter, 3,744 shares had been repurchased at an average cost of $29.99 per share.

Near the quarter’s end on Sept. 21, the company declared an 18-cent per-share cash dividend, up from the 17-cent dividend declared previously.

Company shares (Nasdaq: GFED) closed Wednesday at $30.05, compared to a 52-week range of $27.56 to $30.85.