Guaranty taps into higher earnings this year

Guaranty Federal Bancshares Inc. (Nasdaq: GFED) is trending forward in terms of its bottom line.

After finishing 2016 down 2.2 percent in earnings, the Springfield-based holding company of Guaranty Bank has improved its net income in the first three quarters this year. For the nine months ended Sept. 30, net income available to common shareholders rose 16 percent to $4.7 million, according to a news release.

In its third-quarter earnings report released this morning, Guaranty reported net income available to common shareholders of $1.7 million, an 11 percent increase compared with $1.5 million a year earlier.

Diluted earnings per share improved by four cents to 39 cents, according to the release.

Third-quarter financial notes:
    •    Net interest income improved by 14 percent to $6 million from $5.3 million in the same quarter of 2016.
    •    Salaries and employee benefits moved up by $358,000, due in part to the company’s opening of its 10th branch this August in Joplin.
    •    Provision for loan losses more than doubled to $450,000.

Guaranty held assets of $759.3 million and deposits of $584.1 million as of Sept. 30, according to the release.

GFED shares were trading at $21.78 as of 10:25 a.m., compared with a 52-week range of $15.89 to $23.71.