SPRINGFIELD, Mo., Oct. 18, 2011 (GLOBE NEWSWIRE) -- Guaranty Federal Bancshares, Inc.,(Nasdaq:GFED), the holding company (the "Company") for Guaranty Bank, today announces the following results for its third quarter ended September 30, 2011.
Third Quarter 2011 Financial Highlights
The Company announces that net income for the third quarter ended September 30, 2011 was $1,216,000 as compared to $522,000 for the third quarter ended September 30, 2010. After preferred dividends, diluted earnings per share was $.35, an increase from the $.09 per diluted share earned during the third quarter ended September 30, 2010. This was also an increase from the $.19 per diluted share the Company earned during the second quarter ended June 30, 2011.
There are a few key issues that contributed to the third quarter financial performance:
About Guaranty Federal Bancshares, Inc.
Guaranty Federal Bancshares, Inc. (Nasdaq:GFED) has a subsidiary corporation offering full banking services. The principal subsidiary, Guaranty Bank, is headquartered in Springfield, Missouri, and has nine full-service branches in Greene and Christian Counties and Loan Production Offices in Taney, Wright, Webster and Howell Counties. In addition, Guaranty Bank is a member of the TransFund ATM network which provides its customers surcharge free access to over 100 area ATMs and over 1,600 ATMs nationwide. For more information visit the Guaranty Bank website: www.gbankmo.com.
The discussion set forth above may contain forward-looking comments. Such comments are based upon the information currently available to management of the Company and management's perception thereof as of the date of this release. When used in this release, words such as "anticipates," "estimates," "believes," "expects," and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Such statements are subject to risks and uncertainties. Actual results of the Company's operations could materially differ from those forward-looking comments. The differences could be caused by a number of factors or combination of factors including, but not limited to: changes in demand for banking services; changes in portfolio composition; changes in management strategy; increased competition from both bank and non-bank companies; changes in the general level of interest rates; the effect of regulatory or government legislative changes; technology changes; fluctuation in inflation; and other factors set forth in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time.
|Quarter ended||Nine Months ended|
|(Dollar amounts are in thousands, except per share data)|
|Total interest income||$ 7,729||$ 7,846||$ 22,901||$ 24,340|
|Total interest expense||2,398||3,660||7,625||11,622|
|Net interest income||5,331||4,186||15,276||12,718|
|Provision for loan losses||900||850||2,800||2,750|
|Net interest income after|
|provision for loan losses||4,431||3,336||12,476||9,968|
|Income before income taxes||1,543||671||2,990||1,885|
|Provision for income taxes||327||149||462||395|
|Net income||$ 1,216||$ 522||$ 2,528||$ 1,490|
|Preferred stock dividends and discount accretion||281||281||844||844|
|Net income available to common shareholders||$ 935||$ 241||$ 1,684||$ 646|
|Basic income per common share||$ 0.35||$ 0.09||$ 0.63||$ 0.24|
|Diluted income per common share||$ 0.35||$ 0.09||$ 0.63||$ 0.24|
|Annualized return on average assets||0.71%||0.29%||0.50%||0.28%|
|Annualized return on average equity||8.86%||3.86%||6.27%||3.76%|
|Net interest margin||3.38%||2.47%||3.21%||2.50%|
|As of||As of|
|Financial Condition Data:||30-Sep-11||31-Dec-10|
|Cash and cash equivalents||$ 46,943||$ 14,145|
|Investments and interest bearing deposits||88,328||109,891|
|Loans, net of allowance for loan losses|
|9/30/2011 -- $13,557; 12/31/2010 -- $13,083||485,666||504,665|
|Total assets||$ 672,677||$ 682,668|
|Deposits||$ 492,663||$ 480,694|
|Securities sold under agreements to repurchase||39,750||39,750|
|Total liabilities and stockholders' equity||$ 672,677||$ 682,668|
|Equity to assets ratio||8.11%||7.62%|
|Book value per common share||$ 14.24||$ 13.51|
|Non performing assets||$ 32,916||$ 33,552|
CONTACT: Shaun A. Burke, President & CEO Guaranty Bank 1341 W. Battlefield Springfield, MO 65807 417-520-4333