Fourth-quarter earnings were up at Guaranty Federal Bancshares Inc. (Nasdaq: GFED), but it wasn’t enough to bring 2016 ahead of the prior year.
The Springfield-based operator of Guaranty Bank grew fourth-quarter net income by 61 percent to $1.5 million, or 34 cents per diluted share. Earnings for the year totaled $5.6 million, which was down 2.2 percent from 2015, according to a news release.
The dip in yearly earnings largely can be attributed to a 129 percent increase in provision for loan losses to $1.4 million, according to Guaranty’s earnings report. For the fourth quarter, officials cited increased loan balances and reserves on a few specific problem credits for a 70 percent rise in provision for loan losses during the three-month period.
Financial notes for 2016:
• Net interest income moved up 1.4 percent to $21.2 million.
• Provision for income taxes was down 18 percent to $2 million.
• Diluted share earnings fell by 3 cents to $1.27 per share.
As of Dec. 31, Guaranty reported assets of $688 million and deposits of $505.4 million. The company operates nine branches in Greene and Christian counties and loan production offices in Jasper and Webster counties, according to the release.
GFED shares were trading at $20.98 as of 8:40 a.m., compared with a 52-week range of $14.80 to $21.95.
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