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.
Best of Luck Beer Hall began operations; Springfield gained a new event venue with the arrival of Moon Town Crossing; and the state’s first automated 24-hour library kiosk opened.
“If we get focused so much on just giving a haircut, then we quickly become like everybody else. We quickly funnel ourselves into a price game where you can just look at everybody choose the …
Do you have questions about how the legalization of medical marijuana in Missouri will affect your workplace? Elizabeth Wente, Partner with Spencer Fane, LLP in the Labor and Employment group, …
“We hire more on culture than we even do expertise, because they can grow to be experts in their area, but they’ve got to culturally fit with our team, because we function like a family. ” says …
“Drone technology has revolutionized the land-development industry with time savings, reduced costs, and safety mitigation,” says Trevor Byrd, Survey Party Chief and UAV Pilot for Anderson …
“I’ve realized that working with other people is once of the most crucial things that you can possibly do, and that you can’t do everything yourself and take it all on yourself,” says Will …
Scott Opfer, President of Opfer Communications, says there’s a myth that getting your product placed in a retail store will lead to success. “And the reality of it is, if you don’t sell through …
Terry Bloodworth, owner and operator of Springfield Hot Glass Studio, says you need to trust in your strengths as a business owner, but don’t be too proud to accept help when you need it. …
Mickey Moore, CEO of Tomo Drug Testing, discusses some effects of the company’s growth that have been simultaneously encouraging and challenging. Moore says in a growing company, you have to learn …
“So what we have discovered is that workforce development has quickly become economic development, and so in order to continue the growth that Branson has seen, we need a strong, skilled …
“The thing I think you need recognize is that, just because you may not have fifteen or twenty or thirty years of experience, don’t be intimidated by that,”says Jason Gage, City Manager for the …