CEO Comments
“Green shoots are beginning to appear as we
cautiously emerge from the impacts caused by the COVID-19 pandemic
over the past year. Restrictions are being lifted on businesses
which is leading to a strong rebound in economic growth and vaccine
availability is increasing weekly which has helped curb the number
of infections. A very fiscally accommodative government that has
shown a willingness to maintain low interest rates while providing
stimulus in many forms are examples of why optimism is much higher
than this time last year. As our market areas have allowed, we have
re-opened our facilities to conduct normal operations while
continuing to follow CDC guidelines and best practices to safely
serve our communities. We continue to monitor and implement
solutions to assist our valued customers in an ever-changing
environment and could not do so without the efforts of our 240
employees who strive to provide the best service day-in and
day-out.
During the first quarter of 2021 the Company earned net income
of $2.2 million leading to diluted earnings per share of $0.51,
which was 4% growth over the prior year quarter of $0.49. First
quarter results included additional precautionary funding of the
allowance for loan loss reserves of $400,000 as we anticipate
potential stress in certain borrowers, however, loan deferment and
payment delays are declining from their peak in mid-2020.
Net interest margin further compressed during the quarter as
pricing for new loan originations remains very competitive in our
markets. Higher earning deposits continuing to reprice lower
offsetting this pressure and will aid our margins in future
quarters. The lower interest rate environment has kept mortgage
loan refinancing activity near record levels which contributed
significant fee income amounts to our quarterly earnings.
Our deposit base continued to see growth as efforts to attract
commercial deposit relationships along with depositors receiving
stimulus funds led to higher deposit totals throughout the
quarter. These deposits will provide liquidity to fund
investment and loan opportunities as they arise. Our capital ratios
continue to exceed all regulatory guidelines. Our share price has
reacted very favorably during 2021 due to our strong operational
performance, positive analyst recommendations and our recent
announcement of the retirement of $5.2 million of existing debt
which will be immediately accretive to our earnings. Overall, the
results for the first quarter are encouraging as we continue to
deliver on our goal to provide steady and reliable returns for our
shareholders in 2021. We look forward to the balance of
the year as we continue to serve our valued customers, employees
and shareholders.”
- Shaun A. Burke, President and Chief Executive Officer
2021 First Quarter
Highlights
- Diluted earnings per common share
was $0.51 for the first quarter as compared to $0.22 for the fourth
quarter of 2020 and $0.49 during the first quarter of 2020.
- Participation in the second round
of the SBA Payroll Protection Program (PPP) to assist small
business still experiencing hardships related to COVID-19.
During the quarter, we approved and funded 226 PPP requests for
$14.1 million to support local businesses and their employees.
- Total deposits increased $84.5
million (9%) and the loan to deposit ratio finished the quarter at
74.59% compared to 81.47% as of December 31, 2020.
- Income from mortgage refinance and
SBA loan activity were $1,072,000 and $424,000, respectively.
- GFED common shares ended the
quarter at $19.35, a 30% increase from the March 31, 2020 close of
$14.88 and a 52% increase from its 52-week low of $12.70 on April
3, 2020.
- In a Form 8-K previously filed on
April 9, 2021, the Company announced that $5.2 million of
subordinated debentures will be fully redeemed during the second
quarter of 2021. This will reduce annual interest expense by
approximately $357,000.
- The Company declared its 28th
consecutive quarterly dividend on March 26, 2021.
COVID-19 Loan Modifications
Due to financial hardships caused by the COVID-19 pandemic, loan
modifications were granted to borrowers across all collateral
types. As of March 31, 2021, 13 loans remained modified for $19.4
million (table below) for periods from one to twelve months. As of
March 31, 2021, 92% of original modifications have resumed
scheduled payments with the remaining 8% projected to resume their
contractual payments during the second or third quarter of
2021.
|
Collateral Type |
|
# Loans Modified |
|
Amount of Loans Modified ($) |
|
Interest Only 3 Months or Less |
|
Interest Only 4-6 Months |
|
Full Payment Deferral 3 Months |
|
Full Payment Deferral 3 Months + Interest Only 3
Months |
|
Full Payment Deferral 4-6 Months |
|
Full Payment Deferral > 6 Months |
|
Hotel/Motel |
|
4 |
|
|
7,840,689 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
1,849,520 |
|
$ |
- |
|
$ |
5,991,169 |
|
|
Theatre |
|
5 |
|
|
10,586,792 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
10,586,792 |
|
|
Restaurant
(C&I & RE) |
|
1 |
|
|
287,793 |
|
|
- |
|
|
287,793 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1-4 Family
Consumer |
|
1 |
|
|
23,758 |
|
|
- |
|
|
- |
|
|
23,758 |
|
|
- |
|
|
- |
|
|
- |
|
|
Other |
|
2 |
|
|
630,657 |
|
|
537,557 |
|
|
93,100 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Total
Modified Loans |
|
13 |
|
$ |
19,369,689 |
|
$ |
537,557 |
|
$ |
380,893 |
|
$ |
23,758 |
|
$ |
1,849,520 |
|
$ |
- |
|
$ |
16,577,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Quarterly Financial
Data
Below are selected financial results for the Company’s first
quarter of 2021, compared to the fourth quarter of 2020 and the
first quarter of 2020.
|
Quarter ended |
|
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
(Dollar amounts in
thousands, except per share data) |
Net income available to common shareholders |
$ |
2,216 |
|
|
$ |
946 |
|
|
$ |
2,105 |
|
|
|
|
|
|
|
Diluted
income per common share |
$ |
0.51 |
|
|
$ |
0.22 |
|
|
$ |
0.49 |
|
Common
shares outstanding |
|
4,346,467 |
|
|
|
4,337,615 |
|
|
|
4,337,115 |
|
Average
common shares outstanding, diluted |
|
4,350,096 |
|
|
|
4,359,119 |
|
|
|
4,336,302 |
|
|
|
|
|
|
|
Annualized
return on average assets |
|
0.75 |
% |
|
|
0.33 |
% |
|
|
0.82 |
% |
Annualized
return on average common equity |
|
9.94 |
% |
|
|
4.22 |
% |
|
|
9.84 |
% |
Net interest
margin |
|
2.84 |
% |
|
|
2.94 |
% |
|
|
3.24 |
% |
Efficiency
ratio |
|
70.86 |
% |
|
|
77.35 |
% |
|
|
69.29 |
% |
|
|
|
|
|
|
Common
equity to assets ratio |
|
7.27 |
% |
|
|
7.76 |
% |
|
|
8.15 |
% |
Tangible
common equity to tangible assets |
|
7.02 |
% |
|
|
7.48 |
% |
|
|
7.81 |
% |
Book value
per common share |
$ |
20.55 |
|
|
$ |
20.51 |
|
|
$ |
19.31 |
|
Tangible
book value per common share |
$ |
19.78 |
|
|
$ |
19.71 |
|
|
$ |
18.43 |
|
Nonperforming assets to total assets |
|
1.51 |
% |
|
|
1.67 |
% |
|
|
1.17 |
% |
The following were items impacting the first
quarter operating results as compared to the same quarter in 2020
and the financial condition results compared to December 31,
2020:
Interest income – Total interest income
decreased $822,000 (8%) during the quarter. The decrease is
primarily due to declining interest rates on earnings assets and
the Company’s asset mix of having greater percentages of cash and
investment holdings rather than loans when compared to prior
periods. The average balance of total interest-earning assets
increased $173.6 million (18%), of which $146.3 million or 84% was
comprised of increases in cash and investment securities, causing
the yield on average interest earning assets to decline by 96 basis
points to 3.58%. Compared to the first quarter of 2020, the average
balance of the loan portfolio increased $27.2 million (4%) with the
average loan yield decreasing by 54 basis points to 4.70%. Loan
accretion income recognized from the 2018 Hometown Bancshares
acquisition in the first quarter of 2021 was $61,000 compared to
$210,000 in the same quarter of 2020. Offsetting the decrease in
loan accretion income was fee income from PPP loan activity of
$511,000 included in interest income during the first quarter of
2021 compared to no such amounts during the same quarter of
2020.
Interest expense - Total interest expense
decreased $1,016,000 (33%) during the quarter. The decrease is
primarily driven by lower costs on nearly all interest-bearing
deposits and borrowings in the current rate
environment. The average balance of interest-bearing
liabilities increased $96.2 million (12%), while the average cost
of interest-bearing liabilities decreased 59 basis points to 0.92%.
Cuts to key interest rates by the Federal Reserve caused
significant reductions across the yield curve in 2020. To fund its
asset growth and maintain prudent liquidity levels going forward,
the Company will continue to utilize a cost-effective mix of retail
and commercial core deposits along with non-core, wholesale
funding.
See the Analysis of Net Interest Income and
Margin table below for the first quarter.
Asset Quality, Provision for Loan Loss Expense and
Allowance for Loan Losses – The Company’s nonperforming
assets decreased to $18.5 million (3%) as of March 31, 2021,
compared to $19.2 million as of December 31, 2020.
Based on its reserve analysis and methodology, the Company
recorded $400,000 in provision for loan loss expenses during the
quarter compared to $500,000 in provision amounts recorded during
the prior year quarter. The decision to expense this amount was due
to loan portfolio growth and continued precautionary measures as
the lingering impacts from the COVID-19 virus may negatively impact
the overall economy and continues to cause stress within segments
of the loan portfolio. At March 31, 2021, the allowance
for loan losses of $9.9 million was 1.30% of gross loans
outstanding (excluding mortgage loans held for sale), an increase
from the 1.28% reserved as of December 31, 2020.
In accordance with generally accepted accounting principles for
acquisition accounting, the loans acquired through a prior
acquisition were recorded at fair value; therefore, there was no
allowance associated with the loans at acquisition. Management
continues to evaluate the allowance needed on the acquired loans
factoring in the net remaining discount of approximately $490,000
as of March 31, 2021.
Management believes the allowance for loan losses is at a
sufficient level to provide for loan losses in the Bank’s existing
loan portfolio.
Non-interest Income – Non-interest income
increased $516,000 (25%) during the quarter compared to the same
quarter in 2020. This was primarily due to increased income from
the sale of mortgage loans of $529,000 (97%) and an increase of
income from the sale of SBA loans of $424,000 (100%) due to 2020
having no loans being sold during the first quarter as efforts were
focused on managing SBA PPP volumes. Offsetting these
items was a decline in income from loan swap products we debuted in
the first quarter of 2020 in which we recognized $555,000.
Non-interest Expense – Non-interest expenses
increased $657,000 (10%) during the quarter when compared to the
same quarter in 2020. The main drivers behind this increase are
noted in the following items:
- Salaries and employee benefit expenses increased $416,000 (11%)
due to a few significant factors. First, executive leadership and
managerial positions were hired in the commercial banking area
beginning in April 2020. Second, due to the record mortgage
production activity, wages, commissions and incentives have
significantly increased over the prior year quarter for the
mortgage banking area.
- Loan underwriting expenses increased $37,000 (56%) due to
continued strong refinance activity and commercial
opportunities.
- A $143,000 (100%) increase in FDIC assessment premiums due to
previously awarded credits being permitted to offset fees in
2020.
- Legal expenses incurred for troubled borrowers increased
$30,000 (125%) due to continued workout issues being
addressed.
Capital – As of March 31, 2021, stockholders’
equity increased $359,000 (1%) to $89.3 million from $89.0 million
as of December 31, 2020. Net income for the quarter exceeded
dividends paid or declared by $1.6 million, however, the equity
portion of the Company’s unrealized losses on available-for-sale
securities and effects of interest rate swaps decreased equity
balances by $1.3 million. On a per common share basis,
tangible book value increased to $19.78 at March 31, 2021 as
compared to $19.71 as of December 31, 2020.
From a regulatory capital standpoint, all capital ratios for the
Bank remain strong and above regulatory requirements.
Non-Generally Accepted Accounting
Principle (GAAP) Financial Measures
In addition to the GAAP financial results presented in this
press release, the Company presents non-GAAP financial measures
discussed below. These non-GAAP measures are provided to enhance
investors’ overall understanding of the Company’s current financial
performance. Additionally, Company management believes that this
presentation enables meaningful comparison of financial performance
in various periods. However, the non-GAAP financial results
presented should not be considered a substitute for results that
are presented in a manner consistent with GAAP. A limitation of the
non-GAAP financial measures presented is that the adjustments
concern gains, losses or expenses that the Company does expect to
continue to recognize; the adjustments of these items should not be
construed as an inference that these gains or expenses are unusual,
infrequent or non-recurring. Therefore, Company management believes
that both GAAP measures of its financial performance and the
respective non-GAAP measures should be considered together.
Operating Income
Operating income is a non-GAAP financial measure that adjusts
net income for the following non-operating items:
- Provision for income taxes
- Gains on sales of investment securities
- Commercial loan referral income
- Provision for loan loss expense
A reconciliation of the Company’s net income to its operating
income for the quarters ended March 31, 2021 and 2020 is set forth
below.
|
Quarter
ended |
|
|
March 31, 2021 |
|
March 31, 2020 |
|
|
|
|
|
|
|
(Dollar amounts are
in thousands) |
|
|
|
|
|
|
Net income |
$ |
2,216 |
|
|
$ |
2,105 |
|
|
|
|
|
|
|
Add
back: |
|
|
|
|
Provision (credit) for income taxes |
|
450 |
|
|
|
408 |
|
|
Income
before income taxes |
|
2,666 |
|
|
|
2,513 |
|
|
|
|
|
|
|
Add
back/(subtract): |
|
|
|
|
Net gains on investment securities |
|
(72 |
) |
|
|
(28 |
) |
|
Commercial loan referral income |
|
- |
|
|
|
(555 |
) |
|
Provision for loan losses |
|
400 |
|
|
|
500 |
|
|
|
|
328 |
|
|
|
(83 |
) |
|
|
|
|
|
|
Operating
income |
$ |
2,994 |
|
|
$ |
2,430 |
|
|
|
|
|
|
|
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 16 full-service branches in Greene,
Christian, Jasper and Newton Counties and a Loan Production Office
in Webster County. Guaranty Bank is a member of the MoneyPass ATM
network which provide its customers surcharge free access to over
32,000 ATMs nationwide. For more information visit the Guaranty
Bank website: www.gbankmo.com.
The Company may from time to time make written
or oral “forward-looking statements,” including statements
contained in the Company’s filings with the SEC, in its reports to
stockholders and in other communications by the Company, which are
made in good faith by the Company pursuant to the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
Words such as “anticipates,” “estimates,” “believes,” “expects,”
and similar expressions are intended to identify such
forward-looking statements but are not the exclusive means of
identifying such statements.
These forward-looking statements involve risks
and uncertainties, such as statements of the Company’s plans,
objectives, expectations, estimates and intentions, that are
subject to change based on various important factors (some of which
are beyond the Company’s control). The following factors, among
others, could cause the Company’s financial performance to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements:
● the strength of the United States economy in general and the
strength of the local economies in which we conduct operations;●
the effects of the COVID-19 pandemic, including on our credit
quality and business operations, as well as its impact on general
economic and financial market conditions;● the effects of, and
changes in, trade, monetary and fiscal policies and laws, including
interest rate policies of the Federal Reserve, inflation, interest
rates, market and monetary fluctuations;● the timely development of
and acceptance of new products and services and the perceived
overall value of these products and services by users, including
the features, pricing and quality compared to competitors’ products
and services;● the willingness of users to substitute competitors’
products and services for our products and services;● our success
in gaining regulatory approval of our products and services, when
required;● the impact of changes in financial services laws and
regulations (including laws concerning taxes, banking, securities
and insurance);● technological changes;● the ability to
successfully manage and integrate any future acquisitions if and
when our board of directors and management conclude any such
acquisitions are appropriate;● changes in consumer spending and
saving habits;● our success at managing the risks resulting from
these factors; and● other factors set forth in reports and other
documents filed by the Company with the SEC from time to time.
(GFEDER)
Financial Highlights
Operating Data: |
Quarter ended |
|
|
|
March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
(Dollar amounts are
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Total
interest income |
$ |
9,977 |
|
|
$ |
10,799 |
|
|
Total
interest expense |
|
2,071 |
|
|
|
3,087 |
|
|
Net interest income |
|
7,906 |
|
|
|
7,712 |
|
|
Provision
for loan losses |
|
400 |
|
|
|
500 |
|
|
Net interest income afterprovision for loan losses |
|
7,506 |
|
|
|
7,212 |
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
Service
charges |
|
364 |
|
|
|
409 |
|
|
Gain on sale
of loans held for sale |
|
1,072 |
|
|
|
543 |
|
|
Gain on sale
of Small Business Administration loans |
|
424 |
|
|
|
- |
|
|
Gain on sale
of investments |
|
72 |
|
|
|
28 |
|
|
Commercial
loan referral income |
|
- |
|
|
|
555 |
|
|
Other
income |
|
683 |
|
|
|
564 |
|
|
|
|
2,615 |
|
|
|
2,099 |
|
|
Noninterest
expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,366 |
|
|
|
3,950 |
|
|
Occupancy |
|
1,129 |
|
|
|
1,151 |
|
|
Other expense |
|
1,960 |
|
|
|
1,697 |
|
|
|
|
7,455 |
|
|
|
6,798 |
|
|
Income
before income taxes |
|
2,666 |
|
|
|
2,513 |
|
|
Provision
for income taxes |
|
450 |
|
|
|
408 |
|
|
Net
income |
$ |
2,216 |
|
|
$ |
2,105 |
|
|
Net income
per common share-basic |
$ |
0.51 |
|
|
$ |
0.49 |
|
|
Net income
per common share-diluted |
$ |
0.51 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
Annualized
return on average assets |
|
0.75% |
|
|
|
0.82% |
|
|
Annualized
return on average equity |
|
9.94% |
|
|
|
9.84% |
|
|
Net interest
margin |
|
2.84% |
|
|
|
3.24% |
|
|
Efficiency
ratio |
|
70.86% |
|
|
|
69.29% |
|
|
Financial Condition Data: |
As of |
|
|
March
31, |
|
December
31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
(Dollar amounts are
in thousands, except per share data) |
|
Cash and
cash equivalents |
$ |
220,238 |
|
|
$ |
148,423 |
|
|
Available-for-sale securities |
|
181,790 |
|
|
|
168,881 |
|
|
Loans, net
of allowance for loan losses |
|
|
|
|
3/31/2021 - $9,888; 12/31/2020 - $9,617 |
|
751,211 |
|
|
|
753,508 |
|
|
Intangibles |
|
3,343 |
|
|
|
3,462 |
|
|
Premises and
equipment, net |
|
17,741 |
|
|
|
17,898 |
|
|
Lease
right-of-use assets |
|
8,320 |
|
|
|
8,470 |
|
|
Bank owned
life insurance |
|
25,427 |
|
|
|
25,295 |
|
|
Other
assets |
|
20,966 |
|
|
|
20,316 |
|
|
Total assets |
$ |
1,229,036 |
|
|
$ |
1,146,253 |
|
|
|
|
|
|
|
Deposits |
$ |
1,023,137 |
|
|
$ |
938,673 |
|
|
Advances
from correspondent banks |
|
66,000 |
|
|
|
66,000 |
|
|
Subordinated
debentures |
|
15,465 |
|
|
|
15,465 |
|
|
Subordinated
notes |
|
19,575 |
|
|
|
19,564 |
|
|
Lease
liabilities |
|
8,421 |
|
|
|
8,561 |
|
|
Other
liabilities |
|
7,111 |
|
|
|
9,022 |
|
|
Total liabilities |
|
1,139,709 |
|
|
|
1,057,285 |
|
|
Stockholders' equity |
|
89,327 |
|
|
|
88,968 |
|
|
Total liabilities and stockholders' equity |
$ |
1,229,036 |
|
|
$ |
1,146,253 |
|
|
|
|
|
|
|
Common
equity to assets ratio |
|
7.27 |
% |
|
|
7.76 |
% |
|
Tangible
common equity to tangible assets ratio (1) |
|
7.02 |
% |
|
|
7.48 |
% |
|
Book value
per common share |
$ |
20.55 |
|
|
$ |
20.51 |
|
|
Tangible
book value per common share (2) |
$ |
19.78 |
|
|
$ |
19.71 |
|
|
Nonperforming assets |
$ |
18,525 |
|
|
$ |
19,175 |
|
|
|
|
|
|
|
(1) Total Assets less Intangibles divided by Stockholders’
Equity(2) Stockholders’ Equity less Intangibles divided by Common
Shares Outstanding
Analysis of Net Interest Income and Margin:
|
Three months ended 3/31/2021 |
|
Three months ended 3/31/2020 |
|
|
|
|
|
Average Balance |
|
Interest |
|
Yield / Cost |
|
Average Balance |
|
Interest |
|
Yield / Cost |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
(Dollar amounts are
in thousands) |
Interest-earning: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
760,814 |
|
$ |
8,817 |
|
|
4.70 |
% |
|
$ |
733,591 |
|
$ |
9,553 |
|
|
5.24 |
% |
Investment securities |
|
171,137 |
|
|
1,025 |
|
|
2.43 |
% |
|
|
125,851 |
|
|
885 |
|
|
2.83 |
% |
Other
assets |
|
197,564 |
|
|
135 |
|
|
0.28 |
% |
|
|
96,515 |
|
|
361 |
|
|
1.50 |
% |
Total
interest-earning |
|
1,129,515 |
|
|
9,977 |
|
|
3.58 |
% |
|
|
955,957 |
|
|
10,799 |
|
|
4.54 |
% |
Noninterest-earning |
|
69,606 |
|
|
|
|
|
|
|
|
|
71,533 |
|
|
|
|
|
|
|
|
$ |
1,199,121 |
|
|
|
|
|
|
|
|
$ |
1,027,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
accounts |
$ |
51,011 |
|
|
16 |
|
|
0.13 |
% |
|
$ |
39,704 |
|
|
26 |
|
|
0.26 |
% |
Transaction
accounts |
|
586,019 |
|
|
495 |
|
|
0.34 |
% |
|
|
503,138 |
|
|
1,378 |
|
|
1.10 |
% |
Certificates
of deposit |
|
178,252 |
|
|
789 |
|
|
1.80 |
% |
|
|
199,349 |
|
|
1,090 |
|
|
2.20 |
% |
FHLB
advances |
|
66,000 |
|
|
311 |
|
|
1.91 |
% |
|
|
51,482 |
|
|
274 |
|
|
2.14 |
% |
Other
borrowed funds |
|
15,465 |
|
|
195 |
|
|
5.11 |
% |
|
|
15,465 |
|
|
196 |
|
|
5.10 |
% |
Subordinated
debentures issued to Capital Trusts |
|
19,568 |
|
|
263 |
|
|
5.45 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
Subordinated
notes, net |
|
521 |
|
|
2 |
|
|
1.56 |
% |
|
|
11,491 |
|
|
123 |
|
|
4.31 |
% |
Total
interest-bearing |
|
916,836 |
|
|
2,071 |
|
|
0.92 |
% |
|
|
820,629 |
|
|
3,087 |
|
|
1.51 |
% |
Noninterest-bearing |
|
191,848 |
|
|
|
|
|
|
|
|
|
120,825 |
|
|
|
|
|
|
|
Total
liabilities |
|
1,108,684 |
|
|
|
|
|
|
|
|
|
941,454 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
90,437 |
|
|
|
|
|
|
|
|
|
86,036 |
|
|
|
|
|
|
|
|
$ |
1,199,121 |
|
|
|
|
|
|
|
|
$ |
1,027,490 |
|
|
|
|
|
|
|
Net earning
balance |
$ |
212,679 |
|
|
|
|
|
|
|
|
$ |
135,328 |
|
|
|
|
|
|
|
Earning
yield less costing rate |
|
|
|
|
|
|
|
2.66 |
% |
|
|
|
|
|
|
|
|
3.03 |
% |
Net interest
income, and net yield spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on interest earning assets |
|
|
|
$ |
7,906 |
|
|
2.84 |
% |
|
|
|
|
$ |
7,712 |
|
|
3.24 |
% |
Ratio of
interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-bearing liabilities |
|
|
|
|
123 |
% |
|
|
|
|
|
|
|
|
116 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: Shaun A. Burke (CEO) or Carter M. Peters (CFO),
1-833-875-2492
Guaranty Federal Bancsha... (NASDAQ:GFED)
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From Mar 2024 to Apr 2024
Guaranty Federal Bancsha... (NASDAQ:GFED)
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