Guaranty Federal Bancshares, Inc. Announces Preliminary Third Quarter 2021 Financial Results and a 77% Increase in Diluted Earnings Per Share

Provided By Globe Newswire

Last update: Oct 21, 2021

SPRINGFIELD, Mo., Oct. 21, 2021 (GLOBE NEWSWIRE) --

CEO Comments

“Despite continued competitive and interest rate pressures, the Company experienced strong earnings in the third quarter, recognizing significant improvement over the same quarter in 2020. Net interest margin expanded as we’ve seen the positive results of the previous quarter’s loan growth, the repricing of higher-cost certificates of deposit and the repayment of a 6.92% fixed-rate trust preferred issuance. Additionally, the full repayment of $50 million of wholesale funding liabilities during the current quarter has made an immediate positive impact to capital levels and will further improve interest expense and net interest margin going forward. The low interest rate environment and strong housing market continue to keep our mortgage team closing loans at a record pace which contributed significant fee income to our quarterly results. We expect to finish 2021 strong and are already looking forward to 2022 and beyond.”