Guaranty Federal Bancshares gives report

Guaranty Federal Bancshares, the holding company for Springfield-based Guaranty Bank, reported Tuesday that diluted earnings per common share was $1.58 for 2013, compared with $0.30 in 2012.

Earnings for the quarter ending Dec. 31 were $0.42 per diluted common share, compared with $0.45 for the fourth quarter of 2012.

The company posted net income of $5.2 million for the year, according to a news release, compared to $1.9 million in 2012.

“In 2013, we were successful in reducing leverage and wholesale funding due to core deposit growth initiatives and we are well positioned for growth as the economy improves,” President and CEO Shaun Burke said in the release.

“Nonperforming assets have also improved significantly since year end. We received a payment of just over $1 million on a nonperforming loan and anticipate the $2.8 million balance of the relationship to be paid in full in the near future. These payments will reduce nonperforming credits to a manageable level and the lowest balance for the company since the recession began.”

“However, competition for loans in our markets remains very strong and we continue to see balance reductions in our covered loan portfolios.”

Guaranty Bank has nine full-service branches in Greene and Christian counties, as well as a loan production office in Webster County.