Guaranty Bank reports a nearly 34% increase in second quarter profits.
SBJ file
Guaranty Bank reports a nearly 34% increase in second quarter profits.

Guaranty CEO: Economy's recovery 'solidified its footing' in Q2

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Guaranty Federal Bancshares Inc. (Nasdaq: GFED) President and CEO Shaun Burke was bullish about the economy in the company's second quarter earnings reports.

“The recent economic recovery solidified its footing in the second quarter as consumers and businesses alike appear willing to put COVID-induced restrictions behind them," Burke said in a news release. "Government-supported stimulus programs continue to assist the overall economy while maintaining low interest rates.”

His comments came alongside a report that showed a 33.6% increase in quarterly profits to $2.5 million, or 58 cents per diluted share. That's up from $1.9 million, or 43 cents per diluted share, a year earlier.

At the end of the quarter, the Guaranty Bank operator no longer had loans remaining under modification or deferment due to financial hardships from the COVID-19 pandemic. Thirteen loans worth a combined $19.3 million had been impacted as of March 31.

"We have assisted our clients through many hurdles during the pandemic,” Burke added in the release, “and I am continually reminded of the vital role a community bank like Guaranty plays in our markets to provide quality products, knowledgeable team members and to become a trusted partner for those that we serve."

Guaranty Bank's assets were $1.2 billion and deposits were $993.7 million as of June 30, according to the release. The company has 16 full-service branches in Greene, Christian, Jasper and Newton counties, as well as a loan production office in Webster County.

GFED shares were trading at $24.28 as of 12:01 p.m., compared with a 52-week range of $13.35 to $26.99 per share.