Guaranty Federal Bancshares, Inc. Announces Preliminary First Quarter 2018 Financial Results
Guaranty Federal Bancshares, Inc. (GFED)
US:NASDAQ Investor Relations:
fgb.net/investor-relations
Company Research
Source: GlobeNewswire
SPRINGFIELD, Mo., April 19, 2018 (GLOBE NEWSWIRE) -- Guaranty Federal Bancshares, Inc., (NASDAQ:GFED), (the “Company”), today announces the following preliminary results for the first quarter ended March 31, 2018. First Quarter Highlights Financial Condition – March 31, 2018 versus December 31, 2017 Total assets grew $12.6 million (2%) to $807 million.Total gross loans increased $7.2 million (1%). The Company has experienced growth in the construction and commercial and industrial categories, offset by declines in multi-family and other commercial non-owner occupied credits.Total deposits increased $25.6 million (4%), primarily due to the Company’s efforts to grow commercial deposits and public funds.The Company reduced its reliance on wholesale funding by reducing FHLB advances by $13.7 million (15%). Nonperforming assets declined $464,000 (5%) to $9.8 million, which was 1.21% as a percentage of total assets.Tangible book value per share increased $0.12 (1%) to $17.22 at March 3
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