Newspaper article THE JOURNAL RECORD

3% Increase in Net Income Reported by Guaanty Bank

Newspaper article THE JOURNAL RECORD

3% Increase in Net Income Reported by Guaanty Bank

Article excerpt

By Nancy Raiden Titus A 3 percent increase in first quarter net income to $683,013 was reported Tuesday by Guaranty Bank & Trust Co., of 4631 NW 23rd St.

This compared to first quarter 1990 net income of $662,170. Per share earnings for the first quarter 1991 were $3.04, up 3 percent from $2.94 for the same period in 1990.

``We feel like the rest of the year will be better than last year in earnings,'' said Thomas L. Legan, president. ``The major difference is that there is some improvement in the net interest spread and a considerable reduction in the need for provisions for loan losses.''

He said the return on average daily assets was about 1.3 percent for the first quarter.

Total assets as of March 31 were $214.9 million, up 5.7 percent from $203.3 million on March 31, 1990. Total deposits were $197.9 million, up 6 percent from $186.5 million at the end of the first quarter 1990. …

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