- Guaranty Federal Bancshares (GFED -0.9%) enters merger with QCR Holdings, a $6B multi-bank holding company headquartered in Moline, Illinois.
- QCRH will acquire the company and merge its banking subsidiary Guaranty Bank into Springfield First Community Bank, a QCRH Springfield-based subsidiary bank.
- The combined bank will operate under the Guaranty Bank name in all southwest Missouri markets.
- Transaction is expected to be completed in early Q2 2022.
- Net income or EPS was $2.5M and $0.57, respectively.
- Net interest margin increased to 3.18% compared to 2.94% for Q4 2020.
- Non-performing asset balances declined $740,000 (7%) to $9.8M.
- This resulted in a percentage to total assets of 0.84% as of December 31, 2021.
- Total gross loans increased $28.4M (4%) during the quarter