|
COPYRIGHT 2004 PR Newswire Association LLC
Guaranty Financial Corporation , a bank holding company operating primarily through its wholly owned subsidiary, Guaranty Bank, today reported net income of $1,946,000 ($.97 per diluted share) for the year ended December 31, 2003, representing a 10.4% increase over the prior calendar year and record annual earnings for the history of the Company. The Company reported net income of $1,763,000 ($.89 per diluted share) for the year ended December 31, 2002. Return on average assets amounted to 1.01% for the year ended December 31, 2003, compared to 0.84% for the prior year. Return on average equity was 10.11% and 10.05% for the years ended December 31, 2003 and 2002, respectively.
Net income was $503,000 ($.25 per diluted share) for the quarter ended December 31, 2003, compared with net income of $466,000 ($.23 per diluted share) for the same period last year, a 7.8% increase. Return on average assets equaled 1.04% and 0.92%, and return on average equity equaled 10.04% and 10.12%, for the quarters ended December 31, 2003 and 2002, respectively.
In December 2003, Guaranty and Union Bankshares Corporation announced the signing of a definitive merger agreement, which was unanimously approved by each board of directors, pursuant to which Union will acquire Guaranty. The merger is dependent on certain regulatory approvals, as well as approval by Guaranty shareholders, and is expected to close in the second quarter of 2004.
"We're extremely pleased with the accomplishments achieved for the quarter and the full year," stated William E. Doyle, Jr., President and CEO. "During the course of the year we completed the remainder of the repositioning priorities intended to strengthen the Company and position it for high performance results in the future. Record earnings,...
Read the full article for free courtesy of your local library.
|
Bookmark this article
Print this article
Link to this article
Email this article
Digg It!
Add to del.icio.us
RSS
