DENVER BUSINESS JOURNAL - Denver-based Guaranty Bancorp has posted a hefty increase in profit, both for the latest quarter and the first nine months of the year.
In October, the bank holding company (Nasdaq: GBNK) announced third quarter 2017 net income of $10.1 million, or $0.36 per basic and diluted common share, compared to $5.8 million, or $0.25 per basic and diluted common share in the third quarter 2016.
For the nine months that ended Sept. 30, net income was $30 million, or $1.08 per basic common share and $1.07 per diluted common share, compared to $17.3 million, or $0.80 per basic common share and $0.79 per diluted common share for the same period in 2016.
“We continue to deliver very solid profitability driven by strong loan and deposit growth,” said Paul Taylor, president and CEO. “For the third quarter 2017, return on average assets increased by 33 percent to 1.17 percent due to balance sheet growth, expanded net interest margin, focus on non-interest income improvement and diligent expense management.”
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