Guaranty Federal Bancshares Inc. adjusted its preliminary results for the year ended Dec. 31, 2017, following a review of some variable-rate interest-bearing liabilities and the related cost of funding.
Having discovered a system processing miscalculation on four accounts, the Springfield, Mo.-based company now reports preliminary fiscal 2017 net income available to common shareholders of $5.2 million, or $1.16 per share.
It had previously reported $5.4 million, or $1.22 per share. For fiscal 2016, it was $5.6 million, or $1.27 per share.
For the quarter ended Dec. 31, 2017, revised net income was $418,467, or 9 cents per share. It was $690,052, or 15 cents per share, a year prior.
The year-over-year decline was attributed to a tax-related revaluation of the company's net deferred tax assets. The $1.0 million revaluation resulted in an estimated hit of 24 cents to fiscal 2017 EPS. Excluding that, EPS would have been $1.39 for 2017.
