Guaranty Bancorp's earnings shoot up in Q2
Net income at the community bank holding company increased to $6.2 million in the quarter ending June 30, compared with $1.4 million in the same quarter of 2011. The company attributes the improvement to a deferred tax valuation allowance of $5.7 million.
The company also reported a $600,000 increase in net interest income and a $500,000 reduction in provision for loan losses, as well as a $600,000 increase in noninterest income.
A $2.8 million impairment loss on bank facilities scheduled to be closed was also included in the publicly-traded company's second-quarter financial statement.
The bank closed its Windsor branch earlier this year, and condensed branches in Boulder and Denver. Branches of Guaranty Bank & Trust remain throughout Fort Collins, Loveland, Greeley, Berthoud and Eaton.
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