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Guaranty Bancorp reports Q4 net income

Guaranty Bancorp has reported net income of $3.8 million

Guaranty Bancorp has reported fourth quarter 2008 net income of $3.8 million, or $0.07 earnings per basic and diluted share, compared to a fourth quarter 2007 net loss of $138.2 million or $2.68 loss per basic and diluted share.

For the quarter, net interest income was $17.7 million, a decrease of $6.5 million from $24.18 million for the fourth quarter of 2007. The company’s net interest margin of 3.55% for the fourth quarter 2008 reflected a decline of 120 basis points from the same quarter of 2007.

For the year ending December 31, 2008, the net loss was $256.7 million or $5.03 loss per basic and diluted share compared to a net loss of $138.1 million or $2.60 loss per basic and diluted share for 2007.

For the year ended December 31, 2008, the company’s net interest income declined by $22.7 million from the same period in 2007. This decline is due primarily to an $18.9 million unfavourable rate variance in connection with an 88 basis point decrease in the net interest margin, said Guaranty Bancorp.

At December 31, 2008, the company had total assets of $2.1 billion as compared to $2.4 billion at December 31, 2007. Total deposits declined to $$1.7 billion at December 31, 2008, from $1.8 billion as of December 31, 2007.