8-K 1 apr2003edgar8k.htm 3RD QUARTER EARNINGS RELEASE <B>SECURITIES AND EXCHANGE COMMISSION

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): April 15, 2003


Guaranty Federal Bancshares, Inc.
(Exact name of registrant as specified in its charter)


Delaware

(State or other jurisdiction of incorporation)


43-1792717

(I.R.S. employer identification number)


0-23325

(Commission file number)


1341 West Battlefield
Springfield, Missouri 65807
(Address of principal executive offices and zip code)


Registrant's telephone number, including area code: (417) 520-4333

Not applicable
(Former name or former address, if changed since last report)
















INCLUDED INFORMATION


Item 5. Other Events and Regulation FD


On April 15, 2003, Guaranty Federal Bancshares, Inc. issued a press release announcing that there are 264,827 shares remaining to be repurchased to complete the repurchase plan announced November 22, 2002.


Item 7. Financial Statements and Exhibits


(c) Exhibits


Exhibit Number    Description


1.1

Press release, dated April 15, 2003 furnished with respect to Item 12


Item 9. Regulation FD Disclosure (Information Being Provided under Item 12)


On April 15, 2003, Guaranty Federal Bancshares, Inc. issued a press release announcing its earnings for the third quarter ended March 31, 2003. This information is being furnished pursuant to Item 12 “Results of Operations and Financial Condition” of Form 8-K in accordance with interim guidance provided by the Securities and Exchange Commission in Release No. 33-8216.



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


                                                                       Guaranty Federal Bancshares, Inc.


                                                                       By:

                                                                       /s/ Don M. Gibson______________

                                                                       Don M. Gibson

                                                                       President and Chief Executive Officer


Date: April 15, 2003





Exhibit 99.1

Contact:  Don M. Gibson

For Immediate Release

                 417-520-4333



GUARANTY FEDERAL BANCSHARES, INC. ANNOUNCES

A 45% INCREASE IN QUARTERLY EARNINGS PER SHARE


SPRINGFIELD, MO – (April 15, 2003) – Guaranty Federal Bancshares, Inc, (NASDAQ:GFED), the holding company for Guaranty Federal Savings Bank, today announced earnings for the third quarter ended March 31, 2003, were $0.32 per share, ($885,000) up from the $0.22 per share ($818,000) the Company earned during the same quarter in the prior year.  This represents a 45% increase in quarterly earnings per share.


The Company announced a plan to repurchase 300,000 shares of common stock on November 22, 2002.  To date the Company has repurchased 35,173 shares of common stock under this plan at an average cost of $15.35 per share.


The discussion set forth above may contain forward-looking comments. Such comments are based upon the information currently available to management of the Company and management’s perception thereof as of the date of this release.  Actual results of the Company’s operations could materially differ from those forward-looking comments.  The differences could be caused by a number of factors or combination of factors including, but not limited to: changes in demand for banking services; changes in portfolio composition; changes in management strategy; increased competition from both bank and non-bank companies; changes in the general level of interest rates; the effect of regulatory or government legislative changes; technology changes; and fluctuation in inflation.


Guaranty Federal Bancshares, Inc. has a subsidiary corporation offering full banking services.  The principal subsidiary, Guaranty Federal Savings Bank, is located in Springfield, Missouri, and has eight branches and 18 ATM locations located in Greene and Christian Counties.  In addition Guaranty Federal is a member of the Privileged Status ATM network, which provides its customers surcharge free access to over 60 area ATM’s and over 1,000 ATM’s nationwide.










Financial Highlights:

        
  

Quarter ended

 

Nine Months ended

Operating Data:

 

31-Mar-03

 

31-Mar-02

 

31-Mar-03

 

31-Mar-02

  

(Dollar amounts are in thousands, except per share data)

         

Total interest income

 

 $                5,304

 

                  6,151

 

                 16,595

 

                19,389

Total interest expense

 

                   2,778

 

                  3,327

 

                   8,864

 

                10,961

Provision for loan losses

 

                      255

 

                       66

 

                      460

 

                     216

    Net interest income after

 

   

      

     provision for loan losses

 

                   2,271

 

                  2,758

 

                   7,271

 

                  8,212

Noninterest income

 

                   1,093

 

                     849

 

                   2,844

 

                  2,657

Noninterest expense

 

                   2,051

 

                  2,365

 

                   6,111

 

                  6,750

  

   

      

Income before income tax

 

                   1,313

 

                  1,242

 

                   4,004

 

                  4,119

Income tax expense

 

                      428

 

                     424

 

                   1,355

 

                  1,400

 

 

   

      

Net income

 

 $                   885

 

                     818

 

                   2,649

 

                  2,719

Net income per share-basic

 

 $                  0.32

   

                    0.22

 

                     0.95

 

                    0.72

Net income per share-diluted

 

 $                  0.31

 

                    0.21

 

                     0.93

 

                    0.71

         

Annualized return on average assets

 

0.94%

 

0.82%

 

0.94%

 

0.93%

Annualized return on average equity

 

9.61%

 

6.41%

 

9.67%

 

7.13%

Net interest margin

 

2.79%

 

3.03%

 

2.86%

 

2.99%

         
    

As of

 

As of

  

Financial Condition Data:

   

31-Mar-03

 

31-Mar-02

  
         

Cash and cash equivalents

   

 $             13,190

 

                 35,425

  

Investments

   

                16,104

 

                 20,435

  

Loans, net of allowance for loan losses

   

              327,436

 

               318,160

  

      3/31/2003 - $2,803; 3/31/2002 - $2,607

       

Other assets

   

                18,896

 

                 20,232

  

     Total Assets

   

 $           375,626

 

               394,252

  

 

   

   

 

   

  

Deposits

   

 $           230,627

 

               229,212

  

FHLB advances

   

              104,782

 

               112,612

  

Other liabilities

   

                  4,051

 

                   6,781

  

     Total liabilities

   

 $           339,460

 

               348,605

  

Stockholder's equity

   

                36,166

 

                 45,647

  

     Total liabilities and stockholder equity

   

 $           375,626

 

               394,252

  
         

Book value per share

   

 $               12.94

 

                   13.04

  
         

Non performing assets

   

 $               1,515

 

                   2,837