8-K 1 jul2003edgar8k.htm EARNINGS RELEASE 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): July 16, 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 July 16, 2003, Guaranty Federal Bancshares, Inc. issued a press release announcing that during the twelve month period ended June 30, 2003 the Company (i) repurchased 87,286 shares of stock at an average price of $15.02 per share, and (ii) paid four quarterly dividends of $0.15 per share.


Item 7. Financial Statements and Exhibits


(c) Exhibits


Exhibit Number    Description


 99.1                       Press release, dated July 16, 2003 (furnished with respect to Item 12)


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


On July 16, 2003, Guaranty Federal Bancshares, Inc. issued a press release announcing its earnings for the fourth quarter ended June 30, 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: July 16, 2003





Exhibit 99.1

Contact:  Don M. Gibson

For Immediate Release

                 417-520-4333



GUARANTY FEDERAL BANCSHARES, INC. ANNOUNCES

A 27% INCREASE IN ANNUAL EARNINGS PER SHARE


SPRINGFIELD, MO – (July 16, 2003) – Guaranty Federal Bancshares, Inc, (NASDAQ:GFED), the holding company for Guaranty Bank, today announced earnings for the fourth quarter ended June 30, 2003, were $0.33 per share, ($931,000) up from the $0.31 per share ($874,000) the Company earned during the same quarter in the prior year.  This represents a 6% increase in quarterly earnings per share. Earnings for the twelve month period ending June 30, 2003 were $1.28 per share, ($3,580,000) up from the $1.01 per share, ($3,593,000) the Company earned during the same period in 2002.  This represents a 27% increase in earnings per share when compared to the same period in the prior year.


During the twelve month period ended June 30, 2003 the Company repurchased 87,286 shares of stock at an average cost of $15.02 per share.  During the same period the Company paid four quarterly dividends of $0.15 per share.


Guaranty Federal Bancshares Inc. has a subsidiary corporation offering banking services.  The principal subsidiary, Guaranty Bank, is located in Springfield, Missouri, and has eight branches and 18 ATM locations located in Greene and Christian Counties.  In addition Guaranty Bank 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

 

Twelve Months ended

Operating Data:

 

30-Jun-03

 

30-Jun-02

 

30-Jun-03

 

30-Jun-02

  

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

  
         

Total interest income

 

 $                5,186

 

                  5,833

 

                 21,781

 

                25,222

Total interest expense

 

                   2,580

 

                  3,125

 

                 11,444

 

                14,086

Provision for loan losses

 

                      150

 

                       75

 

                      610

 

                     291

    Net interest income after

        

     provision for loan losses

 

                   2,456

 

                  2,633

 

                   9,727

 

                10,845

Noninterest income

 

                      844

 

                     977

 

                   3,688

 

                  3,634

Noninterest expense

 

                   2,069

 

                  2,244

 

                   8,179

 

                  8,994

         

Income before income tax

 

                   1,232

 

                  1,366

 

                   5,236

 

                  5,485

Income tax expense

 

                      301

 

                     492

 

                   1,656

 

                  1,892

 

        

Net income

 

 $                   931

 

                     874

 

                   3,580

 

                  3,593

Net income per share-basic

 

 $                  0.33

   

                    0.31

 

                     1.28

 

                    1.01

Net income per share-diluted

 

 $                  0.33

 

                    0.31

 

                     1.26

 

                    1.00

         

Annualized return on average assets

 

0.98%

 

0.93%

 

0.95%

 

0.93%

Annualized return on average equity

 

10.11%

 

9.73%

 

9.78%

 

7.63%

Net interest margin

 

2.91%

 

2.98%

 

2.90%

 

2.99%

  

 

      
    

As of

 

As of

  

Financial Condition Data:

   

30-Jun-03

 

30-Jun-02

  
         

Cash and cash equivalents

   

 $             19,015

 

                 16,964

  

Investments

   

                15,522

 

                 19,683

  

Loans, net of allowance for loan losses

   

              336,838

 

               319,916

  

      6/30/2003 - $2,775; 6/30/2002 - $2,650

       

Other assets

   

                18,776

 

                 19,987

  

     Total Assets

   

 $           390,151

 

               376,550

  

 

   

   

 

   

  

Deposits

   

 $           235,677

 

               225,284

  

FHLB advances

   

              114,619

 

               111,083

  

Other liabilities

   

                  3,313

 

                   4,748

  

     Total liabilities

   

              353,609

 

               341,115

  

Stockholder's equity

   

                36,542

 

                 34,435

  

     Total liabilities and stockholder equity

   

 $           390,151

 

               375,550

  
         

Book value per share

   

 $               13.14

 

                   12.69

  
         

Non performing assets

   

 $                  513

 

                   2,434