-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lbe7bWHQpaZeh4AP3Vr1He9/tJUJtIOdyDny5Gq5gCrFCRi21gMvDn8nUloXqAkK 9/NXP6q6EcbcfT/yHxX9uw== 0001046203-05-000003.txt : 20050113 0001046203-05-000003.hdr.sgml : 20050113 20050113123103 ACCESSION NUMBER: 0001046203-05-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050113 DATE AS OF CHANGE: 20050113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GUARANTY FEDERAL BANCSHARES INC CENTRAL INDEX KEY: 0001046203 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 431792717 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23325 FILM NUMBER: 05527533 BUSINESS ADDRESS: STREET 1: 1341 WEST BATTLEFIELD CITY: SPRINGFIELD STATE: MO ZIP: 65807 BUSINESS PHONE: 4175204333 MAIL ADDRESS: STREET 1: 1341 WEST BATTLEFIELD CITY: SPRINGFIELD STATE: MO ZIP: 65807 8-K 1 document.htm 8-K 4TH QUARTER 2004 EARNINGS 8-K 4th quarter 2004 earnings

 
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): January 13, 2005
 
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)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
 
[_] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[_]    Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[_]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[_]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 
     
 
INCLUDED INFORMATION
 
Item 2.02 Results of Operations and Financial Condition.
 
On January 13, 2005, Guaranty Federal Bancshares, Inc. (the "Company") issued a press release announcing its earnings for the fourth quarter and year ended December 31, 2004.
 
Item 7.01 Regulation FD Disclosure.
 
On January 13, 2005, the Company issued a press release announcing that there are 183,912 shares of its common stock remaining to be repurchased to complete the repurchase plan announced on November 22, 2002.
 
Item 9.01 Financial Statements and Exhibits.
 
(c) Exhibits
 
Exhibit Number Description
 
99.1 Press release dated January 13, 2005 (furnished with respect to Item 2.02)
 
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: January 13, 2005
 
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 EARNINGS RELEASE Exhibit 99.1 earnings release

 
Exhibit 99.1
 
Contact: Don M. Gibson                    For Immediate Release
417-520-4333

GUARANTY FEDERAL BANCSHARES, INC. ANNOUNCES
                         A 29% INCREASE IN EARNINGS PER SHARE

SPRINGFIELD, MO - (January 13, 2005) - Guaranty Federal Bancshares, Inc, (NASDAQ:GFED), the holding company for Guaranty Bank (the "Company"), today announced the following highlights for its year ended December 31, 2004:

2004 Financial Highlights

·   Earnings per share increase 29% over prior year
·   Net earnings increase $1M, or 31% over prior year
·   Net interest income increases 15% over prior year
·   Net interest margin increases 16 basis points over prior year to 3.09%
·   Assets increase $54M, or 14% over prior year
·   Loans increase $60M, or 18% over prior year
·   Deposits increase $59M, or 25% over prior year

The Company also announced earnings for the fourth quarter ended December 31, 2004 were $0.41 per share, ($1,145,000), up from the $0.15 per share ($423,000) the Company earned during the same quarter in the prior year. This represents a 173% increase in quarterly earnings per share.

Earnings for the twelve months ended December 31, 2004 were $1.53 per share, ($4,284,000), up from the $1.19 per share ($3,315,000) the Company earned during the same period in the prior year. This represents a 29% increase in earnings per share compared to the same period one year ago.

In the fourth quarter of 2003, the Bank established a loan loss reserve for a group of approximately 150 loans totaling approximately $9.0 million. This reduced earnings for that quarter by approximately $500,000, from $0.33 per share to $0.15 per share. There is currently an outstanding balance of approximately $4.5 million in this group of loans. The bank believes it has adequately reserved for this group of loans.

The Company announced a plan to repurchase 300,000 shares of common stock on November 22, 2002. To date the Company has repurchased 116,088 shares of common stock under this plan at an average cost of $18.36 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. When used in this release, words such as "anticipates," "estimates," "believes," "expects," and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Such statements are subject to risks and uncertainties. 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; fluctuation in inflation; and other factors set forth in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time.

Guaranty Federal Bancshares, Inc. has a subsidiary corporation offering full banking services. The principal subsidiary, Guaranty Bank, is located in Springfield, Missouri, and has seven branches and 20 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 ATMs and over 1,000 ATMs nationwide.

Financial Highlights:
                  
   
Quarter ended
  
Year ended
  
Operating Data:
  
31-Dec-04
 
31-Dec-03
 
31-Dec-04
 
31-Dec-03
 
   
(Dollar amounts are in thousands, except per share data)
  
                   
Total interest income
  
$
5,634
   
4,849
   
20,539
   
20,337
 
Total interest expense
    
2,337
   
2,165
   
8,446
   
9,850
 
Provision for loan losses
    
225
   
950
   
864
   
1,567
 
Net interest income after
    
   
             
provision for loan losses
    
3,072
   
1,734
   
11,229
   
8,920
 
Noninterest income
    
932
   
858
   
3,616
   
4,025
 
Noninterest expense
    
2,082
   
1,999
   
8,248
   
8,113
 
     
   
             
Income before income tax
    
1,922
   
593
   
6,597
   
4,832
 
Income tax expense
    
777
   
170
   
2,313
   
1,517
 
 
    
   
         
 
Net income
  
$
1,145
   
423
   
4,284
   
3,315
 
Net income per share-basic
  
$
0.41
 
$
0.15
 
$
1.53
 
$
1.19
 
Net income per share-diluted
  
$
0.39
 
$
0.15
 
$
1.47
 
$
1.17
 
                           
Annualized return on average assets
    
1.04
%
  
0.45
%
  
1.04
%
  
0.88
%
Annualized return on average equity
    
11.11
%
  
4.42
%
  
10.74
%
  
8.87
%
Net interest margin
    
3.16
%
  
3.02
%
  
3.09
%
  
2.93
%

 

 
     
 

   
As of
  
As of
  
Financial Condition Data:
  
31-Dec-04
 
31-Dec-03
 
           
Cash and cash equivalents
  
$
15,896
 
$
22,657
 
Investments
    
16,407
   
16,731
 
Loans, net of allowance for loan losses
    
392,333
   
332,130
 
12/31/2004 - $4,537; 12/31/2003 - $3,886
             
Other assets
    
15,961
   
15,239
 
Total Assets
  
$
440,597
 
$
386,757
 
 
    
   
 
Deposits
  
$
296,388
 
$
237,131
 
FHLB advances
    
100,000
   
108,837
 
Other liabilities
    
3,436
   
2,811
 
Total liabilities
  
$
399,824
 
$
348,779
 
Stockholder's equity
    
40,773
   
37,978
 
Total liabilities and stockholder equity
  
$
440,597
 
$
386,757
 
               
Book value per share
  
$
14.45
 
$
13.62
 
               
Non performing assets
  
$
1,007
 
$
749
 
               

 

 
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