Exhibit 1

JOINT FILING AGREEMENT

The undersigned hereby agree that this Schedule 13D, dated June 28, 2017, with respect to the Common Stock, par value $0.10 per share, of Guaranty Federal Bancshares, Inc., a Delaware corporation, is, and any amendments hereto signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.

Dated: June 28, 2017

CASTLE CREEK CAPITAL PARTNERS V, LP
By:	/s/ John M. Eggemeyer
Name:	John M. Eggemeyer
Title:	Managing Principal
CASTLE CREEK CAPITAL V LLC
By:	/s/ John M. Eggemeyer
Name:	John M. Eggemeyer
Title:	Managing Principal
JOHN M. EGGEMEYER
By:	/s/ John M. Eggemeyer
Name:	John M. Eggemeyer
J. MIKESELL THOMAS
By:	/s/ J. Mikesell Thomas
Name:	J. Mikesell Thomas
MARK G. MERLO
By:	/s/ Mark G. Merlo
Name:	Mark G. Merlo
JOHN T. PIETRZAK
By:	/s/ John T. Pietrzak
Name:	John T. Pietrzak

SIGNATURE PAGE TO JOINT FILING AGREEMENT (GUARANTY FEDERAL BANCSHARES, INC.)