[_]
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[_]
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Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[_]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[_]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press release dated October 19, 2012 (furnished with respect to Item 2.02)
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Guaranty Federal Bancshares, Inc. | |||
By: /s/ Shaun A. Burke | |||
Shaun A. Burke | |||
President and Chief Executive Officer | |||
Guaranty Federal
BANCSHARES, INC
Strength. Growth. Vision.
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Exhibit 99.1
For Immediate Release
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Contacts: Shaun A. Burke, President & CEO |
NASDAQ:GFED
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Guaranty Bank
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www.gbankmo.com
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1341 W. Battlefield
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Springfield, MO 65807
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417-520-4333
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·
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Earnings (loss) per diluted common share for the third quarter was $(.34), a decrease from the $.35 earned in the third quarter in 2011.
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Net loss was ($717,000) for the quarter, a decline from net income of $1.2 million earned for the third quarter in 2011.
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Provision for loan loss expense was $2.6 million for the quarter, an increase of $1.7 million from the third quarter in 2011. This was primarily due to increased reserves on a non-performing credit identified during the second quarter and further discussed below.
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Non-performing assets were $24.1 million at September 30, 2012, a decline of $18.0 million or 43% from June 30, 2012.
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Gains on sales of available-for-sale securities
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Losses on foreclosed assets held for sale
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Gains on the sales of Missouri low-income housing tax credits
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One-time professional fees expense incurred in conjunction with a Registration Statement on Form S-1 to be filed with the SEC. This filing was required for the Treasury’s proposed auction of the Company’s preferred stock under the CPP.
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Provision for loan loss expense
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Provision (credit) for income taxes
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Quarter ended
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Nine Months ended
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30-Sep-12
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30-Sep-11
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30-Sep-12
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30-Sep-11
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Net income (loss)
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$ | (717 | ) | $ | 1,216 | $ | 462 | $ | 2,528 | |||||||
Add back:
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Provision (credit) for income taxes
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(466 | ) | 327 | (578 | ) | 462 | ||||||||||
Income (loss) before income taxes
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(1,183 | ) | 1,543 | (116 | ) | 2,990 | ||||||||||
Add back/(subtract):
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||||||||||||||||
Gains on investment securities
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(31 | ) | (82 | ) | (138 | ) | (198 | ) | ||||||||
Loss on foreclosed assets held for sale
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1,033 | 83 | 1,205 | 506 | ||||||||||||
Gain on sale of low-income housing tax credits
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(282 | ) | - | (282 | ) | - | ||||||||||
Professional fees incurred with Form S-1 filing
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221 | - | 221 | - | ||||||||||||
Provision for loan losses
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2,600 | 900 | 5,600 | 2,800 | ||||||||||||
3,541 | 901 | 6,606 | 3,108 | |||||||||||||
Operating income
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$ | 2,358 | $ | 2,444 | $ | 6,490 | $ | 6,098 |
Quarter ended
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Nine Months ended
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Operating Data:
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30-Sep-12
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30-Sep-11
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30-Sep-12
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30-Sep-11
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(Dollar amounts are in thousands, except per share data)
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Total interest income
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$ | 6,847 | $ | 7,729 | $ | 20,559 | $ | 22,901 | ||||||||
Total interest expense
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1,704 | 2,398 | 5,286 | 7,625 | ||||||||||||
Net interest income
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5,143 | 5,331 | 15,273 | 15,276 | ||||||||||||
Provision for loan losses
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2,600 | 900 | 5,600 | 2,800 | ||||||||||||
Net interest income after provision for loan losses
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2,543 | 4,431 | 9,673 | 12,476 | ||||||||||||
Noninterest income
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377 | 996 | 2,264 | 2,469 | ||||||||||||
Noninterest expense
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4,103 | 3,884 | 12,053 | 11,955 | ||||||||||||
Income (loss) before income taxes
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(1,183 | ) | 1,543 | (116 | ) | 2,990 | ||||||||||
Provision (credit) for income taxes
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(466 | ) | 327 | (578 | ) | 462 | ||||||||||
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Net income (loss)
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$ | (717 | ) | $ | 1,216 | $ | 462 | $ | 2,528 | |||||||
Preferred stock dividends and discount accretion
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199 | 281 | 878 | 844 | ||||||||||||
Net income (loss) available to common shareholders
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$ | (916 | ) | $ | 935 | $ | (416 | ) | $ | 1,684 | ||||||
Basic income (loss) per common share
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$ | (0.34 | ) | $ | 0.35 | $ | (0.15 | ) | $ | 0.63 | ||||||
Diluted income (loss) per common share
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$ | (0.34 | ) | $ | 0.35 | $ | (0.15 | ) | $ | 0.63 | ||||||
Annualized return on average assets
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(.44 | %) | 0.71 | % | 0.09 | % | 0.50 | % | ||||||||
Annualized return on average equity
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(5.48 | %) | 8.86 | % | 1.15 | % | 6.27 | % | ||||||||
Net interest margin
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3.34 | % | 3.38 | % | 3.37 | % | 3.21 | % | ||||||||
Efficiency ratio
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74.33 | % | 61.39 | % | 68.73 | % | 67.37 | % | ||||||||
As of
|
As of
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|||||||||||||||
Financial Condition Data:
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30-Sep-12
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31-Dec-11
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Cash and cash equivalents
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$ | 38,642 | $ | 26,574 | ||||||||||||
Investments and interest bearing deposits
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98,567 | 86,871 | ||||||||||||||
Loans, net of allowance for loan losses 9/30/2012 - $8,476; 12/31/2011 - $10,613
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466,266 | 482,664 | ||||||||||||||
Other assets
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50,109 | 52,397 | ||||||||||||||
Total assets
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$ | 653,584 | $ | 648,506 | ||||||||||||
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Deposits
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$ | 493,377 | $ | 484,584 | ||||||||||||
FHLB advances
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68,050 | 68,050 | ||||||||||||||
Subordinated debentures
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15,465 | 15,465 | ||||||||||||||
Securities sold under agreements to repurchase
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25,000 | 25,000 | ||||||||||||||
Other liabilities
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1,701 | 1,172 | ||||||||||||||
Total liabilities
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603,593 | 594,271 | ||||||||||||||
Stockholders' equity
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49,991 | 54,235 | ||||||||||||||
Total liabilities and stockholders' equity
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$ | 653,584 | $ | 648,506 | ||||||||||||
Equity to assets ratio
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7.65 | % | 8.36 | % | ||||||||||||
Book value per common share
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$ | 14.05 | $ | 14.07 | ||||||||||||
Nonperforming assets
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$ | 24,142 | $ | 27,014 |
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