Note 20 - Condensed Parent Company Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 20:     CONDENSED PARENT COMPANY STATEMENTS

The condensed balance sheets as of December 31, 2015 and 2014, and statements of income and cash flows for the years ended December 31, 2015, 2014 and 2013 for the parent company, Guaranty Federal Bancshares, Inc., are as follows:

Condensed Balance Sheets	December 31,
	2015			2014
Assets
Cash	$	3,642,158		$	3,882,370
Available-for-sale securities		99,517			105,024
Investment in subsidiary		77,953,486			71,626,420
Investment in Capital Trust I & II		465,000			465,000
Prepaid expenses and other assets		13,894			15,954
Refundable income taxes		119,379			1,216,032
Deferred income taxes		9,985			7,947
	$	82,303,419		$	77,318,747
Liabilities
Subordinated debentures	$	15,465,000		$	15,465,000
Accrued expenses and other liabilities		409,054			370,000
Due to subsidiary		6,900			6,900
Stockholders' equity
Common stock		685,900			682,320
Additional paid-in capital		50,441,464			50,366,546
Retained earnings		53,258,126			48,549,691
Unrealized loss on available-for-sale securities, net		(683,956	)		(448,421	)
Treasury stock		(37,279,069	)		(37,673,289	)
	$	82,303,419		$	77,318,747

Condensed Statements of Income	Years ended December 31,
	2015			2014			2013
Income
Dividends from subsidiary bank	$	-		$	-		$	4,003,250
Interest income:
Other		16,200			16,069			16,152
		16,200			16,069			4,019,402
Expense
Interest expense:
Related party		538,785			533,207			537,178
Other		734,780			765,848			815,865
		1,273,565			1,299,055			1,353,043
Income (loss) before income taxes and equity in undistributed income (loss) of subsidiaries		(1,257,365	)		(1,282,986	)		2,666,359
Credit for income taxes		(415,000	)		(399,000	)		(412,000	)
Income (loss) before equity in undistributed earnings of subsidiaries		(842,365	)		(883,986	)		3,078,359
Equity in undistributed income of subsidiaries		6,559,132			6,666,682			2,161,348
Net income	$	5,716,767		$	5,782,696		$	5,239,707

Condensed Statements of Cash Flows	Years ended December 31,
	2015			2014			2013
Cash Flows From Operating Activities
Net income	$	5,716,767		$	5,782,696		$	5,239,707
Items not requiring (providing) cash:
Equity in undistributed income of subsidiaries		(6,559,132	)		(6,666,682	)		(2,161,349	)
Deferred income taxes		-			(17,976	)		-
Stock award plan expense		285,589			242,189			254,508
Changes in:
Prepaid expenses and other assets		2,060			157,745			(138,119	)
Income taxes payable/refundable		1,096,653			326,287			(390,000	)
Accrued expenses		(95,779	)		55,519			8,723
Net cash provided by (used in) operating activities		446,158			(120,222	)		2,813,470
Cash Flows From Financing Activities
Proceeds from issuance of common stock		-			15,814,312			-
Stock options exercised		187,129			210,870			9,408
Cash dividends paid on common and preferred stock		(873,499	)		(844,786	)		(600,000	)
Treasury stock purchased		-			-			(106,636	)
Repayment of advances from subsidiary		-			-			27,695
Repurchase of stock warrants		-			-			(2,003,250	)
Redemption of preferred stock		-			(12,000,000	)		-
Net cash provided by (used in) financing activities		(686,370	)		3,180,396			(2,672,783	)
Increase (Decrease) in cash		(240,212	)		3,060,174			140,687
Cash, beginning of year		3,882,370			822,196			681,509
Cash, end of year	$	3,642,158		$	3,882,370		$	822,196

Statements of Comprehensive Income	Years ended December 31,
	2015			2014		2013
NET INCOME	$	5,716,767		$	5,782,696	$	5,239,707
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes		(5,507	)		5,718		28,392
Income tax expense related to other items of comprehensive income		2,038			2,117		10,505
Other comprehensive income (loss)		(7,545	)		3,601		17,887
Comprehensive income (loss) of Bank		(227,990	)		2,054,226		(3,324,961	)
TOTAL COMPREHENSIVE INCOME	$	5,481,232		$	7,840,523	$	1,932,633