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Note 20 - Condensed Parent Company Statements
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
NOTE
20:
     CONDENSED PARENT COMPANY STATEMENTS
 
The condensed balance sheets as of
December
31,
2016
and
2015,
and statements of income and cash flows for the years ended
December
31,
2016,
2015
and
2014
for the parent company, Guaranty Federal Bancshares, Inc., are as follows:
 
Condensed Balance Sheets
 
December 31,
 
   
2016
    
2015
  
Assets
 
 
 
 
 
 
 
 
Cash
  $
1,571,915
    $
3,642,158
 
Available-for-sale securities
   
-
     
99,517
 
Investment in subsidiary
   
83,946,411
     
77,953,486
 
Investment in Capital Trust I & II
   
465,000
     
465,000
 
Prepaid expenses and other assets
   
14,597
     
13,894
 
Refundable income taxes
   
-
     
119,379
 
Deferred income taxes
   
-
     
9,985
 
    $
85,997,923
    $
82,303,419
 
Liabilities
 
 
 
 
 
 
 
 
Subordinated debentures
  $
15,465,000
    $
15,465,000
 
Accrued expenses and other liabilities
   
551,643
     
409,054
 
Due to subsidiary
   
6,900
     
6,900
 
                 
Stockholders' equity
 
 
 
 
 
 
 
 
Common stock
   
687,550
     
685,900
 
Additional paid-in capital
   
50,552,077
     
50,441,464
 
Retained earnings
   
57,347,282
     
53,258,126
 
Unrealized loss on available-for-sale securities, net
   
(1,309,241
 )    
(683,956
 )
Treasury stock
   
(37,303,288
 )    
(37,279,069
 )
    $
85,997,923
    $
82,303,419
 
 
Condensed Statements of Income
 
Years ended December 31,
 
   
2016
    
2015
    
2014
  
                         
Income
                       
Dividends from subsidiary bank
  $
-
    $
-
    $
-
 
Interest income:
                       
Other
   
50,332
     
16,200
     
16,069
 
     
50,332
     
16,200
     
16,069
 
Expense
                       
Interest expense:
                       
Related party
   
579,410
     
538,785
     
533,207
 
Other
   
931,816
     
734,780
     
765,848
 
     
1,511,226
     
1,273,565
     
1,299,055
 
Income (loss) before income taxes and equity in undistributed income (loss) of subsidiaries
   
(1,460,894
 )    
(1,257,365
 )    
(1,282,986
 )
Credit for income taxes
   
(435,000
 )    
(415,000
 )    
(399,000
 )
Income (loss) before equity in undistributed earnings of subsidiaries
   
(1,025,894
 )    
(842,365
 )    
(883,986
 )
Equity in undistributed income of subsidiaries
   
6,619,905
     
6,559,132
     
6,666,682
 
Net income
  $
5,594,011
    $
5,716,767
    $
5,782,696
 
 
Condensed Statements of Cash Flows
 
Years ended December 31,
 
   
2016
    
2015
    
2014
  
                         
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
 
 
 
 
                         
Net income
  $
5,594,011
    $
5,716,767
    $
5,782,696
 
Items not requiring (providing) cash:
                       
Equity in undistributed income of subsidiaries
   
(6,619,905
 )    
(6,559,132
 )    
(6,666,682
 )
Deferred income taxes
   
8,988
     
-
     
(17,976
 )
Stock award plan expense
   
373,782
     
285,589
     
242,189
 
Gain on investment securities
   
(18,889
 )    
-
     
-
 
Changes in:
                       
Prepaid expenses and other assets
   
(700
 )    
2,060
     
157,745
 
Income taxes payable/refundable
   
139,837
     
1,096,653
     
326,287
 
Accrued expenses
   
32,450
     
(95,779
 )    
55,519
 
Net cash provided by (used in) operating activities
   
(490,426
 )    
446,158
     
(120,222
 )
                         
Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sales of AFS securities
   
121,101
     
-
     
-
 
Net cash provided by investing activities
   
121,101
     
-
     
-
 
                         
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from issuance of common stock
   
-
     
-
     
15,814,312
 
Stock options exercised
   
85,800
     
187,129
     
210,870
 
Cash dividends paid on common and preferred stock
   
(1,415,180
 )    
(873,499
 )    
(844,786
 )
Treasury Stock purchased
   
(371,538
 )    
 
      
 
  
Redemption of preferred stock
   
-
     
-
     
(12,000,000
 )
Net cash provided by (used in) financing activities
   
(1,700,918
 )    
(686,370
 )    
3,180,396
 
                         
Increase (Decrease) in cash
   
(2,070,243
 )    
(240,212
 )    
3,060,174
 
                         
Cash, beginning of year
   
3,642,158
     
3,882,370
     
822,196
 
                         
Cash, end of year
  $
1,571,915
    $
3,642,158
    $
3,882,370
 
 
Statements of Comprehensive Income
 
Years ended December 31,
 
   
2016
    
2015
    
2014
  
NET INCOME
  $
5,594,011
    $
5,716,767
    $
5,782,696
 
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes
   
2,695
     
(5,507
 )    
5,718
 
Income tax expense related to other items of comprehensive income
   
(997
 )    
2,038
     
2,117
 
Other comprehensive income (loss)
   
3,692
     
(7,545
 )    
3,601
 
Comprehensive income (loss) of Bank
   
(628,977
 )    
(227,990
 )    
2,054,226
 
TOTAL COMPREHENSIVE INCOME
  $
4,968,726
    $
5,481,232
    $
7,840,523