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Note 24 - Condensed Parent Company Statements
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
NOTE 
2
4
:
CONDENSED PARENT COMPANY STATEMENTS
 
The condensed balance sheets as of
December 31, 2018
and
2017,
and statements of income, comprehensive income and cash flows for the years ended
December 31, 2018,
2017
and
2016
for the parent company, Guaranty Federal Bancshares, Inc., are as follows:
 
Condensed Balance Sheets
 
December 31,
  
   
2018
    
2017
  
Assets
 
 
 
 
  
 
 
 
Cash
   $
1,476,735
     $
713,996
  
Investment in subsidiary
    
104,786,630
      
89,319,774
  
Investment in Capital Trusts
    
651,000
      
465,000
  
Prepaid expenses and other assets
    
132,946
      
19,148
  
Deferred and receivable income taxes
    
1,006,823
      
469,020
  
    $
108,054,134
     $
90,986,938
  
Liabilities
 
 
 
 
  
 
 
 
Subordinated debentures
   $
21,760,829
     $
15,465,000
  
Note payable
    
5,000,000
      
-
  
Accrued expenses and other liabilities
    
807,813
      
623,545
  
Due to subsidiary
    
6,900
      
6,900
  
                 
Stockholders' equity
 
 
 
 
  
 
 
 
Common stock
    
690,200
      
687,850
  
Additional paid-in capital
    
51,382,585
      
50,856,069
  
Retained earnings
    
65,829,687
      
60,679,308
  
Accumulated other comprehensive loss
    
(452,756
 )    
(206,193
 )
Treasury stock
    
(36,971,124
 )    
(37,125,541
 )
    $
108,054,134
     $
90,986,938
  
 
Condensed Statements of Income
 
Years ended December 31,
  
   
2018
    
2017
    
2016
  
                         
Income
                        
Dividends from subsidiary bank
   $
14,000,000
     $
2,000,000
     $
-
  
Interest income:
                        
Other
    
31,016
      
19,017
      
50,332
  
     
14,031,016
      
2,019,017
      
50,332
  
Expense
                        
Interest expense:
                        
Related party
    
120,503
      
631,202
      
579,410
  
Other
    
2,773,018
      
1,158,462
      
931,816
  
     
2,893,521
      
1,789,664
      
1,511,226
  
Income (loss) before income taxes and equity in undistributed income (loss) of subsidiaries
    
11,137,495
      
229,353
      
(1,460,894
 )
Credit for income taxes
    
(780,131
 )    
(689,813
 )    
(435,000
 )
Income (loss) before equity in undistributed earnings of subsidiaries
    
11,917,626
      
919,166
      
(1,025,894
 )
Equity in undistributed income (distributions in excess) of subsidiaries
    
(4,585,747
 )    
4,238,498
      
6,619,905
  
Net income
   $
7,331,879
     $
5,157,664
     $
5,594,011
  
 
Condensed Statements of Cash Flows
 
Years ended December 31,
  
   
2018
    
2017
    
2016
  
                         
Cash Flows From Operating Activities
 
 
 
 
  
 
 
 
  
 
 
 
                         
Net income
   $
7,331,879
     $
5,157,664
     $
5,594,011
  
Items not requiring (providing) cash:
                        
Equity in undistributed income (distributions in excess) of subsidiaries
    
4,585,747
      
(4,238,498
 )    
(6,619,905
 )
Deferred income taxes
    
(196,399
 )    
-
      
8,988
  
Accretion of purchase accounting adjustment
    
(65,897
 )    
-
      
-
  
Stock award plan expense
    
517,053
      
466,469
      
373,782
  
Gain on investment securities
    
-
      
-
      
(18,889
 )
Changes in:
                        
Prepaid expenses and other assets
    
(113,711
 )    
(73,584
 )    
(700
 )
Income taxes payable/refundable
    
(341,404
 )    
(420,444
 )    
139,837
  
Accrued expenses
    
(1,360,728
 )    
2,390
      
32,450
  
Net cash provided by (used in) operating activities
    
10,356,540
      
893,997
      
(490,426
 )
                         
Cash Flows From Investing Activities
 
 
 
 
  
 
 
 
  
 
 
 
Capital contributions to subsidiary bank
    
(5,000,000
 )    
-
      
-
  
Cash paid for acquistion
    
(4,627,810
 )    
-
      
-
  
Proceeds from sales of AFS securities
    
-
      
-
      
121,101
  
Net cash provided by investing activities
    
(9,627,810
 )    
-
      
121,101
  
                         
Cash Flows From Financing Activities
 
 
 
 
  
 
 
 
  
 
 
 
Proceeds from stock options exercised
    
166,230
      
15,570
      
85,800
  
Cash dividends paid on common stock
    
(2,132,221
 )    
(1,767,486
 )    
(1,415,180
 )
Proceeds from issuance of notes payable
    
5,000,000
      
-
      
-
  
Repayment of notes payable
    
(3,000,000
 )    
-
      
-
  
Treasury Stock purchased
    
-
      
-
      
(371,538
 )
Net cash provided by (used in) financing activities
    
34,009
      
(1,751,916
 )    
(1,700,918
 )
                         
Increase (Decrease) in cash
   
762,739
      
(857,919
 )    
(2,070,243
 )
                         
Cash, beginning of year
   
713,996
      
1,571,915
      
3,642,158
  
                         
Cash, end of year
  $
1,476,735
     $
713,996
     $
1,571,915
  
 
Statements of Comprehensive Income
 
Years ended December 31,
  
   
2018
    
2017
    
2016
  
NET INCOME
  $
7,331,879
     $
5,157,664
     $
5,594,011
  
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
 
 
 
 
  
 
 
 
  
 
 
 
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes
    
-
      
-
      
2,695
  
Income tax expense related to other items of comprehensive income
    
-
      
-
      
(997
 )
Other comprehensive income (loss)
    
-
      
-
      
3,692
  
Comprehensive income (loss) of Bank
    
(246,563
 )    
1,103,048
      
(628,977
 )
TOTAL COMPREHENSIVE INCOME
  $
7,085,316
     $
6,260,712
     $
4,968,726