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Note 24 - Condensed Parent Company Statements
 12 Months Ended
Dec. 31, 2019
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, 2019
and
2018,
and statements of income, comprehensive income and cash flows for the years ended
December 31, 2019,
2018
and
2017
for the parent company, Guaranty Federal Bancshares, Inc., are as follows:
 
Condensed Balance Sheets
 
December 31,
  
   
2019
    
2018
  
Assets
 
 
 
 
  
 
 
 
Cash
   $
1,783,729
     $
1,476,735
  
Investment in subsidiary
    
108,504,578
      
104,786,630
  
Investment in Capital Trusts
    
465,000
      
651,000
  
Prepaid expenses and other assets
    
336,796
      
132,946
  
Deferred and receivable income taxes
    
1,625,872
      
1,006,823
  
    $
112,715,975
     $
108,054,134
  
Liabilities
 
 
 
 
  
 
 
 
Subordinated debentures
   $
15,465,000
     $
21,760,829
  
Note payable
    
11,200,000
      
5,000,000
  
Accrued expenses and other liabilities
    
1,412,193
      
807,813
  
Due to subsidiary
    
6,900
      
6,900
  
                 
Stockholders' equity
 
 
 
 
  
 
 
 
Common stock
    
691,950
      
690,200
  
Additional paid-in capital
    
51,908,867
      
51,382,585
  
Retained earnings
    
72,860,750
      
65,829,687
  
Accumulated other comprehensive loss
    
(431,035
 )    
(452,756
 )
Treasury stock
    
(40,398,650
 )    
(36,971,124
 )
    $
112,715,975
     $
108,054,134
  
 
Condensed Statements of Income
 
Years ended December 31,
  
   
2019
    
2018
    
2017
  
                         
Income
                        
Dividends from subsidiary bank
   $
8,000,000
     $
14,000,000
     $
2,000,000
  
Interest income:
                        
Other
    
40,855
      
31,016
      
19,017
  
     
8,040,855
      
14,031,016
      
2,019,017
  
Expense
                        
Interest expense
    
362,079
      
120,503
      
631,202
  
Other
    
2,439,799
      
2,773,018
      
1,158,462
  
     
2,801,878
      
2,893,521
      
1,789,664
  
Income before income taxes and equity in undistributed income of subsidiaries
    
5,238,977
      
11,137,495
      
229,353
  
Credit for income taxes
    
(721,649
 )    
(780,131
 )    
(689,813
 )
Income before equity in undistributed earnings of subsidiaries
    
5,960,626
      
11,917,626
      
919,166
  
Equity in undistributed income of subsidiaries
    
3,454,464
      
(4,585,747
 )    
4,238,498
  
Net income
   $
9,415,090
     $
7,331,879
     $
5,157,664
  
 
Condensed Statements of Cash Flows
 
Years ended December 31,
  
   
2019
    
2018
    
2017
  
                         
Cash Flows From Operating Activities
 
 
 
 
  
 
 
 
  
 
 
 
                         
Net income
   $
9,415,090
     $
7,331,879
     $
5,157,664
  
Items not requiring (providing) cash:
                        
(Equity in undistributed income) distributions in excess of subsidiaries
    
(3,454,464
 )    
4,585,747
      
(4,238,498
 )
Deferred income taxes
    
(633,608
 )    
(196,399
 )    
-
  
Accretion of purchase accounting adjustment
    
(109,829
 )    
(65,897
 )    
-
  
Stock award plan expense
    
615,385
      
517,053
      
466,469
  
Changes in:
                        
Prepaid expenses and other assets
    
(28,124
 )    
(113,711
 )    
(73,584
 )
Income taxes payable/refundable
    
157,458
      
(341,404
 )    
(420,444
 )
Accrued expenses
    
(26,374
 )    
(1,360,728
 )    
2,390
  
Net cash provided by operating activities
    
5,935,534
      
10,356,540
      
893,997
  
                         
Cash Flows From Investing Activities
 
 
 
 
  
 
 
 
  
 
 
 
Capital contributions to subsidiary bank
    
-
      
(5,000,000
 )    
-
  
Cash paid for acquistion
    
-
      
(4,627,810
 )    
-
  
Net cash used in investing activities
    
-
      
(9,627,810
 )    
-
  
                         
Cash Flows From Financing Activities
 
 
 
 
  
 
 
 
  
 
 
 
Proceeds from stock options exercised
    
90,000
      
166,230
      
15,570
  
Cash dividends paid on common stock
    
(2,313,661
 )    
(2,132,221
 )    
(1,767,486
 )
Proceeds from issuance of notes payable
    
7,450,000
      
5,000,000
      
-
  
Repayment of notes payable
    
(1,250,000
 )    
(3,000,000
 )    
-
  
Repayment of Capital Trust
    
(6,000,000
 )    
 
      
 
  
Treasury Stock purchased
    
(3,604,879
 )    
-
      
-
  
Net cash provided by (used in) financing activities
    
(5,628,540
 )    
34,009
      
(1,751,916
 )
                         
Increase (Decrease) in cash
   
306,994
      
762,739
      
(857,919
 )
                         
Cash, beginning of year
   
1,476,735
      
713,996
      
1,571,915
  
                         
Cash, end of year
  $
1,783,729
     $
1,476,735
     $
713,996
  
 
Statements of Comprehensive Income
 
Years ended December 31,
  
   
2019
    
2018
    
2017
  
NET INCOME
  $
9,415,090
     $
7,331,879
     $
5,157,664
  
OTHER ITEMS OF COMPREHENSIVE INCOME:
 
 
 
 
  
 
 
 
  
 
 
 
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes
    
-
      
-
      
-
  
Change in unrealized loss on interest rate swaps, before income taxes
    
(560,388
 )    
 
      
 
  
Income tax expense (benefit) related to other items of comprehensive income
    
(142,899
 )    
-
      
-
  
Other comprehensive loss
    
(417,489
 )    
-
      
-
  
Comprehensive income (loss) of Bank
    
439,210
      
(246,563
 )    
1,103,048
  
TOTAL COMPREHENSIVE INCOME
  $
9,436,811
     $
7,085,316
     $
6,260,712