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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended September 30, 2003

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission number 0-23325

Guaranty Federal Bancshares, Inc.
(Exact name of registrant as specified in its charter)

Delaware
43-1792717
(State or other jurisdiction of
(IRS Employer Identification No.)
incorporation or organization)
 
   
1341 West Battlefield
 
Springfield, Missouri
65807
(Address of principal executive offices)
(Zip Code)

Telephone Number: (417) 520-4333

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes X No___
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes ___ No X

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class
Outstanding at November 6, 2003
Common Stock, Par Value $0.10
2,991,877 Shares
    
    
 
   
 
   
GUARANTY FEDERAL BANCSHARES, INC.
 
 
 
 
TABLE OF CONTENTS
Item
 
 
Page
PART I. Financial Information
 
 
 
 
 
 
 
 
     
 
 3
 
 
4
 
5
 
 
 
 
 
 
7
 
 
 
 
 
8
 
 
 
 
10
 
 
 
 
15
 
 
 
 
 
16
 
 
 
 
PART II. Other Information
 
 
 
 
 
17
 
 
 
 
 
17
 
 
 
 
 
17
 
 
 
 
17
 
 
 
 
 
17
 
 
 
 
 
17
 
 
 
 
 
 
 
 
 
 
 

  2  

PART I
Item 1. Financial Statements
GUARANTY FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
SEPTEMBER 30, 2003 (UNAUDITED) AND JUNE 30, 2003
 
    
 
    
 
  
ASSETS
   
9/30/03
   
6/30/03
 
   
 
 
Cash
 
$
12,257,962
   
15,242,475
 
Interest-bearing deposits in other financial institutions
   
2,119,177
   
3,772,053
 
   
 
 
Cash and cash equivalents
   
14,377,139
   
19,014,528
 
Available-for-sale securities
   
14,061,963
   
13,271,147
 
Held-to-maturity securities
   
2,019,722
   
2,250,894
 
Stock in Federal Home Loan Bank, at cost
   
4,871,900
   
8,600,400
 
Mortgage loans held for sale
   
3,426,994
   
9,755,102
 
Loans receivable, net of allowance for loan losses;
   
 
    
 
  
9/30/03 - $2,988,182; 6/30/03 - $2,775,320
   
328,852,616
   
327,082,420
 
Accrued interest receivable:
   
 
    
 
  
Loans
   
1,285,288
   
1,357,434
 
Investments
   
66,126
   
72,691
 
Prepaid expenses and other assets
   
2,149,126
   
1,855,268
 
Foreclosed assets held for sale
   
172,500
   
182,064
 
Premises and equipment
   
6,523,851
   
6,708,996
 
   
 
 
 
  
$
377,807,225
   
390,150,944
 
   
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
   
 
    
 
  
LIABILITIES
   
 
    
 
  
Deposits
 
$
235,717,044
   
235,677,197
 
Federal Home Loan Bank advances
   
99,494,789
   
114,618,894
 
Securities sold under agreements to repurchase
   
1,368,109
   
702,024
 
Advances from borrowers for taxes and insurance
   
1,126,699
   
950,678
 
Accrued expenses and other liabilities
   
341,415
   
311,696
 
Accrued interest payable
   
663,941
   
203,237
 
Dividend payable
   
428,737
   
415,414
 
Income taxes payable
   
496,797
   
220,707
 
Deferred income taxes
   
781,656
   
509,285
 
   
 
 
 
    
340,419,187
   
353,609,132
 
   
 
 
STOCKHOLDERS' EQUITY
   
 
    
 
  
Common stock:
   
 
    
 
  
$0.10 par value; authorized 10,000,000 shares;
   
 
    
 
  
issued; 9/30/03 - 6,426,279 shares, 6/30/03 - 6,416,848 shares
   
642,628
   
641,685
 
Additional paid-in capital
   
51,233,464
   
51,065,581
 
Unearned ESOP shares
   
(2,093,930
)
 
(2,156,930
)
Retained earnings, substantially restricted
   
29,928,744
   
29,280,784
 
Accumulated other comprehensive income
   
 
    
 
  
Unrealized appreciation on available-for-sale securities,
   
 
    
 
  
net of income taxes; 9/30/03 - $1,270,634, 6/30/03 - $1,162,865
   
2,163,512
   
1,980,013
 
   
 
 
 
    
81,874,418
   
80,811,133
 
Treasury stock, at cost; 9/30/03 - 3,433,185 shares, 6/30/03 - 3,420,375 shares
   
(44,486,380
)
 
(44,269,321
)
   
 
 
 
    
37,388,038
   
36,541,812
 
   
 
 
 
  
$
377,807,225
   
390,150,944
 
   
 
 

 See Notes to Condensed Consolidated Financial Statements
  3  
 
 
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 (UNAUDITED)
 
  
 
 
 
  
9/30/03
9/30/02
   
INTEREST INCOME
 
 
 
Loans
 
$
4,842,640
   
5,488,439
 
Investment securities
   
66,878
   
125,994
 
Other
   
87,575
   
132,023
 
   
 
 
Total Interest Income
   
4,997,093
   
5,746,456
 
   
 
 
INTEREST EXPENSE
   
 
    
 
  
Deposits
   
1,204,966
   
1,616,380
 
Federal Home Loan Bank advances
   
1,120,549
   
1,500,718
 
Other
   
988
   
3,077
 
   
 
 
Total Interest Expense
   
2,326,503
   
3,120,175
 
   
 
 
Net Interest Income
   
2,670,590
   
2,626,281
 
Provision for Loan Losses
   
212,000
   
100,000
 
   
 
 
Net Interest Income after
   
 
    
 
  
Provision for Loan Losses
   
2,458,590
   
2,526,281
 
   
 
 
NONINTEREST INCOME
   
 
    
 
  
Service charges
   
471,889
   
440,580
 
Late charges and other fees
   
142,596
   
156,851
 
Gain on loans and investment securities
   
559,033
   
224,577
 
Gain (loss) on foreclosed assets
   
5,234
   
(4,793
)
Other income