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)

Class	Outstanding at May 12, 2004
Common Stock, Par Value $0.10	2,992,626 Shares

GUARANTY FEDERAL BANCSHARES, INC.
TABLE OF CONTENTS
Item			Page
PART I. Financial Information
1. Consolidated Financial Statements (Unaudited):
	Statements of Financial Condition		3
	Statements of Income		4
	Statements of Stockholders’ Equity		5
	Statements of Cash Flows		7
	Notes to Consolidated Financial Statements		8
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			10
3. Quantitative and Qualitative Disclosures about Market Risk			15
4. Control and Procedures			16
PART II. Other Information
1. Legal Proceedings			17
2. Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities			17
3. Defaults Upon Senior Securities			17
4. Submission of Matters to a Vote of Security Holders			17
5. Other Information			17
6. Exhibits and Reports on Form 8-K			17
Signatures
Certification of the Principal Executive Officer
Certification of the Principal Financial Officer

GUARANTY FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
MARCH 31, 2004 (UNAUDITED) AND DECEMBER 31, 2003
ASSETS		3/31/04			12/31/03
Cash		$	12,374,127			20,686,276
Interest-bearing deposits in other financial institutions			646,778			1,970,518
Cash and cash equivalents			13,020,905			22,656,794
Available-for-sale securities			14,831,567			14,863,826
Held-to-maturity securities			1,737,868			1,867,594
Stock in Federal Home Loan Bank, at cost			5,511,200			5,294,200
Mortgage loans held for sale			2,998,576			1,268,064
Loans receivable, net of allowance for loan losses of
March 31, 2004 - $4,074,694 - December 31, 2003 - $3,886,137			348,321,713			330,861,875
Accrued interest receivable:
Loans			1,282,432			1,242,683
Investments			64,928			63,045
Prepaid expenses and other assets			2,161,888			2,057,195
Foreclosed assets held for sale			172,196			5,975
Premises and equipment			6,444,987			6,576,003
		$	396,548,260			386,757,254
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits		$	244,108,903			237,130,744
Federal Home Loan Bank advances			110,381,667			108,836,948
Securities sold under agreements to repurchase			754,430			738,399
Advances from borrowers for taxes and insurance			574,665			259,267
Accrued expenses and other liabilities			286,420			308,497
Accrued interest payable			329,654			200,770
Dividend payable			433,375			432,513
Income taxes payable			537,570			227,495
Deferred income taxes			575,642			644,500
			357,982,326			348,779,133
STOCKHOLDERS' EQUITY
Common Stock:
$0.10 par value; authorized 10,000,000 shares;
issued; March 31, 2004 - 6,451,112 shares;
December 31, 2003 - 6,428,902 shares			645,111			642,890
Additional paid-in capital			51,644,430			51,330,202
Unearned ESOP shares			(1,971,930	)		(2,030,930	)
Retained earnings, substantially restricted			30,455,002			29,919,695
Accumulated other comprehensive income
Unrealized appreciation on available-for-sale securities,
net of income taxes; March 31, 2004 - $1,553,003;
December 31, 2003 - $1,565,830			2,644,303			2,666,143
			83,416,916			82,528,000
Treasury stock, at cost; March 31, 2004 - 3,452,215 shares;
December 31, 2003 - 3,436,650 shares			(44,850,982	)		(44,549,879	)
			38,565,934			37,978,121
		$	396,548,260			386,757,254

GUARANTY FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2004 AND 2003 (UNAUDITED)
		3/31/2004			3/31/2003
INTEREST INCOME
Loans		$	4,719,147			5,108,855
Investment securities			68,182			102,326
Other			53,788			93,296
			4,841,117			5,304,477
INTEREST EXPENSE
Deposits			1,153,832			1,390,112
Federal Home Loan Bank advances			895,578			1,387,149
Other			888			1,237
			2,050,298			2,778,498
NET INTEREST INCOME			2,790,819			2,525,979
PROVISION FOR LOAN LOSSES			188,830			255,000
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES			2,601,989			2,270,979
NONINTEREST INCOME
Service charges			440,595			426,329
Late charges and other fees			73,630			219,365
Gain on sale of investment securities			177,957			-
Gain on sale of loans			121,612			403,633
Income (loss) on foreclosed assets			(5,987	)		(2,737	)
Other income			42,456			45,916
			850,263			1,092,506
NONINTEREST EXPENSE
Salaries and employee benefits			1,126,595			1,176,074
Occupancy			278,881			330,105
SAIF deposit insurance premiums			8,933			9,352
Data processing			117,948			107,696
Advertising			78,558			57,360
Other expense			432,081			370,391
			2,042,996			2,050,978
INCOME BEFORE INCOME TAXES			1,409,256			1,312,507
PROVISION FOR INCOME TAXES			439,880			427,824
NET INCOME		$	969,376			884,683
BASIC EARNINGS PER SHARE		$	0.35			0.32
DILUTED EARNINGS PER SHARE		$	0.33			0.31

See Notes to Condensed Consolidated Financial Statements