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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, 2004

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 12, 2004
Common Stock, Par Value $0.10
3,013,154 Shares
   
       
GUARANTY FEDERAL BANCSHARES, INC.
       
TABLE OF CONTENTS
Item
    
Page
PART I. Financial Information
       
1. Financial Statements
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
  
17
       
PART II. Other Information
       
1. Legal Proceedings
 
18
       
2. Unregistered Sales of Equity Securities and Use of Proceeds
18
       
3. Defaults Upon Senior Securities
  
18
       
4. Submission of Matters to a Vote of Security Holders
18
       
5. Other Information
  
19
       
6. Exhibits
 
19
       
Signatures
      
       
   
       
   


2

     


PART I
Item 1. Financial Statements
GUARANTY FEDERAL BANCSHARES, INC.
  
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
  
SEPTEMBER 30, 2004 (UNAUDITED) AND DECEMBER 31, 2003
  
           
ASSETS
    
9/30/04
    
12/31/03
  
Cash
 
$
10,933,840
   
20,686,276
 
Interest-bearing deposits in other financial institutions
   
1,457,955
   
1,970,518
 
Cash and cash equivalents
   
12,391,795
   
22,656,794
 
Available-for-sale securities
   
14,843,279
   
14,863,826
 
Held-to-maturity securities
   
1,421,277
   
1,867,594
 
Stock in Federal Home Loan Bank, at cost
   
5,675,500
   
5,294,200
 
Mortgage loans held for sale
   
2,498,423
   
1,268,064
 
Loans receivable, net of allowance for loan losses of
             
September 30, 2004 - $4,337,309 - December 31, 2003 - $3,886,137
   
384,239,232
   
330,861,875
 
Accrued interest receivable:
             
Loans
   
1,379,596
   
1,242,683
 
Investments
   
68,550
   
63,045
 
Prepaid expenses and other assets
   
2,219,458
   
2,057,195
 
Foreclosed assets held for sale
   
59,000
   
5,975
 
Premises and equipment
   
6,709,806
   
6,576,003
 
   
$
431,505,916
   
386,757,254
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
              
               
LIABILITIES
             
Deposits
 
$
272,262,236
   
237,130,744
 
Federal Home Loan Bank advances
   
115,086,000
   
108,836,948
 
Securities sold under agreements to repurchase
   
1,398,917
   
738,399
 
Advances from borrowers for taxes and insurance
   
1,050,194
   
259,267
 
Accrued expenses and other liabilities
   
268,293
   
535,992
 
Accrued interest payable
   
284,081
   
200,770
 
Dividend payable
   
449,570
   
432,513
 
Deferred income taxes
   
576,252
   
644,500
 
     
391,375,543
   
348,779,133
 
STOCKHOLDERS' EQUITY
             
Common Stock:
             
$0.10 par value; authorized 10,000,000 shares;
             
issued; September 30, 2004 - 6,489,323 shares;
             
December 31, 2003 - 6,428,902 shares
   
648,932
   
642,890
 
Additional paid-in capital
   
52,240,388
   
51,330,202
 
Unearned ESOP shares
   
(1,857,930
)
  
(2,030,930
)
Retained earnings, substantially restricted
   
31,743,768
   
29,919,695
 
Accumulated other comprehensive income
             
Unrealized appreciation on available-for-sale securities,
             
net of income taxes; September 30, 2004 - $1,558,625;
             
December 31, 2003 - $1,565,830
   
2,653,875
   
2,666,143
 
     
85,429,033
   
82,528,000
 
Treasury stock, at cost; September 30, 2004 - 3,475,283 shares;
             
December 31, 2003 - 3,436,650 shares
   
(45,298,660
)
  
(44,549,879
)
     
40,130,373
   
37,978,121
 
   
$
431,505,916
   
386,757,254
 



GUARANTY FEDERAL BANCSHARES, INC.
 
CONSOLIDATED STATEMENTS OF INCOME
 
THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003 (UNAUDITED)
 
                   
                   
   
Three months ended
 
Nine months ended
 
   
9/30/2004
  
9/30/2003
  
9/30/2004
  
9/30/2003
  
INTEREST INCOME
                         
Loans
 
$
5,054,477
   
4,842,640
   
14,506,636
   
14,944,212
 
Investment securities
   
69,531
   
66,878
   
215,551
   
254,953
 
Other
   
68,326
   
87,575
   
183,413
   
289,452
 
     
5,192,334
   
4,997,093
   
14,905,600
   
15,488,617
 
INTEREST EXPENSE
   
   
             
Deposits
   
1,257,353
   
1,204,966
   
3,519,552
   
3,886,236
 
Federal Home Loan Bank advances
   
863,922
   
1,120,549
   
2,584,899
   
3,795,820
 
Other
   
1,948
   
988
   
3,870
   
3,284
 
     
2,123,223
   
2,326,503
   
6,108,321
   
7,685,340
 
NET INTEREST INCOME
   
3,069,111
   
2,670,590
   
8,797,279
   
7,803,277
 
PROVISION FOR LOAN LOSSES
   
225,000
   
212,000
   
638,830
   
617,000
 
NET INTEREST INCOME AFTER
                     
 
PROVISION FOR LOAN LOSSES
   
2,844,111
   
2,458,590
   
8,158,449
   
7,186,277
 
NONINTEREST INCOME