SPRINGFIELD, Mo., July 16, 2003 (PRIMEZONE) -- Guaranty Federal Bancshares, Inc, (Nasdaq:GFED), the holding company for Guaranty Bank, today announced that earnings for the fourth quarter ended June 30, 2003, were $0.33 per share ($931,000), up from the $0.31 per share ($874,000) the Company earned during the same quarter in the prior year. This represents a 6% increase in quarterly earnings per share. Earnings for the twelve month period ending June 30, 2003 were $1.28 per share ($3,580,000), up from the $1.01 per share ($3,593,000) the Company earned during the same period in 2002. This represents a 27% increase in earnings per share when compared to the same period in the prior year.
During the twelve month period ended June 30, 2003 the Company repurchased 87,286 shares of stock at an average cost of $15.02 per share. During the same period the Company paid four quarterly dividends of $0.15 per share.
Guaranty Federal Bancshares Inc. has a subsidiary corporation offering banking services. The principal subsidiary, Guaranty Bank, is located in Springfield, Missouri, and has eight branches and 18 ATM locations located in Greene and Christian Counties. In addition Guaranty Bank is a member of the Privileged Status ATM network, which provides its customers surcharge free access to over 60 area ATM's and over 1,000 ATM's nationwide.
Financial Highlights:
Quarter ended Twelve Months ended
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Operating Data: 30-Jun-03 30-Jun-02 30-Jun-03 30-Jun-02
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(Dollar amounts are in thousands,
except per share data)
Total interest income $5,187 5,833 21,781 25,222
Total interest expense 2,580 3,125 11,444 14,086
Provision for loan losses 150 75 610 291
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Net interest income after
provision for loan losses 2,457 2,633 9,727 10,845
Noninterest income 844 977 3,688 3,634
Noninterest expense 2,069 2,244 8,179 8,994
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Income before income tax 1,232 1,366 5,236 5,485
Income tax expense 301 492 1,656 1,892
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Net income $ 931 874 3,580 3,593
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Net income per share-basic $ 0.33 0.31 1.28 1.01
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Net income per share-diluted $ 0.33 0.31 1.26 1.00
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Annualized return on
average assets 0.98% 0.93% 0.95% 0.93%
Annualized return on
average equity 10.11% 9.73% 9.78% 7.63%
Net interest margin 2.91% 2.98% 2.90% 2.99%
As of As of
Financial Condition Data: 30-Jun-03 30-Jun-02
Cash and cash equivalents $ 19,015 16,964
Investments 15,522 19,683
Loans, net of allowance for loan losses 336,838 319,916
6/30/2003 - $2,775; 6/30/2002 - $2,650
Other assets 18,776 19,987
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Total Assets $390,151 376,550
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Deposits $235,677 225,284
FHLB advances 114,619 111,083
Other liabilities 3,313 4,748
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Total liabilities 353,609 341,115
Stockholder's equity 36,542 35,435
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Total liabilities and stockholder equity $390,151 376,550
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Book value per share $ 13.14 12.69
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Non performing assets $ 513 2,434
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