SPRINGFIELD, Mo., July 15, 2004 (PRIMEZONE) -- Guaranty Federal Bancshares, Inc. (Nasdaq:GFED), the holding company for Guaranty Bank:
Second Quarter 2004 Financial Highlights
-- Earnings per share increases 9% over prior year quarter
-- Net interest income increases 10% over prior year quarter
-- Net interest margin increases 15 basis points over prior year
quarter to 3.06%
-- Annualized return on average assets increases 3 basis points over
prior year quarter to 1.01%
-- Annualized return on average equity increases 14 basis points
over prior year quarter to 10.25%
-- Loans increase 4% from March 31, 2004
-- Deposits increase 6% from March 31, 2004
Guaranty Federal Bancshares, Inc, (Nasdaq:GFED), the holding company for Guaranty Bank, today announced earnings for the second quarter ended June 30, 2004 were $0.36 per share, ($1,015,000), up from the $0.33 per share ($931,000) the Company earned during the same quarter in the prior year. This represents a 9% increase in quarterly earnings per share.
Earnings for the six months ended June 30, 2004 were $0.71 per share, ($1,984,000), up from the $0.65 per share ($1,816,000) the Company earned during the period in the prior year. This represents a 9% increase in earnings per share compared to the same period one year ago.
The Company announced a plan to repurchase 300,000 shares of common stock on November 22, 2002. To date the Company has repurchased 86,942 shares of common stock under this plan at an average cost of $17.02 per share.
The discussion set forth above may contain forward-looking comments. Such comments are based upon the information currently available to management of the Company and management's perception thereof as of the date of this release. When used in this release, words such as "anticipates," "estimates," "believes," "expects," and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Such statements are subject to risks and uncertainties. Actual results of the Company's operations could materially differ from those forward-looking comments. The differences could be caused by a number of factors or combination of factors including, but not limited to: changes in demand for banking services; changes in portfolio composition; changes in management strategy; increased competition from both bank and non-bank companies; changes in the general level of interest rates; the effect of regulatory or government legislative changes; technology changes; fluctuation in inflation; and other factors set forth in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time.
Guaranty Federal Bancshares, Inc. has a subsidiary corporation offering full banking services. The principal subsidiary, Guaranty Bank, is located in Springfield, Missouri, and has nine 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 ATMs and over 1,000 ATMs nationwide.
Quarter ended Six Months ended
Operating Data: 30-Jun-04 30-Jun-03 30-Jun-04 30-Jun-03
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(Dollar amounts are in thousands,
except per share data)
Total interest
income $ 4,872 5,187 9,713 10,492
Total interest
expense 1,935 2,580 3,985 5,359
Provision for loan
losses 225 150 414 405
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Net interest
income after
provision for
loan losses 2,712 2,457 5,314 4,728
Noninterest income 877 844 1,727 1,937
Noninterest expense 2,079 2,069 4,122 4,120
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Income before
income tax 1,510 1,232 2,919 2,545
Income tax expense 495 301 935 729
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Net income $ 1,015 931 1,984 1,816
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Net income per
share-basic $ 0.36 0.33 0.71 0.65
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Net income per
share-diluted $ 0.35 0.33 0.68 0.64
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Annualized return on
average assets 1.01% 0.98 % 1.01% 0.96%
Annualized return on
average equity 10.25% 10.11 % 10.17% 9.86%
Net interest margin 3.06% 2.91 % 3.06% 2.87%
As of As of
Financial Condition Data: 30-Jun-04 31-Dec-03
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Cash and cash equivalents 10,692 22,657
Investments 16,502 16,731
Loans, net of allowance
for loan losses 366,251 332,130
6/30/2004 - $4,133; 12/31/2003 -
$3,886
Other assets 16,198 15,239
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Total Assets $409,643 386,757
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Deposits $258,813 237,131
FHLB advances 108,086 108,837
Other liabilities 3,439 2,811
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Total liabilities 370,338 348,779
Stockholder's equity 39,305 37,978
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Total liabilities and
stockholder equity $409,643 386,757
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Book value per share $ 14.00 13.62
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Non performing assets $ 1,256 2,434
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