SPRINGFIELD, Mo., Jan. 13, 2005 (PRIMEZONE) -- Guaranty Federal Bancshares, Inc. (Nasdaq:GFED), the holding company for Guaranty Bank (the "Company"), today announced the following highlights for its year ended December 31, 2004:
2004 Financial Highlights
- Earnings per share increase 29% over prior year
- Net earnings increase $1M, or 31% over prior year
- Net interest income increases 15% over prior year
- Net interest margin increases 16 basis points
over prior year to 3.09%
- Assets increase $54M, or 14% over prior year
- Loans increase $60M, or 18% over prior year
- Deposits increase $59M, or 25% over prior year
The Company also announced that earnings for the fourth quarter ended December 31, 2004 were $0.41 per share, ($1,145,000), up from the $0.15 per share ($423,000) the Company earned during the same quarter in the prior year. This represents a 173% increase in quarterly earnings per share.
Earnings for the twelve months ended December 31, 2004 were $1.53 per share, ($4,284,000), up from the $1.19 per share ($3,315,000) the Company earned during the same period in the prior year. This represents a 29% increase in earnings per share compared to the same period one year ago.
In the fourth quarter of 2003, the Bank established a loan loss reserve for a group of approximately 150 loans totaling approximately $9.0 million. This reduced earnings for that quarter by approximately $500,000, from $0.33 per share to $0.15 per share. There is currently an outstanding balance of approximately $4.5 million in this group of loans. The bank believes it has adequately reserved for this group of loans.
The Company announced a plan to repurchase 300,000 shares of common stock on November 22, 2002. To date the Company has repurchased 116,088 shares of common stock under this plan at an average cost of $18.36 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 seven branches and 20 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.
Financial Highlights:
Quarter ended Year ended
Operating Data: 31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
------ ------ ------ ------
(Dollar amounts are in thousands,
except per share data)
Total interest
income $5,634 $4,849 $20,539 $20,337
Total interest
expense 2,337 2,165 8,446 9,850
Provision for
loan losses 225 950 864 1,567
------ ------ ------ ------
Net interest
income after
provision for
loan losses 3,072 1,734 11,229 8,920
Noninterest
income 932 858 3,616 4,025
Noninterest
expense 2,082 1,999 8,248 8,113
------ ------ ------ ------
Income before
income tax 1,922 593 6,597 4,832
Income tax
expense 777 170 2,313 1,517
------ ------ ------ ------
Net income $1,145 423 4,284 3,315
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Net income per
share-basic $ 0.41 $ 0.15 $ 1.53 $ 1.19
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Net income per
share-diluted $ 0.39 $ 0.15 $ 1.47 $ 1.17
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Annualized return
on average assets 1.04% 0.45% 1.04% 0.88%
Annualized return
on average equity 11.11% 4.42% 10.74% 8.87%
Net interest margin 3.16% 3.02% 3.09% 2.93%
As of As of
Financial Condition Data: 31-Dec-04 31-Dec-03
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Cash and cash equivalents $ 15,896 $ 22,657
Investments 16,407 16,731
Loans, net of allowance for loan losses 392,333 332,130
12/31/2004 - $4,537; 12/31/2003 - $3,886
Other assets 15,961 15,239
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Total Assets $440,597 $386,757
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Deposits $296,388 $237,131
FHLB advances 100,000 108,837
Other liabilities 3,436 2,811
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Total liabilities $399,824 $348,779
Stockholder's equity 40,773 37,978
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Total liabilities and stockholder equity $440,597 $386,757
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Book value per share $ 14.45 $ 13.62
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Non performing assets $ 1,007 $ 749
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