SPRINGFIELD, Mo., April 15, 2003 (PRIMEZONE) -- Guaranty Federal Bancshares, Inc. (Nasdaq:GFED), the holding company for Guaranty Federal Savings Bank, today announced that earnings for the third quarter ended March 31, 2003 were $0.32 per share ($885,000), up from the $0.22 per share ($818,000) the Company earned during the same quarter in the prior year. This represents a 45% increase in quarterly earnings per share.
The Company announced a plan to repurchase 300,000 shares of common stock on November 22, 2002. To date the Company has repurchased 35,173 shares of common stock under this plan at an average cost of $15.35 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. 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; and fluctuation in inflation.
Guaranty Federal Bancshares, Inc. has a subsidiary corporation offering full banking services. The principal subsidiary, Guaranty Federal Savings Bank, is located in Springfield, Missouri, and has eight branches and 18 ATM locations located in Greene and Christian Counties. In addition Guaranty Federal 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 Nine Months ended
March 31 March 31
2003 2002 2003 2002
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(Dollar amounts are in thousands,
except per share data)
Operating Data:
Total interest income $5,304 6,151 16,595 19,389
Total interest expense 2,778 3,327 8,864 10,961
Provision for loan losses 255 66 460 216
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Net interest income after
provision for loan losses 2,271 2,758 7,271 8,212
Noninterest income 1,093 849 2,844 2,657
Noninterest expense 2,051 2,365 6,111 6,750
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Income before income tax 1,313 1,242 4,004 4,119
Income tax expense 428 424 1,355 1,400
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Net income $ 885 818 2,649 2,719
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Net income per share-basic $ 0.32 0.22 0.95 0.72
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Net income per share-diluted $ 0.31 0.21 0.93 0.71
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Annualized return on
average assets 0.94% 0.82% 0.94% 0.93%
Annualized return on
average equity 9.61% 6.41% 9.67% 7.13%
Net interest margin 2.79% 3.03% 2.86% 2.99%
As of March 31
Financial Condition Data: 2003 2002
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Cash and cash equivalents $ 13,190 35,425
Investments 16,104 20,435
Loans, net of allowance for loan losses 327,436 318,160
3/31/2003 - $2,803;
3/31/2002 - $2,607
Other assets 18,896 20,232
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Total Assets $375,626 394,252
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Deposits $230,627 229,212
FHLB advances 104,782 112,612
Other liabilities 4,051 6,781
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Total liabilities $339,460 348,605
Stockholder's equity 36,166 45,647
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Total liabilities and
stockholder equity $375,626 394,252
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Book value per share $ 12.94 13.04
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Non performing assets $ 1,515 2,837
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