SPRINGFIELD, Mo., April 15, 2004 (PRIMEZONE) -- Guaranty Federal Bancshares, Inc. (Nasdaq:GFED), the holding company for Guaranty Bank, today announced earnings for the first quarter ended March 31, 2004 were $0.35 per share, ($969,000), up from the $0.32 per share ($885,000) the Company earned during the same quarter in the prior year. This represents a 9% 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 75,271 shares of common stock under this plan at an average cost of $16.66 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.
Financial Highlights: Quarter ended Operating Data: 31-Mar-04 31-Mar-03 Total interest income $4,841 $5,304 Total interest expense 2,050 2,778 Provision for loan losses 189 255 ------------ ------------ Net interest income after provision for loan losses 2,602 2,271 Noninterest income 850 1,093 Noninterest expense 2,043 2,051 ------------ ------------ Income before income tax 1,409 1,313 Income tax expense 440 428 ------------ ------------ Net income $969 $885 ============ ============ Net income per share-basic $0.35 $0.32 ============ ============ Net income per share-diluted $0.33 $0.31 ============ ============ Annualized return on average assets 1.01% 0.94% Annualized return on average equity 10.08% 9.61% Net interest margin 3.06% 2.79% At At Financial Condition Data: 31-Mar-04 31-Mar-03 ------------------------- ------------ ------------ Cash and cash equivalents $13,021 $13,190 Investments 16,569 16,104 Loans,net of allowance for loan losses 351,320 327,436 3/31/2004 - $4,075; 3/31/2003 - $2,803 Other assets 15,638 18,896 ------------ ------------ Total assets $396,548 $375,626 ============ ============ Deposits $244,109 $230,627 FHLB advances 110,382 104,782 Other liabilities 3,491 4,051 ------------ ------------ Total liabilities 357,982 339,460 ------------ ------------ Stockholder's equity 38,566 36,166 ------------ ------------ Total liabilities and stockholder equity $396,548 $375,626 ============ ============ Equity to assets ratio 10% 10% ============ ============ Book value per share $13.76 $12.94 ============ ============ Non performing assets $931 $1,515 ============ ============