SPRINGFIELD, Mo., Oct. 14, 2005 (PRIMEZONE) -- Guaranty Federal Bancshares, Inc., (Nasdaq:GFED), the holding company (the "Company") for Guaranty Bank, today announces the following highlights for its third quarter ended September 30, 2005:
Third Quarter 2005 Financial Highlights
-- Earnings per share increases 39% over prior year quarter
-- Net income increases 37% over prior year quarter
-- Net interest income increases 31% over prior year quarter
-- Net interest margin increases 45 basis points over prior year
quarter to 3.52%
-- Total assets increase $51M, or 11% from December 31, 2004
-- Loans increase $49M, or 12% from December 31, 2004
The Company today announces that earnings for the third quarter ended September 30, 2005, were $0.57 per share, ($1,587,000), up from the $0.41 per share ($1,156,000) the Company earned during the same quarter in the prior year. This represents a 39% increase in quarterly earnings per share. Earnings per diluted share for the third quarter ended September 30, 2005 were $0.55 per share, compared to $0.40 during the same quarter in the prior year. This represents a 37% increase in quarterly earnings per diluted share.
The Company announced a plan to repurchase 300,000 shares of common stock on November 22, 2002. To date the Company has repurchased 230,984 shares of common stock under this plan at an average cost of $20.84 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 ATM's and over 1,000 ATM's nationwide.
Quarter ended Nine Months
ended
Operating Data: 30-Sep-05 30-Sep-04 30-Sep-05 30-Sep-04
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(Dollar amounts are in thousands, except per share data)
Total interest income $ 7,091 5,192 19,553 14,906
Total interest expense 3,130 2,123 8,370 6,108
Provision for loan losses 240 225 705 639
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Net interest income after
provision for loan losses 3,721 2,844 10,478 8,159
Noninterest income 958 957 2,683 2,684
Noninterest expense 2,157 2,043 6,403 6,166
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Income before income tax 2,522 1,758 6,758 4,677
Income tax expense 935 602 2,507 1,536
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Net income $ 1,587 1,156 4,251 3,141
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Net income per share-basic $ 0.57 0.41 1.53 1.12
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Net income per share-diluted $ 0.55 0.40 1.47 1.08
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Annualized return on
average assets 1.35% 1.10% 1.25% 1.04%
Annualized return on
average equity 15.39% 11.48% 13.91% 10.62%
Net interest margin 3.52% 3.07% 3.42% 3.07%
As of As of
Financial Condition Data: 30-Sep-05 31-Dec-04
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Cash and cash equivalents $ 18,009 15,896
Investments 15,047 16,407
Loans, net of allowance for loan losses 440,467 392,333
9/30/2005 - $5,205 12/31/2004 - $4,536
Other assets 17,793 15,960
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Total assets $ 491,316 440,596
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Deposits $ 317,676 $ 296,388
FHLB advances 128,000 100,000
Other liabilities 4,291 3,435
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Total liabilities 449,967 399,823
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Stockholder's equity 41,349 40,773
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Total liabilities and stockholder equity 491,316 440,596
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Equity to assets ratio 8.4% 9.3%
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Book value per share $ 14.78 $ 14.45
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Non performing assets $ 1,133 $ 1,085
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