Guaranty Federal Bancshares, Inc. Announces a 24% Increase in Quarterly Earnings Per Share
SPRINGFIELD, Mo., Jan. 15, 2003 -- Guaranty Federal Bancshares, Inc, (Nasdaq:GFED), the holding company for Guaranty Federal Savings Bank, today announced earnings for the second quarter ended December 31, 2002, were $0.31 per share, ($868,000) up from the $0.25 per share ($933,000) the Company earned during the same quarter in the prior year. This represents a 24% increase in quarterly earnings per share.
The stock repurchase plan announced January 5, 2001 has been completed. The company has repurchased 437,764 shares of common stock at an average price of $12.80 per share. The company announced another plan to repurchase 300,000 shares of common stock on November 22, 2002. To date the company has repurchased 19,465 shares of common stock under this plan at an average cost of $15.34 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 subsidiary corporations offering banking, investment and insurance 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 ATMs and over 1,000 ATMs nationwide.
Financial Highlights:
Quarter ended Six Months ended
Operating Data: 31-Dec-02 31-Dec-01 31-Dec-02 31-Dec-01
(Dollar amounts are in thousands, except per share data)
Total interest income $5,544 6,497 11,290 13,238
Total interest expense 2,966 3,681 6,086 7,634
Provision for loan
losses 105 75 205 150
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Net interest income
after provision for
loan losses 2,473 2,741 4,999 5,454
Noninterest income 889 1,018 1,752 1,808
Noninterest expense 2,034 2,379 4,060 4,385
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Income before
income tax 1,328 1,380 2,691 2,877
Income tax expense 460 447 927 975
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Net income $868 933 1,764 1,902
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Net income per
share-basic $0.31 $0.25 $0.63 $0.50
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Net income per
share-diluted $0.30 $0.24 $0.62 $0.49
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Annualized return on
average assets 0.93% 0.95% 0.94% 0.99%
Annualized return on
average equity 9.52% 7.39% 9.70% 7.50%
Net interest margin 2.87% 2.98% 2.89% 3.03%
As of As of
Financial Condition Data: 31-Dec-02 31-Dec-01
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Cash and cash equivalents $13,211 25,869
Investments 26,183 23,858
Loans, net of allowance
for loan losses
12/31/2002 - $2,640;
12/31/2001 - $2,595 324,900 338,419
Other assets 10,408 19,988
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Total Assets $374,702 408,134
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Deposits $226,745 230,941
FHLB advances 104,368 119,233
Other liabilities 7,321 7,578
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Total liabilities $338,434 357,752
Stockholder's equity 36,268 50,382
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Total liabilities
and stockholder equity $374,702 408,134
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Book value per share $12.94 13.30
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Non performing assets $404 3,494
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Contacts: Don M. Gibson 417-520-4333