Delaware |
43-1792717 |
(State or Other Jurisdiction of Incorporation |
(I.R.S. Employer Identification No.) |
or Organization)
|
|
|
|
1341 West Battlefield, Springfield, Missouri |
65807 |
(Address of Principal Executive Offices) |
(Zip Code) |
1. | Portions of the Annual Report to Stockholders (the "2004 Annual Report") for the fiscal period ended December 31, 2004 (Parts I and II). |
2. | Portions of the Proxy Statement for the Annual Meeting of Stockholders (the "Proxy Statement") to be held on May 25, 2005 (Part III). |
|
||
2 | ||
|
GUARANTY FEDERAL BANCSHARES, INC.
|
||||
Form 10-K
|
||||
TABLE OF CONTENTS
|
||||
Item
|
Page
|
|||
PART I
|
||||
1
|
5
|
|||
2
|
28
|
|||
3
|
28
|
|||
4
|
28
|
|||
PART II
|
||||
5
|
28
|
|||
|
||||
6
|
29
|
|||
7
|
||||
29
|
||||
7A.
|
29
|
|||
8
|
29
|
|||
9
|
||||
29
|
||||
9A.
|
29
|
|||
9B.
|
29
|
|||
PART III
|
||||
10
|
30
|
|||
11
|
30
|
|||
12
|
||||
30
|
||||
13
|
33
|
|||
14
|
33
|
|||
PART IV
|
||||
15
|
33
|
|||
|
||
4 | ||
|
6 | ||
|
Composition of Loan Portfolio
|
|||||||||||||||||||||||||||||||||||||
As of December 31,
|
As of December 31,
|
As of June 30,
|
|||||||||||||||||||||||||||||||||||
2004
|
2003
|
2003
|
2002
|
2001
|
2000
|
||||||||||||||||||||||||||||||||
$ |
%
|
$ |
%
|
$ |
%
|
$ |
%
|
$ |
%
|
$ |
%
|
||||||||||||||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||||||
Mortgage loans (includes loans held for sale):
|
|||||||||||||||||||||||||||||||||||||
One to four family
|
$
|
121,307
|
31
|
%
|
$
|
129,477
|
37
|
%
|
$
|
144,404
|
40
|
%
|
149,443
|
44
|
%
|
189,436
|
55
|
%
|
198,155
|
63
|
%
|
||||||||||||||||
Multi-family
|
52,259
|
13
|
%
|
44,242
|
13
|
%
|
41,022
|
11
|
%
|
44,055
|
13
|
%
|
42,641
|
12
|
%
|
39,146
|
12
|
%
|
|||||||||||||||||||
Construction
|
45,090
|
11
|
%
|
49,814
|
14
|
%
|
64,464
|
18
|
%
|
49,807
|
15
|
%
|
55,317
|
16
|
%
|
41,372
|
13
|
%
|
|||||||||||||||||||
Commercial real estate
|
97,550
|
25
|
%
|
72,105
|
21
|
%
|
71,046
|
19
|
%
|
58,434
|
17
|
%
|
43,893
|
13
|
%
|
26,559
|
9
|
%
|
|||||||||||||||||||
Total mortgage loans
|
316,206
|
80
|
%
|
295,638
|
86
|
%
|
320,936
|
88
|
%
|
301,739
|
89
|
%
|
331,287
|
96
|
%
|
305,232
|
97
|
%
|
|||||||||||||||||||
Commercial business loans
|
55,606
|
14
|
%
|
24,618
|
7
|
%
|
18,967
|
5
|
%
|
8,358
|
2
|
%
|
5,511
|
1
|
%
|
761
|
0
|
%
|
|||||||||||||||||||
Consumer loans
|
25,172
|
6
|
%
|
25,441
|
7
|
%
|
25,486
|
7
|
%
|
31,075
|
9
|
%
|
10,573
|
3
|
%
|
9,520
|
3
|
%
|
|||||||||||||||||||
Total consumer and other loans
|
80,778
|
20
|
%
|
50,059
|
14
|
%
|
44,453
|
12
|
%
|
39,433
|
11
|
%
|
16,084
|
4
|
%
|
10,281
|
3
|
%
|
|||||||||||||||||||
Total loans
|
396,984
|
100
|
%
|
345,697
|
100
|
%
|
365,389
|
100
|
%
|
341,172
|
100
|
%
|
347,371
|
100
|
%
|
315,513
|
100
|
%
|
|||||||||||||||||||
Less:
|
|||||||||||||||||||||||||||||||||||||
Loans in process
|
-
|
9,425
|
25,539
|
18,326
|
24,212
|
16,668
|
|||||||||||||||||||||||||||||||
Deferred loan fees/costs, net
|
106
|
237
|
211
|
230
|
268
|
164
|
|||||||||||||||||||||||||||||||
Unearned discounts
|
7
|
19
|
26
|
50
|
88
|
108
|
|||||||||||||||||||||||||||||||
Allowance for loan losses
|
4,537
|
3,886
|
2,775
|
2,650
|
2,697
|
2,520
|
|||||||||||||||||||||||||||||||
Total Loans, Net
|
$
|
392,334
|
$
|
332,130
|
$
|
336,838
|
319,916
|
320,106
|
296,053
|
Delinquency Summary
|
As of
|
As of
|
|||||||||||||||||
December 31,
|
June 30,
|
||||||||||||||||||
2004
|
2003
|
2003
|
2002
|
2001
|
2000
|
||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||||
Loans accounted for on a non-accrual basis
|
|
|
|||||||||||||||||
or contractually past due 90 days or more
|
|||||||||||||||||||
Mortgage Loans:
|
|||||||||||||||||||
One- to four-family
|
$
|
770
|
703
|
331
|
154
|
444
|
13
|
||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Construction
|
-
|
-
|
-
|
-
|
1,065
|
84
|
|||||||||||||
Commercial real estate
|
158
|
-
|
-
|
-
|
668
|
-
|
|||||||||||||
928
|
703
|
331
|
154
|
2,177
|
97
|
||||||||||||||
Non-mortgage loans:
|
|||||||||||||||||||
Commercial loans
|
-
|
-
|
-
|
-
|
109
|
-
|
|||||||||||||
Consumer and other loans
|
79
|
40
|
-
|
37
|
18
|
-
|
|||||||||||||
79
|
40
|
-
|
37
|
127
|
-
|
||||||||||||||
Total non-accrual loans
|
1,007
|
743
|
331
|
191
|
2,304
|
97
|
|||||||||||||
Accruing loans which are contractually past
|
|||||||||||||||||||
maturity or past due 90 days or more:
|
|||||||||||||||||||
Mortgage Loans:
|
|||||||||||||||||||
One- to four-family
|
-
|
-
|
-
|
-
|
-
|
152
|
|||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Commercial real estate
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
-
|
-
|
-
|
-
|
-
|
152
|
||||||||||||||
Non-mortgage loans:
|
|
|
|
|
|
|
|||||||||||||
Commercial loans
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Consumer and other loans
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Total past maturity or past due accruing loans
|
-
|
-
|
-
|
-
|
-
|
152
|
|||||||||||||
Total accounted for on a non-accrual basis or contractually past maturity or 90 days or more past due
|
$
|
1,007
|
743
|
331
|
191
|
2,304
|
249
|
||||||||||||
Total accounted for on a non-accrual basis or contractually past maturity or 90 days or more past due as a percentage of net loans
|
0.26
|
%
|
0.22
|
%
|
0.10
|
%
|
0.06
|
%
|
0.73
|
%
|
0.08
|
%
|
|||||||
Total accounted for on a non-accrual basis or contractually past maturity or 90 days or more past due as a percentage of total assets
|
0.23
|
%
|
0.19
|
%
|
0.08
|
%
|
0.05
|
%
|
0.62
|
%
|
0.07
|
%
|
Non-Performing Assets
|
As of
|
As of
|
|||||||||||||||||
December 31,
|
June 30,
|
||||||||||||||||||
2004
|
2003
|
2003
|
2002
|
2001
|
2000
|
||||||||||||||
Non-accrual loans:
|
(Dollars in Thousands)
|
||||||||||||||||||
Mortgage loans:
|
|||||||||||||||||||
One- to four-family
|
$
|
770
|
703
|
331
|
659
|
1,358
|
578
|
||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
441
|
|||||||||||||
Construction
|
-
|
-
|
-
|
-
|
2,115
|
84
|
|||||||||||||
Commercial real estate
|
158
|
-
|
-
|
1,017
|
1,396
|
3,652
|
|||||||||||||
928
|
703
|
331
|
1,676
|
4,869
|
4,755
|
||||||||||||||
Non-mortgage loans:
|
|||||||||||||||||||
Commercial loans
|
-
|
-
|
-
|
-
|
60
|
-
|
|||||||||||||
Consumer and other loans
|
79
|
40
|
-
|
75
|
19
|
2
|
|||||||||||||
79
|
40
|
-
|
75
|
79
|
2
|
||||||||||||||
Total non-accrual loans
|
1,007
|
743
|
331
|
1,751
|
4,948
|
4,757
|
|||||||||||||
Real estate and other assets acquired in settlement of loans
|
78
|
6
|
182
|
683
|
4
|
2
|
|||||||||||||
Non-performing loans classified as in-substance
|
|||||||||||||||||||
foreclosures
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Total non-performing assets
|
$
|
1,085
|
749
|
513
|
2,434
|
4,952
|
4,759
|
||||||||||||
Total non-accrual loans as a percentage of net loans
|
0.26
|
%
|
0.22
|
%
|
0.10
|
%
|
0.55
|
%
|
1.55
|
%
|
1.61
|
%
|
|||||||
Total non-performing assets as a percentage of total assets
|
0.25
|
%
|
0.19
|
%
|
0.13
|
%
|
0.65
|
%
|
1.32
|
%
|
1.39
|
%
|
|||||||
Impact on interest income for the period:
|
|||||||||||||||||||
Interest income that would have been recorded on non-accruing loans
|
$
|
23
|
15
|
13
|
21
|
179
|
47
|
Classification of Assets
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
|||||||||||||||||||||
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||||||||||
Loans:
|
|||||||||||||||||||||||||
One- to four-family
|
11
|
$
|
713
|
98
|
$
|
5,253
|
-
|
$
|
-
|
-
|
$
|
-
|
|||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Commercial real estate
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Land
|
-
|
-
|
3
|
195
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Other loans
|
5
|
179
|
25
|
319
|
1
|
6
|
-
|
-
|
|||||||||||||||||
Total loans
|
16
|
892
|
126
|
5,767
|
1
|
6
|
-
|
-
|
|||||||||||||||||
Foreclosed assets held-for-sale:
|
|||||||||||||||||||||||||
One- to four-family
|
-
|
-
|
1
|
50
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Land and other assets
|
-
|
-
|
5
|
28
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Total foreclosed assets
|
-
|
-
|
6
|
78
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Total
|
16
|
$
|
892
|
132
|
$
|
5,845
|
1
|
$
|
6
|
-
|
$
|
-
|
14 | ||
|
The following tables set forth certain information concerning the Bank's allowance for loan losses for the periods indicated.
|
Allowance for Loan Losses
|
Year ended
|
Six months ended
|
Year Ended
|
||||||||||||||||
December 31,
|
December 31,
|
June 30,
|
|||||||||||||||||
2004
|
2003
|
2003
|
2002
|
2001
|
2000
|
||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||||
Beginning balance
|
$
|
3,886
|
2,775
|
2,650
|
2,697
|
2,520
|
2,349
|
||||||||||||
Gross loan charge offs
|
|||||||||||||||||||
Mortgage Loans:
|
|||||||||||||||||||
One- to four-family
|
(188
|
)
|
(41
|
)
|
(358
|
)
|
(52
|
)
|
(5
|
)
|
-
|
||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Construction
|
-
|
-
|
(11
|
)
|
(235
|
)
|
-
|
-
|
|||||||||||
Commercial real estate
|
-
|
-
|
-
|
(23
|
)
|
(115
|
)
|
-
|
|||||||||||
(188
|
)
|
(41
|
)
|
(369
|
)
|
(310
|
)
|
(120
|
)
|
-
|
|||||||||
Non-mortgage loans:
|
|||||||||||||||||||
Commercial loans
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Consumer and other loans
|
(43
|
)
|
(14
|
)
|
(168
|
)
|
(28
|
)
|
(13
|
)
|
(9
|
)
|
|||||||
(43
|
)
|
(14
|
)
|
(168
|
)
|
(28
|
)
|
(13
|
)
|
(9
|
)
|
||||||||
Total charge offs
|
(231
|
)
|
(55
|
)
|
(537
|
)
|
(338
|
)
|
(133
|
)
|
(9
|
)
|
|||||||
Recoveries
|
|||||||||||||||||||
Mortgage Loans:
|
|||||||||||||||||||
One- to four-family
|
9
|
1
|
19
|
-
|
-
|
-
|
|||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Construction
|
-
|
1
|
6
|
-
|
-
|
-
|
|||||||||||||
Commercial real estate
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
9
|
2
|
25
|
-
|
-
|
-
|
||||||||||||||
Non-mortgage loans:
|
|||||||||||||||||||
Commercial loans
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Consumer and other loans
|
9
|
2
|
27
|
-
|
-
|
-
|
|||||||||||||
9
|
2
|
27
|
-
|
-
|
-
|
||||||||||||||
Total recoveries
|
18
|
4
|
52
|
-
|
-
|
-
|
|||||||||||||
Net loan charge-offs
|
(213
|
)
|
(51
|
)
|
(485
|
)
|
(338
|
)
|
(133
|
)
|
(9
|
)
|
|||||||
Provision for loan losses charged to expense
|
864
|
1,162
|
610
|
291
|
310
|
180
|
|||||||||||||
Ending balance
|
$
|
4,537
|
3,886
|
2,775
|
2,650
|
2,697
|
2,520
|
||||||||||||
Net charge-offs as a percentage of average loans, net
|
0.07
|
%
|
0.02
|
%
|
0.15
|
%
|
0.10
|
%
|
0.04
|
%
|
0.00
|
%
|
|||||||
Allowance for loan losses as a percentage of average loans, net
|
1.39
|
%
|
1.19
|
%
|
0.85
|
%
|
0.82
|
%
|
0.87
|
%
|
0.89
|
%
|
|||||||
Allowance for loan losses as a percentage of total non-performing loans
|
451
|
%
|
523
|
%
|
838
|
%
|
151
|
%
|
55
|
%
|
53
|
%
|
|
||
15 | ||
|
As of
|
As of
|
As of
|
|||||||||||||||||||||||||||||||||||
December 31,
|
December 31,
|
June 30,
|
|||||||||||||||||||||||||||||||||||
2004
|
2003
|
2003
|
2002
|
2001
|
2000
|
||||||||||||||||||||||||||||||||
Amount
|
% |
Amount
|
% |
Amount
|
% |
Amount
|
% |
Amount
|
% |
Amount
|
% | ||||||||||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||||||
Mortgage Loans
|
$
|
3,630
|
80
|
%
|
$
|
3,342
|
86
|
%
|
$
|
2,442
|
88
|
%
|
$
|
2,358
|
89
|
%
|
$
|
2,562
|
95
|
%
|
$
|
2,439
|
97
|
%
|
|||||||||||||
Non-Mortgage Loans
|
907
|
20
|
%
|
544
|
14
|
%
|
333
|
12
|
%
|
292
|
11
|
%
|
135
|
5
|
%
|
81
|
3
|
%
|
|||||||||||||||||||
Total
|
$
|
4,537
|
100
|
%
|
$
|
3,886
|
100
|
%
|
$
|
2,775
|
100
|
%
|
$
|
2,650
|
100
|
%
|
$
|
2,697
|
100
|
%
|
$
|
2,520
|
100
|
%
|
Investment Securities
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||
As of December 31, 2004
|
|||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
|||||||||||||
Equity Securities:
|
|||||||||||||
FHLMC stock
|
$
|
66,588
|
4,945,012
|
-
|
5,011,600
|
||||||||
Other stock
|
2,000,000
|
-
|
(560,000
|
)
|
1,440,000
|
||||||||
Debt Securities:
|
|||||||||||||
Trust preferred securities
|
6,570,814
|
84,468
|
-
|
6,655,282
|
|||||||||
U. S. government agencies
|
1,994,798
|
88
|
-
|
1,994,886
|
|||||||||
HELD-TO-MATURITY SECURITIES:
|
|||||||||||||
U. S. government agencies
|
228,807
|
375
|
-
|
229,182
|
|||||||||
Mortgage-backed securities
|
1,076,351
|
77,737
|
-
|
1,154,088
|
|||||||||
$
|
11,937,358
|
5,107,680
|
(560,000
|
)
|
16,485,038
|
||||||||
Investment Securities
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses
|
)
|
Approximate Fair Value
|
||||||||
As of December 31, 2003
|
|||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
|||||||||||||
Equity Securities:
|
|||||||||||||
FHLMC stock
|
$
|
78,336
|
4,587,264
|
-
|
4,665,600
|
||||||||
Other stock
|
2,000,000
|
-
|
(326,000
|
)
|
1,674,000
|
||||||||
Debt Securities:
|
|||||||||||||
Trust preferred securities
|
6,557,201
|
11,071
|
(40,840
|
)
|
6,527,432
|
||||||||
U. S. government agencies
|
1,996,317
|
477
|
-
|
1,996,794
|
|||||||||
HELD-TO-MATURITY SECURITIES:
|
|||||||||||||
U. S. government agencies
|
256,142
|
78
|
-
|
256,220
|
|||||||||
Mortgage-backed securities
|
1,611,452
|
81,240
|
-
|
1,692,692
|
|||||||||
$
|
12,499,448
|
4,680,130
|
(366,840
|
)
|
16,812,738
|
Investment Securities
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||
As of June 30, 2003
|
|||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
|||||||||||||
Equity Securities:
|
|||||||||||||
FHLMC stock
|
$
|
80,294
|
4,082,846
|
-
|
4,163,140
|
||||||||
Other stock
|
2,000,000
|
-
|
(324,000
|
)
|
1,676,000
|
||||||||
Debt Securities:
|
|||||||||||||
Trust preferred securities
|
6,550,357
|
-
|
(615,889
|
)
|
5,934,468
|
||||||||
U. S. government agencies
|
1,497,618
|
-
|
(79
|
)
|
1,497,539
|
||||||||
HELD-TO-MATURITY SECURITIES:
|
|||||||||||||
U. S. government agencies
|
263,781
|
952
|
-
|
264,733
|
|||||||||
Mortgage-backed securities
|
1,987,113
|
149,541
|
-
|
2,136,654
|
|||||||||
$
|
12,379,163
|
4,233,339
|
(939,968
|
)
|
15,672,534
|
Investment Portfolio Maturities and Average Weighted Yields
|
Amortized Cost
|
Weighted Average Yield
|
Approximate Fair Value
|
|||||||
Due within one year
|
$
|
1,994,798
|
2.09
|
%
|
$
|
1,994,886
|
||||
Due after ten years (1)
|
6,799,621
|
2.34
|
%
|
6,884,464
|
||||||
Equity securities not due on
|
||||||||||
a single maturity date
|
2,066,588
|
0.00
|
%
|
6,451,600
|
||||||
Mortgage-backed securities not due on a
|
|
|
||||||||
single maturity date
|
1,076,351
|
6.21
|
%
|
1,154,088
|
||||||
$
|
11,937,358
|
2.30
|
%
|
$
|
16,485,038
|
|||||
(1) Consists of government agency and trust preferred securities
|
As of December 31,
|
As of December 31,
|
||||||||||||||||||
2004
|
2003
|
||||||||||||||||||
|
Average
|
Percent
|
Average
|
Percent
|
|||||||||||||||
Interest
|
|
of Total
|
Interest
|
|
of Total
|
||||||||||||||
Rate
|
Amount
|
Deposits
|
Rate
|
Amount
|
Deposits
|
||||||||||||||
NOW
|
0.53
|
%
|
$
|
34,605
|
12
|
%
|
0.30
|
%
|
$
|
34,257
|
14
|
%
|
|||||||
Savings
|
1.08
|
%
|
15,153
|
5
|
%
|
0.81
|
%
|
17,221
|
7
|
%
|
|||||||||
Money Market
|
1.81
|
%
|
52,010
|
18
|
%
|
1.34
|
%
|
42,231
|
18
|
%
|
|||||||||
Non-interest
|
|
|
|||||||||||||||||
bearing demand
|
0.00
|
%
|
25,583
|
9
|
%
|
0.00
|
%
|
23,335
|
10
|
%
|
|||||||||
Total
|
127,351
|
44
|
%
|
117,044
|
49
|
%
|
|||||||||||||
Certificates of Deposit: (fixed-rate, fixed-term)
|
|||||||||||||||||||
1-11 months
|
2.32
|
%
|
89,389
|
30
|
%
|
2.83
|
%
|
68,500
|
29
|
%
|
|||||||||
12-23 months
|
2.81
|
%
|
42,019
|
14
|
%
|
2.88
|
%
|
23,695
|
10
|
%
|
|||||||||
24-35 months
|
3.49
|
%
|
26,608
|
9
|
%
|
3.03
|
%
|
12,052
|
5
|
%
|
|||||||||
36-47 months
|
4.16
|
%
|
6,012
|
2
|
%
|
4.87
|
%
|
8,643
|
4
|
%
|
|||||||||
48-59 months
|
3.92
|
%
|
3,982
|
1
|
%
|
4.49
|
%
|
4,595
|
2
|
%
|
|||||||||
60-71 months
|
3.98
|
%
|
1,013
|
0
|
%
|
3.90
|
%
|
2,541
|
1
|
%
|
|||||||||
72-95 months
|
4.06
|
%
|
13
|
0
|
%
|
3.94
|
%
|
61
|
0
|
%
|
|||||||||
Total
|
169,036
|
56
|
%
|
120,087
|
51
|
%
|
|||||||||||||
Total Deposits
|
$
|
296,387
|
100
|
%
|
$
|
237,131
|
100
|
%
|
As of June 30,
|
|||||||||||||||||||
2003
|
2002
|
||||||||||||||||||
Average
|
Percent
|
Average
|
Percent
|
||||||||||||||||
Interest
|
|
of Total
|
Interest
|
|
of Total
|
||||||||||||||
Rate
|
Amount
|
Deposits
|
Rate
|
Amount
|
Deposits
|
||||||||||||||
(Dollars in Thousands)
|
|||||||||||||||||||
NOW
|
0.31
|
%
|
$
|
32,806
|
14
|
%
|
0.79
|
%
|
$
|
29,386
|
13
|
%
|
|||||||
Savings
|
0.80
|
%
|
17,458
|
7
|
%
|
1.65
|
%
|
17,770
|
8
|
%
|
|||||||||
Money Market
|
1.31
|
%
|
37,512
|
16
|
%
|
2.07
|
%
|
34,889
|
16
|
%
|
|||||||||
Non-interest
|
|
|
|||||||||||||||||
bearing demand
|
0.00
|
%
|
24,651
|
11
|
%
|
0.00
|
%
|
11,657
|
5
|
%
|
|||||||||
Total
|
112,427
|
48
|
%
|
93,702
|
42
|
%
|
|||||||||||||
Certificates of Deposit: (fixed-rate, fixed-term)
|
|||||||||||||||||||
1-11 months
|
3.04
|
%
|
70,009
|
30
|
%
|
3.59
|
%
|
76,382
|
34
|
%
|
|||||||||
12-23 months
|
3.39
|
%
|
26,161
|
11
|
%
|
4.45
|
%
|
33,889
|
15
|
%
|
|||||||||
24-35 months
|
3.02
|
%
|
5,552
|
2
|
%
|
5.05
|
%
|
10,076
|
4
|
%
|
|||||||||
36-47 months
|
3.14
|
%
|
5,187
|
2
|
%
|
5.33
|
%
|
1,926
|
1
|
%
|
|||||||||
48-59 months
|
4.42
|
%
|
7,409
|
2
|
%
|
5.35
|
%
|
4,744
|
2
|
%
|
|||||||||
60-71 months
|
5.05
|
%
|
5,620
|
2
|
%
|
5.35
|
%
|
4,565
|
2
|
%
|
|||||||||
72-95 months
|
4.25
|
%
|
3,312
|
2
|
%
|
0.00
|
%
|
-
|
0
|
%
|
|||||||||
Total
|
123,250
|
52
|
%
|
131,582
|
58
|
%
|
|||||||||||||
Total Deposits
|
$
|
235,677
|
100
|
%
|
$
|
225,284
|
100
|
%
|
(Dollars in thousands)
|
||||
As of December 31, 2004
|
||||
Three months or less
|
$
|
2,441
|
||
Over three through six months
|
715
|
|||
Over six through twelve months
|
2,378
|
|||
Over twelve months
|
6,536
|
|||
Total
|
$
|
12,070
|
(a) | Material Legal Proceedings |
Period
|
(a) Total Number of Shares Purchased
|
(b) Average Price Paid per Share
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||||||
October 1, 2004 to October 31, 2004
|
886
|
20.05
|
886
|
201,675
|
|||||||||
November 1, 2004 to November 30, 2004
|
7,000
|
23.97
|
7,000
|
194,675
|
|||||||||
December 1, 2004 to December 31, 2004
|
9,590
|
23.86
|
9,590
|
185,085
|
|||||||||
Total
|
17,476
|
23.71
|
17,476
|
|
Equity Compensation Plan Information
|
||||||||||
(c)
|
||||||||||
Number of securities
|
||||||||||
remaining available
|
||||||||||
(a)
|
(b)
|
for future issuance
|
||||||||
Number of securities to be
|
Weighted-average
|
under equity
|
||||||||
issued upon exercise of
|
exercise price of
|
compensation plans
|
||||||||
outstanding options,
|
outstanding options,
|
(excluding securities
|
||||||||
Plan category
|
warrants and rights
|
warrants and rights
|
reflected in column (a))
|
|||||||
Equity compensation plans
|
336,988
|
14.04
|
259,237
|
|||||||
approved by security holders
|
||||||||||
Equity compensation plans not
|
47,875
|
15.96
|
14,761
|
|||||||
approved by security holders
|
||||||||||
Totals
|
384,863
|
14.28
|
273,998
|
33 | ||
|
10.8 | 2003 Stock Option Agreement *(8) |
10.9 | Employment Agreement effective as of March 9, 2004 by and between the Bank and Shaun A. Burke *(9) |
10.10 | 2004 Stock Option Agreement dated March 9, 2004 between the Company and Shaun A. Burke *(10) |
10.11 | 2004 Stock Option Plan *(11) |
10.12 | Form of Incentive Stock Option Agreement under the 2004 Stock Option Plan * |
10.13 | Form of Non-Incentive Stock Option Agreement under the 2004 Stock Option Plan * |
10.14 | Form of Incentive Stock Option Agreement under the 1994 Stock Option Plan *(12) |
10.15 | Form of Non-Incentive Stock Option Agreement under the 1994 Stock Option Plan *(13) |
10.16 | Incentive Stock Option Agreement dated March 17, 2005 between the Company and Shaun A. Burke (issued pursuant to the 2001 Stock Option Plan) *(14) |
10.17 | Employment Agreement dated November 1, 2004 between the Bank and Eldon Erwin |
11 | Computation of per share earnings is set forth in Note 1 of the Notes to the consolidated financial statements under the section captioned "Earnings Per Share" in the 2004 Annual Report. |
13 | Annual Report to Stockholders for the fiscal period ended December 31, 2004 (only those portions incorporated by reference in this document are deemed "filed") |
31.1 | Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act |
31.2 | Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act |
32.1 | CEO certification pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act |
32.2 | CFO certification pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act |
1) | Filed as an exhibit to the Annual Report on Form 10-K for the fiscal year ended June 30, 1998 (SEC File No. 0-23325) and incorporated herein by reference. |
(2) | Filed as an exhibit to the Form 8A filed by Registrant on January 22, 1999 and incorporated herein by reference. |
(3) | Filed as Exhibit 10.1 of the Registration Statement on Form S-1 filed by the Registrant on September 23, 1997 (SEC File No. 333-36141) and incorporated herein by reference. |
(4) | Filed as Exhibit 10.2 of the Registration Statement on Form S-1 filed by the Registrant on September 23, 1997 (SEC File No. 333-36141) and incorporated herein by reference. |
(5) | Filed as Exhibit 4 to the Form S-8 Registration Statement filed by the Registrant on March 6, 2002 (SEC File No. 333-83822) and incorporated herein by reference. |
(6) | Filed as an exhibit to the Annual Report on Form 10-K for the fiscal year ended June 30, 2001 (SEC File No. 0-23325) and incorporated herein by reference. |
(7) | Filed as Exhibit 3(ii) to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 filed by the Registrant on August 10, 2004 (SEC File No. 0-23325) and incorporated herein by reference. |
(8) | Filed as Exhibit 10.8 to the Annual Report on Form 10-K for the transition period ended December 31, 2003 filed by the Registrant on March 30, 2004 (SEC File No. 0-23325) and incorporated herein by reference. |
(9) | Filed as Exhibit 10.9 to the Current Report on Form 8-K filed by the Registrant on January 24, 2005 (SEC File No. 0-23325) and incorporated herein by reference. |
(10) | Filed as Exhibit 10.10 to the Current Report on Form 8-K filed by the Registrant on January 24, 2005 (SEC File No. 0-23325) and incorporated herein by reference. |
(11) | Filed as Appendix A to the proxy statement for the annual meeting of stockholders held on May 19, 2004 (SEC File No. 0-23325) and incorporated herein by reference. |
(12) | Filed as Exhibit 4.2 to the Form S-8 Registration Statement filed by the Registrant on March 3, 1998 (SEC File No. 333-47241) and incorporated herein by reference. |
(13) | Filed as Exhibit 4.3 to the Form S-8 Registration Statement filed by the Registrant on March 3, 1998 (SEC File No. 333-47241) and incorporated herein by reference. |
(14) | Filed as Exhibit 10.16 to the Current Report on Form 8-K filed by the Registrant on March 22, 2005 (SEC File No. 0-23325) and incorporated herein by reference. |
GUARANTY FEDERAL BANCSHARES, INC. | ||
|
|
|
Date: March 30, 2005 | By: | /s/ Shaun A. Burke |
|
||
Shaun A. Burke President and Chief Executive Officer (Duly Authorized Representative) |
/s/ Shaun A. Burke | /s/ Tim Rosenbury | ||
|
|
||
Shaun A. Burke
President and Chief Executive Officer and Director (Principal Executive Officer) |
Tim Rosenbury
Director Date: March 30, 2005 |
/s/ Bruce Winston | /s/ Gary Lipscomb | ||
|
|
||
Bruce Winston
SVP and Chief Financial Officer (Principal Accounting and Financial Officer Date: March 30, 2005 |
Gary Lipscomb
Director Date: March 30, 2005 |
/s/ Wayne V. Barnes | /s/ Don M. Gibson | ||
|
|
||
Wayne V. Barnes
Director Date: March 30, 2005 |
Don M. Gibson
Chairman of the Board and Director Date: March 30, 2005 |
/s/ Gregory V. Ostergren | /s/ James L. Sivils, III | ||
|
|
||
Gregory V. Ostergren
Director Date: March 30, 2005 |
James L. Sivils
Director Date: March 30, 2005 |
/s/ Kurt D. Hellweg | /s/ Jack L. Barham | ||
|
|
||
Kurt D. Hellweg
Director Date: March 30, 2005 |
Jack L. Barham
Vice Chairman of the Board and Director Date: March 30, 2005 |
|
||
|
Date
|
Shares
|
Percentage of
Total Shares
Awarded Which
Are Exercisable/
Non-forfeitable
|
As of
|
20%
|
|
As of
|
40%
|
|
As of
|
60%
|
|
As of
|
80%
|
|
As of
|
100%
|
|
||
|
|
||
|
|
||
|
|
||
Date
|
Shares
|
Percentage of
Total Shares
Awarded Which
Are Exercisable/
Non-forfeitable
|
As of
|
20%
|
|
As of
|
40%
|
|
As of
|
60%
|
|
As of
|
80%
|
|
As of
|
100%
|
|
||
1) | Promptly notify the President/CEO of any and all events that materially or potentially could materially impact the financial, operational, or reputation of the Bank and/or Holding Company. Such events include but are not limited to regulatory, judicial, litigation, audit, loan defaults, major customer relations, internal operations, and employee moral. |
2) | Perform all usual and customary responsibilities and duties of a Chief Lending Officer. This includes directing the Banks overall lending operation. Supervises all phases of the lending operation for the bank and held accountable for the entire loan portfolio. Originates loan underwriting, documentation, objectives and management policy for approval by loan committee, President, and directors. Guides and directs all activities of loan officers, support, and loan servicing staff. Directs and participates in business development activities. Serves on asset/liability committee and other managerial committees as requested by the President. |
3) | Lead in an ethical manner and make certain that the excellent reputation of the Bank is maintained. |
4) | Achieve the Banks Profit and Budget plan as approved by the Board of Directors. |
5) | Generate new personal loan production of $15 million in 2005. |
6) | Achieve total net loan portfolio growth of 15% in 2005. |
7) | Achieve commercial and consumer loan fee collections of $150,000 in 2005. |
8) | Maintain 30-day loan delinquency to total loans below .50%. |
9) | Maintain net charge-offs as a percentage of average total loans below .15%. |
10) | Maintain minimum yield on the total loan portfolio of 5.00%. |
f. | Further, notwithstanding anything herein contained to the contrary, if a "Change of Control" (as hereinafter defined) occurs during the term of this Agreement and Executives employment with Bank terminates for any reason (other than Executives death or the expiration of the term of this Agreement) at any time within the greater of twelve (12) months or the then remaining term of the Agreement after the Change of Control is consummated, then Bank shall pay to Executive in one lump sum, in cash, within ten (10) business days after the effective date of the termination of Employment, an amount equal to the sum of one and ninety-nine one hundredths (1.99) times the Base Salary; provided, however, that if and to the extent payment of such lump sum would not be deductible by Bank for federal income tax purposes by reason of application of Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), then payment of that portion due Executive under this part f shall be deferred until the earliest date upon which payment can be made without being nondeductible under section 162(m) of the code. |
|
||
Year ended
|
Six months ended
|
Fiscal Year ended
|
|||||||||||||||||
December 31, 2004
|
December 31, 2003
|
June 30, 2003
|
|||||||||||||||||
High
|
Low
|
High
|
Low
|
High
|
Low
|
||||||||||||||
Quarter ended:
|
|||||||||||||||||||
March 31
|
$
|
19.95
|
18.70
|
n/a
|
n/a
|
15.73
|
14.90
|
||||||||||||
June 30
|
19.95
|
18.81
|
n/a
|
n/a
|
16.40
|
15.15
|
|||||||||||||
September 30
|
20.01
|
19.11
|
17.30
|
16.04
|
14.50
|
13.81
|
|||||||||||||
December 31
|
24.15
|
20.00
|
19.59
|
17.15
|
15.75
|
13.35
|
Summary Statement of Income
|
Year ended
|
Six months ended
|
Six months ended
|
|||||||
December 31,
|
December 31,
|
December 31,
|
||||||||
2004
|
2003 (1)
|
2002
|
||||||||
(Unaudited)
|
||||||||||
Interest income
|
$
|
20,539
|
9,846
|
11,290
|
||||||
Interest expense
|
8,446
|
4,491
|
6,086
|
|||||||
Net interest income
|
12,093
|
5,355
|
5,204
|
|||||||
Provision for loan losses
|
864
|
1,162
|
205
|
|||||||
Net interest income after provision
|
||||||||||
for loan losses
|
11,229
|
4,193
|
4,999
|
|||||||
Noninterest income
|
3,616
|
2,089
|
1,752
|
|||||||
Noninterest expense
|
8,248
|
3,994
|
4,060
|
|||||||
Income before income taxes
|
6,597
|
2,288
|
2,691
|
|||||||
Provision for income taxes
|
2,313
|
788
|
927
|
|||||||
Net income
|
$
|
4,284
|
1,500
|
1,764
|
||||||
Basic
|
$
|
1.53
|
0.54
|
0.63
|
||||||
Diluted
|
$
|
1.47
|
0.52
|
0.62
|
||||||
Years ended
|
||||||||||
June 30,
|
||||||||||
2003
|
2002
|
2001
|
||||||||
Interest income
|
$
|
21,782
|
25,223
|
27,182
|
||||||
Interest expense
|
11,445
|
14,087
|
16,378
|
|||||||
Net interest income
|
10,337
|
11,136
|
10,804
|
|||||||
Provision for loan losses
|
610
|
291
|
310
|
|||||||
Net interest income after provision
|
||||||||||
for loan losses
|
9,727
|
10,845
|
10,494
|
|||||||
Noninterest income
|
3,688
|
3,634
|
2,103
|
|||||||
Noninterest expense
|
8,179
|
8,994
|
7,621
|
|||||||
Income before income taxes
|
5,236
|
5,485
|
4,976
|
|||||||
Provision for income taxes
|
1,656
|
1,892
|
1,743
|
|||||||
Net income
|
$
|
3,580.00
|
3,593
|
3,233
|
||||||
Basic
|
$
|
1.28
|
1.01
|
0.78
|
||||||
Diluted
|
$
|
1.26
|
1.00
|
0.77
|
Summary Balance Sheet
|
As of December 31,
|
As of June 30,
|
|||||||||||
2004
|
2003 (1)
|
2003
|
2002
|
||||||||||
ASSETS
|
|||||||||||||
Cash and cash equivalents
|
$
|
15,896
|
22,657
|
19,015
|
16,964
|
||||||||
Investment securities
|
21,553
|
16,731
|
15,522
|
19,683
|
|||||||||
Loans receivable, net
|
392,333
|
332,130
|
336,838
|
319,916
|
|||||||||
Accrued interest receivable
|
1,570
|
1,306
|
1,430
|
1,655
|
|||||||||
Prepaids and other assets
|
1,976
|
7,351
|
10,455
|
10,293
|
|||||||||
Foreclosed assets
|
78
|
6
|
182
|
683
|
|||||||||
Premises and equipment
|
7,189
|
6,576
|
6,709
|
7,356
|
|||||||||
$
|
440,597
|
386,757
|
390,151
|
376,550
|
|||||||||
LIABILITIES
|
|
|
|
||||||||||
Deposits
|
$
|
296,388
|
237,131
|
235,677
|
225,284
|
||||||||
Federal Home Loan Bank advances
|
100,000
|
108,837
|
114,619
|
111,083
|
|||||||||
Other liabilities
|
3,436
|
2,811
|
3,313
|
4,748
|
|||||||||
399,823
|
348,779
|
353,609
|
341,115
|
||||||||||
Common stock
|
649
|
624
|
624
|
624
|
|||||||||
Additional paid-in capital
|
52,385
|
47,366
|
47,366
|
47,366
|
|||||||||
Unearned ESOP shares
|
(1,801
|
)
|
(3,100
|
)
|
(3,100
|
)
|
(3,100
|
)
|
|||||
Retained earnings
|
32,437
|
23,236
|
23,236
|
23,236
|
|||||||||
Unrealized appreciation on available-for-
|
|||||||||||||
sale securities, net
|
2,816
|
3,439
|
3,439
|
3,439
|
|||||||||
Treasury stock
|
(45,713
|
)
|
(8,132
|
)
|
(8,132
|
)
|
(8,132
|
)
|
|||||
STOCKHOLDERS' EQUITY
|
40,773
|
37,978
|
36,542
|
35,435
|
|||||||||
$
|
440,597
|
386,757
|
390,151
|
376,550
|
|||||||||
Supplemental Data
|
As of December 31,
|
As of June 30,
|
|||||||||||
2004
|
2003 (1
|
)
|
2003
|
2002
|
|||||||||
Number of full-service offices
|
7
|
9
|
9
|
9
|
|||||||||
Cash dividends per share
|
$
|
0.63
|
0.31
|
0.60
|
0.63
|
||||||||
|
||
4 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
5 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
6 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
7 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
As of
|
Year Ended
|
Six Months Ended
|
|||||||||||||||||||||||
December 31, 2004
|
December 31, 2004
|
December 31, 2003
|
|||||||||||||||||||||||
Balance
|
Yield / Cost
|
Average Balance
|
Interest
|
Yield / Cost
|
Average Balance
|
Interest
|
Yield / Cost
|
||||||||||||||||||
ASSETS
|
|||||||||||||||||||||||||
Interest-earning:
|
|||||||||||||||||||||||||
Loans
|
$
|
392,333
|
5.64
|
%
|
$
|
366,696
|
$
|
19,990
|
5.45
|
%
|
$
|
334,071
|
$
|
9,567
|
5.73
|
%
|
|||||||||
Investment securities
|
9,955
|
2.80
|
%
|
10,076
|
289
|
2.87
|
%
|
9,899
|
135
|
2.73
|
%
|
||||||||||||||
Other assets
|
13,407
|
2.18
|
%
|
14,508
|
260
|
1.79
|
%
|
13,867
|
144
|
2.08
|
%
|
||||||||||||||
Total interest-earning
|
415,695
|
5.46
|
%
|
391,280
|
20,539
|
5.25
|
%
|
357,837
|
9,846
|
5.50
|
%
|
||||||||||||||
Noninterest-earning
|
24,901
|
20,812
|
20,821
|
||||||||||||||||||||||
$
|
440,596
|
$
|
412,092
|
$
|
378,658
|
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||||||||||||||||
Interest-bearing:
|
|||||||||||||||||||||||||
Savings accounts
|
$
|
15,153
|
1.08
|
%
|
$
|
16,607
|
140
|
0.84
|
%
|
$
|
17,483
|
70
|
0.80
|
%
|
|||||||||||
Transaction accounts
|
86,615
|
1.30
|
%
|
80,001
|
793
|
0.99
|
%
|
74,578
|
327
|
0.88
|
%
|
||||||||||||||
Certificates of deposit
|
169,036
|
2.62
|
%
|
139,264
|
3,986
|
2.86
|
%
|
121,926
|
1,971
|
3.23
|
%
|
||||||||||||||
FHLB advances
|
100,000
|
3.62
|
%
|
111,169
|
3,519
|
3.17
|
%
|
101,841
|
2,121
|
4.17
|
%
|
||||||||||||||
Other borrowed funds
|
1,264
|
1.50
|
%
|
987
|
7
|
0.71
|
%
|
907
|
2
|
0.44
|
%
|
||||||||||||||
Total interest-bearing
|
372,068
|
2.51
|
%
|
348,029
|
8,446
|
2.43
|
%
|
316,735
|
4,491
|
2.84
|
%
|
||||||||||||||
Noninterest-bearing
|
27,705
|
24,173
|
24,038
|
||||||||||||||||||||||
Total liabilities
|
399,773
|
372,202
|
|
340,773
|
|
||||||||||||||||||||
Stockholders' equity
|
40,823
|
39,891
|
37,885
|
||||||||||||||||||||||
$
|
440,596
|
$
|
412,092
|
$
|
378,658
|
||||||||||||||||||||
Net earning balance
|
$
|
43,627
|
$
|
43,252
|
$
|
41,102
|
|||||||||||||||||||
Earning yield less costing rate
|
2.95
|
%
|
2.82
|
%
|
2.66
|
%
|
|||||||||||||||||||
Net interest income, and
|
|||||||||||||||||||||||||
net yield spread on
|
|||||||||||||||||||||||||
interest-earning assets
|
3.21
|
%
|
$
|
12,094
|
3.09
|
%
|
$
|
5,355
|
2.99
|
%
|
|||||||||||||||
Ratio of interest-earning assets to
|
|||||||||||||||||||||||||
interest-bearing liabilities
|
112
|
%
|
112
|
%
|
113
|
%
|
8 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
Six Months Ended
|
Year Ended
|
||||||||||||||||||
December 31, 2002
|
June 30, 2003
|
||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||
Average Balance
|
Interest
|
Yield / Cost
|
Average Balance
|
Interest
|
Yield / Cost
|
||||||||||||||
ASSETS
|
|
||||||||||||||||||
Interest-earning:
|
|||||||||||||||||||
Loans
|
$
|
323,292
|
$
|
10,827
|
6.70
|
%
|
$
|
326,441
|
$
|
20,928
|
6.41
|
%
|
|||||||
Investment securities
|
11,988
|
231
|
3.85
|
%
|
11,103
|
419
|
3.77
|
%
|
|||||||||||
Other assets
|
24,800
|
232
|
1.87
|
%
|
18,864
|
434
|
2.30
|
%
|
|||||||||||
Total interest-earning
|
360,080
|
11,290
|
6.27
|
%
|
356,408
|
21,781
|
6.11
|
%
|
|||||||||||
Noninterest-earning
|
13,990
|
19,368
|
|||||||||||||||||
$
|
374,070
|
$
|
375,776
|
||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||||||||||
Interest-bearing:
|
|||||||||||||||||||
Savings accounts
|
$
|
17,507
|
132
|
1.51
|
%
|
$
|
17,390
|
221
|
1.27
|
%
|
|||||||||
Transaction accounts
|
67,002
|
460
|
1.37
|
%
|
67,614
|
814
|
1.20
|
%
|
|||||||||||
Certificates of deposit
|
127,218
|
2,530
|
3.98
|
%
|
126,376
|
4,768
|
3.77
|
%
|
|||||||||||
FHLB advances
|
107,612
|
2,959
|
5.50
|
%
|
108,020
|
5,634
|
5.22
|
%
|
|||||||||||
Other borrowed funds
|
971
|
5
|
1.03
|
%
|
832
|
7
|
0.84
|
%
|
|||||||||||
Total interest-bearing
|
320,310
|
6,086
|
3.80
|
%
|
320,232
|
11,444
|
3.57
|
%
|
|||||||||||
Noninterest-bearing
|
17,390
|
18,946
|
|||||||||||||||||
Total liabilities
|
337,700
|
339,178
|
|
||||||||||||||||
Stockholders' equity
|
36,370
|
36,598
|
|||||||||||||||||
$
|
374,070
|
$
|
375,776
|
||||||||||||||||
Net earning balance
|
$
|
39,770
|
$
|
36,176
|
|||||||||||||||
Earning yield less costing rate
|
2.47
|
%
|
2.54
|
%
|
|||||||||||||||
Net interest income, and
|
|||||||||||||||||||
net yield spread on
|
|||||||||||||||||||
interest-earning assets
|
$
|
5,204
|
2.89
|
%
|
$
|
10,337
|
2.90
|
%
|
|||||||||||
Ratio of interest-earning assets to
|
|||||||||||||||||||
interest-bearing liabilities
|
112
|
%
|
111
|
%
|
9 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
Year ended
|
Six Months Ended
|
||||||||||||||||||||||||
December 31, 2004 versus June 30, 2003
|
December 31, 2003 versus 2002
|
||||||||||||||||||||||||
Average Balance
|
Interest Rate
|
Rate & Balance
|
Total
|
Average Balance
|
Interest Rate
|
Rate & Balance
|
Total
|
||||||||||||||||||
Interest income:
|
|||||||||||||||||||||||||
Loans
|
$
|
(938
|
)
|
(3,133
|
)
|
(193
|
)
|
(4,264
|
)
|
$
|
361
|
(1,569
|
)
|
(52
|
)
|
(1,260
|
)
|
||||||||
Investment securitites
|
(130
|
)
|
(100
|
)
|
5
|
(225
|
)
|
(40
|
)
|
(68
|
)
|
12
|
(96
|
)
|
|||||||||||
Other assets
|
(174
|
)
|
(96
|
)
|
11
|
(88
|
)
|
(102
|
)
|
25
|
(11
|
)
|
(88
|
)
|
|||||||||||
Net change in interest income
|
(1,242
|
)
|
(3,329
|
)
|
(177
|
)
|
(4,577
|
)
|
219
|
(1,612
|
)
|
(51
|
)
|
(1,444
|
)
|
||||||||||
Interest expense:
|
|||||||||||||||||||||||||
Savings accounts
|
(81
|
)
|
(75
|
)
|
2
|
(154
|
)
|
-
|
(62
|
)
|
-
|
(62
|
)
|
||||||||||||
Transaction accounts
|
(21
|
)
|
(143
|
)
|
(13
|
)
|
(177
|
)
|
52
|
(166
|
)
|
(19
|
)
|
(133
|
)
|
||||||||||
Certificates of deposit
|
(782
|
)
|
(1,151
|
)
|
(59
|
)
|
(1,992
|
)
|
(105
|
)
|
(474
|
)
|
20
|
(559
|
)
|
||||||||||
Advances
|
(2,115
|
)
|
(2,214
|
)
|
(32
|
)
|
(4,361
|
)
|
(159
|
)
|
(717
|
)
|
38
|
(838
|
)
|
||||||||||
Other borrowed funds
|
-
|
(1
|
)
|
-
|
(1
|
)
|
-
|
(3
|
)
|
-
|
(3
|
)
|
|||||||||||||
Net change in interest expense
|
(2,999
|
)
|
(3,584
|
)
|
(102
|
)
|
(6,685
|
)
|
(212
|
)
|
(1,422
|
)
|
39
|
(1,595
|
)
|
||||||||||
Change in net interest income
|
$
|
1,757
|
(190
|
)
|
(75
|
)
|
2,108
|
$
|
431
|
(190
|
)
|
(90
|
)
|
151
|
Prime
|
Ten-Year Treasury
|
One-Year Treasury
|
||||||||
December 31, 2004
|
4.34
|
%
|
4.27
|
%
|
1.88
|
%
|
||||
June 30, 2003
|
4.43
|
%
|
3.96
|
%
|
1.46
|
%
|
||||
Change in rates
|
-0.09
|
%
|
0.31
|
%
|
0.42
|
%
|
10 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
11 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
Prime
|
Ten-Year Treasury
|
One-Year Treasury
|
||||||||
December 31, 2003
|
4.12
|
%
|
4.01
|
%
|
1.25
|
%
|
||||
December 31, 2002
|
4.68
|
%
|
4.63
|
%
|
2.01
|
%
|
||||
Change in rates
|
-0.56
|
%
|
-0.62
|
%
|
-0.76
|
%
|
12 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
13 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
U.S. Treasury Securities
|
||||||||||
Average for the Year Ended
|
||||||||||
Prime
|
Ten-Year Maturity
|
One-Year Maturity
|
||||||||
June 30, 2003
|
4.43
|
%
|
3.96
|
%
|
1.46
|
%
|
||||
June 30, 2002
|
5.33
|
%
|
4.99
|
%
|
2.56
|
%
|
||||
Change in rates
|
-0.90
|
%
|
-1.03
|
%
|
-1.10
|
%
|
14 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
15 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
16 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
BP Change
|
Estimated Net Portfolio Value
|
NPV as % of PV of Assets
|
||||||||||||||
in Rates
|
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||
+300
|
37,875
|
(2,721)
|
|
-7
|
%
|
8.80
|
%
|
-0.39
|
%
|
|||||||
+200
|
39,820
|
(776)
|
|
-2
|
%
|
9.15
|
%
|
-0.04
|
%
|
|||||||
+100
|
40,669
|
73)
|
0
|
%
|
9.27
|
%
|
0.08
|
%
|
||||||||
NC
|
40,596
|
9.19
|
%
|
|||||||||||||
-100
|
39,948
|
(648)
|
|
-2
|
%
|
8.99
|
%
|
-0.20
|
%
|
17 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
Payments Due By Period
|
||||||||||||||||
One Year
|
One to
|
Three to
|
More than
|
|||||||||||||
Contractual Obligations
|
Total
|
or less
|
Three Years
|
Five Years
|
Five Years
|
|||||||||||
Deposits without stated maturity
|
$
|
127,351
|
127,351
|
-
|
-
|
-
|
||||||||||
Time and brokered certificates of deposit
|
169,036
|
96,114
|
62,386
|
9,856
|
680
|
|||||||||||
Short-term borrowings
|
1,264
|
1,264
|
-
|
-
|
-
|
|||||||||||
Federal Home Loan Bank advances
|
100,000
|
49,414
|
24,350
|
19,650
|
6,586
|
|||||||||||
Operating leases
|
361,750
|
63,550
|
102,100
|
102,100
|
94,000
|
|||||||||||
Purchase obligations
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Other long term obligations
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Total
|
$
|
759,401
|
337,693
|
188,836
|
131,606
|
101,266
|
18 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
19 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
20 | ||
Guaranty Federal Bancshares, Inc.
Managements Discussion and Analysis of Financial Condition
And Results of Operations
|
Mar-04
|
Jun-04
|
Sep-04
|
Dec-04
|
||||||||||
Interest income
|
$
|
4,841,117
|
4,872,149
|
5,192,334
|
5,633,673
|
||||||||
Interest expense
|
2,050,298
|
1,934,800
|
2,123,222
|
2,337,309
|
|||||||||
Net interest income
|
2,790,819
|
2,937,349
|
3,069,111
|
3,296,363
|
|||||||||
Provision for loan losses
|
188,830
|
225,000
|
225,000
|
225,000
|
|||||||||
Gain on sale of loans and investment securities
|
299,569
|
247,956
|
309,109
|
370,894
|
|||||||||
Other noninterest income, net
|
550,694
|
628,678
|
648,125
|
561,150
|
|||||||||
Noninterest expense
|
2,042,996
|
2,079,394
|
2,043,422
|
2,082,059
|
|||||||||
Income before income taxes
|
1,409,256
|
1,509,589
|
1,757,923
|
1,921,348
|
|||||||||
Provision for income taxes
|
439,880
|
494,797
|
601,549
|
777,117
|
|||||||||
Net income
|
$
|
969,376
|
1,014,792
|
1,156,374
|
1,144,231
|
||||||||
Basic earnings per share
|
$
|
0.35
|
0.36
|
0.41
|
0.41
|
||||||||
Diluted earnings per share
|
$
|
0.33
|
0.35
|
0.40
|
0.39
|
||||||||
Six Months Ended December 31, 2003, Quarter ended (1)
|
|||||||||||||
September-03
|
December-03
|
||||||||||||
Interest income
|
$
|
4,997,093
|
4,848,585
|
||||||||||
Interest expense
|
2,326,503
|
2,164,542
|
|||||||||||
Net interest income
|
2,670,590
|
2,684,043
|
|||||||||||
Provision for loan losses
|
212,000
|
950,000
|
|||||||||||
Gain on sale of loans and investment securities
|
559,033
|
304,490
|
|||||||||||
Other noninterest income, net
|
672,221
|
553,127
|
|||||||||||
Noninterest expense
|
1,995,285
|
1,998,170
|
|||||||||||
Income before income taxes
|
1,694,559
|
593,490
|
|||||||||||
Provision for income taxes
|
617,862
|
170,026
|
|||||||||||
Net income
|
$
|
1,076,697
|
423,464
|
||||||||||
Basic earnings per share
|
$
|
0.39
|
0.15
|
||||||||||
Diluted earnings per share
|
$
|
0.38
|
0.15
|
||||||||||
Fiscal Year June 30, 2003, Quarter ended
|
|||||||||||||
September-02
|
December-02
|
March-03
|
June-03
|
||||||||||
Interest income
|
$
|
5,746,456
|
5,543,740
|
5,304,477
|
5,187,047
|
||||||||
Interest expense
|
3,120,175
|
2,965,401
|
2,778,498
|
2,580,339
|
|||||||||
Net interest income
|
2,626,281
|
2,578,339
|
2,525,979
|
2,606,708
|
|||||||||
Provision for loan losses
|
100,000
|
105,000
|
255,000
|
150,000
|
|||||||||
Gain on sale of loans and investment securities
|
224,577
|
444,643
|
403,633
|
471,184
|
|||||||||
Other noninterest income, net
|
638,875
|
443,639
|
688,873
|
372,905
|
|||||||||
Noninterest expense
|
2,026,229
|
2,033,749
|
2,050,978
|
2,069,031
|
|||||||||
Income before income taxes
|
1,363,504
|
1,327,872
|
1,312,507
|
1,231,766
|
|||||||||
Provision for income taxes
|
467,458
|
459,888
|
427,824
|
300,830
|
|||||||||
Net income
|
$
|
896,046
|
867,984
|
884,683
|
930,936
|
||||||||
Basic earnings per share
|
$
|
0.32
|
0.31
|
0.32
|
0.33
|
||||||||
Diluted earnings per share
|
$
|
0.32
|
0.30
|
0.31
|
0.33
|
|
||
21 | ||
Guaranty Federal Bancshares, Inc.
Consolidated Balance Sheets
December 31, 2004, and 2003 and June 30, 2003
|
December 31,
|
December 31,
|
June 30,
|
||||||||
2004
|
2003
|
2003
|
||||||||
ASSETS
|
||||||||||
Cash
|
$
|
14,087,915
|
20,686,276
|
15,242,475
|
||||||
Interest-bearing deposits in other financial institutions
|
1,808,543
|
1,970,518
|
3,772,053
|
|||||||
Cash and cash equivalents
|
15,896,458
|
22,656,794
|
19,014,528
|
|||||||
Available-for-sale securities
|
15,101,768
|
14,863,826
|
13,271,147
|
|||||||
Held-to-maturity securities
|
1,305,158
|
1,867,594
|
2,250,894
|
|||||||
Stock in Federal Home Loan Bank, at cost
|
5,146,500
|
5,294,200
|
8,600,400
|
|||||||
Mortgage loans held for sale
|
3,590,536
|
1,268,064
|
9,755,102
|
|||||||
Loans receivable, net of allowance for loan losses of
|
|
|||||||||
December 31, 2004 and 2003, $4,536,654 and $3,886,137,
|
||||||||||
respectively, June 30, 2003 - $2,775,320
|
388,742,792
|
330,861,875
|
327,082,420
|
|||||||
Accrued interest receivable:
|
||||||||||
Loans
|
1,500,170
|
1,242,683
|
1,357,434
|
|||||||
Investments
|
69,845
|
63,045
|
72,691
|
|||||||
Prepaid expenses and other assets
|
1,976,284
|
2,057,195
|
1,855,268
|
|||||||
Foreclosed assets held for sale
|
78,150
|
5,975
|
182,064
|
|||||||
Premises and equipment
|
7,188,867
|
6,576,003
|
6,708,996
|
|||||||
$
|
440,596,528
|
386,757,254
|
390,150,944
|
|||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||
LIABILITIES
|
||||||||||
Deposits
|
$
|
296,387,742
|
237,130,744
|
235,677,197
|
||||||
Federal Home Loan Bank advances
|
100,000,000
|
108,836,948
|
114,618,894
|
|||||||
Securities sold under agreements to repurchase
|
1,264,020
|
738,399
|
702,024
|
|||||||
Advances from borrowers for taxes and insurance
|
271,796
|
259,267
|
950,678
|
|||||||
Accrued expenses and other liabilities
|
234,818
|
308,497
|
311,696
|
|||||||
Accrued interest payable
|
361,516
|
200,770
|
203,237
|
|||||||
Dividend payable
|
450,868
|
432,513
|
415,414
|
|||||||
Income taxes payable
|
220,046
|
227,495
|
220,707
|
|||||||
Deferred income taxes
|
632,459
|
644,500
|
509,285
|
|||||||
399,823,265
|
348,779,133
|
353,609,132
|
||||||||
STOCKHOLDERS' EQUITY
|
||||||||||
Common Stock:
|
||||||||||
$0.10 par value; authorized 10,000,000 shares; issued;
|
||||||||||
December 31, 2004 and 2003 - 6,493,861 shares and
|
||||||||||
6,462,902 shares, respectively; June 30, 2003 - 6,416,848 shares
|
649,386
|
642,890
|
641,685
|
|||||||
Additional paid-in capital
|
52,384,842
|
51,330,202
|
51,065,581
|
|||||||
Unearned ESOP shares
|
(1,800,930
|
)
|
(2,030,930
|
)
|
(2,156,930
|
)
|
||||
Retained earnings, substantially restricted
|
32,437,131
|
29,919,695
|
29,280,784
|
|||||||
Accumulated other comprehensive income
|
||||||||||
Unrealized appreciation on available-for-sale securities,
|
||||||||||
net of income taxes; December 31, 2004 and 2003 - $1,653,740
|
||||||||||
and $1,565,830, respectively; June 30, 2003 - $1,162,865
|
2,815,828
|
2,666,143
|
1,980,013
|
|||||||
86,486,257
|
82,528,000
|
80,811,133
|
||||||||
Treasury stock, at cost;
|
||||||||||
December 31, 2004 and 2003 - 3,492,759 shares and
|
||||||||||
3,436,650 shares, respectively; June 30, 2003, 3,420,375 shares
|
(45,712,994
|
)
|
(44,549,879
|
)
|
(44,269,321
|
)
|
||||
40,773,263
|
37,978,121
|
36,541,812
|
||||||||
$
|
440,596,528
|
386,757,254
|
390,150,944
|
INCOME STATEMENT
|
Year ended
|
Six months ended
|
Year ended
|
|||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
INTEREST INCOME
|
||||||||||||||||
Loans
|
$
|
19,989,852
|
9,566,716
|
10,826,819
|
20,928,391
|
23,875,752
|
||||||||||
Investment securities
|
289,335
|
135,100
|
231,070
|
419,145
|
619,049
|
|||||||||||
Other
|
260,085
|
143,862
|
232,307
|
434,184
|
727,631
|
|||||||||||
20,539,272
|
9,845,678
|
11,290,196
|
21,781,720
|
25,222,432
|
||||||||||||
INTEREST EXPENSE
|
|
|
|
|||||||||||||
Deposits
|
4,919,164
|
2,368,200
|
3,121,175
|
5,802,445
|
7,017,284
|
|||||||||||
Federal Home Loan Bank advances
|
3,519,393
|
2,120,876
|
2,959,213
|
5,634,484
|
7,039,115
|
|||||||||||
Other
|
7,073
|
1,969
|
5,188
|
7,484
|
30,287
|
|||||||||||
8,445,630
|
4,491,045
|
6,085,576
|
11,444,413
|
14,086,686
|
||||||||||||
NET INTEREST INCOME
|
12,093,642
|
5,354,633
|
5,204,620
|
10,337,307
|
11,135,746
|
|||||||||||
PROVISION FOR LOAN LOSSES
|
863,830
|
1,162,000
|
205,000
|
610,000
|
291,000
|
|||||||||||
NET INTEREST INCOME AFTER
|
||||||||||||||||
PROVISION FOR LOAN LOSSES
|
11,229,812
|
4,192,633
|
4,999,620
|
9,727,307
|
10,844,746
|
|||||||||||
NONINTEREST INCOME
|
|
|||||||||||||||
Service charges
|
1,877,829
|
951,524
|
884,132
|
1,778,267
|
1,554,357
|
|||||||||||
Late charges and other fees
|
353,689
|
187,407
|
65,238
|
190,113
|
301,201
|
|||||||||||
Gain on sale of investment securities
|
742,608
|
105,461
|
-
|
-
|
780,741
|
|||||||||||
Gain on sale of loans
|
484,920
|
758,062
|
669,220
|
1,544,037
|
786,526
|
|||||||||||
Income (loss) on foreclosed assets
|
(3,157
|
)
|
5,726
|
19,865
|
10,830
|
(13,369
|
)
|
|||||||||
Other income
|
160,285
|
80,691
|
113,279
|
165,082
|
224,380
|
|||||||||||
3,616,174
|
2,088,871
|
1,751,734
|
3,688,329
|
3,633,836
|
||||||||||||
NONINTEREST EXPENSE
|
|
|||||||||||||||
Salaries and employee benefits
|
4,571,541
|
2,246,993
|
2,238,783
|
4,557,376
|
4,610,235
|
|||||||||||
Occupancy
|
1,287,261
|
604,268
|
673,847
|
1,322,790
|
1,324,043
|
|||||||||||
FDIC deposit insurance premiums
|
36,038
|
17,928
|
19,416
|
37,950
|
35,855
|
|||||||||||
Data processing
|
399,891
|
133,435
|
294,976
|
487,786
|
783,051
|
|||||||||||
Advertising
|
287,594
|
220,233
|
104,210
|
217,066
|
331,446
|
|||||||||||
Other expense
|
1,665,544
|
770,486
|
729,092
|
1,557,019
|
1,908,970
|
|||||||||||
8,247,871
|
3,993,343
|
4,060,324
|
8,179,987
|
8,993,600
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
6,598,115
|
2,288,161
|
2,691,030
|
5,235,649
|
5,484,982
|
|||||||||||
PROVISION FOR INCOME TAXES
|
2,313,342
|
788,000
|
927,000
|
1,656,000
|
1,892,000
|
|||||||||||
NET INCOME
|
$
|
4,284,773
|
1,500,161
|
1,764,030
|
3,579,649
|
3,592,982
|
||||||||||
BASIC EARNINGS PER SHARE
|
$
|
1.53
|
0.54
|
0.63
|
1.28
|
1.01
|
||||||||||
DILUTED EARNINGS PER SHARE
|
$
|
1.47
|
0.52
|
0.62
|
1.26
|
1.00
|
Year ended
|
Six months ended
|
Year ended
|
||||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||
Net income
|
$
|
4,284,773
|
1,500,161
|
1,764,030
|
3,579,649
|
3,592,982
|
||||||||||
Items not requiring (providing) cash:
|
||||||||||||||||
Deferred income taxes
|
(99,952
|
)
|
(267,750
|
)
|
168,917
|
(154,815
|
)
|
211,201
|
||||||||
Depreciation
|
670,096
|
339,101
|
404,498
|
783,933
|
1,020,070
|
|||||||||||
Provision for loan losses
|
863,830
|
1,162,000
|
205,000
|
610,000
|
291,000
|
|||||||||||
Gain on sale of loans and investment securities
|
(1,227,528
|
)
|
(863,524
|
)
|
(669,220
|
)
|
(1,544,037
|
)
|
(1,567,267
|
)
|
||||||
Loss on sale of premises and equipment
|
11,517
|
-
|
-
|
37,761
|
28,970
|
|||||||||||
(Gain) loss on sale of foreclosed assets
|
(1,724
|
)
|
(13,226
|
)
|
(26,218
|
)
|
(12,310
|
)
|
1,712
|
|||||||
Amortization of deferred income,
|
|
|
|
|||||||||||||
premiums and discounts
|
78,148
|
(18,862
|
)
|
(80,575
|
)
|
(99,192
|
)
|
(188,793
|
)
|
|||||||
Stock award plan expense
|
63,200
|
30,952
|
177,810
|
353,004
|
401,403
|
|||||||||||
Origination of loans held for sale
|
(30,561,273
|
)
|
(31,454,990
|
)
|
(34,910,348
|
)
|
(77,775,788
|
)
|
(63,372,364
|
)
|
||||||
Proceeds from sale of loans held for sale
|
28,723,721
|
40,700,091
|
33,444,629
|
72,695,861
|
63,890,546
|
|||||||||||
Release of ESOP shares
|
461,512
|
225,154
|
180,244
|
373,724
|
319,595
|
|||||||||||
Changes in:
|
|
|||||||||||||||
Accrued interest receivable
|
(264,287
|
)
|
124,397
|
219,733
|
224,386
|
572,430
|
||||||||||
Prepaid expenses and other assets
|
80,911
|
(201,927
|
)
|
(181,342
|
)
|
(55,508
|
)
|
(695,042
|
)
|
|||||||
Accrued expenses and other liabilities
|
105,421
|
(5,666
|
)
|
(67,971
|
)
|
(348,159
|
)
|
557,279
|
||||||||
Income taxes payable
|
7,484
|
34,578
|
205,676
|
69,278
|
(124,777
|
)
|
||||||||||
Net cash provided by (used in) operating activities
|
3,195,849
|
11,290,489
|
834,863
|
(1,262,213
|
)
|
4,938,945
|
||||||||||
|
|
|
||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||
Net (increase) decrease in loans
|
(59,380,244
|
)
|
(5,060,371
|
)
|
(3,172,569
|
)
|
(11,171,690
|
)
|
14,833,382
|
|||||||
Principal payments on held-to-maturity securities
|
574,920
|
379,245
|
406,222
|
995,693
|
1,319,992
|
|||||||||||
Principal payments on available-for-sale securities
|
-
|
-
|
172,835
|
172,835
|
1,738,299
|
|||||||||||
Purchase of available-for-sale securities
|
(5,971,840
|
)
|
(1,989,685
|
)
|
(2,978,928
|
)
|
(4,968,371
|
)
|
(9,387,524
|
)
|
||||||
Purchase of premises and equipment
|
(1,300,977
|
)
|
(206,108
|
)
|
(138,129
|
)
|
(174,592
|
)
|
(500,569
|
)
|
||||||
Proceeds from sale of premises and equipment
|
6,500
|
-
|
-
|
-
|
47,281
|
|||||||||||
Proceeds from sales of available-for-sale securities
|
754,355
|
107,419
|
-
|
-
|
2,945,061
|
|||||||||||
Proceeds from maturities of available-for-sale securities
|
6,000,000
|
1,500,000
|
4,000,000
|
6,500,000
|
7,000,000
|
|||||||||||
(Purchase) sale of FHLB stock
|
147,700
|
3,306,200
|
-
|
-
|
-
|
|||||||||||
Proceeds from sale of foreclosed assets
|
434,161
|
315,291
|
863,367
|
801,677
|
282,423
|
|||||||||||
Purchase of other investments
|
-
|
-
|
-
|
(106,000
|
)
|
(200,000
|
)
|
|||||||||
Cash acquired in purchase of branches
|
-
|
-
|
-
|
-
|
25,556,972
|
|||||||||||
Net cash provided by (used in) investing activities
|
(58,735,425
|
)
|
(1,648,009
|
)
|
(847,202
|
)
|
(7,950,448
|
)
|
43,635,317
|
Year ended
|
Six months ended
|
Year ended
|
||||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
||||||||||||||
Stock options exercised
|
751,274
|
107,638
|
113,554
|
556,869
|
924,677
|
|||||||||||
Cash dividends paid
|
(1,767,337
|
)
|
(844,151
|
)
|
(764,854
|
)
|
(1,604,042
|
)
|
(1,823,928
|
)
|
||||||
Cash dividends received on RRP Stock
|
217
|
292
|
1,322
|
2,387
|
2,942
|
|||||||||||
Net increase in demand deposits,
|
|
|
|
|||||||||||||
NOW accounts and savings accounts
|
10,307,199
|
4,617,104
|
8,403,811
|
18,725,158
|
15,557,187
|
|||||||||||
Net increase (decrease) in certificates of deposit and
|
||||||||||||||||
securities sold under agreements to repurchase
|
49,475,420
|
(3,127,182
|
)
|
(3,819,504
|
)
|
(8,723,005
|
)
|
(3,940,368
|
)
|
|||||||
Proceeds from FHLB advances
|
201,614,000
|
124,500,000
|
12,000,000
|
121,500,000
|
46,500,000
|
|||||||||||
Repayments of FHLB advances
|
(210,450,948
|
)
|
(130,281,946
|
)
|
(18,714,871
|
)
|
(117,964,269
|
)
|
(82,073,420
|
)
|
||||||
Advances from borrowers for taxes and insurance
|
12,529
|
(691,411
|
)
|
(724,015
|
)
|
(97,619
|
)
|
(244,765
|
)
|
|||||||
Reduction of shares in RRP Trust
|
-
|
-
|
(235,770
|
)
|
-
|
|||||||||||
Treasury stock purchased
|
(1,163,115
|
)
|
(280,558
|
)
|
(235,770
|
)
|
(1,131,792
|
)
|
(16,826,643
|
)
|
||||||
Net cash provided by (used in) financing activities
|
48,779,239
|
(6,000,214
|
)
|
(3,740,327
|
)
|
11,263,687
|
(41,924,318
|
)
|
||||||||
|
|
|||||||||||||||
INCREASE (DECREASE) IN CASH
|
||||||||||||||||
AND CASH EQUIVALENTS
|
(6,760,337
|
)
|
3,642,266
|
(3,752,666
|
)
|
2,051,026
|
6,649,944
|
|||||||||
|
|
|
||||||||||||||
CASH AND CASH EQUIVALENTS,
|
|
|||||||||||||||
BEGINNING OF PERIOD
|
22,656,794
|
19,014,528
|
16,963,502
|
16,963,502
|
10,313,558
|
|||||||||||
CASH AND CASH EQUIVALENTS,
|
||||||||||||||||
END OF PERIOD
|
$
|
15,896,457
|
22,656,794
|
13,210,836
|
19,014,528
|
16,963,502
|
||||||||||
Supplemental Cash Flows Information
|
|
|
||||||||||||||
Real estate acquired in settlement of loans
|
$
|
466,670
|
120,000
|
153,820
|
368,296
|
963,264
|
||||||||||
|
|
|||||||||||||||
Interest paid
|
$
|
8,445,630
|
4,493,513
|
6,102,303
|
12,000,275
|
14,278,261
|
||||||||||
|
|
|||||||||||||||
Income taxes paid
|
$
|
2,313,342
|
1,026,224
|
672,466
|
1,742,466
|
1,662,886
|
||||||||||
|
|
|||||||||||||||
Dividend declared and unpaid
|
$
|
450,868
|
432,513
|
420,430
|
415,414
|
347,656
|
||||||||||
The Bank acquired the Springfield, Missouri branch
|
||||||||||||||||
offices of another financial institution in 2002.
|
||||||||||||||||
In conjunction with the acquisition, assets were
|
||||||||||||||||
acquired and liabilities were assumed as follows:
|
||||||||||||||||
Fair value of liabilities assumed
|
-
|
-
|
-
|
-
|
41,615,456
|
|||||||||||
Fair value of assets acquired
|
-
|
-
|
-
|
-
|
(16,058,484
|
)
|
||||||||||
Cash received
|
-
|
-
|
-
|
-
|
25,556,972
|
|||||||||||
Common Stock
|
Additional Paid-In Capital
|
Unearned ESOP Shares
|
Treasury Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Total
|
||||||||||||||||
Balance, July 1, 2000
|
$
|
625,004
|
47,921,681
|
(2,870,440
|
)
|
(16,144,767
|
)
|
24,654,965
|
2,398,947
|
56,585,390
|
||||||||||||
Comprehensive income
|
||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
3,232,973
|
-
|
3,232,973
|
|||||||||||||||
Change in unrealized appreciation
|
||||||||||||||||||||||
on available-for-sale securitites, net
|
||||||||||||||||||||||
of income taxes of $909,880
|
-
|
-
|
-
|
-
|
-
|
1,549,256
|
1,549,256
|
|||||||||||||||
Total comprehensive income
|
4,782,229
|
|||||||||||||||||||||
Dividends ($0.47 per share)
|
-
|
-
|
-
|
-
|
(1,936,401
|
)
|
-
|
(1,936,401
|
)
|
|||||||||||||
Stock award plans
|
-
|
468,674
|
-
|
-
|
-
|
-
|
468,674
|
|||||||||||||||
Stock purchased for stock awards
|
(85,945
|
)
|
-
|
-
|
-
|
-
|
(85,945
|
)
|
||||||||||||||
Stock options exercised
|
1,836
|
108,674
|
-
|
-
|
-
|
-
|
110,510
|
|||||||||||||||
Release of ESOP shares
|
-
|
38,431
|
229,640
|
-
|
-
|
-
|
268,071
|
|||||||||||||||
Treasury stock purchased
|
-
|
-
|
-
|
(9,986,737
|
)
|
-
|
-
|
(9,986,737
|
)
|
|||||||||||||
Balance, July 1, 2001
|
$
|
626,840
|
48,451,515
|
(2,640,800
|
)
|
(26,131,504
|
)
|
25,951,537
|
3,948,203
|
50,205,791
|
||||||||||||
Comprehensive income
|
||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
3,592,982
|
-
|
3,592,982
|
|||||||||||||||
Change in unrealized appreciation
|
||||||||||||||||||||||
on available-for-sale securitites, net
|
||||||||||||||||||||||
of income taxes of ($587,664)
|
-
|
-
|
-
|
-
|
-
|
(1,000,616
|
)
|
(1,000,616
|
)
|
|||||||||||||
Total comprehensive income
|
2,592,366
|
|||||||||||||||||||||
Dividends ($0.625 per share)
|
-
|
-
|
-
|
-
|
(2,171,584
|
)
|
-
|
(2,171,584
|
)
|
|||||||||||||
Stock award plans
|
-
|
390,675
|
-
|
-
|
-
|
-
|
390,675
|
|||||||||||||||
Stock options exercised
|
9,700
|
914,977
|
-
|
-
|
-
|
-
|
924,677
|
|||||||||||||||
Release of ESOP shares
|
-
|
84,865
|
234,730
|
-
|
-
|
-
|
319,595
|
|||||||||||||||
Treasury stock purchased
|
-
|
-
|
-
|
(16,826,643
|
)
|
-
|
-
|
(16,826,643
|
)
|
|||||||||||||
Balance, June 30, 2002
|
636,540
|
49,842,032
|
(2,406,070
|
)
|
(42,958,147
|
)
|
27,372,935
|
2,947,587
|
35,434,877
|
|||||||||||||
Comprehensive income
|
||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
3,579,649
|
-
|
3,579,649
|
|||||||||||||||
Change in unrealized appreciation
|
||||||||||||||||||||||
on available-for-sale securitites, net
|
||||||||||||||||||||||
of income taxes of ($568,257)
|
-
|
-
|
-
|
-
|
-
|
(967,574
|
)
|
(967,574
|
)
|
|||||||||||||
Total comprehensive income
|
2,612,075
|
|||||||||||||||||||||
Dividends ($0.60 per share)
|
-
|
-
|
-
|
-
|
(1,671,800
|
)
|
-
|
(1,671,800
|
)
|
|||||||||||||
Stock award plans
|
-
|
547,241
|
-
|
-
|
-
|
-
|
547,241
|
|||||||||||||||
Stock options exercised
|
5,145
|
551,724
|
-
|
-
|
-
|
-
|
556,869
|
|||||||||||||||
Release of ESOP shares
|
-
|
124,584
|
249,140
|
-
|
-
|
-
|
373,724
|
|||||||||||||||
Treasury stock purchased
|
-
|
-
|
-
|
(1,311,174
|
)
|
-
|
-
|
(1,311,174
|
)
|
|||||||||||||
Balance, June 30, 2003
|
641,685
|
51,065,581
|
(2,156,930
|
)
|
(44,269,321
|
)
|
29,280,784
|
1,980,013
|
36,541,812
|
|||||||||||||
Comprehensive income
|
||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
1,500,161
|
-
|
1,500,161
|
|||||||||||||||
Change in unrealized appreciation
|
||||||||||||||||||||||
on available-for-sale securitites, net
|
||||||||||||||||||||||
of income taxes of $402,965
|
-
|
-
|
-
|
-
|
-
|
686,130
|
686,130
|
|||||||||||||||
Total comprehensive income
|
2,186,291
|
|||||||||||||||||||||
Dividends ($0.31 per share)
|
-
|
-
|
-
|
-
|
(861,250
|
)
|
-
|
(861,250
|
)
|
|||||||||||||
Stock award plans
|
-
|
59,034
|
-
|
-
|
-
|
-
|
59,034
|
|||||||||||||||
Stock options exercised
|
1,205
|
106,433
|
-
|
-
|
-
|
-
|
107,638
|
|||||||||||||||
Release of ESOP shares
|
-
|
99,154
|
126,000
|
-
|
-
|
-
|
225,154
|
|||||||||||||||
Treasury stock purchased
|
-
|
-
|
-
|
(280,558
|
)
|
-
|
-
|
(280,558
|
)
|
|||||||||||||
Balance, December 31, 2003
|
642,890
|
51,330,202
|
(2,030,930
|
)
|
(44,549,879
|
)
|
29,919,695
|
2,666,143
|
37,978,121
|
|||||||||||||
Comprehensive income
|
||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
4,284,773
|
-
|
4,284,773
|
|||||||||||||||
Change in unrealized appreciation
|
||||||||||||||||||||||
on available-for-sale securitites, net
|
||||||||||||||||||||||
of income taxes of $87,911
|
-
|
-
|
-
|
-
|
-
|
149,685
|
149,685
|
|||||||||||||||
Total comprehensive income
|
4,434,458
|
|||||||||||||||||||||
Dividends ($0.64 per share)
|
-
|
-
|
-
|
-
|
(1,767,337
|
)
|
-
|
(1,767,337
|
)
|
|||||||||||||
Stock award plans
|
-
|
78,350
|
-
|
-
|
-
|
-
|
78,350
|
|||||||||||||||
Stock options exercised
|
6,496
|
744,778
|
-
|
-
|
-
|
-
|
751,274
|
|||||||||||||||
Release of ESOP shares
|
-
|
231,512
|
230,000
|
-
|
-
|
-
|
461,512
|
|||||||||||||||
Treasury stock purchased
|
-
|
-
|
-
|
(1,163,115
|
)
|
-
|
-
|
(1,163,115
|
)
|
|||||||||||||
Balance, December 31, 2004
|
$
|
649,386
|
52,384,842
|
(1,800,930
|
)
|
(45,712,994
|
)
|
32,437,131
|
2,815,828
|
40,773,263
|
See Notes to Consolidated Financial Statements
|
||
26 | ||
Guaranty Federal Bancshares, Inc.
Notes to Consolidated Financial Statements
|
To Be Well Capitalized
|
|||||||||||||||||||
For Capital
|
Under Prompt Corrective
|
||||||||||||||||||
Actual
|
Adequacy Purposes
|
Action Provisions
|
|||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||
As of December 31, 2004
|
|||||||||||||||||||
Tier 1 (core) capital, and
|
|||||||||||||||||||
ratio to adjusted total assets
|
|||||||||||||||||||
Company
|
$
|
37,938
|
8.7
|
%
|
$
|
17,485
|
4.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
36,869
|
8.4
|
%
|
$
|
17,470
|
4.0
|
%
|
$
|
21,838
|
5.0
|
%
|
|||||||
Tier 1 (core) capital, and
|
|||||||||||||||||||
ratio to risk-weighted assets
|
|||||||||||||||||||
Company
|
$
|
37,938
|
10.6
|
%
|
$
|
14,367
|
4.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
36,869
|
10.3
|
%
|
$
|
14,371
|
4.0
|
%
|
$
|
21,556
|
6.0
|
%
|
|||||||
Total risk-based capital, and
|
|||||||||||||||||||
ratio to risk-weighted assets
|
|||||||||||||||||||
Company
|
$
|
44,401
|
12.4
|
%
|
$
|
28,735
|
8.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
43,253
|
12.0
|
%
|
$
|
28,742
|
8.0
|
%
|
$
|
35,927
|
10.0
|
%
|
To Be Well Capitalized
|
|||||||||||||||||||
For Capital
|
Under Prompt Corrective
|
||||||||||||||||||
Actual
|
Adequacy Purposes
|
Action Provisions
|
|||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||
As of December 31, 2003
|
|||||||||||||||||||
Tier 1 (core) capital, and
|
|||||||||||||||||||
ratio to adjusted total assets
|
|||||||||||||||||||
Company
|
$
|
35,181
|
9.4
|
%
|
$
|
15,108
|
4.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
34,476
|
9.2
|
%
|
$
|
15,045
|
4.0
|
%
|
$
|
18,807
|
5.0
|
%
|
|||||||
Tier 1 (core) capital, and
|
|||||||||||||||||||
ratio to risk-weighted assets
|
|||||||||||||||||||
Company
|
$
|
35,181
|
12.2
|
%
|
$
|
11,624
|
4.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
34,476
|
11.9
|
%
|
$
|
11,570
|
4.0
|
%
|
$
|
17,355
|
6.0
|
%
|
|||||||
Total risk-based capital, and
|
|||||||||||||||||||
ratio to risk-weighted assets
|
|||||||||||||||||||
Company
|
$
|
40,185
|
13.9
|
%
|
$
|
23,248
|
8.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
39,480
|
13.6
|
%
|
$
|
23,141
|
8.0
|
%
|
$
|
28,926
|
10.0
|
%
|
|||||||
|
To Be Well Capitalized
|
||||||||||||||||||
|
For Capital
|
Under Prompt Corrective
|
|||||||||||||||||
|
Actual
|
Adequacy Purposes
|
Action Provisions
|
||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
As of June 30, 2003
|
|||||||||||||||||||
Tier 1 (core) capital, and
|
|||||||||||||||||||
ratio to adjusted total assets
|
|||||||||||||||||||
Company
|
$
|
34,454
|
9.1
|
%
|
$
|
15,104
|
4.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
33,931
|
9.0
|
%
|
$
|
15,084
|
4.0
|
%
|
$
|
18,855
|
5.0
|
%
|
|||||||
Tier 1 (core) capital, and
|
|||||||||||||||||||
ratio to risk-weighted assets
|
|||||||||||||||||||
Company
|
$
|
34,454
|
11.8
|
%
|
$
|
11,642
|
4.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
33,931
|
11.7
|
%
|
$
|
11,623
|
4.0
|
%
|
$
|
17,435
|
6.0
|
%
|
|||||||
Total risk-based capital, and
|
|||||||||||||||||||
ratio to risk-weighted assets
|
|||||||||||||||||||
Company
|
$
|
38,920
|
13.4
|
%
|
$
|
23,284
|
8.0
|
%
|
n/a
|
n/a
|
|||||||||
Bank
|
$
|
38,397
|
13.2
|
%
|
$
|
23,246
|
8.0
|
%
|
$
|
29,058
|
10.0
|
%
|
|||||||
Year Ended
|
Six Months Ended
|
Six Months Ended
|
||||||||
December 31, 2004
|
December 31, 2003
|
December 31, 2002
|
||||||||
(unaudited)
|
||||||||||
Net income
|
$
|
4,284,773
|
1,500,161
|
1,764,030
|
||||||
Average common shares outstanding
|
2,808,412
|
2,782,788
|
2,797,202
|
|||||||
Effect of stock options outstanding
|
113,425
|
103,555
|
51,446
|
|||||||
Average diluted shares outstanding
|
2,921,837
|
2,886,343
|
2,848,648
|
|||||||
Earnings per share - basic
|
$
|
1.53
|
0.54
|
0.63
|
||||||
Earnings per share - diluted
|
$
|
1.47
|
0.52
|
0.62
|
||||||
|
Year Ended
|
Year Ended
|
||||||||
|
June 30, 2003
|
June 30, 2002
|
||||||||
Net income
|
$
|
3,579,649
|
3,592,982
|
|||||||
Average common shares outstanding
|
2,794,032
|
3,549,172
|
||||||||
Effect of stock options outstanding
|
57,525
|
38,728
|
||||||||
Average diluted shares outstanding
|
2,851,557
|
3,587,900
|
||||||||
Earnings per share - basic
|
$
|
1.28
|
1.01
|
|||||||
Earnings per share - diluted
|
$
|
1.26
|
1.00
|
Year Ended
|
Six Months
|
Six Months
|
||||||||
December 31, 2004
|
December 31, 2003
|
December 31, 2002
|
||||||||
(Unaudited)
|
||||||||||
Net income, as reported
|
$
|
4,284,773
|
1,500,161
|
1,764,030
|
||||||
Less: Total stock-based employee
|
||||||||||
compensation cost determined
|
||||||||||
under the fair value-based
|
||||||||||
method, net of income taxes
|
(35,949
|
)
|
(18,085
|
)
|
(89,950
|
)
|
||||
Pro forma net income
|
$
|
4,248,824
|
1,482,076
|
1,674,080
|
||||||
Earnings per share:
|
||||||||||
Basic - as reported
|
$
|
1.53
|
0.54
|
0.63
|
||||||
Basic - pro forma
|
$
|
1.51
|
0.53
|
0.60
|
||||||
Diluted - as reported
|
$
|
1.47
|
0.52
|
0.62
|
||||||
Diluted - pro forma
|
$
|
1.45
|
0.51
|
0.59
|
||||||
Year Ended
|
Year Ended
|
|||||||||
|
June 30, 2003
|
June 30, 2002
|
||||||||
Net income, as reported
|
$
|
3,579,649
|
3,592,982
|
|||||||
Less: Total stock-based employee
|
||||||||||
compensation cost determined
|
||||||||||
under the fair value-based
|
||||||||||
method, net of income taxes
|
(174,412
|
)
|
(174,142
|
)
|
||||||
Pro forma net income
|
$
|
3,405,237
|
3,418,840
|
|||||||
Earnings per share:
|
||||||||||
Basic - as reported
|
$
|
1.28
|
1.01
|
|||||||
Basic - pro forma
|
$
|
1.22
|
0.96
|
|||||||
Diluted - as reported
|
$
|
1.26
|
1.00
|
|||||||
Diluted - pro forma
|
$
|
1.19
|
0.95
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
||||||||||
As of December 31, 2004
|
|||||||||||||
Equity Securities:
|
|||||||||||||
FHLMC stock
|
$
|
66,588
|
4,945,012
|
-
|
5,011,600
|
||||||||
Other stock
|
2,000,000
|
-
|
(560,000
|
)
|
1,440,000
|
||||||||
Debt Securities:
|
|||||||||||||
Trust preferred securities
|
6,570,814
|
84,468
|
-
|
6,655,282
|
|||||||||
U. S. government agencies
|
1,994,798
|
88
|
-
|
1,994,886
|
|||||||||
$
|
10,632,200
|
5,029,568
|
(560,000
|
)
|
15,101,768
|
||||||||
As of December 31, 2003
|
|||||||||||||
Equity Securities:
|
|||||||||||||
FHLMC stock
|
$
|
78,336
|
4,587,264
|
-
|
4,665,600
|
||||||||
Other stock
|
2,000,000
|
-
|
(326,000
|
)
|
1,674,000
|
||||||||
Debt Securities:
|
|||||||||||||
Trust preferred securities
|
6,557,201
|
11,071
|
(40,840
|
)
|
6,527,432
|
||||||||
U. S. government agencies
|
1,996,317
|
477
|
-
|
1,996,794
|
|||||||||
$
|
10,631,854
|
4,598,812
|
(366,840
|
)
|
14,863,826
|
||||||||
As of June 30, 2003
|
|||||||||||||
Equity Securities:
|
|||||||||||||
FHLMC stock
|
$
|
80,294
|
4,082,846
|
-
|
4,163,140
|
||||||||
Other stock
|
2,000,000
|
-
|
(324,000
|
)
|
1,676,000
|
||||||||
Debt Securities:
|
|||||||||||||
Trust preferred securities
|
6,550,357
|
-
|
(615,889
|
)
|
5,934,468
|
||||||||
U. S. government agencies
|
1,497,618
|
-
|
(79
|
)
|
1,497,539
|
||||||||
$
|
10,128,269
|
4,082,846
|
(939,968
|
)
|
13,271,147
|
Amortized Cost
|
Approximate Fair Value
|
||||||
Within one year
|
$
|
1,994,798
|
1,994,886
|
||||
After ten years
|
6,570,814
|
6,655,282
|
|||||
$
|
8,565,612
|
8,650,168
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
||||||||||
As of December 31, 2004
|
|||||||||||||
Debt Securities:
|
|||||||||||||
U. S. government agencies
|
$
|
228,807
|
375
|
-
|
229,182
|
||||||||
Mortgage-backed securities
|
1,076,351
|
77,737
|
-
|
1,154,088
|
|||||||||
|
$
|
1,305,158
|
78,112
|
-
|
1,383,270
|
||||||||
As of December 31, 2003
|
|||||||||||||
Debt Securities:
|
|||||||||||||
U. S. government agencies
|
$
|
256,142
|
78
|
-
|
256,220
|
||||||||
Mortgage-backed securities
|
1,611,452
|
81,240
|
-
|
1,692,692
|
|||||||||
|
$
|
1,867,594
|
81,318
|
-
|
1,948,912
|
||||||||
As of June 30, 2003
|
|||||||||||||
Debt Securities:
|
|||||||||||||
U. S. government agencies
|
$
|
263,781
|
952
|
-
|
264,733
|
||||||||
Mortgage-backed securities
|
1,987,113
|
149,541
|
-
|
2,136,654
|
|||||||||
|
$
|
2,250,894
|
150,493
|
-
|
2,401,387
|
Amortized Cost
|
Approximate Fair Value
|
||||||
After ten years
|
$
|
228,807
|
229,182
|
||||
Mortgage-backed securities not due on a
|
|
||||||
single maturity date
|
1,076,351
|
1,154,088
|
|||||
$
|
1,305,158
|
1,383,270
|
December 31, 2004
|
|||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||
Description of Securities
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
|||||||||||||
|
|||||||||||||||||||
Equity Securities
|
$
|
-
|
-
|
1,440,000
|
(560,000
|
)
|
1,440,000
|
(560,000
|
)
|
||||||||||
December 31, 2003
|
|||||||||||||||||||
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||
Description of Securities
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
|||||||||||||
|
|||||||||||||||||||
Equity Securities
|
$
|
-
|
-
|
1,674,000
|
(326,000
|
)
|
1,674,000
|
(326,000
|
)
|
||||||||||
Debt Securities
|
-
|
-
|
4,705,261
|
(40,840
|
)
|
4,705,261
|
(40,840
|
)
|
|||||||||||
|
$ - |
-
|
6,379,261
|
(366,840
|
)
|
6,379,261
|
(366,840
|
)
|
December 31,
|
June 30,
|
|||||||||
2004
|
2003
|
2003
|
||||||||
Real estate - residential mortgage:
|
||||||||||
One to four family units
|
$
|
117,715,909
|
128,209,462
|
134,649,480
|
||||||
Multi-family
|
52,258,859
|
44,241,683
|
41,021,909
|
|||||||
Real estate - construction
|
45,090,258
|
49,814,316
|
64,463,839
|
|||||||
Real estate - commercial
|
97,549,770
|
72,104,911
|
71,046,133
|
|||||||
Commercial loans
|
55,606,190
|
24,618,265
|
18,966,677
|
|||||||
Installment loans
|
25,172,615
|
25,441,295
|
25,486,441
|
|||||||
Total loans
|
393,393,601
|
344,429,932
|
355,634,479
|
|||||||
Less:
|
||||||||||
Undisbursed portion of loans-in-process
|
-
|
(9,425,318
|
)
|
(25,539,102
|
)
|
|||||
Allowance for loan losses
|
(4,536,654
|
)
|
(3,886,137
|
)
|
(2,775,320
|
)
|
||||
Unearned discounts
|
(7,734
|
)
|
(19,296
|
)
|
(26,356
|
)
|
||||
Deferred loan fees/costs, net
|
(106,421
|
)
|
(237,306
|
)
|
(211,281
|
)
|
||||
Net loans
|
$
|
388,742,792
|
330,861,875
|
327,082,420
|
|
Year ended
|
Six months ended
|
Years ended
|
|||||||||||||
December 31,
|
December 31,
|
December 31,
|
June 30,
|
|||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
Balance, beginning of period
|
$
|
3,886,137
|
2,775,320
|
2,649,872
|
2,649,872
|
2,697,389
|
||||||||||
Provision charged to expense
|
863,830
|
1,162,000
|
205,000
|
610,000
|
291,000
|
|||||||||||
Losses charged off net of recoveries
|
||||||||||||||||
of $17,761 for year ended December 31,
|
||||||||||||||||
2004 and $3,323 and $150 for six months
|
||||||||||||||||
ended December 31, 2003 and 2002,
|
||||||||||||||||
$52,015 and $482 , for years
|
||||||||||||||||
ended June 30, 2003 and 2002
|
(213,313
|
)
|
(51,183
|
)
|
(215,320
|
)
|
(484,552
|
)
|
(338,517
|
)
|
||||||
Balance, end of period
|
$
|
4,536,654
|
3,886,137
|
2,639,552
|
2,775,320
|
2,649,872
|
December 31,
|
December 31,
|
June 30,
|
||||||||
2004
|
2003
|
2003
|
||||||||
Land
|
$
|
1,250,789
|
1,250,789
|
1,250,789
|
||||||
Buildings and improvements
|
6,748,579
|
6,468,609
|
6,303,142
|
|||||||
Furniture, fixtures and equipment
|
4,658,904
|
3,672,063
|
3,645,301
|
|||||||
Leasehold improvements
|
157,905
|
217,948
|
204,069
|
|||||||
12,816,177
|
11,609,409
|
11,403,301
|
||||||||
Less accumulated depreciation
|
(5,627,298
|
)
|
(5,033,406
|
)
|
(4,694,305
|
)
|
||||
Net premises and equipment
|
$
|
7,188,879
|
6,576,003
|
6,708,996
|
Year ended
|
Six months ended
|
|||||||||||||||
December 31,
|
December 31,
|
Years ended June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
Unrealized gains (losses) on
|
||||||||||||||||
available-for-sale securities
|
$
|
980,204
|
1,194,556
|
(536,987
|
)
|
(1,535,831
|
)
|
(807,538
|
)
|
|||||||
Less: Reclassification adjustment for
|
||||||||||||||||
realized (gains) losses included in income
|
(742,608
|
)
|
(105,461
|
)
|
-
|
-
|
(780,742
|
)
|
||||||||
Other comprehensive income (loss),
|
||||||||||||||||
before tax effect
|
237,596
|
1,089,095
|
(536,987
|
)
|
(1,535,831
|
)
|
(1,588,280
|
)
|
||||||||
Tax expense (benefit)
|
87,911
|
402,965
|
(198,685
|
)
|
(568,257
|
)
|
(587,664
|
)
|
||||||||
Other comprehensive income (loss)
|
$
|
149,685
|
686,130
|
(338,302
|
)
|
(967,574
|
)
|
(1,000,616
|
)
|
December 31, 2004
|
December 31, 2003
|
June 30, 2003
|
||||||||||||||||||||||||||
Weighted Average Rate
|
Balance
|
Percentage of Deposits
|
Weighted Average Rate
|
Balance
|
Percentage of Deposits
|
Weighted Average Rate
|
Balance
|
Percentage of Deposits
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
Demand
|
0.00
|
%
|
$
|
25,583,803
|
8.6
|
%
|
0.00
|
%
|
23,335,707
|
9.8
|
%
|
0.00
|
%
|
24,650,393
|
10.5
|
%
|
||||||||||||
NOW
|
0.53
|
%
|
34,604,789
|
11.7
|
%
|
0.30
|
%
|
34,256,771
|
14.5
|
%
|
0.31
|
%
|
32,806,352
|
13.2
|
%
|
|||||||||||||
Money market
|
1.81
|
%
|
52,009,761
|
17.6
|
%
|
1.34
|
%
|
42,231,015
|
17.8
|
%
|
1.31
|
%
|
37,511,932
|
15.9
|
%
|
|||||||||||||
Savings
|
1.08
|
%
|
15,152,943
|
5.1
|
%
|
0.81
|
%
|
17,220,605
|
7.3
|
%
|
0.80
|
%
|
17,458,316
|
7.4
|
%
|
|||||||||||||
1.01
|
%
|
127,351,296
|
43.0
|
%
|
0.69
|
%
|
117,044,097
|
49.4
|
%
|
0.65
|
%
|
112,426,993
|
47.7
|
%
|
||||||||||||||
Certificates:
|
|
|||||||||||||||||||||||||||
0% - 3.99%
|
2.46
|
%
|
151,753,139
|
51.2
|
%
|
2.21
|
%
|
85,237,827
|
35.9
|
%
|
2.40
|
%
|
81,797,903
|
34.7
|
%
|
|||||||||||||
4.00% - 5.99%
|
4.95
|
%
|
14,934,483
|
5.0
|
%
|
5.07
|
%
|
31,062,415
|
13.1
|
%
|
4.98
|
%
|
36,483,700
|
15.5
|
%
|
|||||||||||||
6.00% - 7.99%
|
6.51
|
%
|
2,348,823
|
0.8
|
%
|
6.46
|
%
|
3,786,404
|
1.6
|
%
|
6.44
|
%
|
4,968,601
|
2.1
|
%
|
|||||||||||||
2.74
|
%
|
169,036,446
|
57.0
|
%
|
3.08
|
%
|
120,086,647
|
50.6
|
%
|
3.33
|
%
|
123,250,204
|
52.3
|
%
|
||||||||||||||
Total Deposits
|
2.00
|
%
|
$
|
296,387,742
|
100.0
|
%
|
1.90
|
%
|
237,130,744
|
100.0
|
%
|
2.05
|
%
|
235,677,197
|
100.0
|
%
|
2005
|
$
|
96,113,975
|
2006
|
37,527,991
|
|
2007
|
24,858,003
|
|
2008
|
5,886,574
|
|
2009
|
3,969,853
|
|
Thereafter
|
680,050
|
|
$
|
169,036,446
|
Year ended
|
Six months ended
|
Years ended
|
||||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
NOW and Money Market accounts
|
$
|
793,432
|
327,245
|
459,869
|
813,619
|
934,165
|
||||||||||
Savings accounts
|
139,890
|
70,339
|
131,337
|
221,264
|
241,553
|
|||||||||||
Certificate accounts
|
4,012,780
|
1,981,806
|
2,546,358
|
4,792,812
|
5,860,915
|
|||||||||||
Early withdrawal penalties
|
(26,938
|
)
|
(11,190
|
)
|
(16,389
|
)
|
(25,250
|
)
|
(19,349
|
)
|
||||||
$
|
4,919,164
|
2,368,200
|
3,121,175
|
5,802,445
|
7,017,284
|
December 31, 2004
|
December 31, 2003
|
||||||||||||
Maturity Date
|
Amount
|
Weighted Average Rate
|
Amount
|
Weighted Average Rate
|
|||||||||
2004
|
$
|
-
|
-
|
63,290,000
|
2.34
|
%
|
|||||||
2005
|
61,264,000
|
2.73
|
%
|
7,850,000
|
4.51
|
%
|
|||||||
2006
|
12,500,000
|
4.62
|
%
|
10,500,000
|
5.12
|
%
|
|||||||
2007
|
3,000,000
|
2.83
|
%
|
1,000,000
|
3.47
|
%
|
|||||||
2008
|
16,650,000
|
5.22
|
%
|
14,950,000
|
5.54
|
%
|
|||||||
2009
|
386,000
|
7.21
|
%
|
386,000
|
7.21
|
%
|
|||||||
Thereafter
|
6,200,000
|
6.16
|
%
|
10,860,948
|
5.78
|
%
|
|||||||
$
|
100,000,000
|
3.62
|
%
|
$
|
108,836,948
|
3.58
|
%
|
||||||
June 30, 2003
|
|||||||||||||
Maturity Date
|
Amount
|
Weighted Average Rate
|
|||||||||||
Fiscal Year 2004
|
$
|
60,322,500
|
2.79
|
%
|
|||||||||
Fiscal Year 2005
|
7,350,000
|
4.86
|
%
|
||||||||||
Fiscal Year 2006
|
6,500,000
|
5.84
|
%
|
||||||||||
Fiscal Year 2007
|
3,000,000
|
5.34
|
%
|
||||||||||
Fiscal Year 2008
|
3,950,000
|
5.91
|
%
|
||||||||||
Thereafter
|
33,496,394
|
5.77
|
%
|
||||||||||
$
|
114,618,894
|
4.14
|
%
|
||||||||||
Year Ended
|
Six Months Ended
|
Years Ended
|
||||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
Taxes currently payable
|
$
|
2,413,294
|
1,055,750
|
758,083
|
1,810,815
|
1,680,799
|
||||||||||
Deferred income taxes
|
(99,952
|
)
|
(267,750
|
)
|
168,917
|
(154,815
|
)
|
211,201
|
||||||||
$
|
2,313,342
|
788,000
|
927,000
|
1,656,000
|
1,892,000
|
December 31,
|
December 31,
|
June 30,
|
||||||||
2004
|
2003
|
2003
|
||||||||
Deferred tax assets:
|
||||||||||
Allowances for loan and foreclosed asset losses
|
$
|
1,678,562
|
1,441,871
|
1,026,868
|
||||||
Accrued compensated absences and bonuses
|
12,524
|
11,749
|
21,021
|
|||||||
Unrealized loss on loans held for sale
|
2,862
|
7,140
|
9,752
|
|||||||
RRP expense
|
13,450
|
11,559
|
116,325
|
|||||||
Deferred loan fees/costs
|
39,376
|
87,803
|
78,174
|
|||||||
State tax credits
|
-
|
64,049
|
117,658
|
|||||||
Other
|
-
|
20,127
|
13,790
|
|||||||
1,746,774
|
1,644,298
|
1,383,588
|
||||||||
Deferred tax liabilities:
|
||||||||||
FHLB stock dividends
|
(128,262
|
)
|
(128,262
|
)
|
(206,867
|
)
|
||||
Tax bad debt reserves in excess of base year
|
-
|
-
|
(56,271
|
)
|
||||||
Mortgage servicing rights
|
(365,768
|
)
|
(365,110
|
)
|
(261,471
|
)
|
||||
Unrealized appreciation on available-for-sale securities
|
(1,653,740
|
)
|
(1,565,830
|
)
|
(1,162,865
|
)
|
||||
Accumulated depreciation
|
(163,879
|
)
|
(173,592
|
)
|
(125,532
|
)
|
||||
Other
|
(67,584
|
)
|
(56,004
|
)
|
(79,867
|
)
|
||||
(2,379,233
|
)
|
(2,288,798
|
)
|
(1,892,873
|
)
|
|||||
Net deferred tax liability
|
$
|
(632,459
|
)
|
(644,500
|
)
|
(509,285
|
)
|
Year ended
|
Six months ended
|
Year ended
|
||||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
(Unaudited)
|
||||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
Computed at statutory rate
|
34.0
|
%
|
34.0
|
%
|
34.0
|
%
|
34.0
|
%
|
34.0
|
%
|
||||||
Increase (reduction) in taxes resulting from:
|
||||||||||||||||
State financial institution tax
|
1.0
|
%
|
2.2
|
%
|
3.9
|
%
|
-2.4
|
%
|
2.0
|
%
|
||||||
ESOP
|
1.2
|
%
|
1.2
|
%
|
1.0
|
%
|
1.0
|
%
|
-0.2
|
%
|
||||||
Other
|
-1.1
|
%
|
-2.2
|
%
|
-4.4
|
%
|
-1.0
|
%
|
-1.3
|
%
|
||||||
Actual tax provision
|
35.1
|
%
|
35.2
|
%
|
34.5
|
%
|
31.6
|
%
|
34.5
|
%
|
December 31, 2004
|
December 31, 2003
|
June 30, 2003
|
|||||||||||||||||
Carrying Amount
|
Fair Value
|
Carrying Amount
|
Fair Value
|
Carrying Amount
|
Fair Value
|
||||||||||||||
Financial assets:
|
|||||||||||||||||||
Cash and cash equivalents
|
$
|
15,896,458
|
15,896,458
|
22,656,794
|
22,656,794
|
19,014,528
|
19,014,528
|
||||||||||||
Available-for-sale securities
|
15,101,768
|
15,101,768
|
14,863,826
|
14,863,826
|
13,271,147
|
13,271,147
|
|||||||||||||
Held-to-maturity securities
|
1,305,158
|
1,383,270
|
1,867,594
|
1,948,912
|
2,250,894
|
2,401,387
|
|||||||||||||
Mortgage loans held-for-sale
|
3,590,536
|
3,590,536
|
1,268,064
|
1,268,064
|
9,755,102
|
9,755,102
|
|||||||||||||
Loans, net
|
388,742,792
|
389,853,000
|
330,861,875
|
334,344,000
|
327,082,420
|
331,370,000
|
|||||||||||||
Federal Home Loan Bank stock
|
5,146,500
|
5,146,500
|
5,294,200
|
5,294,200
|
8,600,400
|
8,600,400
|
|||||||||||||
Interest receivable
|
1,570,015
|
1,570,015
|
1,305,728
|
1,305,728
|
1,430,125
|
1,430,125
|
|||||||||||||
Financial liabilities:
|
|||||||||||||||||||
Deposits
|
296,387,742
|
295,760,000
|
237,130,744
|
237,500,000
|
235,677,197
|
237,602,000
|
|||||||||||||
Federal Home Loan Bank advances
|
100,000,000
|
101,962,000
|
108,836,948
|
113,099,000
|
114,618,894
|
116,470,000
|
|||||||||||||
Securities sold under agreements
|
|||||||||||||||||||
to repurchase
|
1,264,020
|
1,264,020
|
738,399
|
738,399
|
702,024
|
702,024
|
|||||||||||||
Interest payable
|
361,516
|
361,516
|
200,770
|
200,770
|
203,237
|
203,237
|
|||||||||||||
Dividend payable
|
450,868
|
450,868
|
432,513
|
432,513
|
415,414
|
415,414
|
|||||||||||||
Unrecognized financial instruments
|
|||||||||||||||||||
(net of contractual value):
|
|||||||||||||||||||
Commitments to extend credit
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Unused lines of credit
|
-
|
-
|
-
|
-
|
-
|
-
|
Number of shares
|
||||||||||
Incentive Stock Option
|
Non-Qualified Options to Directors
|
Weighted Average Exercise Price
|
||||||||
Balance outstanding as of July 1, 2001
|
408,197
|
133,187
|
11.92
|
|||||||
Granted
|
15,000
|
25,533
|
13.01
|
|||||||
Exercised
|
(97,010
|
)
|
-
|
9.53
|
||||||
Forfeited
|
(54,850
|
)
|
-
|
13.24
|
||||||
Balance outstanding as of June 30, 2002
|
271,337
|
158,720
|
12.39
|
|||||||
Granted
|
10,000
|
-
|
15.31
|
|||||||
Exercised
|
(19,698
|
)
|
(31,746
|
)
|
10.82
|
|||||
Forfeited
|
(4,277
|
)
|
(13,360
|
)
|
12.47
|
|||||
Balance outstanding as of June 30, 2003
|
257,362
|
113,614
|
12.68
|
|||||||
Granted
|
5,000
|
50,000
|
16.70
|
|||||||
Exercised
|
(12,054
|
)
|
-
|
8.93
|
||||||
Forfeited
|
-
|
-
|
-
|
|||||||
Balance outstanding as of December 31, 2003
|
250,308
|
163,614
|
13.32
|
|||||||
Granted
|
37,500
|
-
|
19.93
|
|||||||
Exercised
|
(40,436
|
)
|
(24,523
|
)
|
11.57
|
|||||
Forfeited
|
(1,600
|
)
|
-
|
10.02
|
||||||
Balance outstanding as of December 31, 2004
|
245,772
|
139,091
|
14.27
|
|||||||
Options exercisable as of December 31, 2004
|
181,072
|
85,304
|
13.21
|
December 31, 2004
|
December 31, 2003
|
June 30, 2003
|
||||||||
Dividends per share
|
$
|
0.64
|
$
|
0.31
|
$
|
0.68
|
||||
Risk-free interest rate
|
3.03
|
%
|
2.73
|
%
|
3.00
|
%
|
||||
Expected life of options
|
5 years
|
5 years
|
5 years
|
|||||||
Weighted-average fair value
|
||||||||||
of options granted during year
|
$
|
1.84
|
$
|
0.64
|
$
|
0.57
|
Exercise Price
|
Number Outstanding
|
Number Exercisable
|
Remaining Contractual Life
|
|||||||
$ 5.83
|
1,248
|
1,248
|
2.0 years
|
|||||||
6.02
|
3,204
|
3,204
|
1.0 years
|
|||||||
6.08
|
4,170
|
4,170
|
1.5 years
|
|||||||
10.50
|
10,875
|
7,300
|
5.1 years
|
|||||||
11.05
|
800
|
-
|
6.5 years
|
|||||||
12.13
|
3,000
|
1,800
|
6.2 years
|
|||||||
12.50
|
12,510
|
2,298
|
6.6 years
|
|||||||
12.75
|
8,000
|
4,800
|
6.1 years
|
|||||||
13.44
|
231,556
|
231,556
|
3.6 years
|
|||||||
13.89
|
9,000
|
-
|
7.1 years
|
|||||||
15.31
|
8,000
|
-
|
8.1 years
|
|||||||
16.65
|
50,000
|
10,000
|
8.6 years
|
|||||||
17.20
|
5,000
|
-
|
8.7 years
|
|||||||
19.27
|
2,500
|
-
|
9.7 years
|
|||||||
19.62
|
25,000
|
-
|
9.1 years
|
|||||||
20.88
|
10,000
|
-
|
9.8 years
|
|||||||
$ 14.28
|
384,863
|
266,376
|
Beginning ESOP shares
|
344,454
|
|||
Released shares
|
(140,225
|
)
|
||
Shares committed for release
|
(24,136
|
)
|
||
Unreleased shares
|
180,093
|
|||
Fair value of unreleased shares
|
$
|
4,333,038
|
Balance Sheets
|
As of
|
As of
|
As of
|
|||||||
December 31,
|
December 31,
|
June 30,
|
||||||||
2004
|
2003
|
2003
|
||||||||
Assets
|
||||||||||
Cash
|
$
|
208,337
|
31,177
|
465,350
|
||||||
Due from subsidiary
|
574,000
|
563,219
|
9,405
|
|||||||
Investment in subsidiary
|
39,804,931
|
37,272,723
|
36,019,229
|
|||||||
Prepaid expenses and other assets
|
439,622
|
448,612
|
437,385
|
|||||||
Refundable income taxes
|
224,860
|
94,903
|
37,195
|
|||||||
$
|
41,251,750
|
38,410,634
|
36,968,564
|
|||||||
Liabilities
|
||||||||||
Accrued expenses and other liabilities
|
$
|
27,619
|
-
|
11,338
|
||||||
Due to holding company
|
-
|
|||||||||
Deferred income taxes
|
-
|
|||||||||
Dividend payable
|
450,868
|
432,513
|
415,414
|
|||||||
Stockholders' equity
|
||||||||||
Common stock
|
649,386
|
642,890
|
641,685
|
|||||||
Additional paid-in capital
|
52,384,842
|
51,330,202
|
51,065,581
|
|||||||
Unearned ESOP shares
|
(1,800,930
|
)
|
(2,030,930
|
)
|
(2,156,930
|
)
|
||||
Retained earnings
|
32,437,131
|
29,919,695
|
29,280,784
|
|||||||
Unrealized appreciation on
|
||||||||||
available-for-sale securities, net
|
2,815,828
|
2,666,143
|
1,980,013
|
|||||||
Treasury stock
|
(45,712,994
|
)
|
(44,549,879
|
)
|
(44,269,321
|
)
|
||||
$
|
41,251,750
|
38,410,634
|
36,968,564
|
Income Statements
|
Year ended
|
For the six months ended
|
For the years ended
|
|||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
Income
|
|
|
||||||||||||||
Dividends from subsidiary bank
|
$
|
2,334,714
|
1,099,000
|
452,291
|
1,750,468
|
17,310,694
|
||||||||||
Interest income:
|
|
|
||||||||||||||
Related party
|
100,275
|
50,703
|
66,491
|
121,542
|
163,665
|
|||||||||||
Other
|
-
|
-
|
-
|
-
|
21,001
|
|||||||||||
Other
|
21
|
-
|
-
|
-
|
66,138
|
|||||||||||
2,435,010
|
1,149,703
|
518,782
|
1,872,010
|
17,561,498
|
||||||||||||
Expense
|
||||||||||||||||
Occupancy
|
2,400
|
1,200
|
1,200
|
2,400
|
2,400
|
|||||||||||
Other
|
581,566
|
219,947
|
84,731
|
190,491
|
401,242
|
|||||||||||
583,966
|
221,147
|
85,931
|
192,891
|
403,642
|
||||||||||||
Income before income taxes
|
||||||||||||||||
and equity in undistributed earnings
|
1,851,044
|
928,556
|
432,851
|
1,679,119
|
17,157,856
|
|||||||||||
earnings of subsidiary
|
||||||||||||||||
Provision (credit) for income taxes
|
(129,555
|
)
|
(63,274
|
)
|
(7,217
|
)
|
(26,487
|
)
|
(56,739
|
)
|
||||||
Income before equity in undistributed
|
||||||||||||||||
earnings of subsidiary
|
1,980,599
|
991,830
|
440,068
|
1,705,606
|
17,214,595
|
|||||||||||
Equity in undistributed
|
||||||||||||||||
earnings of subsidiary
|
2,304,174
|
508,331
|
1,323,962
|
1,874,043
|
(13,621,613
|
)
|
||||||||||
Net income
|
$
|
4,284,773
|
1,500,161
|
1,764,030
|
3,579,649
|
3,592,982
|
Statements of Cash Flows
|
For year ended
|
For the six months ended
|
For the years ended
|
|||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||
2004
|
2003
|
2002
|
2003
|
2002
|
||||||||||||
(Unaudited)
|
||||||||||||||||
Cash Flows From Operating Activities
|
||||||||||||||||
Net income
|
$
|
4,284,773
|
1,500,161
|
1,764,030
|
3,579,649
|
3,592,982
|
||||||||||
Items not requiring (providing) cash:
|
||||||||||||||||
Equity in undistributed earnings of subsidiary
|
(2,304,174
|
)
|
(508,331
|
)
|
(1,323,962
|
)
|
(1,874,043
|
)
|
-
|
|||||||
Gain on sale of available-for-sale securities
|
-
|
(66,138
|
)
|
|||||||||||||
Release of ESOP shares
|
461,512
|
225,154
|
125,000
|
249,140
|
234,730
|
|||||||||||
Changes in:
|
|
|||||||||||||||
Accrued interest receivable
|
-
|
3,377
|
3,377
|
(3,377
|
)
|
|||||||||||
Prepaid expenses and other assets
|
8,990
|
(11,226
|
)
|
409,266
|
(18,944
|
)
|
(67,506
|
)
|
||||||||
Income taxes payable/refundable
|
(129,957
|
)
|
(57,708
|
)
|
98,685
|
79,014
|
(67,194
|
)
|
||||||||
Accrued expenses
|
27,619
|
(11,338
|
)
|
(46,062
|
)
|
(34,724
|
)
|
50,642
|
||||||||
Net cash provided by operating activities
|
2,348,763
|
1,136,712
|
1,030,334
|
1,983,469
|
3,674,139
|
|||||||||||
|
||||||||||||||||
Cash Flows From Investing Activities
|
||||||||||||||||
Investment in subsidiary
|
||||||||||||||||
Loan to ESOP
|
-
|
-
|
||||||||||||||
Purchase of loans
|
-
|
-
|
291,402
|
-
|
(291,402
|
)
|
||||||||||
Net collections of loans
|
-
|
-
|
(822
|
)
|
-
|
822
|
||||||||||
Purchase of land
|
-
|
-
|
||||||||||||||
Proceeds from sale of loans
|
-
|
-
|
-
|
290,580
|
-
|
|||||||||||
Proceeds from sale of available-for-sale securities
|
-
|
-
|
-
|
-
|
719,476
|
|||||||||||
Net (increase) decrease in advance to subsidiary
|
(10,780
|
)
|
(553,814
|
)
|
(421,463
|
)
|
8,079
|
(4,442
|
)
|
|||||||
Distribution in excess of net income of subsidiary
|
-
|
-
|
-
|
-
|
13,621,613
|
|||||||||||
Net cash provided by (used in) investing activities
|
(10,780
|
)
|
(553,814
|
)
|
(130,883
|
)
|
298,659
|
14,046,067
|
||||||||
Cash Flows From Financing Activities
|
||||||||||||||||
Proceeds from sale of common stock, net
|
-
|
-
|
||||||||||||||
Stock options exercised
|
751,274
|
107,638
|
113,554
|
556,869
|
924,677
|
|||||||||||
Cash dividends received on RRP shares
|
-
|
-
|
||||||||||||||
Cash dividends paid
|
(1,748,982
|
)
|
(844,151
|
)
|
(764,854
|
)
|
(1,604,042
|
)
|
(1,823,928
|
)
|
||||||
Treasury stock purchased
|
(1,163,115
|
)
|
(280,558
|
)
|
(235,770
|
)
|
(1,131,792
|
)
|
(16,826,643
|
)
|
||||||
Net cash used in financing activities
|
(2,160,823
|
)
|
(1,017,071
|
)
|
(887,070
|
)
|
(2,178,965
|
)
|
(17,725,894
|
)
|
||||||
|
||||||||||||||||
Increase (decrease) in cash
|
177,160
|
(434,173
|
)
|
12,381
|
103,163
|
(5,688
|
)
|
|||||||||
Cash, beginning of period
|
31,177
|
465,350
|
362,187
|
362,187
|
367,875
|
|||||||||||
Cash, end of period
|
$
|
208,337
|
31,177
|
374,568
|
465,350
|
362,187
|
||||||||||