x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIESEXCHANGE ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF
1934
|
GUARANTY
FEDERAL BANCSHARES, INC.
|
(Exact Name of Registrant as
Specified in Its Charter)
|
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)
|
Large accelerated file o
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company x |
1.
|
Portions
of the Annual Report to Stockholders (the “2007 Annual Report”) for the
fiscal year ended December 31, 2007 (Parts I and
II).
|
2.
|
Portions
of the Proxy Statement for the Annual Meeting of Stockholders (the “Proxy
Statement”) to be held on May
28, 2008 (Part III).
|
Item
|
Page
|
|||
PART I
|
||||
1
|
5
|
|||
1A
|
29
|
|||
1B
|
31
|
|||
2
|
31
|
|||
3
|
31
|
|||
4
|
31
|
|||
PART II
|
||||
5
|
32
|
|||
|
||||
6
|
33
|
|||
7.
|
33
|
|||
7A.
|
33
|
|||
8
|
33
|
|||
9
|
33
|
|||
9A.(T)
|
33
|
|||
9B.
|
34
|
|||
PART III
|
||||
10
|
35
|
|||
11
|
35
|
|||
36
|
||||
13
|
37
|
|||
|
|
|||
14
|
37
|
|||
PART IV
|
||||
15
|
38
|
|||
As of December 31,
|
||||||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||
Dollars
in Thousands
|
||||||||||||||||||||||||||||||||||||||||
Mortgage
loans (includes loans held for sale):
|
||||||||||||||||||||||||||||||||||||||||
One
to four family
|
$ | 85,160 | 16 | % | $ | 89,650 | 18 | % | 103,532 | 23 | % | 121,307 | 31 | % | $ | 129,477 | 37 | % | ||||||||||||||||||||||
Multi-family
|
41,948 | 8 | % | 50,366 | 10 | % | 53,631 | 12 | % | 52,259 | 13 | % | 44,242 | 13 | % | |||||||||||||||||||||||||
Construction
|
89,724 | 17 | % | 83,967 | 17 | % | 70,390 | 16 | % | 45,090 | 11 | % | 49,814 | 14 | % | |||||||||||||||||||||||||
Commercial
real estate
|
175,995 | 34 | % | 155,801 | 32 | % | 122,884 | 28 | % | 97,550 | 25 | % | 72,105 | 21 | % | |||||||||||||||||||||||||
Total
mortgage loans
|
392,827 | 75 | % | 379,784 | 78 | % | 350,437 | 79 | % | 316,206 | 80 | % | 295,638 | 86 | % | |||||||||||||||||||||||||
Commercial
business loans
|
104,026 | 20 | % | 82,676 | 17 | % | 66,370 | 15 | % | 55,606 | 14 | % | 24,618 | 7 | % | |||||||||||||||||||||||||
Consumer
loans
|
25,576 | 5 | % | 23,708 | 5 | % | 24,264 | 6 | % | 25,172 | 6 | % | 25,441 | 7 | % | |||||||||||||||||||||||||
Total
consumer and other loans
|
129,602 | 25 | % | 106,384 | 22 | % | 90,634 | 21 | % | 80,778 | 20 | % | 50,059 | 14 | % | |||||||||||||||||||||||||
Total
loans
|
522,429 | 100 | % | 486,168 | 100 | % | 441,071 | 100 | % | 396,984 | 100 | % | 345,697 | 100 | % | |||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans
in process
|
- | - | - | - | 9,425 | |||||||||||||||||||||||||||||||||||
Deferred
loan fees/costs, net
|
224 | 115 | 141 | 106 | 237 | |||||||||||||||||||||||||||||||||||
Unearned
discounts
|
- | - | 3 | 7 | 19 | |||||||||||||||||||||||||||||||||||
Allowance
for loan losses
|
5,963 | 5,784 | 5,400 | 4,537 | 3,886 | |||||||||||||||||||||||||||||||||||
Total
Loans, net
|
$ | 516,242 | $ | 480,269 | 435,527 | 392,334 | $ | 332,130 |
Loan
Maturities
|
Due in One Year or Less
|
Due After One Through Five
Years
|
Due After Five Years
|
Total
|
||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
One
to four family
|
$ | 13,353 | 17,922 | 53,884 | 85,160 | |||||||||||
Multi
family
|
14,460 | 8,434 | 19,054 | 41,948 | ||||||||||||
Construction
|
77,556 | 12,169 | - | 89,724 | ||||||||||||
Commercial
real estate
|
83,383 | 91,239 | 1,372 | 175,995 | ||||||||||||
Commercial
loans
|
57,262 | 38,222 | 8,541 | 104,026 | ||||||||||||
Consumer
loans
|
3,309 | 6,468 | 15,800 | 25,576 | ||||||||||||
Total
loans (1)
|
$ | 249,323 | 174,455 | 98,651 | 522,429 | |||||||||||
Less:
|
||||||||||||||||
Deferred
loan fees/costs
|
224 | |||||||||||||||
Allowance
for loan losses
|
5,963 | |||||||||||||||
Loans
receivable net
|
$ | 516,242 | ||||||||||||||
(1)
Includes mortgage loans held for sale of $2,142
|
Fixed Rates
|
Adjustable Rates
|
Total
|
% ARM
|
|||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||
One-to
four-family
|
$ | 20,411 | 51,396 | 71,807 | 72 | % | ||||||||||
Multi-family
|
17,891 | 9,597 | 27,488 | 35 | % | |||||||||||
Construction
|
1,307 | 10,862 | 12,169 | 89 | % | |||||||||||
Commercial
real estate
|
28,586 | 64,025 | 92,611 | 69 | % | |||||||||||
Commercial
loans
|
10,786 | 35,977 | 46,763 | 77 | % | |||||||||||
Consumer
loans
|
5,483 | 16,785 | 22,268 | 75 | % | |||||||||||
Total
loans (1)
|
$ | 84,464 | 188,642 | 273,106 | 69 | % | ||||||||||
(1) Before
deductions for unearned discounts, deferred loan fees/costs and allowances
for loan losses.
|
Delinquency
Summary
|
As
of
|
|||||||||||||||||||
December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(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
|
$ | 929 | $ | 883 | $ | 452 | 770 | 703 | ||||||||||||
Multi-family
|
- | - | - | - | - | |||||||||||||||
Construction
|
459 | 1,780 | - | - | - | |||||||||||||||
Commercial
real estate
|
5,850 | - | 131 | 158 | - | |||||||||||||||
7,238 | 2,663 | 583 | 928 | 703 | ||||||||||||||||
Non-mortgage
loans:
|
||||||||||||||||||||
Commercial
loans
|
- | 44 | - | - | - | |||||||||||||||
Consumer
and other loans
|
16 | 41 | 138 | 79 | 40 | |||||||||||||||
16 | 85 | 138 | 79 | 40 | ||||||||||||||||
Total
non-accrual loans
|
7,254 | 2,748 | 721 | 1,007 | 743 | |||||||||||||||
Accruing
loans which are contractually past
|
||||||||||||||||||||
maturity
or past due 90 days or more:
|
||||||||||||||||||||
Mortgage
Loans:
|
||||||||||||||||||||
One-
to four-family
|
103 | - | - | - | - | |||||||||||||||
Multi-family
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Commercial
real estate
|
- | - | - | - | - | |||||||||||||||
103 | - | - | - | - | ||||||||||||||||
Non-mortgage
loans:
|
||||||||||||||||||||
Commercial
loans
|
- | - | - | - | - | |||||||||||||||
Consumer
and other loans
|
- | - | - | - | - | |||||||||||||||
- | - | - | - | - | ||||||||||||||||
Total
past maturity or past due accruing loans
|
103 | - | - | - | - | |||||||||||||||
Total
accounted for on a non-accrual basis or contractually past maturity or 90
days or more past due
|
$ | 7,357 | $ | 2,748 | $ | 721 | 1,007 | 743 | ||||||||||||
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
|
1.43 | % | 0.58 | % | 0.17 | % | 0.26 | % | 0.22 | % | ||||||||||
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
|
1.30 | % | 0.52 | % | 0.15 | % | 0.23 | % | 0.19 | % |
Non-Performing
Assets
|
As
of
|
|||||||||||||||||||
December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
Non-accrual
loans:
|
(Dollars
in Thousands)
|
|||||||||||||||||||
Mortgage
loans:
|
||||||||||||||||||||
One-
to four-family
|
$ | 929 | $ | 883 | $ | 452 | $ | 770 | $ | 703 | ||||||||||
Multi-family
|
- | - | - | - | - | |||||||||||||||
Construction
|
459 | 1,780 | - | - | - | |||||||||||||||
Commercial
real estate
|
5,850 | - | 131 | 158 | - | |||||||||||||||
7,238 | 2,663 | 583 | 928 | 703 | ||||||||||||||||
Non-mortgage
loans:
|
||||||||||||||||||||
Commercial
loans
|
- | 44 | - | - | - | |||||||||||||||
Consumer
and other loans
|
16 | 41 | 138 | 79 | 40 | |||||||||||||||
16 | 85 | 138 | 79 | 40 | ||||||||||||||||
Total
non-accrual loans
|
7,254 | 2,748 | 721 | 1,007 | 743 | |||||||||||||||
Real
estate and other assets acquired in settlement of loans
|
727 | 173 | 27 | 78 | 6 | |||||||||||||||
Total
non-performing assets
|
$ | 7,981 | $ | 2,921 | $ | 748 | $ | 1,085 | $ | 749 | ||||||||||
Total
non-accrual loans as a percentage of net loans
|
1.41 | % | 0.57 | % | 0.17 | % | 0.26 | % | 0.22 | % | ||||||||||
Total
non-performing assets as a percentage of total assets
|
1.41 | % | 0.56 | % | 0.16 | % | 0.25 | % | 0.19 | % | ||||||||||
Impact
on interest income for the period:
|
||||||||||||||||||||
Interest
income that would have been recorded on non-accruing loans
|
$ | 716 | $ | 69 | $ | 8 | $ | 23 | $ | 15 |
Classification
of Assets
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||||||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||||||
One-
to four-family
|
- | $ | - | 14 | $ | 1,184 | - | $ | - | - | $ | - | 14 | $ | 1,184 | |||||||||||||||||||||||||
Multi-family
|
1 | 1,235 | 1 | 6,996 | - | - | - | - | 2 | 8,231 | ||||||||||||||||||||||||||||||
Construction
|
1 | 2,322 | 6 | 513 | - | - | - | - | 7 | 2,835 | ||||||||||||||||||||||||||||||
Commercial
real estate
|
6 | 3,373 | 2 | 5,897 | - | - | - | - | 8 | 9,270 | ||||||||||||||||||||||||||||||
Commercial
|
4 | 1,944 | 1 | 2,592 | - | - | - | - | 5 | 4,536 | ||||||||||||||||||||||||||||||
Land
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other
loans
|
3 | 203 | 6 | 622 | 1 | 5 | - | - | 10 | 830 | ||||||||||||||||||||||||||||||
Total
loans
|
15 | 9,077 | 30 | 17,804 | 1 | 5 | - | - | 46 | 26,886 | ||||||||||||||||||||||||||||||
Foreclosed
assets held-for-sale:
|
||||||||||||||||||||||||||||||||||||||||
One-
to four-family
|
- | - | 2 | 334 | - | - | - | - | 2 | 334 | ||||||||||||||||||||||||||||||
Land
and other assets
|
- | - | 11 | 393 | - | - | - | - | 11 | 393 | ||||||||||||||||||||||||||||||
Total
foreclosed assets
|
- | - | 13 | 727 | - | - | - | - | 13 | 727 | ||||||||||||||||||||||||||||||
Total
|
15 | $ | 9,077 | 43 | $ | 18,531 | 1 | $ | 5 | - | $ | - | 59 | $ | 27,613 |
Year
ended
|
Six
months ended
|
|||||||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003 (1)
|
||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||
Beginning
balance
|
$ | 5,784 | 5,400 | 4,537 | 3,886 | 2,775 | ||||||||||||||
Gross
loan charge offs
|
||||||||||||||||||||
Mortgage
Loans:
|
||||||||||||||||||||
One-
to four-family
|
(56 | ) | (286 | ) | (22 | ) | (188 | ) | (41 | ) | ||||||||||
Multi-family
|
(1 | ) | - | - | - | - | ||||||||||||||
Construction
|
(317 | ) | (29 | ) | - | - | - | |||||||||||||
Commercial
real estate
|
(49 | ) | - | - | - | - | ||||||||||||||
(423 | ) | (315 | ) | (22 | ) | (188 | ) | (41 | ) | |||||||||||
Non-mortgage
loans:
|
||||||||||||||||||||
Commercial
loans
|
- | (206 | ) | (12 | ) | - | - | |||||||||||||
Consumer
and other loans
|
(309 | ) | (126 | ) | (119 | ) | (43 | ) | (14 | ) | ||||||||||
(309 | ) | (126 | ) | (119 | ) | (43 | ) | (14 | ) | |||||||||||
Total
charge offs
|
(732 | ) | (647 | ) | (153 | ) | (231 | ) | (55 | ) | ||||||||||
Recoveries
|
||||||||||||||||||||
Mortgage
Loans:
|
||||||||||||||||||||
One-
to four-family
|
10 | 109 | 61 | 9 | 1 | |||||||||||||||
Multi-family
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | 29 | - | - | 1 | |||||||||||||||
Commercial
real estate
|
11 | - | - | - | - | |||||||||||||||
21 | 138 | 61 | 9 | 2 | ||||||||||||||||
Non-mortgage
loans:
|
||||||||||||||||||||
Commercial
loans
|
8 | 103 | - | - | - | |||||||||||||||
Consumer
and other loans
|
42 | 40 | 10 | 9 | 2 | |||||||||||||||
50 | 143 | 10 | 9 | 2 | ||||||||||||||||
Total
recoveries
|
71 | 281 | 71 | 18 | 4 | |||||||||||||||
Net
loan charge-offs
|
(661 | ) | (366 | ) | (82 | ) | (213 | ) | (51 | ) | ||||||||||
Provision
charged to expense
|
840 | 750 | 945 | 864 | 1,162 | |||||||||||||||
Ending
balance
|
$ | 5,963 | 5,784 | 5,400 | 4,537 | 3,886 | ||||||||||||||
Net
charge-offs as a percentage of average loans, net
|
0.14 | % | 0.08 | % | 0.02 | % | 0.07 | % | 0.02 | % | ||||||||||
Allowance
for loan losses as a percentage of average loans, net
|
1.24 | % | 1.28 | % | 1.29 | % | 1.39 | % | 1.19 | % | ||||||||||
Allowance
for loan losses as a percentage of total non-performing
loans
|
82 | % | 210 | % | 749 | % | 451 | % | 523 | % | ||||||||||
(1)
In 2003, the Company determined to change its fiscal year end from June 30
to a calendar year end of December
31. As a result, the Company reported a six-month transition period
ended December 31, 2003 in order
to change to this new calendar year
end.
|
As
of
|
||||||||||||||||||||||||||||||||||||||||
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Mortgage
Loans
|
$ | 4,484 | 75 | % | 4,512 | 78 | % | 4,266 | 79 | % | 3,630 | 80 | % | 3,342 | 86 | % | ||||||||||||||||||||||||
Non-Mortgage
Loans
|
1,479 | 25 | % | 1,272 | 22 | % | 1,134 | 21 | % | 907 | 20 | % | 544 | 14 | % | |||||||||||||||||||||||||
Total
|
$ | 5,963 | 100 | % | 5,784 | 100 | % | 5,400 | 100 | % | 4,537 | 100 | % | 3,886 | 100 | % |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||||||
As
of December 31, 2007
|
||||||||||||||||
AVAILABLE-FOR-SALE
SECURITIES:
|
||||||||||||||||
Equity
Securities:
|
||||||||||||||||
FHLMC
stock
|
$ | 26,057 | 880,205 | - | 906,262 | |||||||||||
Other
|
718,190 | - | (59,390 | ) | 658,800 | |||||||||||
Debt
Securities:
|
||||||||||||||||
U.
S. government agencies
|
1,800,034 | 4,049 | - | 1,804,083 | ||||||||||||
Mortgage-backed
securities
|
11,386,025 | 84,390 | (109,622 | ) | 11,360,793 | |||||||||||
HELD-TO-MATURITY
SECURITIES:
|
||||||||||||||||
U.
S. government agencies
|
148,529 | - | (2,000 | ) | 146,529 | |||||||||||
Mortgage-backed
securities
|
506,246 | 32,397 | - | 538,643 | ||||||||||||
$ | 14,585,081 | 1,001,041 | (171,012 | ) | 15,415,110 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||||||
As
of December 31, 2006
|
||||||||||||||||
AVAILABLE-FOR-SALE
SECURITIES:
|
||||||||||||||||
Equity
Securities:
|
||||||||||||||||
FHLMC
stock
|
$ | 35,847 | 2,449,293 | - | 2,485,140 | |||||||||||
Debt
Securities:
|
||||||||||||||||
U.
S. government agencies
|
4,870,979 | 1,346 | (12,074 | ) | 4,860,251 | |||||||||||
Mortgage-backed
securities
|
563,704 | - | (2,774 | ) | 560,930 | |||||||||||
HELD-TO-MATURITY
SECURITIES:
|
||||||||||||||||
U.
S. government agencies
|
158,661 | - | (481 | ) | 158,180 | |||||||||||
Mortgage-backed
securities
|
604,364 | 31,920 | - | 636,284 | ||||||||||||
$ | 6,233,555 | 2,482,559 | (15,329 | ) | 8,700,785 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||||||
As
of December 31, 2005
|
||||||||||||||||
AVAILABLE-FOR-SALE
SECURITIES:
|
||||||||||||||||
Equity
Securities:
|
||||||||||||||||
FHLMC
stock
|
$ | 47,595 | 3,128,415 | - | 3,176,010 | |||||||||||
Debt
Securities:
|
||||||||||||||||
U.
S. government agencies
|
3,579,513 | 2,021 | (397 | ) | 3,581,137 | |||||||||||
HELD-TO-MATURITY
SECURITIES:
|
||||||||||||||||
U.
S. government agencies
|
189,974 | - | (2,478 | ) | 187,496 | |||||||||||
Mortgage-backed
securities
|
754,750 | 39,550 | - | 794,300 | ||||||||||||
$ | 4,571,832 | 3,169,986 | (2,875 | ) | 7,738,943 |
Investment Portfolio Maturities and Average
Weighted Yields
|
Amortized Cost
|
Weighted Average Yield
|
Approximate Fair Value
|
|||||||||
Due
within one year
|
$ | 500,000 | 5.00 | % | $ | 501,953 | ||||||
Due
within two and five years
|
1,300,034 | 5.06 | % | 1,302,130 | ||||||||
Due
after ten years
|
148,529 | 4.25 | % | 146,529 | ||||||||
Equity
securities not due on
|
||||||||||||
a
single maturity date
|
744,247 | 0.00 | % | 1,565,062 | ||||||||
Mortgage-backed
securities not due on a
|
||||||||||||
single
maturity date
|
11,892,271 | 5.85 | % | 11,899,436 | ||||||||
$ | 14,585,081 | 5.44 | % | $ | 15,415,110 |
Deposit
Account Types
|
||||||||||||||||||||||||||||||||||||
As of December 31,
|
As of December 31,
|
As of December 31,
|
||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||
Average
|
Percent
|
Average
|
Percent
|
Average
|
Percent
|
|||||||||||||||||||||||||||||||
Interest
|
of
Total
|
Interest
|
of
Total
|
Interest
|
of
Total
|
|||||||||||||||||||||||||||||||
Rate
|
Amount
|
Deposits
|
Rate
|
Amount
|
Deposits
|
Rate
|
Amount
|
Deposits
|
||||||||||||||||||||||||||||
NOW
|
1.35 | % | $ | 36,512 | 9 | % | 1.18 | % | 35,469 | 10 | % | 0.33 | % | 35,864 | 11 | % | ||||||||||||||||||||
Savings
|
2.11 | % | 12,421 | 3 | % | 2.67 | % | 14,316 | 4 | % | 1.80 | % | 14,298 | 5 | % | |||||||||||||||||||||
Money
Market
|
3.48 | % | 64,319 | 15 | % | 3.38 | % | 52,314 | 15 | % | 2.47 | % | 43,897 | 14 | % | |||||||||||||||||||||
Non-interest
|
||||||||||||||||||||||||||||||||||||
bearing
demand
|
0.00 | % | 28,520 | 7 | % | 0.00 | % | 26,894 | 8 | % | 0.00 | % | 36,194 | 11 | % | |||||||||||||||||||||
Total
|
141,772 | 34 | % | 128,993 | 37 | % | 130,253 | 41 | % | |||||||||||||||||||||||||||
Certificates
of Deposit: (fixed-rate, fixed-term)
|
||||||||||||||||||||||||||||||||||||
1-11
months
|
5.09 | % | 190,772 | 46 | % | 4.81 | % | 167,852 | 48 | % | 3.56 | % | 125,336 | 39 | % | |||||||||||||||||||||
12-23
months
|
5.12 | % | 57,434 | 14 | % | 5.02 | % | 35,424 | 10 | % | 3.74 | % | 48,149 | 15 | % | |||||||||||||||||||||
24-35
months
|
5.04 | % | 12,593 | 3 | % | 4.93 | % | 11,930 | 3 | % | 4.20 | % | 9,670 | 3 | % | |||||||||||||||||||||
36-47
months
|
5.14 | % | 5,752 | 1 | % | 4.82 | % | 3,724 | 1 | % | 3.94 | % | 4,248 | 1 | % | |||||||||||||||||||||
48-59
months
|
5.33 | % | 6,386 | 2 | % | 5.24 | % | 2,847 | 1 | % | 4.14 | % | 1,851 | 1 | % | |||||||||||||||||||||
60-71
months
|
5.28 | % | 3,456 | 1 | % | 5.41 | % | 1,171 | 0 | % | 4.64 | % | 552 | 0 | % | |||||||||||||||||||||
72-95
months
|
4.55 | % | 26 | 0 | % | 5.44 | % | 289 | 0 | % | 0.00 | % | - | 0 | % | |||||||||||||||||||||
Total
|
276,419 | 66 | % | 223,237 | 63 | % | 189,806 | 59 | % | |||||||||||||||||||||||||||
Total
Deposits
|
$ | 418,191 | 100 | % | 352,230 | 100 | % | 320,059 | 100 | % |
(Dollars
in thousands)
|
||||
As of December 31, 2007
|
||||
Three
months or less
|
$ | 29,440 | ||
Over
three through six months
|
15,272 | |||
Over
six through twelve months
|
22,723 | |||
Over
twelve months
|
22,327 | |||
Total
|
$ | 89,762 |
Selected
Data for Federal Home Loan Bank Advances
|
||||||||||||
As
of December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(Dollars
in Thousands)
|
||||||||||||
Remaining
maturity:
|
||||||||||||
Less
than one year
|
$ | 69,650 | 85,414 | 72,414 | ||||||||
One
to two years
|
386 | 13,650 | 3,000 | |||||||||
Two
to three years
|
3,000 | 386 | 16,650 | |||||||||
Three
to four years
|
- | 3,000 | 386 | |||||||||
Four
to five years
|
- | - | 3,000 | |||||||||
Over
five years
|
3,050 | 5,550 | 4,550 | |||||||||
Total
|
$ | 76,086 | 108,000 | 100,000 | ||||||||
Weighted
average rate at end of period
|
4.37 | % | 5.35 | % | 4.55 | % | ||||||
For
the period:
|
||||||||||||
Average
outstanding balance
|
$ | 65,575 | 110,810 | 111,104 | ||||||||
Weighted
average interest rate
|
5.29 | % | 5.16 | % | 4.04 | % | ||||||
Maximum
outstanding as of any month end
|
$ | 92,500 | 124,000 | 132,000 |
As of December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(Dollars
in Thousands)
|
||||||||||||
Subordinated
debentures
|
$ | 15,465 | 15,465 | 15,465 | ||||||||
Weighted
average interest
|
||||||||||||
rate
of subordinated debentures
|
6.62 | % | 6.62 | % | 6.62 | % |
Year
ended
|
Year
ended
|
Year
ended
|
||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||||
Dividend
Payout Ratio
|
32 | % | 30 | % | 32 | % | ||||||
Return
on Average Assets
|
1.17 | % | 1.33 | % | 1.28 | % | ||||||
Return
on Average Equity
|
13.40 | % | 14.66 | % | 15.08 | % | ||||||
Stockholders'
Equity to Assets
|
7.54 | % | 8.55 | % | 8.75 | % | ||||||
EPS
Diluted
|
$ | 2.19 | 2.25 | 2.03 | ||||||||
Dividends
|
$ | 0.70 | 0.67 | 0.65 |
•
|
Changes in securities analysts’
estimates of financial performance
|
|
•
|
Volatility of stock market prices
and volumes
|
|
•
|
Rumors or erroneous
information
|
|
•
|
Changes in market valuations of
similar companies
|
|
•
|
Changes in interest
rates
|
•
|
New developments in the banking
industry
|
|
•
|
Variations in quarterly or annual
operating results
|
|
•
|
New litigation or changes in
existing litigation
|
|
•
|
Regulatory
actions
|
|
•
|
Changes in accounting policies or
procedures as may be required by the Financial Accounting
Standards Board or other
regulatory agencies
|
(a)
|
Material Legal
Proceedings
|
(b)
|
Proceedings Terminated During the
Last Quarter of the
Fiscal Year Covered by This
Report
|
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, 2007 to October 31, 2007
|
3,143 | $ | 29.86 | 3,143 | 343,113 | |||||||||||
November
1, 2007 to November 30, 2007
|
61,900 | 29.49 | 61,900 | 281,213 | ||||||||||||
December
1, 2007 to December 31, 2007
|
20,535 | 28.77 | 20,535 | 260,678 | ||||||||||||
Total
|
85,578 | $ | 29.33 | 85,578 |
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
|
193,254
|
20.89
|
171,082
|
||
approved
by security holders
|
|||||
Equity
compensation plans not
|
|||||
approved
by security holders
|
38,985
|
18.42
|
3,498
|
||
Totals
|
232,239
|
20.48
|
174,580
|
1. | The following financial statements and the report of independent registered public accounting firm included in the 2007 Annual Report are filed as part of this Report and incorporated herein by reference. |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets as of December 31, 2007 and 2006. | |
Consolidated Statements of Income for the Years Ended December 31, 2007, 2006 and 2005. | |
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2007, 2006 and 2005. | |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2007, 2006 and 2005. | |
Notes to Consolidated Financial
Statements.
|
|
2.
|
Financial statement schedules for
which provision is made in the applicable accounting regulations of the
SEC are not required under the related instructions or are inapplicable
and therefore have been omitted.
|
3. | The following exhibits are filed with this Report or incorporated herein by reference: |
Exhibit
Number
|
Exhibit
Description
|
3(i)
|
Restated Certificate of
Incorporation of Guaranty Federal Bancshares, Inc.
(1)
|
3(ii)
|
Bylaws of Guaranty Federal
Bancshares, Inc., as amended (7)
|
4
|
Rights Agreement dated January 20,
1999 concerning the issuance of preferred stock and related rights.
(2)
The
Company hereby agrees to furnish the SEC upon request, copies of (i) the
instruments defining the rights of the holders of each issue of its junior
subordinated debentures and (ii) the repurchase agreement between the
Company and Barclay’s Capital, Inc. dated September
2007.
|
10.1
|
1994 Stock Option Plan
*(3)
|
10.2
|
Recognition and Retention Plan
*(4)
|
10.3
|
1998 Stock Option Plan
*(5)
|
10.4
|
Restricted Stock Plan
*(6)
|
10.5
|
Form of Change in Control Severance
Agreement *(6)
|
10.6
|
2000 Stock Compensation Plan
*(6)
|
10.7
|
2001 Stock Compensation Plan
*(6)
|
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
*(15)
|
10.13
|
Form
of Non-Incentive Stock Option Agreement under the 2004 Stock Option Plan
*(16)
|
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)
|
10.19
|
Written
Description of Compensatory Arrangement with Chief Operating Officer and
Chief Financial Officer *(17)
|
10.20
|
Written Description of 2007
Executive Incentive Compensation Annual Plan-President and Chief Executive
Officer *(18)
|
10.21
|
Written Description of 2008
Executive Incentive Compensation Annual Plan-President and Chief Executive
Officer *(19)
|
10.22
|
Written Description of 2008
Executive Incentive Compensation Annual Plan-Chief Financial Officer
*(20)
|
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 2007
Annual Report.
|
13
|
|
21
|
Subsidiaries of the Registrant (
See Item 1. Business – Subsidiary and Segment
Information)
|
23
|
|
31(i).1
|
|
31(i).2
|
|
32.1
|
|
32.2
|
|
* Management contract or
compensatory plan or
arrangement
|
(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 3.1 to the Current Report on Form 8-K filed by the Registrant
on December 3, 2007 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.
|
(15)
|
Filed
as Exhibit 10.12 to the Annual Report on Form 10-K for the fiscal
year ended December 31, 2004 filed by the Registrant on March 30, 2005 and
incorporated herein by reference.
|
(16)
|
Filed
as Exhibit 10.13 to the Annual Report on Form 10-K for the fiscal
year ended December 31, 2004 filed by the Registrant on March 30, 2005 and
incorporated herein by reference.
|
(17)
|
Filed
as Exhibit 10.19 to the Annual Report on Form 10-K for the fiscal
year ended December 31, 2005 filed by the Registrant on March 31, 2006 and
incorporated herein by reference.
|
(18)
|
Filed
as Exhibit 10.20 to the Quarterly Report on Form 10-Q/A for the
quarter ended June 30, 2007 filed by the Registrant on November 14, 2007
and incorporated herein by reference.
|
(19)
|
Filed
as Exhibit 10.21 to the Current Report on Form 8-K filed by the Registrant
on December 29, 2007 and incorporated herein by
reference.
|
(20)
|
Filed
as Exhibit 10.22 to the Current Report on Form 8-K filed by the Registrant
on December 29, 2007 and incorporated herein by
reference.
|
GUARANTY FEDERAL BANCSHARES, INC. | |||
Date:
March 31, 2008
|
By:
|
/s/ Shaun A. Burke | |
Shaun A. Burke | |||
President and Chief Executive Officer (Duly Authorized Representative) | |||
By:
|
/s/
Shaun A. Burke
|
By:
|
/s/
Tim Rosenbury
|
||
Shaun
A. Burke
|
Tim
Rosenbury
|
||||
President
and Chief Executive Officer and Director
|
Director
|
||||
(Principal
Executive Officer)
|
Date:
|
March
31, 2008
|
|||
Date:
|
March
31, 2008
|
By:
|
/s/
Carter Peters
|
By:
|
/s/
James R. Batten
|
||
Carter
Peters
|
James
R. Batten
|
||||
EVP
and Chief Financial Officer
|
Director
|
||||
(Principal
Accounting and Financial Officer)
|
Date:
|
March
31, 2008
|
|||
Date:
|
March
31, 2008
|
By:
|
/s/
Wayne V. Barnes
|
By:
|
/s/
Don M. Gibson
|
||
Wayne
V. Barnes
|
Don
M. Gibson
|
||||
Director
|
Chairman
of the Board and Director
|
||||
Date:
|
March
31, 2008
|
Date:
|
March
31, 2008
|
By:
|
/s/
Gregory V. Ostergren
|
By:
|
/s/
James L. Sivils, III
|
||
Gregory
V. Ostergren
|
James
L. Sivils, III
|
||||
Director
|
Director
|
||||
Date:
|
March
31, 2008
|
Date:
|
March
31, 2008
|
By:
|
/s/
Kurt D. Hellweg
|
By:
|
/s/
Jack L. Barham
|
||
Kurt
D. Hellweg
|
Jack
L. Barham
|
||||
Director
|
Director
|
||||
Date:
|
March
31, 2008
|
Date:
|
March
31, 2008
|