Guaranty Federal Bancshares Inc. (GFED, Financial) filed Quarterly Report for the period ended 2010-06-30.
Guaranty Federal Bancshares Inc. has a market cap of $15.8 million; its shares were traded at around $6 with and P/S ratio of 0.4.
Available-for-sale securities increased $18,124,939 (18%) from $102,659,251 as of December 31, 2009, to $120,784,190 as of June 30, 2010. The increase is primarily due to purchases of $47.7 million offset by sales, maturities and principal payments received of $31.9 million.
Net loans receivable decreased by $28,643,734 (5%) from $525,038,053 as of December 31, 2009, to $496,394,319 as of June 30, 2010. Commercial real estate loans decreased by $8,984,376 (4%) from $236,980,868 as of December 31, 2009, to $227,996,492 as of June 30, 2010. Commercial loans decreased $16,821,341 (15%) from $114,497,545 as of December 31, 2009, to $97,676,203 as of June 30, 2010. Permanent multi-family loans increased by $5,170,962 (15%) from $34,498,240 as of December 31, 2009, to $39,669,202 as of June 30, 2010. Construction loans decreased by $5,423,291 (25%) to $16,155,876 as of June 30, 2010 compared to $21,579,167 as of December 31, 2009.
Allowance for loan losses decreased $2,139,283 (15%) from $14,076,123 as of December 31, 2009 to $11,936,840 as of June 30, 2010. The allowance decreased due to net loan charge-offs of $4,039,283 exceeding the provision for loan losses of $1,900,000 recorded during the six month period. Management charged off certain specific loans that had been identified and classified as impaired at December 31, 2009. See discussion under “Results of Operations – Comparison of Three Month Periods Ended June 30, 2010 and 2009 – Provision for Loan Losses.” The allowance for loan losses, as a percentage of gross loans outstanding (excluding mortgage loans held for sale), as of June 30, 2010 and December 31, 2009 was 2.35% and 2.61%, respectively. The allowance for loan losses, as a percentage of nonperforming loans outstanding, as of June 30, 2010 and December 31, 2009 was 60.1% and 41.1%, respectively. Management believes the allowance for loan losses is at a level to be sufficient in providing for potential loans losses in the Bank s existing loan portfolio.
Deposits decreased $7,117,704 (1%) from $513,051,102 as of December 31, 2009, to $505,933,398 as of June 30, 2010. For the six months ended June 30, 2010, checking and savings accounts increased by $811,250 and certificates of deposit decreased by $7.9 million. See also the discussion under “Quantitative and Qualitative Disclosure about Market Risk – Asset/Liability Management.”
Stockholders equity (including unrealized appreciation on available-for-sale securities and interest rate swaps, net of tax) increased $1,802,307 from $51,410,633 as of December 31, 2009, to $53,212,940 as of June 30, 2010. The Company s net income during this period was $968,369. In conjuction with the Series A Preferred Stock, the Company accrued $425,000 of dividends (5%) and recorded $137,781 of accretion associated with the discount recognized on the preferred stock. On a per common share basis, stockholders equity increased from $13.49 as of December 31, 2009 to $14.07 as of June 30, 2010.
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Guaranty Federal Bancshares Inc. has a market cap of $15.8 million; its shares were traded at around $6 with and P/S ratio of 0.4.
Highlight of Business Operations:
Cash and cash equivalents decreased $3,686,456 (11%) from $33,016,697 as of December 31, 2009, to $29,330,241 as of June 30, 2010. Interest-bearing deposits increased $1,617,017 from $16,560,802 as of December 31, 2009, to $18,177,819 as of June 30, 2010.Available-for-sale securities increased $18,124,939 (18%) from $102,659,251 as of December 31, 2009, to $120,784,190 as of June 30, 2010. The increase is primarily due to purchases of $47.7 million offset by sales, maturities and principal payments received of $31.9 million.
Net loans receivable decreased by $28,643,734 (5%) from $525,038,053 as of December 31, 2009, to $496,394,319 as of June 30, 2010. Commercial real estate loans decreased by $8,984,376 (4%) from $236,980,868 as of December 31, 2009, to $227,996,492 as of June 30, 2010. Commercial loans decreased $16,821,341 (15%) from $114,497,545 as of December 31, 2009, to $97,676,203 as of June 30, 2010. Permanent multi-family loans increased by $5,170,962 (15%) from $34,498,240 as of December 31, 2009, to $39,669,202 as of June 30, 2010. Construction loans decreased by $5,423,291 (25%) to $16,155,876 as of June 30, 2010 compared to $21,579,167 as of December 31, 2009.
Allowance for loan losses decreased $2,139,283 (15%) from $14,076,123 as of December 31, 2009 to $11,936,840 as of June 30, 2010. The allowance decreased due to net loan charge-offs of $4,039,283 exceeding the provision for loan losses of $1,900,000 recorded during the six month period. Management charged off certain specific loans that had been identified and classified as impaired at December 31, 2009. See discussion under “Results of Operations – Comparison of Three Month Periods Ended June 30, 2010 and 2009 – Provision for Loan Losses.” The allowance for loan losses, as a percentage of gross loans outstanding (excluding mortgage loans held for sale), as of June 30, 2010 and December 31, 2009 was 2.35% and 2.61%, respectively. The allowance for loan losses, as a percentage of nonperforming loans outstanding, as of June 30, 2010 and December 31, 2009 was 60.1% and 41.1%, respectively. Management believes the allowance for loan losses is at a level to be sufficient in providing for potential loans losses in the Bank s existing loan portfolio.
Deposits decreased $7,117,704 (1%) from $513,051,102 as of December 31, 2009, to $505,933,398 as of June 30, 2010. For the six months ended June 30, 2010, checking and savings accounts increased by $811,250 and certificates of deposit decreased by $7.9 million. See also the discussion under “Quantitative and Qualitative Disclosure about Market Risk – Asset/Liability Management.”
Stockholders equity (including unrealized appreciation on available-for-sale securities and interest rate swaps, net of tax) increased $1,802,307 from $51,410,633 as of December 31, 2009, to $53,212,940 as of June 30, 2010. The Company s net income during this period was $968,369. In conjuction with the Series A Preferred Stock, the Company accrued $425,000 of dividends (5%) and recorded $137,781 of accretion associated with the discount recognized on the preferred stock. On a per common share basis, stockholders equity increased from $13.49 as of December 31, 2009 to $14.07 as of June 30, 2010.
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