Guaranty Federal Bancshares Inc. (GFED, Financial) filed Quarterly Report for the period ended 2011-03-31.
Guaranty Federal Bancshares Inc. has a market cap of $16.71 million; its shares were traded at around $6.3 with a P/E ratio of 31.5 and P/S ratio of 0.46.
Net loans receivable decreased by $9,935,977 (2%) from $501,980,385 as of December 31, 2010, to $492,044,408 as of March 31, 2011. During this period, commercial real estate loans decreased $7,691,371(4%), commercial loans decreased $1,809,735 (2%), permanent multi-family loans increased $4,701,990 (10%), construction loans decreased $3,512,051 (6%), loans secured by owner occupied one to four unit residential real estate decreased $496,337 (1%) and installment loans decreased $1,311,047 (6%). The Company continues to focus its lending efforts in the commercial and owner occupied real estate loan categories, and to reduce its concentrations in non-owner occupied commercial real estate.
Allowance for loan losses decreased $173,230 (1%) from $13,082,703 as of December 31, 2010 to $12,909,473 as of March 31, 2011. The allowance decreased due to net loan charge-offs of $1,073,230 exceeding the provision for loan losses of $900,000 recorded during the period. Management charged off certain specific loans that had been identified and classified as impaired at December 31, 2010. See discussion under “Results of Operations – Comparison of Three Month Periods Ended March 31, 2011 and 2010 – Provision for Loan Losses.” The allowance for loan losses, as a percentage of gross loans outstanding (excluding mortgage loans held for sale), as of March 31, 2011 and December 31, 2010 was 2.56% and 2.54%, respectively. The allowance for loan losses, as a percentage of nonperforming loans outstanding, as of March 31, 2011 and December 31, 2010 was 60.4% and 56.9%, respectively. Management believes the allowance for loan losses is at a level to be sufficient in providing for potential loan losses in the Bank s existing loan portfolio.
Deposits increased $9,112,290 (2%) from $480,694,273 as of December 31, 2010, to $489,806,563 as of March 31, 2011. For the three months ended March 31, 2011, checking and savings accounts increased by $11.8 million and certificates of deposit decreased by $2.7 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, net of tax) increased $289,134 from $52,040,766 as of December 31, 2010, to $52,329,900 as of March 31, 2011. The Company s net income during this period was $522,962. In conjuction with the Series A Preferred Stock, the Company accrued $212,500 of dividends (5%) during the period. On a per common share basis, stockholders equity increased from $13.51 as of December 31, 2010 to $13.52 as of March 31, 2011.
Gains on investment securities for the three months ended March 31, 2011 were $3,704 compared to $160,275 during the same period in 2010. Losses on foreclosed assets were $133,987 for the three months ended March 31, 2011 as compared to gains of $44,833 for the same period in 2010. Gain on sale of loans decreased $20,117 (7%) for the three months ended March 31, 2011 when compared to the same period in 2010. Deposit service charges decreased $39,221 (10%) due primarily to declines in overdraft charges, which is partially due to amendments to Regulation E regarding fees on debit card and ATM transactions.
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Guaranty Federal Bancshares Inc. has a market cap of $16.71 million; its shares were traded at around $6.3 with a P/E ratio of 31.5 and P/S ratio of 0.46.
Highlight of Business Operations:
Available-for-sale securities increased $1,883,266 (2%) from $96,844,653 as of December 31, 2010, to $98,727,919 as of March 31, 2011. The increase is primarily due to purchases of $17.1 million offset by sales, maturities and principal payments received of $15.0 million.Net loans receivable decreased by $9,935,977 (2%) from $501,980,385 as of December 31, 2010, to $492,044,408 as of March 31, 2011. During this period, commercial real estate loans decreased $7,691,371(4%), commercial loans decreased $1,809,735 (2%), permanent multi-family loans increased $4,701,990 (10%), construction loans decreased $3,512,051 (6%), loans secured by owner occupied one to four unit residential real estate decreased $496,337 (1%) and installment loans decreased $1,311,047 (6%). The Company continues to focus its lending efforts in the commercial and owner occupied real estate loan categories, and to reduce its concentrations in non-owner occupied commercial real estate.
Allowance for loan losses decreased $173,230 (1%) from $13,082,703 as of December 31, 2010 to $12,909,473 as of March 31, 2011. The allowance decreased due to net loan charge-offs of $1,073,230 exceeding the provision for loan losses of $900,000 recorded during the period. Management charged off certain specific loans that had been identified and classified as impaired at December 31, 2010. See discussion under “Results of Operations – Comparison of Three Month Periods Ended March 31, 2011 and 2010 – Provision for Loan Losses.” The allowance for loan losses, as a percentage of gross loans outstanding (excluding mortgage loans held for sale), as of March 31, 2011 and December 31, 2010 was 2.56% and 2.54%, respectively. The allowance for loan losses, as a percentage of nonperforming loans outstanding, as of March 31, 2011 and December 31, 2010 was 60.4% and 56.9%, respectively. Management believes the allowance for loan losses is at a level to be sufficient in providing for potential loan losses in the Bank s existing loan portfolio.
Deposits increased $9,112,290 (2%) from $480,694,273 as of December 31, 2010, to $489,806,563 as of March 31, 2011. For the three months ended March 31, 2011, checking and savings accounts increased by $11.8 million and certificates of deposit decreased by $2.7 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, net of tax) increased $289,134 from $52,040,766 as of December 31, 2010, to $52,329,900 as of March 31, 2011. The Company s net income during this period was $522,962. In conjuction with the Series A Preferred Stock, the Company accrued $212,500 of dividends (5%) during the period. On a per common share basis, stockholders equity increased from $13.51 as of December 31, 2010 to $13.52 as of March 31, 2011.
Gains on investment securities for the three months ended March 31, 2011 were $3,704 compared to $160,275 during the same period in 2010. Losses on foreclosed assets were $133,987 for the three months ended March 31, 2011 as compared to gains of $44,833 for the same period in 2010. Gain on sale of loans decreased $20,117 (7%) for the three months ended March 31, 2011 when compared to the same period in 2010. Deposit service charges decreased $39,221 (10%) due primarily to declines in overdraft charges, which is partially due to amendments to Regulation E regarding fees on debit card and ATM transactions.
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