Note 19 - Condensed Parent Company Statements

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 19:                    CONDENSED PARENT COMPANY STATEMENTS

The condensed balance sheets as of December 31, 2012 and 2011, and statements of income and cash flows for the years ended December 31, 2012, 2011 and 2010 for the parent company, Guaranty Federal Bancshares, Inc., are as follows:

Balance Sheets	December 31,
	2012			2011
Assets
Cash	$	681,509		$	781,432
Available-for-sale securities		70,914			62,262
Due from subsidiary		20,795			21,295
Investment in subsidiary		64,069,125			67,649,693
Investment in Capital Trust I & II		465,000			465,000
Prepaid expenses and other assets		35,579			183,508
Refundable income taxes		1,152,319			717,319
Deferred income taxes		2,592			5,793
	$	66,497,833		$	69,886,302
Liabilities
Subordinated debentures	$	15,465,000		$	15,465,000
Accrued expenses and other liabilities		164,263			186,455
Stockholders' equity
Series A preferred stock		11,789,276			16,425,912
Common stock		678,180			677,980
Common stock warrants		1,377,811			1,377,811
Additional paid-in capital		58,267,529			58,333,614
Unearned ESOP shares		-			(204,930	)
Retained earnings		39,324,292			38,456,991
Unrealized appreciation on available-for-sale securities, net		800,826			791,285
Treasury stock		(61,369,344	)		(61,623,816	)
	$	66,497,833		$	69,886,302

Statements of Income	Years ended December 31,
	2012			2011			2010
Income
Dividends from subsidiary bank	$	6,500,000		$	1,000,000		$	-
Interest income:
Related party		8,471			14,753			25,933
Other		19,510			18,369			30,783
		6,527,981			1,033,122			56,716
Expense
Interest expense:
Related party		556,159			610,929			1,023,783
Other		878,305			462,971			463,502
		1,434,464			1,073,900			1,487,285
Income (loss) before income taxes and equity in undistributed income (loss) of subsidiaries		5,093,517			(40,778	)		(1,430,569	)
Credit for income taxes		(435,000	)		(349,000	)		(480,000	)
Income (loss) before equity in undistributed earnings of subsidiaries		5,528,517			308,222			(950,569	)
Equity in undistributed income (distribution in excess of income) of subsidiaries		(3,584,658	)		3,527,417			2,081,340
Net income	$	1,943,859		$	3,835,639		$	1,130,771

Statements of Cash Flows	Years ended December 31,
	2012			2011			2010
Cash Flows From Operating Activities
Net income	$	1,943,859		$	3,835,639		$	1,130,771
Items not requiring (providing) cash:
(Equity in undistributed income) distributions in excess of income of subsidiaries		3,584,658			(3,527,417	)		(2,081,340	)
Deferred income taxes		-			38,834			-
Release of ESOP shares		153,848			126,737			100,014
Stock award plan expense		253,017			186,654			109,386
Changes in:
Prepaid expenses and other assets		147,929			104,176			103,787
Income taxes payable/refundable		(435,000	)		(217,833	)		(104,143	)
Accrued expenses		9,058			(59,682	)		(18,376	)
Net cash provided by (used in) operating activities		5,657,369			487,108			(759,901	)
Cash Flows From Financing Activities
Stock options exercised		12,388			-			-
Cash dividends paid on common and preferred stock		(744,444	)		(850,000	)		(850,000	)
Treasury stock purchased		(25,736	)		(53,230	)		(6,540	)
Repayment of advances from subsidiary		500			-			900
Redemption of preferred stock		(5,000,000	)		-			-
Net cash used in financing activities		(5,757,292	)		(903,230	)		(855,640	)
Decrease in cash		(99,923	)		(416,122	)		(1,615,541	)
Cash, beginning of year		781,432			1,197,553			2,813,094
Cash, end of year	$	681,509		$	781,431		$	1,197,553

Statements of Comprehensive Income	Years ended December 31,
	2012		2011			2010
NET INCOME	$	1,943,859	$	3,835,639		$	1,130,771
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
Change in unrealized gain on investment securities available-for-sale, before income taxes		8,652		(15,658	)		12,872
Income tax expense (credit) related to other items of comprehensive income		3,200		(5,794	)		4,763
Other comprehensive income (loss)		5,452		(9,864	)		8,109
Comprehensive income (loss) of Bank		4,089		(1,041,855	)		138,393
TOTAL COMPREHENSIVE INCOME	$	1,953,400	$	2,783,920		$	1,277,273