Note 18 - Condensed Parent Company Statements

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

NOTE 18:     CONDENSED PARENT COMPANY STATEMENTS

The condensed balance sheets as of December 31, 2013 and 2012, and statements of income and cash flows for the years ended December 31, 2013, 2012 and 2011 for the parent company, Guaranty Federal Bancshares, Inc., are as follows:

Condensed Balance Sheets	December 31,
	2013			2012
Assets
Cash	$	822,196		$	681,509
Available-for-sale securities		99,306			70,914
Due from subsidiary		-			20,795
Investment in subsidiary		62,905,512			64,069,125
Investment in Capital Trust I & II		465,000			465,000
Prepaid expenses and other assets		173,698			35,579
Refundable income taxes		1,542,319			1,152,319
Deferred income taxes		-			2,592
	$	66,008,031		$	66,497,833
Liabilities
Subordinated debentures	$	15,465,000		$	15,465,000
Accrued expenses and other liabilities		172,986			164,263
Due to subsidiary		6,900			-
Deferred income taxes		7,912			-
Stockholders' equity
Series A preferred stock		11,983,790			11,789,276
Common stock		678,360			678,180
Common stock warrants		-			1,377,811
Additional paid-in capital		57,655,031			58,267,529
Retained earnings		43,769,485			39,324,292
Unrealized appreciation on available-for-sale securities, net		(2,506,248	)		800,826
Treasury stock		(61,225,185	)		(61,369,344	)
	$	66,008,031		$	66,497,833

Condensed Statements of Income	Years ended December 31,
	2013			2012			2011
Income
Dividends from subsidiary bank	$	4,003,250		$	6,500,000		$	1,000,000
Interest income:
Related party		-			8,471			14,753
Other		16,152			19,510			18,369
		4,019,402			6,527,981			1,033,122
Expense
Interest expense:
Related party		537,178			556,159			610,929
Other		815,865			878,305			462,971
		1,353,043			1,434,464			1,073,900
Income before income taxes and equity in undistributed income (loss) of subsidiaries		2,666,359			5,093,517			(40,778	)
Credit for income taxes		(412,000	)		(435,000	)		(349,000	)
Income before equity in undistributed earnings of subsidiaries		3,078,359			5,528,517			308,222
Equity in undistributed income (distribution in excess of income) of subsidiaries		2,161,348			(3,584,658	)		3,527,417
Net income	$	5,239,707		$	1,943,859		$	3,835,639

Condensed Statements of Cash Flows	Years ended December 31,
	2013			2012			2011
Cash Flows From Operating Activities
Net income	$	5,239,707		$	1,943,859		$	3,835,639
Items not requiring (providing) cash:
(Equity in undistributed income) distributions in excess of income of subsidiaries		(2,161,348	)		3,584,658			(3,527,417	)
Deferred income taxes		-			-			38,834
Release of ESOP shares		-			153,848			126,737
Stock award plan expense		254,509			253,017			186,654
Changes in:
Prepaid expenses and other assets		(138,119	)		147,929			104,176
Income taxes payable/refundable		(390,000	)		(435,000	)		(217,833	)
Accrued expenses		8,723			9,058			(59,682	)
Net cash provided by operating activities		2,813,470			5,657,369			487,108
Cash Flows From Financing Activities
Stock options exercised		9,408			12,388			-
Cash dividends paid on common and preferred stock		(600,000	)		(744,444	)		(850,000	)
Treasury stock purchased		(106,636	)		(25,736	)		(53,230	)
Repayment of advances from subsidiary		27,695			500			-
Repurchase of stock warrants		(2,003,250	)		-			-
Redemption of preferred stock		-			(5,000,000	)		-
Net cash used in financing activities		(2,672,783	)		(5,757,292	)		(903,230	)
Increase (Decrease) in cash		140,687			(99,923	)		(416,122	)
Cash, beginning of year		681,509			781,432			(417,988	)
Cash, end of year	$	822,196		$	681,509		$	(834,110	)

Statements of Comprehensive Income	Years ended December 31,
	2013			2012		2011
NET INCOME	$	5,239,707		$	1,943,859	$	3,835,639
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes		28,392			8,652		(15,658	)
Income tax expense (credit) related to other items of comprehensive income		10,505			3,200		(5,794	)
Other comprehensive income (loss)		17,887			5,452		(9,864	)
Comprehensive income (loss) of Bank		(3,324,961	)		4,089		(1,041,855	)
TOTAL COMPREHENSIVE INCOME	$	1,932,633		$	1,953,400	$	2,783,920