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GFED > SEC Filings for GFED > Form 8-K on 5-Feb-2014All Recent SEC Filings

Show all filings for GUARANTY FEDERAL BANCSHARES INC

Form 8-K for GUARANTY FEDERAL BANCSHARES INC


5-Feb-2014

Other Events


Item 8.01 Other Events

As of January 31, 2014, Guaranty Federal Bancshares, Inc., the holding company (the "Company") for Guaranty Bank, has significantly reduced its nonperforming assets (comprised of non-accrual loans and foreclosed assets held for sale) due to the payoff of a $3.7 million non-accrual loan relationship. The subject credit relationship had been in nonaccrual status for approximately three years.

While January 31, 2014 preliminary financial results are not yet available, on an adjusted basis at year end, nonperforming assets would have been reduced to $16.0 million compared to the $19.7 million previously announced, representing a decline of approximately 19%. Nonperforming assets as a percentage of total assets would have been approximately 2.58% compared to the actual 3.17% as of December 31, 2013. From the payoffs and the collection of accrued interest, the Company has recognized $335,000 of income from the transactions.

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