UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarter ended September 30, 1999

                                       OR

[ ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from _______ to _______

Commission number 0-23325
                  -------

                        Guaranty Federal Bancshares, Inc.
                        ---------------------------------
             (Exact name of registrant as specified in its charter)

       Delaware                                           43-1792717
       --------                                           ----------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)

    1341 West Battlefield
    ---------------------
  Springfield, Missouri                             65807
(Address of principal executive offices)         (Zip Code)


                        Telephone Number: (417) 889-2494
                                          --------------

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the  Securities  Exchange act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant  was required to file such  reports) and (2) has been subject to such
filing requirements for the past 90 days.

                  Yes   X                                     No
                       ---                                       ---

         Indicate the number of shares  outstanding of each of the  registrant's
classes of common stock, as of the latest practicable date.

                  Class                         Outstanding at November 12, 1999
                  -----                         --------------------------------

         Common Stock, Par Value $0.10                 5,457,746 Shares


<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC



                                    Form 10-Q

                                TABLE OF CONTENTS
Item                                                                       Page
----                                                                       ----
                          PART I. Financial Information
                          -----------------------------

1.  Consolidated Financial Statement (Unaudited):
         Statements of Financial Condition                                    3

         Statements of Income                                                 4

         Statements of Changes in Stockholders' Equity                        5

         Statements of Cash Flow                                              7

         Notes to Consolidated Financial Statement                            8

2.  Management's Discussion and Analysis of Financial Condition and          11
         Results of Operations

3. Quantitative and Qualitative Disclosures about Market Risk                19

                           PART II. Other Information
                           --------------------------

1.  Legal Proceedings                                                        23

2.  Changes in Securities and Use of Proceeds                                23

3.  Defaults Upon Senior Securities                                          23

4.  Submission of Matters to Vote of Security-holders                        23

5.  Other Information                                                        23

6.  Exhibits and Reports on Form 8-K                                         23

Signatures                                                                   24


                                       2
<PAGE>

PART I

Item 1.  Financial Statements
         ---------------------

                    GUARANTY FEDERAL SAVINGS BANCSHARES, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                SEPTEMBER 30, 1999 (UNAUDITED) AND JUNE 30, 1999
<TABLE>
<CAPTION>
                          ASSETS                                             9/30/99           6/30/99
                                                                           ----------        ----------
<S>                                                                   <C>                 <C>
 Cash                                                                     $ 1,467,815         1,656,648
 Interest-bearing deposits in other financial institutions                 4,270,083         8,032,473
                                                                          -----------       -----------
 Cash and cash equivalents                                                  5,737,898         9,689,121

 Available-for-sale securities                                              8,060,096         8,951,175
 Held-to-maturity securities                                               10,015,085        15,394,643
 Mortgage loans held for sale                                                 628,653           769,074
 Loans receivable, net                                                    274,189,244       263,499,778
 Accrued interest receivable:
 Loans                                                                      1,489,599         1,459,508
 Investments                                                                  130,853           297,431
 Prepaid expenses and other assets                                          5,740,625         5,671,845
 Foreclosed assets held for sale                                                    -           101,546
 Premises and equipment                                                     7,359,161         7,365,392
                                                                          -----------       -----------
                                                                         $313,351,214       313,199,513
                                                                         ============      ============
           LIABILITIES AND STOCKHOLDERS' EQUITY

 LIABILITIES
 Deposits                                                                $143,168,633       141,137,154
 Federal Home Loan Bank advances                                          103,334,272       104,794,640
 Advances from borrowers for taxes and insurance                            1,666,593         1,195,545
 Accrued expenses and other liabilities                                     1,457,508           499,221
 Accrued interest payable                                                     551,599           543,641
 Income taxes payable                                                         652,092           235,587
 Deferred income taxes                                                      1,229,480         1,360,503
                                                                          -----------       -----------
                                                                          252,060,177       249,766,291
                                                                          -----------       -----------
 STOCKHOLDERS' EQUITY
 Common Stock:
 $0.10 par value; authorized 10,000,000 shares;
 issued; 9/30/99 - 6,246,273 shares, 6/30/99 - 6,245,775 shares               624,627           624,578
 Additional paid-in capital                                                47,482,357        47,366,264
 Unearned ESOP shares                                                      (3,042,670)       (3,100,080)
 Retained earnings, substantially restricted                               23,068,857        23,236,009

 Accumulated other comprehensive income
         Unrealized appreciation on available-for-sale securities,
         net of income taxes;  9/30/99 - $1,799,944,
         6/30/99 - $2,026,448                                               3,064,770         3,438,826
                                                                          -----------       -----------
                                                                           71,197,941        71,565,597

 Treasury stock, at cost - 9/30/99 - 788,527 shares,
     6/30/99 - 642,127 shares                                              (9,906,904)       (8,132,375)
                                                                          ------------      ------------
                                                                           61,291,037        63,433,222
                                                                        $ 313,351,214       313,199,513
                                                                        =============      ============

</TABLE>
See Notes to Consolidated Financial Statements

                                       3
<PAGE>
                 GUARANTY FEDERAL SAVINGS BANCSHARES, INC
         CONSOLIDATED STATEMENTS OF INCOME
        THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
                                                                             9/30/99        9/30/98
                                                                             -------        -------
<S>                                                                      <C>              <C>
 INTEREST INCOME
 Loans                                                                    $ 5,179,899      4,383,216
 Investment securities                                                        211,967        432,603
 Other                                                                        169,928        118,070
                                                                          -----------    -----------
                                                                            5,561,794      4,933,889
                                                                          -----------    -----------
 INTEREST EXPENSE
 Deposits                                                                   1,499,578      1,586,184
 Federal Home Loan Bank advances                                            1,485,396        915,979
                                                                          -----------    -----------
                                                                            2,984,974      2,502,163
                                                                          -----------    -----------
 NET INTEREST INCOME                                                        2,576,820      2,431,726
 PROVISION FOR LOAN LOSSES                                                     45,000         45,000
                                                                          -----------    -----------
 NET INTEREST INCOME AFTER
     PROVISION FOR LOAN LOSSES                                              2,531,820      2,386,726
                                                                          -----------    -----------
 NONINTEREST INCOME (LOSS)
 Service charges                                                              272,417        205,900
 Late charges and other fees                                                   56,611         25,388
 Gain (loss) on loans and investment securities                               (14,586)         9,750
 Income (expense) on foreclosed assets                                         13,372         (6,170)
 Other income                                                                  45,524         36,040
                                                                          -----------    -----------
                                                                              373,338        270,908
                                                                          -----------    -----------
 NONINTEREST EXPENSE
 Salaries and employee benefits                                               807,058        740,490
 Occupancy                                                                    205,092        174,330
 SAIF deposit insurance                                                        20,072         22,374
 Data processing                                                              113,739        116,318
 Advertising                                                                   90,331        107,896
 Other expense                                                                296,609        248,389
                                                                          -----------    -----------
                                                                            1,532,901      1,409,797
                                                                          -----------    -----------
 INCOME BEFORE INCOME TAXES                                                 1,372,257      1,247,837
 PROVISION FOR INCOME TAXES                                                   512,159        449,734
                                                                          -----------    -----------
 NET INCOME                                                                   860,098        798,103
 OTHER COMPREHENSIVE INCOME (LOSS)
           Unrealized appreciation (depreciation)  on
                available-for-sale securities, net of taxes of $219,684
                and $66,580 for 1999 and 1998, respectively                  (374,056)       113,366
                                                                          -----------    -----------
 COMPREHENSIVE INCOME                                                     $   486,042        911,469
                                                                          ===========    ===========
 BASIC EARNINGS PER SHARE                                                 $      0.16           0.14
                                                                          ===========    ===========
 DILUTED EARNINGS PER SHARE                                               $      0.16           0.14
                                                                          ===========    ===========
</TABLE>


                                       4
<PAGE>
                        GUARANTY FEDERAL BANCSHARES, INC.

           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

                THREE MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                        Accumulated
                                                                                                           Other
                                                                                                        Comprehensive
                                                                                                           Income
                                                                                                           ------
                                                                                                          Unrealized
                                                                                                         Appreciation on
                                                Additional       Unearned                               Available-for-Sale
                                 Common        Paid-In          ESOP         Treasury      Retained       Securities
                                  tock         Capital         Shares         Stock        Earnings          Net          Total
                                  ----         -------         ------         -----        --------          ---       -----------
<S>                             <C>         <C>            <C>            <C>            <C>             <C>           <C>
 Balance, June 30, 1999          $624,578    47,366,264     (3,100,080)    (8,132,375)    23,236,009      3,438,826     63,433,222
 Net income                          --            --             --             --          860,098           --          860,098
 Dividends on common stock,
   ($0.20 per share on
   5,136,256 shares)                 --            --             --             --       (1,027,250)          --       (1,027,250)
 Recognition and Retention Plan
 (RRP) expense & Restricted Stock
       Plan (RSP) expense            --         121,336           --             --             --             --          121,336
 Stock options exercised               49         2,949           --             --             --             --            2,998
 Treasury stock purchased            --            --             --       (1,774,529)          --             --       (1,774,529)
 Release of ESOP shares              --          11,247         57,410           --             --             --           68,657
 Tax liability of RRP shares         --         (19,439)          --             --             --             --          (19,439)
 Change in unrealized
 appreciation on
 available-for-sale
 securitites, net of
 income taxes of $219,684            --            --             --             --             --         (374,056)      (374,056)
                                 --------   -----------    -----------    -----------    -----------    -----------    -----------
 Balance, September 30, 1999     $624,627    47,482,357     (3,042,670)    (9,906,904)    23,068,857      3,064,770     61,291,037
                                 ========   ===========    ===========    ===========    ===========    ===========    ===========
</TABLE>


See Notes to Consolidated Financial Statements

                                       5
<PAGE>
                        GUARANTY FEDERAL BANCSHARES, INC.
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                THREE MONTHS ENDED SEPTEMBER 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                                        Accumulated
                                                                                                           Other
                                                                                                        Comprehensive
                                                                                                           Income
                                                                                                           ------
                                                                                                          Unrealized
                                                                                                         Appreciation on
                                                Additional       Unearned                               Available-for-Sale
                                    Common        Paid-In          ESOP         Treasury      Retained       Securities
                                    Stock         Capital         Shares         Stock        Earnings          Net          Total
                                     ----         -------         ------         -----        --------          ---       ---------
<S>                             <C>          <C>            <C>            <C>            <C>             <C>           <C>
Balance, June 30, 1998           $   622,804     49,016,992    (3,444,540)          --       21,682,950      2,811,892   70,690,098
Net income                              --             --            --             --          798,103           --        798,103
Dividends on common stock,
  ($0.16 per share)                     --             --            --             --         (946,679)          --       (946,679)
Recognition and Retention Plan
(RRP) expense & Restricted
      Stock Plan (RSP) expense          --          133,485          --             --             --             --        133,485
RSP stock purchased                     --       (2,373,065)         --             --             --             --     (2,373,065)
Treasury stock purchased                --             --            --       (4,280,238)          --             --     (4,280,238)
Change in unrealized appreciation
on available-for-sale securitites,
net of income taxes of $66,580          --             --            --             --             --          113,366      113,366
                                 -----------     ----------    ----------     ----------     ----------      ---------   ----------
Balance, September 30, 1998      $   622,804     46,777,412    (3,444,540)    (4,280,238)    21,534,374      2,925,258   64,135,070
                                 ===========     ==========    ==========     ==========     ==========      =========   ==========

</TABLE>

                                        6

See Notes to Consolidated Financial Statements

<PAGE>
                    GUARANTY FEDERAL SAVINGS BANCSHARES, INC
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
           THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
                                                                   1999              1998
                                                               ------------       ---------
<S>                                                           <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                     $    860,098         798,103
Items not requiring (providing) cash:
     Deferred income taxes                                           88,661         (92,984)
     Depreciation                                                   104,523          97,240
     Provision for loan losses                                       45,000          45,000
     (Gain) loss on loans and investment securities                  14,586          (9,750)
     Gain on sale of foreclosed assets                              (13,372)           (138)
     Amortization of deferred income, premiums and discounts         24,086           1,438
     RRP/RSP expense                                                121,336         133,485
     Origination of loans held for sale                            (570,534)     (2,316,051)
     Proceeds from sale of loans held for sale                      696,369       1,748,403
     Release of ESOP shares                                          68,657            --
Changes in:
     Accrued interest receivable                                    136,487          83,431
     Prepaid expenses and other assets                               50,720      (1,407,598)
     Accounts payable and accrued expenses                          (61,005)        331,536
     Income taxes payable                                           397,066         367,717
                                                               ------------       ---------
Net cash provided by (used in) operating activities               1,962,678        (220,168)
                                                               ------------       ---------
CASH FLOWS FROM INVESTING ACTIVITIES
 Net increase in loans                                          (10,752,440)    (18,073,801)
 Principal payments on available-for-sale securities                296,260         121,110
 Principal payments held-to-maturity securities                     674,525       1,376,562
 Purchase of premises and equipment                                 (98,292)        (26,087)
 Purchase of available-for-sale securities                             --          (345,176)
 Proceeds from maturities of held-to-maturity securities          4,700,000         168,369
 Purchase of FHLB stock                                            (119,500)           --
 Proceeds from sale of foreclosed assets                            114,918         262,138
                                                               ------------       ---------
Net cash used in investing activities                            (5,184,529)    (16,516,885)
                                                               ------------       ---------

CASH FLOWS FROM FINANCING ACTIVITIES
 Stock options exercised                                              2,998            --
 Net increase (decrease) in demand deposits,
 NOW accounts and savings accounts                                  (66,696)      1,507,899
 Net increase (decrease) in certificates of deposit               2,098,175      (8,136,679)
 Proceeds from FHLB advances                                      3,019,600      29,840,000
 Repayments of FHLB advances                                     (4,479,968)     (2,211,594)
 Advances from borrowers for taxes and insurance                    471,048         438,999
 RSP stock purchased                                                   --        (2,373,065)
 Treasury stock purchased                                        (1,774,529)     (4,280,238)
                                                               ------------       ---------
 Net cash provided by (used in) financing activities               (729,372)     14,785,322
                                                               ------------       ---------
 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                (3,951,223)     (1,951,731)
 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                     9,689,121       7,304,923
                                                               ------------       ---------
 CASH AND CASH EQUIVALENTS, END OF PERIOD                      $  5,737,898       5,353,192
                                                               ============       =========
</TABLE>



                                       7
<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 1:  Conversion, Reorganization and Stock Issuance
         ---------------------------------------------

         On December 30, 1997, Guaranty Federal  Bancshares,  Inc. completed the
conversion from a federally chartered mutual holding company, (formerly Guaranty
Federal  Bancshares,  M.  H.  C.)  to a  Delaware-chartered  stock  corporation.
Stockholders'  equity increased to $69.5 million primarily due to the conversion
in which Guaranty Federal  Bancshares,  Inc.  exchanged  1,880,710 shares of its
common  stock  for all the  Bank's  common  stock not held by  Guaranty  Federal
Bancshares, M. H. C. This exchange ratio was 1.931. In addition 4,340,812 shares
at $10.00 per share were sold in the stock offering, including 344,454 shares to
the employee stock  ownership  plan ( the "ESOP").  Total shares of common stock
outstanding following the offering and exchange was 6,221,522.

         In April  1995  Guaranty  Federal  Savings  and Loan  Association  (the
"Association")  reorganized  from a federally  chartered mutual savings and loan
association into a federal mutual holding company,  Guaranty Federal Bancshares,
M.  H.  C.  (the  "MHC").  As  part  of  the  reorganization,   the  Association
incorporated a de novo federally  chartered stock savings bank, Guaranty Federal
Savings  Bank  (the  "Bank")  and  transferred  most of its  assets  and all its
liabilities  to the Bank. The Bank issued  3,125,000  shares of its common stock
(par value $1.00) of which  972,365  shares were sold to parties  other than the
MHC, thus creating a minority  ownership interest in the Bank. The shares had an
initial public offering price of $8 per share, resulting in gross sales proceeds
of  $7,778,920.  Costs related to the stock issuance of $654,388 were applied to
reduce the gross  proceeds.  Also  $100,000 was  transferred  to the MHC for the
initial capitalization in connection with reorganization.

Note 2:  Basis of Presentation
         ---------------------

         The accompanying  unaudited interim  consolidated  financial statements
have been prepared in accordance with generally accepted  accounting  principles
for interim  financial  information  and with the  instructions to Form 10-Q and
Rule  10-01 of  Regulation  S-X.  Accordingly,  they do not  include  all of the
information and footnotes required by generally accepted  accounting  principles
for complete financial statements. In the opinion of management, all adjustments
(consisting only of normal recurring accruals)  considered  necessary for a fair
presentation have been included.



                                       8

<PAGE>
                        GUARANTY FEDERAL BANCSHARES, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note 3:  Principles of Consolidation
         ---------------------------

         As more fully described in Note 1, the Company is a  Delaware-chartered
stock corporation organized to facilitate the conversion from the mutual holding
company  form of  ownership  of the Bank to the stock  holding  company  form of
ownership  of the  Bank  and  hold all of the  capital  stock  of the  Bank.  In
connection with the conversion, Guaranty Federal Bancshares, M. H. C., which had
owned 69% of the common  stock of the Bank,  was merged  with and into the Bank,
and its shares of the Bank were canceled.

         The  consolidated  financial  statements  include  the  accounts of the
Company,  its wholly -owned  subsidiary,  Guaranty  Federal Savings Bank and the
wholly-owned subsidiary of the Bank, Guaranty Financial Services of Springfield,
Inc. Significant  intercompany accounts and transactions have been eliminated in
consolidation.

Note 4: Earnings Per Share
        ------------------
<TABLE>
<CAPTION>
                                                            For three months ended September 30, 1999
                                                        ---------------------------------------------------
                                                           Income              Shares              Per-share
<S>                                                      <C>                 <C>                    <C>
Basic EPS
Income available to common stockholders                   $ 860,098           5,216,265              $ 0.16
                                                                                                      ======
Effect of Dilutive Securities
Stock Options                                                                    57,869
                                                          ---------           ---------
Income available to common stockholders                   $ 860,098           5,274,134               $ 0.16
                                                          =========           =========               ======
</TABLE>

<TABLE>
<CAPTION>

                                                            For three months ended September 30, 1998
                                                        ---------------------------------------------------
                                                         Income              Shares              Per-share
<S>                                                      <C>                 <C>                    <C>
Basic EPS
Income available to common stockholders                   $ 798,103           5,683,949              $ 0.14
                                                                                                      ======
Effect of Dilutive Securities
Stock Options                                                                    70,265
                                                          ---------           ---------
Income available to common stockholders                   $ 798,103           5,754,214               $ 0.14
                                                          =========           =========               ======

</TABLE>

         Options to purchase  16,704 shares,  5,000 shares and 426,515 shares of
common stock at $12.25, $12.63 per share and $13.44 per share, respectively were
outstanding  during the three months  ended  September  30,  1999,  but were not
included in the  computation of diluted EPS because the options'  exercise price
was greater than the average market price of the common shares.

                                       9
<PAGE>


                        GUARANTY FEDERAL BANCSHARES, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 5:  Benefit Plans
         -------------

         On October 18, 1995,  the Bank's  stockholders  voted to approve both a
Recognition and Retention Plan ("RRP") and a Stock Option Plan ("SOP").  On July
22, 1998,  the Company's  stockholders  voted to approve both a 1998  Restricted
Stock Plan (" RSP") and a 1998 Stock Option Plan ("1998  SOP").  The RRP and RSP
authorized shares to be issued to directors, officers and employees of the Bank.
As of September 30, 1999,  all of the RRP and RSP shares have been purchased and
all except 2,925 shares have been awarded.  The Bank is  amortizing  the RRP and
RSP expense over each participant's  vesting period and the financial statements
reflect $121,336 RRP and RSP expense for the three month period ending September
30, 1999. The SOP and 1998 SOP  authorized  stock options on shares to be issued
to officers  and  employees of the Bank,  as of  September  30, 1999 all options
except those on 24,231 shares have been granted.  The RRP, RSP, SOP and 1998 SOP
vest over a five year period.  The RRP and SOP have been adjusted to reflect the
conversion,  reorganization  and  stock  issuance  described  in Note 1 with all
vesting periods remaining  unchanged.  At September 30, 1999, there were 569,582
unexercised  options  that have been  granted  at prices  ranging  from $5.83 to
$13.44 per share and 161,869 RRP and RSP shares were unvested.








                                       10

<PAGE>


                        GUARANTY FEDERAL BANCSHARES, INC.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         -----------------------------------------------------------------------
         of Operations
         -------------

General

         The accompanying Consolidated Financial Statements include the accounts
of Guaranty Federal  Bancshares,  Inc. (the "Company"),  and all accounts of its
wholly  owned  subsidiary , Guaranty  Federal  Savings Bank (the "Bank") and all
accounts of the wholly-owned subsidiary of the Bank, Guaranty Financial Services
of Springfield, Inc. All significant intercompany transactions and balances have
been eliminated in consolidation.

         However,  because the conversion,  reorganization and stock issuance of
the  Company,  the Bank and related  entities  did not occur until  December 30,
1997,  all results  prior to that date  reflect the accounts of the Bank and its
subsidiary.  The Company  realized  approximately  $39.2 million in net proceeds
from the stock issuance of which the Company  provided $19.9 million to the Bank
as capital and the Company provided a loan of $3.44 million to fund the purchase
of stock for the employee stock ownership plan.
Other than the loan for the ESOP,  most of the funds received have been invested
in loans.

         The primary  function of the Company has been to monitor its investment
in the Bank,  as a result,  the results of  operation of the Company are derived
primarily  from  operations of the Bank.  The Bank's  results of operations  are
primarily  dependent on net interest  margin,  which is the  difference  between
interest   income  on   interest-earning   assets   and   interest   expense  on
interest-bearing liabilities. The Bank's income is also affected by the level of
its  noninterest  expenses,  such as  employee  salary and  benefits,  occupancy
expenses and other  expenses.  The  following  discussion  reviews the financial
condition at September  30, 1999,  and the results of  operations  for the three
months ended September 30, 1999 and 1998.

         The discussion set forth below,  as well as other portions of this Form
10-Q,  may contain  forward-looking  comments.  Such comments are based upon the
information  currently  available to management of the Company and  management's
perception  thereof  as of the  date of the Form  10-Q.  Actual  results  of the
Company's   operations  could  materially  differ  from  those   forward-looking
comments.  The differences could be caused by a number of factors or combination
of factors  including,  but limited to; changes in demand for banking  services;
changes in portfolio  composition;  changes in  management  strategy;  increased
competition from both bank and non-bank  companies;  and the ability to discover
and correct potential Year 2000 problem, which is discussed later.


                                       11

<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

Financial Condition
-------------------

         The Bank's total assets increased $151,701,  or 0.1%, from $313,199,513
as of June 30, 1999, to $313,351,214 as of September 30, 1999.

         Interest-bearing  deposits in other  financial  institutions  decreased
$3,762,390,  or 46.8% from  $8,032,473  as of June 30, 1999, to $4,270,083 as of
September 30, 1999.

         Securities   available-for-sale   decreased  $891,079,  or  10.0%  from
$8,951,175 as of June 30, 1999, to $8,060,096 as of September 30, 1999,  this is
primarily  due to the  decrease  in fair  value of  various  equity  securities.
Securities   held-to-maturity   decreased  due  to   maturities   and  principal
repayments,  by $5,379,558,  or 34.9%,  from $15,394,643 as of June 30, 1999, to
$10,015,085  as of September 30, 1999.  The Bank continues to hold 96,000 shares
of  Federal  Home Loan  Corporation  ("FHLMC")  stock with a  amortized  cost of
$94,000 in the available-for-sale  category. As of September 30, 1999, the gross
unrealized  gain on the stock was  $4,898,000 a decrease  from  $5,474,000 as of
June 30, 1999.

         Net  loans   receivable   increased  by  $10,689,466,   or  4.1%,  from
$263,499,778,  as of June 30, 1999, to  $274,189,244,  as of September 30, 1999,
and loans held-for-sale decreased by $140,421, or 18.3% from $769,074 as of June
30, 1999 to $628,653 as of September 30, 1999. Growth consisted of loans secured
by both owner and non-owner occupied residential real estate, which increased by
$4,068,000.  In addition  construction  loans increased by $2,185,000,  this was
primarily due to an increase of $2,873,000 on loans for the  construction of 1-4
family  units.  Growth  in loans  receivable  is  anticipated  to  continue  and
represents a major part of the Bank's planned assets growth.

         Allowance for loan losses increased  $45,000 or 1.9% from $2,349,328 of
June 30, 1999, to $2,394,328 as of September 30, 1999.  The allowance  increased
due to an increase in the  provision  for loan losses.  The  allowance  for loan
losses  as of  September  30,  1999  and  June  30,  1999  was  .85%,  and  .89%
respectively,  of net loans outstanding. As of September 30, 1999, the allowance
for loan losses was 275.2% of impaired loans versus 259.3% as of June 30, 1999.

         Fair value of foreclosed assets  held-for-sale  decreased $101,546 from
$101,546 as of June 30, 1999, to $0 as of September 30, 1999.  This decrease was
due to the sale of all foreclosed assets. The Bank recorded a gain of $13,372 on
the sale of these assets.

         Deposits increased $2,031,479 or 1.4%, from $141,137,154 as of June 30,
1999,  to  $143,168,633  as of September  30, 1999.  For the three months ending
September 30, 1999, checking and passbook accounts decreased by $66,696, or 0.1%
while certificates of deposits increased by $2,098,175 or 2.2%.

                                       12
<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

Financial Condition, continued
------------------------------

         As a result of the increase in  deposits,  and decrease in loan demand,
FHLB advances  decreased  $1,460,368 or 1.4%,  from  $104,794,640 as of June 30,
1999, to  $103,334,272 of September 30, 1999. As of September 30, 1999, the Bank
had the ability to borrow an additional $72.3 million from the FHLB.

         Accrued  expenses and other  liabilities  increased  $958,287 or 192.0%
from $499,221 as of June 30, 1999,  to $1,457,508 as of September 30, 1999.  The
majority  of this  increase  is due to a $0.20 per  share  dividend  payable  to
stockholders of record September 7, 1999, totaling $1,027,250.

         Stockholders' equity (including  unrealized  appreciation on securities
available-for-sale,  net of tax) decreased $2,142,185, or 3.4%, from $63,433,222
as of June 30, 1999, to $61,291,037 as of September 30, 1999.  This decrease was
due to several factors.  During this period a total of 146,400 shares of Company
stock were repurchased in the open market at a cost of $1,774,529.  In addition,
dividends  in the  amount of  $1,027,250  ($0.20 per share)  were  declared  and
payable,  at September 30, 1999, to  stockholders'  of record as of September 7,
1999.   There  was  also  a  decrease   in  the   unrealized   appreciation   on
available-for-sale  securities of $374,056. On a per share basis,  stockholders'
equity  decreased  from $11.98 as of June 30, 1999 to $11.89 as of September 30,
1999.

Analysis of core earnings
-------------------------

          The Company's  profitability is primarily  dependent upon net interest
income,  which  represents  the difference  between  interest and fees earned on
loans and debt and equity  securities,  and the cost of deposits and borrowings.
Net interest income is dependent on the difference  between the average balances
and rates earned on  interest-earning  assets and the average balances and rates
paid  on  interest-bearing  liabilities.  Net  income  is  further  affected  by
non-interest income, non-interest expense and income taxes.

                                       13
<PAGE>

         The  following  table sets forth  certain  information  relating to the
Company's average  consolidated  statements of financial  condition and reflects
the average  yield on assets and  average  cost of  liabilities  for the periods
indicated.  Such  yields  and costs are  derived by  dividing  income or expense
annualized by the average  balance of assets or liabilities,  respectively,  for
the periods shown.  Average  balances were derived from average daily  balances.
The  average   balance  of  loans  includes  loans  on  which  the  Company  has
discontinued  accruing  interest.  The yields and costs  include  fees which are
considered adjustments to yields.
<TABLE>
<CAPTION>
                                           Three months ended                      Three months ended
                                           September 30, 1999                      September 30, 1998
                                     --------------------------------        ----------------------------------
                                     Average       Yield/     Average        Average       Yield/     Average
                                     Balance      Interest     Cost          Balance      Interest     Cost
                                     -------      --------     ----          -------      --------     ----
                                               (In Thousands)                          (In Thousands)
<S>                                  <C>              <C>       <C>           <C>             <C>       <C>
ASSETS
Interest-earning:
Loans                                 $  268,378       5,180     7.72%         $ 215,962       4,383     8.12%
Investment securities                     13,141         212     6.45%            29,182         433     5.94%
Other assets                             17,403          170     3.91%            10,957         118     4.31%
                                         -------        ----     -----           -------        ----     -----
Total interest-earning                   298,922       5,562     7.44%           256,101       4,934     7.71%
                                                      ------     -----                        ------     -----
Noninterest-earning                       8,161                                    7,537
                                        --------                                --------
                                      $ 307,083                                $ 263,638
                                      ==========                               =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing:
Savings accounts                         $ 8,526          48     2.25%           $ 8,366          57     2.73%
Transaction accounts                      34,077         243     2.85%            26,026         183     2.81%
Certificates of deposit                   95,570       1,209     5.06%            98,950       1,346     5.44%
FHLB advances                            101,464       1,485     5.85%            59,801         916     6.13%
                                        --------      ------     -----           -------        ----     -----
Total interest-bearing                   239,637       2,985     4.98%           193,143       2,502     5.18%
                                                      ------     -----                        ------     -----
Noninterest-bearing                        4,130                                   3,104
                                          ------                                  ------
Total liabilities                        243,767                                 196,247
Stockholders' equity                      63,316                                  67,390
                                         -------                                 -------
                                       $ 307,083                               $ 263,637
                                       =========                               =========
Net earning balance                       59,285                                  62,958
                                         =======                                 =======
Earning yield less costing rate                                  2.46%                                   2.53%
                                                                 =====                                   =====
Net interest income, and
     net yield spread on
     interest earning assets                        $ 2,577      3.45%                         2,432     3.80%
                                                    ========     =====                        ======     =====
Ratio on interest-earning assets to
     interest-bearing liabilities                                 125%                                    133%
                                                                  ====                                    ====
</TABLE>

                                       14
<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

Results of Operations - Comparison of Three Month Periods
Ended September 30, 1999 and 1998

         Net income for the three months ended September 30, 1999 was $860,098,
compared to net income of $798,103 for the three months ended September 30, 1998
which represents a increase in earnings of $61,995,  or 7.8% for the three month
period.

Interest Income
---------------

         Total  interest  income for the three months ended  September 30, 1999,
increased  $627,905 or 12.7% as compared to the three months ended September 30,
1998. For the three month period,  the average yield on interest  earning assets
decreased 27 basis points to 7.44% and the average balance outstanding increased
$42,821,000.

Interest Expense
----------------

         Total interest  expense for the three months ended  September 30, 1999,
increased  $482,811 or 19.3% when  compared to the three months ended  September
30,  1998.  For the three month  period,  the average  cost of interest  bearing
liabilities  decreased  20 basis  points  to 4.98%  while  the  average  balance
outstanding increased $46,494,000.

Net Interest Income
-------------------

         Net  interest  income for the three months  ended  September  30, 1999,
increased  $145,094,  or 6.0% when compared to the three months ended  September
30, 1998.  The  increases  in average  balances of interest  earning  assets and
interest bearing liabilities  discussed above contributed to the increase in net
interest income by  approximately  $227,000.  This was offset by the decrease in
net earning yield by 7 basis points which resulted in a decrease in net interest
income of approximately $82,000.

Provision for Loan Losses
-------------------------

          Based  primarily  on  the  continued  growth  of the  loan  portfolio,
management  decided to increase  the loan loss reserve  through a provision  for
loan loss of $45,000 for the three months ended September 30, 1999,  compared to
$45,000 for the three months ended September 30, 1998. The Bank will continue to
monitor  its  allowance  for loan  losses  and make  future  additions  based on
economic and  regulatory  conditions.  Although the Bank maintains its allowance
for loan losses at a level which it  considers to be  sufficient  to provide for
potential  losses,  there can be no assurance that future losses will not exceed
internal estimates.  In addition, the amount of the allowance for loan losses is
subject to review by regulatory  agencies which can order the  establishment  of
additional loss provisions.

                                       15
<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

Noninterest Income
------------------

         Noninterest  income  increased  $102,430  for the  three  months  ended
September  30, 1999, or 37.8%  compared to the three months ended  September 30,
1998.  The  increase  was  primarily  due to the  increase in  checking  account
customers  which has resulted in more service charge income.  Service charges on
checking  accounts  increased  $66,517 for the three months ended  September 30,
1999, or 32.3% compared to the three months ended September 30, 1998.

Noninterest Expense
-------------------

         Noninterest  expense  increased  $123,104  for the three  months  ended
September  30, 1999 or 8.7% as compared to the three months ended  September 30,
1998.  In general this  increase can be  attributed  to the overall  increase in
accounts  served.  There were no significant  changes in any individual  expense
category.

Provision for Income Taxes
--------------------------

         There was a $62,245  increase in the provision for income taxes for the
three months ended  September  30, 1999, as compared to the same period in 1998.
This  increase was due to the increase in before tax income for the three months
ended September 30, 1999, compared to the same period in 1998.









                                       16

<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

Nonperforming Assets
--------------------

         The allowance for loan losses is calculated based upon an evaluation of
pertinent  factors  underlying  the  various  types and  quality  of the  loans.
Management  considers  such  factors  as the  repayment  status  of a loan,  the
estimated net  realizable  value of the  underlying  collateral,  the borrower's
intent and ability to repay the loan,  local economic  conditions and the Bank's
historical loss ratios. The Bank's allowance for loan losses as of September 30,
1999, was  $2,394,328 or 0.9% of loans  receivable.  Total assets  classified as
substandard or loss as of September 30, 1999,  were  $1,063,685 or 0.3% of total
assets.  Management has considered  nonperforming and total classified assets in
evaluating the adequacy of the Bank's allowance for loan losses.

         The ratio of  nonperforming  assets to total  assets is another  useful
tool in  evaluating  exposure to credit risk.  Nonperforming  assets of the Bank
include  nonperforming  loans  (nonaccruing  loans) and  assets  which have been
acquired as a result of foreclosure or deed-in-lieu of foreclosure.


                                          9/30/99       6/30/99        6/30/98
                                               (Dollars In Thousands)
Nonperforming loans                        $ 870           906          1,012
Real estate acquired in
settlement of loans                            -           101            286
                                           -----         -----          -----
Total Nonperforming Assets                 $ 870         1,007          1,298
                                           =====         =====          =====
Total Nonperforming Assets
as a Percentage of Total
Assets                                      0.28%         0.32%          0.50%
   Allowance for loan losses               $2,394         2,349          2,191
   Allowance for loan losses as a
   Percentage of average loans, net         0.89%         1.00%          1.24%



Asset/Liability Management
--------------------------

         The goal of the  Bank's  asset/liability  policy is to manage  interest
rate risk so as to maximize net interest  income over time in changing  interest
rate  environments.  Management  monitors the Bank's net  interest  spreads (the
difference  between  yields  received  on assets and paid on  liabilities)  and,
although  constrained by market  conditions,  economic  conditions,  and prudent
underwriting standards, it offers deposit rates and loan rates that maximize net
interest  income.  Management  also  attempts  to fund the  Bank's  assets  with
liabilities of a comparable duration to minimize the impact of changing interest
rates on the Bank's net  interest  income.  Since the  relative  spread  between
financial assets and liabilities is constantly changing,  the Bank's current net
interest income may not be an indication of future net interest income.

                                       17
<PAGE>


                        GUARANTY FEDERAL BANCSHARES, INC.

         The  Bank's  initial  efforts  to manage  interest  rate risk  included
implementing an adjustable  rate mortgage loan ("ARM") program  beginning in the
early 1980s. The ARMs have met with excellent  customer  acceptance.  As of June
30, 1999, ARMs  constituted  59.3% of the Bank's mortgage loan portfolio.  As of
September 30, 1999,  ARMs  represent  60.3% of the loan  portfolio.  Of the ARMs
originated  during the first  quarter of fiscal year 2000,  borrowers  preferred
initial  fixed rate  periods of three or five years.  The Bank has  continued to
fund fixed rate loans through a program of borrowing  longer-term funds from the
FHLB.

         The Bank is also  managing  interest  rate risk by the  origination  of
construction  loans.  As of September  30, 1999,  such loans made up 9.7% of the
Bank's loan  portfolio.  In general,  these  loans have higher  yields,  shorter
maturities and greater interest rate sensitivity than other real estate loans.

         The Bank  constantly  monitors  its  deposits  in an effort to decrease
their interest rate sensitivity.  Rates of interest paid on deposits at the Bank
are priced competitively in order to meet the Bank's asset/liability  management
objectives  and spread  requirements.  As of June 30, 1999,  the Bank's  savings
accounts,   checking  accounts,   and  money  market  deposit  accounts  totaled
$46,736,183  or 33.1% of its total  deposits.  As of  September  30,1999,  these
accounts  totaled  $46,669,487  or 32.6% of total  deposits.  The Bank believes,
based on  historical  experience,  that a  substantial  portion of such accounts
represents non-interest rate sensitive, core deposits.

         The value of the Bank's loan  portfolio  will change as interest  rates
change.  Rising  interest  rates will decrease the Bank's net  portfolio  value,
while falling interest rates increase the value of that portfolio.




                                       18
<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

Interest Rate Sensitivity Analysis
----------------------------------

         The  following  table sets forth as of June 30,  1999 (the most  recent
available), OTS estimate of the projected changes in net portfolio value ("NPV")
in the event of 100, 200 and 300 basis point ("bp")  instantaneous and permanent
increases and decreases in market interest  rates.  Dollar amounts are expressed
in thousands.
<TABLE>
<CAPTION>
BP Change                           Estimated Net Portfolio Value                    NPV as % of PV of Assets
---------                  ----------------------------------------------            ------------------------
in Rates                    $ Amount          $ Change          % Change          NPV Ratio         BP Change
<S>                         <C>               <C>                 <C>              <C>              <C>
+300                          60,719            (4,307)              -7%             20.5%            -18 bp
+200                          63,314            (1,712)              -3%             20.9%            +22 bp
+100                          64,873              (153)               0%             21.0%            +31 bp
   NC                         65,026                                                 20.7%
 -100                         63,517            (1,509)              -2%             19.9%            -75 bp
 -200                         60,740            (4,286)              -7%             18.9%           -184 bp
 -300                         57,751            (7,275)             -11%             17.7%           -298 bp
</TABLE>


         Computations  of  prospective  effects of  hypothetical  interest  rate
changes are  calculated  by the OTS from data provided by the Bank and are based
on numerous  assumptions,  including  relative  levels of market interest rates,
loan  repayments  and  deposit  run-offs,  and  should  not be  relied  upon  as
indicative of actual results.  Further,  the computations do not contemplate any
actions the Bank may undertake in response to changes in interest rates.

         Management  cannot predict future interest rates or their effect on the
Bank's NPV in the future.  Certain  shortcomings  are  inherent in the method of
analysis  presented in the  computation  of NPV. For example,  although  certain
assets and liabilities may have similar maturities or periods to repricing, they
may  react  in  differing   degrees  to  changes  in  market   interest   rates.
Additionally, certain assets, such as adjustable rate loans, which represent the
Bank's  primary loan product,  have an initial fixed rate period  typically from
one to five  years  and over the  remaining  life of the  asset  changes  in the
interest rate are  restricted.  In addition,  the proportion of adjustable  rate
loans  in  the  Bank's  portfolio  could  decrease  in  future  periods  due  to
refinancing  activity if market interest rates remain or decrease in the future.
Further,  in the  event of a change  in  interest  rates,  prepayment  and early
withdrawal levels could deviate  significantly  from those assumed in the table.
Finally, the ability of many borrowers to service their adjustable-rate debt may
decrease in the event of an interest rate increase.



                                       19
<PAGE>




                        GUARANTY FEDERAL BANCSHARES, INC.

Interest Rate Sensitivity Analysis, continued
---------------------------------------------

         The Bank's Board of Directors is  responsible  for  reviewing the asset
and liability  policies.  The Board meets quarterly to review interest rate risk
and trends, as well as liquidity and capital ratios and requirements. The Bank's
management is responsible for administering  the policies and  determinations of
the Board of Directors with respect to the Bank's asset and liability  goals and
strategies.  Management expects that the Bank's asset and liability policies and
strategies  will  continue  as  described  above  so  long  as  competitive  and
regulatory  conditions in the financial institution industry and market interest
rates continue as they have in recent years.

Liquidity and Capital Resources
-------------------------------

         The  Bank's  primary  sources  of funds  are  deposits,  principal  and
interest  payments on loans,  and  securities  and extensions of credit from the
Federal  Home  Loan  Bank of Des  Moines.  While  scheduled  loan  and  security
repayments and the maturity of short-term  investments are somewhat  predictable
sources of funding,  deposit  flows are  influenced  by many factors  which make
their  cash  flows  difficult  to  anticipate.   Office  of  Thrift  Supervision
regulations  require the Bank to maintain  cash and eligible  investments  in an
amount equal to at least 4% of customer  accounts and  short-term  borrowings to
assure its ability to meet demands for  withdrawals  and repayment of short-term
borrowings.  As of September  30, 1999,  the Bank's  liquidity  ratio was 11.6%,
which exceeded the minimum regulatory requirement.

         The Bank  uses its  liquidity  resources  principally  to  satisfy  its
ongoing  commitments  which include funding loan  commitments,  funding maturing
certificates of deposit as well as deposit withdrawals,  maintaining  liquidity,
purchasing  investments,  and meeting  operating  expenses.  As of September 30,
1999, the Bank had approximately $4,448,000 in commitments to originate mortgage
loans and $16,685,000 in  loans-in-process  on mortgage loans. These commitments
will be funded through existing cash balances, cash flow from operations and, if
required,  FHLB advances . Management  believes that  anticipated cash flows and
deposit growth will be adequate to meet the Bank's liquidity needs.





                                       20
<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

Impact of Year 2000

         As with all financial  institutions,  the Year 2000 issue is considered
high  priority.  Through much  evaluation and testing,  the banking  industry is
being  regarded as one of the most  prepared.  We have  evaluated and tested all
systems we consider  mission-critical.  Mission-critical  systems are defined as
systems that the Bank considers being crucial to the basic daily operation.
Core business processes have also been evaluated.

         In addition to our own in-house  testing,  the Bank  participated  as a
proxy  institution in testing services and  applications  provided by our online
service bureau.  This means our actual data in regards to accounts and balances,
date  specific  processes,  as well as  calculations  were  used in the  testing
process.  It was our opinion  that  actually  using our own data for testing was
more important than relying on other institutions' results-based reports.

         The evaluation of risk was  categorized  into three areas:  (1) our own
systems, (2) systems used by borrowers,  depositors,  and business partners, and
(3) systems provided by data processing services.

         Our own systems.  The Bank has spent $175,000 for hardware and software
upgrades to our computer  systems.  We do not expect any further material costs.
We believe our computers are Year 2000 compliant in all material respects.

         Systems used by borrowers,  depositors, and business partners. The Bank
has evaluated most of our material borrowers and depositors and does not believe
that the Year 2000 problem should,  on an aggregate basis,  impact their ability
to make payments or deposits to the Bank.  We feel that most of our  residential
customers are not dependent on their  individual  home  computers for income and
that none of our  commercial  customers  are so large  that a Year 2000  problem
would render them unable to collect revenue or rent and, in turn, continue to do
business  with the  Bank.  We have  solicited  our  material  business  partners
regarding their Year 2000 readiness and favorably evaluated the responses.




                                       21

<PAGE>


                        GUARANTY FEDERAL BANCSHARES, INC.

Impact of Year 2000, continued

         Systems provided by data processing services. This category is the most
vital to the core business  processes the Bank  performs.  We use an online data
service bureau and other  third-party  vendors to process all  transactional and
reporting business. As mentioned, we have participated as a proxy institution in
testing  the core  processing  system  with our  service  bureau.  The Bank went
through the  processes  of  gathering  pertinent  account  information  and test
transactions,  entering data in a staged post-Year2000 environment,  documenting
information,  and reviewing testing results.  Our findings were addressed by the
service bureau, and corrections made where applicable. Other third-party vendors
have also been tested, either directly by us or, when applicable, in conjunction
with our service bureau.  In the aggregate,  testing has been completed on these
systems.

         Contingency  planning.  We have identified  potential points of failure
for each of our mission  critical  systems.  For each potential  failure we have
developed  contingency  plans. We have tested these plans and intend to evaluate
and update  these plans as more  information  becomes  available  regarding  the
potential risks of the Year 2000 event. Such plans are  labor-intensive  causing
us to be much  less  efficient.  However,  we  believe  that we would be able to
operate in this  manner,  with  reduced  levels of customer  service,  until our
existing  service bureau,  or their  replacement,  is able to again provide data
processing  services.  If very few  financial  institution  service  bureaus are
operating in the year 2000, our replacement  costs,  assuming we could negotiate
an agreement, could be material.

         This discussion of the impact of the Year 2000 is a Year 2000 readiness
disclosure within the meaning of the Year 2000 Readiness and Disclosure Act.







                                       22
<PAGE>

                        GUARANTY FEDERAL BANCSHARES, INC.

                                     PART II

Item 1.  Legal Proceedings
-------  -----------------

         None.

Item 2.  Changes in Securities
-------  ---------------------

         Not applicable.

Item 3.  Defaults Upon Senior Securities
-------  -------------------------------

         Not applicable.

Item 4.  Submission of Matters to Vote of Common Stockholders
-------  ----------------------------------------------------

         None.

Item 5.  Other Information
-------  -----------------

         None.

Item 6.  Exhibits and Reports on Form 8-K
-------  --------------------------------

         a)       Exhibits

                  None.

         b)       Reports on Form 8-K

                  None.



                                       23
<PAGE>


                        GUARANTY FEDERAL BANCSHARES, INC.

                                   SIGNATURES

         In accordance with the  requirements of the Securities  Exchange Act of
1934,  the  registrant  has  this  report  to be  signed  on its  behalf  by the
undersigned, thereunto duly authorized.

                                     Guaranty Federal Bancshares, Inc.

                    Signatures                                Date
                    ----------                                ----

  /s/ James E. Haseltine                                 November 12, 1999
-------------------------                            ---------------------------
     James E. Haseltine
     President and Chief Executive Officer
     (Principal Executive Officer)



  /s/ Bruce Winston                                      November 12, 1999
-------------------------                            ---------------------------
     Bruce Winston
     Vice President and Chief Financial Officer
     (Principal Financial and Accounting Officer)



                                       24