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 March 31, 2000

                                       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) 520-4333

         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 May 4, 2000
                  -----                              --------------------------
         Common Stock, Par Value $0.10                    4,921,216 Shares


<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

                        GUARANTY FEDERAL BANCSHARES, INC.

                                    Form 10-Q

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

1.  Consolidated Financial Statements (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 Statements                          8

2.  Management's Discussion and Analysis of Financial Condition and
    Results of Operations                                                    9

3. Quantitative and Qualitative Disclosures about Market Risk               12

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

1.  Legal Proceedings                                                       15

2.  Changes in Securities and Use of Proceeds                               15

3.  Defaults Upon Senior Securities                                         15

4.  Submission of Matters to Vote of Security-holders                       15

5.  Other Information                                                       15

6.  Exhibits and Reports on Form 8-K                                        15

Signatures                                                                  16


<PAGE>

GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

                                     PART I

                        GUARANTY FEDERAL BANCSHARES, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                  MARCH 31, 2000 (UNAUDITED) AND JUNE 30, 1999
<TABLE>
<CAPTION>
                            ASSETS                                3/31/2000        6/30/1999
                                                                  ---------        ---------
<S>                                                          <C>                <C>
 Cash                                                          $   1,675,379        1,656,648
 Interest-bearing deposits in other financial institutions         4,716,726        8,032,473
                                                               -------------    -------------
   Cash and cash equivalents                                       6,392,105        9,689,121

 Available-for-sale securities                                     7,826,733        8,951,175
 Held-to-maturity securities                                       8,569,036       15,394,643
 Mortgage loans held for sale                                        673,835          769,074
 Loans receivable, less allowance for loan losses of
   3/31/00 - $2,474,972; 6/30/99 - $2,349,328                    289,594,407      263,499,778
 Accrued interest receivable:
   Loans                                                           1,650,174        1,459,508
   Investments                                                       111,531          297,431
 Prepaid expenses and other assets                                 6,889,931        5,671,845
 Foreclosed assets held for sale                                       1,200          101,546
 Premises and equipment, net                                       6,309,481        7,365,392
                                                               -------------    -------------
                                                               $ 328,018,433      313,199,513
                                                               =============    =============
             LIABILITIES AND STOCKHOLDERS' EQUITY

 LIABILITIES
 Deposits                                                      $ 144,855,339      141,137,154
 Federal Home Loan Bank advances                                 121,150,087      104,794,640
 Advances from borrowers for taxes and insurance                     944,670        1,195,545
 Accrued expenses and other liabilities                            1,324,772          499,221
 Accrued interest payable                                            714,358          543,641
 Income taxes payable                                                382,590          235,587
 Deferred income taxes                                               775,021        1,360,503
                                                               -------------    -------------
                                                                 270,146,837      249,766,291
                                                               -------------    -------------
 STOCKHOLDERS' EQUITY
 Common Stock:
   $0.10 par value; authorized 10,000,000 shares;
   issued;  3/31/00 - 6,249,737 shares,
   6/30/99 - 6,245,775 shares                                        624,974          624,578
 Additional paid-in capital                                       47,791,341       47,366,264
 Unearned ESOP shares                                             (2,927,850)      (3,100,080)
 Retained earnings, substantially restricted                      23,749,118       23,236,009

 Accumulated other comprehensive income
   Unrealized appreciation on available-for-sale securities,
   net of income taxes;  3/31/00 - $1,452,692,
   6/30/99 - $2,026,448                                            2,473,502        3,438,826
                                                               -------------    -------------
                                                                  71,711,085       71,565,597

 Treasury stock, at cost - 3/31/00 - 1,153,052 shares,
   6/30/99- 642,127 shares                                       (13,839,489)      (8,132,375)
                                                               -------------    -------------
                                                                  57,871,596       63,433,222
                                                               -------------    -------------
                                                               $ 328,018,433      313,199,513
                                                               =============    =============
</TABLE>
            See Notes to Condensed Consolidated Financial Statements
                                       3

<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

                        GUARANTY FEDERAL BANCSHARES, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
         THREE AND NINE MONTHS ENDED MARCH 31, 2000 AND 1999 (UNAUDITED)
<TABLE>
<CAPTION>

                                                    Three Months Ending            Nine Months Ending
                                                 --------------------------     -------------------------
                                                  03/31/2000     03/31/1999     03/31/2000     03/31/1999
                                                  ----------     ----------     ----------     ----------
<S>                                             <C>             <C>           <C>            <C>
INTEREST INCOME
Loans                                            $ 5,679,216      4,689,386     16,240,905     13,663,415
Investment securities                                218,118        416,485        629,789      1,291,061
Other                                                154,294        139,829        474,831        408,104
                                                                -----------    -----------    -----------
     Total Interest Income                         6,051,628      5,245,700     17,345,525     15,362,580
                                                 -----------    -----------    -----------    -----------

INTEREST EXPENSE
Deposits                                           1,548,637      1,433,321      4,559,690      4,535,589
Federal Home Loan Bank advances                    1,752,297      1,239,382      4,847,027      3,328,994
                                                 -----------    -----------    -----------    -----------
     Total Interest Expense                        3,300,934      2,672,703      9,406,717      7,864,583
                                                 -----------    -----------    -----------    -----------
Net Interest Income                                2,750,694      2,572,997      7,938,808      7,497,997
Provision for Loan Losses                             45,000         45,000        135,000        135,000
                                                 -----------    -----------    -----------    -----------
Net Interest Income after
     Provision for Loan Losses                     2,705,694      2,527,997      7,803,808      7,362,997
                                                 -----------    -----------    -----------    -----------
NONINTEREST INCOME (LOSS)
Service charges                                      262,954        199,084        822,743        626,236
Late charges and other fees                           34,084         32,570        117,996         83,867
Gain (Loss) on loans and investment securities        (3,185)         8,535         (5,034)        47,238
Income (expense) on foreclosed assets                  8,716         (4,291)        21,657        (11,281)
Other income                                          34,015         34,884         45,373         99,050
                                                 -----------    -----------    -----------    -----------
     Total Noninterest income                        336,584        270,782      1,002,735        845,110
                                                 -----------    -----------    -----------    -----------
NONINTEREST EXPENSE
Salaries and employee benefits                       837,224        802,633      2,523,437      2,287,793
Occupancy                                            209,104        205,476        605,374        577,981
SAIF deposit insurance premiums                        7,656         20,783         48,790         63,859
Data processing fees                                 144,035        132,873        391,334        377,290
Advertising                                          117,393        107,916        273,735        332,767
Other expense                                        334,299        246,927        888,513        791,818
                                                 -----------    -----------    -----------    -----------
     Total Noninterest Expense                     1,649,711      1,516,608      4,731,183      4,431,508
                                                 -----------    -----------    -----------    -----------
Income before Income Taxes                         1,392,567      1,282,171      4,075,360      3,776,599
Provision for Income Taxes                           494,229        458,548      1,475,405      1,334,444
                                                 -----------    -----------    -----------    -----------
NET INCOME                                           898,338        823,623      2,599,955      2,442,155


OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized appreciation (depreciation) on
     available-for-sale securities                  (212,536)      (451,431)      (965,324)       581,070
                                                 -----------    -----------    -----------    -----------
COMPREHENSIVE INCOME                             $   685,802        372,192      1,634,631      3,023,225
                                                 ===========    ===========    ===========    ===========

BASIC EARNINGS PER SHARE                         $      0.18           0.15           0.51           0.44
                                                 ===========    ===========    ===========    ===========
DILUTED EARNINGS PER SHARE                       $      0.18           0.15           0.51           0.43
                                                 ===========    ===========    ===========    ===========
</TABLE>

            See Notes to Condensed Consolidated Financial Statements
                                       4

<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

                                  GUARANTY FEDERAL BANCSHARES, INC.
                     CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                             NINE MONTHS ENDED MARCH 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                    Accumulated Other
                                                                                   Comprehensive Income
                                                                                   --------------------
                                                                                      Appreciation
                                            Additional                             (Depreciation) on
                                               Paid       Unearned        Retained Available-for-Sale
                             Common Stock   In Capital   ESOP Shares      Earnings   Securities, Net  Treasury Stock     Total
                             ------------   ----------   -----------      --------   ---------------  --------------     -----
<S>                         <C>            <C>           <C>            <C>             <C>          <C>             <C>
Balance, June 30, 1999       $   624,578    47,366,264    (3,100,080)    23,236,009      3,438,826     (8,132,375)    63,433,222
Net income                             -             -             -      2,599,955              -              -      2,599,955
Dividends on common stock,
  ($0.20 per share on
  5,156,256 shares &
  $0.22 per share on
  4,798,163 shares)                    -             -             -     (2,086,846)             -              -     (2,086,846)
Recognition and
  Retention Plan (RRP) &
  Restricted Stock
  Plan (RSP):
RRP and RSP expense                    -       371,955             -              -              -              -        371,955
Dividends on RRP Stock                 -         6,567             -              -              -              -          6,567
Tax benefit of RRP & RSP               -         3,831             -              -              -              -          3,831
Stock options exercised              396        23,455             -              -              -              -         23,851
Release of ESOP shares                 -        19,269       172,230              -              -              -        191,499
Treasury stock purchased               -             -             -              -              -     (5,707,114)    (5,707,114)
Change in unrealized
  appreciation on
  available-for-sale
  securitites, net of
  income taxes of $566,936             -             -             -              -       (965,324)             -       (965,324)
                             -----------   -----------   -----------    -----------    -----------    -----------    -----------
Balance, March 31, 2000      $   624,974    47,791,341    (2,927,850)    23,749,118      2,473,502    (13,839,489)    57,871,596
                             ===========   ===========   ===========    ===========    ===========    ===========    ===========
</TABLE>

            See Notes to Condensed Consolidated Financial Statements
                                       5
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

                                  GUARANTY FEDERAL BANCSHARES, INC.
                     CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                            NINE MONTHS ENDED MARCH 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                       Accumulated Other
                                                                                      Comprehensive Income
                                                                                      --------------------
                                                                                         Appreciation
                                              Additional                              (Depreciation) on
                                                 Paid        Unearned        Retained Available-for-Sale
                              Common Stock    In Capital    ESOP Shares      Earnings   Securities, Net  Treasury Stock     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                              -             -              -      2,442,155              -             -      2,442,155
 Dividends on common stock,
   ($0.34 per share)                     -             -              -     (1,805,069)             -             -     (1,805,069)
 Recognition and
  Retention Plan (RRP) &
  Restricted Stock Plan (RSP):
    RSP stock purchased                  -    (2,373,065)             -              -              -             -     (2,373,065)
    RRP and RSP expense                  -       389,338              -              -              -             -        389,338
    Dividends on RRP stock               -         7,500              -              -              -             -          7,500
    Tax benefit of RRP & RSP             -        23,554              -              -              -             -         23,554
 Stock options exercised             1,485        87,930              -              -              -             -         89,415
 Release of ESOP shares                  -        62,864        287,050              -              -             -        349,914
 Treasury stock purchased                -             -              -              -              -    (7,192,271)    (7,192,271)
 Change in unrealized
   appreciation on
   available-for-sale
   securities, net of
   income taxes of $341,263              -             -              -              -        581,070             -        581,070
                               -----------   -----------    -----------    -----------    -----------   -----------    -----------
 Balance, March 31, 1999       $   624,289    47,215,113     (3,157,490)    22,320,036      3,392,962    (7,192,271)    63,202,639
                               ===========   ===========    ===========    ===========    ===========   ===========    ===========
</TABLE>
            See Notes to Condensed Consolidated Financial Statements
                                       6
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

                                    GUARANTY FEDERAL BANCSHARES, INC
                                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                           NINE MONTHS ENDED MARCH 31, 2000 AND 1999 (UNAUDITED)
<TABLE>
<CAPTION>
                                                               03/31/2000      03/31/1999
                                                               ----------      ----------
<S>                                                         <C>                <C>
 CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                                                  $  2,599,955       2,442,155
 Items not requiring (providing) cash:
   Deferred income taxes                                          (18,546)        (86,523)
   Depreciation                                                   342,797         315,209
   Provision for loan losses                                      135,000         135,000
   (Gain) loss  on loans and investment securities                  5,034         (47,238)
   Loss on sale of premises and equipment                          64,298               -
   (Gain) loss on sale of foreclosed assets                       (13,372)          3,295
   Amortization of deferred income, premiums and discounts         24,688          66,695
   RRP/RSP expense                                                371,955         389,338
 Origination of loans held for sale                            (3,578,374)     (8,213,377)
 Proceeds from sale of loans held for sale                      3,668,579       7,621,200
 Release of ESOP shares                                           191,499         349,914
 Changes in:
   Accrued interest receivable                                     (4,766)         32,665
   Prepaid expenses and other assets                             (358,486)       (203,703)
   Accounts payable and accrued expenses                          (59,327)        192,645
   Income taxes payable                                           147,003          84,138
                                                             ------------    ------------
 Net cash provided by operating activities                      3,517,937       3,081,413
                                                             ------------    ------------
 CASH FLOWS FROM INVESTING ACTIVITIES
 Net increase in loans                                        (26,266,397)    (40,182,514)
 Principal payments on available-for-sale securities              402,179       4,585,363
 Principal payments on held-to-maturity securities              1,662,067       3,217,266
 Purchase of premises and equipment                              (333,358)       (318,351)
 Proceeds from sale of premises and equipment                     982,174               -
 Purchase of available-for-sale securities                       (335,578)       (501,561)
 Proceeds from maturities of held-to-maturity securities        4,700,000       1,330,235
 Purchase of FHLB stock                                          (859,600)     (2,257,400)
 Proceeds from sale of foreclosed assets                          114,918         330,641
 Capitalized costs on foreclosed assets                                 -              46
                                                             ------------    ------------
     Net cash used in investing activities                    (19,933,595)    (33,796,275)
                                                             ------------    ------------
  CASH FLOWS FROM FINANCING ACTIVITIES
 Tax benefit of vested RRP shares                                   3,831          23,554
 Stock options exercised                                           23,851          89,415
 Cash dividends paid                                           (1,031,250)       (839,899)
 Cash dividends received on RRP Stock                               6,567           7,500
 Net increase in demand deposits,
   NOW accounts and savings accounts                            4,524,799       6,493,972
 Net increase (decrease) in certificates of deposit              (806,614)    (10,163,325)
 Proceeds from FHLB advances                                   38,686,124      49,092,500
 Repayments of FHLB advances                                  (22,330,677)     (3,945,157)
 Advances from borrowers for taxes and insurance                 (250,875)        (80,538)
 RSP stock purchased                                                    -      (2,373,065)
 Treasury stock purchased                                      (5,707,114)     (7,192,271)
                                                             ------------    ------------
     Net cash provided by financing activities                 13,118,642      31,112,686
                                                             ------------    ------------
 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS              (3,297,016)        397,824
 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                 9,689,121       7,304,923
                                                             ------------    ------------
 CASH AND CASH EQUIVALENTS, END OF PERIOD                    $  6,392,105       7,702,747
                                                             ============    ============
</TABLE>

            See Notes to Condensed Consolidated Financial Statements
                                       7

<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000


              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 1:  Conversion, Reorganization and Stock Issuance
         ---------------------------------------------
         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 $8.00 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.

         On  December  30,  1997,  the MHC  completed a  conversion  to Guaranty
Federal   Bancshares,   Inc.  (the  "Company"),   a   Delaware-chartered   stock
corporation.  Stockholders'  equity increased to $69.5 million  primarily due to
the  conversion in which the Company  exchanged  1,880,710  shares of its common
stock for all the Bank's common stock not held by the MHC.  This exchange  ratio
was 1.931. In addition, the Company sold 4,340,812 shares at $10.00 per share in
a 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.

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.

         The results of operations for the period are not necessarily indicative
of the results to be expected for the full year.

         These condensed  consolidated  financial  statements  should be read in
conjunction  with  the  consolidated  financial  statements  and  notes  thereto
included  in the  Company's  Form 10-K  annual  report  for 1999  filed with the
Securities and Exchange Commission.  The condensed consolidated balance sheet of
the Company as of June 30, 1999, has been derived from the audited  consolidated
balance  sheet of the  Company as of that  date.  Certain  information  and note
disclosures  normally  included in the  Company's  annual  financial  statements
prepared in accordance with generally accepted  accounting  principles have been
condensed or omitted.

Note 3:  Principles of Consolidation
         ---------------------------
         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:  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 March 31, 2000,  all of the RRP and RSP shares have been purchased and all
except 1,925 shares have been awarded.  The Bank is  amortizing  the RRP and RSP
expense over each  participant's  vesting  period and the  financial  statements
reflect  $371,955 RRP and RSP expense for the nine month period ending March 31,
2000.  The SOP and 1998 SOP  authorized  stock options on shares to be issued to
officers  and  employees  of the Bank,  as of March 31, 2000 all options  except
those on 21,263  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

                                       8
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

periods  remaining  unchanged.   As  of  March  31,  2000,  there  were  569,086
unexercised  options  that have been  granted  at prices  ranging  from $5.83 to
$13.44 per share and 158,095 RRP and RSP shares were unvested.

Note 5: Earnings Per Share
        ------------------
<TABLE>
<CAPTION>

                                                    For three months ended March 31, 2000      For nine months ended March 31, 2000
                                                    -------------------------------------      ------------------------------------
                                                      Income        Average                       Income        Average
                                                   Available to      Shares                    Available to     Shares
                                                   Stockholders    Outstanding   Per-Share     Stockholders    Outstanding Per-Share
                                                   ------------    -----------   ---------     ------------    ---------------------
<S>                                               <C>            <C>             <C>          <C>             <C>          <C>
 Basic Earnings per Share                           $ 898,338      4,928,861       $ 0.18       $ 2,599,955     5,076,310    $ 0.51
                                                                                  =======
 Effect of Dilutive Securities: Stock Options                         46,827                                       52,127
                                                                   ---------                                    ---------
 Diluted Earnings per Share                         $ 898,338      4,975,688       $ 0.18       $ 2,599,955     5,128,437    $ 0.51
                                                   ==========     ==========      =======      ============    ==========    ======
</TABLE>

<TABLE>
<CAPTION>
                                                    For three months ended March 31, 1999      For nine months ended March 31, 1999
                                                    -------------------------------------      ------------------------------------
                                                      Income        Average                       Income        Average
                                                   Available to      Shares                    Available to     Shares
                                                   Stockholders    Outstanding   Per-Share     Stockholders    Outstanding Per-Share
                                                   ------------    -----------   ---------     ------------    ---------------------
<S>                                                <C>            <C>             <C>          <C>             <C>          <C>
 Basic Earnings per Share                           $ 823,623      5,459,586       $ 0.15       $ 2,442,155     5,572,849    $ 0.44
 Effect of Dilutive Securities: Stock Options                         59,808                                       60,618
                                                                   ---------                                    --------
 Diluted Earnings per Share                         $ 823,623      5,519,394       $ 0.15       $ 2,442,155     5,633,467    $ 0.43
                                                    =========      =========       ======       ===========     =========    ======
</TABLE>

         Options to purchase 5,000,  16,704,  5,000 and 425,483 shares of common
stock at $11.75, $12.25, $12.63 and $13.44 per share, respectively,  outstanding
during the three months and nine months ended March 31, 2000,  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.


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 operations 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 March 31, 2000 and the results of  operations  for the three months
and nine months ended March 31, 2000 and 1999.

                                       9
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000



         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 changes in the general
level of interest rates.


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

         The  Company's's   total  assets   increased   $14,818,920   (5%)  from
$313,199,513 as of June 30, 1999, to $328,018,433 as of March 31, 2000.

         Interest-bearing  deposits in other  financial  institutions  decreased
$3,315,747  (41%) from $8,032,473 as of June 30, 1999, to $4,716,726 as of March
31, 2000, as the funds were used to fund new loans.

         Securities   available-for-sale   decreased   $1,124,442   (13%)   from
$8,951,175  as of June 30, 1999,  to  $7,826,733  as of March 31, 2000.  This is
primarily due to the decrease in fair value of various  equity  securities.  The
Bank  continues to hold 96,000 shares of Federal Home Loan Mortgage  Corporation
("FHLMC")  stock with an  amortized  cost of  $94,000 in the  available-for-sale
category.  As of March  31,  2000,  the gross  unrealized  gain on the stock was
$4,518,000, a decrease from $5,474,000 as of June 30, 1999.

         Securities  held-to-maturity  decreased due to maturities and principal
repayments,  by  $6,825,607  (44%)  from  $15,394,643  as of June 30,  1999,  to
$8,569,036 as of March 31, 2000.

         Net loans receivable  increased by $26,094,629  (10%) from $263,499,778
as of June 30, 1999, to  $289,594,407 as of March 31, 2000.  Permanent  mortgage
loans  secured by both owner and  non-owner  occupied  residential  real  estate
increased by $14,187,000 and  construction  loans increased by $5,782,000.  Loan
growth is  anticipated  to continue  and  represents  a major part of the Bank's
planned assets growth.

         Allowance for loan losses increased $125,644 (5%) from $2,349,328 as of
June 30, 1999, to $2,474,972 as of March 31, 2000.  The allowance  increased due
to the provision for loan losses for the period exceeding net loan  charge-offs.
The  allowance for loan losses as of March 31, 2000 and June 30, 1999 was 0.85%,
and 0.89%  respectively,  of net loans  outstanding.  As of March 31, 2000,  the
allowance for loan losses was 219.9% of impaired  loans versus 259.3% as of June
30, 1999.

         Fair value of foreclosed assets held-for-sale  decreased $100,346 (99%)
from $101,546 as of June 30, 1999, to $1,200 as of March 31, 2000. This decrease
was due to the sale of foreclosed assets. The Bank recorded a gain of $13,372 on
the sale of these assets.

         Deposits  increased  $3,718,185  (3%) from  $141,137,154 as of June 30,
1999, to  $144,855,339 as of March 31, 2000. For the nine months ended March 31,
2000,  checking  and  passbook  accounts  increased  by  $4,524,799  (10%) while
certificates of deposits decreased by $806,614 (1%).

         In order to fund the  increase  in loan  demand and the  repurchase  of
Company stock, the Company  increased  borrowing from the Federal Home Loan Bank
(the "FHLB") by  $16,355,447  (16%) from  $104,794,640  as of June 30, 1999,  to
$121,150,087  as of March  31,  2000.  As of March  31,  2000,  the Bank had the
ability to borrow an additional $66 million from the FHLB.

         Advances  from  borrowers for taxes and  insurance  decreased  $250,875
(21%) from $1,195,545 as of June 30, 1999, to $944,670 as of March 31, 2000. The
majority of this  decrease is due to the payment of 1999 real estate  taxes from
borrower's escrow accounts.

                                       10
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

         Accrued expenses and other liabilities  increased  $825,551 (165%) from
$499,221 as of June 30, 1999, to  $1,324,772 as of March 31, 2000.  The majority
of this increase is due to a $0.22 per share dividend payable to stockholders of
record March 30, 2000, totaling $1,055,596.

         Stockholders' equity (including  unrealized  appreciation on securities
available-for-sale, net of tax) decreased $5,561,626 (9%) from $63,433,222 as of
June 30, 1999,  to  $57,871,596  as of March 31, 2000.  This decrease was due to
several factors.  During this period the Company  repurchased a total of 510,925
of its  outstanding  shares  in the  open  market  at a cost of  $5,707,114.  In
addition,   dividends  in  the  amount  of  $1,031,250  ($0.20  per  share)  and
$1,055,596,  ($0.22 per share) were declared and paid, on September 30, 1999 and
April 14, 2000, to stockholders' of record as of September 7, 1999 and March 30,
2000, respectively.  There was also a decrease in the unrealized appreciation on
available-for-sale  securities of $965,324. On a per share basis,  stockholders'
equity increased from $11.98 as of June 30, 1999 to $12.05 as of March 31, 2000.


Results  of Operations - Comparison of Three Month and Nine Month Periods  Ended
--------------------------------------------------------------------------------
March 31, 2000 and 1999
-----------------------

         Net income for the three  months and nine  months  ended March 31, 2000
was $898,338  ($0.18 per share) and $2,599,955  ($0.51 per share) as compared to
$823,623 ($0.15 per share) and $2,442,155 ($0.44 per share) for the three months
and nine months ended March 31, 1999,  which  represents an increase in earnings
of $74,715  (9%) for the three  month  period and an  increase  in  earnings  of
$157,800 (6%) for the nine month period.

Interest Income
         Total interest  income for the three months and nine months ended March
31, 2000, increased $805,928 (15%) and $1,982,945 (13%) as compared to the three
months and nine months  ended March 31,  1999.  For the nine month  period ended
March 31,  2000  compared  to the same  period  in 1999,  the  average  yield on
interest earning assets decreased three basis points to 7.59%, while the average
balance of interest earnings assets increased $36,072,000.

Interest Expense
         Total interest expense for the three months and nine months ended March
31, 2000,  increased  $628,231 (24%) and  $1,542,134  (20%) when compared to the
three  months and nine months  ended March 31,  1999.  For the nine month period
ended March 31, 2000, the average cost of interest bearing liabilities decreased
one basis point to 5.06% while the average balance  increased  $41,039,000  when
compared to the same period in 1999.  The  average  balance of interest  bearing
liabilities  increased  $4,967,000  more than the  average  balance in  interest
earning  assets.  This  reduction in net interest  earning assets was due to the
purchase of treasury stock funded by Federal Home Loan Bank borrowings

Net Interest Income
         Net  interest  income for the three  months and nine months ended March
31, 2000,  increased  $177,697  (7%) and $440,811 (6%) when compared to the same
periods in 1999.  For the  nine-month  period ended March 31, 2000,  the earning
yield  minus  the  costing  rate  spread  declined  two  basis  points to 2.53%.
Approximately   $9,954,000  of  the  increase  in  earning  assets  and  costing
liabilities  at a spread of 2.53% offset the added  interest  expense  resulting
from the reduction in net interest  earning assets.  The spread on the remaining
growth of assets and  liabilities  offset the lower interest spread and accounts
for the overall growth in net interest income.

Provision for Loan Losses
         Based  primarily  on  the  continued  growth  of  the  loan  portfolio,
management decided to increase the allowance for loan losses through a provision
for loan loss of $45,000 and $135,000 for the three months and nine months ended
March 31, 2000,  respectively,  and of $45,000 and $135,000 for the same periods
in 1999.  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.

                                       11
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000



Noninterest Income
         Noninterest  income increased  $65,802 (24%) for the three months ended
March 31, 2000 and increased  $157,625 (19%) for the nine months ended March 31,
2000,  when  compared to the three  months and nine months ended March 31, 1999.
These  increases were primarily due to an increase in checking  account  service
charges,  of $63,870 (32%) for the three months, and $196,507 (31%) for the nine
months.

Noninterest Expense
         Noninterest  expense increased $133,103 (9%) for the three months ended
March 31, 2000, and increased $299,675 (7%) for the nine months ending March 31,
2000 when  compared to the three months and nine months ended March 31, 1999. 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
         The  provision  for income  taxes  increased  $35,681 (8%) and $140,961
(11%) for the three months and nine months ended March 31, 2000,  as compared to
the same period in 1999.  This  increase  was due to the  increase in before tax
income for the three months and nine months  ended March 31,  2000,  compared to
the same period in 1999.


Item 3.  Quantitative and Qualitative Disclosures about Market Risk
-------------------------------------------------------------------

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 March 31,
2000, was  $2,474,972 or 0.9% of loans  receivable.  Total assets  classified as
substandard  or loss as of March  31,  2000,  were  $3,207,845  or 1.0% 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.  All dollar
amounts are in thousands.

<TABLE>
<CAPTION>
                                                                           03/31/2000       06/30/1999       06/30/1998
                                                                           ----------       ----------       ----------
<S>                                                                         <C>               <C>            <C>
 Nonperforming loans                                                         $ 1,124              906            1,012
 Real estate acquired in settlement of loans                                       1              101              286
                                                                             -------            -----            -----
 Total nonperforming assets                                                  $ 1,125            1,007            1,298
                                                                             ========           ======           =====

 Total nonperforming assets as a percentage of total assets                     0.34%            0.32%            0.50%
 Allowance for loan losses                                                   $ 2,475            2,349            2,191
 Allowance for loan losses as a percentage of average net loans                 0.89%            1.00%            1.24%

</TABLE>

Average Balances, Interest and Average Yields
---------------------------------------------

         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. Non-interest income, non-interest expense,
and income taxes also impact net income.

                                       12
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

         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. All dollar amounts are in thousands.
<TABLE>
<CAPTION>
                         Nine Months ended 3/31/2000     Nine Months ended 3/31/1999
                        -----------------------------   -----------------------------
                        Average               Yield/      Average               Yield/
                        Balance     Interest   Cost       Balance      Interest  Cost
                        -------     --------   ----       -------      --------  ----
<S>                   <C>           <C>       <C>       <C>           <C>       <C>
 ASSETS
 Interest-earning:
 Loans                 $ 278,163     16,241    7.78%     $ 228,377     13,663    7.98%
 Investment securities    12,307        630    6.83%        26,453      1,291    6.51%
 Other assets             14,276        475    4.44%        13,844        408    3.93%
                         -------     ------    -----       -------     ------    -----
 Total interest-earning  304,746     17,346    7.59%       268,674     15,362    7.62%

 Noninterest-earning       7,794                             7,650
                         -------                           -------
                       $ 312,540                         $ 276,324
                         =======                           =======
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Interest-bearing:
 Savings accounts        $ 8,420        148    2.34%       $ 8,414        157    2.49%
 Transaction accounts     34,843        752    2.88%        27,743        570    2.74%
 Certificates of Deposit  95,057      3,660    5.13%        95,927      3,808    5.29%
 FHLB Advances           109,430      4,847    5.91%        74,627      3,329    5.95%
                        --------     ------    -----       -------     ------    -----
 Total interest-bearing  247,750      9,407    5.06%       206,711      7,864    5.07%

 Noninterest-bearing       3,859                             3,741
                         -------                           -------
 Total liabilities       251,609                           210,452
 Stockholders' equity     60,931                            65,872
                         -------                           -------
                       $ 312,540                         $ 276,324
                         =======                           =======
 Net earning balance   $  56,996                         $  61,963
                         =======                         =========
 Earning yield less costing rate               2.53%                             2.55%
                                               =====                             =====
 Net interest income,
   and net yield spread
   on interest earning assets       $ 7,939     3.47%                 $ 7,498     3.72%
                                     ======    =====                 ========    =====
 Ratio on interest-earning
   assets to interest-
   bearing liabilities                           123%                              130%
                                                ====                              ====
</TABLE>
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  designed  to
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.
                                       13
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000



         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
March  31,  2000,  ARMs  represent  61.8%  of the  loan  portfolio.  Of the ARMs
originated  during  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 March 31, 2000, such loans made up 10.5% 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% of its total deposits.  As of March 31, 2000,  these accounts
totaled  $51,260,982  or 35% 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.


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

         The following table sets forth as of December 31, 1999 (the most recent
available),  the 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.

             Estimated Net Portfolio Value   NPV as % of PV of Assets
BP Change    ------------------------------  ------------------------
 in Rates    $ Amount  $ Change   % Change     NPV Ratio      Change
 ---------   --------- ---------  ---------    ----------     ------
   +300      $ 58,154  $ (7,434)      -11%       19.37%       -1.07%
   +200        61,657    (3,931)       -6%       20.04%       -0.40%
   +100        64,285    (1,303)       -2%       20.43%       -0.01%
     NC        65,588                            20.44%
   -100        65,162      (426)       -1%       19.99%       -0.45%
   -200        62,981    (2,607)       -4%       19.09%       -1.35%
   -300        59,905    (5,683)       -9%       17.95%       -2.49%

         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.

                                       14
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000

         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.


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 March 31, 2000, the Bank's  liquidity  ratio was 8.9%,  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 March 31, 2000,
the Bank had approximately $2,670,000 in commitments to originate mortgage loans
and $13,465,000 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.


Impact of Year 2000
-------------------

         The Company believes successful remediation of mission-critical systems
has been  completed  in a timely  manner.  The Company has not  experienced  any
significant   operational  or  financial  problems  related  to  the  Year  2000
compliance. Management presently believes that the Year 2000 Issue will not pose
any future operational problems.

                                     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
             10.6     2000 Stock Compensation Plan
         b)  Reports on Form 8-K
             None.

                                       15
<PAGE>
GUARANTY FEDERAL BANCSHARES, INC.
FORM 10-Q FOR MARCH 31, 2000



                                   SIGNATURES

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

         Guaranty Federal Bancshares, Inc.



         Signature and Title                             Date

  /s/ James E. Haseltine                                 May 4, 2000
--------------------------------------------------  ----------------------------
     James E. Haseltine
     President and Chief Executive Officer
     (Principal Executive Officer)



  /s/ Bruce Winston                                      May 4, 2000
--------------------------------------------------  ----------------------------
     Bruce Winston
     Vice President and Chief Financial Officer
     (Principal Financial and Accounting Officer)