Exhibit 99.1      NASDAQ:GFED www.gbankmo.com   For Immediate Release

Guaranty Federal Bancshares, Inc. ANNOUNCES

Preliminary first quarter 2017 financial results

SPRINGFIELD, MO – (April 18, 2017) – Guaranty Federal Bancshares, Inc., (NASDAQ:GFED), the holding company (the “Company”) for Guaranty Bank (the “Bank”), today announces the following preliminary results for the first quarter ended March 31, 2017.

First Quarter Highlights

Below are selected financial highlights of the Company’s first quarter of 2017, compared to the fourth quarter of 2016 and the first quarter of 2016.

Select Quarterly Financial Data

The following key issues contributed to the first quarter operating results as compared to the same quarter in 2016 and the financial condition results compared to December 31, 2016:

Interest income – Total interest income increased $566,000 (9%) during the quarter. The average balance of interest-earning assets increased $59,703,000 (10%), while the yield on average interest earning assets increased 2 basis points to 4.04%. These increases are primarily due to the Company’s strong loan activity during the first quarter, in which loan balances increased $47.0 million compared to December 31, 2016. However, pricing on loans remains very competitive on new and renewing credits. This pricing pressure has impacted the ability to maintain loan yield compared to 2016. The yield on loans declined 16 basis points to 4.45% for the first quarter when compared to the same quarter in 2016.

Interest expense - Total interest expense increased $148,000 (14%) during the quarter. The average balance of interest-bearing liabilities increased $46,686,000 (9%), while the average cost of interest-bearing liabilities increased 5 basis points to 0.81%. To fund its asset growth going forward, the Company will continue to utilize a cost effective mix of retail and commercial deposits along with non-core, wholesale funding.

Provision for loan loss expense and allowance for loan losses –Based on its reserve analysis and methodology, the Company recorded a provision for loan loss expense of $475,000 during the quarter, an increase from the $375,000 recognized during the prior year quarter. The provision for the quarter was primarily due to the increased loan balances and increased reserves on a few small problem credits.

At March 31, 2017, the allowance for loan losses of $6.2 million was 1.04% of gross loans outstanding (excluding mortgage loans held for sale). Management believes the allowance for loan losses is at a sufficient level to provide for loan losses in the Bank’s existing loan portfolio.

Non-interest income –Non-interest income increased $120,000 during the quarter compared to the same quarter in 2016 primarily due to the Company’s increase in gains on sale of Small Business Administration (“SBA”) loans of $60,000, an improvement of $49,000 in gains/losses on foreclosed assets and a $59,000 increase in fixed-rate mortgage loan income. The Company’s mortgage division experienced another strong quarter resulting in fixed-rate mortgage volume of $14.1 million for the quarter which was an increase of 4.4% compared to the same quarter of 2016. These increases in income were offset by a decline of $51,000 in gains on sales of investment securities.

Non-interest expense – Non-interest expenses increased $310,000 over the prior year quarter. This was primarily due to salaries and employee benefits increasing $307,000 from commercial and mortgage staff additions for the Joplin LPO, increases in other commercial banking compensation and other increases in various health/retirement benefits.

Provision for income taxes – The decrease in the provision for income taxes for the quarter is a direct result of the Company’s reduction in taxable income through increased utilization of tax-exempt revenue sources.

Capital – At March 31, 2017, stockholders’ equity increased to $71.5 million compared to $70.0 million at December 31, 2016. Net income for the quarter exceeded dividends paid or declared by $987,000. The equity portion of the Company’s unrealized losses on available-for-sale securities improved by $401,000. On a per common share basis, stockholders’ equity increased to $16.34 at March 31, 2017 as compared to $16.09 as of December 31, 2016.

From a regulatory capital standpoint, all capital ratios for both the Company and the Bank remain strong and above regulatory requirements.

Asset Quality – The Company’s nonperforming assets increased to $11.6 million as of March 31, 2017 as compared to $11.3 million as of December 31, 2016. However, non-performing assets as a percentage of total assets decreased to 1.58% as of March 31, 2017 as compared to 1.64% as of December 31, 2016.

Non-Generally Accepted Accounting Principle (GAAP) Financial Measures

In addition to the GAAP financial results presented in this press release, the Company presents non-GAAP financial measures discussed below. These non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance. Additionally, Company management believes that this presentation enables meaningful comparison of financial performance in various periods. However, the non-GAAP financial results presented should not be considered a substitute for results that are presented in a manner consistent with GAAP. A limitation of the non-GAAP financial measures presented is that the adjustments concern gains, losses or expenses that the Company does expect to continue to recognize; the adjustments of these items should not be construed as an inference that these gains or expenses are unusual, infrequent or non-recurring. Therefore, Company management believes that both GAAP measures of its financial performance and the respective non-GAAP measures should be considered together.

Operating Income

Operating income is a non-GAAP financial measure that adjusts net income for the following non-operating items:

A reconciliation of the Company’s net income to its operating income for the periods ended March 31, 2017 and 2016 is set forth below.

About Guaranty Federal Bancshares, Inc.

Guaranty Federal Bancshares, Inc. (NASDAQ:GFED) has a subsidiary corporation offering full banking services. The principal subsidiary, Guaranty Bank, is headquartered in Springfield, Missouri, and has nine full-service branches in Greene and Christian Counties and Loan Production Offices in Jasper and Webster Counties. Guaranty Bank is a member of the MoneyPass and TransFund ATM networks which provide its customers surcharge free access to over 24,000 ATMs nationwide. For more information visit the Guaranty Bank website: www.gbankmo.com.

The Company may from time to time make written or oral “forward-looking statements,” including statements contained in the Company’s filings with the SEC, in its reports to stockholders and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “estimates,” “believes,” “expects,” and similar expressions are intended to identify such forward-looking statements but are not the exclusive means of identifying such statements.

These forward-looking statements involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions, that are subject to change based on various important factors (some of which are beyond the Company’s control). The following factors, among others, could cause the Company’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements:

● the strength of the United States economy in general and the strength of the local economies in which we conduct operations;

● the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve, inflation, interest rates, market and monetary fluctuations;

● the timely development of and acceptance of new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services;

● the willingness of users to substitute competitors’ products and services for our products and services;

● our success in gaining regulatory approval of our products and services, when required;

● the impact of changes in financial services laws and regulations (including laws concerning taxes, banking, securities and insurance);

● technological changes;

● the ability to successfully manage and integrate any future acquisitions if and when our board of directors and management conclude any such acquisitions are appropriate;

● changes in consumer spending and saving habits;

● our success at managing the risks resulting from these factors; and

● other factors set forth in reports and other documents filed by the Company with the SEC from time to time.

Financial Highlights:

Financial Condition Data: