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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Guaranty Bancshares Inc | NYSE:GNTY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 29.16 | 0 | 09:16:50 |
Guaranty Bancshares, Inc. (NYSE: GNTY) (the “Company”), the parent company of Guaranty Bank & Trust, N.A. (the “Bank”), today reported financial results for the fiscal quarter ended March 31, 2024. The Company’s net income available to common shareholders was $6.7 million, or $0.58 per basic share, for the quarter ended March 31, 2024, compared to $5.9 million, or $0.51 per basic share, for the quarter ended December 31, 2023 and $8.3 million, or $0.69 per basic share, for the quarter ended March 31, 2023. Return on average assets and average equity for the first quarter of 2024 were 0.85% and 8.93%, respectively, compared to 0.73% and 7.93%, respectively, for the fourth quarter of 2023 and 1.01% and 11.18%, respectively, for the first quarter of 2023. The increase in earnings during the first quarter of 2024 compared to the fourth quarter of 2023 was primarily due to higher non-interest income and lower non-interest expense. The decrease in earnings in the first quarter of 2024 compared to the first quarter of 2023 was primarily due to lower net interest income in the current quarter compared to the prior year quarter.
“We are pleased with our first quarter 2024 results. During the quarter, net interest margin continued to improve, we paid down borrowings from the FHLB, we repaid the remaining $25.0 million of brokered CDs that were obtained to test as a source of liquidity, our core deposits are stable and grew slightly and credit quality remains manageable. Although we’ve strategically shrunk the balance sheet primarily through more conservative loan underwriting, our balance sheet remains strong and continues to provide consistent earnings results. Liquidity and capital remain solid and our board of directors increased the dividend paid on GNTY stock from $0.23 last quarter to $0.24 this quarter, further improving shareholder returns and value,” said Ty Abston, the Company’s Chairman and Chief Executive Officer.
QUARTERLY HIGHLIGHTS
† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.
RESULTS OF OPERATIONS
Net interest income, before the provision for credit losses, in the first quarter of 2024 and 2023 was $23.6 million and $25.2 million, respectively, a decrease of $1.6 million, or 6.3%. The decrease in net interest income resulted from an increase in interest expense of $5.2 million, or 43.3%, compared to the prior year quarter, which was partially offset by an increase in interest income of $3.6 million, or 9.7%, from the same quarter in the prior year. The increases in both interest income and expense resulted primarily from higher rates during the period. Interest expense was also somewhat impacted by a shift from noninterest-bearing to interest-bearing deposit accounts, which resulted in increased expense in the first quarter of 2024 compared to the prior year quarter. Our noninterest-bearing deposits to total deposits were 31.5% and 37.8% as of March 31, 2024 and 2023, respectively.
Net interest margin, on a fully taxable equivalent basis, for the first quarter of 2024 and 2023 was 3.16% and 3.24%, respectively. Net interest margin, on a fully taxable equivalent basis, decreased nine basis points primarily due to interest-bearing liabilities repricing faster than our interest-earning assets during the period. The cost of interest-bearing liabilities increased 98 basis points from the prior year quarter, while interest earning asset yields increased 70 basis points. The increase in the cost of interest-bearing liabilities was due primarily to an increase in the cost of interest-bearing deposits from 1.91% to 3.25%, a change of 134 basis points, in the first quarter of 2024 compared to the same period in 2023, as well as increased rates on FHLB advances, which increased from 4.94% to 5.45%, an increase of 51 basis points, from the prior year quarter. The increases in cost were partially offset by increases in yield on the loan portfolio from 5.46% to 6.21%, or 75 basis points, as well as 109 and 13 basis point increases in yield on AFS and HTM securities, respectively. Although the cost of interest-bearing liabilities have repriced more quickly during this period, the weighted average yield on $62.9 million in new loans originated in the first quarter was 8.39%.
Net interest income, before the provision for credit losses, decreased $226,000, or 0.9%, from $23.8 million in the fourth quarter of 2023 to $23.6 million in the first quarter of 2024. The decrease in net interest income resulted primarily from an increase in interest expense of $182,000, or 1.1%, and a decrease in interest income of $44,000, or 0.1%. The decrease in interest income was primarily due to a decrease in gross loans of $57.3 million, or 2.5%.
Net interest margin, on a fully taxable equivalent basis, increased from 3.11% for the fourth quarter of 2023 to 3.16% for the first quarter of 2024, an increase of four basis points. The increase in net interest margin, on a fully taxable equivalent basis, was primarily due to an increase on loan yield from 6.06% for the fourth quarter of 2023 to 6.21% for the first quarter of 2024, a change of 15 basis points, and a decrease in total interest-earning assets during the first quarter of 2024. This increase was partially offset by an increase in the cost of interest-bearing deposits from 3.17% in the fourth quarter of 2023 to 3.25% in the first quarter of 2024, a change of eight basis points.
We recorded a $250,000 reversal to our provision for credit losses during the first quarter of 2024. Our loan balances decreased $57.3 million during the quarter, while credit quality trends remained relatively stable and the qualitative factors used to account for changes in economic conditions and expected losses were adjusted in 2023. Those assumptions remain relevant in the current quarter, thus no additional q-factor adjustments were made in the current quarter. As of March 31, 2024 and December 31, 2023, our allowance for credit losses as a percentage of total loans was 1.35% and 1.33%, respectively.
Noninterest income increased $353,000, or 7.2%, in the first quarter of 2024 to $5.3 million, compared to $4.9 million for the first quarter of 2023. The increase from the same quarter in 2023 was primarily due to $499,000 in recoveries made on three SBA loans during the first quarter of 2024. This was partially offset by a $130,000 decrease in the gain on mortgage loans sold and a decrease on the gain on sale of loans of $42,000, or 13.4%, along with a $27,000, or 39.7%, decrease in mortgage fee income compared to the same quarter in the prior year.
Noninterest expense increased $725,000, or 3.6%, in the first quarter of 2024 to $20.7 million, compared to $20.0 million for the first quarter of 2023. The increase in noninterest expense in the first quarter of 2024 was driven primarily by a $189,000, or 32.4%, increase in legal and professional fees primarily related to recruiting fees, an increase in software and technology expense of $246,000, or 17.6%, and a $173,000, or 1.4%, increase in employee compensation and benefits compared to the first quarter of 2023. These were partially offset by a $98,000, or 36.7%, decrease in advertising and promotions expense.
Noninterest income in the first quarter of 2024 increased by $462,000, or 9.6%, from $4.8 million in the fourth quarter of 2023. The increase was primarily due to an increase in other noninterest income of $454,000, or 65.0%, primarily the result of $499,000 in recoveries made on three SBA loans and an increase in the gain on sale of loans of $76,000, or 38.8%, during the first quarter of 2024.
Noninterest expense decreased $710,000, or 3.3%, in the first quarter of 2024, from $21.4 million for the quarter ended December 31, 2023. The decrease resulted from a $278,000, or 2.2%, decrease in employee compensation and benefits due to a retirement accrual booked in the fourth quarter of 2023, which was not present in 2024. Additionally, there was a $183,000, or 52.0%, decrease in advertising and promotions expense, a $182,000, or 19.1%, decrease in legal and professional fees and a $98,000, or 5.6%, decrease in software and technology expense during the first quarter of 2024 compared to the fourth quarter of 2023.
The Company’s efficiency ratio in the first quarter of 2024 was 71.74%, compared to 66.41% in the prior year quarter and 74.81% in the fourth quarter of 2024.
FINANCIAL CONDITION
Consolidated assets for the Company totaled $3.13 billion at March 31, 2024, compared to $3.18 billion at December 31, 2023 and $3.36 billion at March 31, 2023.
Gross loans decreased by $57.3 million, or 2.5%, during the quarter resulting in a gross loan balance of $2.27 billion at March 31, 2024, compared to $2.32 billion at December 31, 2023. Our decline in loans resulted primarily from tighter underwriting due to the current economic environment and from lower demand from potential borrowers.
Gross loans decreased $112.6 million, or 4.7%, from $2.38 billion at March 31, 2023. The decrease in gross loans during the first quarter of 2024 compared to the first quarter of 2023 resulted from tightened credit underwriting standards and loan terms, along with fewer borrower requests in response to higher interest rates. Additionally, there was a $10.7 million decrease in warehouse lending loans, as we discontinued that line of business in the second quarter of 2023.
Total deposits decreased by $5.4 million, or 0.2%, to $2.63 billion at March 31, 2024, compared to $2.63 billion at December 31, 2023, and increased $4.5 million, or 0.2%, from $2.62 billion at March 31, 2023. The decrease in deposits during the first quarter of 2024 compared to the fourth quarter of 2023 was the result of a decrease in noninterest-bearing deposits of $24.1 million, offset by an increase in interest-bearing deposits of $18.7 million. The decrease in interest-bearing deposits included the maturity of $25.0 million in brokered CDs in February 2024 that we did not renew. The increase in deposits during the current quarter compared to the prior year quarter resulted primarily from an increase in interest-bearing deposits of $168.1 million, partially offset by a decrease in noninterest-bearing deposits of $163.7 million.
Nonperforming assets as a percentage of total loans were 0.94% at March 31, 2024, compared to 0.25% at December 31, 2023 and 0.57% at March 31, 2023. Nonperforming assets as a percentage of total assets were 0.68% at March 31, 2024, compared to 0.18% at December 31, 2023, and 0.40% at March 31, 2023. The Bank’s nonperforming assets consist primarily of other real estate owned and nonaccrual loans. The increase in nonperforming assets compared to the prior year end and prior year quarter was primarily due to the increase in other real estate owned, which is described in the quarterly highlights above.
Total equity was $305.9 million at March 31, 2024, compared to $303.8 million at December 31, 2023 and $300.3 million at March 31, 2023. The increase in total equity compared to the prior year end and prior year quarter resulted primarily from net income of $6.7 million, the payment of dividends of $2.8 million during the period and a reduction in repurchases during the first quarter of 2024 compared to prior quarters.
As of
2024
2023
(dollars in thousands)
March 31
December 31
September 30
June 30
March 31
ASSETS
Cash and due from banks
$
43,872
$
47,744
$
47,922
$
47,663
$
59,030
Federal funds sold
24,300
36,575
73,275
44,950
95,400
Interest-bearing deposits
4,921
5,205
8,980
4,738
3,695
Total cash and cash equivalents
73,093
89,524
130,177
97,351
158,125
Securities available for sale
228,787
196,195
178,644
166,596
173,744
Securities held to maturity
363,963
404,208
408,308
437,292
476,105
Loans held for sale
874
976
2,506
795
1,260
Loans, net
2,234,012
2,290,881
2,286,163
2,300,882
2,344,240
Accrued interest receivable
11,747
13,143
11,307
11,110
10,443
Premises and equipment, net
56,921
57,018
56,712
56,151
55,457
Other real estate owned
14,900
—
—
—
38
Cash surrender value of life insurance
42,119
42,348
42,096
41,830
38,619
Core deposit intangible, net
1,312
1,418
1,524
1,633
1,746
Goodwill
32,160
32,160
32,160
32,160
32,160
Other assets
67,550
56,920
80,816
60,396
64,350
Total assets
$
3,127,438
$
3,184,791
$
3,230,413
$
3,206,196
$
3,356,287
LIABILITIES AND EQUITY
Deposits
Noninterest-bearing
$
828,861
$
852,957
$
903,391
$
915,462
$
992,527
Interest-bearing
1,798,983
1,780,289
1,754,902
1,687,355
1,630,841
Total deposits
2,627,844
2,633,246
2,658,293
2,602,817
2,623,368
Securities sold under agreements to repurchase
39,058
25,172
19,366
20,532
13,338
Accrued interest and other liabilities
33,807
32,242
31,218
30,701
30,125
Line of credit
—
4,500
2,000
12,000
—
Federal Home Loan Bank advances
75,000
140,000
175,000
195,000
340,000
Subordinated debentures
45,819
45,785
47,752
47,719
49,186
Total liabilities
2,821,528
2,880,945
2,933,629
2,908,769
3,056,017
Equity attributable to Guaranty Bancshares, Inc.
305,371
303,300
296,226
296,862
299,700
Noncontrolling interest
539
546
558
565
570
Total equity
305,910
303,846
296,784
297,427
300,270
Total liabilities and equity
$
3,127,438
$
3,184,791
$
3,230,413
$
3,206,196
$
3,356,287
Quarter Ended
2024
2023
(dollars in thousands, except per share data)
March 31
December 31
September 30
June 30
March 31
STATEMENTS OF EARNINGS
Interest income
$
40,752
$
40,796
$
39,818
$
38,734
$
37,144
Interest expense
17,165
16,983
16,516
14,031
11,982
Net interest income
23,587
23,813
23,302
24,703
25,162
Reversal of provision for credit losses
(250
)
—
—
—
—
Net interest income after provision for credit losses
23,837
23,813
23,302
24,703
25,162
Noninterest income
5,258
4,796
4,939
7,873
4,905
Noninterest expense
20,692
21,402
20,514
20,471
19,967
Income before income taxes
8,403
7,207
7,727
12,105
10,100
Income tax provision
1,722
1,341
1,437
2,529
1,823
Net earnings
$
6,681
$
5,866
$
6,290
$
9,576
$
8,277
Net loss attributable to noncontrolling interest
7
12
7
5
4
Net earnings attributable to Guaranty Bancshares, Inc.
$
6,688
$
5,878
$
6,297
$
9,581
$
8,281
PER COMMON SHARE DATA
Earnings per common share, basic
$
0.58
$
0.51
$
0.54
$
0.82
$
0.69
Earnings per common share, diluted
0.58
0.51
0.54
0.81
0.69
Cash dividends per common share
0.24
0.23
0.23
0.23
0.23
Book value per common share - end of quarter
26.47
26.28
25.64
25.58
25.13
Tangible book value per common share - end of quarter(1)
23.57
23.37
22.72
22.67
22.29
Common shares outstanding - end of quarter(4)
11,534,960
11,540,644
11,554,094
11,603,167
11,925,357
Weighted-average common shares outstanding, basic
11,539,167
11,536,878
11,568,897
11,735,475
11,939,593
Weighted-average common shares outstanding, diluted
11,598,239
11,589,165
11,619,342
11,756,512
12,012,004
PERFORMANCE RATIOS
Return on average assets (annualized)
0.85
%
0.73
%
0.78
%
1.17
%
1.01
%
Return on average equity (annualized)
8.93
7.93
8.43
12.87
11.18
Net interest margin, fully taxable equivalent (annualized)(2)
3.16
3.11
3.02
3.19
3.24
Efficiency ratio(3)
71.74
74.81
72.64
62.84
66.41
(1) See Non-GAAP Reconciling Tables.
(2) Net interest margin on a fully taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.
(3) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.
(4) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
As of
2024
2023
(dollars in thousands)
March 31
December 31
September 30
June 30
March 31
LOAN PORTFOLIO COMPOSITION
Commercial and industrial
$
269,560
$
287,565
$
292,410
$
295,864
$
295,936
Real estate:
Construction and development
273,300
296,639
317,484
345,127
372,203
Commercial real estate
906,684
923,195
901,321
891,883
900,190
Farmland
180,502
186,295
188,614
187,105
190,802
1-4 family residential
523,573
514,603
504,002
496,340
499,944
Multi-family residential
44,569
44,292
42,720
44,385
44,760
Consumer
54,375
57,059
58,294
59,498
60,163
Agricultural
12,418
12,685
13,076
13,447
13,545
Overdrafts
276
243
328
252
270
Total loans(1)(2)
$
2,265,257
$
2,322,576
$
2,318,249
$
2,333,901
$
2,377,813
Quarter Ended
2024
2023
(dollars in thousands)
March 31
December 31
September 30
June 30
March 31
ALLOWANCE FOR CREDIT LOSSES
Balance at beginning of period
$
30,920
$
31,140
$
31,759
$
31,953
$
31,974
Loans charged-off
(310
)
(242
)
(644
)
(224
)
(94
)
Recoveries
200
22
25
30
73
Reversal of provision for credit loss expense
(250
)
—
—
—
—
Balance at end of period
$
30,560
$
30,920
$
31,140
$
31,759
$
31,953
Allowance for credit losses / period-end loans
1.35
%
1.33
%
1.34
%
1.36
%
1.34
%
Allowance for credit losses / nonperforming loans
496.0
552.9
1,148.2
894.6
238.4
Net charge-offs / average loans (annualized)
0.02
0.04
0.11
0.03
0.00
NONPERFORMING ASSETS
Nonaccrual loans
$
6,161
$
5,592
$
2,712
$
3,550
$
13,405
Other real estate owned
14,900
—
—
—
38
Repossessed assets owned
236
234
250
—
—
Total nonperforming assets
$
21,297
$
5,826
$
2,962
$
3,550
$
13,443
Nonperforming assets as a percentage of:
Total loans(1)(2)
0.94
%
0.25
%
0.13
%
0.15
%
0.57
%
Total assets
0.68
0.18
0.09
0.11
0.40
(1) Excludes outstanding balances of loans held for sale of $874,000, $976,000, $2.5 million, $795,000, and $1.3 million as of March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively.
(2) Excludes deferred loan fees of $685,000, $775,000, $(946,000), $1.3 million, and $1.6 million as of March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively.
Quarter Ended
2024
2023
(dollars in thousands)
March 31
December 31
September 30
June 30
March 31
NONINTEREST INCOME
Service charges
$
1,069
$
1,123
$
1,131
$
1,056
$
1,077
Net realized (loss) gain on securities transactions
—
—
—
(322
)
93
Net realized gain on sale of loans
272
196
218
473
314
Fiduciary and custodial income
649
624
637
630
638
Bank-owned life insurance income
251
249
267
211
214
Merchant and debit card fees
1,706
1,760
1,752
2,121
1,674
Loan processing fee income
118
116
128
142
134
Mortgage fee income
41
30
46
50
68
Other noninterest income
1,152
698
760
3,512
693
Total noninterest income
$
5,258
$
4,796
$
4,939
$
7,873
$
4,905
NONINTEREST EXPENSE
Employee compensation and benefits
$
12,437
$
12,715
$
11,944
$
11,939
$
12,264
Occupancy expenses
2,747
2,757
2,960
2,754
2,830
Legal and professional fees
772
954
902
985
583
Software and technology
1,642
1,740
1,490
1,531
1,396
Amortization
143
145
147
149
161
Director and committee fees
200
186
192
201
199
Advertising and promotions
169
352
288
269
267
ATM and debit card expense
609
763
803
739
599
Telecommunication expense
173
175
178
171
183
FDIC insurance assessment fees
360
321
363
522
301
Other noninterest expense
1,440
1,294
1,247
1,211
1,184
Total noninterest expense
$
20,692
$
21,402
$
20,514
$
20,471
$
19,967
Quarter Ended March 31,
2024
2023
(dollars in thousands)
Average Outstanding Balance
Interest Earned/ Interest Paid
Average Yield/ Rate
Average Outstanding Balance
Interest Earned/ Interest Paid
Average Yield/ Rate
ASSETS
Interest-earning assets:
Total loans(1)
$
2,299,177
$
35,491
6.21
%
$
2,388,045
$
32,157
5.46
%
Securities available for sale
216,298
1,851
3.44
184,572
1,068
2.35
Securities held to maturity
393,394
2,533
2.59
502,760
3,050
2.46
Nonmarketable equity securities
24,438
248
4.08
28,381
419
5.99
Interest-bearing deposits in other banks
45,672
629
5.54
34,986
450
5.22
Total interest-earning assets
2,978,979
40,752
5.50
3,138,744
37,144
4.80
Allowance for credit losses
(30,879
)
(31,934
)
Noninterest-earning assets
230,829
218,195
Total assets
$
3,178,929
$
3,325,005
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing deposits
$
1,789,119
$
14,459
3.25
%
$
1,624,610
$
7,655
1.91
%
Advances from FHLB and fed funds purchased
141,593
1,920
5.45
310,103
3,774
4.94
Line of credit
841
18
8.61
—
—
—
Subordinated debt
45,797
517
4.54
49,164
540
4.45
Securities sold under agreements to repurchase
41,271
251
2.45
10,974
13
0.48
Total interest-bearing liabilities
2,018,621
17,165
3.42
1,994,851
11,982
2.44
Noninterest-bearing liabilities:
Noninterest-bearing deposits
823,638
1,002,793
Accrued interest and other liabilities
35,469
26,912
Total noninterest-bearing liabilities
859,107
1,029,705
Equity
301,201
300,449
Total liabilities and equity
$
3,178,929
$
3,325,005
Net interest rate spread(2)
2.08
%
2.36
%
Net interest income
$
23,587
$
25,162
Net interest margin(3)
3.18
%
3.25
%
Net interest margin, fully taxable equivalent(4)
3.16
%
3.24
%
(1) Includes average outstanding balances of loans held for sale of $704,000 and $1.7 million for the quarter ended March 31, 2024 and 2023, respectively.
(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.
(4) Net interest margin on a fully taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.
NON-GAAP RECONCILING TABLES
Tangible Book Value per Common Share
As of
2024
2023
(dollars in thousands, except per share data)
March 31
December 31
September 30
June 30
March 31
Equity attributable to Guaranty Bancshares, Inc.
$
305,371
$
303,300
$
296,226
$
296,862
$
299,700
Adjustments:
Goodwill
(32,160
)
(32,160
)
(32,160
)
(32,160
)
(32,160
)
Core deposit intangible, net
(1,312
)
(1,418
)
(1,524
)
(1,633
)
(1,746
)
Total tangible common equity attributable to Guaranty Bancshares, Inc.
$
271,899
$
269,722
$
262,542
$
263,069
$
265,794
Common shares outstanding(1)
11,534,960
11,540,644
11,554,094
11,603,167
11,925,357
Book value per common share
$
26.47
$
26.28
$
25.64
$
25.58
$
25.13
Tangible book value per common share(1)
23.57
23.37
22.72
22.67
22.29
(1) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
Net Unrealized Loss on Securities, Tax Effected, as a Percentage of Total Equity
(dollars in thousands)
March 31, 2024
Total equity(1)
$
305,910
Less: net unrealized loss on HTM securities, tax effected
(25,662
)
Total equity, including net unrealized loss on AFS and HTM securities
$
280,248
Net unrealized loss on AFS securities, tax effected
16,709
Net unrealized loss on HTM securities, tax effected
25,662
Net unrealized loss on AFS and HTM securities, tax effected
$
42,371
Net unrealized loss on securities as % of total equity(1)
13.9
%
Total equity before impact of unrealized losses
$
322,619
Net unrealized loss on securities as % of total equity before impact of unrealized losses
13.1
%
Total average assets
$
3,178,929
Total equity to average assets
9.6
%
Total equity, adjusted for tax effected net unrealized loss, to average assets
8.8
%
(1) Includes the net unrealized loss on AFS securities, tax effected, of $16,709.
Cost of Total Deposits
Quarter Ended
(dollars in thousands)
March 31, 2024
December 31, 2023
March 31, 2023
Total average interest-bearing deposits
$
1,789,119
$
1,788,863
$
1,624,610
Adjustments:
Noninterest-bearing deposits
823,638
865,817
1,002,793
Total average deposits
$
2,612,757
$
2,654,680
$
2,627,403
Total deposit-related interest expense
$
14,459
$
14,311
$
7,655
Average cost of interest-bearing deposits
3.25
%
3.17
%
1.91
%
Average cost of total deposits
2.23
2.14
1.18
About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “tangible book value per common share,” “net unrealized loss on securities, tax effected, as a percentage of total equity” and “cost of total deposits” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.
These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.
A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
Conference Call Information
The Company will hold a conference call to discuss first quarter 2024 financial results on Monday, April 15, 2024 at 10:00 am Central Time. The conference call will be hosted by Ty Abston, Chairman and CEO, and Shalene Jacobson, EVP and CFO. All conference attendees must register before the call at www.gnty.com/earningscall. The conference materials will be available by accessing the Investor Relations page on our website, www.gnty.com. A recording of the conference call will be available by 1:00 pm Central Time the day of the call and remain available through April 31, 2024 on our Investor Relations webpage.
About Guaranty Bancshares, Inc.
Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. Guaranty Bank & Trust has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of March 31, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.3 billion and total deposits of $2.6 billion. Visit www.gnty.com for more information.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. We can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and we do not intend, and assume no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240415092208/en/
Shalene Jacobson Executive Vice President and Chief Financial Officer Guaranty Bancshares, Inc. (888) 572-9881 investors@gnty.com
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