Guaranty Bancshares, Inc. Reports Third Quarter 2024 Financial Results

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 September 30, 2024. The Company's net income available to common shareholders was $7.4 million, or $0.65 per basic share, for the quarter ended September 30, 2024, compared to $7.4 million, or $0.65 per basic share, for the quarter ended June 30, 2024 and $6.3 million, or $0.54 per basic share, for the quarter ended September 30, 2023. Return on average assets and average equity for the third quarter of 2024 were 0.96% and 9.58%, respectively, compared to 0.95% and 9.91%, respectively, for the second quarter of 2024 and 0.78% and 8.43%, respectively, for the third quarter of 2023. The increase in earnings during the third quarter of 2024 compared to the third quarter of 2023 was primarily due to an increase in net interest income of $889,000, or 3.8%, along with a reverse provision for credit losses of $500,000 during the third quarter of 2024 compared to no provision during the prior year quarter.

"Our earnings and margin results were good in the third quarter and continue to show improvement as the Fed begins to lower interest rates. Net interest margin is now at 3.33%, up 7 basis points from the prior quarter and 31 basis points from the third quarter of 2023. We continue to position our balance sheet to take advantage of possible loan growth and other opportunities when economic conditions improve and interest rates continue to fall. Deposit balances increased during the quarter, we purchased additional higher yielding AFS securities and we repaid the remaining $45.0 million in FHLB advances. We believe credit quality remains strong with very low past-dues and charge-offs. Non-performing assets should also be very low by year-end as we anticipate resolutions for the ORE on our balance sheet. Our capital and liquidity levels are solid and will leave us well positioned to drive positive strategic objectives and obtain favorable results for shareholders for the remainder of 2024 and 2025," said Ty Abston, the Company's Chairman and Chief Executive Officer.

QUARTERLY HIGHLIGHTS

• Improvement in NIM and Stable Earnings. Net interest margin, on a fully taxable equivalent basis, continued to improve in the third quarter, increasing to 3.33%, compared to 3.26% in the second quarter and 3.02% in the prior year quarter. Earnings were fairly consistent with the prior quarter, showing improvements in net interest income, non-interest income and employee and compensation expenses, which were slightly offset by a lower reverse provision for credit losses and higher provision for income taxes in the third quarter. The net interest income improvements resulted primarily from a decrease in interest bearing liability costs, while earning assets have continued to reprice upward.

• Solid Balance Sheet, Capital and Liquidity. During the past year, we have strategically shrunk our balance sheet primarily by paying off debt and allowing transactional/non-relationship loans to pay off. This strategy positions us to be on the offense when we believe strong opportunities for growth or M&A are presented. Our capital and liquidity ratios, as well as contingent liquidity sources, remain very healthy. During the third quarter of 2024, we repurchased 59,996 shares of our common stock, or 0.53% of our average shares outstanding during the period, at an average price of $30.65 per share. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was 17.1% as of September 30, 2024, compared to 14.0% as of September 30, 2023. Our total available contingent liquidity, net of current outstanding borrowings, was $1.4 billion, consisting of FHLB, FRB and correspondent bank fed funds and revolving lines of credit. Finally, our total equity to average quarterly assets as of September 30, 2024 was 10.4%. If we had to recognize our entire net unrealized losses on both AFS and HTM securities, our total equity to average assets ratio would be 9.8%†, which we believe represents a strong capital level under regulatory requirements.
• Good Asset Quality. Overall credit quality remains strong and the expected losses on deteriorating credits are low due to the Bank's equity position and/or strong guarantor support. Nonperforming assets as a percentage of total assets were 0.66% at September 30, 2024, compared to 0.71% at June 30, 2024 and 0.09% at September 30, 2023. Net charge-offs (annualized) to average loans were 0.04% for the quarter ended September 30, 2024, compared to 0.01% for the quarter ended June 30, 2024, and 0.11% for the quarter ended September 30, 2023. There was a reverse provision to the allowance for credit losses of $500,000 during the third quarter, in addition to the $1.45 million reverse provision during the first half of the year. Changes to historical and qualitative factors have been minimal during the first three quarters of 2024, therefore the decrease in the allowance for credit losses was due primarily to the decreases in outstanding loan balances of $186.0 million, or 8.0%, since January 1, 2024, which were partially offset by an increase in special mention loans during the same period as we continue to work with a relatively small number of stressed borrowers. Nonperforming assets consist of both nonaccrual loans and other real estate owned (ORE). Nonaccrual loans represented 0.24% of total outstanding loan balances as of September 30, 2024 and consisted primarily of smaller dollar consumer and small business loans. ORE consisted of two real estate properties, both of which we expect to resolve and sell in the fourth quarter of 2024 with minimal, if any, losses. Nonaccrual loans represented 0.28% and 0.12% of total outstanding loan balances as of June 30, 2024 and September 30, 2023, respectively.

• Granular and Consistent Core Deposit Base. As of September 30, 2024, we have 89,878 total deposit accounts with an average account balance of $29,695. We have a historically reliable core deposit base, with strong and trusted banking relationships. Total deposits increased by $42.8 million during the third quarter. DDA and time deposit balances increased $19.2 million and $24.5 million, respectively, while savings and MMDA balances decreased $965,000 during the third quarter of 2024. Excluding public funds and Bank-owned accounts, our uninsured deposits as of September 30, 2024 were 26.3% of total deposits. Interest rates paid on deposits during the quarter stabilized with minimal increases. Noninterest-bearing deposits represent 31.5% of total deposits as of September 30, 2024. Our cost of interest-bearing deposits increased one basis point during the quarter from 3.32% in the prior quarter to 3.33%. This increase was primarily due to renewals of maturing certificates of deposit into new CDs paying higher rates, although current CD rate offerings were recently lowered late in the quarter. Our cost of total deposits for the third quarter of 2024 increased three basis points from 2.28% in the prior quarter to 2.31%†.

† 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 reversal of the provision for credit losses, for the third quarter of 2024 and 2023 was $24.2 million and $23.3 million, respectively, an increase of $889,000, or 3.8%. The increase in net interest income resulted from an increase in interest income of $615,000, or 1.5%, combined with a decrease in interest expense of $274,000, or 1.7%, compared to the prior year quarter. The increase in interest income resulted primarily from a $670,000, or 16.5%, increase in interest income on securities and a $205,000, or 29.6%, increase in interest income received from Federal funds sold and interest-bearing deposits. The decrease in interest expense resulted primarily from a $2.3 million and $808,000 decrease in interest paid on FHLB borrowings and brokered deposits, respectively. These decreases were partially offset by a $2.6 million increase in interest paid on CD accounts during the third quarter of 2024 compared to the same period of the prior year. Our noninterest-bearing deposits to total deposits were 31.5% and 34.0% as of September 30, 2024 and 2023, respectively.

Net interest margin, on a fully taxable equivalent basis, for the third quarter of 2024 and 2023 was 3.33% and 3.02%, respectively. Net interest margin, on a fully taxable equivalent basis, increased 31 basis points primarily due to a 40 basis point increase in interest-earning asset yields partially offset by an increase of eight basis points in the cost of interest-bearing liabilities from the prior year quarter. The increase in yield on interest-earning assets was primarily due to increases in yield on the loan portfolio from 5.91% to 6.35%, or 44 basis points, as well as 82 and 10 basis point increases in yield on AFS and HTM securities, respectively, during the period. The increase in the cost of interest-bearing liabilities was due primarily to an increase in the cost of interest-bearing deposits from 3.00% to 3.33%, a change of 33 basis points, since September 30, 2023.

Net interest income, before the reversal of the provision for credit losses, increased $311,000, or 1.3%, from $23.9 million in the second quarter of 2024 to $24.2 million for the third quarter of 2024. The increase in net interest income resulted primarily from a larger decrease in interest expense of $591,000, or 3.5%, compared to the decrease in interest income of $280,000, or 0.7%, from the prior quarter.

Net interest margin, on a fully taxable equivalent basis, increased from 3.26% for the second quarter of 2024 to 3.33% for the third quarter of 2024, an increase of seven basis points. The increase in net interest margin, on a fully taxable equivalent basis, was primarily due to a one basis point increase in the yield earned on interest-earning assets, further improved by a seven basis point decrease in rates on interest-bearing liabilities. The increase in yield was primarily due to an increase in loan yields from 6.29% for the second quarter of 2024 to 6.35% for the third quarter of 2024, a change of six basis points, partially offset by decreases in yield on all other interest-earning assets for a net increase of one basis point in yields on interest-earning assets. This increase was improved by a decrease in interest-bearing liabilities of seven basis points since June 30, 2024.

We recorded a reverse provision for credit losses of $500,000 during the third quarter of 2024, and $1.2 million and $250,000 of reverse provisions during the second and first quarters of 2024, respectively. The reverse provisions resulted from a decline in gross loan balances of $78.5 million during the third quarter and of $186.0 million year to date, while overall credit quality trends and economic forecast assumptions remained relatively stable. As of September 30, 2024 and December 31, 2023, our allowance for credit losses as a percentage of total loans was 1.34% and 1.33%, respectively.

Noninterest income increased $215,000, or 4.4%, during the third quarter of 2024 to $5.2 million, compared to $4.9 million for the third quarter of 2023. The increase from the same quarter in 2023 was primarily due to rental income received during the quarter.

Noninterest income for the third quarter of 2024 increased by $555,000, or 12.1%, from $4.6 million in the second quarter of 2024. The increase was primarily due to an increase in other noninterest income of $909,000, or 1377.3%, primarily the result of a $900,000 ORE valuation allowance during the second quarter of 2024. This was partially offset by a $305,000, or 14.4%, decrease in merchant and debit card fees due to an annual payment from our third party processing vendor during the second quarter of 2024.

Noninterest expense increased $164,000, or 0.8%, during the third quarter of 2024 to $20.7 million, compared to $20.5 million for the third quarter of 2023. The increase in noninterest expense during the third quarter of 2024 was driven primarily by an increase in other noninterest expense of $498,000, or 39.9%, due to $642,000 in ORE-related holding costs during the current quarter, which was partially offset by a $358,000, or 3.0%, decrease in employee compensation and benefits and a $127,000, or 14.1%, decrease in legal and professional fees compared to the third quarter of 2023.

Noninterest expense increased $76,000, or 0.4%, during the third quarter of 2024, from $20.6 million for the quarter ended June 30, 2024. The increase resulted primarily from a $141,000, or 8.8%, increase in other noninterest expense due to $642,000 in ORE-related holding costs during the current quarter. Additionally, the Bank saw a $102,000, or 3.5%, increase in occupancy expenses during the third quarter of 2024 compared to the second quarter of 2024. These increases were partially offset by a $137,000, or 1.2%, decrease in employee compensation and benefits.

The Company’s efficiency ratio for the third quarter of 2024 was 70.47%, compared to 72.64% for the prior year quarter and 72.34% for the second quarter of 2024.

FINANCIAL CONDITION

Consolidated assets for the Company totaled $3.10 billion at September 30, 2024, compared to $3.08 billion at June 30, 2024 and $3.23 billion at September 30, 2023.

Gross loans decreased by $78.5 million, or 3.5%, during the quarter resulting in a gross loan balance of $2.14 billion at September 30, 2024, compared to $2.21 billion at June 30, 2024. Our decline in loans resulted primarily from tighter underwriting, strategic non-renewal decisions and from lower demand from potential borrowers.

Gross loans decreased $181.7 million, or 7.8%, from $2.32 billion at September 30, 2023. The decrease in gross loans during the third quarter of 2024 compared to the third quarter of 2023 resulted from tightened credit underwriting standards and loan terms, along with fewer borrower requests in response to higher interest rates and project costs.

Total deposits increased by $42.8 million, or 1.6%, to $2.67 billion at September 30, 2024, compared to $2.63 billion at June 30, 2024, and increased $10.6 million, or 0.4%, from $2.66 billion at September 30, 2023. The increase in deposits during the third quarter of 2024 compared to the second quarter of 2024 was the result of an increase in noninterest-bearing and interest-bearing deposits of $19.1 million and $23.6 million, respectively. The increase in deposits during the current quarter compared to the prior year quarter resulted primarily from an increase in interest-bearing deposits of $74.4 million, offset by a decrease in noninterest-bearing deposits of $63.8 million.

Nonperforming assets as a percentage of total loans were 0.96% at September 30, 2024, compared to 0.98% at June 30, 2024 and 0.13% at September 30, 2023. Nonperforming assets as a percentage of total assets were 0.66% at September 30, 2024, compared to 0.71% at June 30, 2024, and 0.09% at September 30, 2023. The Bank's nonperforming assets consist primarily of ORE and nonaccrual loans. The increase in nonperforming assets compared to the prior year quarter was primarily due to the acquisition of ORE, which is expected to be fully resolved by year-end.

Total equity was $319.3 million at September 30, 2024, compared to $308.6 million at June 30, 2024 and $296.8 million at September 30, 2023. The increase in total equity compared to the prior quarter and prior year quarter resulted primarily from net income of $7.4 million during the third quarter and from a positive shift in our net unrealized losses on securities compared to the prior periods. The increases in equity were somewhat offset by the payment of dividends and by the repurchase of stock totaling $1.8 million during the third quarter of 2024, $4.1 million during the second quarter of 2024 and $1.7 million during the third quarter of 2023.

 

 

As of

 

 

 

2024

 

 

2023

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

50,623

 

 

$

45,016

 

 

$

43,872

 

 

$

47,744

 

 

$

47,922

 

Federal funds sold

 

 

108,350

 

 

 

40,475

 

 

 

24,300

 

 

 

36,575

 

 

 

73,275

 

Interest-bearing deposits

 

 

3,973

 

 

 

4,721

 

 

 

4,921

 

 

 

5,205

 

 

 

8,980

 

Total cash and cash equivalents

 

 

162,946

 

 

 

90,212

 

 

 

73,093

 

 

 

89,524

 

 

 

130,177

 

Securities available for sale

 

 

277,567

 

 

 

242,662

 

 

 

228,787

 

 

 

196,195

 

 

 

178,644

 

Securities held to maturity

 

 

341,911

 

 

 

347,992

 

 

 

363,963

 

 

 

404,208

 

 

 

408,308

 

Loans held for sale

 

 

770

 

 

 

871

 

 

 

874

 

 

 

976

 

 

 

2,506

 

Loans, net

 

 

2,107,597

 

 

 

2,185,247

 

 

 

2,234,012

 

 

 

2,290,881

 

 

 

2,286,163

 

Accrued interest receivable

 

 

10,927

 

 

 

12,397

 

 

 

11,747

 

 

 

13,143

 

 

 

11,307

 

Premises and equipment, net

 

 

56,964

 

 

 

57,475

 

 

 

56,921

 

 

 

57,018

 

 

 

56,712

 

Other real estate owned

 

 

15,184

 

 

 

15,184

 

 

 

14,900

 

 

 

—

 

 

 

—

 

Cash surrender value of life insurance

 

 

42,623

 

 

 

42,369

 

 

 

42,119

 

 

 

42,348

 

 

 

42,096

 

Core deposit intangible, net

 

 

1,100

 

 

 

1,206

 

 

 

1,312

 

 

 

1,418

 

 

 

1,524

 

Goodwill

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

47,356

 

 

 

53,842

 

 

 

67,550

 

 

 

56,920

 

 

 

80,816

 

Total assets

 

$

3,097,105

 

 

$

3,081,617

 

 

$

3,127,438

 

 

$

3,184,791

 

 

$

3,230,413

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

839,567

 

 

$

820,430

 

 

$

828,861

 

 

$

852,957

 

 

$

903,391

 

Interest-bearing

 

 

1,829,347

 

 

 

1,805,732

 

 

 

1,798,983

 

 

 

1,780,289

 

 

 

1,754,902

 

Total deposits

 

 

2,668,914

 

 

 

2,626,162

 

 

 

2,627,844

 

 

 

2,633,246

 

 

 

2,658,293

 

Securities sold under agreements to repurchase

 

 

31,164

 

 

 

25,173

 

 

 

39,058

 

 

 

25,172

 

 

 

19,366

 

Accrued interest and other liabilities

 

 

33,849

 

 

 

32,860

 

 

 

33,807

 

 

 

32,242

 

 

 

31,218

 

Line of credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,500

 

 

 

2,000

 

Federal Home Loan Bank advances

 

 

—

 

 

 

45,000

 

 

 

75,000

 

 

 

140,000

 

 

 

175,000

 

Subordinated debentures

 

 

43,885

 

 

 

43,852

 

 

 

45,819

 

 

 

45,785

 

 

 

47,752

 

Total liabilities

 

 

2,777,812

 

 

 

2,773,047

 

 

 

2,821,528

 

 

 

2,880,945

 

 

 

2,933,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity attributable to Guaranty Bancshares, Inc.

 

 

318,784

 

 

 

308,043

 

 

 

305,371

 

 

 

303,300

 

 

 

296,226

 

Noncontrolling interest

 

 

509

 

 

 

527

 

 

 

539

 

 

 

546

 

 

 

558

 

Total equity

 

 

319,293

 

 

 

308,570

 

 

 

305,910

 

 

 

303,846

 

 

 

296,784

 

Total liabilities and equity

 

$

3,097,105

 

 

$

3,081,617

 

 

$

3,127,438

 

 

$

3,184,791

 

 

$

3,230,413

 

 

 

Quarter Ended

 

 

 

2024

 

 

2023

 

(dollars in thousands, except per share data)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

STATEMENTS OF EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

40,433

 

 

$

40,713

 

 

$

40,752

 

 

$

40,796

 

 

$

39,818

 

Interest expense

 

 

16,242

 

 

 

16,833

 

 

 

17,165

 

 

 

16,983

 

 

 

16,516

 

Net interest income

 

 

24,191

 

 

 

23,880

 

 

 

23,587

 

 

 

23,813

 

 

 

23,302

 

Reversal of provision for credit losses

 

 

(500

)

 

 

(1,200

)

 

 

(250

)

 

 

—

 

 

 

—

 

Net interest income after reversal of provision for credit losses

 

 

24,691

 

 

 

25,080

 

 

 

23,837

 

 

 

23,813

 

 

 

23,302

 

Noninterest income

 

 

5,154

 

 

 

4,599

 

 

 

5,258

 

 

 

4,796

 

 

 

4,939

 

Noninterest expense

 

 

20,678

 

 

 

20,602

 

 

 

20,692

 

 

 

21,402

 

 

 

20,514

 

Income before income taxes

 

 

9,167

 

 

 

9,077

 

 

 

8,403

 

 

 

7,207

 

 

 

7,727

 

Income tax provision

 

 

1,788

 

 

 

1,654

 

 

 

1,722

 

 

 

1,341

 

 

 

1,437

 

Net earnings

 

$

7,379

 

 

$

7,423

 

 

$

6,681

 

 

$

5,866

 

 

$

6,290

 

Net loss attributable to noncontrolling interest

 

 

18

 

 

 

12

 

 

 

7

 

 

 

12

 

 

 

7

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

7,397

 

 

$

7,435

 

 

$

6,688

 

 

$

5,878

 

 

$

6,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic

 

$

0.65

 

 

$

0.65

 

 

$

0.58

 

 

$

0.51

 

 

$

0.54

 

Earnings per common share, diluted

 

 

0.65

 

 

 

0.65

 

 

 

0.58

 

 

 

0.51

 

 

 

0.54

 

Cash dividends per common share

 

 

0.24

 

 

 

0.24

 

 

 

0.24

 

 

 

0.23

 

 

 

0.23

 

Book value per common share - end of quarter

 

 

27.94

 

 

 

26.98

 

 

 

26.47

 

 

 

26.28

 

 

 

25.64

 

Tangible book value per common share - end of quarter(1)

 

 

25.03

 

 

 

24.06

 

 

 

23.57

 

 

 

23.37

 

 

 

22.72

 

Common shares outstanding - end of quarter(2)

 

 

11,408,908

 

 

 

11,417,270

 

 

 

11,534,960

 

 

 

11,540,644

 

 

 

11,554,094

 

Weighted-average common shares outstanding, basic

 

 

11,383,027

 

 

 

11,483,091

 

 

 

11,539,167

 

 

 

11,536,878

 

 

 

11,568,897

 

Weighted-average common shares outstanding, diluted

 

 

11,443,324

 

 

 

11,525,504

 

 

 

11,598,239

 

 

 

11,589,165

 

 

 

11,619,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

 

0.96

%

 

 

0.95

%

 

 

0.85

%

 

 

0.73

%

 

 

0.78

%

Return on average equity (annualized)

 

 

9.58

 

 

 

9.91

 

 

 

8.93

 

 

 

7.93

 

 

 

8.43

 

Net interest margin, fully taxable equivalent (annualized)(3)

 

 

3.33

 

 

 

3.26

 

 

 

3.16

 

 

 

3.11

 

 

 

3.02

 

Efficiency ratio(4)

 

 

70.47

 

 

 

72.34

 

 

 

71.74

 

 

 

74.81

 

 

 

72.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See Non-GAAP Reconciling Tables.

 

(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.

 

(3) 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%.

 

(4) 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.

 

 

 

As of

 

 

 

2024

 

 

2023

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

LOAN PORTFOLIO COMPOSITION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

245,738

 

 

$

264,058

 

 

$

269,560

 

 

$

287,565

 

 

$

292,410

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and development

 

 

213,014

 

 

 

231,053

 

 

 

273,300

 

 

 

296,639

 

 

 

317,484

 

Commercial real estate

 

 

866,112

 

 

 

899,120

 

 

 

906,684

 

 

 

923,195

 

 

 

901,321

 

Farmland

 

 

169,116

 

 

 

180,126

 

 

 

180,502

 

 

 

186,295

 

 

 

188,614

 

1-4 family residential

 

 

524,245

 

 

 

526,650

 

 

 

523,573

 

 

 

514,603

 

 

 

504,002

 

Multi-family residential

 

 

54,158

 

 

 

47,507

 

 

 

44,569

 

 

 

44,292

 

 

 

42,720

 

Consumer

 

 

52,530

 

 

 

53,642

 

 

 

54,375

 

 

 

57,059

 

 

 

58,294

 

Agricultural

 

 

11,293

 

 

 

12,506

 

 

 

12,418

 

 

 

12,685

 

 

 

13,076

 

Overdrafts

 

 

331

 

 

 

335

 

 

 

276

 

 

 

243

 

 

 

328

 

Total loans(1)(2)

 

$

2,136,537

 

 

$

2,214,997

 

 

$

2,265,257

 

 

$

2,322,576

 

 

$

2,318,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

2024

 

 

2023

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

ALLOWANCE FOR CREDIT LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

29,282

 

 

$

30,560

 

 

$

30,920

 

 

$

31,140

 

 

$

31,759

 

Loans charged-off

 

 

(272

)

 

 

(115

)

 

 

(310

)

 

 

(242

)

 

 

(644

)

Recoveries

 

 

33

 

 

 

37

 

 

 

200

 

 

 

22

 

 

 

25

 

Reversal of provision for credit losses

 

 

(500

)

 

 

(1,200

)

 

 

(250

)

 

 

—

 

 

 

—

 

Balance at end of period

 

$

28,543

 

 

$

29,282

 

 

$

30,560

 

 

$

30,920

 

 

$

31,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses / period-end loans

 

 

1.34

%

 

 

1.32

%

 

 

1.35

%

 

 

1.33

%

 

 

1.34

%

Allowance for credit losses / nonperforming loans

 

 

560.2

 

 

 

470.4

 

 

 

496.0

 

 

 

552.9

 

 

 

1,148.2

 

Net charge-offs / average loans (annualized)

 

 

0.04

 

 

 

0.01

 

 

 

0.02

 

 

 

0.04

 

 

 

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONPERFORMING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

5,095

 

 

$

6,225

 

 

$

6,161

 

 

$

5,592

 

 

$

2,712

 

Other real estate owned

 

 

15,184

 

 

 

15,184

 

 

 

14,900

 

 

 

—

 

 

 

—

 

Repossessed assets owned

 

 

154

 

 

 

331

 

 

 

236

 

 

 

234

 

 

 

250

 

Total nonperforming assets

 

$

20,433

 

 

$

21,740

 

 

$

21,297

 

 

$

5,826

 

 

$

2,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans as a percentage of total loans(1)(2)

 

 

0.24

%

 

 

0.28

%

 

 

0.27

%

 

 

0.24

%

 

 

0.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets as a percentage of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans(1)(2)

 

 

0.96

%

 

 

0.98

%

 

 

0.94

%

 

 

0.25

%

 

 

0.13

%

Total assets

 

 

0.66

 

 

 

0.71

 

 

 

0.68

 

 

 

0.18

 

 

 

0.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes outstanding balances of loans held for sale of $770,000, $871,000, $874,000, $976,000, and $2.5 million as of September 30, June 30 and March 31, 2024 and December 31 and September 30, 2023, respectively.

 

(2) Excludes deferred loan fees of $397,000, $468,000, $685,000, $775,000, and $946,000 as of September 30, June 30 and March 31, 2024 and December 31 and September 30, 2023, respectively.

 

 

 

Quarter Ended

 

 

 

2024

 

 

2023

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

$

1,165

 

 

$

1,098

 

 

$

1,069

 

 

$

1,123

 

 

$

1,131

 

Net realized gain on sale of loans

 

 

252

 

 

 

227

 

 

 

272

 

 

 

196

 

 

 

218

 

Fiduciary and custodial income

 

 

542

 

 

 

657

 

 

 

649

 

 

 

624

 

 

 

637

 

Bank-owned life insurance income

 

 

255

 

 

 

250

 

 

 

251

 

 

 

249

 

 

 

267

 

Merchant and debit card fees

 

 

1,817

 

 

 

2,122

 

 

 

1,706

 

 

 

1,760

 

 

 

1,752

 

Loan processing fee income

 

 

102

 

 

 

136

 

 

 

118

 

 

 

116

 

 

 

128

 

Mortgage fee income

 

 

46

 

 

 

43

 

 

 

41

 

 

 

30

 

 

 

46

 

Other noninterest income

 

 

975

 

 

 

66

 

 

 

1,152

 

 

 

698

 

 

 

760

 

Total noninterest income

 

$

5,154

 

 

$

4,599

 

 

$

5,258

 

 

$

4,796

 

 

$

4,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

$

11,586

 

 

$

11,723

 

 

$

12,437

 

 

$

12,715

 

 

$

11,944

 

Occupancy expenses

 

 

3,026

 

 

 

2,924

 

 

 

2,747

 

 

 

2,757

 

 

 

2,960

 

Legal and professional fees

 

 

775

 

 

 

841

 

 

 

772

 

 

 

954

 

 

 

902

 

Software and technology

 

 

1,649

 

 

 

1,653

 

 

 

1,642

 

 

 

1,740

 

 

 

1,490

 

Amortization

 

 

142

 

 

 

142

 

 

 

143

 

 

 

145

 

 

 

147

 

Director and committee fees

 

 

188

 

 

 

198

 

 

 

200

 

 

 

186

 

 

 

192

 

Advertising and promotions

 

 

239

 

 

 

208

 

 

 

169

 

 

 

352

 

 

 

288

 

ATM and debit card expense

 

 

791

 

 

 

785

 

 

 

609

 

 

 

763

 

 

 

803

 

Telecommunication expense

 

 

178

 

 

 

159

 

 

 

173

 

 

 

175

 

 

 

178

 

FDIC insurance assessment fees

 

 

359

 

 

 

365

 

 

 

360

 

 

 

321

 

 

 

363

 

Other noninterest expense

 

 

1,745

 

 

 

1,604

 

 

 

1,440

 

 

 

1,294

 

 

 

1,247

 

Total noninterest expense

 

$

20,678

 

 

$

20,602

 

 

$

20,692

 

 

$

21,402

 

 

$

20,514

 

 

 

Quarter Ended September 30,

 

 

 

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)

 

$

2,167,701

 

 

$

34,615

 

 

 

6.35

%

 

$

2,332,171

 

 

$

34,765

 

 

 

5.91

%

Securities available for sale

 

 

263,487

 

 

 

2,484

 

 

 

3.75

 

 

 

181,946

 

 

 

1,346

 

 

 

2.93

 

Securities held to maturity

 

 

345,422

 

 

 

2,242

 

 

 

2.58

 

 

 

432,687

 

 

 

2,710

 

 

 

2.48

 

Nonmarketable equity securities

 

 

19,341

 

 

 

194

 

 

 

3.99

 

 

 

25,429

 

 

 

304

 

 

 

4.74

 

Interest-bearing deposits in other banks

 

 

66,583

 

 

 

898

 

 

 

5.37

 

 

 

52,424

 

 

 

693

 

 

 

5.24

 

Total interest-earning assets

 

 

2,862,534

 

 

 

40,433

 

 

 

5.62

 

 

 

3,024,657

 

 

 

39,818

 

 

 

5.22

 

Allowance for credit losses

 

 

(29,101

)

 

 

 

 

 

 

 

 

(31,574

)

 

 

 

 

 

 

Noninterest-earning assets

 

 

232,947

 

 

 

 

 

 

 

 

 

220,406

 

 

 

 

 

 

 

Total assets

 

$

3,066,380

 

 

 

 

 

 

 

 

$

3,213,489

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

1,821,395

 

 

$

15,243

 

 

 

3.33

%

 

$

1,726,218

 

 

$

13,069

 

 

 

3.00

%

Advances from FHLB and fed funds purchased

 

 

21,739

 

 

 

286

 

 

 

5.23

 

 

 

194,115

 

 

 

2,588

 

 

 

5.29

 

Line of credit

 

 

261

 

 

 

6

 

 

 

9.15

 

 

 

5,011

 

 

 

204

 

 

 

16.15

 

Subordinated debt

 

 

43,863

 

 

 

506

 

 

 

4.59

 

 

 

47,730

 

 

 

534

 

 

 

4.44

 

Securities sold under agreements to repurchase

 

 

34,370

 

 

 

201

 

 

 

2.33

 

 

 

22,718

 

 

 

121

 

 

 

2.11

 

Total interest-bearing liabilities

 

 

1,921,628

 

 

 

16,242

 

 

 

3.36

 

 

 

1,995,792

 

 

 

16,516

 

 

 

3.28

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

800,573

 

 

 

 

 

 

 

 

 

888,772

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

36,970

 

 

 

 

 

 

 

 

 

32,716

 

 

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

837,543

 

 

 

 

 

 

 

 

 

921,488

 

 

 

 

 

 

 

Equity

 

 

307,209

 

 

 

 

 

 

 

 

 

296,209

 

 

 

 

 

 

 

Total liabilities and equity

 

$

3,066,380

 

 

 

 

 

 

 

 

$

3,213,489

 

 

 

 

 

 

 

Net interest rate spread(2)

 

 

 

 

 

 

 

 

2.26

%

 

 

 

 

 

 

 

 

1.94

%

Net interest income

 

 

 

 

$

24,191

 

 

 

 

 

 

 

 

$

23,302

 

 

 

 

Net interest margin(3)

 

 

 

 

 

 

 

 

3.36

%

 

 

 

 

 

 

 

 

3.06

%

Net interest margin, fully taxable equivalent(4)

 

 

 

 

 

 

 

 

3.33

%

 

 

 

 

 

 

 

 

3.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes average outstanding balances of loans held for sale of $882,000 and $1.1 million for the quarter ended September 30, 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%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

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)

 

$

2,234,538

 

 

$

105,115

 

 

 

6.28

%

 

$

2,359,880

 

 

$

100,513

 

 

 

5.69

%

Securities available for sale

 

 

241,777

 

 

 

6,602

 

 

 

3.65

 

 

 

180,645

 

 

 

3,619

 

 

 

2.68

 

Securities held to maturity

 

 

365,174

 

 

 

7,107

 

 

 

2.60

 

 

 

463,434

 

 

 

8,591

 

 

 

2.48

 

Nonmarketable equity securities

 

 

22,329

 

 

 

722

 

 

 

4.32

 

 

 

27,727

 

 

 

1,024

 

 

 

4.94

 

Interest-bearing deposits in other banks

 

 

56,901

 

 

 

2,352

 

 

 

5.52

 

 

 

49,923

 

 

 

1,949

 

 

 

5.22

 

Total interest-earning assets

 

 

2,920,719

 

 

 

121,898

 

 

 

5.57

 

 

 

3,081,609

 

 

 

115,696

 

 

 

5.02

 

Allowance for credit losses

 

 

(30,125

)

 

 

 

 

 

 

 

 

(31,804

)

 

 

 

 

 

 

Noninterest-earning assets

 

 

234,822

 

 

 

 

 

 

 

 

 

219,227

 

 

 

 

 

 

 

Total assets

 

$

3,125,416

 

 

 

 

 

 

 

 

$

3,269,032

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

1,802,228

 

 

$

44,526

 

 

 

3.30

%

 

$

1,668,394

 

 

$

30,670

 

 

 

2.46

%

Advances from FHLB and fed funds purchased

 

 

84,234

 

 

 

3,413

 

 

 

5.41

 

 

 

255,011

 

 

 

9,711

 

 

 

5.09

 

Line of credit

 

 

367

 

 

 

24

 

 

 

8.74

 

 

 

4,139

 

 

 

268

 

 

 

8.66

 

Subordinated debt

 

 

44,713

 

 

 

1,534

 

 

 

4.58

 

 

 

48,357

 

 

 

1,609

 

 

 

4.45

 

Securities sold under agreements to repurchase

 

 

39,880

 

 

 

743

 

 

 

2.49

 

 

 

19,548

 

 

 

271

 

 

 

1.85

 

Total interest-bearing liabilities

 

 

1,971,422

 

 

 

50,240

 

 

 

3.40

 

 

 

1,995,449

 

 

 

42,529

 

 

 

2.85

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

814,117

 

 

 

 

 

 

 

 

 

944,870

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

36,458

 

 

 

 

 

 

 

 

 

30,057

 

 

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

850,575

 

 

 

 

 

 

 

 

 

974,927

 

 

 

 

 

 

 

Equity

 

 

303,418

 

 

 

 

 

 

 

 

 

298,656

 

 

 

 

 

 

 

Total liabilities and equity

 

$

3,125,415

 

 

 

 

 

 

 

 

$

3,269,032

 

 

 

 

 

 

 

Net interest rate spread(2)

 

 

 

 

 

 

 

 

2.17

%

 

 

 

 

 

 

 

 

2.17

%

Net interest income

 

 

 

 

$

71,658

 

 

 

 

 

 

 

 

$

73,167

 

 

 

 

Net interest margin(3)

 

 

 

 

 

 

 

 

3.28

%

 

 

 

 

 

 

 

 

3.17

%

Net interest margin, fully taxable equivalent(4)

 

 

 

 

 

 

 

 

3.25

%

 

 

 

 

 

 

 

 

3.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes average outstanding balances of loans held for sale of $801,000 and $1.4 million for the nine months ended September 30, 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)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

Equity attributable to Guaranty Bancshares, Inc.

 

$

318,784

 

 

$

308,043

 

 

$

305,371

 

 

$

303,300

 

 

$

296,226

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

Core deposit intangible, net

 

 

(1,100

)

 

 

(1,206

)

 

 

(1,312

)

 

 

(1,418

)

 

 

(1,524

)

Total tangible common equity attributable to Guaranty Bancshares, Inc.

 

$

285,524

 

 

$

274,677

 

 

$

271,899

 

 

$

269,722

 

 

$

262,542

 

Common shares outstanding(1)

 

 

11,408,908

 

 

 

11,417,270

 

 

 

11,534,960

 

 

 

11,540,644

 

 

 

11,554,094

 

Book value per common share

 

$

27.94

 

 

$

26.98

 

 

$

26.47

 

 

$

26.28

 

 

$

25.64

 

Tangible book value per common share(1)

 

 

25.03

 

 

 

24.06

 

 

 

23.57

 

 

 

23.37

 

 

 

22.72

 

(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)

 

September 30, 2024

 

Total equity(1)

 

$

319,293

 

Less: net unrealized loss on HTM securities, tax effected

 

 

(17,852

)

Total equity, including net unrealized loss on AFS and HTM securities

 

$

301,441

 

 

 

 

 

Net unrealized loss on AFS securities, tax effected

 

 

8,374

 

Net unrealized loss on HTM securities, tax effected

 

 

17,852

 

Net unrealized loss on AFS and HTM securities, tax effected

 

$

26,226

 

 

 

 

 

Net unrealized loss on securities as % of total equity(1)

 

 

8.2

%

Total equity before impact of unrealized losses

 

$

327,667

 

Net unrealized loss on securities as % of total equity before impact of unrealized losses

 

 

8.0

%

 

 

 

 

Total average assets

 

$

3,066,380

 

Total equity to average assets

 

 

10.4

%

Total equity, adjusted for tax effected net unrealized loss, to average assets

 

 

9.8

%

 

 

 

 

(1) Includes the net unrealized loss on AFS securities of $8.4 million, tax effected.

Cost of Total Deposits

 

 

Quarter Ended

 

(dollars in thousands)

 

September 30, 2024

 

 

June 30, 2024

 

 

September 30, 2023

 

Total average interest-bearing deposits

 

$

1,821,395

 

 

$

1,795,958

 

 

$

1,726,218

 

Adjustments:

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

800,573

 

 

 

818,290

 

 

 

888,772

 

Total average deposits

 

$

2,621,968

 

 

$

2,614,248

 

 

$

2,614,990

 

 

 

 

 

 

 

 

 

 

 

Total deposit-related interest expense

 

$

15,243

 

 

$

14,824

 

 

$

13,069

 

 

 

 

 

 

 

 

 

 

 

Average cost of interest-bearing deposits

 

 

3.33

%

 

 

3.32

%

 

 

3.00

%

Average cost of total deposits

 

 

2.31

 

 

 

2.28

 

 

 

1.98

 

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 third quarter 2024 financial results on Monday, October 21, 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 October 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 September 30, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.1 billion and total deposits of $2.7 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.

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Shalene Jacobson Executive Vice President and Chief Financial Officer Guaranty Bancshares, Inc. [phone] [e-mail]