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Guaranty Bancshares, Inc. Reports Second Quarter 2022 Financial Results

Guaranty Bancshares, Inc. (NASDAQ: GNTY) (the "Company"), the parent company of Guaranty Bank & Trust, N.A. (the "Bank"), today reported financial results for the fiscal quarter ended June 30, 2022. The Company's net income available to common shareholders was $10.8 million, or $0.90 per basic share, for the quarter ended June 30, 2022, compared to $10.7 million, or $0.89 per basic share, for the quarter ended March 31, 2022 and $10.4 million, or $0.87 per basic share, for the quarter ended June 30, 2021. Return on average assets and average equity for the second quarter of 2022 were 1.35% and 14.85%, respectively, compared to 1.38% and 14.44%, respectively, for the first quarter of 2022 and 1.42% and 14.64%, respectively, for the second quarter of 2021. The modest increase in earnings during the second quarter of 2022, compared to the first quarter of 2022, was primarily due to improved net interest margin, but offset by lower non-interest income and higher non-interest expense. Our net core earnings, excluding provisions for credit losses, income taxes and PPP1/PPP2 net income, as well as our core net interest margin, adjusted to exclude the effects of PPP1/PPP2 loans, are described further in tables below.

"Our second quarter results were strong with an increase in net core earnings of nearly $2.0 million from the first quarter of 2022. We improved our net interest margin through repricing of new and existing loans at higher yields and through deployment of excess liquidity held in fed funds throughout the pandemic into higher yielding securities during the first half of 2022. Loan growth has also been strong. Excluding PPP and warehouse loans, our loan portfolio grew 7.1% during the second quarter and 16.4% year-to-date, although this will likely slow during the second half of the year as rates continue to rise and fears of an economic downturn continue to develop. Despite possible slowing of loan growth, we've built a solid earnings stream that should continue to deliver good financial outcomes for our Company and our shareholders. Texas also remains a very vibrant market and should weather this period of economic uncertainty better than most. Non-performing assets remain very low and we maintain our conservative approach to credit underwriting. As with most companies, inflation pressure and wage increases from a tight labor market have caused increases in our non-interest expense, which we are closely monitoring and managing. Historically, Guaranty has navigated both rising rate and recessionary cycles with good outcomes, which we are confident we will do again during the current economic environment" commented Ty Abston, the Company's Chairman and Chief Executive Officer.

QUARTERLY HIGHLIGHTS

  • Strong Loan Growth. The second quarter of 2022 saw strong organic loan growth, increasing $124.3 million, or 6.2%, during the quarter. Excluding PPP and warehouse lending changes, our loans grew $139.9 million, or 7.1%, during the quarter. Our loan growth is a result of internally generated sources and is not from loan purchases from other originators.
  • Solid Net Earnings and Core Earnings. Net earnings have remained consistent quarter-over-quarter. Net core earnings, which exclude provisions for credit losses and income tax, and net PPP income, have trended upwards, demonstrating a solid and consistent core earnings stream. Net core earnings were $12.8 million for the second quarter, compared to $10.9 million for the first quarter of 2022, and $9.8 million during the second quarter of 2021.
  • Good Asset Quality. Non-performing assets as a percentage of total assets were 0.30% at June 30, 2022, compared to 0.08% at March 31, 2022 and 0.13% at June 30, 2021. Net charge-offs to average loans (annualized) were 0.02% for the quarter ended June 30, 2022, compared to 0.02% for the quarter ended March 31, 2022, and 0.05% for the quarter ended June 30, 2021.
  • Repricing Loans. The Bank is slightly asset-sensitive and should see benefits from expected rate increases by the Federal Reserve. As of June 30, 2022, $267.8 million, or 12.5% of our loan portfolio is fully floating and $1.1 billion, or 51.8% are adjustable rate term loans, repricing at defined future time periods or at maturity. A rate increase of 75 bps at the July FOMC meeting would result in the repricing of approximately $322.7 million, or 23.5%, of our floating and variable rate loans in July. Total rate increases of 175 bps between June 30 and December 31 would result in repricing of approximately $453.6 million, or 33.0%, of our total floating and adjustable rate loans by December 31, 2022. Although we have raised interest rates paid on deposit accounts, we continue to maintain a conservative approach to increases. A total of 39.8% of our deposits are noninterest-bearing and total cost of funds on total deposits during the second quarter was 0.23%.

Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

RESULTS OF OPERATIONS

Participation in the PPP1 and PPP2 program, as well as large provisions for credit losses in the second quarter of 2020, resulting from the expected effects of COVID-19, along with subsequent provision releases, has created temporary extraordinary results in the calculation of net earnings and related performance ratios. The following table illustrates net earnings and net core earnings results, which are pre-tax, pre-provision and pre-extraordinary PPP1/PPP2 income, as well as performance ratios for the prior five quarters:

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

(dollars in thousands, except per share data)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

10,784

 

 

$

10,738

 

 

$

9,159

 

 

$

9,253

 

 

$

10,432

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

 

 

 

(1,250

)

 

 

 

 

 

(700

)

 

 

(1,000

)

Income tax provision

 

 

2,472

 

 

 

2,235

 

 

 

1,923

 

 

 

2,179

 

 

 

2,312

 

PPP loan interest and fees

 

 

(436

)

 

 

(783

)

 

 

(958

)

 

 

(1,005

)

 

 

(1,954

)

Net core earnings attributable to Guaranty Bancshares, Inc.

 

$

12,820

 

 

$

10,940

 

 

$

10,124

 

 

$

9,727

 

 

$

9,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total average assets

 

$

3,209,440

 

 

$

3,146,339

 

 

$

3,021,079

 

 

$

2,953,181

 

 

$

2,938,944

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPP loans average balance

 

 

(8,885

)

 

 

(36,720

)

 

 

(61,062

)

 

 

(107,931

)

 

 

(155,417

)

Total average assets, adjusted

 

$

3,200,555

 

 

$

3,109,619

 

 

$

2,960,017

 

 

$

2,845,250

 

 

$

2,783,527

 

Total average equity

 

$

291,312

 

 

$

301,579

 

 

$

301,398

 

 

$

295,076

 

 

$

285,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings to average assets (annualized)

 

 

1.35

%

 

 

1.38

%

 

 

1.20

%

 

 

1.24

%

 

 

1.42

%

Net earnings to average equity (annualized)

 

 

14.85

 

 

 

14.44

 

 

 

12.06

 

 

 

12.44

 

 

 

14.64

 

Net core earnings to average assets, as adjusted (annualized)

 

 

1.61

 

 

 

1.43

 

 

 

1.36

 

 

 

1.36

 

 

 

1.41

 

Net core earnings to average equity (annualized)

 

 

17.65

 

 

 

14.71

 

 

 

13.33

 

 

 

13.08

 

 

 

13.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

11,968,227

 

 

 

12,109,074

 

 

 

12,097,100

 

 

 

12,067,769

 

 

 

12,056,550

 

Earnings per common share, basic

 

$

0.90

 

 

$

0.89

 

 

$

0.76

 

 

$

0.77

 

 

$

0.87

 

Net core earnings per common share, basic

 

 

1.07

 

 

 

0.90

 

 

 

0.84

 

 

 

0.81

 

 

 

0.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

 

Net interest income, before the provision for credit losses, in the second quarter of 2022 and 2021 was $26.9 million and $23.5 million, respectively, an increase of $3.4 million, or 14.4%. The increase in net interest income resulted from an increase in interest income of $3.8 million, or 15.2%, which was partially offset by an increase in interest expense of $462,000, or 25.6%, quarter over quarter. Interest and fee income from PPP loans decreased $1.5 million, or 77.7%, while all loan and other interest income increased $3.4 million, or 14.8%, during the current quarter compared to the prior year quarter. In addition, interest income from investment securities increased $1.9 million, or 88.9%, from the same quarter in the prior year.

Net interest margin, on a taxable equivalent basis, for the second quarter of 2022 and 2021 was 3.61% and 3.44%, respectively. Net interest margin increased 17 basis points primarily due to a 21 basis point yield increase on total interest earning assets that was offset by an eight basis point increase in cost of interest bearing liabilities. The increase in yield on interest earning assets resulted primarily due to the reinvestment of interest bearing deposits held at other banks, which earned a yield of 0.06% in the prior year quarter, into higher yielding investment securities and loans. There was a slight decrease in loan yield from 4.79% for the second quarter of 2021 to 4.77% for the second quarter of 2022, a change of two basis points, caused primarily due to recognized PPP origination fee and interest income of $2.0 million during the prior year quarter, compared to $436,000 in the current year quarter. The increase in net interest margin was offset slightly by an increase in the cost of interest-bearing deposits from 0.37% to 0.38% during the same period, a change of one basis point, and an increase in the overall cost of interest-bearing liabilities of eight basis points, from 0.42% in the second quarter of 2021 to 0.50% in the second quarter of 2022.

Net interest income, before the provision for credit losses, increased $2.5 million, or 10.4%, from $24.3 million in the first quarter of 2022 to $26.9 million in the second quarter of 2022. The increase in net interest income resulted primarily from an increase in loan income of $2.3 million, or 10.4%, from the prior quarter, as well as an increase in investment security income of $1.0 million, or 33.4% from the prior quarter. The increase was partially offset by an increase in the cost of interest bearing liabilities of $699,000, or 44.5%, from the prior quarter.

Net interest margin, on a taxable equivalent basis, increased from 3.37% for the first quarter of 2022 to 3.61% for the second quarter of 2022, an increase of 24 basis points. Loan yield increased from 4.66% for the first quarter of 2022 to 4.77% for the second quarter of 2022, a change of 11 basis points. The remaining increase in net interest margin resulted primarily from a decrease in average interest bearing deposits held at other banks of $260.8 million, which earned a yield of 0.13% in the prior quarter, and which were reinvested into higher yielding investment securities and loans. The increase in net interest margin was offset slightly by an increase in the cost of interest-bearing deposits from 0.29% in the first quarter to 0.38% in the second quarter of 2022, a change of nine basis points. There was an increase in the overall cost of interest-bearing liabilities of 14 basis points, from 0.36% in the first quarter to 0.50% in the second quarter of 2022.

The Bank’s participation in the PPP program created temporary extraordinary results in the calculation of net interest margin. To illustrate the impact of the PPP program on net interest margin, the table below excludes PPP1 and PPP2 loans and their associated fees and costs for the quarter ended June 30, 2022:

 

 

Quarter Ended

June 30, 2022

 

 

For the Six Months Ended

June 30, 2022

 

(dollars in thousands)

 

Average

Outstanding

Balance

 

 

Interest

Earned

 

 

Average

Yield

 

 

Average

Outstanding

Balance

 

 

Interest

Earned

 

 

Average

Yield

 

Total loans

 

$

2,068,379

 

 

$

24,587

 

 

 

4.77

%

 

$

2,003,053

 

 

$

46,859

 

 

 

4.72

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPP1 loans average balance and net fees(1)

 

 

(195

)

 

 

 

 

 

 

 

 

(484

)

 

 

(5

)

 

 

2.08

 

PPP2 loans average balance and net fees(2)

 

 

(8,690

)

 

 

(436

)

 

 

20.12

 

 

 

(22,310

)

 

 

(1,214

)

 

 

10.97

 

Total PPP loans(3)

 

$

(8,885

)

 

$

(436

)

 

 

19.68

%

 

$

(22,794

)

 

$

(1,219

)

 

 

10.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, excluding PPP

 

$

2,059,494

 

 

$

24,151

 

 

 

4.70

%

 

$

1,980,259

 

 

$

45,640

 

 

 

4.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-earning assets

 

 

3,020,390

 

 

 

29,120

 

 

 

3.87

 

 

 

2,991,711

 

 

 

55,013

 

 

 

3.71

 

Total interest-earning assets, net of PPP effects

 

$

3,011,505

 

 

$

28,684

 

 

 

3.82

%

 

$

2,968,917

 

 

$

53,794

 

 

 

3.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

26,851

 

 

 

 

 

 

 

 

$

51,174

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

3.57

%

 

 

 

 

 

 

 

 

3.45

%

Net interest margin, FTE(5)

 

 

 

 

 

 

 

 

3.61

 

 

 

 

 

 

 

 

 

3.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income, net of PPP effects

 

 

 

 

 

26,415

 

 

 

 

 

 

 

 

 

49,955

 

 

 

 

Net interest margin, net of PPP effects†(6)

 

 

 

 

 

 

 

 

3.52

 

 

 

 

 

 

 

 

 

3.39

 

Net interest margin, FTE, net of PPP effects†(7)

 

 

 

 

 

 

 

 

3.56

 

 

 

 

 

 

 

 

 

3.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio(8)

 

 

 

 

 

 

 

 

59.80

 

 

 

 

 

 

 

 

 

60.84

 

Efficiency ratio, net of PPP effects†(9)

 

 

 

 

 

 

 

 

60.60

 

 

 

 

 

 

 

 

 

62.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

 

(1) Interest earned on PPP1 loans consists of interest income of $2,000, and net origination fees recognized in earnings of $3,000 for the six months ended June 30, 2022. No interest income or net origination fees were recognized for the quarter ended June 30, 2022.

 

(2) Interest earned on PPP2 loans consists of interest income of $21,000 and $108,000, and net origination fees recognized in earnings of $415,000 and $1.1 million for the three and six months ended June 30, 2022, respectively.

 

(3) Interest earned consists of interest income of $21,000 and $110,000, and net origination fees recognized in earnings of $415,000 and $1.1 million for the three and six months ended June 30, 2022, respectively.

 

(4) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized. Taxes are not a part of this calculation.

 

(5) Net interest margin on a 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%.

 

(6) Net interest margin is equal to net interest income, net of PPP effects, divided by average interest-earning assets, excluding average PPP loans, annualized. Taxes are not a part of this calculation.

 

(7) Net interest margin on a taxable equivalent basis is equal to net interest income, net of PPP effects, adjusted for nontaxable income divided by average interest-earning assets, excluding average PPP loans, annualized, using a marginal tax rate of 21%.

 

(8) 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.

 

(9) The efficiency ratio was calculated by dividing total noninterest expense, net of PPP-related deferred costs, by net interest income, net of PPP effects, plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

 

During the second quarter of 2022, we recorded no provision for credit losses. At the onset of the COVID pandemic in 2020, we established COVID-specific qualitative factors to estimate the potential impact of the pandemic to our loan portfolio as a whole, which led to a provision during 2020 of $13.2 million. As the economic, health and other impacts of the virus became more clear and cases began to decline, we reduced the COVID-specific qualitative factors during 2021 and fully unwound these specific factors during the first quarter of 2022. The impact of unwinding the remaining COVID-specific qualitative factors was offset by growth in our loan portfolio, however, we also decreased certain of our standard qualitative factors in the second quarter to capture current macro-economic conditions that we believe are more similar to the environment prior to the COVID-19 pandemic (i.e. near the end of a long up-cycle with a downturn expected) and consistent with our day-one CECL methodology. As of June 30, 2022, our allowance for credit losses as a percentage of total loans was 1.36%.

Noninterest income increased $111,000, or 1.9%, in the second quarter of 2022 to $6.1 million, compared to $6.0 million for the second quarter of 2021. The increase from the same quarter in 2021 was due primarily to an increase in services charges of $215,000, or 25.1%, an increase in merchant and debit card fees of $139,000, or 7.2%, and an increase in other noninterest income of $169,000, or 26.4%, compared to the same quarter in the prior year. The increase in noninterest income was partially offset by a decrease in the gain on sale of loans of $362,000, or 29.1%, a $55,000, or 35.0%, decrease in mortgage fee income and a $132,000, or 62.6%, decrease in warehouse lending fees compared to the same quarter of the prior year. The increase in service charges and merchant and debit card fees, as well as the decreases in gain on sale of loans, mortgage fee income and warehouse lending fees were primarily volume driven. The increase in other non-interest income was comprised of various smaller items such as increases in loan processing fees, SBA servicing revenue, and a $45,000 loss on sale of ORE in the prior year quarter that was not present in the current year.

Noninterest expense increased $2.0 million, or 11.2%, in the second quarter of 2022 to $19.7 million, compared to the second quarter of 2021. The increase in noninterest expense in the second quarter of 2022 was driven primarily by a $1.5 million, or 15.0%, increase in employee compensation and benefits due to increased salaries, higher insurance expense accruals due to increased claims experience and increased bonus accruals due to higher net income. Software and technology expense increased $284,000, or 26.9%, compared to the second quarter of 2021, due to additional technology investments. The increase was partially offset by a decrease in amortization of deposit premiums and software of $158,000, or 47.0%, from the prior year quarter.

Noninterest income in the second quarter of 2022 decreased by $398,000, or 6.1%, from $6.5 million in the first quarter of 2022 due primarily to a decrease in other noninterest income of $890,000, or 52.4%, resulting primarily from a $685,000 net gain on the termination of interest rate swaps that occurred during the first quarter of 2022.

Noninterest expense increased $615,000, or 3.2%, in the second quarter of 2022, from $19.1 million for the quarter ended March 31, 2022. The increase was primarily due to an increase in employee compensation and benefits of $198,000, or 1.7%, an increase in occupancy expenses of $137,000, or 5.1%, an increase in software and technology expense of $130,000, or 10.8%, an increase in ATM and debit card expense of $96,000, or 16.6%, and an increase in other noninterest expense of $161,000, or 15.6%, during the second quarter of 2022. The increase in other non-interest expense resulted primarily from increases in charitable contributions, travel, lodging and meal expenses and from customer account related fraud losses, compared to the prior year quarter. These were partially offset by a decreases in amortization expense of $41,000, or 18.7%, and advertising expense of $87,000, or 21.4%, during the second quarter of 2022.

The Company’s efficiency ratio in the second quarter of 2022 was 59.80%, compared to 61.94% in the prior year quarter and 60.12% in the first quarter of 2022. Adjusted to remove the effects of PPP-related transactions, the Company’s efficiency ratio for the second quarter of 2022 was 60.60%, was 63.56% for the first quarter of 2022 and was 64.66% for the second quarter of 2021.

Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

FINANCIAL CONDITION

Consolidated assets for the Company totaled $3.28 billion at June 30, 2022, compared to $3.19 billion at March 31, 2022 and $2.93 billion at June 30, 2021.

Gross loans increased $124.3 million, or 6.2%, to $2.14 billion at June 30, 2022, compared to loans of $2.01 billion at March 31, 2022. The increase in gross loans from the first quarter of 2022 to the second quarter of 2022 is primarily due to increased loan originations and advances, which were partially offset by continued forgiveness of PPP loans, which decreased $16.7 million during the quarter. Excluding PPP and warehouse lending loans, gross loans increased $139.9 million, or 7.1%, from March 31, 2022.

Gross loans increased $248.2 million, or 13.1%, from $1.89 billion at June 30, 2021. The increase in gross loans during the second quarter of 2022 compared to the second quarter of 2021 resulted primarily from organic loan growth and was partially offset by a $124.8 million reduction in PPP loan balances during the period. Excluding PPP and warehouse lending loans, gross loans increased $420.2 million, or 24.9%, from June 30, 2021.

Total deposits decreased by $17.8 million, or 0.6%, to $2.78 billion at June 30, 2022, compared to $2.80 billion at March 31, 2022, and increased 9.7%, or $246.6 million, from $2.53 billion at June 30, 2021. The decrease in deposits during the current quarter resulted primarily from a $38.4 million decrease in public funds accounts.

Nonperforming assets as a percentage of total loans were 0.46% at June 30, 2022, compared to 0.13% at March 31, 2022 and 0.20% at June 30, 2021. The Bank's non-performing assets consist primarily of non-accrual loans. Four loans were added to non-accrual status in the current quarter and are Small Business Administration (SBA) 7(a), partially guaranteed (75%) loans, acquired in the June 2018 acquisition of Westbound Bank, with combined book balances of $6.7 million as of June 30, 2022. These loans, collateralized by two hotels, were identified as problem assets prior to COVID-19 but obtained government stimulus and other relief which allowed the two related borrowers to remain current through early 2022. Management continues to work toward a satisfactory resolution for these four loans, however, in the event of foreclosure, a significant loss is not expected due to estimated current collateral values.

Total equity totaled $282.8 million as of June 30, 2022, compared to $291.9 million at March 31, 2022 and $287.7 million at June 30, 2021. The decrease from the previous quarter resulted primarily from the payment of dividends of $2.6 million, repurchase of 175,181 shares of treasury stock for $6.2 million and a decrease in accumulated other comprehensive income of $11.7 million during the second quarter of 2022 resulting from fluctuations in the fair market value of securities, offset by net income of $10.8 million. Although the unrealized losses in accumulated other comprehensive income during the quarter do not impact regulatory capital ratios, they did result in a decrease in the tangible common equity ratio from 8.16% as of March 31, 2022 to 7.64% as of June 30, 2022.

In September 2021, we announced the formation of a partnership with CaliberCos, Inc., a vertically integrated alternative asset manager and fund sponsor, in an effort to drive investments that will revitalize communities across Texas through real estate developments. We recorded this investment by our Bank subsidiary and the noncontrolling interest during the first quarter of 2022. Further details of this partnership can be found in a Form 8-K filed with the Securities and Exchange Commission on September 7, 2021.

Nonperforming assets as a percentage of total assets were 0.30% at June 30, 2022 compared to 0.08% at March 31, 2022, and 0.13% at June 30, 2021.

 

 

As of

 

 

 

2022

 

 

2021

 

(dollars in thousands)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

56,545

 

 

$

58,788

 

 

$

42,979

 

 

$

34,741

 

 

$

37,611

 

Federal funds sold

 

 

2,425

 

 

 

139,300

 

 

 

431,975

 

 

 

346,500

 

 

 

385,075

 

Interest-bearing deposits

 

 

12,053

 

 

 

24,003

 

 

 

24,651

 

 

 

27,634

 

 

 

24,532

 

Total cash and cash equivalents

 

 

71,023

 

 

 

222,091

 

 

 

499,605

 

 

 

408,875

 

 

 

447,218

 

Securities available for sale

 

 

196,095

 

 

 

306,704

 

 

 

342,206

 

 

 

269,070

 

 

 

446,636

 

Securities held to maturity

 

 

713,390

 

 

 

494,289

 

 

 

184,263

 

 

 

173,676

 

 

 

 

Loans held for sale

 

 

2,770

 

 

 

1,166

 

 

 

4,129

 

 

 

1,903

 

 

 

5,088

 

Loans, net

 

 

2,107,658

 

 

 

1,983,449

 

 

 

1,876,076

 

 

 

1,938,268

 

 

 

1,856,277

 

Accrued interest receivable

 

 

10,144

 

 

 

8,961

 

 

 

8,901

 

 

 

7,673

 

 

 

8,801

 

Premises and equipment, net

 

 

54,437

 

 

 

54,316

 

 

 

53,470

 

 

 

53,834

 

 

 

54,405

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

40

 

 

 

227

 

Cash surrender value of life insurance

 

 

37,979

 

 

 

37,352

 

 

 

37,141

 

 

 

36,582

 

 

 

36,367

 

Core deposit intangible, net

 

 

2,086

 

 

 

2,199

 

 

 

2,313

 

 

 

2,426

 

 

 

2,573

 

Goodwill

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

53,171

 

 

 

47,142

 

 

 

45,806

 

 

 

43,761

 

 

 

43,207

 

Total assets

 

$

3,280,913

 

 

$

3,189,829

 

 

$

3,086,070

 

 

$

2,968,268

 

 

$

2,932,959

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

1,105,756

 

 

$

1,065,789

 

 

$

1,014,518

 

 

$

972,854

 

 

$

928,416

 

Interest-bearing

 

 

1,673,865

 

 

 

1,731,621

 

 

 

1,656,309

 

 

 

1,590,217

 

 

 

1,604,610

 

Total deposits

 

 

2,779,621

 

 

 

2,797,410

 

 

 

2,670,827

 

 

 

2,563,071

 

 

 

2,533,026

 

Securities sold under agreements to repurchase

 

 

7,871

 

 

 

11,090

 

 

 

14,151

 

 

 

11,195

 

 

 

15,336

 

Accrued interest and other liabilities

 

 

28,033

 

 

 

27,803

 

 

 

26,568

 

 

 

26,284

 

 

 

28,058

 

Line of credit

 

 

 

 

 

 

 

 

5,000

 

 

 

3,000

 

 

 

 

Federal Home Loan Bank advances

 

 

131,500

 

 

 

7,500

 

 

 

47,500

 

 

 

47,500

 

 

 

49,000

 

Subordinated debentures

 

 

51,053

 

 

 

54,146

 

 

 

19,810

 

 

 

19,810

 

 

 

19,810

 

Total liabilities

 

 

2,998,078

 

 

 

2,897,949

 

 

 

2,783,856

 

 

 

2,670,860

 

 

 

2,645,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity attributable to Guaranty Bancshares, Inc.

 

 

282,255

 

 

 

291,282

 

 

 

302,214

 

 

 

297,408

 

 

 

287,729

 

Noncontrolling interest

 

 

580

 

 

 

598

 

 

 

 

 

 

 

 

 

 

Total equity

 

 

282,835

 

 

 

291,880

 

 

 

302,214

 

 

 

297,408

 

 

 

287,729

 

Total liabilities and equity

 

$

3,280,913

 

 

$

3,189,829

 

 

$

3,086,070

 

 

$

2,968,268

 

 

$

2,932,959

 

 

Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

(dollars in thousands, except per share data)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

STATEMENTS OF EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

29,120

 

 

$

25,893

 

 

$

25,518

 

 

$

25,235

 

 

$

25,284

 

Interest expense

 

 

2,269

 

 

 

1,570

 

 

 

1,498

 

 

 

1,665

 

 

 

1,807

 

Net interest income

 

 

26,851

 

 

 

24,323

 

 

 

24,020

 

 

 

23,570

 

 

 

23,477

 

Provision for credit losses

 

 

 

 

 

(1,250

)

 

 

 

 

 

(700

)

 

 

(1,000

)

Net interest income after provision for credit losses

 

 

26,851

 

 

 

25,573

 

 

 

24,020

 

 

 

24,270

 

 

 

24,477

 

Noninterest income

 

 

6,081

 

 

 

6,479

 

 

 

6,038

 

 

 

6,449

 

 

 

5,970

 

Noninterest expense

 

 

19,694

 

 

 

19,079

 

 

 

18,976

 

 

 

19,287

 

 

 

17,703

 

Income before income taxes

 

 

13,238

 

 

 

12,973

 

 

 

11,082

 

 

 

11,432

 

 

 

12,744

 

Income tax provision

 

 

2,472

 

 

 

2,235

 

 

 

1,923

 

 

 

2,179

 

 

 

2,312

 

Net earnings

 

$

10,766

 

 

$

10,738

 

 

$

9,159

 

 

$

9,253

 

 

$

10,432

 

Net loss attributable to noncontrolling interest

 

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

10,784

 

 

$

10,738

 

 

$

9,159

 

 

$

9,253

 

 

$

10,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic

 

$

0.90

 

 

$

0.89

 

 

$

0.76

 

 

$

0.77

 

 

$

0.87

 

Earnings per common share, diluted

 

 

0.89

 

 

 

0.88

 

 

 

0.75

 

 

 

0.76

 

 

 

0.85

 

Cash dividends per common share

 

 

0.22

 

 

 

0.22

 

 

 

0.20

 

 

 

0.20

 

 

 

0.20

 

Book value per common share - end of quarter

 

 

23.69

 

 

 

24.19

 

 

 

24.93

 

 

 

24.62

 

 

 

23.86

 

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

 

 

20.82

 

 

 

21.29

 

 

 

22.09

 

 

 

21.75

 

 

 

20.98

 

Common shares outstanding - end of quarter(4)

 

 

11,912,249

 

 

 

12,066,480

 

 

 

12,122,717

 

 

 

12,081,477

 

 

 

12,057,937

 

Weighted-average common shares outstanding, basic

 

 

11,968,227

 

 

 

12,109,074

 

 

 

12,097,100

 

 

 

12,067,769

 

 

 

12,056,550

 

Weighted-average common shares outstanding, diluted

 

 

12,098,983

 

 

 

12,260,945

 

 

 

12,263,252

 

 

 

12,211,389

 

 

 

12,251,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

 

1.35

%

 

 

1.38

%

 

 

1.20

%

 

 

1.24

%

 

 

1.42

%

Return on average equity (annualized)

 

 

14.85

 

 

 

14.44

 

 

 

12.06

 

 

 

12.44

 

 

 

14.64

 

Net interest margin, fully taxable equivalent (annualized)(2)

 

 

3.61

 

 

 

3.37

 

 

 

3.39

 

 

 

3.40

 

 

 

3.44

 

Efficiency ratio(3)

 

 

59.80

 

 

 

61.94

 

 

 

63.13

 

 

 

64.25

 

 

 

60.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See Reconciliation of non-GAAP Financial Measures table.

 

(2) Net interest margin on a 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

 

 

 

2022

 

 

2021

 

(dollars in thousands)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

LOAN PORTFOLIO COMPOSITION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

268,812

 

 

$

270,074

 

 

$

280,569

 

 

$

308,647

 

 

$

352,042

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and development

 

 

350,024

 

 

 

318,035

 

 

 

307,797

 

 

 

309,746

 

 

 

264,002

 

Commercial real estate

 

 

749,603

 

 

 

674,558

 

 

 

622,842

 

 

 

633,353

 

 

 

608,464

 

Farmland

 

 

166,309

 

 

 

186,982

 

 

 

145,501

 

 

 

135,413

 

 

 

94,525

 

1-4 family residential

 

 

450,929

 

 

 

430,755

 

 

 

410,673

 

 

 

403,403

 

 

 

389,616

 

Multi-family residential

 

 

55,985

 

 

 

42,021

 

 

 

30,971

 

 

 

40,810

 

 

 

42,086

 

Consumer

 

 

56,433

 

 

 

52,670

 

 

 

50,965

 

 

 

52,992

 

 

 

51,795

 

Agricultural

 

 

14,502

 

 

 

14,403

 

 

 

14,639

 

 

 

14,199

 

 

 

14,608

 

Warehouse lending

 

 

25,344

 

 

 

24,260

 

 

 

43,720

 

 

 

71,823

 

 

 

72,582

 

Overdrafts

 

 

435

 

 

 

303

 

 

 

363

 

 

 

495

 

 

 

444

 

Total loans(1)(2)

 

$

2,138,376

 

 

$

2,014,061

 

 

$

1,908,040

 

 

$

1,970,881

 

 

$

1,890,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

(dollars in thousands)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

ALLOWANCE FOR CREDIT LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

29,096

 

 

$

30,433

 

 

$

30,621

 

 

$

31,548

 

 

$

32,770

 

Loans charged-off

 

 

(125

)

 

 

(203

)

 

 

(239

)

 

 

(244

)

 

 

(283

)

Recoveries

 

 

26

 

 

 

116

 

 

 

51

 

 

 

17

 

 

 

61

 

Provision for credit loss expense

 

 

 

 

 

(1,250

)

 

 

 

 

 

(700

)

 

 

(1,000

)

Balance at end of period

 

$

28,997

 

 

$

29,096

 

 

$

30,433

 

 

$

30,621

 

 

$

31,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses / period-end loans

 

 

1.36

%

 

 

1.44

%

 

 

1.59

%

 

 

1.55

%

 

 

1.67

%

Allowance for credit losses / nonperforming loans

 

 

294.4

 

 

 

1,084.9

 

 

 

1,075.0

 

 

 

976.7

 

 

 

878.0

 

Net charge-offs / average loans (annualized)

 

 

0.02

 

 

 

0.02

 

 

 

0.04

 

 

 

0.05

 

 

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans(3)

 

$

9,848

 

 

$

2,682

 

 

$

2,831

 

 

$

3,135

 

 

$

3,593

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

40

 

 

 

227

 

Repossessed assets owned

 

 

27

 

 

 

7

 

 

 

14

 

 

 

63

 

 

 

9

 

Total non-performing assets

 

$

9,875

 

 

$

2,689

 

 

$

2,845

 

 

$

3,238

 

 

$

3,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets as a percentage of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans(1)(2)

 

 

0.46

%

 

 

0.13

%

 

 

0.15

%

 

 

0.16

%

 

 

0.20

%

Total loans, excluding PPP(1)(2)

 

 

0.46

 

 

 

0.13

 

 

 

0.15

 

 

 

0.17

 

 

 

0.22

 

Total assets

 

 

0.30

 

 

 

0.08

 

 

 

0.09

 

 

 

0.11

 

 

 

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TDR loans - nonaccrual

 

$

45

 

 

$

98

 

 

$

103

 

 

$

84

 

 

$

86

 

TDR loans - accruing

 

 

9,371

 

 

 

9,418

 

 

 

9,466

 

 

 

9,522

 

 

 

9,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes outstanding balances of loans held for sale of $2.8 million, $1.2 million, $4.1 million, $1.9 million, and $5.1 million as of June 30 and March 31, 2022 and December 31, September 30, June 30, 2021, respectively.

 

(2) Excludes deferred loan fees of $1.7 million, $1.5 million, $1.5 million, $2.0 million, and $2.3 million as of June 30 and March 31, 2022 and December 31, September 30, June 30, 2021, respectively.

 

(3) TDR loans - nonaccrual are included in nonaccrual loans, which are a component of nonperforming loans.

 

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

(dollars in thousands)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

$

1,070

 

 

$

976

 

 

$

1,085

 

 

$

1,003

 

 

$

855

 

Net realized gain on sale of loans

 

 

882

 

 

 

905

 

 

 

1,127

 

 

 

1,759

 

 

 

1,244

 

Fiduciary and custodial income

 

 

638

 

 

 

642

 

 

 

615

 

 

 

599

 

 

 

570

 

Bank-owned life insurance income

 

 

207

 

 

 

211

 

 

 

207

 

 

 

215

 

 

 

206

 

Merchant and debit card fees

 

 

2,061

 

 

 

1,611

 

 

 

1,669

 

 

 

1,620

 

 

 

1,922

 

Loan processing fee income

 

 

232

 

 

 

187

 

 

 

188

 

 

 

164

 

 

 

164

 

Warehouse lending fees

 

 

79

 

 

 

116

 

 

 

164

 

 

 

196

 

 

 

211

 

Mortgage fee income

 

 

102

 

 

 

131

 

 

 

133

 

 

 

145

 

 

 

157

 

Other noninterest income

 

 

810

 

 

 

1,700

 

 

 

850

 

 

 

748

 

 

 

641

 

Total noninterest income

 

$

6,081

 

 

$

6,479

 

 

$

6,038

 

 

$

6,449

 

 

$

5,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

$

11,730

 

 

$

11,532

 

 

$

11,200

 

 

$

10,998

 

 

$

10,204

 

Occupancy expenses

 

 

2,848

 

 

 

2,711

 

 

 

2,686

 

 

 

2,738

 

 

 

2,833

 

Legal and professional fees

 

 

773

 

 

 

770

 

 

 

604

 

 

 

644

 

 

 

747

 

Software and technology

 

 

1,339

 

 

 

1,209

 

 

 

1,167

 

 

 

1,258

 

 

 

1,055

 

Amortization

 

 

178

 

 

 

219

 

 

 

222

 

 

 

253

 

 

 

336

 

Director and committee fees

 

 

219

 

 

 

205

 

 

 

204

 

 

 

197

 

 

 

167

 

Advertising and promotions

 

 

320

 

 

 

407

 

 

 

470

 

 

 

495

 

 

 

338

 

ATM and debit card expense

 

 

674

 

 

 

578

 

 

 

643

 

 

 

646

 

 

 

616

 

Telecommunication expense

 

 

187

 

 

 

186

 

 

 

196

 

 

 

197

 

 

 

180

 

FDIC insurance assessment fees

 

 

237

 

 

 

233

 

 

 

300

 

 

 

214

 

 

 

168

 

Other noninterest expense

 

 

1,189

 

 

 

1,029

 

 

 

1,284

 

 

 

1,647

 

 

 

1,059

 

Total noninterest expense

 

$

19,694

 

$

19,079

 

$

18,976

$

19,287

$

17,703

 

 

Quarter Ended June 30,

 

 

 

2022

 

 

2021

 

(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)

 

$

2,068,379

 

 

$

24,587

 

 

 

4.77

%

 

$

1,912,722

 

 

$

22,864

 

 

 

4.79

%

Securities available for sale

 

 

267,823

 

 

 

1,473

 

 

 

2.21

 

 

 

420,202

 

 

 

2,191

 

 

 

2.09

 

Securities held to maturity

 

 

596,013

 

 

 

2,666

 

 

 

1.79

 

 

 

 

 

 

 

 

 

 

Nonmarketable equity securities

 

 

14,128

 

 

 

289

 

 

 

8.20

 

 

 

10,056

 

 

 

164

 

 

 

6.54

 

Interest-bearing deposits in other banks

 

 

74,047

 

 

 

105

 

 

 

0.57

 

 

 

426,074

 

 

 

65

 

 

 

0.06

 

Total interest-earning assets

 

 

3,020,390

 

 

 

29,120

 

 

 

3.87

 

 

 

2,769,054

 

 

 

25,284

 

 

 

3.66

 

Allowance for credit losses

 

 

(29,056

)

 

 

 

 

 

 

 

 

(32,664

)

 

 

 

 

 

 

Noninterest-earning assets

 

 

218,106

 

 

 

 

 

 

 

 

 

202,554

 

 

 

 

 

 

 

Total assets

 

$

3,209,440

 

 

 

 

 

 

 

 

$

2,938,944

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

1,694,363

 

 

$

1,623

 

 

 

0.38

%

 

$

1,623,351

 

 

$

1,493

 

 

 

0.37

%

Advances from FHLB and fed funds purchased

 

 

47,016

 

 

 

190

 

 

 

1.62

 

 

 

49,063

 

 

 

102

 

 

 

0.83

 

Line of credit

 

 

 

 

 

 

 

 

 

 

 

2,374

 

 

 

21

 

 

 

3.55

 

Subordinated debt

 

 

52,326

 

 

 

453

 

 

 

3.47

 

 

 

19,810

 

 

 

188

 

 

 

3.81

 

Securities sold under agreements to repurchase

 

 

9,045

 

 

 

3

 

 

 

0.13

 

 

 

14,887

 

 

 

3

 

 

 

0.08

 

Total interest-bearing liabilities

 

 

1,802,750

 

 

 

2,269

 

 

 

0.50

 

 

 

1,709,485

 

 

 

1,807

 

 

 

0.42

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

1,090,288

 

 

 

 

 

 

 

 

 

916,631

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

25,090

 

 

 

 

 

 

 

 

 

27,025

 

 

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

1,115,378

 

 

 

 

 

 

 

 

 

943,656

 

 

 

 

 

 

 

Equity

 

 

291,312

 

 

 

 

 

 

 

 

 

285,803

 

 

 

 

 

 

 

Total liabilities and equity

 

$

3,209,440

 

 

 

 

 

 

 

 

$

2,938,944

 

 

 

 

 

 

 

Net interest rate spread(2)

 

 

 

 

 

 

 

 

3.37

%

 

 

 

 

 

 

 

 

3.24

%

Net interest income

 

 

 

 

$

26,851

 

 

 

 

 

 

 

 

$

23,477

 

 

 

 

Net interest margin(3)

 

 

 

 

 

 

 

 

3.57

%

 

 

 

 

 

 

 

 

3.40

%

Net interest margin, fully taxable equivalent(4)

 

 

 

 

 

 

 

 

3.61

%

 

 

 

 

 

 

 

 

3.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes average outstanding balances of loans held for sale of $2.6 million and $3.2 million for the quarter ended June 30, 2022 and 2021, 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 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%.

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

(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)

 

$

2,003,053

 

 

$

46,859

 

 

 

4.72

%

 

$

1,899,864

 

 

$

47,059

 

 

 

4.99

%

Securities available for sale

 

 

377,132

 

 

 

3,091

 

 

 

1.65

 

 

 

399,255

 

 

 

4,282

 

 

 

2.16

 

Securities held to maturity

 

 

393,110

 

 

 

4,151

 

 

 

2.13

 

 

 

 

 

 

 

 

 

 

Nonmarketable equity securities

 

 

14,678

 

 

 

698

 

 

 

9.59

 

 

 

10,043

 

 

 

265

 

 

 

5.32

 

Interest-bearing deposits in other banks

 

 

203,738

 

 

 

214

 

 

 

0.21

 

 

 

380,455

 

 

 

191

 

 

 

0.10

 

Total interest-earning assets

 

 

2,991,711

 

 

 

55,013

 

 

 

3.71

 

 

 

2,689,617

 

 

 

51,797

 

 

 

3.88

 

Allowance for credit losses

 

 

(29,628

)

 

 

 

 

 

 

 

 

(32,951

)

 

 

 

 

 

 

Noninterest-earning assets

 

 

215,886

 

 

 

 

 

 

 

 

 

201,041

 

 

 

 

 

 

 

Total assets

 

$

3,177,969

 

 

 

 

 

 

 

 

$

2,857,707

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

1,702,216

 

 

$

2,865

 

 

 

0.34

%

 

$

1,591,784

 

 

$

3,096

 

 

 

0.39

%

Advances from FHLB and fed funds purchased

 

 

42,395

 

 

 

236

 

 

 

1.12

 

 

 

50,075

 

 

 

201

 

 

 

0.81

 

Line of credit

 

 

1,878

 

 

 

34

 

 

 

3.65

 

 

 

8,470

 

 

 

149

 

 

 

3.55

 

Subordinated debt

 

 

41,572

 

 

 

699

 

 

 

3.39

 

 

 

19,810

 

 

 

376

 

 

 

3.83

 

Securities sold under agreements to repurchase

 

 

9,976

 

 

 

5

 

 

 

0.10

 

 

 

18,013

 

 

 

7

 

 

 

0.08

 

Total interest-bearing liabilities

 

 

1,798,037

 

 

 

3,839

 

 

 

0.43

 

 

 

1,688,152

 

 

 

3,829

 

 

 

0.46

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

1,059,032

 

 

 

 

 

 

 

 

 

862,619

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

24,680

 

 

 

 

 

 

 

 

 

25,206

 

 

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

1,083,712

 

 

 

 

 

 

 

 

 

887,825

 

 

 

 

 

 

 

Equity

 

 

296,220

 

 

 

 

 

 

 

 

 

281,730

 

 

 

 

 

 

 

Total liabilities and equity

 

$

3,177,969

 

 

 

 

 

 

 

 

$

2,857,707

 

 

 

 

 

 

 

Net interest rate spread(2)

 

 

 

 

 

 

 

 

3.28

%

 

 

 

 

 

 

 

 

3.42

%

Net interest income

 

 

 

 

$

51,174

 

 

 

 

 

 

 

 

$

47,968

 

 

 

 

Net interest margin(3)

 

 

 

 

 

 

 

 

3.45

%

 

 

 

 

 

 

 

 

3.60

%

Net interest margin, fully taxable equivalent(4)

 

 

 

 

 

 

 

 

3.49

%

 

 

 

 

 

 

 

 

3.64

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes average outstanding balances of loans held for sale of $2.9 million and $3.7 million for the six months ended June 30, 2022 and 2021, 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 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

 

 

 

2022

 

 

2021

 

(dollars in thousands, except per share data)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

Equity attributable to Guaranty Bancshares, Inc.

 

$

282,255

 

 

$

291,282

 

 

$

302,214

 

 

$

297,408

 

 

$

287,729

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

Core deposit intangible, net

 

 

(2,086

)

 

 

(2,199

)

 

 

(2,313

)

 

 

(2,426

)

 

 

(2,573

)

Total tangible common equity attributable to Guaranty Bancshares, Inc.

 

$

248,009

 

 

$

256,923

 

 

$

267,741

 

 

$

262,822

 

 

$

252,996

 

Common shares outstanding - end of quarter(1)

 

 

11,912,249

 

 

 

12,066,480

 

 

 

12,122,717

 

 

 

12,081,477

 

 

 

12,057,937

 

Book value per common share

 

$

23.69

 

 

$

24.14

 

 

$

24.93

 

 

$

24.62

 

 

$

23.86

 

Tangible book value per common share(1)

 

 

20.82

 

 

 

21.29

 

 

 

22.09

 

 

 

21.75

 

 

 

20.98

 

 

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

Net Core Earnings and Net Core Earnings per Common Share

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

(dollars in thousands, except per share data)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

10,784

 

 

$

10,738

 

 

$

9,159

 

 

$

9,253

 

 

$

10,432

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

 

 

 

(1,250

)

 

 

 

 

 

(700

)

 

 

(1,000

)

Income tax provision

 

 

2,472

 

 

 

2,235

 

 

 

1,923

 

 

 

2,179

 

 

 

2,312

 

PPP loans, including fees

 

 

(436

)

 

 

(783

)

 

 

(958

)

 

 

(1,005

)

 

 

(1,954

)

Net core earnings attributable to Guaranty Bancshares, Inc.

 

$

12,820

 

 

$

10,940

 

 

$

10,124

 

 

$

9,727

 

 

$

9,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

11,968,227

 

 

 

12,109,074

 

 

 

12,097,100

 

 

 

12,067,769

 

 

 

12,056,550

 

Earnings per common share, basic

 

$

0.90

 

 

$

0.89

 

 

$

0.76

 

 

$

0.77

 

 

$

0.87

 

Net core earnings per common share, basic

 

 

1.07

 

 

 

0.90

 

 

 

0.84

 

 

 

0.81

 

 

 

0.81

 

Net Core Earnings to Average Assets, as Adjusted, and Average Equity

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

(dollars in thousands)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

Net core earnings attributable to Guaranty Bancshares, Inc.

 

$

12,820

 

 

$

10,940

 

 

$

10,124

 

 

$

9,727

 

 

$

9,790

 

Total average assets

 

$

3,209,440

 

 

$

3,146,339

 

 

$

3,021,079

 

 

$

2,953,181

 

 

$

2,938,944

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPP loan average balance

 

 

(8,885

)

 

 

(36,720

)

 

 

(61,062

)

 

 

(107,931

)

 

 

(155,417

)

Total average assets, adjusted

 

$

3,200,555

 

 

$

3,109,619

 

 

$

2,960,017

 

 

$

2,845,250

 

 

$

2,783,527

 

Net core earnings attributable to Guaranty Bancshares, Inc. to average assets, as adjusted (annualized)

 

 

1.61

%

 

 

1.43

%

 

 

1.36

%

 

 

1.36

%

 

 

1.41

%

Total average equity

 

$

291,312

 

 

$

301,579

 

 

$

301,398

 

 

$

295,076

 

 

$

285,803

 

Net core earnings attributable to Guaranty Bancshares, Inc. to average equity (annualized)

 

 

17.65

%

 

 

14.71

%

 

 

13.33

%

 

 

13.08

%

 

 

13.74

%

NON-GAAP RECONCILING TABLES

Total Non-Performing Assets to Total Loans, Excluding PPP

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

(dollars in thousands)

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

 

June 30

 

Total loans(1)(2)

 

$

2,138,376

 

 

$

2,014,061

 

 

$

1,908,040

 

 

$

1,970,881

 

 

$

1,890,164

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPP loans balance

 

 

(2,605

)

 

 

(19,302

)

 

 

(50,611

)

 

 

(75,304

)

 

 

(127,390

)

Total loans, excluding PPP(1)(2)

 

$

2,135,771

 

 

$

1,994,759

 

 

$

1,857,429

 

 

$

1,895,577

 

 

$

1,762,774

 

Warehouse loans

 

 

(25,344

)

 

 

(24,260

)

 

 

(43,720

)

 

 

(71,823

)

 

 

(72,582

)

Total loans, excluding warehouse and PPP(1)(2)

 

$

2,110,427

 

 

$

1,970,499

 

 

$

1,813,709

 

 

$

1,823,754

 

 

$

1,690,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing assets

 

$

9,875

 

 

$

2,689

 

 

$

2,845

 

 

$

3,238

 

 

$

3,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets as a percentage of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans(1)(2)

 

 

0.46

%

 

 

0.13

%

 

 

0.15

%

 

 

0.16

%

 

 

0.20

%

Total loans, excluding PPP(1)(2)

 

 

0.46

 

 

 

0.13

 

 

 

0.15

 

 

 

0.17

 

 

 

0.22

 

Total loans, excluding PPP and warehouse(1)(2)

 

 

0.47

 

 

 

0.14

 

 

 

0.16

 

 

 

0.18

 

 

 

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes outstanding balances of loans held for sale of $2.8 million, $1.2 million, $4.1 million, $1.9 million, and $5.1 million as of June 30 and March 31, 2022 and December 31, September 30, June 30, 2021, respectively.

 

(2) Excludes deferred loan fees of $1.7 million, $1.5 million, $1.5 million, $2.0 million, and $2.3 million as of June 30 and March 31, 2022 and December 31, September 30, June 30, 2021, respectively.

 

Total Interest-Earning Assets, Net of PPP Effects

 

 

Quarter Ended

June 30, 2022

 

 

Quarter Ended

June 30, 2021

 

(dollars in thousands)

 

Average

Outstanding

Balance

 

 

Interest

Earned/

Interest

Paid

 

 

Average

Yield/ Rate

 

 

Average

Outstanding

Balance

 

 

Interest

Earned/

Interest

Paid

 

 

Average

Yield/ Rate

 

Total interest-earning assets

 

$

3,020,390

 

 

$

29,120

 

 

 

3.87

%

 

$

2,769,054

 

 

$

25,284

 

 

 

3.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

 

2,068,379

 

 

 

24,587

 

 

 

4.77

 

 

 

1,912,722

 

 

 

22,864

 

 

 

4.79

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPP loan average balance and net fees(1)

 

 

(8,885

)

 

 

(436

)

 

 

19.68

 

 

 

(155,417

)

 

 

(1,747

)

 

 

4.51

 

Total loans, net of PPP effects

 

 

2,059,494

 

 

 

24,151

 

 

 

4.70

 

 

 

1,757,305

 

 

 

21,117

 

 

 

4.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-earning assets, net of PPP effects

 

$

3,011,505

 

 

$

28,684

 

 

 

3.82

%

 

$

2,613,637

 

 

$

23,537

 

 

 

3.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Interest earned consists of interest income of $21,000 and $385,000, and net origination fees recognized in earnings of $415,000 and $1.4 million for the quarter ended June 30, 2022 and 2021, respectively.

 

 

 

Quarter Ended

March 31, 2022

 

(dollars in thousands)

 

Average

Outstanding

Balance

 

 

Interest

Earned/

Interest

Paid

 

 

Average

Yield/ Rate

 

Total interest-earning assets

 

$

2,963,030

 

 

$

25,893

 

 

 

3.54

%

 

 

 

 

 

 

 

 

 

 

Total loans

 

 

1,937,000

 

 

 

22,272

 

 

 

4.66

 

Adjustments:

 

 

 

 

 

 

 

 

 

PPP loan average balance and net fees(1)

 

 

(36,720

)

 

 

(783

)

 

 

8.65

 

Total loans, net of PPP effects

 

 

1,900,280

 

 

 

21,489

 

 

 

4.59

 

 

 

 

 

 

 

 

 

 

 

Total interest-earning assets, net of PPP effects

 

$

2,926,310

 

 

$

25,110

 

 

 

3.48

%

 

 

 

 

 

 

 

 

 

 

(1) Interest earned consists of interest income of $89,000 and net origination fees recognized in earnings of $6904,000 million for the quarter ended March 31, 2022.

 

NON-GAAP RECONCILING TABLES

Net Interest Income and Net Interest Margin, Net of PPP Effects

(dollars in thousands)

 

Quarter Ended

June 30, 2022

 

 

Quarter Ended

March 31, 2022

 

 

Quarter Ended

June 30, 2021

 

Net interest income

 

$

26,851

 

 

$

24,323

 

 

$

23,477

 

Adjustments:

 

 

 

 

 

 

 

 

 

PPP-related interest income

 

 

(21

)

 

 

(89

)

 

 

(385

)

PPP-related net origination fees

 

 

(415

)

 

 

(694

)

 

 

(1,362

)

Net interest income, net of PPP effects

 

$

26,415

 

 

$

23,540

 

 

$

21,730

 

 

 

 

 

 

 

 

 

 

 

Total average interest-earning assets

 

$

3,020,390

 

 

$

2,963,030

 

 

$

2,769,054

 

Total average interest-earning assets, net of PPP effects

 

 

3,011,505

 

 

 

2,926,310

 

 

 

2,613,637

 

 

 

 

 

 

 

 

 

 

 

Net interest margin(1)

 

 

3.57

%

 

 

3.33

%

 

 

3.40

%

Net interest margin, net of PPP effects(2)

 

 

3.52

 

 

 

3.26

 

 

 

3.33

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

26,851

 

 

$

24,323

 

 

$

23,477

 

Interest income tax adjustments

 

 

299

 

 

 

301

 

 

 

269

 

Net interest income, fully taxable equivalent ("FTE")

 

$

27,150

 

 

$

24,624

 

 

$

23,746

 

Net interest income, FTE, net of PPP effects

 

 

26,714

 

 

 

23,841

 

 

 

21,999

 

 

 

 

 

 

 

 

 

 

 

Net interest margin, FTE(3)

 

 

3.61

%

 

 

3.37

%

 

 

3.44

%

Net interest margin, FTE, net of PPP effects(4)

 

 

3.56

 

 

 

3.30

 

 

 

3.38

 

 

 

 

 

 

 

 

 

 

 

(1) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.

 

(2) Net interest margin is equal to net interest income, net of PPP effects, divided by average interest-earning assets, excluding average PPP loans, annualized. Taxes are not a part of this calculation.

 

(3) Net interest margin on a 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) Net interest margin on a taxable equivalent basis is equal to net interest income, net of PPP effects, adjusted for nontaxable income divided by average interest-earning assets, excluding average PPP loans, annualized, using a marginal tax rate of 21%.

 

Efficiency Ratio, Net of PPP Effects

(dollars in thousands)

 

Quarter Ended

June 30, 2022

 

 

Quarter Ended

March 31, 2022

 

 

Quarter Ended

June 30, 2021

 

Total noninterest expense

 

$

19,694

 

 

$

19,079

 

 

$

17,703

 

Adjustments:

 

 

 

 

 

 

 

 

 

PPP-related deferred costs

 

 

 

 

 

 

 

 

207

 

Total noninterest expense, net of PPP effects

 

$

19,694

 

 

$

19,079

 

 

$

17,910

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

26,851

 

 

 

24,323

 

 

 

23,477

 

Net interest income, net of PPP effects

 

 

26,415

 

 

 

23,540

 

 

 

21,730

 

 

 

 

 

 

 

 

 

 

 

Total noninterest income

 

$

6,081

 

 

$

6,479

 

 

$

5,970

 

Securities gains (losses)

 

 

 

 

 

 

 

 

 

Noninterest income, as adjusted

 

$

6,081

 

 

$

6,479

 

 

$

5,970

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio(1)

 

 

59.80

%

 

 

61.94

%

 

 

60.12

%

Efficiency ratio, net of PPP effects(2)

 

 

60.60

 

 

 

63.56

 

 

 

64.66

 

 

 

 

 

 

 

 

 

 

 

(1) 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.

 

(2) The efficiency ratio, net of PPP effects, was calculated by dividing total noninterest expense, net of PPP-related deferred costs, by net interest income, net of PPP effects, plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

 

NON-GAAP RECONCILING TABLES

Loan Yield, Net of PPP Effects

 

 

Quarter Ended June 30, 2022

 

 

Quarter Ended March 31, 2022

 

(dollars in thousands)

 

Average

Outstanding

Balance

 

 

Interest

Earned/

Interest

Paid

 

 

Average

Yield/ Rate

 

 

Average

Outstanding

Balance

 

 

Interest

Earned/

Interest

Paid

 

 

Average

Yield/ Rate

 

Total loans

 

$

2,068,379

 

 

$

24,587

 

 

 

4.77

%

 

$

1,937,000

 

 

$

22,272

 

 

 

4.66

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPP loans average balance and net fees

 

 

(8,885

)

 

 

(436

)

 

 

19.68

 

 

 

(36,720

)

 

 

(783

)

 

 

8.65

 

Total loans, net of PPP effects

 

$

2,059,494

 

 

$

24,151

 

 

 

4.70

%

 

$

1,900,280

 

 

$

21,489

 

 

 

4.59

%

Effect of removing PPP loans on loan yield

 

 

 

 

 

 

 

 

(0.07

%)

 

 

 

 

 

 

 

 

(0.07

%)

 

 

Quarter Ended June 30, 2022

 

 

Quarter Ended June 30, 2021

 

(dollars in thousands)

 

Average

Outstanding

Balance

 

 

Interest

Earned/

Interest

Paid

 

 

Average

Yield/ Rate

 

 

Average

Outstanding

Balance

 

 

Interest

Earned/

Interest

Paid

 

 

Average

Yield/ Rate

 

Total loans

 

$

2,068,379

 

 

$

24,587

 

 

 

4.77

%

 

$

1,912,722

 

 

$

22,864

 

 

 

4.79

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPP loans average balance and net fees

 

 

(8,885

)

 

 

(436

)

 

 

19.68

 

 

 

(155,417

)

 

 

(1,747

)

 

 

4.51

 

Total loans, net of PPP effects

 

$

2,059,494

 

 

$

24,151

 

 

 

4.70

%

 

$

1,757,305

 

 

$

21,117

 

 

 

4.82

%

Effect of removing PPP loans on loan yield

 

 

 

 

 

 

 

 

(0.07

%)

 

 

 

 

 

 

 

 

0.03

%

ACL to Total Loans, Excluding PPP

(dollars in thousands)

 

As of

June 30, 2022

 

 

As of

March 31, 2022

 

 

As of

June 30, 2021

 

Total loans

 

$

2,138,376

 

 

$

2,014,061

 

 

$

1,890,164

 

Adjustments:

 

 

 

 

 

 

 

 

 

PPP loans

 

 

(2,605

)

 

 

(19,302

)

 

 

(127,390

)

Total loans, excluding PPP

 

$

2,135,771

 

 

$

1,994,759

 

 

$

1,762,774

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

$

28,997

 

 

$

29,096

 

 

$

31,548

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses / period-end loans

 

 

1.36

%

 

 

1.44

%

 

 

1.67

%

Allowance for credit losses / period-end loans. excluding PPP

 

 

1.36

 

 

 

1.46

 

 

 

1.79

 

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per share”, “net core earnings,” “core net interest margin,” and PPP-adjusted metrics 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 second quarter 2022 financial results on Monday, July 18, 2022 at 10:00 am Central Daylight Time. The conference call will be hosted by Ty Abston, Chairman and CEO, Cappy Payne, SEVP and Company CFO, and Shalene Jacobson, EVP and Bank 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 Daylight Time the day of the call and remain available through July 31, 2022 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 32 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of June 30, 2022, Guaranty Bancshares, Inc. had total assets of $3.28 billion, total loans of $2.14 billion and total deposits of $2.78 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. Actual results may also be significantly impacted by the effects of the ongoing COVID-19 pandemic, including, among other effects: the impact of the public health crisis; the operation of financial markets; global supply chain disruption; employment levels; market liquidity; the impact of various actions taken in response by the U.S. federal government, the Federal Reserve, other banking regulators, state and local governments; and the impact that all of these factors have on our borrowers, other customers, vendors and counterparties. 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, other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission ("SEC"). 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.

Contacts

Cappy Payne

Senior Executive Vice President and Chief Financial Officer

Guaranty Bancshares, Inc.

(888) 572-9881

investors@gnty.com

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