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Guaranty Bancshares, Inc. Reports Third Quarter 2023 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, 2023. The Company's net income available to common shareholders was $6.3 million, or $0.54 per basic share, for the quarter ended September 30, 2023, compared to $9.6 million, or $0.82 per basic share, for the quarter ended June 30, 2023 and $10.9 million, or $0.92 per basic share, for the quarter ended September 30, 2022. Return on average assets and average equity for the third quarter of 2023 were 0.78% and 8.43%, respectively, compared to 1.17% and 12.87%, respectively, for the second quarter of 2023 and 1.30% and 14.87%, respectively, for the third quarter of 2022. The decrease in earnings during the third quarter of 2023, compared to the second quarter of 2023 was primarily due to a one-time gain on the sale of nonmarketable correspondent bank stock of $2.8 million during the second quarter. Without this one-time gain, net of tax, earnings for the second quarter were $7.4 million1, or $0.63 earnings per basic common share.

"Our company is performing well despite various economic and industry headwinds. Earnings were adequate in the third quarter and although we're seeing signs of a slowing economy, the Company is well-positioned for it with a strong balance sheet and stable core deposit base. We continue to have strong asset quality with historically low nonperforming assets. We expect to see some borrower stress as loan interest rates reprice but our loans are conservatively underwritten and many of our borrowers will continue to experience benefits from the robust economic environment in Texas. Our capital remains very healthy and we repurchased 61,688 shares of stock during the quarter at an attractive average price of $27.38 per share. As the year progresses, we'll continue to focus on strategic goals and operational efficiencies that will drive long term shareholder value," said Ty Abston, the Company's Chairman and Chief Executive Officer.

1. Net earnings less extraordinary items is calculated as net earnings, less the gain on sale of correspondent bank stock, net of tax, of $2.2 million during the quarter ended June 30, 2023.

QUARTERLY HIGHLIGHTS

  • Granular and Stable Core Deposit Base. As of September 30, 2023, we have 87,208 total deposit accounts with an average account balance of $30,482. We have a historically reliable core deposit base, with strong and trusted banking relationships. Total deposits increased by $55.5 million during the third quarter, which consisted primarily of an increase in core deposits of $75.7 million, offset by a decrease in public funds deposits of $20.2 million. The bank has not historically used brokered deposits and does not foresee a reliance on them going forward, however, we issued $50.0 million of these deposits during the second quarter to test their availability as a contingent liquidity source. Half of the brokered CD's mature in November 2023 and the remainder in February 2024. Excluding public funds and bank-owned accounts, our uninsured deposits as of September 30, 2023 were 25.02% of total deposits.



    We continued to increase interest rates paid on deposits during the quarter in order to pay competitive rates, however noninterest-bearing deposits still represent 34.0% of total deposits. Our cost of interest-bearing deposits increased 59 basis points during the quarter from 2.41% in the prior quarter to 3.00%, representing a beta on interest-bearing deposits of approximately 217.6% for the linked quarter compared to the federal funds target rates. Our cost of total deposits for the third quarter of 2023 increased 45 basis points from 1.53% in the prior quarter to 1.98%, representing a beta on total deposits of approximately 166.0% for the linked quarter.
  • Strong Asset Quality. Nonperforming assets as a percentage of total assets were 0.09% at September 30, 2023, compared to 0.11% at June 30, 2023 and 0.28% at September 30, 2022. Net charge-offs (annualized) to average loans were 0.11% for the quarter ended September 30, 2023, compared to 0.03% for the quarter ended June 30, 2023, and 0.07% for the quarter ended September 30, 2022. During the third quarter, nonperforming assets consisted primarily of nonaccrual loans and the decrease from the prior quarter resulted from the resolution or payoff of smaller balance loans.



    Loans risk rated as substandard increased during the quarter from $8.1 million as of June 30, 2023 to $29.5 million as of September 30, 2023, an increase of $21.4 million. Despite the increase, substandard loans continued to represent a modest 1.3% of total loans at quarter-end. The increase results primarily from two commercial real estate loans, with outstanding balances of $14.5 million and $6.9 million, respectively. The larger credit is currently performing, is not past due, and is well-collateralized in the desirable Austin, Texas market with an LTV of 69%. Management believes this credit will be favorably resolved with minimal to no loss by year-end. The second, smaller loan is an amortizing commercial real estate loan in which we hold a priority first lien position. The project is being developed under an SBA 504 program, with a different lender managing the project's construction phase and financing the second lien debenture note. This loan is also performing, is not past due and is well-collateralized with an LTV of 46%. These two downgrades resulted from general economic stress factors, and appropriate credit reserves were captured in our CECL model.



    Commercial real estate (CRE) loans, particularly office related loans, have received increased scrutiny in recent months. Our CRE loans and real estate C&D loans represent 38.9% and 13.7% of the total loan portfolio, respectively. Office-related loans represent 4.7% of the total loan portfolio and have an average balance of $523,000.



    Although asset quality remains strong, we made minor adjustments to certain qualitative factors during the third quarter to incorporate improvements in C&D concentrations and past-due and non-accrual trends. These qualitative adjustments, along with minimal charge-offs and a reduction in the total loan portfolio, resulted in no provision for credit loss in the third quarter of 2023.
  • Healthy Capital and Liquidity. Our capital and liquidity ratios, as well as contingent liquidity sources, remain very healthy. We continue to take advantage of low stock prices to repurchase shares of Company stock and add intrinsic value for shareholders. During the third quarter of 2023, we repurchased 61,688 shares, or 0.53% of average shares outstanding during the period, at an average price of $27.38 per share. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was 14.0% as of quarter-end. Our total available contingent liquidity, net of current outstanding borrowings, is $1.2 billion, consisting of FHLB, FRB and correspondent bank fed funds and revolving lines of credit. Finally, our total equity to average assets as on September 30, 2023 is 9.2%. If we had to recognize our entire unrealized losses on both AFS and HTM securities, our total equity to average assets ratio would be 8.2%, which is still a strong capital level under regulatory requirements.

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

RESULTS OF OPERATIONS

Net interest income, before the provision for credit losses, in the third quarter of 2023 and 2022 was $23.3 million and $28.3 million, respectively, a decrease of $5.0 million, or 17.7%. The decrease in net interest income resulted from an increase in interest expense of $12.3 million, or 295.2%, compared to the prior year quarter, which was partially offset by an increase in interest income of $7.3 million, or 22.6%, from the same quarter in the prior year. The increase in interest expense was due primarily to a $10.6 million increase in deposit interest and a $1.4 million increase in FHLB advance interest, each resulting from higher interest rates between the two periods. The increase in interest income was primarily due to an increase in loan interest of $7.3 million, or 26.6%, and an increase in fed funds sold and interest-bearing deposits of $499,000, or 257.2%, during the current quarter compared to the prior year quarter.

Net interest margin, on a fully taxable equivalent basis, for the third quarter of 2023 and 2022 was 3.02% and 3.59%, respectively. Net interest margin decreased 57 basis points primarily due to interest-bearing liabilities repricing faster than our interest-earning assets and a shift from lower interest cost DDA and money market accounts to higher cost certificates of deposit. The cost of interest-bearing liabilities increased 241 basis points from the prior year quarter, while interest earning asset yields increased 113 basis points. The increase in the cost of interest-bearing liabilities was due primarily to an increase in the cost of interest-bearing deposits from 0.59% to 3.00%, a change of 241 basis points, in the third quarter of 2023 compared to the same period in 2022, as well as increased rates on FHLB advances, which increased from 2.37% to 5.29%, an increase of 292 basis points, from the prior year quarter. The increases in cost were partially offset by increases in yield on the loan portfolio from 4.97% to 5.91%, or 94 basis points, as well as 43 and 56 basis point increases in yield on AFS and HTM securities, respectively. Although the cost of interest-bearing liabilities have repriced more quickly during this period, the weighted average yield on $76.2 million in new loans originated in the third quarter was 8.49%.

Net interest income, before the provision for credit losses, decreased $1.4 million, or 5.7%, from $24.7 million in the second quarter of 2023 to $23.3 million in the third quarter of 2023. The decrease in net interest income resulted primarily from an increase in interest expense of $2.5 million, or 17.7%, partially offset by an increase in interest income of $1.1 million, or 2.8%. The increase in interest expense resulted primarily from an increase of $3.1 million, or 31.4%, in interest-bearing deposit expense, offset somewhat by a decrease in FHLB advances expense of $761,000, or 22.7%, from the prior quarter. Interest earned on loans increased $1.2 million, or 3.5%, from the prior quarter.

Net interest margin, on a taxable equivalent basis, decreased from 3.19% for the second quarter of 2023 to 3.02% for the third quarter of 2023, a decrease of 17 basis points. The decrease in net interest margin was primarily due to an increase in the cost of interest-bearing deposits from 2.41% in the second quarter to 3.00% in the third quarter of 2023, a change of 59 basis points, while loan yield increased from 5.70% for the second quarter of 2023 to 5.91% for the third quarter of 2023, a change of 21 basis points.

We recorded no provision for credit losses during the first three quarters of 2023. During the fourth quarter of 2022, we recorded a $2.8 million provision to incorporate forecasts for an economic downturn and possible borrower stressors into our CECL model. The factors that were adjusted in the fourth quarter of 2022 are still relevant, however certain minor adjustments were made in subsequent quarters to reflect current portfolio credit quality trends. As of September 30, 2023 and December 31, 2022, our allowance for credit losses as a percentage of total loans was 1.34%.

Noninterest income decreased $970,000, or 16.7%, in the third quarter of 2023 to $4.8 million, compared to $5.8 million for the third quarter of 2022. The decrease from the same quarter in 2022 was due to a decrease in other noninterest income of $869,000, or 57.1%, resulting primarily from a gain on sale of an airplane asset of $894,000 during the third quarter of 2022. There was also a decrease in the gain on sale of loans of $120,000, or 35.5% along with a $29,000, or 38.7%, decrease in mortgage fee income compared to the same quarter in the prior year.

Noninterest expense increased $171,000, or 0.8%, in the third quarter of 2023 to $20.4 million, compared to the third quarter of 2022. The increase in noninterest expense in the third quarter of 2023 was driven primarily by a $399,000, or 79.3%, increase in legal and professional fees primarily related to recruiting fees, a $93,000, or 0.8%, increase in employee compensation and benefits, a $91,000, or 33.5%, increase in FDIC insurance assessment fees and an increase in software and technology expense of $81,000, or 5.7%, compared to the third quarter of 2022. These were partially offset by a $491,000, or 28.3%, decrease in other noninterest expense, primarily due to a write-down in the second quarter of 2022 of $487,000 related to an SBA loan related receivable that was subsequently resolved.

Noninterest income in the third quarter of 2023 decreased by $3.0 million, or 38.6%, from $7.9 million in the second quarter of 2023. The decrease is due to a decrease in other noninterest income of $2.9 million, or 81.4%, primarily resulting from a one-time gain on the sale of nonmarketable correspondent bank stock of $2.8 million during the second quarter. Merchant and debit card fee income also decreased $369,000, or 17.4%, quarter-over-quarter, mainly due to an annual service provider bonus of $299,000 received during the previous quarter. Additionally, gain on sale of loans decreased $255,000, or 53.9%. The decreases were partially offset from a realized loss of $322,000 that was recognized on securities during the second quarter of 2022 that was not present in the current quarter.

Noninterest expense decreased $63,000, or 0.3%, in the third quarter of 2023, from $20.5 million for the quarter ended June 30, 2023. The decrease resulted from a decrease in FDIC insurance assessment fees of $159,000, or 30.5%, a $83,000, or 8.4%, decrease in legal and professional fees which was primarily due to annual meeting, proxy and related filing fees paid during the second quarter of 2023, and a $41,000, or 2.7%, decrease in software and technology expense during the third quarter of 2023 compared to the second quarter of 2023. These decreases were partially offset by a $100,000, or 3.6%, increase in occupancy expense and a $64,000, or 8.7%, increase in ATM and debit card expense.

The Company’s efficiency ratio in the third quarter of 2023 was 72.54%, compared to 59.35% in the prior year quarter and 62.84% in the second quarter of 2023.

FINANCIAL CONDITION

Consolidated assets for the Company totaled $3.23 billion at September 30, 2023, compared to $3.21 billion at June 30, 2023 and $3.39 billion at September 30, 2022.

Gross loans decreased $15.7 million, or 0.67%, to $2.32 billion at September 30, 2023, compared to loans of $2.33 billion at June 30, 2023. Loan growth has declined as we have tightened credit underwriting standards and loan terms and borrowers have responded to the increases in interest rates with fewer requests.

Gross loans increased $52.2 million, or 2.3%, from $2.27 billion at September 30, 2022. The increase in gross loans during the third quarter of 2023 compared to the third quarter of 2022 resulted from organic loan growth and was partially offset by a $10.9 million decrease in warehouse lending loans, as we discontinued that line of business in the second quarter of 2023.

Total deposits increased by $55.5 million, or 2.1%, to $2.66 billion at September 30, 2023, compared to $2.60 billion at June 30, 2023, and decreased $132.2 million, or 4.7%, from $2.79 billion at September 30, 2022. The increase in deposits during the past quarter resulted from an increase in interest-bearing deposits of $67.5 million offset somewhat by a decrease in noninterest-bearing deposits of $12.1 million. The decrease in deposits during the current quarter compared to the prior year quarter resulted primarily from a decrease in noninterest-bearing deposits of $237.8 million partially offset by an increase in interest-bearing deposits of $105.6 million.

Nonperforming assets as a percentage of total loans were 0.13% at September 30, 2023, compared to 0.15% at June 30, 2023 and 0.41% at September 30, 2022. Nonperforming assets as a percentage of total assets were 0.09% at September 30, 2023, compared to 0.11% at June 30, 2023, and 0.28% at September 30, 2022. The Bank's nonperforming assets consist primarily of nonaccrual loans. The decrease in nonperforming assets is primarily due to the resolution of several lower balance nonperforming assets during the quarter.

Total equity was $296.8 million as of September 30, 2023, compared to $297.4 million at June 30, 2023 and $288.7 million at September 30, 2022. The decrease from the previous quarter resulted primarily from an increase in accumulated other comprehensive loss of $3.0 million due to fluctuations in the fair value of available for sale securities during the period, by the payment of dividends of $2.7 million and repurchase of Company stock of $1.7 million during the third quarter of 2023. This was partially offset by net income of $6.3 million during the period.

 

 

As of

 

 

 

2023

 

 

2022

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

47,922

 

 

$

47,663

 

 

$

59,030

 

 

$

52,390

 

 

$

48,010

 

Federal funds sold

 

 

73,275

 

 

 

44,950

 

 

 

95,400

 

 

 

47,275

 

 

 

71,875

 

Interest-bearing deposits

 

 

8,980

 

 

 

4,738

 

 

 

3,695

 

 

 

6,802

 

 

 

4,284

 

Total cash and cash equivalents

 

 

130,177

 

 

 

97,351

 

 

 

158,125

 

 

 

106,467

 

 

 

124,169

 

Securities available for sale

 

 

178,644

 

 

 

166,596

 

 

 

173,744

 

 

 

188,927

 

 

 

197,944

 

Securities held to maturity

 

 

408,308

 

 

 

437,292

 

 

 

476,105

 

 

 

509,008

 

 

 

633,386

 

Loans held for sale

 

 

2,506

 

 

 

795

 

 

 

1,260

 

 

 

3,156

 

 

 

2,749

 

Loans, net

 

 

2,286,163

 

 

 

2,300,882

 

 

 

2,344,240

 

 

 

2,344,245

 

 

 

2,234,782

 

Accrued interest receivable

 

 

11,307

 

 

 

11,110

 

 

 

10,443

 

 

 

11,555

 

 

 

10,111

 

Premises and equipment, net

 

 

56,712

 

 

 

56,151

 

 

 

55,457

 

 

 

54,291

 

 

 

54,212

 

Other real estate owned

 

 

 

 

 

 

 

 

38

 

 

 

38

 

 

 

5

 

Cash surrender value of life insurance

 

 

42,096

 

 

 

41,830

 

 

 

38,619

 

 

 

38,404

 

 

 

38,194

 

Core deposit intangible, net

 

 

1,524

 

 

 

1,633

 

 

 

1,746

 

 

 

1,859

 

 

 

1,973

 

Goodwill

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

80,816

 

 

 

60,396

 

 

 

64,350

 

 

 

61,385

 

 

 

60,581

 

Total assets

 

$

3,230,413

 

 

$

3,206,196

 

 

$

3,356,287

 

 

$

3,351,495

 

 

$

3,390,266

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

903,391

 

 

$

915,462

 

 

$

992,527

 

 

$

1,052,144

 

 

$

1,141,184

 

Interest-bearing

 

 

1,754,902

 

 

 

1,687,355

 

 

 

1,630,841

 

 

 

1,629,010

 

 

 

1,649,326

 

Total deposits

 

 

2,658,293

 

 

 

2,602,817

 

 

 

2,623,368

 

 

 

2,681,154

 

 

 

2,790,510

 

Securities sold under agreements to repurchase

 

 

19,366

 

 

 

20,532

 

 

 

13,338

 

 

 

7,221

 

 

 

7,592

 

Accrued interest and other liabilities

 

 

31,218

 

 

 

30,701

 

 

 

30,125

 

 

 

28,409

 

 

 

27,384

 

Line of credit

 

 

2,000

 

 

 

12,000

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank advances

 

 

175,000

 

 

 

195,000

 

 

 

340,000

 

 

 

290,000

 

 

 

225,000

 

Subordinated debentures

 

 

47,752

 

 

 

47,719

 

 

 

49,186

 

 

 

49,153

 

 

 

51,119

 

Total liabilities

 

 

2,933,629

 

 

 

2,908,769

 

 

 

3,056,017

 

 

 

3,055,937

 

 

 

3,101,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity attributable to Guaranty Bancshares, Inc.

 

 

296,226

 

 

 

296,862

 

 

 

299,700

 

 

 

294,984

 

 

 

288,084

 

Noncontrolling interest

 

 

558

 

 

 

565

 

 

 

570

 

 

 

574

 

 

 

577

 

Total equity

 

 

296,784

 

 

 

297,427

 

 

 

300,270

 

 

 

295,558

 

 

 

288,661

 

Total liabilities and equity

 

$

3,230,413

 

 

$

3,206,196

 

 

$

3,356,287

 

 

$

3,351,495

 

 

$

3,390,266

 

 

 

Quarter Ended

 

 

 

2023

 

 

2022

 

(dollars in thousands, except per share data)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

STATEMENTS OF EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

39,818

 

 

$

38,734

 

 

$

37,144

 

 

$

35,720

 

 

$

32,476

 

Interest expense

 

 

16,516

 

 

 

14,031

 

 

 

11,982

 

 

 

7,362

 

 

 

4,179

 

Net interest income

 

 

23,302

 

 

 

24,703

 

 

 

25,162

 

 

 

28,358

 

 

 

28,297

 

Provision for credit losses

 

 

 

 

 

 

 

 

 

 

 

2,800

 

 

 

600

 

Net interest income after provision for credit losses

 

 

23,302

 

 

 

24,703

 

 

 

25,162

 

 

 

25,558

 

 

 

27,697

 

Noninterest income

 

 

4,833

 

 

 

7,873

 

 

 

4,905

 

 

 

5,122

 

 

 

5,803

 

Noninterest expense

 

 

20,408

 

 

 

20,471

 

 

 

19,967

 

 

 

20,897

 

 

 

20,237

 

Income before income taxes

 

 

7,727

 

 

 

12,105

 

 

 

10,100

 

 

 

9,783

 

 

 

13,263

 

Income tax provision

 

 

1,437

 

 

 

2,529

 

 

 

1,823

 

 

 

1,764

 

 

 

2,363

 

Net earnings

 

$

6,290

 

 

$

9,576

 

 

$

8,277

 

 

$

8,019

 

 

$

10,900

 

Net loss attributable to noncontrolling interest

 

 

7

 

 

 

5

 

 

 

4

 

 

 

3

 

 

 

3

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

6,297

 

 

$

9,581

 

 

$

8,281

 

 

$

8,022

 

 

$

10,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic

 

$

0.54

 

 

$

0.82

 

 

$

0.69

 

 

$

0.67

 

 

$

0.92

 

Earnings per common share, diluted

 

 

0.54

 

 

 

0.81

 

 

 

0.69

 

 

 

0.67

 

 

 

0.91

 

Cash dividends per common share

 

 

0.23

 

 

 

0.23

 

 

 

0.23

 

 

 

0.22

 

 

 

0.22

 

Book value per common share - end of quarter

 

 

25.64

 

 

 

25.58

 

 

 

25.13

 

 

 

24.70

 

 

 

24.18

 

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

 

 

22.72

 

 

 

22.67

 

 

 

22.29

 

 

 

21.85

 

 

 

21.31

 

Common shares outstanding - end of quarter(4)

 

 

11,554,094

 

 

 

11,603,167

 

 

 

11,925,357

 

 

 

11,941,672

 

 

 

11,915,372

 

Weighted-average common shares outstanding, basic

 

 

11,568,897

 

 

 

11,735,475

 

 

 

11,939,593

 

 

 

11,938,973

 

 

 

11,907,233

 

Weighted-average common shares outstanding, diluted

 

 

11,619,342

 

 

 

11,756,512

 

 

 

12,012,004

 

 

 

12,048,475

 

 

 

12,032,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

 

0.78

%

 

 

1.17

%

 

 

1.01

%

 

 

0.95

%

 

 

1.30

%

Return on average equity (annualized)

 

 

8.43

 

 

 

12.87

 

 

 

11.18

 

 

 

10.88

 

 

 

14.87

 

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

 

 

3.02

 

 

 

3.19

 

 

 

3.24

 

 

 

3.57

 

 

 

3.59

 

Efficiency ratio(3)

 

 

72.54

 

 

 

62.84

 

 

 

66.41

 

 

 

62.42

 

 

 

59.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

2023

 

 

2022

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

LOAN PORTFOLIO COMPOSITION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

292,410

 

 

$

295,864

 

 

$

295,936

 

 

$

314,067

 

 

$

289,029

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and development

 

 

317,484

 

 

 

345,127

 

 

 

372,203

 

 

 

377,135

 

 

 

391,564

 

Commercial real estate

 

 

901,321

 

 

 

891,883

 

 

 

900,190

 

 

 

887,587

 

 

 

821,941

 

Farmland

 

 

188,614

 

 

 

187,105

 

 

 

190,802

 

 

 

185,817

 

 

 

179,402

 

1-4 family residential

 

 

504,002

 

 

 

496,340

 

 

 

499,944

 

 

 

493,061

 

 

 

467,983

 

Multi-family residential

 

 

42,720

 

 

 

44,385

 

 

 

44,760

 

 

 

45,147

 

 

 

43,025

 

Consumer

 

 

58,294

 

 

 

59,498

 

 

 

60,163

 

 

 

61,394

 

 

 

58,835

 

Agricultural

 

 

13,076

 

 

 

13,447

 

 

 

13,545

 

 

 

13,686

 

 

 

13,917

 

Overdrafts

 

 

328

 

 

 

252

 

 

 

270

 

 

 

282

 

 

 

369

 

Total loans(1)(2)

 

$

2,318,249

 

 

$

2,333,901

 

 

$

2,377,813

 

 

$

2,378,176

 

 

$

2,266,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

2023

 

 

2022

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

ALLOWANCE FOR CREDIT LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

31,759

 

 

$

31,953

 

 

$

31,974

 

 

$

29,235

 

 

$

28,997

 

Loans charged-off

 

 

(644

)

 

 

(224

)

 

 

(94

)

 

 

(103

)

 

 

(418

)

Recoveries

 

 

25

 

 

 

30

 

 

 

73

 

 

 

42

 

 

 

56

 

Provision for credit loss expense

 

 

 

 

 

 

 

 

 

 

 

2,800

 

 

 

600

 

Balance at end of period

 

$

31,140

 

 

$

31,759

 

 

$

31,953

 

 

$

31,974

 

 

$

29,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses / period-end loans

 

 

1.34

%

 

 

1.36

%

 

 

1.34

%

 

 

1.34

%

 

 

1.29

%

Allowance for credit losses / nonperforming loans

 

 

1,148.2

 

 

 

894.6

 

 

 

238.4

 

 

 

294.7

 

 

 

313.3

 

Net charge-offs / average loans (annualized)

 

 

0.11

 

 

 

0.03

 

 

 

0.00

 

 

 

0.01

 

 

 

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONPERFORMING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

2,712

 

 

$

3,550

 

 

$

13,405

 

 

$

10,848

 

 

$

9,330

 

Other real estate owned

 

 

 

 

 

 

 

 

38

 

 

 

38

 

 

 

5

 

Repossessed assets owned

 

 

250

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets

 

$

2,962

 

 

$

3,550

 

 

$

13,443

 

 

$

10,886

 

 

$

9,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets as a percentage of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans(1)(2)

 

 

0.13

%

 

 

0.15

%

 

 

0.57

%

 

 

0.46

%

 

 

0.41

%

Total assets

 

 

0.09

 

 

 

0.11

 

 

 

0.40

 

 

 

0.32

 

 

 

0.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes outstanding balances of loans held for sale of $2.5 million, $795,000, $1.3 million, $3.2 million, and $2.7 million as of September 30, June 30 and March 31, 2023 and December 31, September 30, 2022, respectively.

 

(2) Excludes deferred loan fees of $946,000, $1.3 million, $1.6 million, $2.0 million, and $2.0 million as of September 30, June 30 and March 31, 2023 and December 31, September 30, 2022, respectively.

 

 

 

Quarter Ended

 

 

 

2023

 

 

2022

 

(dollars in thousands)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

$

1,131

 

 

$

1,056

 

 

$

1,077

 

 

$

1,096

 

 

$

1,146

 

Net realized gain on securities transactions

 

 

 

 

 

(322

)

 

 

93

 

 

 

172

 

 

 

 

Net realized gain on sale of loans

 

 

218

 

 

 

473

 

 

 

314

 

 

 

310

 

 

 

338

 

Fiduciary and custodial income

 

 

637

 

 

 

630

 

 

 

638

 

 

 

642

 

 

 

576

 

Bank-owned life insurance income

 

 

267

 

 

 

211

 

 

 

214

 

 

 

209

 

 

 

215

 

Merchant and debit card fees

 

 

1,752

 

 

 

2,121

 

 

 

1,674

 

 

 

1,711

 

 

 

1,738

 

Loan processing fee income

 

 

128

 

 

 

142

 

 

 

134

 

 

 

150

 

 

 

192

 

Mortgage fee income

 

 

46

 

 

 

50

 

 

 

68

 

 

 

81

 

 

 

75

 

Other noninterest income

 

 

654

 

 

 

3,512

 

 

 

693

 

 

 

751

 

 

 

1,523

 

Total noninterest income

 

$

4,833

 

 

$

7,873

 

 

$

4,905

 

 

$

5,122

 

 

$

5,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

$

11,944

 

 

$

11,939

 

 

$

12,264

 

 

$

12,364

 

 

$

11,851

 

Occupancy expenses

 

 

2,854

 

 

 

2,754

 

 

 

2,830

 

 

 

2,770

 

 

 

2,800

 

Legal and professional fees

 

 

902

 

 

 

985

 

 

 

583

 

 

 

779

 

 

 

503

 

Software and technology

 

 

1,490

 

 

 

1,531

 

 

 

1,396

 

 

 

1,525

 

 

 

1,409

 

Amortization

 

 

147

 

 

 

149

 

 

 

161

 

 

 

161

 

 

 

166

 

Director and committee fees

 

 

192

 

 

 

201

 

 

 

199

 

 

 

199

 

 

 

213

 

Advertising and promotions

 

 

288

 

 

 

269

 

 

 

267

 

 

 

488

 

 

 

378

 

ATM and debit card expense

 

 

803

 

 

 

739

 

 

 

599

 

 

 

740

 

 

 

723

 

Telecommunication expense

 

 

178

 

 

 

171

 

 

 

183

 

 

 

193

 

 

 

184

 

FDIC insurance assessment fees

 

 

363

 

 

 

522

 

 

 

301

 

 

 

359

 

 

 

272

 

Other noninterest expense

 

 

1,247

 

 

 

1,211

 

 

 

1,184

 

 

 

1,319

 

 

 

1,738

 

Total noninterest expense

 

$

20,408

$

20,471

 

$

19,967

 

$

20,897

 

$

20,237

 

 

Quarter Ended September 30,

 

 

 

2023

 

 

2022

 

(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)

 

$

2,332,171

 

 

$

34,765

 

 

 

5.91

%

 

$

2,191,411

 

 

$

27,455

 

 

 

4.97

%

Securities available for sale

 

 

181,946

 

 

 

1,346

 

 

 

2.93

 

 

 

196,875

 

 

 

1,239

 

 

 

2.50

 

Securities held to maturity

 

 

432,687

 

 

 

2,710

 

 

 

2.48

 

 

 

707,601

 

 

 

3,416

 

 

 

1.92

 

Nonmarketable equity securities

 

 

25,429

 

 

 

304

 

 

 

4.74

 

 

 

21,382

 

 

 

172

 

 

 

3.19

 

Interest-bearing deposits in other banks

 

 

52,424

 

 

 

693

 

 

 

5.24

 

 

 

32,233

 

 

 

194

 

 

 

2.39

 

Total interest-earning assets

 

 

3,024,657

 

 

 

39,818

 

 

 

5.22

 

 

 

3,149,502

 

 

 

32,476

 

 

 

4.09

 

Allowance for credit losses

 

 

(31,574

)

 

 

 

 

 

 

 

 

(28,777

)

 

 

 

 

 

 

Noninterest-earning assets

 

 

220,406

 

 

 

 

 

 

 

 

 

216,623

 

 

 

 

 

 

 

Total assets

 

$

3,213,489

 

 

 

 

 

 

 

 

$

3,337,348

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

1,726,218

 

 

$

13,069

 

 

 

3.00

%

 

$

1,650,314

 

 

$

2,455

 

 

 

0.59

%

Advances from FHLB and fed funds purchased

 

 

194,115

 

 

 

2,588

 

 

 

5.29

 

 

 

202,832

 

 

 

1,211

 

 

 

2.37

 

Line of credit

 

 

5,011

 

 

 

204

 

 

 

16.15

 

 

 

 

 

 

 

 

 

 

Subordinated debt

 

 

47,730

 

 

 

534

 

 

 

4.44

 

 

 

51,087

 

 

 

509

 

 

 

3.95

 

Securities sold under agreements to repurchase

 

 

22,718

 

 

 

121

 

 

 

2.11

 

 

 

6,844

 

 

 

4

 

 

 

0.23

 

Total interest-bearing liabilities

 

 

1,995,792

 

 

 

16,516

 

 

 

3.28

 

 

 

1,911,077

 

 

 

4,179

 

 

 

0.87

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

888,772

 

 

 

 

 

 

 

 

 

1,109,205

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

32,716

 

 

 

 

 

 

 

 

 

26,260

 

 

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

921,488

 

 

 

 

 

 

 

 

 

1,135,465

 

 

 

 

 

 

 

Equity

 

 

296,209

 

 

 

 

 

 

 

 

 

290,806

 

 

 

 

 

 

 

Total liabilities and equity

 

$

3,213,489

 

 

 

 

 

 

 

 

$

3,337,348

 

 

 

 

 

 

 

Net interest rate spread(2)

 

 

 

 

 

 

 

 

1.94

%

 

 

 

 

 

 

 

 

3.22

%

Net interest income

 

 

 

 

$

23,302

 

 

 

 

 

 

 

 

$

28,297

 

 

 

 

Net interest margin(3)

 

 

 

 

 

 

 

 

3.06

%

 

 

 

 

 

 

 

 

3.56

%

Net interest margin, fully taxable equivalent(4)

 

 

 

 

 

 

 

 

3.02

%

 

 

 

 

 

 

 

 

3.59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes average outstanding balances of loans held for sale of $1.1 million and $2.1 million for the quarter ended September 30, 2023 and 2022, 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%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

(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)

 

$

2,359,880

 

 

$

100,513

 

 

 

5.69

%

 

$

2,066,529

 

 

$

74,314

 

 

 

4.81

%

Securities available for sale

 

 

180,645

 

 

 

3,619

 

 

 

2.68

 

 

 

316,386

 

 

 

4,330

 

 

 

1.83

 

Securities held to maturity

 

 

463,434

 

 

 

8,591

 

 

 

2.48

 

 

 

499,092

 

 

 

7,567

 

 

 

2.03

 

Nonmarketable equity securities

 

 

27,727

 

 

 

1,024

 

 

 

4.94

 

 

 

16,937

 

 

 

869

 

 

 

6.86

 

Interest-bearing deposits in other banks

 

 

49,923

 

 

 

1,949

 

 

 

5.22

 

 

 

145,936

 

 

 

409

 

 

 

0.37

 

Total interest-earning assets

 

 

3,081,609

 

 

 

115,696

 

 

 

5.02

 

 

 

3,044,880

 

 

 

87,489

 

 

 

3.84

 

Allowance for credit losses

 

 

(31,804

)

 

 

 

 

 

 

 

 

(29,341

)

 

 

 

 

 

 

Noninterest-earning assets

 

 

219,227

 

 

 

 

 

 

 

 

 

216,140

 

 

 

 

 

 

 

Total assets

 

$

3,269,032

 

 

 

 

 

 

 

 

$

3,231,679

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

1,668,394

 

 

$

30,670

 

 

 

2.46

%

 

$

1,684,725

 

 

$

5,320

 

 

 

0.42

%

Advances from FHLB and fed funds purchased

 

 

255,011

 

 

 

9,711

 

 

 

5.09

 

 

 

96,462

 

 

 

1,447

 

 

 

2.01

 

Line of credit

 

 

4,139

 

 

 

268

 

 

 

8.66

 

 

 

 

 

 

34

 

 

 

 

Subordinated debt

 

 

48,357

 

 

 

1,609

 

 

 

4.45

 

 

 

46,024

 

 

 

1,208

 

 

 

3.51

 

Securities sold under agreements to repurchase

 

 

19,548

 

 

 

271

 

 

 

1.85

 

 

 

8,920

 

 

 

9

 

 

 

0.13

 

Total interest-bearing liabilities

 

 

1,995,449

 

 

 

42,529

 

 

 

2.85

 

 

 

1,836,131

 

 

 

8,018

 

 

 

0.58

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

944,870

 

 

 

 

 

 

 

 

 

1,075,941

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

30,057

 

 

 

 

 

 

 

 

 

25,212

 

 

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

974,927

 

 

 

 

 

 

 

 

 

1,101,153

 

 

 

 

 

 

 

Equity

 

 

298,656

 

 

 

 

 

 

 

 

 

294,395

 

 

 

 

 

 

 

Total liabilities and equity

 

$

3,269,032

 

 

 

 

 

 

 

 

$

3,231,679

 

 

 

 

 

 

 

Net interest rate spread(2)

 

 

 

 

 

 

 

 

2.17

%

 

 

 

 

 

 

 

 

3.26

%

Net interest income

 

 

 

 

$

73,167

 

 

 

 

 

 

 

 

$

79,471

 

 

 

 

Net interest margin(3)

 

 

 

 

 

 

 

 

3.17

%

 

 

 

 

 

 

 

 

3.49

%

Net interest margin, fully taxable equivalent(4)

 

 

 

 

 

 

 

 

3.16

%

 

 

 

 

 

 

 

 

3.53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes average outstanding balances of loans held for sale of $1.4 million and $2.6 million for the nine months ended September 30, 2023 and 2022, 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

 

 

 

2023

 

 

2022

 

(dollars in thousands, except per share data)

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

September 30

 

Equity attributable to Guaranty Bancshares, Inc.

 

$

296,226

 

 

$

296,862

 

 

$

299,700

 

 

$

294,984

 

 

$

288,084

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

 

 

(32,160

)

Core deposit intangible, net

 

 

(1,524

)

 

 

(1,633

)

 

 

(1,746

)

 

 

(1,859

)

 

 

(1,973

)

Total tangible common equity attributable to Guaranty Bancshares, Inc.

 

$

262,542

 

 

$

263,069

 

 

$

265,794

 

 

$

260,965

 

 

$

253,951

 

Common shares outstanding(1)

 

 

11,554,094

 

 

 

11,603,167

 

 

 

11,925,357

 

 

 

11,941,672

 

 

 

11,915,372

 

Book value per common share

 

$

25.64

 

 

$

25.58

 

 

$

25.13

 

 

$

24.70

 

 

$

24.18

 

Tangible book value per common share(1)

 

 

22.72

 

 

 

22.67

 

 

 

22.29

 

 

 

21.85

 

 

 

21.31

 

 

(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 % of Total Equity

(dollars in thousands)

 

September 30, 2023

 

Total equity(1)

 

$

296,784

 

Less: net unrealized loss on HTM securities, tax effected

 

 

(32,087

)

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

 

$

264,697

 

 

 

 

 

Net unrealized loss on AFS securities, tax effected

 

 

19,536

 

Net unrealized loss on HTM securities, tax effected

 

 

32,087

 

Net unrealized loss on AFS and HTM securities, tax effected

 

$

51,623

 

 

 

 

 

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

 

 

17.4

%

Total equity before impact of unrealized losses

 

$

316,320

 

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

 

 

16.3

%

 

 

 

 

Total average assets

 

$

3,213,489

 

Total equity to average assets

 

 

9.2

%

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

 

 

8.2

%

 

 

 

 

(1) Includes the net unrealized loss on AFS securities, tax effected, of $19,536.

 

 

 

Cost of Total Deposits

 

 

Quarter Ended

 

(dollars in thousands)

 

September 30, 2023

 

 

June 30, 2023

 

 

September 30, 2022

 

Total average interest-bearing deposits

 

$

1,726,218

 

 

$

1,653,237

 

 

$

1,650,314

 

Adjustments:

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

888,772

 

 

 

948,083

 

 

 

1,109,205

 

Total average deposits

 

$

2,614,990

 

 

$

2,601,320

 

 

$

2,759,519

 

 

 

 

 

 

 

 

 

 

 

Total deposit-related interest expense

 

$

13,069

 

 

$

9,946

 

 

$

2,455

 

 

 

 

 

 

 

 

 

 

 

Average cost of interest-bearing deposits

 

 

3.00

%

 

 

2.41

%

 

 

0.59

%

Average cost of total deposits

 

 

1.98

 

 

 

1.53

 

 

 

0.35

 

 

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per 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 2023 financial results on Monday, October 16, 2023 at 10:00 am Central 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 Time the day of the call and remain available through October 31, 2023 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 September 30, 2023, Guaranty Bancshares, Inc. had total assets of $3.2 billion, total loans of $2.3 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, 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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