Press Release
For Immediate Release
Guaranty Bancshares, Inc. Reports
Second Quarter 2024 Financial Results
Addison, Texas – July 15, 2024 / Business Wire / – 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 June 30, 2024. The Company's net income available to common shareholders was $7.4 million, or $0.65 per basic share, for the quarter ended June 30, 2024, compared to $6.7 million, or $0.58 per basic share, for the quarter ended March 31, 2024 and $9.6 million, or $0.82 per basic share, for the quarter ended June 30, 2023. Return on average assets and average equity for the second quarter of 2024 were 0.95% and 9.91%, respectively, compared to 0.85% and 8.93%, respectively, for the first quarter of 2024 and 1.17% and 12.87%, respectively, for the second quarter of 2023. The increase in earnings during the second quarter of 2024 compared to the first quarter of 2024 was primarily due to the $1.2 million reversal of the provision for credit losses during the second quarter. The decrease in earnings in the second quarter of 2024 compared to the second quarter of 2023 was primarily due to a decrease in noninterest income in the current quarter compared to the prior year quarter.
"Second quarter 2024 results were good and consistent with our expectations. Net interest margin continued to improve from 3.16% in the first quarter to 3.26% in the second quarter. Deposit balances have remained stable as we've strategically shrunk the balance sheet and repaid an additional $30.0 million in FHLB advances during the quarter, as well as purchased some higher-yielding investment securities. Credit quality overall remains manageable with low past-due and charge-off percentages. That, along with lower loan balances, resulted in a $1.2 million reverse provision for credit losses during the quarter. However, we are closely monitoring and working with a handful of one-off borrowers that are experiencing financial difficulties and have adjusted their risk ratings and loss reserve amounts accordingly. We believe our balance sheet is strong and positioned to go on the offensive as the economy improves and the Bank continues to provide consistent earnings results for our shareholders," said Ty Abston, the Company's Chairman and Chief Executive Officer.
QUARTERLY HIGHLIGHTS
•Growing Earnings and Improving NIM. Net interest margin, on a fully taxable equivalent basis, continued to improve in the second quarter, increasing to 3.26%, compared to 3.16% in the first quarter and 3.19% in the prior year quarter. Earnings also improved compared to the prior quarter, due to the improved net interest margin, reverse credit loss provisions, and lower employee and compensation expenses. The net interest improvements resulted primarily from a slow-down in deposit cost increases, while earning assets have continued to reprice upward.
•Good Asset Quality. We have experienced some risk rating downgrades as we work with certain borrowers that are experiencing cash flow and other challenges. However, we believe overall credit quality remains strong and the expected losses on deteriorating credits are low primarily due to the Bank's equity position and/or strong guarantor support. Nonperforming assets as a percentage of total assets were 0.71% at June 30, 2024, compared to 0.68% at March 31, 2024 and 0.11% at June 30, 2023. Net charge-offs (annualized) to average loans were 0.01% for the quarter ended June 30, 2024, compared to 0.02% for the quarter ended March 31, 2024, and 0.03% for the quarter ended June 30, 2023.
There was a reverse provision to the allowance for credit losses of $1.2 million during the second quarter, in addition to the $250,000 reverse provision in the first quarter. Changes to historical and qualitative factors have been minimal during the first half of 2024, therefore the decrease in the allowance for credit losses is due primarily to the decreases in outstanding loan balances of $107.6 million, or 4.6%, since January 1, 2024, which were partially offset by an increase in special mention and substandard loans during the same period as we continue to work with some stressed borrowers.
Nonperforming assets consist of both nonaccrual loans and other real estate owned (ORE). Nonaccrual loans represent 0.28% of total outstanding loan balances as of June 30, 2024 and consist primarily of smaller dollar consumer and small business loans. In the first quarter, we foreclosed on a multi-purpose commercial real estate loan in a vibrant location in the South Austin area and recorded other real estate owned of $14.9 million. As the property was prepared for sale and marketing in the second quarter, management applied a more conservative capitalization rate to estimate current value and applied a $900,000 valuation allowance during the quarter, which is included in other noninterest income on the income statement and explains the quarter-over-quarter decrease in that balance. During the second quarter, we also foreclosed on a single-family residential property with a fair value of $1.2 million. At this time, we do not expect additional valuation allowances or losses on the ORE.
Commercial real estate (CRE) loans, particularly office related loans, have received increased scrutiny in recent months. As of June 30, 2024, our CRE loans and real estate C&D loans represent 40.6% and 10.4% of the total loan portfolio, respectively, and office-related loans represent 5.5% of the total loan portfolio with an average balance of $551,000.
•Granular and Consistent Core Deposit Base. As of June 30, 2024, we have 89,370 total deposit accounts with an average account balance of $29,385. We have a historically reliable core deposit base, with strong and trusted banking relationships.
Total deposits decreased slightly by $1.7 million during the second quarter. DDA balances decreased $11.1 million, savings and MMDA balances decreased $21.9 million while time deposits increased $31.3 million. Excluding public funds and Bank-owned accounts, our uninsured deposits as of June 30, 2024 were 25.7% of total deposits.
Interest rates paid on deposits during the quarter stabilized with minimal increases. Despite the decrease in DDA during the quarter, noninterest-bearing deposits still represent 31.2% of total deposits. Our cost of interest-bearing deposits increased seven basis points during the quarter from 3.25% in the prior quarter to 3.32%. This increase was primarily due to renewals of maturing certificates of deposit into new CDs paying higher rates and the shift from noninterest-bearing balances to interest-bearing. Our cost of total deposits for the second quarter of 2024 increased five basis points from 2.23% in the prior quarter to 2.28%†.
•Healthy Capital and Liquidity. Our capital and liquidity ratios, as well as contingent liquidity sources, remain very healthy. During the second quarter of 2024, we repurchased 138,427 shares of our common stock, or 1.21% of our average shares outstanding during the period, at an average price of $29.56 per share. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was 13.6% as of June 30, 2024, compared to 12.9% as of June 30, 2023. Our total available contingent liquidity, net of current outstanding borrowings, was $1.3 billion, consisting of FHLB, FRB and correspondent bank fed funds and revolving lines of credit. Finally, our total equity to average quarterly assets as of June 30, 2024 was 9.9%. If we had to recognize our entire net unrealized losses on both AFS and HTM securities, our total equity to average assets ratio would be 9.1%†, which we believe represents 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 second quarter of 2024 and 2023 was $23.9 million and $24.7 million, respectively, a decrease of $823,000, or 3.3%. The decrease in net interest income resulted from an increase in interest expense of $2.8 million, or 20.0%, compared to the prior year quarter, which was partially offset by an increase in interest income of $2.0 million, or 5.1%, from the same quarter in the prior year. The increases in both interest income and expense resulted primarily from higher rates during the period. Interest expense was also somewhat impacted by a shift from noninterest-bearing to interest-bearing deposit accounts, which resulted in increased expense in the second quarter of 2024 compared to the prior year quarter. Our noninterest-bearing deposits to total deposits were 31.2% and 35.2% as of June 30, 2024 and 2023, respectively.
Net interest margin, on a fully taxable equivalent basis, for the second quarter of 2024 and 2023 was 3.26% and 3.19%, respectively. Net interest margin, on a fully taxable equivalent basis, increased seven basis points primarily due to increases in interest earned on loans and available for sale securities during the period. The cost of interest-bearing liabilities increased 61 basis points from the prior year quarter, while interest-earning asset yields increased 57 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 2.41% to 3.32%, a change of 91 basis points, in the second quarter of 2024 compared to the same period in 2023. The increases in cost were partially offset by increases in yield on the loan portfolio from 5.70% to 6.29%, or 59 basis points, as well as 97 and 14 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 $73.5 million in new loans originated in the second quarter was 8.26%.
Net interest income, before the provision for credit losses, increased $293,000, or 1.2%, from $23.6 million in the first quarter of 2024 to $23.9 million in the second quarter of 2024. The increase in net interest income resulted primarily from an decrease in interest expense of $332,000, or 1.9%, compared to a decrease in interest income of only $39,000, or 0.1%.
Net interest margin, on a fully taxable equivalent basis, increased from 3.16% for the first quarter of 2024 to 3.26% for the second quarter of 2024, an increase of 10 basis points. The increase in net interest margin, on a fully taxable equivalent basis, was primarily due to an increase in loan yields from 6.21% for the first quarter of 2024 to 6.29% for the second quarter of 2024, a change of eight basis points, and a decrease in total interest-earning assets during the second quarter of 2024. This increase was partially offset by an increase in the cost of interest-bearing deposits from 3.25% in the first quarter of 2024 to 3.32% in the second quarter of 2024, a change of seven basis points.
We recorded a reverse provision for credit losses of $1.2 million and $250,000 during the second and first quarters of 2024, respectively. Our gross loan balances decreased by $50.3 million during the second quarter and by $107.6 million during the first half of 2024, while overall credit quality trends and economic forecast assumptions remained relatively stable. As of June 30, 2024 and December 31, 2023, our allowance for credit losses as a percentage of total loans was 1.32% and 1.33%, respectively.
Noninterest income decreased $3.3 million, or 41.6%, in the second quarter of 2024 to $4.6 million, compared to $7.9 million for the second quarter of 2023. The decrease from the same quarter in 2023 was primarily due to a one-time gain on the sale of nonmarketable correspondent bank stock of $2.8 million in the prior year quarter and a $900,000 ORE valuation allowance during the second quarter of 2024 (described further in the Quarterly Highlights above).
Noninterest expense increased $131,000, or 0.6%, in the second quarter of 2024 to $20.6 million, compared to $20.5 million for the second quarter of 2023. The increase in noninterest expense in the second quarter of 2024 was driven primarily by an increase in other
noninterest expense of $393,000, or 32.5%, due to $222,000 in ORE expenses during the current quarter, as well as a $123,000 increase in losses sustained due to fraudulent check activity during the current quarter. Additionally, the Bank saw an increase in software and technology expense of $122,000, or 8.0%. These were partially offset by a $216,000, or 1.8%, decrease in employee compensation and benefits and a $144,000, or 14.6%, decrease in legal and professional fees compared to the second quarter of 2023.
Noninterest income in the second quarter of 2024 decreased by $659,000, or 12.5%, from $5.3 million in the first quarter of 2024. The decrease was primarily due to a decrease in other noninterest income of $1.1 million, or 94.3%, primarily the result of a $900,000 ORE valuation allowance during the second quarter of 2024. Additionally, there was $499,000 in prior write-down recoveries on receivables related to SBA loans during the first quarter of 2024 that were not present in the second quarter of 2024.
Noninterest expense decreased $90,000, or 0.4%, in the second quarter of 2024, from $20.7 million for the quarter ended March 31, 2024. The decrease resulted primarily from a $714,000, or 5.7%, decrease in employee compensation and benefits. There was a $287,000 higher expense in the first quarter related to our executive compensation program, which is primarily funded by the Company during the first quarter of each year. Payroll tax-related expense decreased by $192,000 from the first quarter to the second quarter due to bonus-related taxes paid during the first quarter. Bonus expense was decreased in the second quarter compared to the first quarter by $125,000 as production-related incentives are expected to be lower than originally accrued for. These decreases were partially offset by a $177,000, or 6.4%, increase in occupancy expenses, a $176,000, or 28.9%, increase in ATM and debit card expense and a $164,000, or 11.4%, increase in other noninterest expense during the second quarter of 2024 compared to the first quarter of 2024.
The Company’s efficiency ratio in the second quarter of 2024 was 72.34%, compared to 62.84% in the prior year quarter and 71.74% in the first quarter of 2024.
FINANCIAL CONDITION
Consolidated assets for the Company totaled $3.08 billion at June 30, 2024, compared to $3.13 billion at March 31, 2024 and $3.21 billion at June 30, 2023.
Gross loans decreased by $50.3 million, or 2.2%, during the quarter resulting in a gross loan balance of $2.21 billion at June 30, 2024, compared to $2.27 billion at March 31, 2024. Our decline in loans resulted primarily from tighter underwriting due to the current economic environment and from lower demand from potential borrowers.
Gross loans decreased $118.9 million, or 5.1%, from $2.33 billion at June 30, 2023. The decrease in gross loans during the second quarter of 2024 compared to the second quarter of 2023 resulted from tightened credit underwriting standards and loan terms, along with fewer borrower requests in response to higher interest rates and project costs.
Total deposits decreased by $1.7 million, or 0.1%, to $2.63 billion at June 30, 2024, compared to $2.63 billion at March 31, 2024, and increased $23.3 million, or 0.9%, from $2.60 billion at June 30, 2023. The decrease in deposits during the second quarter of 2024 compared to the first quarter of 2024 was the result of a decrease in noninterest-bearing deposits of $8.4 million, offset by an increase in interest-bearing deposits of $6.7 million. The increase in deposits during the current quarter compared to the prior year quarter resulted primarily from an increase in interest-bearing deposits of $118.4 million, partially offset by a decrease in noninterest-bearing deposits of $95.0 million.
Nonperforming assets as a percentage of total loans were 0.98% at June 30, 2024, compared to 0.94% at March 31, 2024 and 0.15% at June 30, 2023. Nonperforming assets as a percentage of total assets were 0.71% at June 30, 2024, compared to 0.68% at March 31, 2024, and 0.11% at June 30, 2023. The Bank's nonperforming assets consist primarily of other real estate owned and nonaccrual loans. The increase in nonperforming assets compared to the prior year quarter was primarily due to the increase in other real estate owned, which is described in the Quarterly Highlights above.
Total equity was $308.6 million at June 30, 2024, compared to $305.9 million at March 31, 2024 and $297.4 million at June 30, 2023. The increase in total equity compared to the prior quarter and prior year quarter resulted primarily from net income of $7.4 million during the second quarter and a positive shift in our net unrealized losses on securities compared to the prior periods. These increases were somewhat offset by the payment of dividends of $2.7 million during the second quarter of 2024, and a higher volume of stock share repurchases of $4.1 million during the second quarter of 2024 compared to prior quarters.
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| | As of | |
| | 2024 | | | 2023 | |
(dollars in thousands) | | June 30 | | | March 31 | | | December 31 | | | September 30 | | | June 30 | |
ASSETS | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 45,016 | | | $ | 43,872 | | | $ | 47,744 | | | $ | 47,922 | | | $ | 47,663 | |
Federal funds sold | | | 40,475 | | | | 24,300 | | | | 36,575 | | | | 73,275 | | | | 44,950 | |
Interest-bearing deposits | | | 4,721 | | | | 4,921 | | | | 5,205 | | | | 8,980 | | | | 4,738 | |
Total cash and cash equivalents | | | 90,212 | | | | 73,093 | | | | 89,524 | | | | 130,177 | | | | 97,351 | |
Securities available for sale | | | 242,662 | | | | 228,787 | | | | 196,195 | | | | 178,644 | | | | 166,596 | |
Securities held to maturity | | | 347,992 | | | | 363,963 | | | | 404,208 | | | | 408,308 | | | | 437,292 | |
Loans held for sale | | | 871 | | | | 874 | | | | 976 | | | | 2,506 | | | | 795 | |
Loans, net | | | 2,185,247 | | | | 2,234,012 | | | | 2,290,881 | | | | 2,286,163 | | | | 2,300,882 | |
Accrued interest receivable | | | 12,397 | | | | 11,747 | | | | 13,143 | | | | 11,307 | | | | 11,110 | |
Premises and equipment, net | | | 57,475 | | | | 56,921 | | | | 57,018 | | | | 56,712 | | | | 56,151 | |
Other real estate owned | | | 15,184 | | | | 14,900 | | | | — | | | | — | | | | — | |
Cash surrender value of life insurance | | | 42,369 | | | | 42,119 | | | | 42,348 | | | | 42,096 | | | | 41,830 | |
Core deposit intangible, net | | | 1,206 | | | | 1,312 | | | | 1,418 | | | | 1,524 | | | | 1,633 | |
Goodwill | | | 32,160 | | | | 32,160 | | | | 32,160 | | | | 32,160 | | | | 32,160 | |
Other assets | | | 53,842 | | | | 67,550 | | | | 56,920 | | | | 80,816 | | | | 60,396 | |
Total assets | | $ | 3,081,617 | | | $ | 3,127,438 | | | $ | 3,184,791 | | | $ | 3,230,413 | | | $ | 3,206,196 | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | | | |
Noninterest-bearing | | $ | 820,430 | | | $ | 828,861 | | | $ | 852,957 | | | $ | 903,391 | | | $ | 915,462 | |
Interest-bearing | | | 1,805,732 | | | | 1,798,983 | | | | 1,780,289 | | | | 1,754,902 | | | | 1,687,355 | |
Total deposits | | | 2,626,162 | | | | 2,627,844 | | | | 2,633,246 | | | | 2,658,293 | | | | 2,602,817 | |
Securities sold under agreements to repurchase | | | 25,173 | | | | 39,058 | | | | 25,172 | | | | 19,366 | | | | 20,532 | |
Accrued interest and other liabilities | | | 32,860 | | | | 33,807 | | | | 32,242 | | | | 31,218 | | | | 30,701 | |
Line of credit | | | — | | | | — | | | | 4,500 | | | | 2,000 | | | | 12,000 | |
Federal Home Loan Bank advances | | | 45,000 | | | | 75,000 | | | | 140,000 | | | | 175,000 | | | | 195,000 | |
Subordinated debentures | | | 43,852 | | | | 45,819 | | | | 45,785 | | | | 47,752 | | | | 47,719 | |
Total liabilities | | | 2,773,047 | | | | 2,821,528 | | | | 2,880,945 | | | | 2,933,629 | | | | 2,908,769 | |
| | | | | | | | | | | | | | | |
Equity attributable to Guaranty Bancshares, Inc. | | | 308,043 | | | | 305,371 | | | | 303,300 | | | | 296,226 | | | | 296,862 | |
Noncontrolling interest | | | 527 | | | | 539 | | | | 546 | | | | 558 | | | | 565 | |
Total equity | | | 308,570 | | | | 305,910 | | | | 303,846 | | | | 296,784 | | | | 297,427 | |
Total liabilities and equity | | $ | 3,081,617 | | | $ | 3,127,438 | | | $ | 3,184,791 | | | $ | 3,230,413 | | | $ | 3,206,196 | |
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| | Quarter Ended | |
| | 2024 | | | 2023 | |
(dollars in thousands, except per share data) | | June 30 | | | March 31 | | | December 31 | | | September 30 | | | June 30 | |
STATEMENTS OF EARNINGS | | | | | | | | | | | | | | | |
Interest income | | $ | 40,713 | | | $ | 40,752 | | | $ | 40,796 | | | $ | 39,818 | | | $ | 38,734 | |
Interest expense | | | 16,833 | | | | 17,165 | | | | 16,983 | | | | 16,516 | | | | 14,031 | |
Net interest income | | | 23,880 | | | | 23,587 | | | | 23,813 | | | | 23,302 | | | | 24,703 | |
Reversal of provision for credit losses | | | (1,200 | ) | | | (250 | ) | | | — | | | | — | | | | — | |
Net interest income after provision for credit losses | | | 25,080 | | | | 23,837 | | | | 23,813 | | | | 23,302 | | | | 24,703 | |
Noninterest income | | | 4,599 | | | | 5,258 | | | | 4,796 | | | | 4,939 | | | | 7,873 | |
Noninterest expense | | | 20,602 | | | | 20,692 | | | | 21,402 | | | | 20,514 | | | | 20,471 | |
Income before income taxes | | | 9,077 | | | | 8,403 | | | | 7,207 | | | | 7,727 | | | | 12,105 | |
Income tax provision | | | 1,654 | | | | 1,722 | | | | 1,341 | | | | 1,437 | | | | 2,529 | |
Net earnings | | $ | 7,423 | | | $ | 6,681 | | | $ | 5,866 | | | $ | 6,290 | | | $ | 9,576 | |
Net loss attributable to noncontrolling interest | | | 12 | | | | 7 | | | | 12 | | | | 7 | | | | 5 | |
Net earnings attributable to Guaranty Bancshares, Inc. | | $ | 7,435 | | | $ | 6,688 | | | $ | 5,878 | | | $ | 6,297 | | | $ | 9,581 | |
| | | | | | | | | | | | | | | |
PER COMMON SHARE DATA | | | | | | | | | | | | | | | |
Earnings per common share, basic | | $ | 0.65 | | | $ | 0.58 | | | $ | 0.51 | | | $ | 0.54 | | | $ | 0.82 | |
Earnings per common share, diluted | | | 0.65 | | | | 0.58 | | | | 0.51 | | | | 0.54 | | | | 0.81 | |
Cash dividends per common share | | | 0.24 | | | | 0.24 | | | | 0.23 | | | | 0.23 | | | | 0.23 | |
Book value per common share - end of quarter | | | 26.98 | | | | 26.47 | | | | 26.28 | | | | 25.64 | | | | 25.58 | |
Tangible book value per common share - end of quarter(1) | | | 24.06 | | | | 23.57 | | | | 23.37 | | | | 22.72 | | | | 22.67 | |
Common shares outstanding - end of quarter(2) | | | 11,417,270 | | | | 11,534,960 | | | | 11,540,644 | | | | 11,554,094 | | | | 11,603,167 | |
Weighted-average common shares outstanding, basic | | | 11,483,091 | | | | 11,539,167 | | | | 11,536,878 | | | | 11,568,897 | | | | 11,735,475 | |
Weighted-average common shares outstanding, diluted | | | 11,525,504 | | | | 11,598,239 | | | | 11,589,165 | | | | 11,619,342 | | | | 11,756,512 | |
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PERFORMANCE RATIOS | | | | | | | | | | | | | | | |
Return on average assets (annualized) | | | 0.95 | % | | | 0.85 | % | | | 0.73 | % | | | 0.78 | % | | | 1.17 | % |
Return on average equity (annualized) | | | 9.91 | | | | 8.93 | | | | 7.93 | | | | 8.43 | | | | 12.87 | |
Net interest margin, fully taxable equivalent (annualized)(3) | | | 3.26 | | | | 3.16 | | | | 3.11 | | | | 3.02 | | | | 3.19 | |
Efficiency ratio(4) | | | 72.34 | | | | 71.74 | | | | 74.81 | | | | 72.64 | | | | 62.84 | |
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(1) See Non-GAAP Reconciling Tables. | |
(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options. | |
(3) Net interest margin on a fully taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%. | |
(4) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation. | |
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| | As of | |
| | 2024 | | | 2023 | |
(dollars in thousands) | | June 30 | | | March 31 | | | December 31 | | | September 30 | | | June 30 | |
LOAN PORTFOLIO COMPOSITION | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 264,058 | | | $ | 269,560 | | | $ | 287,565 | | | $ | 292,410 | | | $ | 295,864 | |
Real estate: | | | | | | | | | | | | | | | |
Construction and development | | | 231,053 | | | | 273,300 | | | | 296,639 | | | | 317,484 | | | | 345,127 | |
Commercial real estate | | | 899,120 | | | | 906,684 | | | | 923,195 | | | | 901,321 | | | | 891,883 | |
Farmland | | | 180,126 | | | | 180,502 | | | | 186,295 | | | | 188,614 | | | | 187,105 | |
1-4 family residential | | | 526,650 | | | | 523,573 | | | | 514,603 | | | | 504,002 | | | | 496,340 | |
Multi-family residential | | | 47,507 | | | | 44,569 | | | | 44,292 | | | | 42,720 | | | | 44,385 | |
Consumer | | | 53,642 | | | | 54,375 | | | | 57,059 | | | | 58,294 | | | | 59,498 | |
Agricultural | | | 12,506 | | | | 12,418 | | | | 12,685 | | | | 13,076 | | | | 13,447 | |
Overdrafts | | | 335 | | | | 276 | | | | 243 | | | | 328 | | | | 252 | |
Total loans(1)(2) | | $ | 2,214,997 | | | $ | 2,265,257 | | | $ | 2,322,576 | | | $ | 2,318,249 | | | $ | 2,333,901 | |
| | | | | | | | | | | | | | | |
| | Quarter Ended | |
| | 2024 | | | 2023 | |
(dollars in thousands) | | June 30 | | | March 31 | | | December 31 | | | September 30 | | | June 30 | |
ALLOWANCE FOR CREDIT LOSSES | | | | | | | | | | | | | | | |
Balance at beginning of period | | $ | 30,560 | | | $ | 30,920 | | | $ | 31,140 | | | $ | 31,759 | | | $ | 31,953 | |
Loans charged-off | | | (115 | ) | | | (310 | ) | | | (242 | ) | | | (644 | ) | | | (224 | ) |
Recoveries | | | 37 | | | | 200 | | | | 22 | | | | 25 | | | | 30 | |
Reversal of provision for credit loss expense | | | (1,200 | ) | | | (250 | ) | | | — | | | | — | | | | — | |
Balance at end of period | | $ | 29,282 | | | $ | 30,560 | | | $ | 30,920 | | | $ | 31,140 | | | $ | 31,759 | |
| | | | | | | | | | | | | | | |
Allowance for credit losses / period-end loans | | | 1.32 | % | | | 1.35 | % | | | 1.33 | % | | | 1.34 | % | | | 1.36 | % |
Allowance for credit losses / nonperforming loans | | | 470.4 | | | | 496.0 | | | | 552.9 | | | | 1,148.2 | | | | 894.6 | |
Net charge-offs / average loans (annualized) | | | 0.01 | | | | 0.02 | | | | 0.04 | | | | 0.11 | | | | 0.03 | |
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NONPERFORMING ASSETS | | | | | | | | | | | | | | | |
Nonaccrual loans | | $ | 6,225 | | | $ | 6,161 | | | $ | 5,592 | | | $ | 2,712 | | | $ | 3,550 | |
Other real estate owned | | | 15,184 | | | | 14,900 | | | | — | | | | — | | | | — | |
Repossessed assets owned | | | 331 | | | | 236 | | | | 234 | | | | 250 | | | | — | |
Total nonperforming assets | | $ | 21,740 | | | $ | 21,297 | | | $ | 5,826 | | | $ | 2,962 | | | $ | 3,550 | |
| | | | | | | | | | | | | | | |
Nonaccrual loans as a percentage of total loans(1)(2) | | | 0.28 | % | | | 0.27 | % | | | 0.24 | % | | | 0.12 | % | | | 0.15 | % |
| | | | | | | | | | | | | | | |
Nonperforming assets as a percentage of: | | | | | | | | | | | | | | | |
Total loans(1)(2) | | | 0.98 | % | | | 0.94 | % | | | 0.25 | % | | | 0.13 | % | | | 0.15 | % |
Total assets | | | 0.71 | | | | 0.68 | | | | 0.18 | | | | 0.09 | | | | 0.11 | |
| | | | | | | | | | | | | | | |
(1) Excludes outstanding balances of loans held for sale of $871,000, $874,000, $976,000, $2.5 million, and $795,000 as of June 30 and March 31, 2024 and December 31, September 30, June 30, 2023, respectively. | |
(2) Excludes deferred loan fees of $468,000, $685,000, $775,000, $946,000, and $1.3 million as of June 30 and March 31, 2024 and December 31, September 30, June 30, 2023, respectively. | |
| | | | | | | | | | | | | | | | | | | | |
| | Quarter Ended | |
| | 2024 | | | 2023 | |
(dollars in thousands) | | June 30 | | | March 31 | | | December 31 | | | September 30 | | | June 30 | |
NONINTEREST INCOME | | | | | | | | | | | | | | | |
Service charges | | $ | 1,098 | | | $ | 1,069 | | | $ | 1,123 | | | $ | 1,131 | | | $ | 1,056 | |
Net realized loss on securities transactions | | | — | | | | — | | | | — | | | | — | | | | (322 | ) |
Net realized gain on sale of loans | | | 227 | | | | 272 | | | | 196 | | | | 218 | | | | 473 | |
Fiduciary and custodial income | | | 657 | | | | 649 | | | | 624 | | | | 637 | | | | 630 | |
Bank-owned life insurance income | | | 250 | | | | 251 | | | | 249 | | | | 267 | | | | 211 | |
Merchant and debit card fees | | | 2,122 | | | | 1,706 | | | | 1,760 | | | | 1,752 | | | | 2,121 | |
Loan processing fee income | | | 136 | | | | 118 | | | | 116 | | | | 128 | | | | 142 | |
Mortgage fee income | | | 43 | | | | 41 | | | | 30 | | | | 46 | | | | 50 | |
Other noninterest income | | | 66 | | | | 1,152 | | | | 698 | | | | 760 | | | | 3,512 | |
Total noninterest income | | $ | 4,599 | | | $ | 5,258 | | | $ | 4,796 | | | $ | 4,939 | | | $ | 7,873 | |
| | | | | | | | | | | | | | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | | | |
Employee compensation and benefits | | $ | 11,723 | | | $ | 12,437 | | | $ | 12,715 | | | $ | 11,944 | | | $ | 11,939 | |
Occupancy expenses | | | 2,924 | | | | 2,747 | | | | 2,757 | | | | 2,960 | | | | 2,754 | |
Legal and professional fees | | | 841 | | | | 772 | | | | 954 | | | | 902 | | | | 985 | |
Software and technology | | | 1,653 | | | | 1,642 | | | | 1,740 | | | | 1,490 | | | | 1,531 | |
Amortization | | | 142 | | | | 143 | | | | 145 | | | | 147 | | | | 149 | |
Director and committee fees | | | 198 | | | | 200 | | | | 186 | | | | 192 | | | | 201 | |
Advertising and promotions | | | 208 | | | | 169 | | | | 352 | | | | 288 | | | | 269 | |
ATM and debit card expense | | | 785 | | | | 609 | | | | 763 | | | | 803 | | | | 739 | |
Telecommunication expense | | | 159 | | | | 173 | | | | 175 | | | | 178 | | | | 171 | |
FDIC insurance assessment fees | | | 365 | | | | 360 | | | | 321 | | | | 363 | | | | 522 | |
Other noninterest expense | | | 1,604 | | | | 1,440 | | | | 1,294 | | | | 1,247 | | | | 1,211 | |
Total noninterest expense | | $ | 20,602 | | | $ | 20,692 | | | $ | 21,402 | | | $ | 20,514 | | | $ | 20,471 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarter Ended June 30, | |
| | 2024 | | | 2023 | |
(dollars in thousands) | | Average
Outstanding
Balance | | | Interest
Earned/
Interest
Paid | | | Average
Yield/ Rate | | | Average
Outstanding
Balance | | | Interest
Earned/
Interest
Paid | | | Average
Yield/ Rate | |
ASSETS | | | | | | | | | | | | | | | | | | |
Interest-earning assets: | | | | | | | | | | | | | | | | | | |
Total loans(1) | | $ | 2,237,469 | | | $ | 35,009 | | | | 6.29 | % | | $ | 2,363,158 | | | $ | 33,591 | | | | 5.70 | % |
Securities available for sale | | | 245,309 | | | | 2,267 | | | | 3.72 | | | | 175,447 | | | | 1,205 | | | | 2.75 | |
Securities held to maturity | | | 356,922 | | | | 2,332 | | | | 2.63 | | | | 455,626 | | | | 2,831 | | | | 2.49 | |
Nonmarketable equity securities | | | 23,243 | | | | 280 | | | | 4.85 | | | | 28,931 | | | | 301 | | | | 4.17 | |
Interest-bearing deposits in other banks | | | 58,341 | | | | 825 | | | | 5.69 | | | | 62,165 | | | | 806 | | | | 5.20 | |
Total interest-earning assets | | | 2,921,284 | | | | 40,713 | | | | 5.61 | | | | 3,085,327 | | | | 38,734 | | | | 5.04 | |
Allowance for credit losses | | | (30,407 | ) | | | | | | | | | (31,909 | ) | | | | | | |
Noninterest-earning assets | | | 240,707 | | | | | | | | | | 219,532 | | | | | | | |
Total assets | | $ | 3,131,584 | | | | | | | | | $ | 3,272,950 | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | $ | 1,795,958 | | | $ | 14,824 | | | | 3.32 | % | | $ | 1,653,237 | | | $ | 9,946 | | | | 2.41 | % |
Advances from FHLB and fed funds purchased | | | 90,055 | | | | 1,207 | | | | 5.39 | | | | 262,088 | | | | 3,349 | | | | 5.13 | |
Line of credit | | | — | | | | — | | | | — | | | | 7,352 | | | | 64 | | | | 3.49 | |
Subordinated debt | | | 44,489 | | | | 511 | | | | 4.62 | | | | 48,192 | | | | 535 | | | | 4.45 | |
Securities sold under agreements to repurchase | | | 44,059 | | | | 291 | | | | 2.66 | | | | 24,823 | | | | 137 | | | | 2.21 | |
Total interest-bearing liabilities | | | 1,974,561 | | | | 16,833 | | | | 3.43 | | | | 1,995,692 | | | | 14,031 | | | | 2.82 | |
Noninterest-bearing liabilities: | | | | | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | | 818,290 | | | | | | | | | | 948,083 | | | | | | | |
Accrued interest and other liabilities | | | 36,931 | | | | | | | | | | 30,480 | | | | | | | |
Total noninterest-bearing liabilities | | | 855,221 | | | | | | | | | | 978,563 | | | | | | | |
Equity | | | 301,802 | | | | | | | | | | 298,695 | | | | | | | |
Total liabilities and equity | | $ | 3,131,584 | | | | | | | | | $ | 3,272,950 | | | | | | | |
Net interest rate spread(2) | | | | | | | | | 2.18 | % | | | | | | | | | 2.22 | % |
Net interest income | | | | | $ | 23,880 | | | | | | | | | $ | 24,703 | | | | |
Net interest margin(3) | | | | | | | | | 3.29 | % | | | | | | | | | 3.21 | % |
Net interest margin, fully taxable equivalent(4) | | | | | | | | | 3.26 | % | | | | | | | | | 3.19 | % |
| | | | | | | | | | | | | | | | | | |
(1) Includes average outstanding balances of loans held for sale of $817,000 and $1.4 million for the quarter ended June 30, 2024 and 2023, respectively. | |
(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities. | |
(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized. | |
(4) Net interest margin on a fully taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%. | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | |
| | 2024 | | | 2023 | |
(dollars in thousands) | | Average
Outstanding
Balance | | | Interest
Earned/
Interest
Paid | | | Average
Yield/
Rate | | | Average
Outstanding
Balance | | | Interest
Earned/
Interest
Paid | | | Average
Yield/
Rate | |
ASSETS | | | | | | | | | | | | | | | | | | |
Interest-earning assets: | | | | | | | | | | | | | | | | | | |
Total loans(1) | | $ | 2,268,323 | | | $ | 70,500 | | | | 6.25 | % | | $ | 2,375,533 | | | $ | 65,748 | | | | 5.58 | % |
Securities available for sale | | | 230,803 | | | | 4,118 | | | | 3.59 | | | | 179,984 | | | | 2,273 | | | | 2.55 | |
Securities held to maturity | | | 375,158 | | | | 4,865 | | | | 2.61 | | | | 479,063 | | | | 5,881 | | | | 2.48 | |
Nonmarketable equity securities | | | 23,840 | | | | 528 | | | | 4.45 | | | | 28,658 | | | | 720 | | | | 5.07 | |
Interest-bearing deposits in other banks | | | 52,007 | | | | 1,454 | | | | 5.62 | | | | 48,650 | | | | 1,256 | | | | 5.21 | |
Total interest-earning assets | | | 2,950,131 | | | | 81,465 | | | | 5.55 | | | | 3,111,888 | | | | 75,878 | | | | 4.92 | |
Allowance for credit losses | | | (30,643 | ) | | | | | | | | | (31,922 | ) | | | | | | |
Noninterest-earning assets | | | 235,769 | | | | | | | | | | 218,868 | | | | | | | |
Total assets | | $ | 3,155,257 | | | | | | | | | $ | 3,298,834 | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | $ | 1,792,538 | | | $ | 29,283 | | | | 3.29 | % | | $ | 1,639,003 | | | $ | 17,601 | | | | 2.17 | % |
Advances from FHLB and fed funds purchased | | | 115,824 | | | | 3,127 | | | | 5.43 | | | | 285,963 | | | | 7,123 | | | | 5.02 | |
Line of credit | | | 420 | | | | 18 | | | | 8.62 | | | | 3,696 | | | | 64 | | | | 3.49 | |
Subordinated debt | | | 45,143 | | | | 1,028 | | | | 4.58 | | | | 48,675 | | | | 1,075 | | | | 4.45 | |
Securities sold under agreements to repurchase | | | 42,665 | | | | 542 | | | | 2.55 | | | | 17,937 | | | | 150 | | | | 1.69 | |
Total interest-bearing liabilities | | | 1,996,590 | | | | 33,998 | | | | 3.42 | | | | 1,995,274 | | | | 26,013 | | | | 2.63 | |
Noninterest-bearing liabilities: | | | | | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | | 820,964 | | | | | | | | | | 977,738 | | | | | | | |
Accrued interest and other liabilities | | | 36,201 | | | | | | | | | | 28,706 | | | | | | | |
Total noninterest-bearing liabilities | | | 857,165 | | | | | | | | | | 1,006,444 | | | | | | | |
Equity | | | 301,502 | | | | | | | | | | 297,116 | | | | | | | |
Total liabilities and equity | | $ | 3,155,257 | | | | | | | | | $ | 3,298,834 | | | | | | | |
Net interest rate spread(2) | | | | | | | | | 2.13 | % | | | | | | | | | 2.29 | % |
Net interest income | | | | | $ | 47,467 | | | | | | | | | $ | 49,865 | | | | |
Net interest margin(3) | | | | | | | | | 3.24 | % | | | | | | | | | 3.23 | % |
Net interest margin, fully taxable equivalent(4) | | | | | | | | | 3.21 | % | | | | | | | | | 3.22 | % |
| | | | | | | | | | | | | | | | | | |
(1) Includes average outstanding balances of loans held for sale of $761,000 and $1.5 million for the six months ended June 30, 2024 and 2023, respectively. | |
(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities. | |
(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized. | |
(4) Net interest margin on a fully taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%. | |
| | | | | | | | | | | | | | | | | | |
NON-GAAP RECONCILING TABLES
Tangible Book Value per Common Share
| | | | | | | | | | | | | | | | | | | | |
| | As of | |
| | 2024 | | | 2023 | |
(dollars in thousands, except per share data) | | June 30 | | | March 31 | | | December 31 | | | September 30 | | | June 30 | |
Equity attributable to Guaranty Bancshares, Inc. | | $ | 308,043 | | | $ | 305,371 | | | $ | 303,300 | | | $ | 296,226 | | | $ | 296,862 | |
Adjustments: | | | | | | | | | | | | | | | |
Goodwill | | | (32,160 | ) | | | (32,160 | ) | | | (32,160 | ) | | | (32,160 | ) | | | (32,160 | ) |
Core deposit intangible, net | | | (1,206 | ) | | | (1,312 | ) | | | (1,418 | ) | | | (1,524 | ) | | | (1,633 | ) |
Total tangible common equity attributable to Guaranty Bancshares, Inc. | | $ | 274,677 | | | $ | 271,899 | | | $ | 269,722 | | | $ | 262,542 | | | $ | 263,069 | |
Common shares outstanding(1) | | | 11,417,270 | | | | 11,534,960 | | | | 11,540,644 | | | | 11,554,094 | | | | 11,603,167 | |
Book value per common share | | $ | 26.98 | | | $ | 26.47 | | | $ | 26.28 | | | $ | 25.64 | | | $ | 25.58 | |
Tangible book value per common share(1) | | | 24.06 | | | | 23.57 | | | | 23.37 | | | | 22.72 | | | | 22.67 | |
(1) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
Net Unrealized Loss on Securities, Tax Effected, as a Percentage of Total Equity
| | | | |
(dollars in thousands) | | June 30, 2024 | |
Total equity(1) | | $ | 308,570 | |
Less: net unrealized loss on HTM securities, tax effected | | | (25,019 | ) |
Total equity, including net unrealized loss on AFS and HTM securities | | $ | 283,551 | |
| | | |
Net unrealized loss on AFS securities, tax effected | | | 15,110 | |
Net unrealized loss on HTM securities, tax effected | | | 25,019 | |
Net unrealized loss on AFS and HTM securities, tax effected | | $ | 40,129 | |
| | | |
Net unrealized loss on securities as % of total equity(1) | | | 13.0 | % |
Total equity before impact of unrealized losses | | $ | 323,680 | |
Net unrealized loss on securities as % of total equity before impact of unrealized losses | | | 12.4 | % |
| | | |
Total average assets | | $ | 3,131,584 | |
Total equity to average assets | | | 9.9 | % |
Total equity, adjusted for tax effected net unrealized loss, to average assets | | | 9.1 | % |
| | | |
(1) Includes the net unrealized loss on AFS securities, tax effected, of $15.1 million. | | | |
Cost of Total Deposits
| | | | | | | | | | | | |
| | Quarter Ended | |
(dollars in thousands) | | June 30, 2024 | | | March 31, 2024 | | | June 30, 2023 | |
Average interest-bearing deposits | | | | | | | | | |
Certificates and other time deposits | | $ | 736,394 | | | $ | 724,248 | | | $ | 556,022 | |
Other interest-bearing deposits | | | 1,059,564 | | | | 1,064,871 | | | | 1,097,215 | |
Total average interest-bearing deposits | | $ | 1,795,958 | | | $ | 1,789,119 | | | $ | 1,653,237 | |
Adjustments: | | | | | | | | | |
Noninterest-bearing deposits | | | 818,290 | | | | 823,638 | | | | 948,083 | |
Total average deposits | | $ | 2,614,248 | | | $ | 2,612,757 | | | $ | 2,601,320 | |
| | | | | | | | | |
Deposit-related interest expense | | | | | | | | | |
Certificates and other time deposits | | $ | 8,215 | | | $ | 7,820 | | | $ | 4,511 | |
Other interest-bearing deposits | | | 6,609 | | | | 6,639 | | | | 5,435 | |
Total deposit-related interest expense | | $ | 14,824 | | | $ | 14,459 | | | $ | 9,946 | |
| | | | | | | | | |
Average cost of certificates and other time deposits | | | 4.49 | % | | | 4.34 | % | | | 3.25 | % |
Average cost of other interest-bearing deposits | | | 2.51 | % | | | 2.51 | % | | | 1.99 | % |
Average cost of interest-bearing deposits | | | 3.32 | % | | | 3.25 | % | | | 2.41 | % |
Average cost of total deposits | | | 2.28 | | | | 2.23 | | | | 1.53 | |
About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “tangible book value per common share”, "net unrealized loss on securities, tax effected, as a percentage of total equity" and "cost of total deposits" are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.
These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.
A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
Conference Call Information
The Company will hold a conference call to discuss second quarter 2024 financial results on Monday, July 15, 2024 at 10:00 am Central Time. The conference call will be hosted by Ty Abston, Chairman and CEO, and Shalene Jacobson, EVP and CFO. All conference attendees must register before the call at www.gnty.com/earningscall. The conference materials will be available by accessing the Investor Relations page on our website, www.gnty.com. A recording of the conference call will be available by 1:00 pm Central Time the day of the call and remain available through July 31, 2024 on our Investor Relations webpage.
About Guaranty Bancshares, Inc.
Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. Guaranty Bank & Trust has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of June 30, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.2 billion and total deposits of $2.6 billion. Visit www.gnty.com for more information.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. We can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and we do not intend, and assume no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
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Contact Information: |
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Shalene Jacobson Executive Vice President and Chief Financial Officer Guaranty Bancshares, Inc. (888) 572-9881 |
investors@gnty.com |
