Guaranty Bancshares, Inc. Reports Fourth Quarter and Year-End 2024 Financial Results
Guaranty Bancshares (NYSE: GNTY) reported strong Q4 2024 financial results with net income of $10.0 million ($0.88 per basic share), up from $7.4 million in Q3 2024 and $5.9 million in Q4 2023. The improvement was driven by a 10.1% increase in net interest income, 19.4% growth in noninterest income, and a 7.1% decrease in noninterest expense.
Key highlights include improved net interest margin at 3.54% in Q4 2024, total net income for 2024 at $31.5 million (up 5.0% from 2023), and excellent asset quality with nonperforming assets at just 0.16% of total assets. The bank maintained strong liquidity with a ratio of 16.5% and total available contingent liquidity of $1.3 billion.
Total deposits increased by $23.3 million to $2.69 billion in Q4, while gross loans decreased by $5.4 million to $2.13 billion. The company's efficiency ratio improved to 62.23% in Q4 2024, compared to 74.81% in Q4 2023.
Guaranty Bancshares (NYSE: GNTY) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con un reddito netto di 10,0 milioni di dollari (0,88 dollari per azione base), in aumento rispetto ai 7,4 milioni di dollari del terzo trimestre del 2024 e ai 5,9 milioni di dollari del quarto trimestre del 2023. Il miglioramento è stato sostenuto da un incremento del 10,1% nel reddito netto da interessi, una crescita del 19,4% nei redditi da non interessi e una diminuzione del 7,1% nelle spese non da interessi.
I principali punti salienti includono un margine d'interesse netto migliorato al 3,54% nel quarto trimestre del 2024, un reddito netto totale per il 2024 di 31,5 milioni di dollari (in aumento del 5,0% rispetto al 2023) e un'eccellente qualità degli attivi con beni non performanti pari solo allo 0,16% del totale degli attivi. La banca ha mantenuto una forte liquidità con un rapporto del 16,5% e una liquidità contingente disponibile totale di 1,3 miliardi di dollari.
I depositi totali sono aumentati di 23,3 milioni di dollari, raggiungendo 2,69 miliardi di dollari nel quarto trimestre, mentre i prestiti lordi sono diminuiti di 5,4 milioni di dollari, scendendo a 2,13 miliardi di dollari. Il rapporto di efficienza dell'azienda è migliorato al 62,23% nel quarto trimestre del 2024, rispetto al 74,81% del quarto trimestre del 2023.
Guaranty Bancshares (NYSE: GNTY) reportó sólidos resultados financieros para el cuarto trimestre de 2024, con un ingreso neto de 10.0 millones de dólares (0.88 dólares por acción básica), en comparación con 7.4 millones en el tercer trimestre de 2024 y 5.9 millones en el cuarto trimestre de 2023. La mejora fue impulsada por un aumento del 10.1% en los ingresos netos por intereses, un crecimiento del 19.4% en los ingresos no por intereses y una disminución del 7.1% en los gastos no por intereses.
Los aspectos destacados incluyen un margen de interés neto mejorado del 3.54% en el cuarto trimestre de 2024, un ingreso neto total para 2024 de 31.5 millones de dólares (un aumento del 5.0% respecto a 2023) y una excelente calidad de activos con activos no productivos que representan solo el 0.16% del total de activos. El banco mantuvo una fuerte liquidez con una relación del 16.5% y una liquidez contingente disponible total de 1.3 mil millones de dólares.
Los depósitos totales aumentaron en 23.3 millones, alcanzando 2.69 mil millones de dólares en el cuarto trimestre, mientras que los préstamos brutos disminuyeron en 5.4 millones, bajando a 2.13 mil millones de dólares. La relación de eficiencia de la compañía mejoró al 62.23% en el cuarto trimestre de 2024, en comparación con el 74.81% en el cuarto trimestre de 2023.
Guaranty Bancshares (NYSE: GNTY)는 2024년 4분기 재무 결과로 순이익 1천만 달러(기본 주당 0.88달러)를 보고했으며, 이는 2024년 3분기의 740만 달러 및 2023년 4분기의 590만 달러에서 증가한 수치입니다. 이 개선은 순이자 수익이 10.1%, 비이자 수익이 19.4% 증가하고 비이자 비용이 7.1% 감소한 결과입니다.
주요 하이라이트에는 2024년 4분기 순 이자 마진이 3.54%로 개선되었으며, 2024년 총 순이익은 3,150만 달러(2023년 대비 5.0% 증가), 비수익 자산이 총 자산의 0.16%에 불과해 우수한 자산 품질을 보였습니다. 은행은 16.5%의 비율로 강력한 유동성을 유지하며, 총 가용 유동성은 13억 달러입니다.
총 예금은 2330만 달러 증가하여 26억 9000만 달러에 도달했으며, 총 대출은 540만 달러 감소하여 21억 3000만 달러가 되었습니다. 회사의 효율 비율은 2023년 4분기 74.81%에 비해 2024년 4분기에 62.23%로 개선되었습니다.
Guaranty Bancshares (NYSE: GNTY) a annoncé de solides résultats financiers pour le quatrième trimestre de 2024, avec un bénéfice net de 10,0 millions de dollars (0,88 dollar par action de base), en hausse par rapport à 7,4 millions de dollars au troisième trimestre de 2024 et 5,9 millions de dollars au quatrième trimestre de 2023. Cette amélioration a été soutenue par une augmentation de 10,1 % des revenus nets d'intérêts, une croissance de 19,4 % des revenus non liés aux intérêts, et une diminution de 7,1 % des charges non liées aux intérêts.
Les principaux faits saillants incluent une marge d'intérêt nette améliorée de 3,54 % au quatrième trimestre de 2024, un revenu net total pour 2024 de 31,5 millions de dollars (en hausse de 5,0 % par rapport à 2023) et une excellente qualité d'actifs avec des actifs non performants représentant seulement 0,16 % du total des actifs. La banque a maintenu une solide liquidité avec un ratio de 16,5 % et une liquidité contingentielle totale disponible de 1,3 milliard de dollars.
Les dépôts totaux ont augmenté de 23,3 millions de dollars pour atteindre 2,69 milliards de dollars au quatrième trimestre, tandis que les prêts bruts ont diminué de 5,4 millions de dollars, s'établissant à 2,13 milliards de dollars. Le ratio d'efficacité de la société s'est amélioré à 62,23 % au quatrième trimestre de 2024, contre 74,81 % au quatrième trimestre de 2023.
Guaranty Bancshares (NYSE: GNTY) meldete starke finanzielle Ergebnisse für das vierte Quartal 2024 mit einem Nettogewinn von 10,0 Millionen Dollar (0,88 Dollar pro Basisaktie), ein Anstieg von 7,4 Millionen Dollar im dritten Quartal 2024 und 5,9 Millionen Dollar im vierten Quartal 2023. Die Verbesserung wurde durch einen Anstieg von 10,1% beim Nettozinsertrag, ein Wachstum von 19,4% beim Ertrag aus nicht verzinslichen Einnahmen und einen Rückgang von 7,1% bei den nicht verzinslichen Aufwendungen vorangetrieben.
Zu den wichtigsten Highlights gehören eine verbesserte Nettzinsmarge von 3,54% im vierten Quartal 2024, ein Gesamtnettogewinn von 31,5 Millionen Dollar für 2024 (ein Anstieg von 5,0% im Vergleich zu 2023) und eine exzellente Vermögensqualität mit notleidenden Vermögenswerten von nur 0,16% der Gesamtaktiva. Die Bank hielt eine starke Liquidität mit einem Verhältnis von 16,5% und einer insgesamt verfügbaren Liquidität von 1,3 Milliarden Dollar aufrecht.
Die Gesamtziele stiegen um 23,3 Millionen Dollar auf 2,69 Milliarden Dollar im vierten Quartal, während die Bruttokredite um 5,4 Millionen Dollar auf 2,13 Milliarden Dollar sanken. Das Effizienzverhältnis des Unternehmens verbesserte sich im vierten Quartal 2024 auf 62,23%, verglichen mit 74,81% im vierten Quartal 2023.
- Net income increased 69.5% YoY to $10.0 million in Q4 2024
- Net interest margin improved to 3.54% in Q4 2024 from 3.11% in Q4 2023
- Nonperforming assets decreased to 0.16% of total assets
- Total deposits grew by $58.9 million YoY to $2.69 billion
- Efficiency ratio improved to 62.23% from 74.81% YoY
- Gross loans decreased by $191.4 million (8.2%) YoY
- Noninterest-bearing deposits declined by $15.5 million YoY
- Noninterest-bearing deposits ratio decreased to 31.1% from 32.4% YoY
Insights
The Q4 2024 results demonstrate strong financial performance with several positive indicators. Net income increased to
Key strengths include excellent asset quality with nonperforming assets at just
The efficiency ratio improved significantly to
The bank's risk profile shows marked improvement in Q4 2024. The strategic decision to reduce the balance sheet has strengthened key risk metrics. Total available contingent liquidity of
Credit quality metrics are particularly strong, with net charge-offs at
"We are very satisfied with our fourth quarter and year-end 2024 financial results. The decreases in Federal interest rates coupled with continued repricing of our loan and securities portfolio at higher yields allowed our net interest margin to grow to
QUARTERLY AND ANNUAL HIGHLIGHTS
-
Increasing NIM and Stable Earnings. Net interest margin, on a fully taxable equivalent basis, continued to improve in the fourth quarter, increasing to
3.54% , compared to3.33% in the third quarter and3.11% in the prior year quarter. Net interest margin improved to3.32% for the year compared to3.15% in 2023. With our net earnings of$10.0 million $31.5 million $30.0 million 5.0% . The improvements to net earnings resulted primarily from the decrease in interest bearing liability costs, while earning assets have repriced upward.
-
Solid Balance Sheet, Capital and Liquidity. During the past year, we have strategically shrunk our balance sheet primarily by paying off debt and allowing transactional/non-relationship loans to pay off. We believe this strategy positions us to be on the offense when strong opportunities for growth or M&A are presented. Our capital and liquidity ratios, as well as contingent liquidity sources, remain very healthy. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was
16.5% as of December 31, 2024, compared to12.2% as of December 31, 2023. Our total available contingent liquidity, net of current outstanding borrowings, was$1.3 billion 10.2% . If we had to recognize our entire net unrealized losses on both AFS and HTM securities, our total equity to average assets ratio would be9.4% †, which we believe represents a strong capital level under regulatory requirements.
-
Excellent Asset Quality. Overall credit quality remains excellent and the expected losses on deteriorated credits are low due to the Bank's equity position and/or strong guarantor support. Nonperforming assets as a percentage of total assets were
0.16% at December 31, 2024, compared to0.66% at September 30, 2024 and0.18% at December 31, 2023. Net charge-offs (annualized) to average loans were0.00% for the quarter ended December 31, 2024, compared to0.04% for the quarter ended September 30, 2024, and0.04% for the quarter ended December 31, 2023.
There was a reversal of the provision for credit losses of$250,000 $1.95 million $191.4 million 8.2% , since January 1, 2024. We continue to work with a relatively small number of stressed borrowers, which is reflected in the low$3.7 million $2.4 million
Nonperforming assets consist of both nonaccrual loans and other real estate owned (ORE). Nonaccrual loans represented0.17% of total outstanding loan balances as of December 31, 2024 and consisted primarily of smaller dollar consumer and small business loans. ORE at year end consisted of one real estate property, which we expect to resolve and sell in the first quarter of 2025 with minimal, if any, losses. Nonaccrual loans represented0.24% of total outstanding loan balances as of both September 30, 2024 and December 31, 2023.
-
Granular and Consistent Core Deposit Base. As of December 31, 2024, we have 90,215 total deposit accounts with an average account balance of
$29,842 $23.3 million $29.1 million $3.4 million $9.2 million 26.3% of total deposits.
Interest rates paid on deposits during the quarter decreased as a result of lower federal funds rates. Our cost of interest-bearing deposits decreased 26 basis point during the quarter from3.33% in the prior quarter to3.07% . Our cost of total deposits for the fourth quarter of 2024 decreased 20 basis points from2.31% in the prior quarter to2.11% †. Noninterest-bearing deposits represent31.1% of total deposits as of December 31, 2024.
† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.
RESULTS OF OPERATIONS
Net interest income, before the reversal of the provision for credit losses, for the fourth quarter of 2024 and 2023 was
Net interest margin, on a fully taxable equivalent (FTE) basis, for the fourth quarter of 2024 and 2023 was
Net interest income, before the reversal of the provision for credit losses, increased
Net interest margin, on an FTE basis, increased from
We recorded a reversal of the provision for credit losses of
Noninterest income increased
Noninterest income for the fourth quarter of 2024 increased by
Noninterest expense decreased
Noninterest expense decreased
The Company’s efficiency ratio for the fourth quarter of 2024 was
FINANCIAL CONDITION
Consolidated assets for the Company totaled
Gross loans decreased by
Gross loans decreased
Total deposits increased by
Nonperforming assets as a percentage of total loans were
Total equity was
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As of |
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|||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||
(dollars in thousands) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
$ |
47,417 |
|
|
$ |
50,623 |
|
|
$ |
45,016 |
|
|
$ |
43,872 |
|
|
$ |
47,744 |
|
Federal funds sold |
|
|
94,750 |
|
|
|
108,350 |
|
|
|
40,475 |
|
|
|
24,300 |
|
|
|
36,575 |
|
Interest-bearing deposits |
|
|
3,797 |
|
|
|
3,973 |
|
|
|
4,721 |
|
|
|
4,921 |
|
|
|
5,205 |
|
Total cash and cash equivalents |
|
|
145,964 |
|
|
|
162,946 |
|
|
|
90,212 |
|
|
|
73,093 |
|
|
|
89,524 |
|
Securities available for sale |
|
|
340,304 |
|
|
|
277,567 |
|
|
|
242,662 |
|
|
|
228,787 |
|
|
|
196,195 |
|
Securities held to maturity |
|
|
334,732 |
|
|
|
341,911 |
|
|
|
347,992 |
|
|
|
363,963 |
|
|
|
404,208 |
|
Loans held for sale |
|
|
143 |
|
|
|
770 |
|
|
|
871 |
|
|
|
874 |
|
|
|
976 |
|
Loans, net |
|
|
2,102,565 |
|
|
|
2,107,597 |
|
|
|
2,185,247 |
|
|
|
2,234,012 |
|
|
|
2,290,881 |
|
Accrued interest receivable |
|
|
12,016 |
|
|
|
10,927 |
|
|
|
12,397 |
|
|
|
11,747 |
|
|
|
13,143 |
|
Premises and equipment, net |
|
|
56,010 |
|
|
|
56,964 |
|
|
|
57,475 |
|
|
|
56,921 |
|
|
|
57,018 |
|
Other real estate owned |
|
|
1,184 |
|
|
|
15,184 |
|
|
|
15,184 |
|
|
|
14,900 |
|
|
|
— |
|
Cash surrender value of life insurance |
|
|
42,883 |
|
|
|
42,623 |
|
|
|
42,369 |
|
|
|
42,119 |
|
|
|
42,348 |
|
Core deposit intangible, net |
|
|
994 |
|
|
|
1,100 |
|
|
|
1,206 |
|
|
|
1,312 |
|
|
|
1,418 |
|
Goodwill |
|
|
32,160 |
|
|
|
32,160 |
|
|
|
32,160 |
|
|
|
32,160 |
|
|
|
32,160 |
|
Other assets |
|
|
46,599 |
|
|
|
47,356 |
|
|
|
53,842 |
|
|
|
67,550 |
|
|
|
56,920 |
|
Total assets |
|
$ |
3,115,554 |
|
|
$ |
3,097,105 |
|
|
$ |
3,081,617 |
|
|
$ |
3,127,438 |
|
|
$ |
3,184,791 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
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|||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing |
|
$ |
837,432 |
|
|
$ |
839,567 |
|
|
$ |
820,430 |
|
|
$ |
828,861 |
|
|
$ |
852,957 |
|
Interest-bearing |
|
|
1,854,735 |
|
|
|
1,829,347 |
|
|
|
1,805,732 |
|
|
|
1,798,983 |
|
|
|
1,780,289 |
|
Total deposits |
|
|
2,692,167 |
|
|
|
2,668,914 |
|
|
|
2,626,162 |
|
|
|
2,627,844 |
|
|
|
2,633,246 |
|
Securities sold under agreements to repurchase |
|
|
31,075 |
|
|
|
31,164 |
|
|
|
25,173 |
|
|
|
39,058 |
|
|
|
25,172 |
|
Accrued interest and other liabilities |
|
|
31,320 |
|
|
|
33,849 |
|
|
|
32,860 |
|
|
|
33,807 |
|
|
|
32,242 |
|
Line of credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,500 |
|
Federal Home Loan Bank advances |
|
|
— |
|
|
|
— |
|
|
|
45,000 |
|
|
|
75,000 |
|
|
|
140,000 |
|
Subordinated debentures |
|
|
41,918 |
|
|
|
43,885 |
|
|
|
43,852 |
|
|
|
45,819 |
|
|
|
45,785 |
|
Total liabilities |
|
|
2,796,480 |
|
|
|
2,777,812 |
|
|
|
2,773,047 |
|
|
|
2,821,528 |
|
|
|
2,880,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity attributable to Guaranty Bancshares, Inc. |
|
|
318,498 |
|
|
|
318,784 |
|
|
|
308,043 |
|
|
|
305,371 |
|
|
|
303,300 |
|
Noncontrolling interest |
|
|
576 |
|
|
|
509 |
|
|
|
527 |
|
|
|
539 |
|
|
|
546 |
|
Total equity |
|
|
319,074 |
|
|
|
319,293 |
|
|
|
308,570 |
|
|
|
305,910 |
|
|
|
303,846 |
|
Total liabilities and equity |
|
$ |
3,115,554 |
|
|
$ |
3,097,105 |
|
|
$ |
3,081,617 |
|
|
$ |
3,127,438 |
|
|
$ |
3,184,791 |
|
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||
(dollars in thousands, except per share data) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
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STATEMENTS OF EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income |
|
$ |
41,262 |
|
|
$ |
40,433 |
|
|
$ |
40,713 |
|
|
$ |
40,752 |
|
|
$ |
40,796 |
|
Interest expense |
|
|
15,041 |
|
|
|
16,242 |
|
|
|
16,833 |
|
|
|
17,165 |
|
|
|
16,983 |
|
Net interest income |
|
|
26,221 |
|
|
|
24,191 |
|
|
|
23,880 |
|
|
|
23,587 |
|
|
|
23,813 |
|
Reversal of provision for credit losses |
|
|
(250 |
) |
|
|
(500 |
) |
|
|
(1,200 |
) |
|
|
(250 |
) |
|
|
— |
|
Net interest income after reversal of provision for credit losses |
|
|
26,471 |
|
|
|
24,691 |
|
|
|
25,080 |
|
|
|
23,837 |
|
|
|
23,813 |
|
Noninterest income |
|
|
5,726 |
|
|
|
5,154 |
|
|
|
4,599 |
|
|
|
5,258 |
|
|
|
4,796 |
|
Noninterest expense |
|
|
19,880 |
|
|
|
20,678 |
|
|
|
20,602 |
|
|
|
20,692 |
|
|
|
21,402 |
|
Income before income taxes |
|
|
12,317 |
|
|
|
9,167 |
|
|
|
9,077 |
|
|
|
8,403 |
|
|
|
7,207 |
|
Income tax provision |
|
|
2,309 |
|
|
|
1,788 |
|
|
|
1,654 |
|
|
|
1,722 |
|
|
|
1,341 |
|
Net earnings |
|
$ |
10,008 |
|
|
$ |
7,379 |
|
|
$ |
7,423 |
|
|
$ |
6,681 |
|
|
$ |
5,866 |
|
Net loss attributable to noncontrolling interest |
|
|
9 |
|
|
|
18 |
|
|
|
12 |
|
|
|
7 |
|
|
|
12 |
|
Net earnings attributable to Guaranty Bancshares, Inc. |
|
$ |
10,017 |
|
|
$ |
7,397 |
|
|
$ |
7,435 |
|
|
$ |
6,688 |
|
|
$ |
5,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PER COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per common share, basic |
|
$ |
0.88 |
|
|
$ |
0.65 |
|
|
$ |
0.65 |
|
|
$ |
0.58 |
|
|
$ |
0.51 |
|
Earnings per common share, diluted |
|
|
0.87 |
|
|
|
0.65 |
|
|
|
0.65 |
|
|
|
0.58 |
|
|
|
0.51 |
|
Cash dividends per common share |
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.23 |
|
Book value per common share - end of quarter |
|
|
27.86 |
|
|
|
27.94 |
|
|
|
26.98 |
|
|
|
26.47 |
|
|
|
26.28 |
|
Tangible book value per common share - end of quarter(1) |
|
|
24.96 |
|
|
|
25.03 |
|
|
|
24.06 |
|
|
|
23.57 |
|
|
|
23.37 |
|
Common shares outstanding - end of quarter(2) |
|
|
11,431,568 |
|
|
|
11,408,908 |
|
|
|
11,417,270 |
|
|
|
11,534,960 |
|
|
|
11,540,644 |
|
Weighted-average common shares outstanding, basic |
|
|
11,422,063 |
|
|
|
11,383,027 |
|
|
|
11,483,091 |
|
|
|
11,539,167 |
|
|
|
11,536,878 |
|
Weighted-average common shares outstanding, diluted |
|
|
11,490,834 |
|
|
|
11,443,324 |
|
|
|
11,525,504 |
|
|
|
11,598,239 |
|
|
|
11,589,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets (annualized) |
|
|
1.27 |
% |
|
|
0.96 |
% |
|
|
0.95 |
% |
|
|
0.85 |
% |
|
|
0.73 |
% |
Return on average equity (annualized) |
|
|
12.68 |
|
|
|
9.58 |
|
|
|
9.91 |
|
|
|
8.93 |
|
|
|
7.93 |
|
Net interest margin, fully taxable equivalent (annualized)(3) |
|
|
3.54 |
|
|
|
3.33 |
|
|
|
3.26 |
|
|
|
3.16 |
|
|
|
3.11 |
|
Efficiency ratio(4) |
|
|
62.23 |
|
|
|
70.47 |
|
|
|
72.34 |
|
|
|
71.74 |
|
|
|
74.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(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, using a marginal tax rate of |
|
|||||||||||||||||||
(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. |
|
|||||||||||||||||||
|
|
For the Years Ended |
|
|
|
|
|
|
|
|||||
|
|
December 31, |
|
|
|
|
|
|
|
|||||
(dollars in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
||
STATEMENTS OF EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest income |
|
$ |
163,160 |
|
|
$ |
156,492 |
|
|
|
|
|
|
|
Interest expense |
|
|
65,281 |
|
|
|
59,512 |
|
|
|
|
|
|
|
Net interest income |
|
|
97,879 |
|
|
|
96,980 |
|
|
|
|
|
|
|
Reversal of provision for credit losses |
|
|
(2,200 |
) |
|
|
— |
|
|
|
|
|
|
|
Net interest income after reversal of provision for credit losses |
|
|
100,079 |
|
|
|
96,980 |
|
|
|
|
|
|
|
Noninterest income |
|
|
20,737 |
|
|
|
22,513 |
|
|
|
|
|
|
|
Noninterest expense |
|
|
81,852 |
|
|
|
82,354 |
|
|
|
|
|
|
|
Income before income taxes |
|
|
38,964 |
|
|
|
37,139 |
|
|
|
|
|
|
|
Income tax provision |
|
|
7,473 |
|
|
|
7,130 |
|
|
|
|
|
|
|
Net earnings |
|
$ |
31,491 |
|
|
$ |
30,009 |
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest |
|
|
46 |
|
|
|
28 |
|
|
|
|
|
|
|
Net earnings attributable to Guaranty Bancshares, Inc. |
|
$ |
31,537 |
|
|
$ |
30,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
PER COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
||
Earnings per common share, basic |
|
$ |
2.75 |
|
|
$ |
2.57 |
|
|
|
|
|
|
|
Earnings per common share, diluted |
|
|
2.74 |
|
|
|
2.56 |
|
|
|
|
|
|
|
Cash dividends per common share |
|
|
0.96 |
|
|
|
0.92 |
|
|
|
|
|
|
|
Book value per common share - end of period |
|
|
27.86 |
|
|
|
26.28 |
|
|
|
|
|
|
|
Tangible book value per common share - end of period(1) |
|
|
24.96 |
|
|
|
23.37 |
|
|
|
|
|
|
|
Common shares outstanding - end of period(2) |
|
|
11,431,568 |
|
|
|
11,540,644 |
|
|
|
|
|
|
|
Weighted-average common shares outstanding, basic |
|
|
11,456,540 |
|
|
|
11,693,761 |
|
|
|
|
|
|
|
Weighted-average common shares outstanding, diluted |
|
|
11,502,683 |
|
|
|
11,738,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
||
Return on average assets |
|
|
1.01 |
% |
|
|
0.92 |
% |
|
|
|
|
|
|
Return on average equity |
|
|
10.30 |
|
|
|
10.10 |
|
|
|
|
|
|
|
Net interest margin, fully taxable equivalent(3) |
|
|
3.32 |
|
|
|
3.15 |
|
|
|
|
|
|
|
Efficiency ratio(4) |
|
|
69.01 |
|
|
|
68.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(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 |
||||||||||||||
(4) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation. |
||||||||||||||
|
|
As of |
|
|||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||
(dollars in thousands) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|||||
LOAN PORTFOLIO COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial and industrial |
|
$ |
254,702 |
|
|
$ |
245,738 |
|
|
$ |
264,058 |
|
|
$ |
269,560 |
|
|
$ |
287,565 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and development |
|
|
218,617 |
|
|
|
213,014 |
|
|
|
231,053 |
|
|
|
273,300 |
|
|
|
296,639 |
|
Commercial real estate |
|
|
866,684 |
|
|
|
866,112 |
|
|
|
899,120 |
|
|
|
906,684 |
|
|
|
923,195 |
|
Farmland |
|
|
147,191 |
|
|
|
169,116 |
|
|
|
180,126 |
|
|
|
180,502 |
|
|
|
186,295 |
|
1-4 family residential |
|
|
529,006 |
|
|
|
524,245 |
|
|
|
526,650 |
|
|
|
523,573 |
|
|
|
514,603 |
|
Multi-family residential |
|
|
51,538 |
|
|
|
54,158 |
|
|
|
47,507 |
|
|
|
44,569 |
|
|
|
44,292 |
|
Consumer |
|
|
51,394 |
|
|
|
52,530 |
|
|
|
53,642 |
|
|
|
54,375 |
|
|
|
57,059 |
|
Agricultural |
|
|
11,726 |
|
|
|
11,293 |
|
|
|
12,506 |
|
|
|
12,418 |
|
|
|
12,685 |
|
Overdrafts |
|
|
279 |
|
|
|
331 |
|
|
|
335 |
|
|
|
276 |
|
|
|
243 |
|
Total loans(1)(2) |
|
$ |
2,131,137 |
|
|
$ |
2,136,537 |
|
|
$ |
2,214,997 |
|
|
$ |
2,265,257 |
|
|
$ |
2,322,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||
(dollars in thousands) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|||||
ALLOWANCE FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at beginning of period |
|
$ |
28,543 |
|
|
$ |
29,282 |
|
|
$ |
30,560 |
|
|
$ |
30,920 |
|
|
$ |
31,140 |
|
Loans charged-off |
|
|
(281 |
) |
|
|
(272 |
) |
|
|
(115 |
) |
|
|
(310 |
) |
|
|
(242 |
) |
Recoveries |
|
|
278 |
|
|
|
33 |
|
|
|
37 |
|
|
|
200 |
|
|
|
22 |
|
Reversal of provision for credit losses |
|
|
(250 |
) |
|
|
(500 |
) |
|
|
(1,200 |
) |
|
|
(250 |
) |
|
|
— |
|
Balance at end of period |
|
$ |
28,290 |
|
|
$ |
28,543 |
|
|
$ |
29,282 |
|
|
$ |
30,560 |
|
|
$ |
30,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses / period-end loans |
|
|
1.33 |
% |
|
|
1.34 |
% |
|
|
1.32 |
% |
|
|
1.35 |
% |
|
|
1.33 |
% |
Allowance for credit losses / nonperforming loans |
|
|
758.6 |
|
|
|
560.2 |
|
|
|
470.4 |
|
|
|
496.0 |
|
|
|
552.9 |
|
Net charge-offs / average loans (annualized) |
|
|
0.00 |
|
|
|
0.04 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonaccrual loans |
|
$ |
3,729 |
|
|
$ |
5,095 |
|
|
$ |
6,225 |
|
|
$ |
6,161 |
|
|
$ |
5,592 |
|
Other real estate owned |
|
|
1,184 |
|
|
|
15,184 |
|
|
|
15,184 |
|
|
|
14,900 |
|
|
|
— |
|
Repossessed assets owned |
|
|
22 |
|
|
|
154 |
|
|
|
331 |
|
|
|
236 |
|
|
|
234 |
|
Total nonperforming assets |
|
$ |
4,935 |
|
|
$ |
20,433 |
|
|
$ |
21,740 |
|
|
$ |
21,297 |
|
|
$ |
5,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonaccrual loans as a percentage of total loans(1)(2) |
|
|
0.17 |
% |
|
|
0.24 |
% |
|
|
0.28 |
% |
|
|
0.27 |
% |
|
|
0.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonperforming assets as a percentage of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total loans(1)(2) |
|
|
0.23 |
% |
|
|
0.96 |
% |
|
|
0.98 |
% |
|
|
0.94 |
% |
|
|
0.25 |
% |
Total assets |
|
|
0.16 |
|
|
|
0.66 |
|
|
|
0.71 |
|
|
|
0.68 |
|
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Excludes outstanding balances of loans held for sale of |
|
|||||||||||||||||||
(2) Excludes deferred loan fees of |
|
|||||||||||||||||||
|
|
Quarter Ended |
|
|||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||
(dollars in thousands) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|||||
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service charges |
|
$ |
1,142 |
|
|
$ |
1,165 |
|
|
$ |
1,098 |
|
|
$ |
1,069 |
|
|
$ |
1,123 |
|
Net realized gain on sale of loans |
|
|
240 |
|
|
|
252 |
|
|
|
227 |
|
|
|
272 |
|
|
|
196 |
|
Fiduciary and custodial income |
|
|
661 |
|
|
|
542 |
|
|
|
657 |
|
|
|
649 |
|
|
|
624 |
|
Bank-owned life insurance income |
|
|
258 |
|
|
|
255 |
|
|
|
250 |
|
|
|
251 |
|
|
|
249 |
|
Merchant and debit card fees |
|
|
1,775 |
|
|
|
1,817 |
|
|
|
2,122 |
|
|
|
1,706 |
|
|
|
1,760 |
|
Loan processing fee income |
|
|
131 |
|
|
|
102 |
|
|
|
136 |
|
|
|
118 |
|
|
|
116 |
|
Mortgage fee income |
|
|
37 |
|
|
|
46 |
|
|
|
43 |
|
|
|
41 |
|
|
|
30 |
|
Other noninterest income |
|
|
1,482 |
|
|
|
975 |
|
|
|
66 |
|
|
|
1,152 |
|
|
|
698 |
|
Total noninterest income |
|
$ |
5,726 |
|
|
$ |
5,154 |
|
|
$ |
4,599 |
|
|
$ |
5,258 |
|
|
$ |
4,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Employee compensation and benefits |
|
$ |
11,048 |
|
|
$ |
11,586 |
|
|
$ |
11,723 |
|
|
$ |
12,437 |
|
|
$ |
12,715 |
|
Occupancy expenses |
|
|
3,123 |
|
|
|
3,026 |
|
|
|
2,924 |
|
|
|
2,747 |
|
|
|
2,757 |
|
Legal and professional fees |
|
|
716 |
|
|
|
775 |
|
|
|
841 |
|
|
|
772 |
|
|
|
954 |
|
Software and technology |
|
|
1,733 |
|
|
|
1,649 |
|
|
|
1,653 |
|
|
|
1,642 |
|
|
|
1,740 |
|
Amortization |
|
|
142 |
|
|
|
142 |
|
|
|
142 |
|
|
|
143 |
|
|
|
145 |
|
Director and committee fees |
|
|
185 |
|
|
|
188 |
|
|
|
198 |
|
|
|
200 |
|
|
|
186 |
|
Advertising and promotions |
|
|
267 |
|
|
|
239 |
|
|
|
208 |
|
|
|
169 |
|
|
|
352 |
|
ATM and debit card expense |
|
|
819 |
|
|
|
791 |
|
|
|
785 |
|
|
|
609 |
|
|
|
763 |
|
Telecommunication expense |
|
|
153 |
|
|
|
178 |
|
|
|
159 |
|
|
|
173 |
|
|
|
175 |
|
FDIC insurance assessment fees |
|
|
320 |
|
|
|
359 |
|
|
|
365 |
|
|
|
360 |
|
|
|
321 |
|
Other noninterest expense |
|
|
1,374 |
|
|
|
1,745 |
|
|
|
1,604 |
|
|
|
1,440 |
|
|
|
1,294 |
|
Total noninterest expense |
|
$ |
19,880 |
|
|
$ |
20,678 |
|
|
$ |
20,602 |
|
|
$ |
20,692 |
|
|
$ |
21,402 |
|
|
|
Quarter Ended December 31, |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
(dollars in thousands) |
|
Average
|
|
|
Interest
|
|
|
Average
|
|
|
Average
|
|
|
Interest
|
|
|
Average
|
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total loans(1) |
|
$ |
2,126,414 |
|
|
$ |
34,319 |
|
|
|
6.42 |
% |
|
$ |
2,329,227 |
|
|
$ |
35,573 |
|
|
|
6.06 |
% |
Securities available for sale |
|
|
332,903 |
|
|
|
3,185 |
|
|
|
3.81 |
|
|
|
187,119 |
|
|
|
1,540 |
|
|
|
3.27 |
|
Securities held to maturity |
|
|
338,296 |
|
|
|
2,218 |
|
|
|
2.61 |
|
|
|
406,553 |
|
|
|
2,619 |
|
|
|
2.56 |
|
Nonmarketable equity securities |
|
|
19,173 |
|
|
|
135 |
|
|
|
2.80 |
|
|
|
26,314 |
|
|
|
264 |
|
|
|
3.98 |
|
Interest-bearing deposits in other banks |
|
|
115,669 |
|
|
|
1,405 |
|
|
|
4.83 |
|
|
|
56,207 |
|
|
|
800 |
|
|
|
5.65 |
|
Total interest-earning assets |
|
|
2,932,455 |
|
|
|
41,262 |
|
|
|
5.60 |
|
|
|
3,005,420 |
|
|
|
40,796 |
|
|
|
5.39 |
|
Allowance for credit losses |
|
|
(28,511 |
) |
|
|
|
|
|
|
|
|
(30,996 |
) |
|
|
|
|
|
|
||||
Noninterest-earning assets |
|
|
225,152 |
|
|
|
|
|
|
|
|
|
223,204 |
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
3,129,096 |
|
|
|
|
|
|
|
|
$ |
3,197,628 |
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing deposits |
|
$ |
1,855,713 |
|
|
$ |
14,301 |
|
|
|
3.07 |
% |
|
$ |
1,788,863 |
|
|
$ |
14,311 |
|
|
|
3.17 |
% |
Advances from FHLB and fed funds purchased |
|
|
6,522 |
|
|
|
85 |
|
|
|
5.18 |
|
|
|
140,761 |
|
|
|
1,915 |
|
|
|
5.40 |
|
Line of credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,255 |
|
|
|
95 |
|
|
|
8.86 |
|
Subordinated debt |
|
|
42,570 |
|
|
|
513 |
|
|
|
4.79 |
|
|
|
46,438 |
|
|
|
534 |
|
|
|
4.56 |
|
Securities sold under agreements to repurchase |
|
|
29,959 |
|
|
|
142 |
|
|
|
1.89 |
|
|
|
23,860 |
|
|
|
128 |
|
|
|
2.13 |
|
Total interest-bearing liabilities |
|
|
1,934,764 |
|
|
|
15,041 |
|
|
|
3.09 |
|
|
|
2,004,177 |
|
|
|
16,983 |
|
|
|
3.36 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits |
|
|
842,655 |
|
|
|
|
|
|
|
|
|
865,817 |
|
|
|
|
|
|
|
||||
Accrued interest and other liabilities |
|
|
37,308 |
|
|
|
|
|
|
|
|
|
33,496 |
|
|
|
|
|
|
|
||||
Total noninterest-bearing liabilities |
|
|
879,963 |
|
|
|
|
|
|
|
|
|
899,313 |
|
|
|
|
|
|
|
||||
Equity |
|
|
314,369 |
|
|
|
|
|
|
|
|
|
294,138 |
|
|
|
|
|
|
|
||||
Total liabilities and equity |
|
$ |
3,129,096 |
|
|
|
|
|
|
|
|
$ |
3,197,628 |
|
|
|
|
|
|
|
||||
Net interest rate spread(2) |
|
|
|
|
|
|
|
|
2.51 |
% |
|
|
|
|
|
|
|
|
2.03 |
% |
||||
Net interest income |
|
|
|
|
$ |
26,221 |
|
|
|
|
|
|
|
|
$ |
23,813 |
|
|
|
|
||||
Net interest margin(3) |
|
|
|
|
|
|
|
|
3.56 |
% |
|
|
|
|
|
|
|
|
3.14 |
% |
||||
Net interest margin, fully taxable equivalent(4) |
|
|
|
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
|
|
|
3.11 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Includes average outstanding balances of loans held for sale of |
|
|||||||||||||||||||||||
(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 |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31, |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
(dollars in thousands) |
|
Average
|
|
|
Interest
|
|
|
Average
|
|
|
Average
|
|
|
Interest
|
|
|
Average
|
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total loans(1) |
|
$ |
2,207,359 |
|
|
$ |
139,434 |
|
|
|
6.32 |
% |
|
$ |
2,352,154 |
|
|
$ |
136,086 |
|
|
|
5.79 |
% |
Securities available for sale |
|
|
264,683 |
|
|
|
9,787 |
|
|
|
3.70 |
|
|
|
182,277 |
|
|
|
5,159 |
|
|
|
2.83 |
|
Securities held to maturity |
|
|
358,418 |
|
|
|
9,325 |
|
|
|
2.60 |
|
|
|
449,097 |
|
|
|
11,210 |
|
|
|
2.50 |
|
Nonmarketable equity securities |
|
|
21,536 |
|
|
|
857 |
|
|
|
3.98 |
|
|
|
27,371 |
|
|
|
1,288 |
|
|
|
4.71 |
|
Interest-bearing deposits in other banks |
|
|
71,673 |
|
|
|
3,757 |
|
|
|
5.24 |
|
|
|
51,507 |
|
|
|
2,749 |
|
|
|
5.34 |
|
Total interest-earning assets |
|
|
2,923,669 |
|
|
|
163,160 |
|
|
|
5.58 |
|
|
|
3,062,406 |
|
|
|
156,492 |
|
|
|
5.11 |
|
Allowance for credit losses |
|
|
(29,720 |
) |
|
|
|
|
|
|
|
|
(31,601 |
) |
|
|
|
|
|
|
||||
Noninterest-earning assets |
|
|
232,391 |
|
|
|
|
|
|
|
|
|
220,230 |
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
3,126,340 |
|
|
|
|
|
|
|
|
$ |
3,251,035 |
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing deposits |
|
$ |
1,815,672 |
|
|
$ |
58,827 |
|
|
|
3.24 |
% |
|
$ |
1,698,758 |
|
|
$ |
44,981 |
|
|
|
2.65 |
% |
Advances from FHLB and fed funds purchased |
|
|
64,699 |
|
|
|
3,498 |
|
|
|
5.41 |
|
|
|
226,214 |
|
|
|
11,626 |
|
|
|
5.14 |
|
Line of credit |
|
|
275 |
|
|
|
24 |
|
|
|
8.73 |
|
|
|
4,168 |
|
|
|
363 |
|
|
|
8.71 |
|
Subordinated debt |
|
|
44,175 |
|
|
|
2,047 |
|
|
|
4.63 |
|
|
|
47,873 |
|
|
|
2,143 |
|
|
|
4.48 |
|
Securities sold under agreements to repurchase |
|
|
37,386 |
|
|
|
885 |
|
|
|
2.37 |
|
|
|
20,635 |
|
|
|
399 |
|
|
|
1.93 |
|
Total interest-bearing liabilities |
|
|
1,962,207 |
|
|
|
65,281 |
|
|
|
3.33 |
|
|
|
1,997,648 |
|
|
|
59,512 |
|
|
|
2.98 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits |
|
|
821,291 |
|
|
|
|
|
|
|
|
|
924,945 |
|
|
|
|
|
|
|
||||
Accrued interest and other liabilities |
|
|
36,672 |
|
|
|
|
|
|
|
|
|
30,924 |
|
|
|
|
|
|
|
||||
Total noninterest-bearing liabilities |
|
|
857,963 |
|
|
|
|
|
|
|
|
|
955,869 |
|
|
|
|
|
|
|
||||
Equity |
|
|
306,170 |
|
|
|
|
|
|
|
|
|
297,518 |
|
|
|
|
|
|
|
||||
Total liabilities and equity |
|
$ |
3,126,340 |
|
|
|
|
|
|
|
|
$ |
3,251,035 |
|
|
|
|
|
|
|
||||
Net interest rate spread(2) |
|
|
|
|
|
|
|
|
2.25 |
% |
|
|
|
|
|
|
|
|
2.13 |
% |
||||
Net interest income |
|
|
|
|
$ |
97,879 |
|
|
|
|
|
|
|
|
$ |
96,980 |
|
|
|
|
||||
Net interest margin(3) |
|
|
|
|
|
|
|
|
3.35 |
% |
|
|
|
|
|
|
|
|
3.17 |
% |
||||
Net interest margin, fully taxable equivalent(4) |
|
|
|
|
|
|
|
|
3.32 |
% |
|
|
|
|
|
|
|
|
3.15 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Includes average outstanding balances of loans held for sale of |
|
|||||||||||||||||||||||
(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. |
|
|||||||||||||||||||||||
(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, using a marginal tax rate of |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NON-GAAP RECONCILING TABLES
Tangible Book Value per Common Share
|
|
As of |
|
|||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||
(dollars in thousands, except per share data) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|||||
Equity attributable to Guaranty Bancshares, Inc. |
|
$ |
318,498 |
|
|
$ |
318,784 |
|
|
$ |
308,043 |
|
|
$ |
305,371 |
|
|
$ |
303,300 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
Core deposit intangible, net |
|
|
(994 |
) |
|
|
(1,100 |
) |
|
|
(1,206 |
) |
|
|
(1,312 |
) |
|
|
(1,418 |
) |
Total tangible common equity attributable to Guaranty Bancshares, Inc. |
|
$ |
285,344 |
|
|
$ |
285,524 |
|
|
$ |
274,677 |
|
|
$ |
271,899 |
|
|
$ |
269,722 |
|
Common shares outstanding(1) |
|
|
11,431,568 |
|
|
|
11,408,908 |
|
|
|
11,417,270 |
|
|
|
11,534,960 |
|
|
|
11,540,644 |
|
Book value per common share |
|
$ |
27.86 |
|
|
$ |
27.94 |
|
|
$ |
26.98 |
|
|
$ |
26.47 |
|
|
$ |
26.28 |
|
Tangible book value per common share(1) |
|
|
24.96 |
|
|
|
25.03 |
|
|
|
24.06 |
|
|
|
23.57 |
|
|
|
23.37 |
|
(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) |
|
December 31, 2024 |
|
|
Total equity(1) |
|
$ |
319,074 |
|
Less: net unrealized loss on HTM securities, tax effected |
|
|
(24,875 |
) |
Total equity, including net unrealized loss on AFS and HTM securities |
|
$ |
294,199 |
|
|
|
|
|
|
Net unrealized loss on AFS securities, tax effected |
|
|
16,398 |
|
Net unrealized loss on HTM securities, tax effected |
|
|
24,875 |
|
Net unrealized loss on AFS and HTM securities, tax effected |
|
$ |
41,273 |
|
|
|
|
|
|
Net unrealized loss on securities as % of total equity(1) |
|
|
12.9 |
% |
Total equity before impact of unrealized losses |
|
$ |
335,472 |
|
Net unrealized loss on securities as % of total equity before impact of unrealized losses |
|
|
12.3 |
% |
|
|
|
|
|
Total average assets |
|
$ |
3,129,096 |
|
Total equity to average assets |
|
|
10.2 |
% |
Total equity, adjusted for tax effected net unrealized loss, to average assets |
|
|
9.4 |
% |
|
|
|
|
|
(1) Includes the net unrealized loss on AFS securities of |
|
|
|
|
Cost of Total Deposits
|
|
Quarter Ended |
|
|
Year Ended |
|
||||||||||||||
(dollars in thousands) |
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|||||
Total average interest-bearing deposits |
|
$ |
1,855,713 |
|
|
$ |
1,821,395 |
|
|
$ |
1,788,863 |
|
|
$ |
1,815,672 |
|
|
$ |
1,698,758 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing deposits |
|
|
842,655 |
|
|
|
800,573 |
|
|
|
865,817 |
|
|
|
821,291 |
|
|
|
924,945 |
|
Total average deposits |
|
$ |
2,698,368 |
|
|
$ |
2,621,968 |
|
|
$ |
2,654,680 |
|
|
$ |
2,636,963 |
|
|
$ |
2,623,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total deposit-related interest expense |
|
$ |
14,301 |
|
|
$ |
15,243 |
|
|
$ |
14,311 |
|
|
$ |
58,827 |
|
|
$ |
44,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average cost of interest-bearing deposits |
|
|
3.07 |
% |
|
|
3.33 |
% |
|
|
3.17 |
% |
|
|
3.24 |
% |
|
|
2.65 |
% |
Average cost of total deposits |
|
|
2.11 |
% |
|
|
2.31 |
% |
|
|
2.14 |
% |
|
|
2.23 |
% |
|
|
1.71 |
% |
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,
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 fourth quarter and year-end 2024 financial results on Tuesday, January 21, 2025 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 January 31, 2025 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
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. We can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and we do not intend, and assume no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250121562068/en/
Shalene Jacobson
Executive Vice President and Chief Financial Officer
Guaranty Bancshares, Inc.
(888) 572-9881
investors@gnty.com
Source: Guaranty Bancshares, Inc.
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