Guaranty Bancshares, Inc. Reports Second Quarter 2024 Financial Results
Guaranty Bancshares (NYSE: GNTY) reported Q2 2024 financial results. Net income for common shareholders was $7.4 million, or $0.65 per share, up from $6.7 million or $0.58 per share in Q1 2024, but down from $9.6 million or $0.82 per share in Q2 2023. Return on average assets and equity were 0.95% and 9.91%, respectively. Net interest margin improved to 3.26% from 3.16% in Q1 2024.
The company saw a reverse provision for credit losses of $1.2 million. However, noninterest income decreased by $3.3 million YoY due to a one-time gain in 2023 and a $900,000 valuation allowance. Nonperforming assets increased to 0.71% of total assets.
Total deposits were stable, slightly decreasing by $1.7 million. Total assets decreased to $3.08 billion. The efficiency ratio was 72.34%. The bank repurchased 138,427 shares at an average price of $29.56 per share.
- Net income increased to $7.4 million, or $0.65 per share, from $6.7 million, or $0.58 per share, in Q1 2024.
- Net interest margin improved to 3.26%.
- Return on average assets and equity improved to 0.95% and 9.91%, respectively.
- Reverse provision for credit losses of $1.2 million.
- Noninterest income decreased by $3.3 million YoY.
- Nonperforming assets increased to 0.71% of total assets.
- Total assets decreased to $3.08 billion from $3.21 billion YoY.
- Efficiency ratio increased to 72.34% from 62.84% YoY.
Insights
Guaranty Bancshares, Inc. quarterly results show a mixed performance, with
The bank's return on average assets (ROAA) and return on average equity (ROAE) for the quarter were
The reversal of the provision for credit losses by
The reduction in gross loans by
Guaranty Bancshares' financial health appears stable, with a significant focus on core deposits and maintaining liquidity. The company boasts a core deposit base with an average account balance of
Given the shift from noninterest-bearing to interest-bearing deposits and a minimal increase in deposit costs, the bank is managing its funding sources well. This strategy helps mitigate the impact of rate hikes on the bank's interest expense while maintaining a stable deposit base despite a slight decline in balances.
Guaranty's performance metrics like the efficiency ratio of
The credit quality of Guaranty Bancshares remains strong, with low nonperforming assets (NPA) at
The bank's strategic management of its commercial real estate (CRE) exposure, especially office-related loans, is noteworthy. With CRE loans making up
The reversal in credit loss provisions indicates a stable credit environment and efficient risk management. This contrasts positively with industry trends where many banks face deteriorating asset quality. Guaranty's ongoing efforts to work with stressed borrowers while maintaining low charge-off rates signal robust credit practices.
"Second quarter 2024 results were good and consistent with our expectations. Net interest margin continued to improve from
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 to3.16% in the first quarter and3.19% 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 to0.68% at March 31, 2024 and0.11% at June 30, 2023. Net charge-offs (annualized) to average loans were0.01% for the quarter ended June 30, 2024, compared to0.02% for the quarter ended March 31, 2024, and0.03% for the quarter ended June 30, 2023.
There was a reverse provision to the allowance for credit losses of during the second quarter, in addition to the$1.2 million 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$250,000 , or$107.6 million 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 represent0.28% 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 theSouth Austin area and recorded other real estate owned of . 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$14.9 million 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$900,000 . At this time, we do not expect additional valuation allowances or losses on the ORE.$1.2 million
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 represent40.6% and10.4% of the total loan portfolio, respectively, and office-related loans represent5.5% 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
. We have a historically reliable core deposit base, with strong and trusted banking relationships. Total deposits decreased slightly by$29,385 during the second quarter. DDA balances decreased$1.7 million , savings and MMDA balances decreased$11.1 million while time deposits increased$21.9 million . Excluding public funds and Bank-owned accounts, our uninsured deposits as of June 30, 2024 were$31.3 million 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 represent31.2% of total deposits. Our cost of interest-bearing deposits increased seven basis points during the quarter from3.25% in the prior quarter to3.32% . 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 from2.23% in the prior quarter to2.28% †.
-
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 per share. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was$29.56 13.6% as of June 30, 2024, compared to12.9% as of June 30, 2023. Our total available contingent liquidity, net of current outstanding borrowings, was , 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$1.3 billion 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 be9.1% †, 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
Net interest margin, on a fully taxable equivalent basis, for the second quarter of 2024 and 2023 was
Net interest income, before the provision for credit losses, increased
Net interest margin, on a fully taxable equivalent basis, increased from
We recorded a reverse provision for credit losses of
Noninterest income decreased
Noninterest expense increased
Noninterest income in the second quarter of 2024 decreased by
Noninterest expense decreased
The Company’s efficiency ratio in the second quarter of 2024 was
FINANCIAL CONDITION
Consolidated assets for the Company totaled
Gross loans decreased by
Gross loans decreased
Total deposits decreased 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) |
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
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|||||
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 |
|
|
|
|
|
|
|
|
|
|
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|||||
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 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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PER COMMON SHARE DATA |
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|
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|
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|
|
|
|
|||||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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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|
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(1) See Non-GAAP Reconciling Tables. |
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(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options. |
|
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(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 |
|
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(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) |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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 |
|
|||||||||||||||||||
(2) Excludes deferred loan fees of |
|
|
|
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
|
|
|
Interest
|
|
|
Average
|
|
|
Average
|
|
|
Interest
|
|
|
Average
|
|
||||||
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 |
|
|||||||||||||||||||||||
(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 |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
(dollars in thousands) |
|
Average
|
|
|
Interest
|
|
|
Average
|
|
|
Average
|
|
|
Interest
|
|
|
Average
|
|
||||||
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 |
|
|||||||||||||||||||||||
(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 |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
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,
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
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/20240715812989/en/
Shalene Jacobson
Executive Vice President and Chief Financial Officer
Guaranty Bancshares, Inc.
(888) 572-9881
investors@gnty.com
Source: Guaranty Bancshares, Inc.
FAQ
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