Guaranty Bancshares, Inc. (NASDAQ: GNTY) (the "Company"), the
parent company of Guaranty Bank & Trust, N.A. (the "Bank"),
today reported financial results for the fiscal quarter ended June
30, 2022. The Company's net income available to common shareholders
was $10.8 million, or $0.90 per basic share, for the quarter ended
June 30, 2022, compared to $10.7 million, or $0.89 per basic share,
for the quarter ended March 31, 2022 and $10.4 million, or $0.87
per basic share, for the quarter ended June 30, 2021. Return on
average assets and average equity for the second quarter of 2022
were 1.35% and 14.85%, respectively, compared to 1.38% and 14.44%,
respectively, for the first quarter of 2022 and 1.42% and 14.64%,
respectively, for the second quarter of 2021. The modest increase
in earnings during the second quarter of 2022, compared to the
first quarter of 2022, was primarily due to improved net interest
margin, but offset by lower non-interest income and higher
non-interest expense. Our net core earnings†, excluding
provisions for credit losses, income taxes and PPP1/PPP2 net
income, as well as our core net interest margin, adjusted to
exclude the effects of PPP1/PPP2 loans, are described further in
tables below.
"Our second quarter results were strong with an increase in net
core earnings of nearly $2.0 million from the first quarter of
2022. We improved our net interest margin through repricing of new
and existing loans at higher yields and through deployment of
excess liquidity held in fed funds throughout the pandemic into
higher yielding securities during the first half of 2022. Loan
growth has also been strong. Excluding PPP and warehouse loans, our
loan portfolio grew 7.1% during the second quarter and 16.4%
year-to-date, although this will likely slow during the second half
of the year as rates continue to rise and fears of an economic
downturn continue to develop. Despite possible slowing of loan
growth, we've built a solid earnings stream that should continue to
deliver good financial outcomes for our Company and our
shareholders. Texas also remains a very vibrant market and should
weather this period of economic uncertainty better than most.
Non-performing assets remain very low and we maintain our
conservative approach to credit underwriting. As with most
companies, inflation pressure and wage increases from a tight labor
market have caused increases in our non-interest expense, which we
are closely monitoring and managing. Historically, Guaranty has
navigated both rising rate and recessionary cycles with good
outcomes, which we are confident we will do again during the
current economic environment" commented Ty Abston, the Company's
Chairman and Chief Executive Officer.
QUARTERLY HIGHLIGHTS
- Strong Loan Growth. The second quarter of 2022 saw
strong organic loan growth, increasing $124.3 million, or 6.2%,
during the quarter. Excluding PPP and warehouse lending changes,
our loans grew $139.9 million, or 7.1%, during the quarter. Our
loan growth is a result of internally generated sources and is not
from loan purchases from other originators.
- Solid Net Earnings and Core Earnings. Net earnings have
remained consistent quarter-over-quarter. Net core
earnings†, which exclude provisions for credit losses and
income tax, and net PPP income, have trended upwards, demonstrating
a solid and consistent core earnings stream. Net core
earnings† were $12.8 million for the second quarter,
compared to $10.9 million for the first quarter of 2022, and $9.8
million during the second quarter of 2021.
- Good Asset Quality. Non-performing assets as a
percentage of total assets were 0.30% at June 30, 2022, compared to
0.08% at March 31, 2022 and 0.13% at June 30, 2021. Net charge-offs
to average loans (annualized) were 0.02% for the quarter ended June
30, 2022, compared to 0.02% for the quarter ended March 31, 2022,
and 0.05% for the quarter ended June 30, 2021.
- Repricing Loans. The Bank is slightly asset-sensitive
and should see benefits from expected rate increases by the Federal
Reserve. As of June 30, 2022, $267.8 million, or 12.5% of our loan
portfolio is fully floating and $1.1 billion, or 51.8% are
adjustable rate term loans, repricing at defined future time
periods or at maturity. A rate increase of 75 bps at the July FOMC
meeting would result in the repricing of approximately $322.7
million, or 23.5%, of our floating and variable rate loans in July.
Total rate increases of 175 bps between June 30 and December 31
would result in repricing of approximately $453.6 million, or
33.0%, of our total floating and adjustable rate loans by December
31, 2022. Although we have raised interest rates paid on deposit
accounts, we continue to maintain a conservative approach to
increases. A total of 39.8% of our deposits are noninterest-bearing
and total cost of funds on total deposits during the second quarter
was 0.23%.
† Non-GAAP financial metric.
Calculations of this metric and reconciliations to GAAP are
included in the schedules accompanying this release.
RESULTS OF OPERATIONS
Participation in the PPP1 and PPP2 program, as well as large
provisions for credit losses in the second quarter of 2020,
resulting from the expected effects of COVID-19, along with
subsequent provision releases, has created temporary extraordinary
results in the calculation of net earnings and related performance
ratios. The following table illustrates net earnings and net core
earnings results, which are pre-tax, pre-provision and
pre-extraordinary PPP1/PPP2 income, as well as performance ratios
for the prior five quarters:
Quarter Ended
2022
2021
(dollars in thousands, except per share
data)
June 30
March 31
December 31
September 30
June 30
Net earnings attributable to Guaranty
Bancshares, Inc.
$
10,784
$
10,738
$
9,159
$
9,253
$
10,432
Adjustments:
Provision for credit losses
—
(1,250
)
—
(700
)
(1,000
)
Income tax provision
2,472
2,235
1,923
2,179
2,312
PPP loan interest and fees
(436
)
(783
)
(958
)
(1,005
)
(1,954
)
Net core earnings attributable to Guaranty
Bancshares, Inc.†
$
12,820
$
10,940
$
10,124
$
9,727
$
9,790
Total average assets
$
3,209,440
$
3,146,339
$
3,021,079
$
2,953,181
$
2,938,944
Adjustments:
PPP loans average balance
(8,885
)
(36,720
)
(61,062
)
(107,931
)
(155,417
)
Total average assets, adjusted†
$
3,200,555
$
3,109,619
$
2,960,017
$
2,845,250
$
2,783,527
Total average equity
$
291,312
$
301,579
$
301,398
$
295,076
$
285,803
PERFORMANCE RATIOS
Net earnings to average assets
(annualized)
1.35
%
1.38
%
1.20
%
1.24
%
1.42
%
Net earnings to average equity
(annualized)
14.85
14.44
12.06
12.44
14.64
Net core earnings to average assets, as
adjusted (annualized)†
1.61
1.43
1.36
1.36
1.41
Net core earnings to average equity
(annualized)†
17.65
14.71
13.33
13.08
13.74
PER COMMON SHARE DATA
Weighted-average common shares
outstanding, basic
11,968,227
12,109,074
12,097,100
12,067,769
12,056,550
Earnings per common share, basic
$
0.90
$
0.89
$
0.76
$
0.77
$
0.87
Net core earnings per common share,
basic†
1.07
0.90
0.84
0.81
0.81
† Non-GAAP financial metric.
Calculations of this metric and reconciliations to GAAP are
included in the schedules accompanying this release.
Net interest income, before the provision for credit losses, in
the second quarter of 2022 and 2021 was $26.9 million and $23.5
million, respectively, an increase of $3.4 million, or 14.4%. The
increase in net interest income resulted from an increase in
interest income of $3.8 million, or 15.2%, which was partially
offset by an increase in interest expense of $462,000, or 25.6%,
quarter over quarter. Interest and fee income from PPP loans
decreased $1.5 million, or 77.7%, while all loan and other interest
income increased $3.4 million, or 14.8%, during the current quarter
compared to the prior year quarter. In addition, interest income
from investment securities increased $1.9 million, or 88.9%, from
the same quarter in the prior year.
Net interest margin, on a taxable equivalent basis, for the
second quarter of 2022 and 2021 was 3.61% and 3.44%, respectively.
Net interest margin increased 17 basis points primarily due to a 21
basis point yield increase on total interest earning assets that
was offset by an eight basis point increase in cost of interest
bearing liabilities. The increase in yield on interest earning
assets resulted primarily due to the reinvestment of interest
bearing deposits held at other banks, which earned a yield of 0.06%
in the prior year quarter, into higher yielding investment
securities and loans. There was a slight decrease in loan yield
from 4.79% for the second quarter of 2021 to 4.77% for the second
quarter of 2022, a change of two basis points, caused primarily due
to recognized PPP origination fee and interest income of $2.0
million during the prior year quarter, compared to $436,000 in the
current year quarter. The increase in net interest margin was
offset slightly by an increase in the cost of interest-bearing
deposits from 0.37% to 0.38% during the same period, a change of
one basis point, and an increase in the overall cost of
interest-bearing liabilities of eight basis points, from 0.42% in
the second quarter of 2021 to 0.50% in the second quarter of
2022.
Net interest income, before the provision for credit losses,
increased $2.5 million, or 10.4%, from $24.3 million in the first
quarter of 2022 to $26.9 million in the second quarter of 2022. The
increase in net interest income resulted primarily from an increase
in loan income of $2.3 million, or 10.4%, from the prior quarter,
as well as an increase in investment security income of $1.0
million, or 33.4% from the prior quarter. The increase was
partially offset by an increase in the cost of interest bearing
liabilities of $699,000, or 44.5%, from the prior quarter.
Net interest margin, on a taxable equivalent basis, increased
from 3.37% for the first quarter of 2022 to 3.61% for the second
quarter of 2022, an increase of 24 basis points. Loan yield
increased from 4.66% for the first quarter of 2022 to 4.77% for the
second quarter of 2022, a change of 11 basis points. The remaining
increase in net interest margin resulted primarily from a decrease
in average interest bearing deposits held at other banks of $260.8
million, which earned a yield of 0.13% in the prior quarter, and
which were reinvested into higher yielding investment securities
and loans. The increase in net interest margin was offset slightly
by an increase in the cost of interest-bearing deposits from 0.29%
in the first quarter to 0.38% in the second quarter of 2022, a
change of nine basis points. There was an increase in the overall
cost of interest-bearing liabilities of 14 basis points, from 0.36%
in the first quarter to 0.50% in the second quarter of 2022.
The Bank’s participation in the PPP program created temporary
extraordinary results in the calculation of net interest margin. To
illustrate the impact of the PPP program on net interest margin,
the table below excludes PPP1 and PPP2 loans and their associated
fees and costs for the quarter ended June 30, 2022:
Quarter Ended June 30,
2022
For the Six Months Ended June
30, 2022
(dollars in thousands)
Average Outstanding
Balance
Interest Earned
Average Yield
Average Outstanding
Balance
Interest Earned
Average Yield
Total loans
$
2,068,379
$
24,587
4.77
%
$
2,003,053
$
46,859
4.72
%
Adjustments:
PPP1 loans average balance and
net fees(1)
(195
)
—
—
(484
)
(5
)
2.08
PPP2 loans average balance and
net fees(2)
(8,690
)
(436
)
20.12
(22,310
)
(1,214
)
10.97
Total PPP loans(3)
$
(8,885
)
$
(436
)
19.68
%
$
(22,794
)
$
(1,219
)
10.78
%
Total loans, excluding PPP†
$
2,059,494
$
24,151
4.70
%
$
1,980,259
$
45,640
4.65
%
Total interest-earning assets
3,020,390
29,120
3.87
2,991,711
55,013
3.71
Total interest-earning assets, net of PPP
effects†
$
3,011,505
$
28,684
3.82
%
$
2,968,917
$
53,794
3.65
%
Net interest income
$
26,851
$
51,174
Net interest margin(4)
3.57
%
3.45
%
Net interest margin, FTE(5)
3.61
3.49
Net interest income, net of PPP
effects†
26,415
49,955
Net interest margin, net of PPP
effects†(6)
3.52
3.39
Net interest margin, FTE, net of PPP
effects†(7)
3.56
3.43
Efficiency ratio(8)
59.80
60.84
Efficiency ratio, net of PPP
effects†(9)
60.60
62.02
† Non-GAAP financial metric.
Calculations of this metric and reconciliations to GAAP are
included in the schedules accompanying this release.
(1) Interest earned on PPP1 loans
consists of interest income of $2,000, and net origination fees
recognized in earnings of $3,000 for the six months ended June 30,
2022. No interest income or net origination fees were recognized
for the quarter ended June 30, 2022.
(2) Interest earned on PPP2 loans
consists of interest income of $21,000 and $108,000, and net
origination fees recognized in earnings of $415,000 and $1.1
million for the three and six months ended June 30, 2022,
respectively.
(3) Interest earned consists of
interest income of $21,000 and $110,000, and net origination fees
recognized in earnings of $415,000 and $1.1 million for the three
and six months ended June 30, 2022, respectively.
(4) Net interest margin is equal
to net interest income divided by average interest-earning assets,
annualized. Taxes are not a part of this calculation.
(5) Net interest margin on a
taxable equivalent basis is equal to net interest income adjusted
for nontaxable income divided by average interest-earning assets,
annualized, using a marginal tax rate of 21%.
(6) Net interest margin is equal
to net interest income, net of PPP effects, divided by average
interest-earning assets, excluding average PPP loans, annualized.
Taxes are not a part of this calculation.
(7) Net interest margin on a
taxable equivalent basis is equal to net interest income, net of
PPP effects, adjusted for nontaxable income divided by average
interest-earning assets, excluding average PPP loans, annualized,
using a marginal tax rate of 21%.
(8) The efficiency ratio was
calculated by dividing total noninterest expense by net interest
income plus noninterest income, excluding securities gains or
losses. Taxes are not part of this calculation.
(9) The efficiency ratio was
calculated by dividing total noninterest expense, net of
PPP-related deferred costs, by net interest income, net of PPP
effects, plus noninterest income, excluding securities gains or
losses. Taxes are not part of this calculation.
During the second quarter of 2022, we recorded no provision for
credit losses. At the onset of the COVID pandemic in 2020, we
established COVID-specific qualitative factors to estimate the
potential impact of the pandemic to our loan portfolio as a whole,
which led to a provision during 2020 of $13.2 million. As the
economic, health and other impacts of the virus became more clear
and cases began to decline, we reduced the COVID-specific
qualitative factors during 2021 and fully unwound these specific
factors during the first quarter of 2022. The impact of unwinding
the remaining COVID-specific qualitative factors was offset by
growth in our loan portfolio, however, we also decreased certain of
our standard qualitative factors in the second quarter to capture
current macro-economic conditions that we believe are more similar
to the environment prior to the COVID-19 pandemic (i.e. near the
end of a long up-cycle with a downturn expected) and consistent
with our day-one CECL methodology. As of June 30, 2022, our
allowance for credit losses as a percentage of total loans was
1.36%.
Noninterest income increased $111,000, or 1.9%, in the second
quarter of 2022 to $6.1 million, compared to $6.0 million for the
second quarter of 2021. The increase from the same quarter in 2021
was due primarily to an increase in services charges of $215,000,
or 25.1%, an increase in merchant and debit card fees of $139,000,
or 7.2%, and an increase in other noninterest income of $169,000,
or 26.4%, compared to the same quarter in the prior year. The
increase in noninterest income was partially offset by a decrease
in the gain on sale of loans of $362,000, or 29.1%, a $55,000, or
35.0%, decrease in mortgage fee income and a $132,000, or 62.6%,
decrease in warehouse lending fees compared to the same quarter of
the prior year. The increase in service charges and merchant and
debit card fees, as well as the decreases in gain on sale of loans,
mortgage fee income and warehouse lending fees were primarily
volume driven. The increase in other non-interest income was
comprised of various smaller items such as increases in loan
processing fees, SBA servicing revenue, and a $45,000 loss on sale
of ORE in the prior year quarter that was not present in the
current year.
Noninterest expense increased $2.0 million, or 11.2%, in the
second quarter of 2022 to $19.7 million, compared to the second
quarter of 2021. The increase in noninterest expense in the second
quarter of 2022 was driven primarily by a $1.5 million, or 15.0%,
increase in employee compensation and benefits due to increased
salaries, higher insurance expense accruals due to increased claims
experience and increased bonus accruals due to higher net income.
Software and technology expense increased $284,000, or 26.9%,
compared to the second quarter of 2021, due to additional
technology investments. The increase was partially offset by a
decrease in amortization of deposit premiums and software of
$158,000, or 47.0%, from the prior year quarter.
Noninterest income in the second quarter of 2022 decreased by
$398,000, or 6.1%, from $6.5 million in the first quarter of 2022
due primarily to a decrease in other noninterest income of
$890,000, or 52.4%, resulting primarily from a $685,000 net gain on
the termination of interest rate swaps that occurred during the
first quarter of 2022.
Noninterest expense increased $615,000, or 3.2%, in the second
quarter of 2022, from $19.1 million for the quarter ended March 31,
2022. The increase was primarily due to an increase in employee
compensation and benefits of $198,000, or 1.7%, an increase in
occupancy expenses of $137,000, or 5.1%, an increase in software
and technology expense of $130,000, or 10.8%, an increase in ATM
and debit card expense of $96,000, or 16.6%, and an increase in
other noninterest expense of $161,000, or 15.6%, during the second
quarter of 2022. The increase in other non-interest expense
resulted primarily from increases in charitable contributions,
travel, lodging and meal expenses and from customer account related
fraud losses, compared to the prior year quarter. These were
partially offset by a decreases in amortization expense of $41,000,
or 18.7%, and advertising expense of $87,000, or 21.4%, during the
second quarter of 2022.
The Company’s efficiency ratio in the second quarter of 2022 was
59.80%, compared to 61.94% in the prior year quarter and 60.12% in
the first quarter of 2022. Adjusted to remove the effects of
PPP-related transactions, the Company’s efficiency ratio†
for the second quarter of 2022 was 60.60%, was 63.56% for the first
quarter of 2022 and was 64.66% for the second quarter of 2021.
† Non-GAAP financial metric.
Calculations of this metric and reconciliations to GAAP are
included in the schedules accompanying this release.
FINANCIAL CONDITION
Consolidated assets for the Company totaled $3.28 billion at
June 30, 2022, compared to $3.19 billion at March 31, 2022 and
$2.93 billion at June 30, 2021.
Gross loans increased $124.3 million, or 6.2%, to $2.14 billion
at June 30, 2022, compared to loans of $2.01 billion at March 31,
2022. The increase in gross loans from the first quarter of 2022 to
the second quarter of 2022 is primarily due to increased loan
originations and advances, which were partially offset by continued
forgiveness of PPP loans, which decreased $16.7 million during the
quarter. Excluding PPP and warehouse lending loans, gross loans
increased $139.9 million, or 7.1%, from March 31, 2022.
Gross loans increased $248.2 million, or 13.1%, from $1.89
billion at June 30, 2021. The increase in gross loans during the
second quarter of 2022 compared to the second quarter of 2021
resulted primarily from organic loan growth and was partially
offset by a $124.8 million reduction in PPP loan balances during
the period. Excluding PPP and warehouse lending loans, gross loans
increased $420.2 million, or 24.9%, from June 30, 2021.
Total deposits decreased by $17.8 million, or 0.6%, to $2.78
billion at June 30, 2022, compared to $2.80 billion at March 31,
2022, and increased 9.7%, or $246.6 million, from $2.53 billion at
June 30, 2021. The decrease in deposits during the current quarter
resulted primarily from a $38.4 million decrease in public funds
accounts.
Nonperforming assets as a percentage of total loans were 0.46%
at June 30, 2022, compared to 0.13% at March 31, 2022 and 0.20% at
June 30, 2021. The Bank's non-performing assets consist primarily
of non-accrual loans. Four loans were added to non-accrual status
in the current quarter and are Small Business Administration (SBA)
7(a), partially guaranteed (75%) loans, acquired in the June 2018
acquisition of Westbound Bank, with combined book balances of $6.7
million as of June 30, 2022. These loans, collateralized by two
hotels, were identified as problem assets prior to COVID-19 but
obtained government stimulus and other relief which allowed the two
related borrowers to remain current through early 2022. Management
continues to work toward a satisfactory resolution for these four
loans, however, in the event of foreclosure, a significant loss is
not expected due to estimated current collateral values.
Total equity totaled $282.8 million as of June 30, 2022,
compared to $291.9 million at March 31, 2022 and $287.7 million at
June 30, 2021. The decrease from the previous quarter resulted
primarily from the payment of dividends of $2.6 million, repurchase
of 175,181 shares of treasury stock for $6.2 million and a decrease
in accumulated other comprehensive income of $11.7 million during
the second quarter of 2022 resulting from fluctuations in the fair
market value of securities, offset by net income of $10.8 million.
Although the unrealized losses in accumulated other comprehensive
income during the quarter do not impact regulatory capital ratios,
they did result in a decrease in the tangible common equity†
ratio from 8.16% as of March 31, 2022 to 7.64% as of June 30,
2022.
In September 2021, we announced the formation of a partnership
with CaliberCos, Inc., a vertically integrated alternative asset
manager and fund sponsor, in an effort to drive investments that
will revitalize communities across Texas through real estate
developments. We recorded this investment by our Bank subsidiary
and the noncontrolling interest during the first quarter of 2022.
Further details of this partnership can be found in a Form 8-K
filed with the Securities and Exchange Commission on September 7,
2021.
Nonperforming assets as a percentage of total assets were 0.30%
at June 30, 2022 compared to 0.08% at March 31, 2022, and 0.13% at
June 30, 2021.
As of
2022
2021
(dollars in thousands)
June 30
March 31
December 31
September 30
June 30
ASSETS
Cash and due from banks
$
56,545
$
58,788
$
42,979
$
34,741
$
37,611
Federal funds sold
2,425
139,300
431,975
346,500
385,075
Interest-bearing deposits
12,053
24,003
24,651
27,634
24,532
Total cash and cash equivalents
71,023
222,091
499,605
408,875
447,218
Securities available for sale
196,095
306,704
342,206
269,070
446,636
Securities held to maturity
713,390
494,289
184,263
173,676
—
Loans held for sale
2,770
1,166
4,129
1,903
5,088
Loans, net
2,107,658
1,983,449
1,876,076
1,938,268
1,856,277
Accrued interest receivable
10,144
8,961
8,901
7,673
8,801
Premises and equipment, net
54,437
54,316
53,470
53,834
54,405
Other real estate owned
—
—
—
40
227
Cash surrender value of life insurance
37,979
37,352
37,141
36,582
36,367
Core deposit intangible, net
2,086
2,199
2,313
2,426
2,573
Goodwill
32,160
32,160
32,160
32,160
32,160
Other assets
53,171
47,142
45,806
43,761
43,207
Total assets
$
3,280,913
$
3,189,829
$
3,086,070
$
2,968,268
$
2,932,959
LIABILITIES AND EQUITY
Deposits
Noninterest-bearing
$
1,105,756
$
1,065,789
$
1,014,518
$
972,854
$
928,416
Interest-bearing
1,673,865
1,731,621
1,656,309
1,590,217
1,604,610
Total deposits
2,779,621
2,797,410
2,670,827
2,563,071
2,533,026
Securities sold under agreements to
repurchase
7,871
11,090
14,151
11,195
15,336
Accrued interest and other liabilities
28,033
27,803
26,568
26,284
28,058
Line of credit
—
—
5,000
3,000
—
Federal Home Loan Bank advances
131,500
7,500
47,500
47,500
49,000
Subordinated debentures
51,053
54,146
19,810
19,810
19,810
Total liabilities
2,998,078
2,897,949
2,783,856
2,670,860
2,645,230
Equity attributable to Guaranty
Bancshares, Inc.
282,255
291,282
302,214
297,408
287,729
Noncontrolling interest
580
598
—
—
—
Total equity
282,835
291,880
302,214
297,408
287,729
Total liabilities and equity
$
3,280,913
$
3,189,829
$
3,086,070
$
2,968,268
$
2,932,959
† Non-GAAP financial
metric. Calculations of this metric and reconciliations to GAAP are
included in the schedules accompanying this release.
Quarter Ended
2022
2021
(dollars in thousands, except per share
data)
June 30
March 31
December 31
September 30
June 30
STATEMENTS OF EARNINGS
Interest income
$
29,120
$
25,893
$
25,518
$
25,235
$
25,284
Interest expense
2,269
1,570
1,498
1,665
1,807
Net interest income
26,851
24,323
24,020
23,570
23,477
Provision for credit losses
—
(1,250
)
—
(700
)
(1,000
)
Net interest income after provision for
credit losses
26,851
25,573
24,020
24,270
24,477
Noninterest income
6,081
6,479
6,038
6,449
5,970
Noninterest expense
19,694
19,079
18,976
19,287
17,703
Income before income taxes
13,238
12,973
11,082
11,432
12,744
Income tax provision
2,472
2,235
1,923
2,179
2,312
Net earnings
$
10,766
$
10,738
$
9,159
$
9,253
$
10,432
Net loss attributable to noncontrolling
interest
18
—
—
—
—
Net earnings attributable to Guaranty
Bancshares, Inc.
$
10,784
$
10,738
$
9,159
$
9,253
$
10,432
PER COMMON SHARE DATA*
Earnings per common share, basic
$
0.90
$
0.89
$
0.76
$
0.77
$
0.87
Earnings per common share, diluted
0.89
0.88
0.75
0.76
0.85
Cash dividends per common share
0.22
0.22
0.20
0.20
0.20
Book value per common share - end of
quarter
23.69
24.19
24.93
24.62
23.86
Tangible book value per common share - end
of quarter(1)
20.82
21.29
22.09
21.75
20.98
Common shares outstanding - end of
quarter(4)
11,912,249
12,066,480
12,122,717
12,081,477
12,057,937
Weighted-average common shares
outstanding, basic
11,968,227
12,109,074
12,097,100
12,067,769
12,056,550
Weighted-average common shares
outstanding, diluted
12,098,983
12,260,945
12,263,252
12,211,389
12,251,587
PERFORMANCE RATIOS
Return on average assets (annualized)
1.35
%
1.38
%
1.20
%
1.24
%
1.42
%
Return on average equity (annualized)
14.85
14.44
12.06
12.44
14.64
Net interest margin, fully taxable
equivalent (annualized)(2)
3.61
3.37
3.39
3.40
3.44
Efficiency ratio(3)
59.80
61.94
63.13
64.25
60.12
(1) See Reconciliation of
non-GAAP Financial Measures table.
(2) Net interest margin on a
taxable equivalent basis is equal to net interest income adjusted
for nontaxable income divided by average interest-earning assets,
annualized, using a marginal tax rate of 21%.
(3) The efficiency ratio was
calculated by dividing total noninterest expense by net interest
income plus noninterest income, excluding securities gains or
losses. Taxes are not part of this calculation.
(4) Excludes the dilutive effect,
if any, of shares of common stock issuable upon exercise of
outstanding stock options.
As of
2022
2021
(dollars in thousands)
June 30
March 31
December 31
September 30
June 30
LOAN PORTFOLIO COMPOSITION
Commercial and industrial
$
268,812
$
270,074
$
280,569
$
308,647
$
352,042
Real estate:
Construction and development
350,024
318,035
307,797
309,746
264,002
Commercial real estate
749,603
674,558
622,842
633,353
608,464
Farmland
166,309
186,982
145,501
135,413
94,525
1-4 family residential
450,929
430,755
410,673
403,403
389,616
Multi-family residential
55,985
42,021
30,971
40,810
42,086
Consumer
56,433
52,670
50,965
52,992
51,795
Agricultural
14,502
14,403
14,639
14,199
14,608
Warehouse lending
25,344
24,260
43,720
71,823
72,582
Overdrafts
435
303
363
495
444
Total loans(1)(2)
$
2,138,376
$
2,014,061
$
1,908,040
$
1,970,881
$
1,890,164
Quarter Ended
2022
2021
(dollars in thousands)
June 30
March 31
December 31
September 30
June 30
ALLOWANCE FOR CREDIT LOSSES
Balance at beginning of period
$
29,096
$
30,433
$
30,621
$
31,548
$
32,770
Loans charged-off
(125
)
(203
)
(239
)
(244
)
(283
)
Recoveries
26
116
51
17
61
Provision for credit loss expense
—
(1,250
)
—
(700
)
(1,000
)
Balance at end of period
$
28,997
$
29,096
$
30,433
$
30,621
$
31,548
Allowance for credit losses / period-end
loans
1.36
%
1.44
%
1.59
%
1.55
%
1.67
%
Allowance for credit losses /
nonperforming loans
294.4
1,084.9
1,075.0
976.7
878.0
Net charge-offs / average loans
(annualized)
0.02
0.02
0.04
0.05
0.05
NON-PERFORMING ASSETS
Non-accrual loans(3)
$
9,848
$
2,682
$
2,831
$
3,135
$
3,593
Other real estate owned
—
—
—
40
227
Repossessed assets owned
27
7
14
63
9
Total non-performing assets
$
9,875
$
2,689
$
2,845
$
3,238
$
3,829
Non-performing assets as a percentage
of:
Total loans(1)(2)
0.46
%
0.13
%
0.15
%
0.16
%
0.20
%
Total loans, excluding PPP(1)(2)
0.46
0.13
0.15
0.17
0.22
Total assets
0.30
0.08
0.09
0.11
0.13
TDR loans - nonaccrual
$
45
$
98
$
103
$
84
$
86
TDR loans - accruing
9,371
9,418
9,466
9,522
9,535
(1) Excludes outstanding balances
of loans held for sale of $2.8 million, $1.2 million, $4.1 million,
$1.9 million, and $5.1 million as of June 30 and March 31, 2022 and
December 31, September 30, June 30, 2021, respectively.
(2) Excludes deferred loan fees
of $1.7 million, $1.5 million, $1.5 million, $2.0 million, and $2.3
million as of June 30 and March 31, 2022 and December 31, September
30, June 30, 2021, respectively.
(3) TDR loans - nonaccrual are
included in nonaccrual loans, which are a component of
nonperforming loans.
Quarter Ended
2022
2021
(dollars in thousands)
June 30
March 31
December 31
September 30
June 30
NONINTEREST INCOME
Service charges
$
1,070
$
976
$
1,085
$
1,003
$
855
Net realized gain on sale of loans
882
905
1,127
1,759
1,244
Fiduciary and custodial income
638
642
615
599
570
Bank-owned life insurance income
207
211
207
215
206
Merchant and debit card fees
2,061
1,611
1,669
1,620
1,922
Loan processing fee income
232
187
188
164
164
Warehouse lending fees
79
116
164
196
211
Mortgage fee income
102
131
133
145
157
Other noninterest income
810
1,700
850
748
641
Total noninterest income
$
6,081
$
6,479
$
6,038
$
6,449
$
5,970
NONINTEREST EXPENSE
Employee compensation and benefits
$
11,730
$
11,532
$
11,200
$
10,998
$
10,204
Occupancy expenses
2,848
2,711
2,686
2,738
2,833
Legal and professional fees
773
770
604
644
747
Software and technology
1,339
1,209
1,167
1,258
1,055
Amortization
178
219
222
253
336
Director and committee fees
219
205
204
197
167
Advertising and promotions
320
407
470
495
338
ATM and debit card expense
674
578
643
646
616
Telecommunication expense
187
186
196
197
180
FDIC insurance assessment fees
237
233
300
214
168
Other noninterest expense
1,189
1,029
1,284
1,647
1,059
Total noninterest expense
$
19,694
$
19,079
$
18,976
$
19,287
$
17,703
Quarter Ended June 30,
2022
2021
(dollars in thousands)
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
ASSETS
Interest-earning assets:
Total loans(1)
$
2,068,379
$
24,587
4.77
%
$
1,912,722
$
22,864
4.79
%
Securities available for sale
267,823
1,473
2.21
420,202
2,191
2.09
Securities held to maturity
596,013
2,666
1.79
—
—
—
Nonmarketable equity securities
14,128
289
8.20
10,056
164
6.54
Interest-bearing deposits in other
banks
74,047
105
0.57
426,074
65
0.06
Total interest-earning assets
3,020,390
29,120
3.87
2,769,054
25,284
3.66
Allowance for credit losses
(29,056
)
(32,664
)
Noninterest-earning assets
218,106
202,554
Total assets
$
3,209,440
$
2,938,944
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing deposits
$
1,694,363
$
1,623
0.38
%
$
1,623,351
$
1,493
0.37
%
Advances from FHLB and fed funds
purchased
47,016
190
1.62
49,063
102
0.83
Line of credit
—
—
—
2,374
21
3.55
Subordinated debt
52,326
453
3.47
19,810
188
3.81
Securities sold under agreements to
repurchase
9,045
3
0.13
14,887
3
0.08
Total interest-bearing liabilities
1,802,750
2,269
0.50
1,709,485
1,807
0.42
Noninterest-bearing liabilities:
Noninterest-bearing deposits
1,090,288
916,631
Accrued interest and other liabilities
25,090
27,025
Total noninterest-bearing liabilities
1,115,378
943,656
Equity
291,312
285,803
Total liabilities and equity
$
3,209,440
$
2,938,944
Net interest rate spread(2)
3.37
%
3.24
%
Net interest income
$
26,851
$
23,477
Net interest margin(3)
3.57
%
3.40
%
Net interest margin, fully taxable
equivalent(4)
3.61
%
3.44
%
(1) Includes average outstanding
balances of loans held for sale of $2.6 million and $3.2 million
for the quarter ended June 30, 2022 and 2021, respectively.
(2) Net interest spread is the
average yield on interest-earning assets minus the average rate on
interest-bearing liabilities.
(3) Net interest margin is equal
to net interest income divided by average interest-earning assets,
annualized.
(4) Net interest margin on a
taxable equivalent basis is equal to net interest income adjusted
for nontaxable income divided by average interest-earning assets,
annualized, using a marginal tax rate of 21%.
Six Months Ended June
30,
2022
2021
(dollars in thousands)
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
ASSETS
Interest-earning assets:
Total loans(1)
$
2,003,053
$
46,859
4.72
%
$
1,899,864
$
47,059
4.99
%
Securities available for sale
377,132
3,091
1.65
399,255
4,282
2.16
Securities held to maturity
393,110
4,151
2.13
—
—
—
Nonmarketable equity securities
14,678
698
9.59
10,043
265
5.32
Interest-bearing deposits in other
banks
203,738
214
0.21
380,455
191
0.10
Total interest-earning assets
2,991,711
55,013
3.71
2,689,617
51,797
3.88
Allowance for credit losses
(29,628
)
(32,951
)
Noninterest-earning assets
215,886
201,041
Total assets
$
3,177,969
$
2,857,707
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing deposits
$
1,702,216
$
2,865
0.34
%
$
1,591,784
$
3,096
0.39
%
Advances from FHLB and fed funds
purchased
42,395
236
1.12
50,075
201
0.81
Line of credit
1,878
34
3.65
8,470
149
3.55
Subordinated debt
41,572
699
3.39
19,810
376
3.83
Securities sold under agreements to
repurchase
9,976
5
0.10
18,013
7
0.08
Total interest-bearing liabilities
1,798,037
3,839
0.43
1,688,152
3,829
0.46
Noninterest-bearing liabilities:
Noninterest-bearing deposits
1,059,032
862,619
Accrued interest and other liabilities
24,680
25,206
Total noninterest-bearing liabilities
1,083,712
887,825
Equity
296,220
281,730
Total liabilities and equity
$
3,177,969
$
2,857,707
Net interest rate spread(2)
3.28
%
3.42
%
Net interest income
$
51,174
$
47,968
Net interest margin(3)
3.45
%
3.60
%
Net interest margin, fully taxable
equivalent(4)
3.49
%
3.64
%
(1) Includes average outstanding
balances of loans held for sale of $2.9 million and $3.7 million
for the six months ended June 30, 2022 and 2021, respectively.
(2) Net interest spread is the
average yield on interest-earning assets minus the average rate on
interest-bearing liabilities.
(3) Net interest margin is equal
to net interest income divided by average interest-earning assets,
annualized.
(4) Net interest margin on a
taxable equivalent basis is equal to net interest income adjusted
for nontaxable income divided by average interest-earning assets,
annualized, using a marginal tax rate of 21%.
NON-GAAP RECONCILING TABLES
Tangible Book Value per Common Share
As of
2022
2021
(dollars in thousands, except per share
data)
June 30
March 31
December 31
September 30
June 30
Equity attributable to Guaranty
Bancshares, Inc.
$
282,255
$
291,282
$
302,214
$
297,408
$
287,729
Adjustments:
Goodwill
(32,160
)
(32,160
)
(32,160
)
(32,160
)
(32,160
)
Core deposit intangible, net
(2,086
)
(2,199
)
(2,313
)
(2,426
)
(2,573
)
Total tangible common equity attributable
to Guaranty Bancshares, Inc.
$
248,009
$
256,923
$
267,741
$
262,822
$
252,996
Common shares outstanding - end of
quarter(1)
11,912,249
12,066,480
12,122,717
12,081,477
12,057,937
Book value per common share
$
23.69
$
24.14
$
24.93
$
24.62
$
23.86
Tangible book value per common
share(1)
20.82
21.29
22.09
21.75
20.98
(1) Excludes the dilutive effect,
if any, of shares of common stock issuable upon exercise of
outstanding stock options.
Net Core Earnings and Net Core Earnings per Common
Share
Quarter Ended
2022
2021
(dollars in thousands, except per share
data)
June 30
March 31
December 31
September 30
June 30
Net earnings attributable to Guaranty
Bancshares, Inc.
$
10,784
$
10,738
$
9,159
$
9,253
$
10,432
Adjustments:
Provision for credit losses
—
(1,250
)
—
(700
)
(1,000
)
Income tax provision
2,472
2,235
1,923
2,179
2,312
PPP loans, including fees
(436
)
(783
)
(958
)
(1,005
)
(1,954
)
Net core earnings attributable to Guaranty
Bancshares, Inc.
$
12,820
$
10,940
$
10,124
$
9,727
$
9,790
Weighted-average common shares
outstanding, basic
11,968,227
12,109,074
12,097,100
12,067,769
12,056,550
Earnings per common share, basic
$
0.90
$
0.89
$
0.76
$
0.77
$
0.87
Net core earnings per common share,
basic
1.07
0.90
0.84
0.81
0.81
Net Core Earnings to Average Assets, as Adjusted, and Average
Equity
Quarter Ended
2022
2021
(dollars in thousands)
June 30
March 31
December 31
September 30
June 30
Net core earnings attributable to Guaranty
Bancshares, Inc.
$
12,820
$
10,940
$
10,124
$
9,727
$
9,790
Total average assets
$
3,209,440
$
3,146,339
$
3,021,079
$
2,953,181
$
2,938,944
Adjustments:
PPP loan average balance
(8,885
)
(36,720
)
(61,062
)
(107,931
)
(155,417
)
Total average assets, adjusted
$
3,200,555
$
3,109,619
$
2,960,017
$
2,845,250
$
2,783,527
Net core earnings attributable to Guaranty
Bancshares, Inc. to average assets, as adjusted (annualized)
1.61
%
1.43
%
1.36
%
1.36
%
1.41
%
Total average equity
$
291,312
$
301,579
$
301,398
$
295,076
$
285,803
Net core earnings attributable to Guaranty
Bancshares, Inc. to average equity (annualized)
17.65
%
14.71
%
13.33
%
13.08
%
13.74
%
NON-GAAP RECONCILING TABLES
Total Non-Performing Assets to Total Loans, Excluding
PPP
Quarter Ended
2022
2021
(dollars in thousands)
June 30
March 31
December 31
September 30
June 30
Total loans(1)(2)
$
2,138,376
$
2,014,061
$
1,908,040
$
1,970,881
$
1,890,164
Adjustments:
PPP loans balance
(2,605
)
(19,302
)
(50,611
)
(75,304
)
(127,390
)
Total loans, excluding PPP(1)(2)
$
2,135,771
$
1,994,759
$
1,857,429
$
1,895,577
$
1,762,774
Warehouse loans
(25,344
)
(24,260
)
(43,720
)
(71,823
)
(72,582
)
Total loans, excluding warehouse and
PPP(1)(2)
$
2,110,427
$
1,970,499
$
1,813,709
$
1,823,754
$
1,690,192
Total non-performing assets
$
9,875
$
2,689
$
2,845
$
3,238
$
3,829
Non-performing assets as a percentage
of:
Total loans(1)(2)
0.46
%
0.13
%
0.15
%
0.16
%
0.20
%
Total loans, excluding PPP(1)(2)
0.46
0.13
0.15
0.17
0.22
Total loans, excluding PPP and
warehouse(1)(2)
0.47
0.14
0.16
0.18
0.23
(1) Excludes outstanding balances
of loans held for sale of $2.8 million, $1.2 million, $4.1 million,
$1.9 million, and $5.1 million as of June 30 and March 31, 2022 and
December 31, September 30, June 30, 2021, respectively.
(2) Excludes deferred loan fees
of $1.7 million, $1.5 million, $1.5 million, $2.0 million, and $2.3
million as of June 30 and March 31, 2022 and December 31, September
30, June 30, 2021, respectively.
Total Interest-Earning Assets, Net of PPP Effects
Quarter Ended June 30,
2022
Quarter Ended June 30,
2021
(dollars in thousands)
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Total interest-earning assets
$
3,020,390
$
29,120
3.87
%
$
2,769,054
$
25,284
3.66
%
Total loans
2,068,379
24,587
4.77
1,912,722
22,864
4.79
Adjustments:
PPP loan average balance and net
fees(1)
(8,885
)
(436
)
19.68
(155,417
)
(1,747
)
4.51
Total loans, net of PPP effects
2,059,494
24,151
4.70
1,757,305
21,117
4.82
Total interest-earning assets, net of PPP
effects
$
3,011,505
$
28,684
3.82
%
$
2,613,637
$
23,537
3.61
%
(1) Interest earned consists of
interest income of $21,000 and $385,000, and net origination fees
recognized in earnings of $415,000 and $1.4 million for the quarter
ended June 30, 2022 and 2021, respectively.
Quarter Ended March 31,
2022
(dollars in thousands)
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Total interest-earning assets
$
2,963,030
$
25,893
3.54
%
Total loans
1,937,000
22,272
4.66
Adjustments:
PPP loan average balance and net
fees(1)
(36,720
)
(783
)
8.65
Total loans, net of PPP effects
1,900,280
21,489
4.59
Total interest-earning assets, net of PPP
effects
$
2,926,310
$
25,110
3.48
%
(1) Interest earned consists of
interest income of $89,000 and net origination fees recognized in
earnings of $6904,000 million for the quarter ended March 31,
2022.
NON-GAAP RECONCILING TABLES
Net Interest Income and Net Interest Margin, Net of PPP
Effects
(dollars in thousands)
Quarter Ended June 30,
2022
Quarter Ended March 31,
2022
Quarter Ended June 30,
2021
Net interest income
$
26,851
$
24,323
$
23,477
Adjustments:
PPP-related interest income
(21
)
(89
)
(385
)
PPP-related net origination fees
(415
)
(694
)
(1,362
)
Net interest income, net of PPP
effects
$
26,415
$
23,540
$
21,730
Total average interest-earning assets
$
3,020,390
$
2,963,030
$
2,769,054
Total average interest-earning assets, net
of PPP effects
3,011,505
2,926,310
2,613,637
Net interest margin(1)
3.57
%
3.33
%
3.40
%
Net interest margin, net of PPP
effects(2)
3.52
3.26
3.33
Net interest income
$
26,851
$
24,323
$
23,477
Interest income tax adjustments
299
301
269
Net interest income, fully taxable
equivalent ("FTE")
$
27,150
$
24,624
$
23,746
Net interest income, FTE, net of PPP
effects
26,714
23,841
21,999
Net interest margin, FTE(3)
3.61
%
3.37
%
3.44
%
Net interest margin, FTE, net of PPP
effects(4)
3.56
3.30
3.38
(1) Net interest margin is equal
to net interest income divided by average interest-earning assets,
annualized.
(2) Net interest margin is equal
to net interest income, net of PPP effects, divided by average
interest-earning assets, excluding average PPP loans, annualized.
Taxes are not a part of this calculation.
(3) Net interest margin on a
taxable equivalent basis is equal to net interest income adjusted
for nontaxable income divided by average interest-earning assets,
annualized, using a marginal tax rate of 21%.
(4) Net interest margin on a
taxable equivalent basis is equal to net interest income, net of
PPP effects, adjusted for nontaxable income divided by average
interest-earning assets, excluding average PPP loans, annualized,
using a marginal tax rate of 21%.
Efficiency Ratio, Net of PPP Effects
(dollars in thousands)
Quarter Ended June 30,
2022
Quarter Ended March 31,
2022
Quarter Ended June 30,
2021
Total noninterest expense
$
19,694
$
19,079
$
17,703
Adjustments:
PPP-related deferred costs
—
—
207
Total noninterest expense, net of PPP
effects
$
19,694
$
19,079
$
17,910
Net interest income
26,851
24,323
23,477
Net interest income, net of PPP
effects
26,415
23,540
21,730
Total noninterest income
$
6,081
$
6,479
$
5,970
Securities gains (losses)
—
—
—
Noninterest income, as adjusted
$
6,081
$
6,479
$
5,970
Efficiency ratio(1)
59.80
%
61.94
%
60.12
%
Efficiency ratio, net of PPP
effects(2)
60.60
63.56
64.66
(1) The efficiency ratio was
calculated by dividing total noninterest expense by net interest
income plus noninterest income, excluding securities gains or
losses. Taxes are not part of this calculation.
(2) The efficiency ratio, net of
PPP effects, was calculated by dividing total noninterest expense,
net of PPP-related deferred costs, by net interest income, net of
PPP effects, plus noninterest income, excluding securities gains or
losses. Taxes are not part of this calculation.
NON-GAAP RECONCILING TABLES
Loan Yield, Net of PPP Effects
Quarter Ended June 30,
2022
Quarter Ended March 31,
2022
(dollars in thousands)
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Total loans
$
2,068,379
$
24,587
4.77
%
$
1,937,000
$
22,272
4.66
%
Adjustments:
PPP loans average balance and net fees
(8,885
)
(436
)
19.68
(36,720
)
(783
)
8.65
Total loans, net of PPP effects
$
2,059,494
$
24,151
4.70
%
$
1,900,280
$
21,489
4.59
%
Effect of removing PPP loans on loan
yield
(0.07
%)
(0.07
%)
Quarter Ended June 30,
2022
Quarter Ended June 30,
2021
(dollars in thousands)
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Average Outstanding
Balance
Interest Earned/ Interest
Paid
Average Yield/ Rate
Total loans
$
2,068,379
$
24,587
4.77
%
$
1,912,722
$
22,864
4.79
%
Adjustments:
PPP loans average balance and net fees
(8,885
)
(436
)
19.68
(155,417
)
(1,747
)
4.51
Total loans, net of PPP effects
$
2,059,494
$
24,151
4.70
%
$
1,757,305
$
21,117
4.82
%
Effect of removing PPP loans on loan
yield
(0.07
%)
0.03
%
ACL to Total Loans, Excluding PPP
(dollars in thousands)
As of June 30, 2022
As of March 31, 2022
As of June 30, 2021
Total loans
$
2,138,376
$
2,014,061
$
1,890,164
Adjustments:
PPP loans
(2,605
)
(19,302
)
(127,390
)
Total loans, excluding PPP
$
2,135,771
$
1,994,759
$
1,762,774
Allowance for credit losses
$
28,997
$
29,096
$
31,548
Allowance for credit losses / period-end
loans
1.36
%
1.44
%
1.67
%
Allowance for credit losses / period-end
loans. excluding PPP
1.36
1.46
1.79
About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present,
including “tangible book value per share”, “net core earnings,”
“core net interest margin,” and PPP-adjusted metrics are
supplemental measures that are not required by, or are not
presented in accordance with, U.S. generally accepted accounting
principles (GAAP). We refer to these financial measures and ratios
as “non-GAAP financial measures.” We consider the use of select
non-GAAP financial measures and ratios to be useful for financial
and operational decision making and useful in evaluating
period-to-period comparisons. We believe that these non-GAAP
financial measures provide meaningful supplemental information
regarding our performance by excluding certain expenditures or
assets that we believe are not indicative of our primary business
operating results or by presenting certain metrics on a fully
taxable equivalent basis. We believe that management and investors
benefit from referring to these non-GAAP financial measures in
assessing our performance and when planning, forecasting, analyzing
and comparing past, present and future periods.
These non-GAAP financial measures should not be considered a
substitute for financial information presented in accordance with
GAAP and you should not rely on non-GAAP financial measures alone
as measures of our performance. The non-GAAP financial measures we
present may differ from non-GAAP financial measures used by our
peers or other companies. We compensate for these limitations by
providing the equivalent GAAP measures whenever we present the
non-GAAP financial measures and by including a reconciliation of
the impact of the components adjusted for in the non-GAAP financial
measure so that both measures and the individual components may be
considered when analyzing our performance.
A reconciliation of non-GAAP financial measures to the
comparable GAAP financial measures is included at the end of the
financial statement tables.
Conference Call Information
The Company will hold a conference call to discuss second
quarter 2022 financial results on Monday, July 18, 2022 at 10:00 am
Central Daylight Time. The conference call will be hosted by Ty
Abston, Chairman and CEO, Cappy Payne, SEVP and Company CFO, and
Shalene Jacobson, EVP and Bank CFO. All conference attendees must
register before the call at www.gnty.com/earningscall. The
conference materials will be available by accessing the Investor
Relations page on our website, www.gnty.com. A recording of the
conference call will be available by 1:00 pm Central Daylight Time
the day of the call and remain available through July 31, 2022 on
our Investor Relations webpage.
About Guaranty Bancshares, Inc.
Guaranty Bancshares, Inc. is the parent company for Guaranty
Bank & Trust, N.A. Guaranty Bank & Trust has 32 banking
locations across 26 Texas communities located within the East
Texas, Dallas/Fort Worth, Houston and Central Texas regions of the
state. As of June 30, 2022, Guaranty Bancshares, Inc. had total
assets of $3.28 billion, total loans of $2.14 billion and total
deposits of $2.78 billion. Visit www.gnty.com for more
information.
Cautionary Statement Regarding Forward-Looking
Information
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect our current views
with respect to, among other things, future events and our results
of operations, financial condition and financial performance. These
statements are often, but not always, made through the use of words
or phrases such as “may,” “should,” “could,” “predict,”
“potential,” “believe,” “will likely result,” “expect,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,”
“projection,” “would” and “outlook,” or the negative version of
those words or other comparable words of a future or
forward-looking nature. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about our industry, management’s beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control. Actual
results may also be significantly impacted by the effects of the
ongoing COVID-19 pandemic, including, among other effects: the
impact of the public health crisis; the operation of financial
markets; global supply chain disruption; employment levels; market
liquidity; the impact of various actions taken in response by the
U.S. federal government, the Federal Reserve, other banking
regulators, state and local governments; and the impact that all of
these factors have on our borrowers, other customers, vendors and
counterparties. Accordingly, we caution you that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions and uncertainties that are
difficult to predict. Although we believe that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements. Such factors include, without limitation, the “Risk
Factors” referenced in our most recent Annual Report on Form 10-K
and any subsequent Quarterly Reports on Form 10-Q, other risks and
uncertainties listed from time to time in our reports and documents
filed with the Securities and Exchange Commission ("SEC"). We can
give no assurance that any goal or plan or expectation set forth in
forward-looking statements can be achieved and readers are
cautioned not to place undue reliance on such statements. The
forward-looking statements are made as of the date of this
communication, and we do not intend, and assume no obligation, to
update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events or circumstances,
except as required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220718005240/en/
Cappy Payne Senior Executive Vice President and Chief Financial
Officer Guaranty Bancshares, Inc. (888) 572-9881
investors@gnty.com
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