Press Release

Guaranty Bancshares, Inc. Reports Third Quarter Financial Results

Company Release - 10/23/2017 8:30 AM ET

MOUNT PLEASANT, Texas, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ:GNTY), the holding company for Guaranty Bank & Trust, N.A. today reported third quarter 2017 results.  The company's net income available to common shareholders was $4.1 million, or $0.37 per basic share, for the quarter ended September 30, 2017, compared to $3.4 million, or $0.38 per basic share, for the quarter ended September 30, 2016.  The growth in net income was primarily attributable to growth in net interest income, before the provision for loan losses, of $1.4 million and an increase in noninterest income of $300,000.   Returns on average assets and average equity for the third quarter were 0.87% and 7.99%, respectively, compared to 0.75% and 9.20%, respectively, for the same period during 2016.   The company's earnings per share and return on average equity were impacted by the issuance of 2,300,000 shares of common stock in the company's initial public offering, which closed in May 2017.

Net interest income for the third quarter of 2017 and 2016 was $15.1 million and $13.7 million, respectively, an increase of 10.5%.  Net interest margin for the third quarter of 2017 and 2016 was 3.38% and 3.26%, respectively.  Net interest income and net interest margin, on a taxable equivalent basis, was $15.5 million and 3.55%, respectively, for the third quarter of 2017.

The provision for loan losses was $800,000 in the third quarter of 2017, compared with $800,000 in the second quarter of 2017 and $840,000 in the third quarter of 2016.  The provision for loan losses in the third quarter of 2017 remained consistent with the prior year’s quarter despite loan portfolio growth of 6.35% from September 30, 2016, primarily because a large specific reserve was calculated in the third quarter of 2016 that resulted in a higher provision at that time.  The level of provision during the third quarter of 2017 is primarily attributable to specific reserves calculated for certain impaired loans and a slight increase in general reserves due to minor increases in some qualitative factors.  Nonperforming assets as a percentage of total loans were 0.78% at September 30, 2017, compared to 0.71% at June 30, 2017, and 0.94% at September 30, 2016.

Noninterest income increased 8.8% in the third quarter of 2017 to $3.7 million, compared to $3.4 million in the same quarter a year ago.  Merchant and debit card fees increased 12.8% to $778,000, compared to $690,000 in the same quarter last year due to continued growth in net new accounts and debit cards.  Gain on sales of loans increased 21.2%, from $486,000 during the third quarter of 2016 to $589,000 in the third quarter of 2017.  Other categories of noninterest income increased with the continued growth of the bank. 

Noninterest expense for the third quarter of 2017 totaled $12.2 million, compared to $11.5 million for the third quarter of 2016, an increase of 6.0%.   The increase in noninterest expense in the third quarter of 2017 was primarily driven by a $359,000 increase in salary and employee benefit expense when compared to the same quarter a year ago, a $218,000 increase in occupancy expenses and a $211,000 increase in legal and professional fees.  The increase was partially offset by decreases in FDIC insurance expense of $138,000 and other non-interest expenses of $168,000.  The company's efficiency ratio in the third quarter of 2017 was 64.70%, compared to 67.51% in the same quarter last year.

For the nine months ended September 30, 2017, net income increased 36.1% to $11.6 million from $8.5 million for the same period a year ago.   Basic earnings per share rose to $1.17 for the nine months ended September 30, 2017 from $0.95 during the same period last year.   Net interest income increased 10.9% to $44.1 million for the nine months ended September 30, 2017 from $39.8 million during the same period a year ago.   The provision for loan losses totaled $2.3 million, compared to $3.2 million for the nine months ended September 30, 2016.   Noninterest income was $10.5 million for the nine months ended September 30, 2017, compared to $9.6 million a year ago.   Noninterest expense was $36.1 million for the nine months ended September 30, 2017, compared to $34.3 million during the same period last year. 

As of September 30, 2017, consolidated assets for the company totaled $1.9 billion, compared to $1.8 billion at December 31, 2016 and $1.8 billion at September 30, 2016.  Loans totaled $1.3 billion at quarter end, compared to loans of $1.2 billion at December 31, 2016, and $1.2 billion at September 30, 2016.  Deposits totaled $1.6 billion at September 30, 2017, compared to $1.6 billion at December 31, 2016, and $1.5 billion at September 30, 2016.  Shareholders' equity rose to $207.3 million as of September 30, 2017, compared to $141.9 million at December 31, 2016, and $148.0 million at September 30, 2016, primarily as a result of operating earnings and the proceeds of the Company's initial public offering.

The company’s Chairman and Chief Executive Officer, Ty Abston, said, "We are pleased with our third quarter and year-to-date results.  During the third quarter, we also announced our expansion into the growth markets of Austin and Ft. Worth, Texas.  We are very pleased with the initial reception we’ve received in these new markets and feel they will be accretive to Guaranty’s future growth prospects."

Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
 As of
 2017 2016
 September 30 June 30 March 31 December 31 September 30
ASSETS         
Cash and due from banks$33,736  $36,389  $32,576  $39,605  $31,233 
Federal funds sold34,250  17,700  83,175  60,600  61,175 
Interest-bearing deposits27,075  29,217  28,006  27,338  26,891 
Total cash and cash equivalents95,061  83,306  143,757  127,543  119,299 
Securities available for sale238,133  246,233  214,463  156,925  143,243 
Securities held to maturity179,081  182,248  185,837  189,371  193,083 
Loans held for sale3,400  2,435  1,446  2,563  3,086 
Loans, net1,294,847  1,284,318  1,241,215  1,233,651  1,218,175 
Accrued interest receivable6,440  7,631  6,304  7,419  5,904 
Premises and equipment, net43,958  44,491  44,823  44,810  45,043 
Other real estate owned1,929  1,733  1,637  1,692  1,384 
Cash surrender value of life insurance18,376  18,035  17,922  17,804  17,212 
Deferred tax asset4,267  4,121  4,426  4,892  3,650 
Core deposit intangible, net2,870  3,016  3,162  3,308  3,453 
Goodwill18,742  18,742  18,742  18,742  18,742 
Other assets16,949  16,160  17,465  19,616  20,681 
Total assets$1,924,053  $1,912,469  $1,901,199  $1,828,336  $1,792,955 
          
LIABILITIES AND SHAREHOLDERS' EQUITY         
Noninterest-bearing deposits$405,678  $387,725  $370,810  $358,752  $347,876 
Interest-bearing deposits1,211,624  1,258,648  1,300,361  1,218,039  1,187,485 
Total deposits1,617,302  1,646,373  1,671,171  1,576,791  1,535,361 
Securities sold under agreements to repurchase12,920  14,153  12,663  10,859  12,709 
Accrued interest and other liabilities7,601  7,921  7,595  6,006  6,753 
Other debt    18,929  18,286  9,643 
Federal Home Loan Bank advances65,157  25,161  25,165  55,170  60,174 
Subordinated debentures13,810  14,310  19,310  19,310  20,310 
Total liabilities1,716,790  1,707,918  1,754,833  1,686,422  1,644,950 
Commitments and contingent liabilities:         
KSOP-owned shares    34,300  31,661  39,923 
          
Shareholders' equity207,263  204,551  146,366  141,914  148,005 
Less: KSOP-owned shares    34,300  31,661  39,923 
Total shareholders' equity207,263  204,551  112,066  110,253  108,082 
Total liabilities and shareholders' equity$1,924,053  $1,912,469  $1,901,199  $1,828,336  $1,792,955 
          
 Quarter Ended
 2017 2016
 September 30 June 30 March 31 December 31 September 30
INCOME STATEMENTS         
Interest income$18,165  $17,792  $17,136  $16,717  $16,427 
Interest expense3,063  2,993  2,895  2,692  2,759 
Net interest income15,102  14,799  14,241  14,025  13,668 
Provision for loan losses800  800  650  400  840 
Net interest income after provision for loan losses14,302  13,999  13,591  13,625  12,828 
Noninterest income3,702  3,516  3,282  3,414  3,402 
Noninterest expense12,166  11,906  12,045  12,040  11,480 
Income before income taxes5,838  5,609  4,828  4,999  4,750 
Income tax provision1,699  1,633  1,312  1,425  1,380 
Net earnings$4,139  $3,976  $3,516  $3,574  $3,370 
          
PER COMMON SHARE DATA         
Earnings per common share, basic$0.37  $0.40  $0.40  $0.40  $0.38 
Earnings per common share, diluted0.37  0.39  0.40  0.40  0.38 
Cash dividends per common share0.13  0.26    0.26   
Book value per common share - end of quarter18.74  18.50  16.72  16.22  16.53 
Tangible book value per common share - end of quarter(1)16.79  16.53  14.22  13.70  14.05 
Common shares outstanding - end of quarter11,058,956  11,058,956  8,753,933  8,751,923  8,955,476 
Weighted-average common shares outstanding, basic11,058,956  10,019,049  8,751,945  8,968,262  8,955,476 
Weighted-average common shares outstanding, diluted11,164,429  10,106,825  8,784,410  8,976,328  8,965,057 
          
PERFORMANCE RATIOS         
Return on average assets (annualized)0.87% 0.85% 0.76% 0.79% 0.75%
Return on average equity (annualized)7.99  8.85  9.72  9.68  9.20 
Net interest margin (annualized)3.38  3.40  3.24  3.32  3.26 
Efficiency ratio (2)64.70  65.10  68.74  69.04  67.51 
          
 Nine Months Ended      
 September 30,      
 2017 2016      
INCOME STATEMENTS         
Interest income$53,093  $47,991       
Interest expense8,951  8,176       
Net interest income44,142  39,815       
Provision for loan losses2,250  3,240       
Net interest income after provision for loan losses41,892  36,575       
Noninterest income10,500  9,602       
Noninterest expense36,117  34,340       
Income before income taxes16,275  11,837       
Income tax provision4,644  3,290       
Net earnings$11,631  $8,547       
          
PER COMMON SHARE DATA         
Earnings per common share, basic$1.17  $0.95       
Earnings per common share, diluted1.16  0.95       
Cash dividends per common share0.39  0.26       
Book value per common share - end of quarter18.74  16.53       
Common shares outstanding - end of quarter11,058,956  8,955,476       
Weighted-average common shares outstanding, basic9,951,767  8,991,671       
Weighted-average common shares outstanding, diluted10,027,272  9,001,252       
          
PERFORMANCE RATIOS         
Return on average assets0.82% 0.65%      
Return on average equity8.74  7.89       
Net interest margin3.37  3.25       
Efficiency ratio (2)66.13  69.47       

(1) See Reconciliation of non-GAAP Financial Measures table
(2) 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.


Guaranty Bancshares, Inc.
Selected Financial Data (Unaudited)
(In thousands)
 As of
 2017 2016
 September 30 June 30 March 31 December 31 September 30
LOAN PORTFOLIO COMPOSITION         
Commercial and industrial$192,663  $217,497  $205,903  $223,997  $224,617 
Real estate:         
Construction and development201,067  177,600  152,760  129,366  125,045 
Commercial real estate393,314  378,722  372,855  367,656  360,676 
Farmland54,349  63,839  62,130  62,362  61,902 
1-4 family residential365,889  356,457  360,873  362,952  348,401 
Multi-family residential23,235  28,833  23,943  26,079  34,538 
Consumer51,711  51,677  52,816  53,505  54,345 
Agricultural24,449  21,854  21,473  18,901  19,223 
Overdrafts698  364  390  317  594 
Total loans(1)$1,307,375  $1,296,843  $1,253,143  $1,245,135  $1,229,341 
          
 Quarter Ended
 2017 2016
 September 30 June 30 March 31 December 31 September 30
ALLOWANCE FOR LOAN LOSSES         
Balance at beginning of period$12,525  $11,928  $11,484  $11,166  $11,606 
Loans charged-off(929) (302) (248) (243) (1,330)
Recoveries132  99  42  161  50 
Net charge-offs(797) (203) (206) (82) (1,280)
Provision for loan losses800  800  650  400  840 
Balance at end of period$12,528  $12,525  $11,928  $11,484  $11,166 
          
Allowance for loan losses / period-end loans0.96% 0.97% 0.95% 0.92% 0.91%
Allowance for loan losses / nonperforming loans217.7  316.4  389.0  260.5  179.4 
Net charge-offs / average loans (annualized)0.25  0.06  0.07  0.03  0.42 
          
NON-PERFORMING ASSETS         
Non-performing loans(2)$5,755  $3,958  $3,066  $4,409  $6,223 
Other real estate owned1,929  1,733  1,637  1,692  1,384 
Repossessed assets owned2,479  3,501  3,526  3,530  3,973 
Total non-performing assets$10,163  $9,192  $8,229  $9,631  $11,580 
          
Non-performing assets as a percentage of:         
Total loans(1)0.78% 0.71% 0.66% 0.77% 0.94%
Total assets0.53% 0.48% 0.43% 0.53% 0.65%
          
Restructured loans-nonaccrual    42  43  42 
Restructured loans-accruing316  323  330  462  1,354 
          
 Quarter Ended
 2017 2016
 September 30 June 30 March 31 December 31 September 30
NONINTEREST INCOME         
Service charges$986  $938  $877  $905  $914 
Net realized gain (loss) on securities transactions  25      64 
Net realized gain on sale of loans589  472  429  487  486 
Fiduciary income362  343  350  347  364 
Bank-owned life insurance income116  114  117  116  112 
Merchant and debit card fees778  791  732  715  690 
Loan processing fee income146  163  145  149  161 
Other noninterest income725  670  632  695  611 
Total noninterest income$3,702  $3,516  $3,282  $3,414  $3,402 
          
NONINTEREST EXPENSE         
Employee compensation and benefits$6,729  $6,440  $6,987  $6,554  $6,370 
Occupancy expenses1,938  1,866  1,748  1,674  1,720 
Legal and professional fees692  419  361  577  481 
Software and technology533  517  483  502  451 
Amortization258  259  264  261  240 
Director and committee fees253  248  259  260  222 
Advertising and promotions303  335  241  263  278 
ATM and debit card expense253  264  249  228  203 
Telecommunication expense128  141  143  171  130 
FDIC insurance assessment fees162  174  191  300  300 
Other noninterest expense917  1,243  1,119  1,250  1,085 
Total noninterest expense$12,166  $11,906  $12,045  $12,040  $11,480 
          
 Nine Months Ended      
 September 30,      
 2017 2016      
NONINTEREST INCOME         
Service charges$2,801  $2,625       
Net realized gain (loss) on securities transactions25  82       
Net realized gain on sale of loans1,490  1,231       
Fiduciary income1,055  1,058       
Bank-owned life insurance income347  337       
Merchant and debit card fees2,301  2,026       
Loan processing fee income454  473       
Other noninterest income2,027  1,770       
Total noninterest income$10,500  $9,602       
          
NONINTEREST EXPENSE         
Employee compensation and benefits$20,156  $19,057       
Occupancy expenses5,552  5,196       
Legal and professional fees1,472  1,358       
Software and technology1,533  1,368       
Amortization781  719       
Director and committee fees760  680       
Advertising and promotions879  752       
ATM and debit card expense766  705       
Telecommunication expense412  438       
FDIC insurance assessment fees527  900       
Other noninterest expense3,279  3,167       
Total noninterest expense$36,117  $34,340       

(1) Excludes outstanding balances of loans held for sale of $3.4 million, $2.4 million, $1.4 million, $2.6 million and $3.1 million as of September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016, respectively.
(2) Restructured loans-nonaccrual are included in nonaccrual loans which are a component of nonperforming loans.


Guaranty Bancshares, Inc.
Selected Financial Data (Unaudited)
(In thousands)
 For the Three Months Ended September 30,
 2017 2016
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
ASSETS           
Interest-earnings assets:           
Total loans(1)$1,300,307  $15,486  4.72% $1,223,611  $14,294  4.65%
Securities available for sale245,409  1,376  2.22% 163,563  709  1.72%
Securities held to maturity180,737  1,088  2.39% 196,003  1,252  2.54%
Nonmarketable equity securities6,541  59  3.58% 8,816  61  2.75%
Interest-bearing deposits in other banks40,997  156  1.51% 75,112  111  0.59%
Total interest-earning assets1,773,991  $18,165  4.06% 1,667,105  $16,427  3.92%
Allowance for loan losses(12,492)     (11,843)    
Noninterest-earnings assets145,958      140,087     
Total assets$1,907,457      $1,795,349     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,224,991  $2,730  0.88% $1,162,060  $2,329  0.80%
Advances from FHLB and fed funds purchased50,420  157  1.24% 93,001  97  0.41%
Other debt    % 10,000  104  4.14%
Subordinated debentures13,821  164  4.71% 20,310  217  4.25%
Securities sold under agreements to repurchase14,262  12  0.33% 11,952  12  0.40%
Total interest-bearing liabilities1,303,494  $3,063  0.93% 1,297,323  $2,759  0.85%
Noninterest-bearing liabilities:           
Noninterest-bearing deposits390,043      344,721     
Accrued interest and other liabilities6,798      6,752     
Total noninterest-bearing liabilities396,841      351,473     
Shareholders’ equity207,122      146,553     
Total liabilities and shareholders’ equity$1,907,457      $1,795,349     
Net interest rate spread(2)    3.13%     3.07%
Net interest income  $15,102      $13,668   
Net interest margin(3)    3.38%     3.26%

(1) Includes average outstanding balances of loans held for sale of $2.1 million and $1.7 million for the three months ended September 30, 2017 and 2016, 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.

 For the Nine Months Ended September 30,
 2017 2016
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
ASSETS           
Interest-earnings assets:           
Total loans(1)$1,269,387  $45,115  4.75% $1,158,807  $40,857  4.71%
Securities available for sale216,908  3,678  2.27% 216,744  3,057  1.88%
Securities held to maturity184,269  3,340  2.42% 179,963  3,549  2.63%
Nonmarketable equity securities7,012  379  7.23% 8,452  193  3.05%
Interest-bearing deposits in other banks72,948  581  1.06% 74,525  335  0.60%
Total interest-earning assets1,750,524  $53,093  4.06% 1,638,491  $47,991  3.91%
Allowance for loan losses(12,040)     (10,654)    
Noninterest-earnings assets144,937      137,796     
Total assets$1,883,421      $1,765,633     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,243,536  $7,761  0.83% $1,169,468  $6,791  0.78%
Advances from FHLB and fed funds purchased41,661  294  0.94% 65,503  240  0.49%
Other debt8,973  300  4.48% 13,650  452  4.42%
Subordinated debentures16,607  559  4.50% 20,642  656  4.25%
Securities sold under agreements to repurchase12,937  37  0.38% 12,264  37  0.40%
Total interest-bearing liabilities1,323,714  $8,951  0.90% 1,281,527  $8,176  0.85%
Noninterest-bearing liabilities:           
Noninterest-bearing deposits375,655      333,640     
Accrued interest and other liabilities6,650      5,939     
Total noninterest-bearing liabilities382,305      339,579     
Shareholders’ equity177,402      144,527     
Total liabilities and shareholders’ equity$1,883,421      $1,765,633     
Net interest rate spread(2)    3.15%     3.06%
Net interest income  $44,142      $39,815   
Net interest margin(3)    3.37%     3.25%

(1) Includes average outstanding balances of loans held for sale of $3.5 million and $3.2 million for the nine months ended September 30, 2017 and 2016, 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.

Guaranty Bancshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In thousands, except share and per share data)
 As of
 2017 2016
 September 30 June 30 March 31 December 31 September 30
Total shareholders’ equity, including  KSOP-owned shares$207,263  $204,551  $146,366  $141,914  $148,005 
Adjustments:         
Goodwill(18,742) (18,742) (18,742) (18,742) (18,742)
Core deposit and other intangibles(2,870) (3,016) (3,162) (3,308) (3,453)
Total tangible common equity$185,651  $182,793  $124,462  $119,864  $125,810 
Common shares outstanding - end of period(1)11,058,956  11,058,956  8,753,933  8,751,923  8,955,476 
Book value per common share$18.74  $18.50  $16.72  $16.22  $16.53 
Tangible book value per common share$16.79  $16.53  $14.22  $13.70  $14.05 

(1) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per share” 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.

About Guaranty Bancshares, Inc.

Guaranty Bancshares, Inc. is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Guaranty Bank & Trust, N.A. As one of the oldest regional community banks in Texas, Guaranty Bank & Trust provides its customers with a full array of relationship-driven commercial and consumer banking products and services, as well as mortgage, trust, and wealth management products and services that are tailored to meet the needs of small and medium-sized businesses, professionals, and individuals. Guaranty Bank & Trust has 26 banking locations across 18 Texas communities located within the East Texas, Dallas/Fort Worth and Central Texas regions of the state.  Visit www.gnty.com for more information.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; the composition of our loan portfolio, including deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to execute our business plan; acquisitions and integrations of acquired businesses; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; and the amount of nonperforming and classified assets we hold. 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.

Contact:

Cappy A. Payne
Senior Executive Vice President and Chief Financial Officer
(888) 572-9881
[email protected]

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Source: Guaranty Bancshares, Inc.