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Section 1: 10-Q (10-Q)

gnty-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             .

Commission File Number: 001-38087

 

GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

 

Texas

001-38087

75-1656431

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

16475 Dallas Parkway, Suite 600

Addison, Texas

 

75001

(Address of Principal Executive Offices)

 

(Zip Code)

 

(888) 572 - 9881

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

GNTY

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”  “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer  

 

 

 

 

Non-accelerated filer

Smaller reporting company  

 

 

 

 

 

 

Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the

Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  ☐  No  

 

 

 

As of May 1, 2020, there were 11,013,804 outstanding shares of the registrant’s common stock, par value $1.00 per share.

 


 

GUARANTY BANCSHARES, INC.

 

 

 

PART I — FINANCIAL INFORMATION

 

Page

 

 

 

 

 

Item 1.

 

Financial Statements – (Unaudited)

 

3

 

 

Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

 

3

 

 

Consolidated Statements of Earnings for the Three Months Ended March 31, 2020 and 2019

 

4

 

 

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and 2019

 

5

 

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2020 and 2019

 

6

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019

 

7

 

 

Notes to Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

41

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

68

Item 4.

 

Controls and Procedures

 

68

 

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

70

Item 1A.

 

Risk Factors

 

70

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

71

Item 3.

 

Defaults Upon Senior Securities

 

72

Item 4.

 

Mine Safety Disclosures

 

72

Item 5.

 

Other Information

 

72

Item 6.

 

Exhibits

 

72

 

 

 

 

 

SIGNATURES

 

73

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GUARANTY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

(Unaudited)

 

 

(Audited)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

40,354

 

 

$

39,907

 

Federal funds sold

 

 

81,250

 

 

 

45,246

 

Interest-bearing deposits

 

 

25,324

 

 

 

5,561

 

Total cash and cash equivalents

 

 

146,928

 

 

 

90,714

 

Securities available for sale

 

 

377,062

 

 

 

212,716

 

Securities held to maturity

 

 

 

 

 

155,458

 

Loans held for sale

 

 

4,024

 

 

 

2,368

 

Loans, net of allowance for credit losses of $21,948 and $16,202, respectively

 

 

1,696,861

 

 

 

1,690,794

 

Accrued interest receivable

 

 

8,148

 

 

 

9,151

 

Premises and equipment, net

 

 

54,496

 

 

 

53,431

 

Other real estate owned

 

 

605

 

 

 

603

 

Cash surrender value of life insurance

 

 

34,713

 

 

 

34,495

 

Core deposit intangible, net

 

 

3,639

 

 

 

3,853

 

Goodwill

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

32,348

 

 

 

32,701

 

Total assets

 

$

2,390,984

 

 

$

2,318,444

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

528,817

 

 

$

525,865

 

Interest-bearing

 

 

1,471,609

 

 

 

1,430,939

 

Total deposits

 

 

2,000,426

 

 

 

1,956,804

 

Securities sold under agreements to repurchase

 

 

11,843

 

 

 

11,100

 

Accrued interest and other liabilities

 

 

23,645

 

 

 

23,061

 

Line of credit

 

 

20,000

 

 

 

 

Federal Home Loan Bank advances

 

 

70,614

 

 

 

55,118

 

Subordinated debentures

 

 

10,810

 

 

 

10,810

 

Total liabilities

 

 

2,137,338

 

 

 

2,056,893

 

Commitments and contingencies (see Note 11)

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

Preferred stock, $5.00 par value, 15,000,000 shares authorized, no shares issued

 

 

 

 

 

 

Common stock, $1.00 par value, 50,000,000 shares authorized, 12,908,097 and 12,905,097 shares issued, and 11,128,556 and 11,547,443 shares outstanding, respectively

 

 

12,908

 

 

 

12,905

 

Additional paid-in capital

 

 

186,916

 

 

 

186,692

 

Retained earnings

 

 

98,805

 

 

 

98,239

 

Treasury stock, 1,779,541 and 1,357,654 shares at cost

 

 

(45,309

)

 

 

(34,492

)

Accumulated other comprehensive income (loss)

 

 

326

 

 

 

(1,793

)

Total shareholders' equity

 

 

253,646

 

 

 

261,551

 

Total liabilities and shareholders' equity

 

$

2,390,984

 

 

$

2,318,444

 

 

See accompanying notes to consolidated financial statements.

3.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Interest income

 

 

 

 

 

 

 

 

Loans, including fees

 

$

22,517

 

 

$

22,244

 

Securities

 

 

 

 

 

 

 

 

Taxable

 

 

1,294

 

 

 

1,599

 

Nontaxable

 

 

975

 

 

 

959

 

Federal funds sold and interest-bearing deposits

 

 

466

 

 

 

505

 

Total interest income

 

 

25,252

 

 

 

25,307

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

Deposits

 

 

4,421

 

 

 

5,673

 

FHLB advances and federal funds purchased

 

 

82

 

 

 

447

 

Subordinated debentures

 

 

143

 

 

 

169

 

Other borrowed money

 

 

37

 

 

 

11

 

Total interest expense

 

 

4,683

 

 

 

6,300

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

20,569

 

 

 

19,007

 

Provision for credit losses

 

 

1,400

 

 

 

575

 

Net interest income after provision for credit losses

 

 

19,169

 

 

 

18,432

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

Service charges

 

 

908

 

 

 

826

 

Net realized gain on sale of loans

 

 

1,189

 

 

 

477

 

Other income

 

 

2,864

 

 

 

2,259

 

Total noninterest income

 

 

4,961

 

 

 

3,562

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

9,466

 

 

 

8,986

 

Occupancy expenses

 

 

2,477

 

 

 

2,451

 

Other expenses

 

 

4,464

 

 

 

4,033

 

Total noninterest expense

 

 

16,407

 

 

 

15,470

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

7,723

 

 

 

6,524

 

Income tax provision

 

 

1,445

 

 

 

1,187

 

Net earnings

 

$

6,278

 

 

$

5,337

 

Basic earnings per share

 

$

0.55

 

 

$

0.45

 

Diluted earnings per share

 

$

0.55

 

 

$

0.45

 

 

 

See accompanying notes to consolidated financial statements.

4.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Net earnings

 

$

6,278

 

 

$

5,337

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Unrealized gains on securities

 

 

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

1,104

 

 

 

5,159

 

Unrealized gains on held to maturity securities transferred

to available for sale

 

 

2,265

 

 

 

 

Amortization of net unrealized gains on held to maturity securities

 

 

46

 

 

 

5

 

Tax effect

 

 

(710

)

 

 

(1,086

)

Unrealized gains on securities, net of tax

 

 

2,705

 

 

 

4,078

 

Unrealized holding losses arising during the period on interest rate swaps

 

 

(586

)

 

 

(83

)

Total other comprehensive income

 

 

2,119

 

 

 

3,995

 

Comprehensive income

 

$

8,397

 

 

$

9,332

 

 

 

 

See accompanying notes to consolidated financial statements.

5.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

Preferred

Stock

 

 

Common

Stock

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

 

Total

Shareholders’

Equity

 

For the Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

$

 

 

$

12,835

 

 

$

185,174

 

 

$

80,088

 

 

$

(24,352

)

 

$

(9,162

)

 

$

244,583

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

5,337

 

 

 

 

 

 

 

 

 

5,337

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,995

 

 

 

3,995

 

Exercise of stock options

 

 

 

 

 

19

 

 

 

462

 

 

 

 

 

 

 

 

 

 

 

 

481

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,215

)

 

 

 

 

 

(2,215

)

Restricted stock grants

 

 

 

 

 

31

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

137

 

 

 

 

 

 

 

 

 

 

 

 

137

 

Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.17 per share

 

 

 

 

 

 

 

 

 

 

 

(2,008

)

 

 

 

 

 

 

 

 

(2,008

)

Balance at March 31, 2019

 

$

 

 

$

12,885

 

 

$

185,742

 

 

$

83,417

 

 

$

(26,567

)

 

$

(5,167

)

 

$

250,310

 

 

For the Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

 

 

$

12,905

 

 

$

186,692

 

 

$

98,239

 

 

$

(34,492

)

 

$

(1,793

)

 

$

261,551

 

Impact of adoption of ASC 326, net of tax of $955

 

 

 

 

 

 

 

 

 

 

 

(3,593

)

 

 

 

 

 

 

 

 

(3,593

)

Net earnings

 

 

 

 

 

 

 

 

 

 

 

6,278

 

 

 

 

 

 

 

 

 

6,278

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,119

 

 

 

2,119

 

Exercise of stock options

 

 

 

 

 

3

 

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

72

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,817

)

 

 

 

 

 

(10,817

)

Stock based compensation

 

 

 

 

 

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

155

 

Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.19 per share

 

 

 

 

 

 

 

 

 

 

 

(2,119

)

 

 

 

 

 

 

 

 

(2,119

)

Balance at March 31, 2020

 

$

 

 

$

12,908

 

 

$

186,916

 

 

$

98,805

 

 

$

(45,309

)

 

$

326

 

 

$

253,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

6.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

 

For the Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net earnings

 

$

6,278

 

 

$

5,337