Press Release

Guaranty Bancshares, Inc. Reports Second Quarter Financial Results

Company Release - 7/24/2017 9:22 AM ET

MOUNT PLEASANT, Texas, July 24, 2017 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ:GNTY), the holding company for Guaranty Bank & Trust, today reported second quarter 2017 results.  The company's net income available to common shareholders was $4.0 million, or $0.40 per basic share, for the quarter ended June 30, 2017, compared to $2.5 million, or $0.27 per basic share, for the quarter ended June 30, 2016.  The growth in net income was primarily attributable to growth in net interest income of $1.5 million, and the growth in earnings per share was impacted by the issuance of 2,300,000 shares of common stock in the company's initial public offering, which closed in May 2017.   Returns on average assets and average equity for the second quarter were 0.85% and 8.85%, respectively, compared to 0.57% and 6.83%, respectively, for the same period during 2016. 

Net interest income for the second quarter of 2017 and 2016 was $14.8 million and $13.3 million, respectively, an increase of 10.9%.  Net interest margin for the second quarter of 2017 and 2016 was 3.40% and 3.27%, respectively.  Net interest income and net interest margin, on a taxable equivalent basis, was $15.2 million and 3.53%, respectively, for the second quarter of 2017.

The provision for loan losses was $800,000 in the second quarter of 2017 compared with $650,000 in the first quarter of 2017 and $2.0 million in the second quarter of 2016.  The provision for loan losses in the second quarter of 2017 reflects a significant decrease over the prior year's quarter as a result of improvements in asset quality over the respective periods.   The level of provision during the second quarter of 2017 is primarily attributable to growth in our loan portfolio of $43.7 million during the quarter.  Nonperforming assets as a percentage of total loans were 0.71% at June 30, 2017, compared to 0.66% at March 31, 2017, and 1.01% at June 30, 2016.  Classified loans totaled $22.3 million at June 30, 2017, compared to $22.4 million at March 31, 2017, and $35.7 million at June 30, 2016.

Noninterest income increased 6.3% in the second quarter of 2017 to $3.5 million, compared to $3.3 million in the same quarter a year ago.  Merchant and debit card fees increased 15.3% to $791,000, compared to $686,000 in the same quarter last year due to continued growth in net new accounts and debit cards.  All other categories of noninterest income increased with the continued growth of the bank. 

Noninterest expense for the second quarter of 2017 totaled $11.9 million, compared to $11.4 million in the second quarter of 2016, an increase of 4.6%.   The increase in noninterest expense in the second quarter of 2017 was primarily driven by a $203,000 increase in salary and employee benefit expense when compared to the same quarter a year ago, a $137,000 increase in occupancy expenses and a $111,000 increase in other expenses.  The company's efficiency ratio in the second quarter of 2017 was 65.10%, compared to 68.28% in the same quarter last year.

For the six months ended June 30, 2017, net income increased 44.7% to $7.5 million from $5.2 million for the same period a year ago.   Basic earnings per share rose to $0.80 for the six months ended June 30, 2017 from $0.57 during the same period last year.   Net interest income increased 11.1% to $29.0 million for the six months ended June 30, 2017 from $26.1 million during the same period a year ago.   The provision for loan losses totaled $1.5 million, compared to $2.4 million for the six months ended June 30, 2016.   Noninterest income was $6.8 million for the six months ended June 30, 2017, compared to $6.2 million a year ago.   Noninterest expense was $24.0 million for the six months ended June 30, 2017, compared to $22.9 million during the same period last year. 

As of June 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 June 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 June 30, 2016.  Deposits totaled $1.6 billion at June 30, 2017, compared to $1.6 billion at December 31, 2016, and $1.5 billion at June 30, 2016.  Shareholders' equity rose to $204.6 million as of June 30, 2017, compared to $141.9 million at December 31, 2016, and $144.7 million at June 30, 2016.

Guaranty Bancshares Chairman and Chief Executive Officer, Ty Abston, said, "We continue to execute on our growth plans for 2017 and are pleased with the first half results.   We see several opportunities in front of us to further expand the Guaranty brand and continue to capitalize on the benefits of additional asset growth."

 
Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
 
 As of
 2017 2016
 June 30 March 31 December 31 September 30 June 30
ASSETS         
Cash and due from banks$36,389  $32,576  $39,605  $31,233  $34,724 
Federal funds sold17,700  83,175  60,600  61,175  51,150 
Interest-bearing deposits29,217  28,006  27,338  26,891  28,326 
Total cash and cash equivalents83,306  143,757  127,543  119,299  114,200 
Securities available for sale246,233  214,463  156,925  143,243  179,939 
Securities held to maturity182,248  185,837  189,371  193,083  197,969 
Loans held for sale2,435  1,446  2,563  3,086  2,922 
Loans, net1,284,318  1,241,215  1,233,651  1,218,175  1,173,555 
Accrued interest receivable7,631  6,304  7,419  5,904  6,957 
Premises and equipment, net44,491  44,823  44,810  45,043  43,841 
Other real estate owned1,733  1,637  1,692  1,384  1,414 
Cash surrender value of life insurance18,035  17,922  17,804  17,212  17,100 
Deferred tax asset4,121  4,426  4,892  3,650  3,014 
Core deposit intangible, net3,016  3,162  3,308  3,453  3,557 
Goodwill18,742  18,742  18,742  18,742  18,601 
Other assets16,160  17,465  19,616  20,681  16,217 
Total assets$1,912,469  $1,901,199  $1,828,336  $1,792,955  $1,779,286 
          
LIABILITIES AND SHAREHOLDERS' EQUITY         
Noninterest-bearing deposits$387,725  $370,810  $358,752  $347,876  $335,690 
Interest-bearing deposits1,258,648  1,300,361  1,218,039  1,187,485  1,156,225 
Total deposits1,646,373  1,671,171  1,576,791  1,535,361  1,491,915 
Securities sold under agreements to repurchase14,153  12,663  10,859  12,709  14,817 
Accrued interest and other liabilities7,921  7,595  6,006  6,753  7,005 
Other debt  18,929  18,286  9,643  10,000 
Federal Home Loan Bank advances25,161  25,165  55,170  60,174  90,532 
Subordinated debentures14,310  19,310  19,310  20,310  20,310 
Total liabilities1,707,918  1,754,833  1,686,422  1,644,950  1,634,579 
Commitments and contingent liabilities:         
KSOP-owned shares  34,300  31,661  39,923  39,923 
          
Shareholders' equity204,551  146,366  141,914  148,005  144,707 
Less: KSOP-owned shares  34,300  31,661  39,923  39,923 
Total shareholders' equity204,551  112,066  110,253  108,082  104,784 
Total liabilities and shareholders' equity$1,912,469  $1,901,199  $1,828,336  $1,792,955  $1,779,286 
          
 Quarter Ended
 2017 2016
 June 30 March 31 December 31 September 30 June 30
INCOME STATEMENTS         
Interest income$17,792  $17,136  $16,717  $16,427  $16,095 
Interest expense2,993  2,895  2,692  2,759  2,751 
Net interest income14,799  14,241  14,025  13,668  13,344 
Provision for loan losses800  650  400  840  1,950 
Net interest income after provision for loan losses13,999  13,591  13,625  12,828  11,394 
          
Noninterest income3,516  3,282  3,414  3,402  3,309 
Noninterest expense11,906  12,045  12,040  11,480  11,383 
Income before income taxes5,609  4,828  4,999  4,750  3,320 
Income tax provision1,633  1,312  1,425  1,380  820 
Net earnings$3,976  $3,516  $3,574  $3,370  $2,500 
          
PER COMMON SHARE DATA         
Earnings per common share, basic$0.40  $0.40  $0.40  $0.38  $0.27 
Earnings per common share, diluted0.39  0.40  0.40  0.38  0.27 
Cash dividends per common share0.26    0.26    0.26 
Book value per common share - end of quarter18.50  16.72  16.22  16.53  16.16 
Tangible book value per common share - end of quarter(1)16.53  14.22  13.70  14.05  13.68 
Common shares outstanding - end of quarter11,058,956  8,753,933  8,751,923  8,955,476  8,955,476 
Weighted-average common shares outstanding, basic10,019,049  8,751,945  8,968,262  8,955,476  9,257,995 
Weighted-average common shares outstanding, diluted10,106,825  8,784,410  8,976,328  8,965,057  9,267,642 
          
PERFORMANCE RATIOS         
Return on average assets (annualized)0.85% 0.76% 0.79% 0.75% 0.57%
Return on average equity (annualized)8.85  9.72  9.68  9.20  6.83 
Net interest margin (annualized)3.40  3.24  3.32  3.26  3.27 
Efficiency ratio (2)65.10  68.74  69.04  67.51  68.28 
          
 Six Months Ended      
 June 30,      
 2017 2016      
INCOME STATEMENTS         
Interest income$34,928  $31,564       
Interest expense5,888  5,417       
Net interest income29,040  26,147       
Provision for loan losses1,450  2,400       
Net interest income after provision for loan losses27,590  23,747       
Noninterest income6,798  6,200       
Noninterest expense23,951  22,860       
Income before income taxes10,437  7,087       
Income tax provision2,945  1,910       
Net earnings$7,492  $5,177       
          
PER COMMON SHARE DATA         
Earnings per common share, basic$0.80  $0.57       
Earnings per common share, diluted0.79  0.57       
Cash dividends per common share0.26  0.26       
Book value per common share - end of quarter18.50  16.16       
Common shares outstanding - end of quarter11,058,956  8,955,476       
Weighted-average common shares outstanding, basic9,388,998  8,968,052       
Weighted-average common shares outstanding, diluted9,449,271  8,977,966       
          
PERFORMANCE RATIOS         
Return on average assets0.80% 0.59%      
Return on average equity9.23  7.22       
Net interest margin3.37  3.24       
Efficiency ratio (2)66.88  70.64       

(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
 June 30 March 31 December 31 September 30 June 30
LOAN PORTFOLIO COMPOSITION         
Commercial and industrial$217,497  $205,903  $223,997  $224,617  $218,397 
Real estate:         
Construction and development177,600  152,760  129,366  125,045  108,698 
Commercial real estate378,722  372,855  367,656  360,676  347,432 
Farmland63,839  62,130  62,362  61,902  66,174 
1-4 family residential356,457  360,873  362,952  348,401  334,569 
Multi-family residential28,833  23,943  26,079  34,538  36,860 
Consumer51,677  52,816  53,505  54,345  53,027 
Agricultural21,854  21,473  18,901  19,223  19,444 
Overdrafts364  390  317  594  560 
Total loans(1)$1,296,843  $1,253,143  $1,245,135  $1,229,341  $1,185,161 
          
 Quarter Ended
 2017 2016
 June 30 March 31 December 31 September 30 June 30
ALLOWANCE FOR LOAN LOSSES         
Balance at beginning of period$11,928  $11,484  $11,166  $11,606  $9,665 
Loans charged-off(302) (248) (243) (1,330) (85)
Recoveries99  42  161  50  76 
Net recoveries (charge-offs)(203) (206) (82) (1,280) (9)
Provision for loan losses800  650  400  840  1,950 
Balance at end of period$12,525  $11,928  $11,484  $11,166  $11,606 
          
Allowance for loan losses / period-end loans0.97% 0.95% 0.92% 0.91% 0.98%
Allowance for loan losses / nonperforming loans316.4  389.0  260.5  179.4  110.5 
Net charge-offs / average loans (annualized)0.06  0.07  0.03  0.42   
          
SUMMARY OF LOAN CLASSIFICATION         
Special mention$10,316  $10,192  $11,791  $11,119  $17,847 
Substandard12,019  11,986  14,752  12,556  13,885 
Doubtful  182  136  146  3,981 
Total classified loans$22,335  $22,360  $26,679  $23,821  $35,713 
          
NON-PERFORMING ASSETS         
Non-accrual loans(2)$3,958  $3,066  $4,409  $6,223  $10,502 
Other real estate owned1,733  1,637  1,692  1,384  1,414 
Repossessed assets owned3,501  3,526  3,530  3,973  37 
Total non-performing assets$9,192   $8,229   $9,631  $11,580  $11,953 
          
Non-performing assets as a percentage of:         
Total loans(1)(2)0.71% 0.66% 0.77% 0.94% 1.01%
Total assets0.48% 0.43% 0.53% 0.65% 0.67%
          
Restructured loans-nonaccrual  42  43  42  3,220 
Restructured loans-accruing323  330  462  1,354  1,360 
          
 Quarter Ended
 2017 2016
 June 30 March 31 December 31 September 30 June 30
NONINTEREST INCOME         
Service charges$938  $877  $905  $914  $888 
Net realized gain (loss) on securities transactions25      64  (19)
Net realized gain on sale of loans472  429  487  486  519 
Fiduciary income343  350  347  364  345 
Bank-owned life insurance income114  117  116  112  107 
Merchant and debit card fees791  732  715  690  686 
Loan processing fee income163  145  149  161  170 
Other noninterest income670  632  695  611  613 
Total noninterest income$3,516  $3,282  $3,414  $3,402  $3,309 
          
NONINTEREST EXPENSE         
Employee compensation and benefits$6,440  $6,987  $6,554  $6,370  $6,237 
Occupancy expenses1,866  1,748  1,674  1,720  1,729 
Legal and professional fees419  361  577  481  426 
Software and technology517  483  502  451  441 
Amortization259  264  261  240  237 
Director and committee fees248  259  260  222  230 
Advertising and promotions335  241  263  278  272 
ATM and debit card expense264  249  228  203  233 
Telecommunication expense141  143  171  130  146 
FDIC insurance assessment fees174  191  300  300  300 
Other noninterest expense1,243  1,119  1,250  1,085  1,132 
Total noninterest expense$11,906  $12,045  $12,040  $11,480  $11,383 
          
 Six Months Ended      
 June 30,      
 2017 2016      
NONINTEREST INCOME         
Service charges$1,815  $1,711       
Net realized gain (loss) on securities transactions25  18       
Net realized gain on sale of loans901  745       
Fiduciary income693  694       
Bank-owned life insurance income231  225       
Merchant and debit card fees1,523  1,336       
Loan processing fee income308  312       
Other noninterest income1,302  1,159       
Total noninterest income$6,798  $6,200       
          
NONINTEREST EXPENSE         
Employee compensation and benefits$13,427  $12,687       
Occupancy expenses3,614  3,476       
Legal and professional fees780  877       
Software and technology1,000  917       
Amortization523  479       
Director and committee fees507  458       
Advertising and promotions576  474       
ATM and debit card expense513  502       
Telecommunication expense284  308       
FDIC insurance assessment fees365  600       
Other noninterest expense2,362  2,082       
Total noninterest expense$23,951  $22,860       

(1) Excludes outstanding balances of loans held for sale of $2.4 million, $1.4 million, $2.6 million, $3.1 million, and $2.9 million as of June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 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 June 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)$1,273,989  $15,214  4.79% $1,160,885  $13,649  4.73%
Securities available for sale217,031  1,198  2.21% 206,302  927  1.81%
Securities held to maturity184,524  1,123  2.44% 199,985  1,336  2.69%
Nonmarketable equity securities5,774  64  4.45% 8,808  85  3.88%
Interest-bearing deposits in other banks66,272  193  1.17% 66,325  98  0.59%
Total interest-earning assets1,747,590  $17,792  4.08% 1,642,305  $16,095  3.94%
Allowance for loan losses(12,054)      (10,653)     
Noninterest-earnings assets144,489       137,411      
Total assets$1,880,025       $1,769,063      
LIABILITIES AND SHAREHOLDERS' EQUITY             
Interest-bearing liabilities:             
Interest-bearing deposits$1,251,623  $2,627  0.84% $1,159,625  $2,276  0.79%
Advances from FHLB and fed funds purchased25,163  44  0.70% 79,448  91  0.46%
Other debt8,431  120  5.71% 13,007  154  4.76%
Subordinated debentures16,750  188  4.50% 20,310  217  4.30%
Securities sold under agreements to repurchase13,437  14  0.42% 13,501  13  0.39%
Total interest-bearing liabilities1,315,404  $2,993  0.91% 1,285,891  $2,751  0.86%
Noninterest-bearing liabilities:             
Noninterest-bearing deposits377,994       330,887      
Accrued interest and other liabilities6,991       5,967      
Total noninterest-bearing liabilities384,985       336,854      
Shareholders’ equity179,636       146,318      
Total liabilities and shareholders’ equity$1,880,025       $1,769,063      
Net interest rate spread(2)    3.17%     3.08%
Net interest income  $14,799       $13,344    
Net interest margin(3)    3.40%     3.27%

(1) Includes average outstanding balances of loans held for sale of $1.4 million and $1.5 million for the three months ended June 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 Six Months Ended June 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)$1,253,670  $29,629  4.77% $1,126,049  $26,563  4.74%
Securities available for sale202,421  2,302  2.29% 243,626  2,348  1.94%
Securities held to maturity186,064  2,252  2.44% 171,854  2,297  2.69%
Nonmarketable equity securities7,251  320  8.90% 8,268  132  3.21%
Interest-bearing deposits in other banks89,189  425  0.96% 74,228  224  0.61%
Total interest-earning assets1,738,595  $34,928  4.05% 1,624,025  $31,564  3.91%
Allowance for loan losses(11,810)      (10,053)     
Noninterest-earnings assets144,418       136,638      
Total assets$1,871,203       $1,750,610      
LIABILITIES AND SHAREHOLDERS' EQUITY             
Interest-bearing liabilities:             
Interest-bearing deposits$1,252,962  $5,031  0.81% $1,173,073  $4,462  0.76%
Advances from FHLB and fed funds purchased37,209  112  0.61% 51,603  143  0.56%
Other debt13,534  325  4.84% 15,506  348  4.51%
Subordinated debentures18,023  395  4.42% 20,810  439  4.24%
Securities sold under agreements to repurchase12,263  25  0.41% 12,422  25  0.40%
Total interest-bearing liabilities1,333,991  $5,888  0.89% 1,273,414  $5,417  0.86%
Noninterest-bearing liabilities:             
Noninterest-bearing deposits368,341       328,178      
Accrued interest and other liabilities6,576       5,516      
Total noninterest-bearing liabilities374,917       333,694      
Shareholders’ equity162,295       143,502      
Total liabilities and shareholders’ equity$1,871,203       $1,750,610      
Net interest rate spread(2)    3.16%     3.05%
Net interest income  $29,040       $26,147    
Net interest margin(3)    3.37%     3.24%

(1) Includes average outstanding balances of loans held for sale of $2.8 million and $3.0 million for the six months ended June 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
 June 30 March 31 December 31 September 30 June 30
Total shareholders’ equity, including  KSOP-owned shares$204,551  $146,366  $141,914  $148,005  $144,707 
Adjustments:         
Goodwill(18,742) (18,742) (18,742) (18,742) (18,601)
Core deposit and other intangibles(3,016) (3,162) (3,308) (3,453) (3,557)
Total tangible common equity$182,793  $124,462  $119,864  $125,810  $122,549 
Common shares outstanding - end of period(1)11,058,956  8,753,933  8,751,923  8,955,476  8,955,476 
Book value per common share$18.50  $16.72  $16.22  $16.53  $16.16 
Tangible book value per common share$16.53  $14.22  $13.70  $14.05  $13.68 

(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 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 metroplex and Bryan/College Station markets of Texas. 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.

Contacts:

Analysts/Investors:
Cappy Payne
Senior Executive Vice President and Chief Financial Officer
(888) 572-9881
[email protected]

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Source: Guaranty Bancshares, Inc.