Press Release

Guaranty Bancshares, Inc. Reports Third Quarter 2018 Financial Results

Company Release - 10/23/2018 8:00 AM ET

MOUNT PLEASANT, Texas, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ: GNTY) ("Guaranty", "company", "we", "us", "our"), the holding company for Guaranty Bank & Trust, N.A., today reported financial results for the fiscal quarter ended September 30, 2018. The company's net income available to common shareholders was $5.1 million, or $0.43 per basic share, for the quarter ended September 30, 2018, compared to $4.6 million, or $0.41 per basic share, for the quarter ended June 30, 2018 and $4.1 million, or $0.37 per basic share, for the quarter ended September 30, 2017. The earnings per basic share during the third quarter of 2018, compared to the same period in 2017, were impacted by the issuance of 899,816 shares of common stock in connection with the completion of the Westbound Bank ("Westbound") acquisition on June 1, 2018. Excluding the Westbound acquisition related expenses during the quarter of $365,000, basic earnings per share during the third quarter of 2018 would be $0.46 per basic share. Return on average assets and average equity for the third quarter were 0.91% and 8.39%, respectively, compared to 0.90% and 8.58%, respectively for the second quarter of 2018 and 0.87% and 7.99%, respectively, for the same period during 2017.

The company's growth in net earnings in the third quarter of 2018, as compared to the third quarter of 2017, was primarily attributable to growth in net interest income, before the provision for loan losses, of $3.1 million and a decrease in the income tax provision of $539,000. These items were partially offset by a decrease in noninterest income of $153,000, an increase in noninterest expense of $2.9 million, which includes nonrecurring Westbound acquisition related expenses during the quarter of $365,000, as well as $8.2 million in employee and compensation benefits for the quarter ended September 30, 2018, an increase of $1.4 million, or 21.2%, from the quarter ended September 30, 2017. The increase in employee compensation and benefits resulted from an increase of 57 full-time equivalent employees, from 397 as of September 30, 2017 to 454 as of September 30, 2018, of which 28 new employees were related to the Westbound acquisition, nine were from our two de novo locations in Austin and Fort Worth, Texas that were opened in the fourth quarter of 2017, and other employees were added to support operational growth and our SBA department.

Net interest income for the third quarter of 2018 and 2017 was $18.2 million and $15.1 million, respectively, an increase of $3.1 million, or 20.7%. Net interest margin for the third quarter of 2018 and 2017 was 3.50% and 3.38% respectively. Net interest income and net interest margin, on a taxable equivalent basis, were $18.3 million and 3.58%, respectively, for the third quarter of 2018.

The provision for loan losses was $500,000 in the third quarter of 2018, compared to $650,000 in the second quarter of 2018 and $800,000 in the third quarter of 2017. The provision for loan losses is primarily reflective of organic growth during the respective periods. Nonperforming assets as a percentage of total loans have improved and were 0.69% at September 30, 2018, compared to 0.76% at June 30, 2018, and 0.78% at September 30, 2017.

Noninterest income decreased $367,000, or 9.4%, in the third quarter of 2018 to $3.5 million, compared to $3.9 million for the quarter ended June 30, 2018. Noninterest income decreased $153,000, or 4.1%, in the third quarter of 2018, compared to $3.7 million for the quarter ended September 30, 2017. Merchant and debit card income increased 20.4% to $937,000, compared to $778,000 in the same quarter last year due to continued growth in net new accounts and debit card usage. Gain on sale of mortgage loans increased $48,000, or 8.1%, from $589,000 in the third quarter of 2017 to $637,000 in the current quarter. The increase in gain on sale of mortgage loans results from increases in the volume and amount of the loans sold. These increases were partially offset by decreases in service charge income of $65,000, or 6.6%, and decreases in other noninterest income of $389,000, or 53.7%, from the same quarter in 2017. The decrease in other noninterest income during the third quarter of 2018 resulted from a decline in the fair value of our SBA servicing asset of $164,000, due primarily to the payoff of several large loans, and a $335,000 write down in the value of repossessed assets held by one of our subsidiaries. Other categories of noninterest income increased with the continued growth of the bank.

Noninterest expense increased 6.8% in the third quarter of 2018 to $15.0 million, compared to $14.1 million for the quarter ended June 30, 2018. Noninterest expense increased 23.5% in the third quarter of 2018, compared to $12.2 million for the third quarter of 2017. The increase in noninterest expense in the third quarter of 2018 was primarily driven by a $1.4 million increase in employee compensation and benefit expenses when compared to the same quarter a year ago, a $256,000 increase in legal and professional fees, primarily associated with the Westbound acquisition and a $279,000 increase in occupancy expenses. Increases in salary and occupancy expenses were significantly impacted as a result of the Westbound acquisition and by our two de novo locations in Austin and Fort Worth, Texas. The company's efficiency ratio in the third quarter of 2018 was 69.00%, compared to 64.70% in the same quarter last year.

Consolidated assets for the company totaled $2.24 billion at September 30, 2018 and June 30, 2018, and $1.92 billion at September 30, 2017. Gross loans increased 3.66%, or $58.4 million, to $1.65 billion at September 30, 2018, compared to loans of $1.59 billion at June 30, 2018. Gross loans increased 26.3%, or $344.5 million, from $1.31 billion at September 30, 2017. Excluding the $154.7 million of loans acquired from Westbound, loan growth from September 30, 2017 to September 30, 2018 was $189.8 million or 14.5%. Deposits decreased by 0.60%, or $11.1 million, to $1.84 billion at September 30, 2018 compared to $1.85 billion at June 30, 2018. Total deposits increased 13.6%, or $220.0 million, from $1.62 billion at September 30, 2017. Excluding the $181.4 million of deposits acquired from Westbound, deposit growth from September 30, 2017 to September 30, 2018 was $38.6 million, or 2.33%. Shareholders' equity totaled $242.0 million as of September 30, 2018, compared to $239.7 million at June 30, 2018 and $207.3 million at September 30, 2017. The increases from the second quarter and from September 30, 2017 were primarily the result of operating earnings and the issuance of common stock related to the Westbound acquisition on June 1, 2018.

The company's Chairman and Chief Executive Officer, Ty Abston, said, "We continue to execute on our strategy of franchise expansion, growth, and integrating our newer markets in Houston, Austin and Fort Worth. Our 2018 results are already showing great progress over last year, and we are setting up to finish the year off strong. This year represents the final phase of our current 5-year strategic plan. We are currently designing our new 5-year strategy and are excited about our future prospects in continuing to create shareholder value."



Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
 As of
 2018 2017
 September 30 June 30 March 31 December 31 September 30
ASSETS         
Cash and due from banks$38,483  $37,944  $33,021  $40,482  $33,736 
Federal funds sold10,700  56,850  43,875  26,175  34,250 
Interest-bearing deposits4,868  4,186  9,715  24,771  27,075 
Total cash and cash equivalents54,051  98,980  86,611  91,428  95,061 
Securities available for sale232,378  243,490  235,075  232,372  238,133 
Securities held to maturity164,839  167,239  170,408  174,684  179,081 
Loans held for sale826  1,731  1,477  1,896  3,400 
Loans, net1,638,149  1,580,441  1,388,913  1,347,779  1,294,847 
Accrued interest receivable7,760  8,667  6,719  8,174  6,440 
Premises and equipment, net52,660  53,396  45,095  43,818  43,958 
Other real estate owned1,783  1,926  2,076  2,244  1,929 
Cash surrender value of life insurance25,747  25,590  19,468  19,117  18,376 
Deferred tax asset3,237  2,902  3,354  2,543  4,267 
Core deposit intangible, net4,919  5,133  2,578  2,724  2,870 
Goodwill32,160  32,019  18,742  18,742  18,742 
Other assets24,071  23,126  17,369  17,103  16,949 
Total assets$2,242,580  $2,244,640  $1,997,885  $1,962,624  $1,924,053 
          
LIABILITIES AND SHAREHOLDERS' EQUITY         
Noninterest-bearing deposits$479,405  $464,236  $421,255  $410,009  $405,678 
Interest-bearing deposits1,357,934  1,384,189  1,270,327  1,266,311  1,211,624 
Total deposits1,837,339  1,848,425  1,691,582  1,676,320  1,617,302 
Securities sold under agreements to repurchase11,107  12,588  12,395  12,879  12,920 
Accrued interest and other liabilities10,187  9,515  7,575  7,117  7,601 
Federal Home Loan Bank advances129,140  120,644  65,149  45,153  65,157 
Subordinated debentures12,810  13,810  13,810  13,810  13,810 
Total liabilities2,000,583  2,004,982  1,790,511  1,755,279  1,716,790 
          
Total shareholders' equity241,997  239,658  207,374  207,345  207,263 
Total liabilities and shareholders' equity$2,242,580  $2,244,640  $1,997,885  $1,962,624  $1,924,053 


 Quarter Ended
 2018 2017
 September 30 June 30 March 31 December 31 September 30
INCOME STATEMENTS         
Interest income$23,675  $21,026  $19,038  $18,689  $18,165 
Interest expense5,446  4,567  3,666  3,201  3,063 
Net interest income18,229  16,459  15,372  15,488  15,102 
Provision for loan losses500  650  600  600  800 
Net interest income after provision for loan losses17,729  15,809  14,772  14,888  14,302 
Noninterest income3,549  3,916  3,665  3,779  3,702 
Noninterest expense15,027  14,069  13,134  12,265  12,166 
Income before income taxes6,251  5,656  5,303  6,402  5,838 
Income tax provision1,160  1,022  944  3,594  1,699 
Net earnings$5,091  $4,634  $4,359  $2,808  $4,139 
          
PER COMMON SHARE DATA         
Earnings per common share, basic$0.43  $0.41  $0.39  $0.25  $0.37 
Earnings per common share, diluted0.42  0.41  0.39  0.25  0.37 
Cash dividends per common share0.15  0.14  0.14  0.14  0.13 
Book value per common share - end of quarter20.23  20.04  18.75  18.75  18.74 
Tangible book value per common share - end of quarter(1)17.13  16.81  16.82  16.81  16.79 
Common shares outstanding - end of quarter11,964,472  11,960,772  11,058,956  11,058,956  11,058,956 
Weighted-average common shares outstanding, basic11,962,654  11,327,363  11,058,956  11,058,956  11,058,956 
Weighted-average common shares outstanding, diluted12,033,433  11,440,103  11,177,579  11,162,329  11,164,429 
          
PERFORMANCE RATIOS         
Return on average assets (annualized)0.91% 0.90% 0.89% 0.58% 0.87%
Return on average equity (annualized)8.39  8.58  8.35  5.36  7.99 
Net interest margin (annualized)3.50  3.44  3.41  3.39  3.38 
Efficiency ratio(2)69.00  68.88  68.99  64.13  64.70 

(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
 2018 2017
 September 30 June 30 March 31 December 31 September 30
LOAN PORTFOLIO COMPOSITION         
Commercial and industrial$248,758  $234,396  $206,308  $197,508  $192,368 
Real estate:         
Construction and development229,307  211,745  193,909  196,774  201,542 
Commercial real estate599,153  570,448  450,076  418,137  393,710 
Farmland65,209  68,272  63,971  59,023  54,351 
1-4 family residential392,456  392,940  377,278  374,371  364,530 
Multi-family residential38,523  39,023  37,992  36,574  23,259 
Consumer53,947  52,949  48,982  51,267  51,379 
Agricultural24,184  23,362  22,545  25,596  24,449 
Overdrafts326  339  273  294  698 
Total loans(1)(2)$1,651,863  $1,593,474  $1,401,334  $1,359,544  $1,306,286 
          
 Quarter Ended
 2018 2017
 September 30 June 30 March 31 December 31 September 30
ALLOWANCE FOR LOAN LOSSES         
Balance at beginning of period$13,890  $13,375  $12,859  $12,528  $12,525 
Loans charged-off(94) (201) (116) (979) (929)
Recoveries145  66  32  710  132 
Provision for loan losses500  650  600  600  800 
Balance at end of period$14,441  $13,890  $13,375  $12,859  $12,528 
          
Allowance for loan losses / period-end loans0.87% 0.87% 0.95% 0.95% 0.96%
Allowance for loan losses / nonperforming loans166.8  162.3  282.4  321.2  217.7 
Net charge-offs / average loans (annualized)(0.01) 0.04  0.02  0.08  0.25 
          
NON-PERFORMING ASSETS         
Non-accrual loans (3)$8,657  $8,557  $4,737  $4,004  $5,755 
Other real estate owned1,783  1,926  2,076  2,244  1,929 
Repossessed assets owned986  1,624  2,107  2,466  2,479 
Total non-performing assets$11,426  $12,107  $8,920  $8,714  $10,163 
          
Non-performing assets as a percentage of:         
Total loans(1)(3)0.69% 0.76% 0.64% 0.64% 0.78%
Total assets0.51  0.54  0.45  0.44  0.53 
          
Restructured loans-nonaccrual$  $  $  $  $ 
Restructured loans-accruing737  737  746  657  316 
          
 Quarter Ended
 2018 2017
 September 30 June 30 March 31 December 31 September 30
NONINTEREST INCOME         
Service charges$921  $852  $888  $945  $986 
Net realized gain on securities transactions1  (51)   142   
Net realized gain on sale of loans637  678  556  491  589 
Fiduciary income402  379  398  408  362 
Bank-owned life insurance income157  135  126  114  116 
Merchant and debit card fees937  871  829  818  778 
Loan processing fee income158  155  145  143  146 
Other noninterest income336  897  723  718  725 
Total noninterest income$3,549  $3,916  $3,665  $3,779  $3,702 
          
NONINTEREST EXPENSE         
Employee compensation and benefits$8,156  $7,789  $7,778  $6,922  $6,729 
Occupancy expenses2,217  2,006  1,853  1,848  1,938 
Legal and professional fees948  1,033  568  589  692 
Software and technology636  657  556  556  533 
Amortization349  275  257  252  258 
Director and committee fees255  268  279  304  253 
Advertising and promotions335  380  279  314  303 
ATM and debit card expense289  259  309  133  253 
Telecommunication expense170  154  152  114  128 
FDIC insurance assessment fees164  159  156  144  162 
Other noninterest expense1,508  1,089  947  1,089  917 
Total noninterest expense$15,027  $14,069  $13,134  $12,265  $12,166 

(1) Excludes outstanding balances of loans held for sale of $826,000, $1.7 million, $1.5 million, $1.9 million, and $3.4 million as of September 30, 2018, June 30, 2018, March 31, 2018, December 31, 2017 and September 30, 2017, respectively.
(2) Excludes deferred loan fees of $727,000, $857,000, $1.0 million, $1.1 million, and $1.1 million as of September 30, 2018, June 30, 2018, March 31, 2018, December 31, 2017 and September 30, 2017, respectively.
(3) 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,
 2018 2017
 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)$1,618,199  $20,879  5.12% $1,300,307  $15,486  4.72%
Securities available for sale239,993  1,465  2.42  245,409  1,376  2.22 
Securities held to maturity166,080  1,026  2.45  180,737  1,088  2.39 
Nonmarketable equity securities10,351  115  4.41  6,541  59  3.58 
Interest-bearing deposits in other banks32,545  190  2.32  40,997  156  1.51 
Total interest-earning assets2,067,168  23,675  4.54  1,773,991  18,165  4.06 
Allowance for loan losses(14,096)     (12,492)    
Noninterest-earnings assets182,587      145,958     
Total assets$2,235,659      $1,907,457     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,375,138  $4,670  1.35% $1,224,991  $2,730  0.88%
Advances from FHLB and fed funds purchased117,758  593  2.00  50,420  157  1.24 
Subordinated debentures12,821  173  5.35  13,821  164  4.71 
Securities sold under agreements to repurchase12,571  10  0.32  14,262  12  0.33 
Total interest-bearing liabilities1,518,288  5,446  1.42  1,303,494  3,063  0.93 
Noninterest-bearing liabilities:           
Noninterest-bearing deposits465,838      390,043     
Accrued interest and other liabilities8,705      6,798     
Total noninterest-bearing liabilities474,543      396,841     
Shareholders’ equity242,828      207,122     
Total liabilities and shareholders’ equity$2,235,659      $1,907,457     
Net interest rate spread(2)    3.12%     3.13%
Net interest income  $18,229      $15,102   
Net interest margin(3)    3.50%     3.38%

(1) Includes average outstanding balances of loans held for sale of $1.9 million and $2.1 million for the three months ended September 30, 2018 and 2017, 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,
 2018 2017
 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)$1,483,961  $55,377  4.99% $1,269,387  $45,115  4.75%
Securities available for sale237,619  4,400  2.48  216,908  3,678  2.27 
Securities held to maturity169,211  3,125  2.47  184,269  3,340  2.42 
Nonmarketable equity securities8,826  300  4.54  7,012  379  7.23 
Interest-bearing deposits in other banks35,437  537  2.03  72,948  581  1.06 
Total interest-earning assets1,935,054  63,739  4.40  1,750,524  53,093  4.06 
Allowance for loan losses(13,589)     (12,040)    
Noninterest-earnings assets161,855      144,937     
Total assets$2,083,320      $1,883,421     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,306,244  $11,948  1.22% $1,243,536  $7,761  0.83%
Advances from FHLB and fed funds purchased88,200  1,181  1.79  41,661  294  0.94 
Other debt      8,973  300  4.48 
Subordinated debentures13,477  516  5.12  16,607  559  4.50 
Securities sold under agreements to repurchase12,749  34  0.36  12,937  37  0.38 
Total interest-bearing liabilities1,420,670  13,679  1.29  1,323,714  8,951  0.90 
Noninterest-bearing liabilities:           
Noninterest-bearing deposits432,871      375,655     
Accrued interest and other liabilities7,120      6,650     
Total noninterest-bearing liabilities439,991      382,305     
Shareholders’ equity222,659      177,402     
Total liabilities and shareholders’ equity$2,083,320      $1,883,421     
Net interest rate spread(2)    3.12%     3.15%
Net interest income  $50,060      $44,142   
Net interest margin(3)    3.46%     3.37%

(1) Includes average outstanding balances of loans held for sale of $1.8 million and $1.7 million for the nine months ended September 30, 2018 and 2017, 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
 2018 2017
 September 30 June 30 March 31 December 31 September 30
Total shareholders’ equity$241,997  $239,658  $207,374  $207,345  $207,263 
Adjustments:         
Goodwill(32,160) (32,019) (18,742) (18,742) (18,742)
Core deposit and other intangibles(4,919) (5,133) (2,578) (2,724) (2,870)
Total tangible common equity$204,918  $202,506  $186,054  $185,879  $185,651 
Common shares outstanding - end of quarter(1)11,964,472  11,960,772  11,058,956  11,058,956  11,058,956 
Book value per common share$20.23  $20.04  $18.75  $18.75  $18.74 
Tangible book value per common share17.13  16.93  16.82  16.81  16.79 

(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. ("Guaranty") is a bank holding company that conducts commercial 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. Guaranty Bank & Trust has 32 banking locations across 24 Texas communities located within the East Texas, Dallas/Fort Worth, Greater Houston 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 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"), 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 Payne
Senior Executive Vice President and Chief Financial Officer
(888) 572-9881
investors@gnty.com

Source: Guaranty Bancshares, Inc.

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Source: Guaranty Bancshares, Inc.