Press Release

Guaranty Bancshares, Inc. Reports Fourth Quarter and Year-End 2018 Financial Results

Company Release - 1/22/2019 8:30 AM ET

ADDISON, Texas, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ: GNTY), the holding company for Guaranty Bank & Trust, N.A., today reported financial results for the fiscal quarter and year ended December 31, 2018.  The company's net income available to common shareholders was $6.5 million, or $0.55 per basic share, for the quarter ended December 31, 2018, compared to $5.1 million, or $0.43 per basic share, for the quarter ended September 30, 2018 and $2.8 million, or $0.25 per basic share, for the quarter ended December 31, 2017.  The earnings per basic share during the fourth 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, by our repurchase of 143,276 shares of common stock in the second half of 2018 and by a $1.7 million one-time, non-cash charge to income tax provision in the fourth quarter of 2017 due to the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the company’s federal income tax rate from 35% to 21%.  Return on average assets and average equity for the fourth quarter were 1.15% and 10.67%, respectively, compared to 0.91% and 8.39%, respectively for the third quarter of 2018 and 0.58% and 5.36%, respectively, for the same period during 2017.

The company's growth in net earnings in the fourth quarter of 2018, as compared to the fourth quarter of 2017, was primarily attributable to an increase in net interest income, before the provision for loan losses, of $3.4 million, a gain on the sale of our Atlanta, Texas bank location of $830,000 and a decrease in the income tax provision of $2.1 million.  These items were partially offset by an increase in noninterest expense of $2.3 million, of which $1.5 million related to higher employee compensation and benefits expense during the quarter and a loss on the sale of a former bank building in Longview, Texas of $229,000.  The increase in employee compensation and benefits resulted from an increase of 57 full-time equivalent employees, from 397 as of December 31, 2017 to 454 as of December 31, 2018, of which 28 new employees were related to the Westbound acquisition, 11 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 that were added to support operational growth and our SBA department.

Net interest income for the fourth quarter of 2018 and 2017 was $18.9 million and $15.5 million, respectively, an increase of $3.4 million, or 21.7%.  Net interest margin for the fourth quarter of 2018 and 2017 was 3.58% and 3.39% respectively.  Net interest income and net interest margin, on a taxable equivalent basis, were $18.9 million and 3.62%, respectively, for the fourth quarter of 2018.

The provision for loan losses was $500,000 in the fourth quarter of 2018, compared to $500,000 in the third quarter of 2018 and $600,000 in the fourth 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 0.46% at December 31, 2018, compared to 0.69% at September 30, 2018, and 0.64% at December 31, 2017.

Noninterest income increased $624,000, or 17.6%, in the fourth quarter of 2018 to $4.2 million, compared to $3.5 million for the quarter ended September 30, 2018. Merchant and debit card income increased 7.3% to $1.0 million, compared to $937,000 in the prior quarter due to continued growth in net new accounts and debit card usage.  Other noninterest income increased $765,000, or 227.7% from the prior quarter to $1.1 million, which included the net gain of $601,000 on the sales of our Atlanta, Texas bank location and former Longview, Texas bank location in the fourth quarter.  These items were partially offset by decreases in the net realized gain on sale of loans of $200,000, or 31.4%.  Noninterest income increased $394,000, or 10.4%, in the fourth quarter of 2018, compared to $3.8 million for the quarter ended December 31, 2017.  Merchant and debit card income increased $187,000, or 22.9%, compared to the same quarter last year due to continued growth in net new accounts and debit card usage. Other noninterest income increased $383,000, or 53.3% from the same quarter in 2017.  These increases were partially offset by decreases in gain on sale of mortgage loans of $54,000, or 11.0%, from $491,000 in the fourth quarter of 2017 to $437,000 for the fourth quarter of 2018.

Noninterest expense decreased 3.2% in the fourth quarter of 2018 to $14.5 million, compared to $15.0 million for the quarter ended September 30, 2018. The decrease results primarily from a $417,000, or 44.0%, decline in legal and professional fees in the third quarter, which were mainly associated with the Westbound acquisition.  These decreases were partially offset by a $243,000, or 3.0%, increase in employee compensation and benefits expense, from $8.2 million in the third quarter to $8.4 million in the fourth quarter of 2018.  Noninterest expense increased $2.3 million, or 18.6%, in the fourth quarter of 2018, compared to the fourth quarter of 2017.  The increase in noninterest expense in the fourth quarter of 2018 was primarily driven by a $1.5 million increase in employee compensation and benefit expenses when compared to the same quarter a year ago, and a $474,000 increase in occupancy expenses.  The increase 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 fourth quarter of 2018 was 63.16%, compared to 64.13% in the same quarter last year.

Consolidated assets for the company totaled $2.27 billion at December 31, 2018, compared to $2.24 billion at September 30, 2018, and $1.96 billion at December 31, 2017.  Gross loans increased 0.46%, or $7.7 million, to $1.66 billion at December 31, 2018, compared to loans of $1.65 billion at September 30, 2018.  Gross loans increased 22.1%, or $300.0 million, from $1.36 billion at December 31, 2017.  Excluding the $154.7 million of loans acquired from Westbound, and the $10.2 million in loans sold with the Atlanta bank location, organic loan growth from December 31, 2017 to December 31, 2018 was $155.5 million, or 11.4%.  Deposits increased by 1.86%, or $34.1 million, to $1.87 billion at December 31, 2018, compared to $1.84 billion at September 30, 2018.  Total deposits increased 11.6%, or $195.2 million, from $1.68 billion at December 31, 2017.  Excluding the $181.4 million of deposits acquired from Westbound, and the $32.4 million in deposits sold with the Atlanta bank location, organic deposit growth from December 31, 2017 to December 31, 2018 was $46.2 million, or 2.7%.  Shareholders' equity totaled $244.6 million as of December 31, 2018, compared to $242.0 million at September 30, 2018 and $207.3 million at December 31, 2017.  The increases from the previous quarter and from December 31, 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 are pleased with a solid year of earnings and asset growth as we executed well on our Company’s strategic objectives.  Our plans for the coming year are to continue this positive trend and momentum as we further build our franchise in the four regions of the state that we’ve established.  We look forward to the 2019 opportunities and growth prospects that lie ahead."

Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
 As of
 2018 2017
 December 31 September 30 June 30 March 31 December 31
ASSETS         
Cash and due from banks$44,471  $38,483  $37,944  $33,021  $40,482 
Federal funds sold20,275  10,700  56,850  43,875  26,175 
Interest-bearing deposits6,764  4,868  4,186  9,715  24,771 
Total cash and cash equivalents71,510  54,051  98,980  86,611  91,428 
Securities available for sale232,975  232,378  243,490  235,075  232,372 
Securities held to maturity163,164  164,839  167,239  170,408  174,684 
Loans held for sale1,795  826  1,731  1,477  1,896 
Loans, net1,645,444  1,638,149  1,580,441  1,388,913  1,347,779 
Accrued interest receivable9,292  7,760  8,667  6,719  8,174 
Premises and equipment, net52,227  52,660  53,396  45,095  43,818 
Other real estate owned751  1,783  1,926  2,076  2,244 
Cash surrender value of life insurance26,301  25,747  25,590  19,468  19,117 
Deferred tax asset3,409  3,237  2,902  3,354  2,543 
Core deposit intangible, net4,706  4,919  5,133  2,578  2,724 
Goodwill32,160  32,160  32,019  18,742  18,742 
Other assets23,236  24,071  23,126  17,369  17,103 
Total assets$2,266,970  $2,242,580  $2,244,640  $1,997,885  $1,962,624 
          
LIABILITIES AND SHAREHOLDERS' EQUITY         
Noninterest-bearing deposits$489,789  $479,405  $464,236  $421,255  $410,009 
Interest-bearing deposits1,381,691  1,357,934  1,384,189  1,270,327  1,266,311 
Total deposits1,871,480  1,837,339  1,848,425  1,691,582  1,676,320 
Securities sold under agreements to repurchase12,228  11,107  12,588  12,395  12,879 
Accrued interest and other liabilities10,733  10,187  9,515  7,575  7,117 
Federal Home Loan Bank advances115,136  129,140  120,644  65,149  45,153 
Subordinated debentures12,810  12,810  13,810  13,810  13,810 
Total liabilities2,022,387  2,000,583  2,004,982  1,790,511  1,755,279 
          
Total shareholders' equity244,583  241,997  239,658  207,374  207,345 
Total liabilities and shareholders' equity$2,266,970  $2,242,580  $2,244,640  $1,997,885  $1,962,624 


          
 Quarter Ended
 2018 2017
 December 31 September 30 June 30 March 31 December 31
INCOME STATEMENTS         
Interest income$24,719  $23,675  $21,026  $19,038  $18,689 
Interest expense5,863  5,446  4,567  3,666  3,201 
Net interest income18,856  18,229  16,459  15,372  15,488 
Provision for loan losses500  500  650  600  600 
Net interest income after provision for loan losses18,356  17,729  15,809  14,772  14,888 
Noninterest income4,173  3,549  3,916  3,665  3,779 
Noninterest expense14,544  15,027  14,069  13,134  12,265 
Income before income taxes7,985  6,251  5,656  5,303  6,402 
Income tax provision1,473  1,160  1,022  944  3,594 
Net earnings$6,512  $5,091  $4,634  $4,359  $2,808 
          
PER COMMON SHARE DATA         
Earnings per common share, basic$0.55  $0.43  $0.41  $0.39  $0.25 
Earnings per common share, diluted0.55  0.42  0.41  0.39  0.25 
Cash dividends per common share0.17  0.15  0.14  0.14  0.14 
Book value per common share - end of quarter20.68  20.23  20.04  18.75  18.75 
Tangible book value per common share - end of
quarter(1)
17.56  17.13  16.81  16.82  16.81 
Common shares outstanding - end of quarter11,829,868  11,964,472  11,960,772  11,058,956  11,058,956 
Weighted-average common shares outstanding,
basic
11,888,817  11,962,654  11,327,363  11,058,956  11,058,956 
Weighted-average common shares outstanding,
diluted
11,951,271  12,033,434  11,440,103  11,177,579  11,162,329 
          
PERFORMANCE RATIOS         
Return on average assets (annualized)1.15% 0.91% 0.90% 0.89% 0.58%
Return on average equity (annualized)10.67  8.39  8.58  8.35  5.36 
Net interest margin (annualized)3.58  3.50  3.44  3.41  3.39 
Efficiency ratio(2)63.16  69.00  68.88  68.99  64.13 
        
 Twelve months ended      
 December 31,      
 2018 2017      
INCOME STATEMENTS         
Interest income$88,458  $71,782       
Interest expense19,542  12,152       
Net interest income68,916  59,630       
Provision for loan losses2,250  2,850       
Net interest income after provision for loan losses66,666  56,780       
Noninterest income15,303  14,279       
Noninterest expense56,774  48,382       
Income before income taxes25,195  22,677       
Income tax provision4,599  8,238       
Net earnings$20,596  $14,439       
          
PER COMMON SHARE DATA         
Earnings per common share, basic$1.78  $1.41       
Earnings per common share, diluted1.77  1.40       
Cash dividends per common share0.60  0.53       
Book value per common share - end of quarter20.68  18.75       
Common shares outstanding - end of quarter11,829,868  11,058,956       
Weighted-average common shares outstanding, basic11,562,826  10,230,840       
Weighted-average common shares outstanding, diluted11,653,766  10,313,369       
          
PERFORMANCE RATIOS         
Return on average assets0.97% 0.76%      
Return on average equity9.03  7.78       
Net interest margin3.49  3.38       
Efficiency ratio(2)67.37  65.61       

(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
 December 31 September 30 June 30 March 31 December 31
LOAN PORTFOLIO COMPOSITION         
Commercial and industrial$261,779  $248,758  $234,396  $206,308  $197,508 
Real estate:         
Construction and development237,503  229,307  211,745  193,909  196,774 
Commercial real estate582,519  599,153  570,448  450,076  418,137 
Farmland67,845  65,209  68,272  63,971  59,023 
1-4 family residential393,067  392,456  392,940  377,278  374,371 
Multi-family residential38,386  38,523  39,023  37,992  36,574 
Consumer54,777  53,947  52,949  48,982  51,267 
Agricultural23,277  24,184  23,362  22,545  25,596 
Overdrafts382  326  339  273  294 
Total loans(1)(2)$1,659,535  $1,651,863  $1,593,474  $1,401,334  $1,359,544 
          
 Quarter Ended
 2018 2017
 December 31 September 30 June 30 March 31 December 31
ALLOWANCE FOR LOAN LOSSES         
Balance at beginning of period$14,441  $13,890  $13,375  $12,859  $12,528 
Loans charged-off(507) (94) (201) (116) (979)
Recoveries217  145  66  32  710 
Provision for loan losses500  500  650  600  600 
Balance at end of period$14,651  $14,441  $13,890  $13,375  $12,859 
          
Allowance for loan losses / period-end loans0.88% 0.87% 0.87% 0.95% 0.95%
Allowance for loan losses / nonperforming loans248.7  166.8  162.3  282.4  321.2 
Net charge-offs / average loans (annualized)0.07  (0.01) 0.04  0.02  0.08 
          
NON-PERFORMING ASSETS         
Non-accrual loans (3)$5,891  $8,657  $8,557  $4,737  $4,004 
Other real estate owned751  1,783  1,926  2,076  2,244 
Repossessed assets owned971  986  1,624  2,107  2,466 
Total non-performing assets$7,613  $11,426  $12,107  $8,920  $8,714 
          
Non-performing assets as a percentage of:         
Total loans(1)(3)0.46% 0.69% 0.76% 0.64% 0.64%
Total assets0.34  0.51  0.54  0.45  0.44 
          
Restructured loans-nonaccrual$335  $  $  $  $ 
Restructured loans-accruing861  727  737  746  657 
          
 Quarter Ended
 2018 2017
 December 31 September 30 June 30 March 31 December 31
NONINTEREST INCOME         
Service charges$939  $921  $852  $888  $945 
Net realized gain on securities transactions  1  (51)   142 
Net realized gain on sale of loans437  637  678  556  491 
Fiduciary income408  402  379  398  408 
Bank-owned life insurance income152  157  135  126  114 
Merchant and debit card fees1,005  937  871  829  818 
Loan processing fee income131  158  155  145  143 
Other noninterest income1,101  336  897  723  718 
Total noninterest income$4,173  $3,549  $3,916  $3,665  $3,779 
          
NONINTEREST EXPENSE         
Employee compensation and benefits$8,399  $8,156  $7,789  $7,778  $6,922 
Occupancy expenses2,322  2,217  2,006  1,853  1,848 
Legal and professional fees531  948  1,033  568  589 
Software and technology653  636  657  556  556 
Amortization347  349  275  257  252 
Director and committee fees227  255  268  279  304 
Advertising and promotions416  335  380  279  314 
ATM and debit card expense270  289  259  309  133 
Telecommunication expense173  170  154  152  114 
FDIC insurance assessment fees146  164  159  156  144 
Other noninterest expense1,060  1,508  1,089  947  1,089 
Total noninterest expense$14,544  $15,027  $14,069  $13,134  $12,265 

(1) Excludes outstanding balances of loans held for sale of $1.8 million, $826,000, $1.7 million, $1.5 million, and $1.9 million as of December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, respectively.
(2) Excludes deferred loan fees of $560,000, $727,000, $857,000, $1.0 million, and $1.1 million as of December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 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 December 31,
 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)$1,645,952  $21,793  5.25% $1,324,401  $15,899  4.76%
Securities available for sale234,367  1,527  2.58  241,458  1,403  2.31 
Securities held to maturity164,084  1,035  2.50  177,447  1,069  2.39 
Nonmarketable equity securities11,994  132  4.37  7,495  86  4.55 
Interest-bearing deposits in other banks35,770  232  2.57  63,997  232  1.44 
Total interest-earning assets2,092,167  24,719  4.69  1,814,798  18,689  4.09 
Allowance for loan losses(14,525)     (12,743)    
Noninterest-earnings assets185,179      145,069     
Total assets$2,262,821      $1,947,124     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,379,641  $4,993  1.44% $1,233,932  $2,843  0.91%
Advances from FHLB and fed funds purchased112,551  684  2.41  59,938  178  1.18 
Subordinated debentures12,821  171  5.29  13,810  165  4.74 
Securities sold under agreements to repurchase14,002  15  0.43  14,402  15  0.41 
Total interest-bearing liabilities1,519,015  5,863  1.53  1,322,082  3,201  0.96 
Noninterest-bearing liabilities:           
Noninterest-bearing deposits487,180      408,959     
Accrued interest and other liabilities12,534      6,638     
Total noninterest-bearing liabilities499,714      415,597     
Shareholders’ equity244,092      209,445     
Total liabilities and shareholders’ equity$2,262,821      $1,947,124     
Net interest rate spread(2)    3.16%     3.13%
Net interest income  $18,856      $15,488   
Net interest margin(3)    3.58%     3.39%

(1) Includes average outstanding balances of loans held for sale of $1.2 million and $1.6 million for the three months ended December 31, 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 Twelve Months Ended December 31,
 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)$1,524,792  $77,170  5.06% $1,283,253  $61,014  4.75%
Securities available for sale236,799  5,927  2.50  223,095  5,081  2.28 
Securities held to maturity167,919  4,160  2.48  182,549  4,409  2.42 
Nonmarketable equity securities9,625  432  4.49  7,134  465  6.52 
Interest-bearing deposits in other banks35,521  769  2.16  70,692  813  1.15 
Total interest-earning assets1,974,656  88,458  4.48  1,766,723  71,782  4.06 
Allowance for loan losses(13,825)     (12,217)    
Noninterest-earnings assets167,734      144,971     
Total assets$2,128,565      $1,899,477     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,324,744  $16,941  1.28% $1,241,115  $10,604  0.85%
Advances from FHLB and fed funds purchased94,338  1,865  1.98  46,268  472  1.02 
Other debt      6,711  301  4.49 
Subordinated debentures13,309  687  5.16  15,902  724  4.55 
Securities sold under agreements to repurchase12,796  49  0.38  13,306  51  0.38 
Total interest-bearing liabilities1,445,187  19,542  1.35  1,323,302  12,152  0.92 
Noninterest-bearing liabilities:           
Noninterest-bearing deposits446,560      384,049     
Accrued interest and other liabilities8,754      6,648     
Total noninterest-bearing liabilities455,314      390,697     
Shareholders’ equity228,064      185,478     
Total liabilities and shareholders’ equity$2,128,565      $1,899,477     
Net interest rate spread(2)    3.13%     3.14%
Net interest income  $68,916      $59,630   
Net interest margin(3)    3.49%     3.38%

(1) Includes an average outstanding balance of loans held for sale of $1.7 million for the years ended December 2018 and 2017.
(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
 December 31 September 30 June 30 March 31 December 31
Total shareholders’ equity$244,583  $241,997  $239,658  $207,374  $207,345 
Adjustments:         
Goodwill(32,160) (32,160) (32,019) (18,742) (18,742)
Core deposit intangible(4,706) (4,919) (5,133) (2,578) (2,724)
Total tangible common equity$207,717  $204,918  $202,506  $186,054  $185,879 
Common shares outstanding - end of quarter(1)11,829,868  11,964,472  11,960,772  11,058,956  11,058,956 
Book value per common share$20.68  $20.23  $20.04  $18.75  $18.75 
Tangible book value per common share17.56  17.13  16.93  16.82  16.81 

(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 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 30 banking locations across 23 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.