KBW Assumes Coverage on Guaranty Bancorp at Market Perform

KBW is out with its report today on Guaranty Bancorp GBNK, maintaining Market Perform. In a note to clients, KBW writes, "Assuming coverage of GBNK with a Market Perform rating as the risks to potential improvement in the form of ongoing credit costs and a shrinking balance sheet persist. Guaranty Bancorp has struggled with outsized nonaccrual inflows over the cycle however, with problem inflows slowing, credit costs declining, modest net interest margin expansion, and capital levels building slowly, we believe the company may be poised to improve." KBW has a $1.60 PT on GBNK. At the time of posting, shares of GBNK were trading at $1.40, up 0.07% from Monday's close.