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Guaranty Bancshares, Inc. Reports Second Quarter 2018 Financial Results

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MOUNT PLEASANT, Texas, July 24, 2018 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ:GNTY), the holding company for Guaranty Bank & Trust, N.A., today reported financial results for the fiscal quarter ended June 30, 2018.  The company's net income available to common shareholders was $4.6 million, or $0.41 per basic share, for the quarter ended June 30, 2018, compared to $4.4 million, or $0.39 per basic share, for the quarter ended March 31, 2018 and $4.0 million, or $0.40 per basic share, for the quarter ended June 30, 2017.  The earnings per basic share during the second quarter of 2018 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, basic earnings per share during the second quarter of 2018 would be $0.46 per basic share.  The growth in our net income was primarily attributable to an increase in net interest income, after the provision for loan losses, of $1.8 million and an increase in noninterest income of $400,000, compared to the same period in 2017.  Return on average assets and average equity for the second quarter were 0.90% and 8.58%, respectively, compared to 0.89% and 8.35%, respectively for the first quarter of 2018 and 0.85% and 8.85%, respectively, for the same period during 2017.

The company's growth in net earnings in the second quarter of 2018, as compared to the second quarter of 2017, was primarily attributable to growth in net interest income of $1.8 million, an increase in noninterest income of $400,000, and a decrease in the income tax provision of $611,000.  These increases were partially offset by an increase in noninterest expense of $2.2 million, which includes nonrecurring Westbound acquisition related expenses during the quarter of $534,000, as well as $7.8 million in employee and compensation benefits for the quarter ended June 30, 2018, an increase of $1.3 million, or 20.9%, from the quarter ended June 30, 2017.   The increase in employee compensation and benefits resulted from an increase of 54 full-time equivalent employees, from 395 as of June 30, 2017 to 449 as of June 30, 2018, of which 25 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 second quarter of 2018 and 2017 was $16.5 million and $14.8 million, respectively, an increase of $1.7 million, or 11.2%.  Net interest margin for the second quarter of 2018 and 2017 was 3.44% and 3.40% respectively.  Net interest income and net interest margin, on a taxable equivalent basis, were $16.5 million and 3.48%, respectively, for the second quarter of 2018.

The provision for loan losses was $650,000 in the second quarter of 2018, compared to $600,000 in the first quarter of 2018 and $800,000 in the second 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 remained relatively consistent and were 0.76% at June 30, 2018, compared to 0.64% at March 31, 2018, and 0.71% at June 30, 2017.

Noninterest income increased 6.8% in the second quarter of 2018 to $3.9 million, compared to $3.7 million for the quarter ended March 31, 2018.  Noninterest income increased 11.4% in the second quarter of 2018, compared to $3.5 million for the quarter ended June 30, 2017.  Merchant and debit card income increased 10.1% to $871,000, compared to $791,000 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 $206,000, or 43.6%, from $472,000 in the second quarter of 2017 to $678,000 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.  Other categories of noninterest income increased with the continued growth of the bank.

Noninterest expense increased 7.1% in the second quarter of 2018 to $14.1 million, compared to $13.1 million for the quarter ended March 31, 2018.  Noninterest expense increased 18.2% in the second quarter of 2018, compared to $11.9 million for the second quarter of 2017.   The increase in noninterest expense in the second quarter of 2018 was primarily driven by a $1.3 million increase in employee compensation and benefit expenses when compared to the same quarter a year ago, a $614,000 increase in legal and professional fees, primarily associated with the Westbound acquisition and a $140,000 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 second quarter of 2018 was 68.88%, compared to 65.10% in the same quarter last year.

As of June 30, 2018, consolidated assets for the company totaled $2.24 billion, compared to $2.00 billion at March 31, 2018 and $1.91 billion at June 30, 2017.  Gross loans increased 13.71%, or $192.1 million, to $1.59 billion at June 30, 2018, compared to loans of $1.40 billion at March 31, 2018.  Gross loans increased 23.0%, or $297.8 million, from $1.30 billion at June 30, 2017.  Excluding the $154.7 million of loans acquired from Westbound, loan growth from June 30, 2017 to June 30, 2018 was $143.1 million or 11.0%.  Deposits increased by 9.27%, or $156.8 million, to $1.85 billion at June 30, 2018 compared to $1.69 billion at March 31, 2018.  Total deposits increased 12.3%, or $202.1 million, from $1.65 billion at June 30, 2017.  Excluding the $181.4 million of deposits acquired from Westbound, deposit growth from June 30, 2017 to June 30, 2018 was $20.6 million, or 1.24%.  Shareholders' equity totaled $239.7 million as of June 30, 2018, compared to $207.4 million at March 31, 2018 and $204.6 million at June 30, 2017.  The increases from the first quarter and from June 30, 2017 were primarily the result of operating earnings and the issuance of common stock related to the Westbound acquisition during the period.

The company's Chairman and Chief Executive Officer, Ty Abston, said, "Guaranty completed the Westbound acquisition on June 1st with a simultaneous close and system conversion that went very smoothly as our integration team did an excellent job leading up to and during the conversion.  We continue to integrate the operations of the Westbound locations into Guaranty and expect to realize cost savings of at least 30.0%.  We have hired two additional lenders in the Houston market and plan to further build out our team in that growing region.  Our Austin and Dallas/Fort Worth markets continue to grow and we will be moving to permanent facilities in all of those markets during the third and fourth quarters of 2018, which should help us continue our growth momentum."




Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
  As of
  2018   2017
  June 30   March 31   December 31   September 30   June 30
ASSETS                  
Cash and due from banks $ 37,944     $ 33,021     $ 40,482     $ 33,736     $ 36,389  
Federal funds sold 56,850     43,875     26,175     34,250     17,700  
Interest-bearing deposits 4,186     9,715     24,771     27,075     29,217  
Total cash and cash equivalents 98,980     86,611     91,428     95,061     83,306  
Securities available for sale 243,490     235,075     232,372     238,133     246,233  
Securities held to maturity 167,239     170,408     174,684     179,081     182,248  
Loans held for sale 1,731     1,477     1,896     3,400     2,435  
Loans, net 1,580,441     1,388,913     1,347,779     1,294,847     1,284,318  
Accrued interest receivable 8,667     6,719     8,174     6,440     7,631  
Premises and equipment, net 53,396     45,095     43,818     43,958     44,491  
Other real estate owned 1,926     2,076     2,244     1,929     1,733  
Cash surrender value of life insurance 25,590     19,468     19,117     18,376     18,035  
Deferred tax asset 2,504     3,354     2,543     4,267     4,121  
Core deposit intangible, net 5,133     2,578     2,724     2,870     3,016  
Goodwill 32,019     18,742     18,742     18,742     18,742  
Other assets 23,524     17,369     17,103     16,949     16,160  
Total assets $ 2,244,640     $ 1,997,885     $ 1,962,624     $ 1,924,053     $ 1,912,469  
                   
LIABILITIES AND SHAREHOLDERS' EQUITY                  
Noninterest-bearing deposits $ 464,236     $ 421,255     $ 410,009     $ 405,678     $ 387,725  
Interest-bearing deposits 1,384,189     1,270,327     1,266,311     1,211,624     1,258,648  
Total deposits 1,848,425     1,691,582     1,676,320     1,617,302     1,646,373  
Securities sold under agreements to repurchase 12,588     12,395     12,879     12,920     14,153  
Accrued interest and other liabilities 9,515     7,575     7,117     7,601     7,921  
Federal Home Loan Bank advances 120,644     65,149     45,153     65,157     25,161  
Subordinated debentures 13,810     13,810     13,810     13,810     14,310  
Total liabilities 2,004,982     1,790,511     1,755,279     1,716,790     1,707,918  
                   
Total shareholders' equity 239,658     207,374     207,345     207,263     204,551  
Total liabilities and shareholders' equity $ 2,244,640     $ 1,997,885     $ 1,962,624     $ 1,924,053     $ 1,912,469  
                   


   
  Quarter Ended
  2018   2017
  June 30   March 31   December 31   September 30   June 30
INCOME STATEMENTS                  
Interest income $ 21,026     $ 19,038     $ 18,689     $ 18,165     $ 17,792  
Interest expense 4,567     3,666     3,201     3,063     2,993  
Net interest income 16,459     15,372     15,488     15,102     14,799  
Provision for loan losses 650     600     600     800     800  
Net interest income after provision for loan losses 15,809     14,772     14,888     14,302     13,999  
Noninterest income 3,916     3,665     3,779     3,702     3,516  
Noninterest expense 14,069     13,134     12,265     12,166     11,906  
Income before income taxes 5,656     5,303     6,402     5,838     5,609  
Income tax provision 1,022     944     3,594     1,699     1,633  
Net earnings $ 4,634     $ 4,359     $ 2,808     $ 4,139     $ 3,976  
                   
PER COMMON SHARE DATA                  
Earnings per common share, basic $ 0.41     $ 0.39     $ 0.25     $ 0.37     $ 0.40  
Earnings per common share, diluted 0.41     0.39     0.25     0.37     0.39  
Cash dividends per common share 0.14     0.14     0.14     0.13     0.26  
Book value per common share - end of quarter 20.04     18.75     18.75     18.74     18.50  
Tangible book value per common share - end of quarter(1) 16.81     16.82     16.81     16.79     16.53  
Common shares outstanding - end of quarter 11,960,772     11,058,956     11,058,956     11,058,956     11,058,956  
Weighted-average common shares outstanding, basic 11,327,363     11,058,956     11,058,956     11,058,956     10,019,049  
Weighted-average common shares outstanding, diluted 11,440,103     11,177,579     11,162,329     11,164,429     10,106,825  
                   
PERFORMANCE RATIOS                  
Return on average assets (annualized) 0.90 %   0.89 %   0.58 %   0.87 %   0.85 %
Return on average equity (annualized) 8.58     8.35     5.36     7.99     8.85  
Net interest margin (annualized) 3.44     3.41     3.39     3.38     3.40  
Efficiency ratio(2) 68.88     68.99     64.13     64.70     65.10  

(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
  June 30   March 31   December 31   September 30   June 30
LOAN PORTFOLIO COMPOSITION                  
Commercial and industrial $ 234,396     $ 206,308     $ 197,508     $ 192,368     $ 217,310  
Real estate:                  
Construction and development 211,745     193,909     196,774     201,542     178,041  
Commercial real estate 570,448     450,076     418,137     393,710     379,083  
Farmland 68,272     63,971     59,023     54,351     63,841  
1-4 family residential 392,940     377,278     374,371     364,530     355,121  
Multi-family residential 39,023     37,992     36,574     23,259     28,858  
Consumer 52,949     48,982     51,267     51,379     51,244  
Agricultural 23,362     22,545     25,596     24,449     21,854  
Overdrafts 339     273     294     698     364  
Total loans(1)(2) $ 1,593,474     $ 1,401,334     $ 1,359,544     $ 1,306,286     $ 1,295,716  
                   
  Quarter Ended
  2018   2017
  June 30   March 31   December 31   September 30   June 30
ALLOWANCE FOR LOAN LOSSES                  
Balance at beginning of period $ 13,375     $ 12,859     $ 12,528     $ 12,525     $ 11,928  
Loans charged-off (201 )   (116 )   (979 )   (929 )   (302 )
Recoveries 66     32     710     132     99  
Provision for loan losses 650     600     600     800     800  
Balance at end of period $ 13,890     $ 13,375     $ 12,859     $ 12,528     $ 12,525  
                   
Allowance for loan losses / period-end loans 0.87 %   0.95 %   0.95 %   0.96 %   0.97 %
Allowance for loan losses / nonperforming loans 162.3     282.4     321.2     217.7     316.4  
Net charge-offs / average loans (annualized) 0.04     0.02     0.08     0.25     0.06  
                   
NON-PERFORMING ASSETS                  
Non-accrual loans (3) $ 8,557     $ 4,737     $ 4,004     $ 5,755     $ 3,958  
Other real estate owned 1,926     2,076     2,244     1,929     1,733  
Repossessed assets owned 1,624     2,107     2,466     2,479     3,501  
Total non-performing assets $ 12,107     $ 8,920     $ 8,714     $ 10,163     $ 9,192  
                   
Non-performing assets as a percentage of:                  
Total loans(1)(3) 0.76 %   0.64 %   0.64 %   0.78 %   0.71 %
Total assets 0.54     0.45     0.44     0.53     0.48  
                   
Restructured loans-nonaccrual $     $     $     $     $  
Restructured loans-accruing 737     746     657     316     323  
                   
  Quarter Ended
  2018   2017
  June 30   March 31   December 31   September 30   June 30
NONINTEREST INCOME                  
Service charges $ 852     $ 888     $ 945     $ 986     $ 938  
Net realized gain on securities transactions (51 )       142         25  
Net realized gain on sale of loans 678     556     491     589     472  
Fiduciary income 379     398     408     362     343  
Bank-owned life insurance income 135     126     114     116     114  
Merchant and debit card fees 871     829     818     778     791  
Loan processing fee income 155     145     143     146     163  
Other noninterest income 897     723     718     725     670  
Total noninterest income $ 3,916     $ 3,665     $ 3,779     $ 3,702     $ 3,516  
                   
NONINTEREST EXPENSE                  
Employee compensation and benefits $ 7,789     $ 7,778     $ 6,922     $ 6,729     $ 6,440  
Occupancy expenses 2,006     1,853     1,848     1,938     1,866  
Legal and professional fees 1,033     568     589     692     419  
Software and technology 657     556     556     533     517  
Amortization 275     257     252     258     259  
Director and committee fees 268     279     304     253     248  
Advertising and promotions 380     279     314     303     335  
ATM and debit card expense 259     309     133     253     264  
Telecommunication expense 154     152     114     128     141  
FDIC insurance assessment fees 159     156     144     162     174  
Other noninterest expense 1,089     947     1,089     917     1,243  
Total noninterest expense $ 14,069     $ 13,134     $ 12,265     $ 12,166     $ 11,906  

(1) Excludes outstanding balances of loans held for sale of $1.7 million, $1.5 million, $1.6 million, $3.4 million and $2.4 million as of June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017 and June 30, 2017, respectively.
(2) Excludes deferred loan fees of $857,000, $1.0 million, $1.1 million, $1.1 million and $1.1 million as of June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017 and June 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 June 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) $ 1,464,724     $ 18,242         5.00 %   $ 1,273,989     $ 15,214          4.79 %
Securities available for sale 248,422     1,492     2.41     217,031     1,198     2.21  
Securities held to maturity 168,948     1,038     2.46     184,524     1,123     2.44  
Nonmarketable equity securities 8,588     97     4.53     5,774     64     4.45  
Interest-bearing deposits in other banks 30,340     157     2.08     66,272     193     1.17  
Total interest-earning assets 1,921,022     21,026     4.39     1,747,590     17,792     4.08  
Allowance for loan losses (13,671 )           (12,054 )        
Noninterest-earnings assets 147,812             144,489          
Total assets $ 2,055,163             $ 1,880,025          
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Interest-bearing liabilities:                      
Interest-bearing deposits $ 1,286,308     $ 4,004     1.25 %   $ 1,251,623     $ 2,627     0.84 %
Advances from FHLB and fed funds purchased 86,228     374     1.74     25,163     44     0.70  
Other debt             8,431     120     5.71  
Subordinated debentures 13,810     176     5.11     16,750     188     4.50  
Securities sold under agreements to repurchase 14,043     13     0.37     13,437     14     0.42  
Total interest-bearing liabilities 1,400,389     4,567     1.31     1,315,404     2,993     0.91  
Noninterest-bearing liabilities:                      
Noninterest-bearing deposits 431,709             377,994          
Accrued interest and other liabilities 7,034             6,991          
Total noninterest-bearing liabilities 438,743             384,985          
Shareholders' equity 216,031             179,636          
Total liabilities and shareholders' equity $ 2,055,163             $ 1,880,025          
Net interest rate spread(2)         3.08 %           3.17 %
Net interest income     $ 16,459             $ 14,799      
Net interest margin(3)         3.44 %           3.40 %

(1) Includes average outstanding balances of loans held for sale of $1.9 million and $1.4 million for the three months ended June 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 Six Months Ended June 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) $ 1,415,000     $ 34,498         4.92 %   $ 1,253,670     $ 29,629         4.77 %
Securities available for sale 243,356     2,934     2.43     202,421     2,302     2.29  
Securities held to maturity 170,803     2,099     2.48     186,064     2,252     2.44  
Nonmarketable equity securities 8,051     186     4.66     7,251     320     8.90  
Interest-bearing deposits in other banks 36,907     347     1.90     89,189     425     0.96  
Total interest-earning assets 1,874,117     40,064     4.31     1,738,595     34,928     4.05  
Allowance for loan losses (13,332 )           (11,810 )        
Noninterest-earnings assets 145,093             144,418          
Total assets $ 2,005,878             $ 1,871,203          
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Interest-bearing liabilities:                      
Interest-bearing deposits $ 1,271,225     $ 7,278     1.15 %   $ 1,252,962     $ 5,031     0.81 %
Advances from FHLB and fed funds purchased 73,176     588     1.62     37,209     112     0.61  
Other debt             13,534     325     4.84  
Subordinated debentures 13,810     343     5.01     18,023     395     4.42  
Securities sold under agreements to repurchase 12,839     24     0.38     12,263     25     0.41  
Total interest-bearing liabilities 1,371,050     8,233     1.21     1,333,991     5,888     0.89  
Noninterest-bearing liabilities:                      
Noninterest-bearing deposits 416,114             368,341          
Accrued interest and other liabilities 6,316             6,576          
Total noninterest-bearing liabilities 422,430             374,917          
Shareholders' equity 212,398             162,295          
Total liabilities and shareholders' equity $ 2,005,878             $ 1,871,203          
Net interest rate spread(2)         3.10 %           3.16 %
Net interest income     $ 31,831             $ 29,040      
Net interest margin(3)         3.43 %           3.37 %

(1) Includes average outstanding balances of loans held for sale of $1.8 million and $2.8 million for the six months ended June 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
  June 30   March 31   December 31   September 30   June 30
Total shareholders' equity $ 239,658     $ 207,374     $ 207,345     $ 207,263     $ 204,551  
Adjustments:                  
Goodwill (32,019 )   (18,742 )   (18,742 )   (18,742 )   (18,742 )
Core deposit and other intangibles (6,628 )   (2,578 )   (2,724 )   (2,870 )   (3,016 )
Total tangible common equity $ 201,011     $ 186,054     $ 185,879     $ 185,651     $ 182,793  
Common shares outstanding - end of quarter(1) 11,960,772     11,058,956     11,058,956     11,058,956     11,058,956  
Book value per common share $ 20.04     $ 18.75     $ 18.75     $ 18.74     $ 18.50  
Tangible book value per common share 16.81     16.82     16.81     16.79     16.53  

(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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