0001058867false00010588672024-04-152024-04-15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report:
(Date of earliest event reported)
April 15, 2024
GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
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Texas |
001-38087 |
75-1656431 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
16475 Dallas Parkway, Suite 600 Addison, Texas |
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75001 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(888) 572-9881
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading symbol |
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Name of each exchange on which registered |
Common Stock, par value $1.00 per share |
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GNTY |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
In accordance with Item 2.02 of Form 8-K of the Securities and Exchange Commission (the “SEC”), Guaranty Bancshares, Inc., a Texas corporation (the “Company”), is furnishing to the SEC a press release that the Company issued on April 15, 2024 (the “Press Release”) announcing the Company’s financial results for the fiscal quarter ended March 31, 2024. A copy of the Press Release is attached as Exhibit 99.1.
Item 7.01. Regulation FD Disclosure.
On April 15, 2024, the Company will host a conference call with respect to financial results for the fiscal quarter ended March 31, 2024. A copy of the Earnings Call Presentation materials is attached as Exhibit 99.2.
In accordance with the General Instruction B.2 of Form 8-K, the information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 hereto, which are furnished herewith pursuant to and relate to Item 2.02 and Item 7.01, respectively, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of Section 18 of the Exchange Act. The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 and Exhibit 99.2 hereto shall not be incorporated by reference into any filing or other document filed by the Company with the SEC pursuant to the Securities Act of 1933, as amended, the rules and regulations of the SEC thereunder, the Exchange Act, or the rules and regulations of the SEC thereunder, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following is furnished as an exhibit to this Current Report on Form 8-K:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: |
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April 15, 2024 |
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GUARANTY BANCSHARES, INC. |
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By: |
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/s/ Tyson T. Abston |
Name: |
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Tyson T. Abston |
Title: |
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Chairman of the Board and Chief Executive Officer |
Press Release
For Immediate Release
Guaranty Bancshares, Inc. Reports
First Quarter 2024 Financial Results
Addison, Texas – April 15, 2024 / Business Wire / – Guaranty Bancshares, Inc. (NYSE: GNTY) (the "Company"), the parent company of Guaranty Bank & Trust, N.A. (the "Bank"), today reported financial results for the fiscal quarter ended March 31, 2024. The Company's net income available to common shareholders was $6.7 million, or $0.58 per basic share, for the quarter ended March 31, 2024, compared to $5.9 million, or $0.51 per basic share, for the quarter ended December 31, 2023 and $8.3 million, or $0.69 per basic share, for the quarter ended March 31, 2023. Return on average assets and average equity for the first quarter of 2024 were 0.85% and 8.93%, respectively, compared to 0.73% and 7.93%, respectively, for the fourth quarter of 2023 and 1.01% and 11.18%, respectively, for the first quarter of 2023. The increase in earnings during the first quarter of 2024 compared to the fourth quarter of 2023 was primarily due to higher non-interest income and lower non-interest expense. The decrease in earnings in the first quarter of 2024 compared to the first quarter of 2023 was primarily due to lower net interest income in the current quarter compared to the prior year quarter.
"We are pleased with our first quarter 2024 results. During the quarter, net interest margin continued to improve, we paid down borrowings from the FHLB, we repaid the remaining $25.0 million of brokered CDs that were obtained to test as a source of liquidity, our core deposits are stable and grew slightly and credit quality remains manageable. Although we've strategically shrunk the balance sheet primarily through more conservative loan underwriting, our balance sheet remains strong and continues to provide consistent earnings results. Liquidity and capital remain solid and our board of directors increased the dividend paid on GNTY stock from $0.23 last quarter to $0.24 this quarter, further improving shareholder returns and value," said Ty Abston, the Company's Chairman and Chief Executive Officer.
QUARTERLY HIGHLIGHTS
•Good Earnings and Improving NIM. Earnings were good in the first quarter as net interest margin improved and non-interest income was boosted from sales of SBA and mortgage loans as well as recoveries from previously marked-down receivables due from the SBA. Net interest margin, on a fully taxable equivalent basis, has continued to improve from 3.02% in the third quarter of 2023 to 3.11% in the fourth quarter of 2023 and 3.16% in the first quarter of 2024. The improvements have resulted primarily from a slow-down in deposit cost increases, while earning assets have continued to reprice upward. The SBA receivable was related to the guaranteed portion of three SBA loans that were acquired from Westbound Bank. The receivable was partially written down in the third quarter of 2022, as there was uncertainty at that time about possible SBA haircuts in the guaranteed portion due to file documentation. However, after extensive review by the SBA, the full amount of guarantees was received during the first quarter of 2024.
•Stable Asset Quality. Although we are seeing some deterioration for certain borrowers, overall credit quality remains strong and the expected losses on deteriorating credits are low primarily due to the Bank's equity position and/or strong guarantor support. During the quarter, we foreclosed on a multi-purpose commercial real estate loan in a vibrant location in the South Austin area and recorded other real estate owned of $14.9 million. A recent appraisal indicates an LTV (prior to foreclosure) of 68.5%. Interest in purchasing the property has been high and we are in discussions with several interested parties. We expect little or no loss on the sale of this other real estate owned. Nonperforming assets as a percentage of total assets were 0.68% at March 31, 2024, compared to 0.18% at December 31, 2023 and 0.40% at March 31, 2023. Net charge-offs (annualized) to average loans were 0.02% for the quarter ended March 31, 2024, compared to 0.04% for the quarter ended December 31, 2023, and 0.00% for the quarter ended March 31, 2023.
Commercial real estate (CRE) loans, particularly office related loans, have received increased scrutiny in recent months. As of March 31, 2024, our CRE loans and real estate C&D loans represent 40.0% and 12.1% of the total loan portfolio, respectively, and office-related loans represent 4.6% of the total loan portfolio and have an average balance of $516,000.
•Granular and Consistent Core Deposit Base. As of March 31, 2024, we have 88,493 total deposit accounts with an average account balance of $29,696. We have a historically reliable core deposit base, with strong and trusted banking relationships. Total deposits decreased by $5.4 million during the first quarter, which resulted primarily from the maturity of $25.0 million in brokered deposits in February 2024 that we did not renew. Excluding these brokered CDs, total core deposits grew $19.6 million during the first quarter. DDA balances decreased $27.1 million, savings and MMDA balances increased $30.8 million and time deposits (excluding matured brokered CDs) increased $15.9 million. Excluding public funds and bank-owned accounts, our uninsured deposits as of March 31, 2024 were 25.43% of total deposits.
Interest rates paid on deposits during the quarter stabilized with minimal increases. Despite the decrease in DDA during the quarter, noninterest-bearing deposits still represent 31.5% of total deposits. Our cost of interest-bearing deposits increased eight basis points during the quarter from 3.17% in the prior quarter to 3.25%. This increase was primarily due to renewals of maturing certificates of deposit into new CDs paying higher rates and the shift from noninterest-bearing balances to interest-bearing. Our cost of total deposits for the first quarter of 2024 increased nine basis points from 2.14% in the prior quarter to 2.23%.
•Healthy Capital and Liquidity. Our capital and liquidity ratios, as well as contingent liquidity sources, remain very healthy. During the first quarter of 2024, we repurchased 11,651 shares of our common stock, or 0.10% of average shares outstanding during the period, at an average price of $28.76 per share. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was 10.6% as of March 31, 2024, compared to 15.3% as of March 31, 2023. Our total available contingent liquidity, net of current outstanding borrowings, was $1.3 billion, consisting of FHLB, FRB and correspondent bank fed funds and revolving lines of credit. Finally, our total equity to average quarterly assets as of March 31, 2024 was 9.6%. If we had to recognize our entire unrealized losses on both AFS and HTM securities, our total equity to average assets ratio would be 8.8%, which we believe represents a strong capital level under regulatory requirements.
Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.
RESULTS OF OPERATIONS
Net interest income, before the provision for credit losses, in the first quarter of 2024 and 2023 was $23.6 million and $25.2 million, respectively, a decrease of $1.6 million, or 6.3%. The decrease in net interest income resulted from an increase in interest expense of $5.2 million, or 43.3%, compared to the prior year quarter, which was partially offset by an increase in interest income of $3.6 million, or 9.7%, from the same quarter in the prior year. The increases in both interest income and expense resulted primarily from higher rates during the period. Interest expense was also somewhat impacted by a shift from noninterest-bearing to interest-bearing deposit accounts, which resulted in increased expense in the first quarter of 2024 compared to the prior year quarter. Our noninterest-bearing deposits to total deposits were 31.5% and 37.8% as of March 31, 2024 and 2023, respectively.
Net interest margin, on a fully taxable equivalent basis, for the first quarter of 2024 and 2023 was 3.16% and 3.24%, respectively. Net interest margin, on a fully taxable equivalent basis, decreased nine basis points primarily due to interest-bearing liabilities repricing faster than our interest-earning assets during the period. The cost of interest-bearing liabilities increased 98 basis points from the prior year quarter, while interest earning asset yields increased 70 basis points. The increase in the cost of interest-bearing liabilities was due primarily to an increase in the cost of interest-bearing deposits from 1.91% to 3.25%, a change of 134 basis points, in the first quarter of 2024 compared to the same period in 2023, as well as increased rates on FHLB advances, which increased from 4.94% to 5.45%, an increase of 51 basis points, from the prior year quarter. The increases in cost were partially offset by increases in yield on the loan portfolio from 5.46% to 6.21%, or 75 basis points, as well as 109 and 13 basis point increases in yield on AFS and HTM securities, respectively. Although the cost of interest-bearing liabilities have repriced more quickly during this period, the weighted average yield on $62.9 million in new loans originated in the first quarter was 8.39%.
Net interest income, before the provision for credit losses, decreased $226,000, or 0.9%, from $23.8 million in the fourth quarter of 2023 to $23.6 million in the first quarter of 2024. The decrease in net interest income resulted primarily from an increase in interest expense of $182,000, or 1.1%, and a decrease in interest income of $44,000, or 0.1%. The decrease in interest income was primarily due to a decrease in gross loans of $57.3 million, or 2.5%.
Net interest margin, on a fully taxable equivalent basis, increased from 3.11% for the fourth quarter of 2023 to 3.16% for the first quarter of 2024, an increase of four basis points. The increase in net interest margin, on a fully taxable equivalent basis, was primarily due to an increase on loan yield from 6.06% for the fourth quarter of 2023 to 6.21% for the first quarter of 2024, a change of 15 basis points, and a decrease in total interest-earning assets during the first quarter of 2024. This increase was partially offset by an increase in the cost of interest-bearing deposits from 3.17% in the fourth quarter of 2023 to 3.25% in the first quarter of 2024, a change of eight basis points.
We recorded a $250,000 reversal to our provision for credit losses during the first quarter of 2024. Our loan balances decreased $57.3 million during the quarter, while credit quality trends remained relatively stable and the qualitative factors used to account for changes in economic conditions and expected losses were adjusted in 2023. Those assumptions remain relevant in the current quarter, thus no additional q-factor adjustments were made in the current quarter. As of March 31, 2024 and December 31, 2023, our allowance for credit losses as a percentage of total loans was 1.35% and 1.33%, respectively.
Noninterest income increased $353,000, or 7.2%, in the first quarter of 2024 to $5.3 million, compared to $4.9 million for the first quarter of 2023. The increase from the same quarter in 2023 was primarily due to $499,000 in recoveries made on three SBA loans during the first quarter of 2024. This was partially offset by a $130,000 decrease in the gain on mortgage loans sold and a decrease on the gain on sale of loans of $42,000, or 13.4%, along with a $27,000, or 39.7%, decrease in mortgage fee income compared to the same quarter in the prior year.
Noninterest expense increased $725,000, or 3.6%, in the first quarter of 2024 to $20.7 million, compared to $20.0 million for the first quarter of 2023. The increase in noninterest expense in the first quarter of 2024 was driven primarily by a $189,000, or 32.4%, increase in legal and professional fees primarily related to recruiting fees, an increase in software and technology expense of $246,000, or 17.6%, and a $173,000, or 1.4%, increase in employee compensation and benefits compared to the first quarter of 2023. These were partially offset by a $98,000, or 36.7%, decrease in advertising and promotions expense.
Noninterest income in the first quarter of 2024 increased by $462,000, or 9.6%, from $4.8 million in the fourth quarter of 2023. The increase was primarily due to an increase in other noninterest income of $454,000, or 65.0%, primarily the result of $499,000 in recoveries made on three SBA loans and an increase in the gain on sale of loans of $76,000, or 38.8%, during the first quarter of 2024.
Noninterest expense decreased $710,000, or 3.3%, in the first quarter of 2024, from $21.4 million for the quarter ended December 31, 2023. The decrease resulted from a $278,000, or 2.2%, decrease in employee compensation and benefits due to a retirement accrual booked in the fourth quarter of 2023, which was not present in 2024. Additionally, there was a $183,000, or 52.0%, decrease in advertising and promotions expense, a $182,000, or 19.1%, decrease in legal and professional fees and a $98,000, or 5.6%, decrease in software and technology expense during the first quarter of 2024 compared to the fourth quarter of 2023.
The Company’s efficiency ratio in the first quarter of 2024 was 71.74%, compared to 66.41% in the prior year quarter and 74.81% in the fourth quarter of 2024.
FINANCIAL CONDITION
Consolidated assets for the Company totaled $3.13 billion at March 31, 2024, compared to $3.18 billion at December 31, 2023 and $3.36 billion at March 31, 2023.
Gross loans decreased by $57.3 million, or 2.5%, during the quarter resulting in a gross loan balance of $2.27 billion at March 31, 2024, compared to $2.32 billion at December 31, 2023. Our decline in loans resulted primarily from tighter underwriting due to the current economic environment and from lower demand from potential borrowers.
Gross loans decreased $112.6 million, or 4.7%, from $2.38 billion at March 31, 2023. The decrease in gross loans during the first quarter of 2024 compared to the first quarter of 2023 resulted from tightened credit underwriting standards and loan terms, along with fewer borrower requests in response to higher interest rates. Additionally, there was a $10.7 million decrease in warehouse lending loans, as we discontinued that line of business in the second quarter of 2023.
Total deposits decreased by $5.4 million, or 0.2%, to $2.63 billion at March 31, 2024, compared to $2.63 billion at December 31, 2023, and increased $4.5 million, or 0.2%, from $2.62 billion at March 31, 2023. The decrease in deposits during the first quarter of 2024 compared to the fourth quarter of 2023 was the result of a decrease in noninterest-bearing deposits of $24.1 million, offset by an increase in interest-bearing deposits of $18.7 million. The decrease in interest-bearing deposits included the maturity of $25.0 million in brokered CDs in February 2024 that we did not renew. The increase in deposits during the current quarter compared to the prior year quarter resulted primarily from an increase in interest-bearing deposits of $168.1 million, partially offset by a decrease in noninterest-bearing deposits of $163.7 million.
Nonperforming assets as a percentage of total loans were 0.94% at March 31, 2024, compared to 0.25% at December 31, 2023 and 0.57% at March 31, 2023. Nonperforming assets as a percentage of total assets were 0.68% at March 31, 2024, compared to 0.18% at December 31, 2023, and 0.40% at March 31, 2023. The Bank's nonperforming assets consist primarily of other real estate owned and nonaccrual loans. The increase in nonperforming assets compared to the prior year end and prior year quarter was primarily due to the increase in other real estate owned, which is described in the quarterly highlights above.
Total equity was $305.9 million at March 31, 2024, compared to $303.8 million at December 31, 2023 and $300.3 million at March 31, 2023. The increase in total equity compared to the prior year end and prior year quarter resulted primarily from net income of $6.7 million, the payment of dividends of $2.8 million during the period and a reduction in repurchases during the first quarter of 2024 compared to prior quarters.
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As of |
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2024 |
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2023 |
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(dollars in thousands) |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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ASSETS |
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Cash and due from banks |
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$ |
43,872 |
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$ |
47,744 |
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$ |
47,922 |
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$ |
47,663 |
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$ |
59,030 |
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Federal funds sold |
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24,300 |
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36,575 |
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73,275 |
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44,950 |
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95,400 |
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Interest-bearing deposits |
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4,921 |
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5,205 |
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8,980 |
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4,738 |
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3,695 |
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Total cash and cash equivalents |
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73,093 |
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89,524 |
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130,177 |
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97,351 |
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158,125 |
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Securities available for sale |
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228,787 |
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196,195 |
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178,644 |
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166,596 |
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173,744 |
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Securities held to maturity |
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363,963 |
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404,208 |
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408,308 |
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437,292 |
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476,105 |
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Loans held for sale |
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874 |
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976 |
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2,506 |
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795 |
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1,260 |
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Loans, net |
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2,234,012 |
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2,290,881 |
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2,286,163 |
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2,300,882 |
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2,344,240 |
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Accrued interest receivable |
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11,747 |
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13,143 |
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11,307 |
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11,110 |
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10,443 |
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Premises and equipment, net |
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56,921 |
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57,018 |
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56,712 |
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56,151 |
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55,457 |
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Other real estate owned |
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14,900 |
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— |
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— |
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— |
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38 |
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Cash surrender value of life insurance |
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42,119 |
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42,348 |
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42,096 |
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41,830 |
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38,619 |
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Core deposit intangible, net |
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1,312 |
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1,418 |
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1,524 |
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1,633 |
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1,746 |
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Goodwill |
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32,160 |
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32,160 |
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32,160 |
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32,160 |
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32,160 |
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Other assets |
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67,550 |
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56,920 |
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80,816 |
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60,396 |
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64,350 |
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Total assets |
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$ |
3,127,438 |
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$ |
3,184,791 |
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$ |
3,230,413 |
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$ |
3,206,196 |
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$ |
3,356,287 |
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LIABILITIES AND EQUITY |
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Deposits |
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Noninterest-bearing |
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$ |
828,861 |
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$ |
852,957 |
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$ |
903,391 |
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$ |
915,462 |
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$ |
992,527 |
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Interest-bearing |
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1,798,983 |
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1,780,289 |
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1,754,902 |
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1,687,355 |
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1,630,841 |
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Total deposits |
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2,627,844 |
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2,633,246 |
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2,658,293 |
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2,602,817 |
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2,623,368 |
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Securities sold under agreements to repurchase |
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39,058 |
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25,172 |
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19,366 |
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20,532 |
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13,338 |
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Accrued interest and other liabilities |
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33,807 |
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32,242 |
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31,218 |
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30,701 |
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30,125 |
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Line of credit |
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— |
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4,500 |
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2,000 |
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12,000 |
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— |
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Federal Home Loan Bank advances |
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75,000 |
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140,000 |
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175,000 |
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195,000 |
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340,000 |
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Subordinated debentures |
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45,819 |
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45,785 |
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47,752 |
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47,719 |
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49,186 |
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Total liabilities |
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2,821,528 |
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2,880,945 |
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2,933,629 |
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2,908,769 |
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3,056,017 |
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Equity attributable to Guaranty Bancshares, Inc. |
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305,371 |
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303,300 |
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296,226 |
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296,862 |
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299,700 |
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Noncontrolling interest |
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539 |
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546 |
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558 |
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565 |
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570 |
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Total equity |
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305,910 |
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303,846 |
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296,784 |
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297,427 |
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300,270 |
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Total liabilities and equity |
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$ |
3,127,438 |
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$ |
3,184,791 |
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$ |
3,230,413 |
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$ |
3,206,196 |
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$ |
3,356,287 |
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Quarter Ended |
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2024 |
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2023 |
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(dollars in thousands, except per share data) |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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STATEMENTS OF EARNINGS |
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|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
40,752 |
|
|
$ |
40,796 |
|
|
$ |
39,818 |
|
|
$ |
38,734 |
|
|
$ |
37,144 |
|
Interest expense |
|
|
17,165 |
|
|
|
16,983 |
|
|
|
16,516 |
|
|
|
14,031 |
|
|
|
11,982 |
|
Net interest income |
|
|
23,587 |
|
|
|
23,813 |
|
|
|
23,302 |
|
|
|
24,703 |
|
|
|
25,162 |
|
Reversal of provision for credit losses |
|
|
(250 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net interest income after provision for credit losses |
|
|
23,837 |
|
|
|
23,813 |
|
|
|
23,302 |
|
|
|
24,703 |
|
|
|
25,162 |
|
Noninterest income |
|
|
5,258 |
|
|
|
4,796 |
|
|
|
4,939 |
|
|
|
7,873 |
|
|
|
4,905 |
|
Noninterest expense |
|
|
20,692 |
|
|
|
21,402 |
|
|
|
20,514 |
|
|
|
20,471 |
|
|
|
19,967 |
|
Income before income taxes |
|
|
8,403 |
|
|
|
7,207 |
|
|
|
7,727 |
|
|
|
12,105 |
|
|
|
10,100 |
|
Income tax provision |
|
|
1,722 |
|
|
|
1,341 |
|
|
|
1,437 |
|
|
|
2,529 |
|
|
|
1,823 |
|
Net earnings |
|
$ |
6,681 |
|
|
$ |
5,866 |
|
|
$ |
6,290 |
|
|
$ |
9,576 |
|
|
$ |
8,277 |
|
Net loss attributable to noncontrolling interest |
|
|
7 |
|
|
|
12 |
|
|
|
7 |
|
|
|
5 |
|
|
|
4 |
|
Net earnings attributable to Guaranty Bancshares, Inc. |
|
$ |
6,688 |
|
|
$ |
5,878 |
|
|
$ |
6,297 |
|
|
$ |
9,581 |
|
|
$ |
8,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share, basic |
|
$ |
0.58 |
|
|
$ |
0.51 |
|
|
$ |
0.54 |
|
|
$ |
0.82 |
|
|
$ |
0.69 |
|
Earnings per common share, diluted |
|
|
0.58 |
|
|
|
0.51 |
|
|
|
0.54 |
|
|
|
0.81 |
|
|
|
0.69 |
|
Cash dividends per common share |
|
|
0.24 |
|
|
|
0.23 |
|
|
|
0.23 |
|
|
|
0.23 |
|
|
|
0.23 |
|
Book value per common share - end of quarter |
|
|
26.47 |
|
|
|
26.28 |
|
|
|
25.64 |
|
|
|
25.58 |
|
|
|
25.13 |
|
Tangible book value per common share - end of quarter(1) |
|
|
23.57 |
|
|
|
23.37 |
|
|
|
22.72 |
|
|
|
22.67 |
|
|
|
22.29 |
|
Common shares outstanding - end of quarter(4) |
|
|
11,534,960 |
|
|
|
11,540,644 |
|
|
|
11,554,094 |
|
|
|
11,603,167 |
|
|
|
11,925,357 |
|
Weighted-average common shares outstanding, basic |
|
|
11,539,167 |
|
|
|
11,536,878 |
|
|
|
11,568,897 |
|
|
|
11,735,475 |
|
|
|
11,939,593 |
|
Weighted-average common shares outstanding, diluted |
|
|
11,598,239 |
|
|
|
11,589,165 |
|
|
|
11,619,342 |
|
|
|
11,756,512 |
|
|
|
12,012,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized) |
|
|
0.85 |
% |
|
|
0.73 |
% |
|
|
0.78 |
% |
|
|
1.17 |
% |
|
|
1.01 |
% |
Return on average equity (annualized) |
|
|
8.93 |
|
|
|
7.93 |
|
|
|
8.43 |
|
|
|
12.87 |
|
|
|
11.18 |
|
Net interest margin, fully taxable equivalent (annualized)(2) |
|
|
3.16 |
|
|
|
3.11 |
|
|
|
3.02 |
|
|
|
3.19 |
|
|
|
3.24 |
|
Efficiency ratio(3) |
|
|
71.74 |
|
|
|
74.81 |
|
|
|
72.64 |
|
|
|
62.84 |
|
|
|
66.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Non-GAAP Reconciling Tables. |
|
(2) Net interest margin on a fully taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%. |
|
(3) 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. |
|
(4) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
2024 |
|
|
2023 |
|
(dollars in thousands) |
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
LOAN PORTFOLIO COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
269,560 |
|
|
$ |
287,565 |
|
|
$ |
292,410 |
|
|
$ |
295,864 |
|
|
$ |
295,936 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and development |
|
|
273,300 |
|
|
|
296,639 |
|
|
|
317,484 |
|
|
|
345,127 |
|
|
|
372,203 |
|
Commercial real estate |
|
|
906,684 |
|
|
|
923,195 |
|
|
|
901,321 |
|
|
|
891,883 |
|
|
|
900,190 |
|
Farmland |
|
|
180,502 |
|
|
|
186,295 |
|
|
|
188,614 |
|
|
|
187,105 |
|
|
|
190,802 |
|
1-4 family residential |
|
|
523,573 |
|
|
|
514,603 |
|
|
|
504,002 |
|
|
|
496,340 |
|
|
|
499,944 |
|
Multi-family residential |
|
|
44,569 |
|
|
|
44,292 |
|
|
|
42,720 |
|
|
|
44,385 |
|
|
|
44,760 |
|
Consumer |
|
|
54,375 |
|
|
|
57,059 |
|
|
|
58,294 |
|
|
|
59,498 |
|
|
|
60,163 |
|
Agricultural |
|
|
12,418 |
|
|
|
12,685 |
|
|
|
13,076 |
|
|
|
13,447 |
|
|
|
13,545 |
|
Overdrafts |
|
|
276 |
|
|
|
243 |
|
|
|
328 |
|
|
|
252 |
|
|
|
270 |
|
Total loans(1)(2) |
|
$ |
2,265,257 |
|
|
$ |
2,322,576 |
|
|
$ |
2,318,249 |
|
|
$ |
2,333,901 |
|
|
$ |
2,377,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
2024 |
|
|
2023 |
|
(dollars in thousands) |
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
ALLOWANCE FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
30,920 |
|
|
$ |
31,140 |
|
|
$ |
31,759 |
|
|
$ |
31,953 |
|
|
$ |
31,974 |
|
Loans charged-off |
|
|
(310 |
) |
|
|
(242 |
) |
|
|
(644 |
) |
|
|
(224 |
) |
|
|
(94 |
) |
Recoveries |
|
|
200 |
|
|
|
22 |
|
|
|
25 |
|
|
|
30 |
|
|
|
73 |
|
Reversal of provision for credit loss expense |
|
|
(250 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at end of period |
|
$ |
30,560 |
|
|
$ |
30,920 |
|
|
$ |
31,140 |
|
|
$ |
31,759 |
|
|
$ |
31,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses / period-end loans |
|
|
1.35 |
% |
|
|
1.33 |
% |
|
|
1.34 |
% |
|
|
1.36 |
% |
|
|
1.34 |
% |
Allowance for credit losses / nonperforming loans |
|
|
496.0 |
|
|
|
552.9 |
|
|
|
1,148.2 |
|
|
|
894.6 |
|
|
|
238.4 |
|
Net charge-offs / average loans (annualized) |
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.11 |
|
|
|
0.03 |
|
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
6,161 |
|
|
$ |
5,592 |
|
|
$ |
2,712 |
|
|
$ |
3,550 |
|
|
$ |
13,405 |
|
Other real estate owned |
|
|
14,900 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38 |
|
Repossessed assets owned |
|
|
236 |
|
|
|
234 |
|
|
|
250 |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
|
$ |
21,297 |
|
|
$ |
5,826 |
|
|
$ |
2,962 |
|
|
$ |
3,550 |
|
|
$ |
13,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets as a percentage of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans(1)(2) |
|
|
0.94 |
% |
|
|
0.25 |
% |
|
|
0.13 |
% |
|
|
0.15 |
% |
|
|
0.57 |
% |
Total assets |
|
|
0.68 |
|
|
|
0.18 |
|
|
|
0.09 |
|
|
|
0.11 |
|
|
|
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes outstanding balances of loans held for sale of $874,000, $976,000, $2.5 million, $795,000, and $1.3 million as of March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively. |
|
(2) Excludes deferred loan fees of $685,000, $775,000, $(946,000), $1.3 million, and $1.6 million as of March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
2024 |
|
|
2023 |
|
(dollars in thousands) |
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
$ |
1,069 |
|
|
$ |
1,123 |
|
|
$ |
1,131 |
|
|
$ |
1,056 |
|
|
$ |
1,077 |
|
Net realized (loss) gain on securities transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(322 |
) |
|
|
93 |
|
Net realized gain on sale of loans |
|
|
272 |
|
|
|
196 |
|
|
|
218 |
|
|
|
473 |
|
|
|
314 |
|
Fiduciary and custodial income |
|
|
649 |
|
|
|
624 |
|
|
|
637 |
|
|
|
630 |
|
|
|
638 |
|
Bank-owned life insurance income |
|
|
251 |
|
|
|
249 |
|
|
|
267 |
|
|
|
211 |
|
|
|
214 |
|
Merchant and debit card fees |
|
|
1,706 |
|
|
|
1,760 |
|
|
|
1,752 |
|
|
|
2,121 |
|
|
|
1,674 |
|
Loan processing fee income |
|
|
118 |
|
|
|
116 |
|
|
|
128 |
|
|
|
142 |
|
|
|
134 |
|
Mortgage fee income |
|
|
41 |
|
|
|
30 |
|
|
|
46 |
|
|
|
50 |
|
|
|
68 |
|
Other noninterest income |
|
|
1,152 |
|
|
|
698 |
|
|
|
760 |
|
|
|
3,512 |
|
|
|
693 |
|
Total noninterest income |
|
$ |
5,258 |
|
|
$ |
4,796 |
|
|
$ |
4,939 |
|
|
$ |
7,873 |
|
|
$ |
4,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
$ |
12,437 |
|
|
$ |
12,715 |
|
|
$ |
11,944 |
|
|
$ |
11,939 |
|
|
$ |
12,264 |
|
Occupancy expenses |
|
|
2,747 |
|
|
|
2,757 |
|
|
|
2,960 |
|
|
|
2,754 |
|
|
|
2,830 |
|
Legal and professional fees |
|
|
772 |
|
|
|
954 |
|
|
|
902 |
|
|
|
985 |
|
|
|
583 |
|
Software and technology |
|
|
1,642 |
|
|
|
1,740 |
|
|
|
1,490 |
|
|
|
1,531 |
|
|
|
1,396 |
|
Amortization |
|
|
143 |
|
|
|
145 |
|
|
|
147 |
|
|
|
149 |
|
|
|
161 |
|
Director and committee fees |
|
|
200 |
|
|
|
186 |
|
|
|
192 |
|
|
|
201 |
|
|
|
199 |
|
Advertising and promotions |
|
|
169 |
|
|
|
352 |
|
|
|
288 |
|
|
|
269 |
|
|
|
267 |
|
ATM and debit card expense |
|
|
609 |
|
|
|
763 |
|
|
|
803 |
|
|
|
739 |
|
|
|
599 |
|
Telecommunication expense |
|
|
173 |
|
|
|
175 |
|
|
|
178 |
|
|
|
171 |
|
|
|
183 |
|
FDIC insurance assessment fees |
|
|
360 |
|
|
|
321 |
|
|
|
363 |
|
|
|
522 |
|
|
|
301 |
|
Other noninterest expense |
|
|
1,440 |
|
|
|
1,294 |
|
|
|
1,247 |
|
|
|
1,211 |
|
|
|
1,184 |
|
Total noninterest expense |
|
$ |
20,692 |
|
|
$ |
21,402 |
|
|
$ |
20,514 |
|
|
$ |
20,471 |
|
|
$ |
19,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
(dollars in thousands) |
|
Average Outstanding Balance |
|
|
Interest Earned/ Interest Paid |
|
|
Average Yield/ Rate |
|
|
Average Outstanding Balance |
|
|
Interest Earned/ Interest Paid |
|
|
Average Yield/ Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans(1) |
|
$ |
2,299,177 |
|
|
$ |
35,491 |
|
|
|
6.21 |
% |
|
$ |
2,388,045 |
|
|
$ |
32,157 |
|
|
|
5.46 |
% |
Securities available for sale |
|
|
216,298 |
|
|
|
1,851 |
|
|
|
3.44 |
|
|
|
184,572 |
|
|
|
1,068 |
|
|
|
2.35 |
|
Securities held to maturity |
|
|
393,394 |
|
|
|
2,533 |
|
|
|
2.59 |
|
|
|
502,760 |
|
|
|
3,050 |
|
|
|
2.46 |
|
Nonmarketable equity securities |
|
|
24,438 |
|
|
|
248 |
|
|
|
4.08 |
|
|
|
28,381 |
|
|
|
419 |
|
|
|
5.99 |
|
Interest-bearing deposits in other banks |
|
|
45,672 |
|
|
|
629 |
|
|
|
5.54 |
|
|
|
34,986 |
|
|
|
450 |
|
|
|
5.22 |
|
Total interest-earning assets |
|
|
2,978,979 |
|
|
|
40,752 |
|
|
|
5.50 |
|
|
|
3,138,744 |
|
|
|
37,144 |
|
|
|
4.80 |
|
Allowance for credit losses |
|
|
(30,879 |
) |
|
|
|
|
|
|
|
|
(31,934 |
) |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
230,829 |
|
|
|
|
|
|
|
|
|
218,195 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,178,929 |
|
|
|
|
|
|
|
|
$ |
3,325,005 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,789,119 |
|
|
$ |
14,459 |
|
|
|
3.25 |
% |
|
$ |
1,624,610 |
|
|
$ |
7,655 |
|
|
|
1.91 |
% |
Advances from FHLB and fed funds purchased |
|
|
141,593 |
|
|
|
1,920 |
|
|
|
5.45 |
|
|
|
310,103 |
|
|
|
3,774 |
|
|
|
4.94 |
|
Line of credit |
|
|
841 |
|
|
|
18 |
|
|
|
8.61 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Subordinated debt |
|
|
45,797 |
|
|
|
517 |
|
|
|
4.54 |
|
|
|
49,164 |
|
|
|
540 |
|
|
|
4.45 |
|
Securities sold under agreements to repurchase |
|
|
41,271 |
|
|
|
251 |
|
|
|
2.45 |
|
|
|
10,974 |
|
|
|
13 |
|
|
|
0.48 |
|
Total interest-bearing liabilities |
|
|
2,018,621 |
|
|
|
17,165 |
|
|
|
3.42 |
|
|
|
1,994,851 |
|
|
|
11,982 |
|
|
|
2.44 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
823,638 |
|
|
|
|
|
|
|
|
|
1,002,793 |
|
|
|
|
|
|
|
Accrued interest and other liabilities |
|
|
35,469 |
|
|
|
|
|
|
|
|
|
26,912 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
859,107 |
|
|
|
|
|
|
|
|
|
1,029,705 |
|
|
|
|
|
|
|
Equity |
|
|
301,201 |
|
|
|
|
|
|
|
|
|
300,449 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
3,178,929 |
|
|
|
|
|
|
|
|
$ |
3,325,005 |
|
|
|
|
|
|
|
Net interest rate spread(2) |
|
|
|
|
|
|
|
|
2.08 |
% |
|
|
|
|
|
|
|
|
2.36 |
% |
Net interest income |
|
|
|
|
$ |
23,587 |
|
|
|
|
|
|
|
|
$ |
25,162 |
|
|
|
|
Net interest margin(3) |
|
|
|
|
|
|
|
|
3.18 |
% |
|
|
|
|
|
|
|
|
3.25 |
% |
Net interest margin, fully taxable equivalent(4) |
|
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
|
3.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes average outstanding balances of loans held for sale of $704,000 and $1.7 million for the quarter ended March 31, 2024 and 2023, 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. |
|
(4) Net interest margin on a fully taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP RECONCILING TABLES
Tangible Book Value per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
2024 |
|
|
2023 |
|
(dollars in thousands, except per share data) |
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
Equity attributable to Guaranty Bancshares, Inc. |
|
$ |
305,371 |
|
|
$ |
303,300 |
|
|
$ |
296,226 |
|
|
$ |
296,862 |
|
|
$ |
299,700 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
|
|
(32,160 |
) |
Core deposit intangible, net |
|
|
(1,312 |
) |
|
|
(1,418 |
) |
|
|
(1,524 |
) |
|
|
(1,633 |
) |
|
|
(1,746 |
) |
Total tangible common equity attributable to Guaranty Bancshares, Inc. |
|
$ |
271,899 |
|
|
$ |
269,722 |
|
|
$ |
262,542 |
|
|
$ |
263,069 |
|
|
$ |
265,794 |
|
Common shares outstanding(1) |
|
|
11,534,960 |
|
|
|
11,540,644 |
|
|
|
11,554,094 |
|
|
|
11,603,167 |
|
|
|
11,925,357 |
|
Book value per common share |
|
$ |
26.47 |
|
|
$ |
26.28 |
|
|
$ |
25.64 |
|
|
$ |
25.58 |
|
|
$ |
25.13 |
|
Tangible book value per common share(1) |
|
|
23.57 |
|
|
|
23.37 |
|
|
|
22.72 |
|
|
|
22.67 |
|
|
|
22.29 |
|
(1) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
Net Unrealized Loss on Securities, Tax Effected, as a Percentage of Total Equity
|
|
|
|
|
(dollars in thousands) |
|
March 31, 2024 |
|
Total equity(1) |
|
$ |
305,910 |
|
Less: net unrealized loss on HTM securities, tax effected |
|
|
(25,662 |
) |
Total equity, including net unrealized loss on AFS and HTM securities |
|
$ |
280,248 |
|
|
|
|
|
Net unrealized loss on AFS securities, tax effected |
|
|
16,709 |
|
Net unrealized loss on HTM securities, tax effected |
|
|
25,662 |
|
Net unrealized loss on AFS and HTM securities, tax effected |
|
$ |
42,371 |
|
|
|
|
|
Net unrealized loss on securities as % of total equity(1) |
|
|
13.9 |
% |
Total equity before impact of unrealized losses |
|
$ |
322,619 |
|
Net unrealized loss on securities as % of total equity before impact of unrealized losses |
|
|
13.1 |
% |
|
|
|
|
Total average assets |
|
$ |
3,178,929 |
|
Total equity to average assets |
|
|
9.6 |
% |
Total equity, adjusted for tax effected net unrealized loss, to average assets |
|
|
8.8 |
% |
|
|
|
|
(1) Includes the net unrealized loss on AFS securities, tax effected, of $16,709. |
|
|
|
Cost of Total Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
(dollars in thousands) |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
March 31, 2023 |
|
Total average interest-bearing deposits |
|
$ |
1,789,119 |
|
|
$ |
1,788,863 |
|
|
$ |
1,624,610 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
823,638 |
|
|
|
865,817 |
|
|
|
1,002,793 |
|
Total average deposits |
|
$ |
2,612,757 |
|
|
$ |
2,654,680 |
|
|
$ |
2,627,403 |
|
|
|
|
|
|
|
|
|
|
|
Total deposit-related interest expense |
|
$ |
14,459 |
|
|
$ |
14,311 |
|
|
$ |
7,655 |
|
|
|
|
|
|
|
|
|
|
|
Average cost of interest-bearing deposits |
|
|
3.25 |
% |
|
|
3.17 |
% |
|
|
1.91 |
% |
Average cost of total deposits |
|
|
2.23 |
|
|
|
2.14 |
|
|
|
1.18 |
|
About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “tangible book value per common share”, "net unrealized loss on securities, tax effected, as a percentage of total equity" and "cost of total deposits" 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.
Conference Call Information
The Company will hold a conference call to discuss first quarter 2024 financial results on Monday, April 15, 2024 at 10:00 am Central Time. The conference call will be hosted by Ty Abston, Chairman and CEO, and Shalene Jacobson, EVP and CFO. All conference attendees must register before the call at www.gnty.com/earningscall. The conference materials will be available by accessing the Investor Relations page on our website, www.gnty.com. A recording of the conference call will be available by 1:00 pm Central Time the day of the call and remain available through April 31, 2024 on our Investor Relations webpage.
About Guaranty Bancshares, Inc.
Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. Guaranty Bank & Trust has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of March 31, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.3 billion and total deposits of $2.6 billion. 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, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. 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 Information: |
|
Shalene Jacobson Executive Vice President and Chief Financial Officer Guaranty Bancshares, Inc. (888) 572-9881 |
investors@gnty.com |
INVESTOR PRESENTATION NYSE: GNTY 1ST QUARTER 2024
SAFE HARBOR STATEMENT ABOUT GUARANTY BANCSHARES, INC. Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. Guaranty Bank & Trust has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of March 31, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.3 billion and total deposits of $2.6 billion. Visit www.gnty.com for more information. NON-GAAP FINANCIAL MEASURES Guaranty reports its results in accordance with United States generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures used in managing its business may provide meaningful information about underlying trends in its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Guaranty’s reported results prepared in accordance with GAAP. Please see “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation for a reconciliation to the nearest GAAP financial measure.
SAFE HARBOR STATEMENT This presentation 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, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. 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 presentation, 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.
QUARTERLY HIGHLIGHTS Ty Abston CEO and Chairman of the Board Shalene Jacobson EVP and Chief Financial Officer
Q1 2024 – FINANCIAL RESULTS EARNINGS, ROAA AND NIM BALANCE SHEET NON-INTEREST INCOME AND EXPENSE Total assets were $3.13 billion at Mar 31, 2024, compared to $3.18 billion at Dec 31, 2023 Total gross loans were $2.27 billion at Mar 31, 2024, compared to $2.32 billion at Dec 31, 2023 Gross loans decreased $57.3 million (2.5%) in 1Q24 Purchased $39.3 million in AFS securities in 1Q24 at a weighted average yield to maturity of 5.23% Total deposits were $2.63 billion at Mar 31, 2024 and Dec 31, 2023 Reduced FHLB borrowings by $65 million Total equity was $305.9 million at Mar 31, 2024 compared to $303.8 million at Dec 31, 2023 Repurchased 11,651 GNTY shares in 1Q24 at a weighted average price of $28.76 per share Paid cash dividend of $0.24/share in 1Q24, compared to $0.23 in each quarter in 2023 Noninterest income increased by $462,000, or 9.6%, from $4.8 million in 4Q23. The increase was primarily due to $499,000 in recoveries made on three SBA loan receivables and an increase in gain on sale of loans of $76,000 Noninterest expense decreased $710,000, or 3.3%, from 4Q23, due primarily to a retirement accrual booked in 4Q23 not present in 1Q24 and general decreases in advertising, professional fees and software expenses Efficiency ratio of 71.74% for 1Q24 Net earnings of $6.7 million, compared to $5.9 million in 4Q23 and $8.3 million in 1Q23 Net earnings per basic share of $0.58, compared to $0.51 in 4Q23 and $0.69 in 1Q23 ROAA of 0.85% and ROAE of 8.93%, compared to 0.73% and 7.93%, respectively, in 4Q23 Net interest margin (FTE) was 3.16%, compared to 3.11% in 4Q23 and 3.24% in 1Q23 Loan yield was 6.21%, compared to 6.06% in 4Q23 and 5.46% in 1Q23 Cost of total deposits was 2.23%, compared to 2.14% in 4Q23 and 1.18% in 1Q23** **Non-GAAP financial metrics. Calculations of these metrics and reconciliations to GAAP are included in the Reconciliation of Non-GAAP Financial Measures pages at the end of this presentation.
ACL Reversal to the provision for credit losses of $250,000 in 1Q24 Reduction in gross loan balance and stable credit trends No qualitative factor adjustments in 1Q24 Allowance for credit losses (ACL) coverage is 1.35% at Mar 31, 2024 and 1.33% at Dec 31, 2023 LOAN PORTFOLIO & CREDIT QUALITY Gross loans decreased $57.3 million, or 2.5% in 1Q24 Weighted average yield on new loan originations in 1Q24 was 8.39%, compared to 8.61% in 4Q23 Nonperforming assets to total assets were 0.68% as of Mar 31, 2024 and 0.18% as of Dec 31, 2023. The increase was due to the addition of $14.9 million in other real estate owned. The OREO is a performing/operating commercial real estate property in a vibrant area of South Austin and is providing an additional source of non-interest income until it is sold. Net charge-offs were $110,000 in 1Q24, compared to $220,000 in 4Q23 Net charge-offs to average loans were 0.02% in 1Q24, compared to 0.04% in 4Q23 Loan portfolio quality remains strong and we expect credit metrics to continue to benefit from good economic conditions in Texas CRE and real estate C&D represents 40.0% and 12.1% of our total loan portfolio, respectively. Office-related loans represent 4.6% of the total loan portfolio and have an average balance of $516,000 Non-accrual loans are $6.2 million as of Mar 31, 2024, an increase from $5.6 million as of Dec 31, 2023. Substandard loans at Mar 31, 2024 are $17.5 million, down from $24.6 million at Dec 31, 2023. The decrease was primarily due to the foreclosed South Austin property described above, offset by the addition of some smaller dollar loans. There were 141 substandard loans with an average balance of $109,000 at Mar 31, 2024. Q1 2024 – CREDIT & ACL INFO
DEPOSITS Granular deposits: 88,493 total deposit accounts with an average balance of $29,696 Uninsured deposits, excluding public funds and GNTY-owned accounts, are 25.43% of total deposits Total deposits decreased by $5.4 million during 1Q24, primarily from the maturity of $25.0 million in brokered deposits that we did not renew. Excluding the brokered CDs, total core deposits grew $19.6 million during 1Q24. DDA balances decreased $27.1 million, savings and MMDA balances increased $30.8 million and time deposits (excluding matured brokered CDs) increased $15.9 million Loan-to-deposit ratio of 86.2% as of Mar 31, 2024 and 88.2% as of Dec 31, 2023 Noninterest-bearing deposits represent 31.5% of total deposits as of Mar 31, 2024, down from 32.4% as of Dec 31, 2023 Q1 2024 – Deposits, Liquidity & Capital LIQUIDITY & INVESTMENTS Liquidity ratio* was 10.6% at Mar 31, 2024 FHLB advances have decreased $265.0 million since 1Q23 Total available contingent liquidity from all sources is $1.3 billion at Mar 31, 2024 Total net unrealized loss on investment securities is $53.6 million, comprised of $21.1 million AFS and $32.5 million HTM. Net of tax, total unrealized loss is $42.4 million, which is 13.9% of total equity before losses** Capital ratios remain strong. Total equity to average assets as of Mar 31, 2024 is 9.6% If we had to recognize our entire unrealized losses on both AFS and HTM securities, the ratio would be 8.8%** During 1Q24, we repurchased 11,651 shares of Company stock at an average price of $28.76 per share. During 4Q23, we repurchased 24,800 shares at an average price of $27.76 per share CAPITAL *Calculated as cash and cash equivalents and unpledged securities divided by total liabilities. **Non-GAAP financial metrics. Calculations of these metrics and reconciliations to GAAP are included in the Reconciliation of Non-GAAP Financial Measures pages at the end of this presentation.
Q & A
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Net Unrealized Loss on Securities, Tax Effected, as a Percentage of Total Equity (dollars in thousands) March 31, 2024 Total equity(1) $ 305,910 Less: net unrealized loss on HTM securities, tax effected (25,662) Total equity, including net unrealized loss on AFS and HTM securities $ 280,248 Net unrealized loss on AFS securities, tax effected 16,709 Net unrealized loss on HTM securities, tax effected 25,662 Net unrealized loss on AFS and HTM securities, tax effected $ 42,371 Net unrealized loss on securities as % of total equity(1) 13.9% Total equity before impact of unrealized losses $ 322,619 Net unrealized loss on securities as % of total equity before impact of unrealized losses 13.1% Total average assets $ 3,178,929 Total equity to average assets 9.6% Total equity, adjusted for tax effected net unrealized loss, to average assets 8.8% (1) Includes the net unrealized loss on AFS securities, tax effected, of $16,709.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cost of Total Deposits Quarter Ended (dollars in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Total average interest-bearing deposits $ 1,789,119 $ 1,788,863 $ 1,624,610 Adjustments: Noninterest-bearing deposits 823,638 865,817 1,002,793 Total average deposits $ 2,612,757 $ 2,654,680 $ 2,627,403 Total deposit-related interest expense $ 14,459 $ 14,311 $ 7,655 Average cost of interest-bearing deposits 3.25% 3.17% 1.91% Average cost of total deposits 2.23 2.14 1.18
v3.24.1.u1
Document And Entity Information
|
Apr. 15, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
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Document Period End Date |
Apr. 15, 2024
|
Entity Registrant Name |
GUARANTY BANCSHARES, INC.
|
Entity Central Index Key |
0001058867
|
Entity Emerging Growth Company |
false
|
Securities Act File Number |
001-38087
|
Entity Incorporation, State or Country Code |
TX
|
Entity Tax Identification Number |
75-1656431
|
Entity Address, Address Line One |
16475 Dallas Parkway
|
Entity Address, Address Line Two |
Suite 600
|
Entity Address, City or Town |
Addison
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
75001
|
City Area Code |
888
|
Local Phone Number |
572-9881
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, par value $1.00 per share
|
Trading Symbol |
GNTY
|
Security Exchange Name |
NYSE
|
X |
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Guaranty Bancshares (NASDAQ:GNTY)
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