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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-38087

 

GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

 

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

 

75001

(Address of Principal Executive Offices)

 

(Zip Code)

 

(888) 572 - 9881

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

GNTY

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☐

Accelerated filer

☒

 

 

 

 

Non-accelerated filer

☐

Smaller reporting company

☐

 

 

 

 

 

 

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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

 

As of August 1, 2024, there were 11,404,568 outstanding shares of the registrant’s common stock, par value $1.00 per share.

 

GUARANTY BANCSHARES, INC.

 

 

 

PART I — FINANCIAL INFORMATION

 

Page

 

 

 

 

 

Item 1.

 

Financial Statements – (Unaudited)

 

1

 

 

Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023

 

1

 

 

Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2024 and 2023

 

2

 

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023

 

3

 

 

Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023

 

4

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023

 

6

 

 

Notes to Consolidated Financial Statements

 

8

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

37

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

65

Item 4.

 

Controls and Procedures

 

65

 

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

66

Item 1A.

 

Risk Factors

 

66

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

66

Item 3.

 

Defaults Upon Senior Securities

 

66

Item 4.

 

Mine Safety Disclosures

 

66

Item 5.

 

Other Information

 

67

Item 6.

 

Exhibits

 

67

 

 

 

 

 

SIGNATURES

 

68

 

 

 

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GUARANTY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

(Unaudited)

 

 

(Audited)

 

 

June 30,
2024

 

 

December 31,
2023

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

45,016

 

 

$

47,744

 

Federal funds sold

 

 

40,475

 

 

 

36,575

 

Interest-bearing deposits

 

 

4,721

 

 

 

5,205

 

Total cash and cash equivalents

 

 

90,212

 

 

 

89,524

 

Securities available for sale

 

 

242,662

 

 

 

196,195

 

Securities held to maturity

 

 

347,992

 

 

 

404,208

 

Loans held for sale

 

 

871

 

 

 

976

 

Loans, net of allowance for credit losses of $29,282 and $30,920, respectively

 

 

2,185,247

 

 

 

2,290,881

 

Accrued interest receivable

 

 

12,397

 

 

 

13,143

 

Premises and equipment, net

 

 

57,475

 

 

 

57,018

 

Other real estate owned

 

 

15,184

 

 

 

—

 

Cash surrender value of life insurance

 

 

42,369

 

 

 

42,348

 

Core deposit intangible, net

 

 

1,206

 

 

 

1,418

 

Goodwill

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

53,842

 

 

 

56,920

 

Total assets

 

$

3,081,617

 

 

$

3,184,791

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

820,430

 

 

$

852,957

 

Interest-bearing

 

 

1,805,732

 

 

 

1,780,289

 

Total deposits

 

 

2,626,162

 

 

 

2,633,246

 

Securities sold under agreements to repurchase

 

 

25,173

 

 

 

25,172

 

Accrued interest and other liabilities

 

 

32,860

 

 

 

32,242

 

Line of credit

 

 

—

 

 

 

4,500

 

Federal Home Loan Bank advances

 

 

45,000

 

 

 

140,000

 

Subordinated debt, net

 

 

43,852

 

 

 

45,785

 

Total liabilities

 

 

2,773,047

 

 

 

2,880,945

 

Commitments and contingencies (see Note 10)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Preferred stock, $5.00 par value, 15,000,000 shares authorized, no shares issued

 

 

—

 

 

 

—

 

Common stock, $1.00 par value, 50,000,000 shares authorized, 14,269,032 and 14,242,328 shares issued, and 11,417,270 and 11,540,644 shares outstanding, respectively

 

 

14,269

 

 

 

14,242

 

Additional paid-in capital

 

 

229,793

 

 

 

228,986

 

Retained earnings

 

 

165,489

 

 

 

156,878

 

Treasury stock, 2,851,762 and 2,701,684 shares, respectively, at cost

 

 

(75,911

)

 

 

(71,484

)

Accumulated other comprehensive loss

 

 

(25,597

)

 

 

(25,322

)

Equity attributable to Guaranty Bancshares, Inc.

 

 

308,043

 

 

 

303,300

 

Noncontrolling interest

 

 

527

 

 

 

546

 

Total equity

 

 

308,570

 

 

 

303,846

 

Total liabilities and equity

 

$

3,081,617

 

 

$

3,184,791

 

 

See accompanying notes to consolidated financial statements.

1.

 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

35,009

 

 

$

33,591

 

 

$

70,500

 

 

$

65,748

 

Securities

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

3,506

 

 

 

2,841

 

 

 

6,725

 

 

 

5,655

 

Nontaxable

 

 

1,093

 

 

 

1,195

 

 

 

2,258

 

 

 

2,499

 

Nonmarketable equity securities

 

 

280

 

 

 

301

 

 

 

528

 

 

 

720

 

Federal funds sold and interest-bearing deposits

 

 

825

 

 

 

806

 

 

 

1,454

 

 

 

1,256

 

Total interest income

 

 

40,713

 

 

 

38,734

 

 

 

81,465

 

 

 

75,878

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

14,824

 

 

 

9,946

 

 

 

29,283

 

 

 

17,601

 

FHLB advances and federal funds purchased

 

 

1,207

 

 

 

3,349

 

 

 

3,127

 

 

 

7,123

 

Subordinated debt

 

 

511

 

 

 

535

 

 

 

1,028

 

 

 

1,075

 

Other borrowed money

 

 

291

 

 

 

201

 

 

 

560

 

 

 

214

 

Total interest expense

 

 

16,833

 

 

 

14,031

 

 

 

33,998

 

 

 

26,013

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

23,880

 

 

 

24,703

 

 

 

47,467

 

 

 

49,865

 

Reversal of provision for credit losses

 

 

(1,200

)

 

 

—

 

 

 

(1,450

)

 

 

—

 

Net interest income after reversal of provision for credit losses

 

 

25,080

 

 

 

24,703

 

 

 

48,917

 

 

 

49,865

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

1,098

 

 

 

1,056

 

 

 

2,167

 

 

 

2,133

 

Net realized loss on sales of securities available for sale

 

 

—

 

 

 

(322

)

 

 

—

 

 

 

(229

)

Net realized gain on sale of loans

 

 

227

 

 

 

473

 

 

 

499

 

 

 

787

 

Merchant and debit card fees

 

 

2,122

 

 

 

2,121

 

 

 

3,828

 

 

 

3,795

 

Other income

 

 

1,152

 

 

 

4,545

 

 

 

3,363

 

 

 

6,292

 

Total noninterest income

 

 

4,599

 

 

 

7,873

 

 

 

9,857

 

 

 

12,778

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

11,723

 

 

 

11,939

 

 

 

24,160

 

 

 

24,203

 

Occupancy expenses

 

 

2,924

 

 

 

2,754

 

 

 

5,671

 

 

 

5,584

 

Other expenses

 

 

5,955

 

 

 

5,778

 

 

 

11,463

 

 

 

10,651

 

Total noninterest expense

 

 

20,602

 

 

 

20,471

 

 

 

41,294

 

 

 

40,438

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9,077

 

 

 

12,105

 

 

 

17,480

 

 

 

22,205

 

Income tax provision

 

 

1,654

 

 

 

2,529

 

 

 

3,376

 

 

 

4,352

 

Net earnings

 

$

7,423

 

 

$

9,576

 

 

$

14,104

 

 

$

17,853

 

Net loss attributable to noncontrolling interest

 

 

12

 

 

 

5

 

 

 

19

 

 

 

9

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

7,435

 

 

$

9,581

 

 

$

14,123

 

 

$

17,862

 

Basic earnings per share

 

$

0.65

 

 

$

0.82

 

 

$

1.23

 

 

$

1.51

 

Diluted earnings per share

 

$

0.65

 

 

$

0.81

 

 

$

1.22

 

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

2.

 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net earnings

 

$

7,423

 

 

$

9,576

 

 

$

14,104

 

 

$

17,853

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period, net of tax

 

 

1,599

 

 

 

(1,822

)

 

 

46

 

 

 

(1,859

)

Reclassification adjustment for net losses included in net earnings, net of tax

 

 

—

 

 

 

254

 

 

 

—

 

 

 

181

 

Change in net unrealized loss on available for sale securities transferred to held to maturity, net of tax

 

 

(154

)

 

 

(227

)

 

 

(321

)

 

 

(567

)

Unrealized gains (losses) on securities, net of tax

 

 

1,445

 

 

 

(1,795

)

 

 

(275

)

 

 

(2,245

)

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

1,445

 

 

 

(1,795

)

 

 

(275

)

 

 

(2,245

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

8,868

 

 

 

7,781

 

 

 

13,829

 

 

 

15,608

 

Less comprehensive loss attributable to noncontrolling interest

 

 

12

 

 

 

5

 

 

 

19

 

 

 

9

 

Comprehensive income attributable to Guaranty Bancshares, Inc.

 

$

8,880

 

 

$

7,786

 

 

$

13,848

 

 

$

15,617

 

 

 

See accompanying notes to consolidated financial statements.

3.

 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Attributable to Guaranty Bancshares, Inc.

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling Interest

 

 

Total
Equity

 

For the Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

—

 

 

$

14,242

 

 

$

228,986

 

 

$

156,878

 

 

$

(71,484

)

 

$

(25,322

)

 

$

546

 

 

$

303,846

 

Net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,123

 

 

 

—

 

 

 

—

 

 

 

(19

)

 

 

14,104

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(275

)

 

 

—

 

 

 

(275

)

Exercise of stock options

 

 

—

 

 

 

25

 

 

 

539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

564

 

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,427

)

 

 

—

 

 

 

—

 

 

 

(4,427

)

Restricted stock grants

 

 

—

 

 

 

2

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

270

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

270

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.48 per share

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,512

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,512

)

Total equity at June 30, 2024

 

$

—

 

 

$

14,269

 

 

$

229,793

 

 

$

165,489

 

 

$

(75,911

)

 

$

(25,597

)

 

$

527

 

 

$

308,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2024

 

$

—

 

 

$

14,248

 

 

$

229,187

 

 

$

160,797

 

 

$

(71,819

)

 

$

(27,042

)

 

$

539

 

 

$

305,910

 

Net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,435

 

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

7,423

 

Other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,445

 

 

 

—

 

 

 

1,445

 

Exercise of stock options

 

 

—

 

 

 

22

 

 

 

473

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

495

 

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,092

)

 

 

—

 

 

 

—

 

 

 

(4,092

)

Restricted stock grants

 

 

—

 

 

 

(1

)

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

132

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

132

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.24 per share

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,743

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,743

)

Total equity at June 30, 2024

 

$

—

 

 

$

14,269

 

 

$

229,793

 

 

$

165,489

 

 

$

(75,911

)

 

$

(25,597

)

 

$

527

 

 

$

308,570

 

 

See accompanying notes to consolidated financial statements.

4.

 

 

 

Attributable to Guaranty Bancshares, Inc.

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling Interest

 

 

Total
Equity

 

For the Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

—

 

 

$

14,209

 

 

$

227,727

 

 

$

137,565

 

 

$

(60,257

)

 

$

(24,260

)

 

$

574

 

 

$

295,558

 

Net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,862

 

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

17,853

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,245

)

 

 

—

 

 

 

(2,245

)

Exercise of stock options

 

 

—

 

 

 

8

 

 

 

217

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

225

 

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,850

)

 

 

—

 

 

 

—

 

 

 

(8,850

)

Restricted stock grants

 

 

—

 

 

 

1

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

298

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

298

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.46 per share

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,412

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,412

)

Total equity at June 30, 2023

 

$

—

 

 

$

14,218

 

 

$

228,241

 

 

$

150,015

 

 

$

(69,107

)

 

$

(26,505

)

 

$

565

 

 

$

297,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2023