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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 September 30, 2023

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 and posted 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 ☒

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the

Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☒

 

 

 

As of November 1, 2023, there were 11,529,294 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 September 30, 2023 and December 31, 2022

 

1

 

 

Consolidated Statements of Earnings for the Three and Nine Months Ended September 30, 2023 and 2022

 

2

 

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022

 

3

 

 

Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2023 and 2022

 

4

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

 

6

 

 

Notes to Consolidated Financial Statements

 

8

Item 2.

 

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

 

36

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

64

Item 4.

 

Controls and Procedures

 

64

 

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

64

Item 1A.

 

Risk Factors

 

65

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

65

Item 3.

 

Defaults Upon Senior Securities

 

65

Item 4.

 

Mine Safety Disclosures

 

66

Item 5.

 

Other Information

 

66

Item 6.

 

Exhibits

 

66

 

 

 

 

 

SIGNATURES

 

67

 

 

 

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GUARANTY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

(Unaudited)

 

 

(Audited)

 

 

September 30,
2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

47,922

 

 

$

52,390

 

Federal funds sold

 

 

73,275

 

 

 

47,275

 

Interest-bearing deposits

 

 

8,980

 

 

 

6,802

 

Total cash and cash equivalents

 

 

130,177

 

 

 

106,467

 

Securities available for sale

 

 

178,644

 

 

 

188,927

 

Securities held to maturity

 

 

408,308

 

 

 

509,008

 

Loans held for sale

 

 

2,506

 

 

 

3,156

 

Loans, net of allowance for credit losses of $31,140 and $31,974, respectively

 

 

2,286,163

 

 

 

2,344,245

 

Accrued interest receivable

 

 

11,307

 

 

 

11,555

 

Premises and equipment, net

 

 

56,712

 

 

 

54,291

 

Other real estate owned

 

 

—

 

 

 

38

 

Cash surrender value of life insurance

 

 

42,096

 

 

 

38,404

 

Core deposit intangible, net

 

 

1,524

 

 

 

1,859

 

Goodwill

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

80,816

 

 

 

61,385

 

Total assets

 

$

3,230,413

 

 

$

3,351,495

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

903,391

 

 

$

1,052,144

 

Interest-bearing

 

 

1,754,902

 

 

 

1,629,010

 

Total deposits

 

 

2,658,293

 

 

 

2,681,154

 

Securities sold under agreements to repurchase

 

 

19,366

 

 

 

7,221

 

Accrued interest and other liabilities

 

 

31,218

 

 

 

28,409

 

Line of credit

 

 

2,000

 

 

 

—

 

Federal Home Loan Bank advances

 

 

175,000

 

 

 

290,000

 

Subordinated debt, net

 

 

47,752

 

 

 

49,153

 

Total liabilities

 

 

2,933,629

 

 

 

3,055,937

 

Commitments and contingencies (see Note 11)

 

 

 

 

 

 

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, 14,230,978 and 14,208,558 shares issued, and 11,554,094 and 11,941,672 shares outstanding, respectively

 

 

14,231

 

 

 

14,209

 

Additional paid-in capital

 

 

228,666

 

 

 

227,727

 

Retained earnings

 

 

153,654

 

 

 

137,565

 

Treasury stock, 2,676,884 and 2,266,886 shares, respectively, at cost

 

 

(70,796

)

 

 

(60,257

)

Accumulated other comprehensive loss

 

 

(29,529

)

 

 

(24,260

)

Equity attributable to Guaranty Bancshares, Inc.

 

 

296,226

 

 

 

294,984

 

Noncontrolling interest

 

 

558

 

 

 

574

 

Total equity

 

 

296,784

 

 

 

295,558

 

Total liabilities and equity

 

$

3,230,413

 

 

$

3,351,495

 

 

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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

34,765

 

 

$

27,455

 

 

$

100,513

 

 

$

74,314

 

Securities

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

2,906

 

 

 

3,331

 

 

 

8,561

 

 

 

8,133

 

Nontaxable

 

 

1,150

 

 

 

1,324

 

 

 

3,649

 

 

 

3,764

 

Nonmarketable equity securities

 

 

304

 

 

 

172

 

 

 

1,024

 

 

 

869

 

Federal funds sold and interest-bearing deposits

 

 

693

 

 

 

194

 

 

 

1,949

 

 

 

409

 

Total interest income

 

 

39,818

 

 

 

32,476

 

 

 

115,696

 

 

 

87,489

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

13,069

 

 

 

2,455

 

 

 

30,670

 

 

 

5,320

 

FHLB advances and federal funds purchased

 

 

2,588

 

 

 

1,211

 

 

 

9,711

 

 

 

1,447

 

Subordinated debt

 

 

534

 

 

 

509

 

 

 

1,609

 

 

 

1,208

 

Other borrowed money

 

 

325

 

 

 

4

 

 

 

539

 

 

 

43

 

Total interest expense

 

 

16,516

 

 

 

4,179

 

 

 

42,529

 

 

 

8,018

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

23,302

 

 

 

28,297

 

 

 

73,167

 

 

 

79,471

 

Provision for (reversal of provision for) credit losses

 

 

—

 

 

 

600

 

 

 

—

 

 

 

(650

)

Net interest income after reversal of provision for credit losses

 

 

23,302

 

 

 

27,697

 

 

 

73,167

 

 

 

80,121

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

1,131

 

 

 

1,146

 

 

 

3,264

 

 

 

3,192

 

Net realized loss on sales of securities available for sale

 

 

—

 

 

 

—

 

 

 

(229

)

 

 

—

 

Net realized gain on sale of loans

 

 

218

 

 

 

338

 

 

 

1,005

 

 

 

2,125

 

Merchant and debit card fees

 

 

1,752

 

 

 

1,738

 

 

 

5,547

 

 

 

5,410

 

Other income

 

 

1,838

 

 

 

2,581

 

 

 

8,130

 

 

 

7,636

 

Total noninterest income

 

 

4,939

 

 

 

5,803

 

 

 

17,717

 

 

 

18,363

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

11,944

 

 

 

11,851

 

 

 

36,147

 

 

 

35,113

 

Occupancy expenses

 

 

2,960

 

 

 

2,800

 

 

 

8,544

 

 

 

8,359

 

Other expenses

 

 

5,610

 

 

 

5,586

 

 

 

16,261

 

 

 

15,538

 

Total noninterest expense

 

 

20,514

 

 

 

20,237

 

 

 

60,952

 

 

 

59,010

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

7,727

 

 

 

13,263

 

 

 

29,932

 

 

 

39,474

 

Income tax provision

 

 

1,437

 

 

 

2,363

 

 

 

5,789

 

 

 

7,070

 

Net earnings

 

$

6,290

 

 

$

10,900

 

 

$

24,143

 

 

$

32,404

 

Net loss attributable to noncontrolling interest

 

 

7

 

 

 

3

 

 

 

16

 

 

 

21

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

6,297

 

 

$

10,903

 

 

$

24,159

 

 

$

32,425

 

Basic earnings per share

 

$

0.54

 

 

$

0.92

 

 

$

2.06

 

 

$

2.70

 

Diluted earnings per share

 

$

0.54

 

 

$

0.91

 

 

$

2.05

 

 

$

2.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

2.

 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net earnings

 

$

6,290

 

 

$

10,900

 

 

$

24,143

 

 

$

32,404

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding losses arising during the period, net of tax

 

 

(2,659

)

 

 

(2,155

)

 

 

(4,518

)

 

 

(13,920

)

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

 

 

—

 

 

 

—

 

 

 

181

 

 

 

—

 

Unrealized losses on available for sale securities transferred to held to maturity, net of tax and amortization

 

 

(365

)

 

 

(277

)

 

 

(932

)

 

 

(17,170

)

Unrealized losses on securities, net of tax

 

 

(3,024

)

 

 

(2,432

)

 

 

(5,269

)

 

 

(31,090

)

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on interest rate swaps:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

497

 

Reclassification of realized gains on interest rate swap termination from accumulated other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(685

)

Unrealized losses on interest rate swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(188

)

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive loss

 

 

(3,024

)

 

 

(2,432

)

 

 

(5,269

)

 

 

(31,278

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

3,266

 

 

 

8,468

 

 

 

18,874

 

 

 

1,126

 

Less comprehensive loss attributable to noncontrolling interest

 

 

7

 

 

 

3

 

 

 

16

 

 

 

21

 

Comprehensive income attributable to Guaranty Bancshares, Inc.

 

$

3,273

 

 

$

8,471

 

 

$

18,890

 

 

$

1,147

 

 

 

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 Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

—

 

 

$

14,209

 

 

$

227,727

 

 

$

137,565

 

 

$

(60,257

)

 

$

(24,260

)

 

$

574

 

 

$

295,558

 

Net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,159

 

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

24,143

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,269

)

 

 

—

 

 

 

(5,269

)

Exercise of stock options

 

 

—

 

 

 

21

 

 

 

495

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

516

 

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,539

)

 

 

—

 

 

 

—

 

 

 

(10,539

)

Restricted stock grants

 

 

—

 

 

 

1

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

445

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

445

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.69 per share

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,070

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,070

)

Total equity at September 30, 2023

 

$

—

 

 

$

14,231

 

 

$

228,666

 

 

$

153,654

 

 

$

(70,796

)

 

$

(29,529

)