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Guaranty Bancshares, Inc. Reports Second Quarter Financial Results

MOUNT PLEASANT, Texas, July 24, 2017 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ:GNTY), the holding company for Guaranty Bank & Trust, today reported second quarter 2017 results. The company's net income available to common shareholders was $4.0 million, or $0.40 per basic share, for the quarter ended June 30, 2017, compared to $2.5 million, or $0.27 per basic share, for the quarter ended June 30, 2016. The growth in net income was primarily attributable to growth in net interest income of $1.5 million, and the growth in earnings per share was impacted by the issuance of 2,300,000 shares of common stock in the company's initial public offering, which closed in May 2017. Returns on average assets and average equity for the second quarter were 0.85% and 8.85%, respectively, compared to 0.57% and 6.83%, respectively, for the same period during 2016.

Net interest income for the second quarter of 2017 and 2016 was $14.8 million and $13.3 million, respectively, an increase of 10.9%. Net interest margin for the second quarter of 2017 and 2016 was 3.40% and 3.27%, respectively. Net interest income and net interest margin, on a taxable equivalent basis, was $15.2 million and 3.53%, respectively, for the second quarter of 2017.

The provision for loan losses was $800,000 in the second quarter of 2017 compared with $650,000 in the first quarter of 2017 and $2.0 million in the second quarter of 2016. The provision for loan losses in the second quarter of 2017 reflects a significant decrease over the prior year's quarter as a result of improvements in asset quality over the respective periods. The level of provision during the second quarter of 2017 is primarily attributable to growth in our loan portfolio of $43.7 million during the quarter. Nonperforming assets as a percentage of total loans were 0.71% at June 30, 2017, compared to 0.66% at March 31, 2017, and 1.01% at June 30, 2016. Classified loans totaled $22.3 million at June 30, 2017, compared to $22.4 million at March 31, 2017, and $35.7 million at June 30, 2016.

Noninterest income increased 6.3% in the second quarter of 2017 to $3.5 million, compared to $3.3 million in the same quarter a year ago. Merchant and debit card fees increased 15.3% to $791,000, compared to $686,000 in the same quarter last year due to continued growth in net new accounts and debit cards. All other categories of noninterest income increased with the continued growth of the bank.

Noninterest expense for the second quarter of 2017 totaled $11.9 million, compared to $11.4 million in the second quarter of 2016, an increase of 4.6%. The increase in noninterest expense in the second quarter of 2017 was primarily driven by a $203,000 increase in salary and employee benefit expense when compared to the same quarter a year ago, a $137,000 increase in occupancy expenses and a $111,000 increase in other expenses. The company's efficiency ratio in the second quarter of 2017 was 65.10%, compared to 68.28% in the same quarter last year.

For the six months ended June 30, 2017, net income increased 44.7% to $7.5 million from $5.2 million for the same period a year ago. Basic earnings per share rose to $0.80 for the six months ended June 30, 2017 from $0.57 during the same period last year. Net interest income increased 11.1% to $29.0 million for the six months ended June 30, 2017 from $26.1 million during the same period a year ago. The provision for loan losses totaled $1.5 million, compared to $2.4 million for the six months ended June 30, 2016. Noninterest income was $6.8 million for the six months ended June 30, 2017, compared to $6.2 million a year ago. Noninterest expense was $24.0 million for the six months ended June 30, 2017, compared to $22.9 million during the same period last year.

As of June 30, 2017, consolidated assets for the company totaled $1.9 billion, compared to $1.8 billion at December 31, 2016 and $1.8 billion at June 30, 2016. Loans totaled $1.3 billion at quarter end, compared to loans of $1.2 billion at December 31, 2016, and $1.2 billion at June 30, 2016. Deposits totaled $1.6 billion at June 30, 2017, compared to $1.6 billion at December 31, 2016, and $1.5 billion at June 30, 2016. Shareholders' equity rose to $204.6 million as of June 30, 2017, compared to $141.9 million at December 31, 2016, and $144.7 million at June 30, 2016.

Guaranty Bancshares Chairman and Chief Executive Officer, Ty Abston, said, "We continue to execute on our growth plans for 2017 and are pleased with the first half results. We see several opportunities in front of us to further expand the Guaranty brand and continue to capitalize on the benefits of additional asset growth."

Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
As of
2017 2016
June 30 March 31 December 31 September 30 June 30
ASSETS
Cash and due from banks$36,389 $32,576 $39,605 $31,233 $34,724
Federal funds sold17,700 83,175 60,600 61,175 51,150
Interest-bearing deposits29,217 28,006 27,338 26,891 28,326
Total cash and cash equivalents83,306 143,757 127,543 119,299 114,200
Securities available for sale246,233 214,463 156,925 143,243 179,939
Securities held to maturity182,248 185,837 189,371 193,083 197,969
Loans held for sale2,435 1,446 2,563 3,086 2,922
Loans, net1,284,318 1,241,215 1,233,651 1,218,175 1,173,555
Accrued interest receivable7,631 6,304 7,419 5,904 6,957
Premises and equipment, net44,491 44,823 44,810 45,043 43,841
Other real estate owned1,733 1,637 1,692 1,384 1,414
Cash surrender value of life insurance18,035 17,922 17,804 17,212 17,100
Deferred tax asset4,121 4,426 4,892 3,650 3,014
Core deposit intangible, net3,016 3,162 3,308 3,453 3,557
Goodwill18,742 18,742 18,742 18,742 18,601
Other assets16,160 17,465 19,616 20,681 16,217
Total assets$1,912,469 $1,901,199 $1,828,336 $1,792,955 $1,779,286
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$387,725 $370,810 $358,752 $347,876 $335,690
Interest-bearing deposits1,258,648 1,300,361 1,218,039 1,187,485 1,156,225
Total deposits1,646,373 1,671,171 1,576,791 1,535,361 1,491,915
Securities sold under agreements to repurchase14,153 12,663 10,859 12,709 14,817
Accrued interest and other liabilities7,921 7,595 6,006 6,753 7,005
Other debt 18,929 18,286 9,643 10,000
Federal Home Loan Bank advances25,161 25,165 55,170 60,174 90,532
Subordinated debentures14,310 19,310 19,310 20,310 20,310
Total liabilities1,707,918 1,754,833 1,686,422 1,644,950 1,634,579
Commitments and contingent liabilities:
KSOP-owned shares 34,300 31,661 39,923 39,923
Shareholders' equity204,551 146,366 141,914 148,005 144,707
Less: KSOP-owned shares 34,300 31,661 39,923 39,923
Total shareholders' equity204,551 112,066 110,253 108,082 104,784
Total liabilities and shareholders' equity$1,912,469 $1,901,199 $1,828,336 $1,792,955 $1,779,286
Quarter Ended
2017 2016
June 30 March 31 December 31 September 30 June 30
INCOME STATEMENTS
Interest income$17,792 $17,136 $16,717 $16,427 $16,095
Interest expense2,993 2,895 2,692 2,759 2,751
Net interest income14,799 14,241 14,025 13,668 13,344
Provision for loan losses800 650 400 840 1,950
Net interest income after provision for loan losses13,999 13,591 13,625 12,828 11,394
Noninterest income3,516 3,282 3,414 3,402 3,309
Noninterest expense11,906 12,045 12,040 11,480 11,383
Income before income taxes5,609 4,828 4,999 4,750 3,320
Income tax provision1,633 1,312 1,425 1,380 820
Net earnings$3,976 $3,516 $3,574 $3,370 $2,500
PER COMMON SHARE DATA
Earnings per common share, basic$0.40 $0.40 $0.40 $0.38 $0.27
Earnings per common share, diluted0.39 0.40 0.40 0.38 0.27
Cash dividends per common share0.26 0.26 0.26
Book value per common share - end of quarter18.50 16.72 16.22 16.53 16.16
Tangible book value per common share - end of quarter(1)16.53 14.22 13.70 14.05 13.68
Common shares outstanding - end of quarter11,058,956 8,753,933 8,751,923 8,955,476 8,955,476
Weighted-average common shares outstanding, basic10,019,049 8,751,945 8,968,262 8,955,476 9,257,995
Weighted-average common shares outstanding, diluted10,106,825 8,784,410 8,976,328 8,965,057 9,267,642
PERFORMANCE RATIOS
Return on average assets (annualized)0.85% 0.76% 0.79% 0.75% 0.57%
Return on average equity (annualized)8.85 9.72 9.68 9.20 6.83
Net interest margin (annualized)3.40 3.24 3.32 3.26 3.27
Efficiency ratio (2)65.10 68.74 69.04 67.51 68.28
Six Months Ended
June 30,
2017 2016
INCOME STATEMENTS
Interest income$34,928 $31,564
Interest expense5,888 5,417
Net interest income29,040 26,147
Provision for loan losses1,450 2,400
Net interest income after provision for loan losses27,590 23,747
Noninterest income6,798 6,200
Noninterest expense23,951 22,860
Income before income taxes10,437 7,087
Income tax provision2,945 1,910
Net earnings$7,492 $5,177
PER COMMON SHARE DATA
Earnings per common share, basic$0.80 $0.57
Earnings per common share, diluted0.79 0.57
Cash dividends per common share0.26 0.26
Book value per common share - end of quarter18.50 16.16
Common shares outstanding - end of quarter11,058,956 8,955,476
Weighted-average common shares outstanding, basic9,388,998 8,968,052
Weighted-average common shares outstanding, diluted9,449,271 8,977,966
PERFORMANCE RATIOS
Return on average assets0.80% 0.59%
Return on average equity9.23 7.22
Net interest margin3.37 3.24
Efficiency ratio (2)66.88 70.64

(1) See Reconciliation of non-GAAP Financial Measures table
(2) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

Guaranty Bancshares, Inc.
Selected Financial Data (Unaudited)
(In thousands)
As of
2017 2016
June 30 March 31 December 31 September 30 June 30
LOAN PORTFOLIO COMPOSITION
Commercial and industrial$217,497 $205,903 $223,997 $224,617 $218,397
Real estate:
Construction and development177,600 152,760 129,366 125,045 108,698
Commercial real estate378,722 372,855 367,656 360,676 347,432
Farmland63,839 62,130 62,362 61,902 66,174
1-4 family residential356,457 360,873 362,952 348,401 334,569
Multi-family residential28,833 23,943 26,079 34,538 36,860
Consumer51,677 52,816 53,505 54,345 53,027
Agricultural21,854 21,473 18,901 19,223 19,444
Overdrafts364 390 317 594 560
Total loans(1)$1,296,843 $1,253,143 $1,245,135 $1,229,341 $1,185,161
Quarter Ended
2017 2016
June 30 March 31 December 31 September 30 June 30
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period$11,928 $11,484 $11,166 $11,606 $9,665
Loans charged-off(302) (248) (243) (1,330) (85)
Recoveries99 42 161 50 76
Net recoveries (charge-offs)(203) (206) (82) (1,280) (9)
Provision for loan losses800 650 400 840 1,950
Balance at end of period$12,525 $11,928 $11,484 $11,166 $11,606
Allowance for loan losses / period-end loans0.97% 0.95% 0.92% 0.91% 0.98%
Allowance for loan losses / nonperforming loans316.4 389.0 260.5 179.4 110.5
Net charge-offs / average loans (annualized)0.06 0.07 0.03 0.42
SUMMARY OF LOAN CLASSIFICATION
Special mention$10,316 $10,192 $11,791 $11,119 $17,847
Substandard12,019 11,986 14,752 12,556 13,885
Doubtful 182 136 146 3,981
Total classified loans$22,335 $22,360 $26,679 $23,821 $35,713
NON-PERFORMING ASSETS
Non-accrual loans(2)$3,958 $3,066 $4,409 $6,223 $10,502
Other real estate owned1,733 1,637 1,692 1,384 1,414
Repossessed assets owned3,501 3,526 3,530 3,973 37
Total non-performing assets$9,192 $8,229 $9,631 $11,580 $11,953
Non-performing assets as a percentage of:
Total loans(1)(2)0.71% 0.66% 0.77% 0.94% 1.01%
Total assets0.48% 0.43% 0.53% 0.65% 0.67%
Restructured loans-nonaccrual 42 43 42 3,220
Restructured loans-accruing323 330 462 1,354 1,360
Quarter Ended
2017 2016
June 30 March 31 December 31 September 30 June 30
NONINTEREST INCOME
Service charges$938 $877 $905 $914 $888
Net realized gain (loss) on securities transactions25 64 (19)
Net realized gain on sale of loans472 429 487 486 519
Fiduciary income343 350 347 364 345
Bank-owned life insurance income114 117 116 112 107
Merchant and debit card fees791 732 715 690 686
Loan processing fee income163 145 149 161 170
Other noninterest income670 632 695 611 613
Total noninterest income$3,516 $3,282 $3,414 $3,402 $3,309
NONINTEREST EXPENSE
Employee compensation and benefits$6,440 $6,987 $6,554 $6,370 $6,237
Occupancy expenses1,866 1,748 1,674 1,720 1,729
Legal and professional fees419 361 577 481 426
Software and technology517 483 502 451 441
Amortization259 264 261 240 237
Director and committee fees248 259 260 222 230
Advertising and promotions335 241 263 278 272
ATM and debit card expense264 249 228 203 233
Telecommunication expense141 143 171 130 146
FDIC insurance assessment fees174 191 300 300 300
Other noninterest expense1,243 1,119 1,250 1,085 1,132
Total noninterest expense$11,906 $12,045 $12,040 $11,480 $11,383
Six Months Ended
June 30,
2017 2016
NONINTEREST INCOME
Service charges$1,815 $1,711
Net realized gain (loss) on securities transactions25 18
Net realized gain on sale of loans901 745
Fiduciary income693 694
Bank-owned life insurance income231 225
Merchant and debit card fees1,523 1,336
Loan processing fee income308 312
Other noninterest income1,302 1,159
Total noninterest income$6,798 $6,200
NONINTEREST EXPENSE
Employee compensation and benefits$13,427 $12,687
Occupancy expenses3,614 3,476
Legal and professional fees780 877
Software and technology1,000 917
Amortization523 479
Director and committee fees507 458
Advertising and promotions576 474
ATM and debit card expense513 502
Telecommunication expense284 308
FDIC insurance assessment fees365 600
Other noninterest expense2,362 2,082
Total noninterest expense$23,951 $22,860

(1) Excludes outstanding balances of loans held for sale of $2.4 million, $1.4 million, $2.6 million, $3.1 million, and $2.9 million as of June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively.
(2) Restructured loans-nonaccrual are included in nonaccrual loans which are a component of nonperforming loans.

Guaranty Bancshares, Inc.
Selected Financial Data (Unaudited)
(In thousands)
For the Three Months Ended June 30,
2017 2016
Average
Outstanding
Balance
Interest
Earned/
Interest
Paid
Average
Yield/ Rate
Average
Outstanding
Balance
Interest
Earned/
Interest
Paid
Average
Yield/ Rate
ASSETS
Interest-earnings assets:
Total loans(1)$1,273,989 $15,214 4.79% $1,160,885 $13,649 4.73%
Securities available for sale217,031 1,198 2.21% 206,302 927 1.81%
Securities held to maturity184,524 1,123 2.44% 199,985 1,336 2.69%
Nonmarketable equity securities5,774 64 4.45% 8,808 85 3.88%
Interest-bearing deposits in other banks66,272 193 1.17% 66,325 98 0.59%
Total interest-earning assets1,747,590 $17,792 4.08% 1,642,305 $16,095 3.94%
Allowance for loan losses(12,054) (10,653)
Noninterest-earnings assets144,489 137,411
Total assets$1,880,025 $1,769,063
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing deposits$1,251,623 $2,627 0.84% $1,159,625 $2,276 0.79%
Advances from FHLB and fed funds purchased25,163 44 0.70% 79,448 91 0.46%
Other debt8,431 120 5.71% 13,007 154 4.76%
Subordinated debentures16,750 188 4.50% 20,310 217 4.30%
Securities sold under agreements to repurchase13,437 14 0.42% 13,501 13 0.39%
Total interest-bearing liabilities1,315,404 $2,993 0.91% 1,285,891 $2,751 0.86%
Noninterest-bearing liabilities:
Noninterest-bearing deposits377,994 330,887
Accrued interest and other liabilities6,991 5,967
Total noninterest-bearing liabilities384,985 336,854
Shareholders’ equity179,636 146,318
Total liabilities and shareholders’ equity$1,880,025 $1,769,063
Net interest rate spread(2) 3.17% 3.08%
Net interest income $14,799 $13,344
Net interest margin(3) 3.40% 3.27%

(1) Includes average outstanding balances of loans held for sale of $1.4 million and $1.5 million for the three months ended June 30, 2017 and 2016 respectively.
(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.

For the Six Months Ended June 30,
2017 2016
Average
Outstanding
Balance
Interest
Earned/
Interest
Paid
Average
Yield/ Rate
Average
Outstanding
Balance
Interest
Earned/
Interest
Paid
Average
Yield/ Rate
ASSETS
Interest-earnings assets:
Total loans(1)$1,253,670 $29,629 4.77% $1,126,049 $26,563 4.74%
Securities available for sale202,421 2,302 2.29% 243,626 2,348 1.94%
Securities held to maturity186,064 2,252 2.44% 171,854 2,297 2.69%
Nonmarketable equity securities7,251 320 8.90% 8,268 132 3.21%
Interest-bearing deposits in other banks89,189 425 0.96% 74,228 224 0.61%
Total interest-earning assets1,738,595 $34,928 4.05% 1,624,025 $31,564 3.91%
Allowance for loan losses(11,810) (10,053)
Noninterest-earnings assets144,418 136,638
Total assets$1,871,203 $1,750,610
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing deposits$1,252,962 $5,031 0.81% $1,173,073 $4,462 0.76%
Advances from FHLB and fed funds purchased37,209 112 0.61% 51,603 143 0.56%
Other debt13,534 325 4.84% 15,506 348 4.51%
Subordinated debentures18,023 395 4.42% 20,810 439 4.24%
Securities sold under agreements to repurchase12,263 25 0.41% 12,422 25 0.40%
Total interest-bearing liabilities1,333,991 $5,888 0.89% 1,273,414 $5,417 0.86%
Noninterest-bearing liabilities:
Noninterest-bearing deposits368,341 328,178
Accrued interest and other liabilities6,576 5,516
Total noninterest-bearing liabilities374,917 333,694
Shareholders’ equity162,295 143,502
Total liabilities and shareholders’ equity$1,871,203 $1,750,610
Net interest rate spread(2) 3.16% 3.05%
Net interest income $29,040 $26,147
Net interest margin(3) 3.37% 3.24%

(1) Includes average outstanding balances of loans held for sale of $2.8 million and $3.0 million for the six months ended June 30, 2017 and 2016 respectively.
(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.

Guaranty Bancshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In thousands, except share and per share data)
As of
2017 2016
June 30 March 31 December 31 September 30 June 30
Total shareholders’ equity, including KSOP-owned shares$204,551 $146,366 $141,914 $148,005 $144,707
Adjustments:
Goodwill(18,742) (18,742) (18,742) (18,742) (18,601)
Core deposit and other intangibles(3,016) (3,162) (3,308) (3,453) (3,557)
Total tangible common equity$182,793 $124,462 $119,864 $125,810 $122,549
Common shares outstanding - end of period(1)11,058,956 8,753,933 8,751,923 8,955,476 8,955,476
Book value per common share$18.50 $16.72 $16.22 $16.53 $16.16
Tangible book value per common share$16.53 $14.22 $13.70 $14.05 $13.68

(1) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per share” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

About Guaranty Bancshares, Inc.

Guaranty is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Guaranty Bank & Trust, N.A. As one of the oldest regional community banks in Texas, Guaranty Bank & Trust provides its customers with a full array of relationship-driven commercial and consumer banking products and services, as well as mortgage, trust, and wealth management products and services that are tailored to meet the needs of small and medium-sized businesses, professionals, and individuals. Guaranty Bank & Trust has 26 banking locations across 18 Texas communities located within the East Texas, Dallas/Fort Worth metroplex and Bryan/College Station markets of Texas. 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 Registration Statement on Form S-1 filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; the composition of our loan portfolio, including deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to execute our business plan; acquisitions and integrations of acquired businesses; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; and the amount of nonperforming and classified assets we hold. We can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and we do not intend, and assume no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Contacts: Analysts/Investors: Cappy Payne Senior Executive Vice President and Chief Financial Officer (888) 572-9881 investors@gnty.com

Source:Guaranty Bancshares, Inc.