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Guaranty Bancshares, Inc. Reports Third Quarter Financial Results

MOUNT PLEASANT, Texas, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ:GNTY), the holding company for Guaranty Bank & Trust, N.A. today reported third quarter 2017 results. The company's net income available to common shareholders was $4.1 million, or $0.37 per basic share, for the quarter ended September 30, 2017, compared to $3.4 million, or $0.38 per basic share, for the quarter ended September 30, 2016. The growth in net income was primarily attributable to growth in net interest income, before the provision for loan losses, of $1.4 million and an increase in noninterest income of $300,000. Returns on average assets and average equity for the third quarter were 0.87% and 7.99%, respectively, compared to 0.75% and 9.20%, respectively, for the same period during 2016. The company's earnings per share and return on average equity were impacted by the issuance of 2,300,000 shares of common stock in the company's initial public offering, which closed in May 2017.

Net interest income for the third quarter of 2017 and 2016 was $15.1 million and $13.7 million, respectively, an increase of 10.5%. Net interest margin for the third quarter of 2017 and 2016 was 3.38% and 3.26%, respectively. Net interest income and net interest margin, on a taxable equivalent basis, was $15.5 million and 3.55%, respectively, for the third quarter of 2017.

The provision for loan losses was $800,000 in the third quarter of 2017, compared with $800,000 in the second quarter of 2017 and $840,000 in the third quarter of 2016. The provision for loan losses in the third quarter of 2017 remained consistent with the prior year’s quarter despite loan portfolio growth of 6.35% from September 30, 2016, primarily because a large specific reserve was calculated in the third quarter of 2016 that resulted in a higher provision at that time. The level of provision during the third quarter of 2017 is primarily attributable to specific reserves calculated for certain impaired loans and a slight increase in general reserves due to minor increases in some qualitative factors. Nonperforming assets as a percentage of total loans were 0.78% at September 30, 2017, compared to 0.71% at June 30, 2017, and 0.94% at September 30, 2016.

Noninterest income increased 8.8% in the third quarter of 2017 to $3.7 million, compared to $3.4 million in the same quarter a year ago. Merchant and debit card fees increased 12.8% to $778,000, compared to $690,000 in the same quarter last year due to continued growth in net new accounts and debit cards. Gain on sales of loans increased 21.2%, from $486,000 during the third quarter of 2016 to $589,000 in the third quarter of 2017. Other categories of noninterest income increased with the continued growth of the bank.

Noninterest expense for the third quarter of 2017 totaled $12.2 million, compared to $11.5 million for the third quarter of 2016, an increase of 6.0%. The increase in noninterest expense in the third quarter of 2017 was primarily driven by a $359,000 increase in salary and employee benefit expense when compared to the same quarter a year ago, a $218,000 increase in occupancy expenses and a $211,000 increase in legal and professional fees. The increase was partially offset by decreases in FDIC insurance expense of $138,000 and other non-interest expenses of $168,000. The company's efficiency ratio in the third quarter of 2017 was 64.70%, compared to 67.51% in the same quarter last year.

For the nine months ended September 30, 2017, net income increased 36.1% to $11.6 million from $8.5 million for the same period a year ago. Basic earnings per share rose to $1.17 for the nine months ended September 30, 2017 from $0.95 during the same period last year. Net interest income increased 10.9% to $44.1 million for the nine months ended September 30, 2017 from $39.8 million during the same period a year ago. The provision for loan losses totaled $2.3 million, compared to $3.2 million for the nine months ended September 30, 2016. Noninterest income was $10.5 million for the nine months ended September 30, 2017, compared to $9.6 million a year ago. Noninterest expense was $36.1 million for the nine months ended September 30, 2017, compared to $34.3 million during the same period last year.

As of September 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 September 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 September 30, 2016. Deposits totaled $1.6 billion at September 30, 2017, compared to $1.6 billion at December 31, 2016, and $1.5 billion at September 30, 2016. Shareholders' equity rose to $207.3 million as of September 30, 2017, compared to $141.9 million at December 31, 2016, and $148.0 million at September 30, 2016, primarily as a result of operating earnings and the proceeds of the Company's initial public offering.

The company’s Chairman and Chief Executive Officer, Ty Abston, said, "We are pleased with our third quarter and year-to-date results. During the third quarter, we also announced our expansion into the growth markets of Austin and Ft. Worth, Texas. We are very pleased with the initial reception we’ve received in these new markets and feel they will be accretive to Guaranty’s future growth prospects."

Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
As of
2017 2016
September 30 June 30 March 31 December 31 September 30
ASSETS
Cash and due from banks$33,736 $36,389 $32,576 $39,605 $31,233
Federal funds sold34,250 17,700 83,175 60,600 61,175
Interest-bearing deposits27,075 29,217 28,006 27,338 26,891
Total cash and cash equivalents95,061 83,306 143,757 127,543 119,299
Securities available for sale238,133 246,233 214,463 156,925 143,243
Securities held to maturity179,081 182,248 185,837 189,371 193,083
Loans held for sale3,400 2,435 1,446 2,563 3,086
Loans, net1,294,847 1,284,318 1,241,215 1,233,651 1,218,175
Accrued interest receivable6,440 7,631 6,304 7,419 5,904
Premises and equipment, net43,958 44,491 44,823 44,810 45,043
Other real estate owned1,929 1,733 1,637 1,692 1,384
Cash surrender value of life insurance18,376 18,035 17,922 17,804 17,212
Deferred tax asset4,267 4,121 4,426 4,892 3,650
Core deposit intangible, net2,870 3,016 3,162 3,308 3,453
Goodwill18,742 18,742 18,742 18,742 18,742
Other assets16,949 16,160 17,465 19,616 20,681
Total assets$1,924,053 $1,912,469 $1,901,199 $1,828,336 $1,792,955
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$405,678 $387,725 $370,810 $358,752 $347,876
Interest-bearing deposits1,211,624 1,258,648 1,300,361 1,218,039 1,187,485
Total deposits1,617,302 1,646,373 1,671,171 1,576,791 1,535,361
Securities sold under agreements to repurchase12,920 14,153 12,663 10,859 12,709
Accrued interest and other liabilities7,601 7,921 7,595 6,006 6,753
Other debt 18,929 18,286 9,643
Federal Home Loan Bank advances65,157 25,161 25,165 55,170 60,174
Subordinated debentures13,810 14,310 19,310 19,310 20,310
Total liabilities1,716,790 1,707,918 1,754,833 1,686,422 1,644,950
Commitments and contingent liabilities:
KSOP-owned shares 34,300 31,661 39,923
Shareholders' equity207,263 204,551 146,366 141,914 148,005
Less: KSOP-owned shares 34,300 31,661 39,923
Total shareholders' equity207,263 204,551 112,066 110,253 108,082
Total liabilities and shareholders' equity$1,924,053 $1,912,469 $1,901,199 $1,828,336 $1,792,955
Quarter Ended
2017 2016
September 30 June 30 March 31 December 31 September 30
INCOME STATEMENTS
Interest income$18,165 $17,792 $17,136 $16,717 $16,427
Interest expense3,063 2,993 2,895 2,692 2,759
Net interest income15,102 14,799 14,241 14,025 13,668
Provision for loan losses800 800 650 400 840
Net interest income after provision for loan losses14,302 13,999 13,591 13,625 12,828
Noninterest income3,702 3,516 3,282 3,414 3,402
Noninterest expense12,166 11,906 12,045 12,040 11,480
Income before income taxes5,838 5,609 4,828 4,999 4,750
Income tax provision1,699 1,633 1,312 1,425 1,380
Net earnings$4,139 $3,976 $3,516 $3,574 $3,370
PER COMMON SHARE DATA
Earnings per common share, basic$0.37 $0.40 $0.40 $0.40 $0.38
Earnings per common share, diluted0.37 0.39 0.40 0.40 0.38
Cash dividends per common share0.13 0.26 0.26
Book value per common share - end of quarter18.74 18.50 16.72 16.22 16.53
Tangible book value per common share - end of quarter(1)16.79 16.53 14.22 13.70 14.05
Common shares outstanding - end of quarter11,058,956 11,058,956 8,753,933 8,751,923 8,955,476
Weighted-average common shares outstanding, basic11,058,956 10,019,049 8,751,945 8,968,262 8,955,476
Weighted-average common shares outstanding, diluted11,164,429 10,106,825 8,784,410 8,976,328 8,965,057
PERFORMANCE RATIOS
Return on average assets (annualized)0.87% 0.85% 0.76% 0.79% 0.75%
Return on average equity (annualized)7.99 8.85 9.72 9.68 9.20
Net interest margin (annualized)3.38 3.40 3.24 3.32 3.26
Efficiency ratio (2)64.70 65.10 68.74 69.04 67.51
Nine Months Ended
September 30,
2017 2016
INCOME STATEMENTS
Interest income$53,093 $47,991
Interest expense8,951 8,176
Net interest income44,142 39,815
Provision for loan losses2,250 3,240
Net interest income after provision for loan losses41,892 36,575
Noninterest income10,500 9,602
Noninterest expense36,117 34,340
Income before income taxes16,275 11,837
Income tax provision4,644 3,290
Net earnings$11,631 $8,547
PER COMMON SHARE DATA
Earnings per common share, basic$1.17 $0.95
Earnings per common share, diluted1.16 0.95
Cash dividends per common share0.39 0.26
Book value per common share - end of quarter18.74 16.53
Common shares outstanding - end of quarter11,058,956 8,955,476
Weighted-average common shares outstanding, basic9,951,767 8,991,671
Weighted-average common shares outstanding, diluted10,027,272 9,001,252
PERFORMANCE RATIOS
Return on average assets0.82% 0.65%
Return on average equity8.74 7.89
Net interest margin3.37 3.25
Efficiency ratio (2)66.13 69.47

(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
September 30 June 30 March 31 December 31 September 30
LOAN PORTFOLIO COMPOSITION
Commercial and industrial$192,663 $217,497 $205,903 $223,997 $224,617
Real estate:
Construction and development201,067 177,600 152,760 129,366 125,045
Commercial real estate393,314 378,722 372,855 367,656 360,676
Farmland54,349 63,839 62,130 62,362 61,902
1-4 family residential365,889 356,457 360,873 362,952 348,401
Multi-family residential23,235 28,833 23,943 26,079 34,538
Consumer51,711 51,677 52,816 53,505 54,345
Agricultural24,449 21,854 21,473 18,901 19,223
Overdrafts698 364 390 317 594
Total loans(1)$1,307,375 $1,296,843 $1,253,143 $1,245,135 $1,229,341
Quarter Ended
2017 2016
September 30 June 30 March 31 December 31 September 30
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period$12,525 $11,928 $11,484 $11,166 $11,606
Loans charged-off(929) (302) (248) (243) (1,330)
Recoveries132 99 42 161 50
Net charge-offs(797) (203) (206) (82) (1,280)
Provision for loan losses800 800 650 400 840
Balance at end of period$12,528 $12,525 $11,928 $11,484 $11,166
Allowance for loan losses / period-end loans0.96% 0.97% 0.95% 0.92% 0.91%
Allowance for loan losses / nonperforming loans217.7 316.4 389.0 260.5 179.4
Net charge-offs / average loans (annualized)0.25 0.06 0.07 0.03 0.42
NON-PERFORMING ASSETS
Non-performing loans(2)$5,755 $3,958 $3,066 $4,409 $6,223
Other real estate owned1,929 1,733 1,637 1,692 1,384
Repossessed assets owned2,479 3,501 3,526 3,530 3,973
Total non-performing assets$10,163 $9,192 $8,229 $9,631 $11,580
Non-performing assets as a percentage of:
Total loans(1)0.78% 0.71% 0.66% 0.77% 0.94%
Total assets0.53% 0.48% 0.43% 0.53% 0.65%
Restructured loans-nonaccrual 42 43 42
Restructured loans-accruing316 323 330 462 1,354
Quarter Ended
2017 2016
September 30 June 30 March 31 December 31 September 30
NONINTEREST INCOME
Service charges$986 $938 $877 $905 $914
Net realized gain (loss) on securities transactions 25 64
Net realized gain on sale of loans589 472 429 487 486
Fiduciary income362 343 350 347 364
Bank-owned life insurance income116 114 117 116 112
Merchant and debit card fees778 791 732 715 690
Loan processing fee income146 163 145 149 161
Other noninterest income725 670 632 695 611
Total noninterest income$3,702 $3,516 $3,282 $3,414 $3,402
NONINTEREST EXPENSE
Employee compensation and benefits$6,729 $6,440 $6,987 $6,554 $6,370
Occupancy expenses1,938 1,866 1,748 1,674 1,720
Legal and professional fees692 419 361 577 481
Software and technology533 517 483 502 451
Amortization258 259 264 261 240
Director and committee fees253 248 259 260 222
Advertising and promotions303 335 241 263 278
ATM and debit card expense253 264 249 228 203
Telecommunication expense128 141 143 171 130
FDIC insurance assessment fees162 174 191 300 300
Other noninterest expense917 1,243 1,119 1,250 1,085
Total noninterest expense$12,166 $11,906 $12,045 $12,040 $11,480
Nine Months Ended
September 30,
2017 2016
NONINTEREST INCOME
Service charges$2,801 $2,625
Net realized gain (loss) on securities transactions25 82
Net realized gain on sale of loans1,490 1,231
Fiduciary income1,055 1,058
Bank-owned life insurance income347 337
Merchant and debit card fees2,301 2,026
Loan processing fee income454 473
Other noninterest income2,027 1,770
Total noninterest income$10,500 $9,602
NONINTEREST EXPENSE
Employee compensation and benefits$20,156 $19,057
Occupancy expenses5,552 5,196
Legal and professional fees1,472 1,358
Software and technology1,533 1,368
Amortization781 719
Director and committee fees760 680
Advertising and promotions879 752
ATM and debit card expense766 705
Telecommunication expense412 438
FDIC insurance assessment fees527 900
Other noninterest expense3,279 3,167
Total noninterest expense$36,117 $34,340

(1) Excludes outstanding balances of loans held for sale of $3.4 million, $2.4 million, $1.4 million, $2.6 million and $3.1 million as of September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 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 September 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)$1,300,307 $15,486 4.72% $1,223,611 $14,294 4.65%
Securities available for sale245,409 1,376 2.22% 163,563 709 1.72%
Securities held to maturity180,737 1,088 2.39% 196,003 1,252 2.54%
Nonmarketable equity securities6,541 59 3.58% 8,816 61 2.75%
Interest-bearing deposits in other banks40,997 156 1.51% 75,112 111 0.59%
Total interest-earning assets1,773,991 $18,165 4.06% 1,667,105 $16,427 3.92%
Allowance for loan losses(12,492) (11,843)
Noninterest-earnings assets145,958 140,087
Total assets$1,907,457 $1,795,349
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing deposits$1,224,991 $2,730 0.88% $1,162,060 $2,329 0.80%
Advances from FHLB and fed funds purchased50,420 157 1.24% 93,001 97 0.41%
Other debt % 10,000 104 4.14%
Subordinated debentures13,821 164 4.71% 20,310 217 4.25%
Securities sold under agreements to repurchase14,262 12 0.33% 11,952 12 0.40%
Total interest-bearing liabilities1,303,494 $3,063 0.93% 1,297,323 $2,759 0.85%
Noninterest-bearing liabilities:
Noninterest-bearing deposits390,043 344,721
Accrued interest and other liabilities6,798 6,752
Total noninterest-bearing liabilities396,841 351,473
Shareholders’ equity207,122 146,553
Total liabilities and shareholders’ equity$1,907,457 $1,795,349
Net interest rate spread(2) 3.13% 3.07%
Net interest income $15,102 $13,668
Net interest margin(3) 3.38% 3.26%

(1) Includes average outstanding balances of loans held for sale of $2.1 million and $1.7 million for the three months ended September 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 Nine Months Ended September 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)$1,269,387 $45,115 4.75% $1,158,807 $40,857 4.71%
Securities available for sale216,908 3,678 2.27% 216,744 3,057 1.88%
Securities held to maturity184,269 3,340 2.42% 179,963 3,549 2.63%
Nonmarketable equity securities7,012 379 7.23% 8,452 193 3.05%
Interest-bearing deposits in other banks72,948 581 1.06% 74,525 335 0.60%
Total interest-earning assets1,750,524 $53,093 4.06% 1,638,491 $47,991 3.91%
Allowance for loan losses(12,040) (10,654)
Noninterest-earnings assets144,937 137,796
Total assets$1,883,421 $1,765,633
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing deposits$1,243,536 $7,761 0.83% $1,169,468 $6,791 0.78%
Advances from FHLB and fed funds purchased41,661 294 0.94% 65,503 240 0.49%
Other debt8,973 300 4.48% 13,650 452 4.42%
Subordinated debentures16,607 559 4.50% 20,642 656 4.25%
Securities sold under agreements to repurchase12,937 37 0.38% 12,264 37 0.40%
Total interest-bearing liabilities1,323,714 $8,951 0.90% 1,281,527 $8,176 0.85%
Noninterest-bearing liabilities:
Noninterest-bearing deposits375,655 333,640
Accrued interest and other liabilities6,650 5,939
Total noninterest-bearing liabilities382,305 339,579
Shareholders’ equity177,402 144,527
Total liabilities and shareholders’ equity$1,883,421 $1,765,633
Net interest rate spread(2) 3.15% 3.06%
Net interest income $44,142 $39,815
Net interest margin(3) 3.37% 3.25%

(1) Includes average outstanding balances of loans held for sale of $3.5 million and $3.2 million for the nine months ended September 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
September 30 June 30 March 31 December 31 September 30
Total shareholders’ equity, including KSOP-owned shares$207,263 $204,551 $146,366 $141,914 $148,005
Adjustments:
Goodwill(18,742) (18,742) (18,742) (18,742) (18,742)
Core deposit and other intangibles(2,870) (3,016) (3,162) (3,308) (3,453)
Total tangible common equity$185,651 $182,793 $124,462 $119,864 $125,810
Common shares outstanding - end of period(1)11,058,956 11,058,956 8,753,933 8,751,923 8,955,476
Book value per common share$18.74 $18.50 $16.72 $16.22 $16.53
Tangible book value per common share$16.79 $16.53 $14.22 $13.70 $14.05

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

About Non-GAAP Financial Measures

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

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

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

About Guaranty Bancshares, Inc.

Guaranty Bancshares, Inc. 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 and Central Texas regions of the state. Visit www.gnty.com for more information.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our 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.

Contact:

Cappy A. Payne
Senior Executive Vice President and Chief Financial Officer
(888) 572-9881
investors@gnty.com

Source:Guaranty Bancshares, Inc.