Financial Performance - Net income available to common shareholders for Q3 2024 was $7.4 million, or $0.65 per basic share, unchanged from Q2 2024 and up from $6.3 million, or $0.54 per basic share, in Q3 2023[2] - Net interest income for Q3 2024 was $24.2 million, an increase of $889,000, or 3.8%, compared to Q3 2023[5] - Noninterest income increased by $215,000, or 4.4%, to $5.2 million in Q3 2024 compared to Q3 2023[9] - The efficiency ratio for Q3 2024 improved to 70.47%, compared to 72.64% for the prior year quarter[12] - The company reported a return on average assets of 0.96% and a return on average equity of 9.58% for the quarter[19] - Total noninterest income for the quarter ended September 30, 2023, was $5,154, an increase from $4,599 in the previous quarter[22] - Total noninterest expense for the quarter was $20,678, slightly up from $20,602 in the previous quarter[23] Asset and Deposit Management - Total deposits increased by $42.8 million, or 1.6%, to $2.67 billion at September 30, 2024, compared to $2.63 billion at June 30, 2024[14] - Total assets reached $3,097.1 million, a slight increase from $3,081.6 million in the prior quarter[17] - Total equity increased to $319.3 million as of September 30, 2024, up from $308.6 million in the previous quarter and $296.8 million year-over-year, primarily due to net income of $7.4 million[16] - Total average deposits remained stable at $2,621,968 thousand compared to $2,614,248 thousand in the prior quarter[27] - Noninterest-bearing deposits decreased to $800,573 thousand from $818,290 thousand in the previous quarter[27] Loan Performance - Gross loans decreased by $78.5 million, or 3.5%, during Q3 2024, resulting in a gross loan balance of $2.14 billion[13] - Total loans as of September 30, 2023, amounted to $2,318,249, a slight decrease from $2,322,576 as of June 30, 2024[20] - Total loans for the nine months ended September 30, 2024, were $2,234,538, generating interest income of $105,115, with an average yield of 6.28%[25] Credit Quality - Nonperforming assets as a percentage of total assets were 0.66% at September 30, 2024, down from 0.71% at June 30, 2024[15] - The allowance for credit losses as a percentage of total loans was 1.34% as of September 30, 2024, compared to 1.33% at December 31, 2023[9] - The net charge-offs to average loans (annualized) ratio was 0.04% for the quarter, indicating stable credit quality[21] - Nonaccrual loans were $5,095 as of September 30, 2023, compared to $6,225 as of June 30, 2024, indicating a decrease in nonperforming loans[21] - Total nonperforming assets were $20,433, a decrease from $21,740 in the previous quarter[21] Interest Rates and Margins - Net interest margin increased to 3.33% in Q3 2024, up 7 basis points from Q2 2024 and 31 basis points from Q3 2023[3] - Net interest income for the third quarter was $24.2 million, compared to $23.9 million in the previous quarter, reflecting a net interest margin of 3.33%[19] - The net interest margin improved to 3.28% in 2024 compared to 3.17% in 2023, reflecting a stronger interest rate spread of 2.17%[25] - Interest-bearing deposits increased to $1,802,228 in 2024, with interest expense rising to $44,526, resulting in an average yield of 3.30%[25] Stock and Equity - The company repurchased stock totaling $1.8 million during the third quarter of 2024[16] - Total equity attributable to Guaranty Bancshares, Inc. was $303,418 as of September 30, 2024, compared to $298,656 in 2023[26] - Tangible book value per common share increased to $27.94 in 2024 from $26.98 in 2023[26] Future Outlook - The company will hold a conference call on October 21, 2024, to discuss third quarter 2024 financial results[30] - Guaranty Bancshares, Inc. operates 33 banking locations across 26 Texas communities[31] - The company emphasizes the importance of non-GAAP financial measures for evaluating performance and making operational decisions[28]

Guaranty Bancshares Inc. (GNTY) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be relea ...

Exhibit 99.1 "Second quarter 2024 results were good and consistent with our expectations. Net interest margin continued to improve from 3.16% in the first quarter to 3.26% in the second quarter. Deposit balances have remained stable as we've strategically shrunk the balance sheet and repaid an additional $30.0 million in FHLB advances during the quarter, as well as purchased some higher-yielding investment securities. Credit quality overall remains manageable with low past-due and charge-off percentages. Th ...

First Guaranty Bancshares, Inc. (NASDAQ:FGBI) is a small regional bank that has taken its share of hits related to the deposit struggles and higher interest rates facing its industry. Last year, I analyzed the bank and discussed why I would not be taking a position in either the common or preferred shares. After three quarters of new data, I revisited the bank's financials, and determined that the situation had improved enough to take a small position in the preferred shares, but I am still avoiding the Fir ...

[PART I — FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Guaranty Bancshares, Inc. as of March 31, 2024, and for the three months then ended [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets decreased to $3.13 billion, primarily due to a reduction in net loans, while total equity slightly increased to $305.9 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | **Total Assets** | **$3,127,438** | **$3,184,791** | | Cash and cash equivalents | $73,093 | $89,524 | | Loans, net | $2,234,012 | $2,290,881 | | Securities (AFS & HTM) | $592,750 | $600,403 | | **Total Liabilities** | **$2,821,528** | **$2,880,945** | | Total deposits | $2,627,844 | $2,633,246 | | Federal Home Loan Bank advances | $75,000 | $140,000 | | **Total Equity** | **$305,910** | **$303,846** | [Consolidated Statements of Earnings](index=4&type=section&id=Consolidated%20Statements%20of%20Earnings) Net earnings for Q1 2024 decreased to $6.7 million from $8.3 million in Q1 2023, primarily due to a significant increase in interest expense Consolidated Earnings Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net interest income | $23,587 | $25,162 | | Reversal of provision for credit losses | $(250) | $— | | Noninterest income | $5,258 | $4,905 | | Noninterest expense | $20,692 | $19,967 | | **Net earnings** | **$6,681** | **$8,277** | | **Diluted earnings per share** | **$0.58** | **$0.69** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities sharply decreased to $1.1 million in Q1 2024, resulting in a net decrease in cash and cash equivalents of $16.4 million Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,120 | $11,712 | | Net cash provided by investing activities | $46,385 | $44,761 | | Net cash used in financing activities | $(63,936) | $(4,815) | | **Net change in cash and cash equivalents** | **$(16,431)** | **$51,658** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the securities and loan portfolios, allowance for credit losses, and regulatory capital, confirming the company exceeds all 'well capitalized' requirements - The company's loan portfolio decreased from **$2.32 billion** at year-end 2023 to **$2.27 billion** as of March 31, 2024. The allowance for credit losses (ACL) was **$30.6 million**, representing **1.35%** of total loans[37](index=37&type=chunk)[39](index=39&type=chunk) - As of March 31, 2024, the company and its bank subsidiary met all capital adequacy requirements to be categorized as 'well capitalized' under regulatory frameworks[98](index=98&type=chunk)[100](index=100&type=chunk) - Nonaccrual loans increased to **$6.2 million** as of March 31, 2024, up from **$5.6 million** at the end of 2023[57](index=57&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 performance, highlighting an improving net interest margin, stable asset quality despite a foreclosure, and strong liquidity and capital positions [Quarterly Highlights](index=51&type=section&id=Quarterly%20Highlights) Management emphasized an improving net interest margin of 3.16%, strong asset quality despite a $14.9 million commercial real estate foreclosure, and healthy liquidity and capital levels - Net interest margin (NIM) on a fully taxable equivalent basis improved sequentially from **3.02%** in Q3 2023 and **3.11%** in Q4 2023 to **3.16%** in Q1 2024[134](index=134&type=chunk) - Asset quality remains strong, though nonperforming assets as a percentage of total assets increased to **0.68%** at March 31, 2024, from **0.18%** at December 31, 2023, due to a single foreclosure. Net charge-offs were low at **0.02%** (annualized)[136](index=136&type=chunk) - The company maintains a healthy liquidity position with total available contingent liquidity of **$1.3 billion** and a strong capital level, with a total equity to average assets ratio of **9.6%**[136](index=136&type=chunk) [Results of Operations](index=52&type=section&id=Results%20of%20Operations) Net earnings for Q1 2024 decreased to $6.7 million due to a $1.6 million decline in net interest income, driven by higher interest expenses Key Earnings Data (in thousands) | Metric | Quarter Ended March 31, 2024 | Quarter Ended March 31, 2023 | | :--- | :--- | :--- | | Net earnings attributable to Guaranty | $6,688 | $8,281 | | Net interest income | $23,587 | $25,162 | | Net interest margin | 3.18% | 3.25% | | Return on average assets | 0.85% | 1.01% | | Return on average equity | 8.93% | 11.18% | - The decrease in net interest income was primarily caused by a **$5.2 million (43.3%)** increase in interest expense, which was only partially offset by a **$3.6 million (9.7%)** increase in interest income compared to Q1 2023[140](index=140&type=chunk) - A **$250,000** reversal to the provision for credit losses was recorded in Q1 2024 due to a **$57.3 million** decrease in loan balances and stable credit quality trends[150](index=150&type=chunk) [Financial Condition](index=59&type=section&id=Financial%20Condition) Total assets decreased by 1.8% to $3.13 billion, mainly due to a 2.5% decrease in gross loans, while nonperforming assets rose to 0.94% of total loans Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2024 | December 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Commercial and industrial | $269,560 | $287,565 | (6.26%) | | Construction and development | $273,300 | $296,639 | (7.87%) | | Commercial real estate | $906,684 | $923,195 | (1.79%) | | 1-4 family residential | $523,573 | $514,603 | 1.74% | | **Total loans held for investment** | **$2,265,257** | **$2,322,576** | **(2.47%)** | Nonperforming Assets (in thousands) | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Nonaccrual loans | $6,161 | $5,592 | | Other real estate owned | $14,900 | $— | | **Total nonperforming assets** | **$21,297** | **$5,826** | | Ratio of nonperforming assets to total assets | 0.68% | 0.18% | - Total deposits remained stable, decreasing by only **$5.4 million (0.2%)** to **$2.63 billion** during the quarter. Noninterest-bearing deposits decreased by **$24.1 million**, while interest-bearing deposits increased by **$18.7 million**[209](index=209&type=chunk)[210](index=210&type=chunk) [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with over $1.5 billion in contingent funding and all regulatory capital ratios significantly exceeding 'well capitalized' thresholds Contingent Liquidity Sources (in thousands) as of March 31, 2024 | Source | Line of Credit | Borrowings | Total Available | | :--- | :--- | :--- | :--- | | FHLB advances | $1,106,209 | $75,000 | $1,031,209 | | Federal Reserve discount window | $231,583 | $— | $231,583 | | Federal funds lines of credit | $55,000 | $— | $55,000 | | Correspondent bank line of credit | $25,000 | $— | $25,000 | | **Total Liquidity Lines (excluding BTFP)** | **$1,417,792** | **$75,000** | **$1,342,792** | Regulatory Capital Ratios as of March 31, 2024 | Ratio (Consolidated) | Amount | Ratio (%) | | :--- | :--- | :--- | | Total capital (to risk-weighted assets) | $371,036 | 15.58% | | Tier 1 capital (to risk-weighted assets) | $306,647 | 12.87% | | Common equity tier 1 capital (to risk-weighted assets) | $299,430 | 12.57% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=82&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate volatility, with simulations indicating a liability-sensitive position where a 100 basis point rate increase would decrease net interest income by 1.37% Interest Rate Sensitivity Analysis (Simulated Change over 12 Months) | Change in Interest Rates (Basis Points) | % Change in Net Interest Income | % Change in Fair Value of Equity | | :--- | :--- | :--- | | +300 | (3.05%) | (14.34%) | | +200 | (2.12%) | (8.47%) | | +100 | (1.37%) | (3.91%) | | -100 | 0.02% | 2.53% | [Item 4. Controls and Procedures](index=89&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the reporting period, with no material changes to internal control over financial reporting during Q1 2024 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[266](index=266&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[267](index=267&type=chunk) [PART II — OTHER INFORMATION](index=90&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=90&type=section&id=Item%201.%20Legal%20Proceedings) Management believes that the outcome of current legal proceedings is unlikely to have a material adverse effect on the company's financial condition or results of operations - In the opinion of management, it is remote that the impact of current legal proceedings would have a material adverse effect on the Company's financial condition, results of operations, or cash flows[269](index=269&type=chunk) [Item 1A. Risk Factors](index=90&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes have occurred in the Company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023[270](index=270&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=90&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the company repurchased 11,651 shares at an average price of $28.76, and a new repurchase program for up to 1,250,000 shares was approved effective April 21, 2024 Share Repurchases in Q1 2024 | Period | Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January, 2024 | — | $— | | February, 2024 | 9,251 | $28.73 | | March, 2024 | 2,400 | $28.88 | | **Total** | **11,651** | **$28.76** | - A new stock repurchase program was approved on March 13, 2024, authorizing the repurchase of up to **1,250,000 shares**, effective from April 21, 2024, to April 21, 2026[271](index=271&type=chunk) [Other Items (Items 3, 4, 5, 6)](index=90&type=section&id=Other%20Items%20(Items%203%2C%204%2C%205%2C%206)) This section confirms no defaults on senior securities, non-applicability of mine safety disclosures, no Rule 10b5-1 trading arrangement changes by directors or officers, and provides a list of exhibits - Item 3: No defaults upon senior securities were reported[274](index=274&type=chunk) - Item 5: No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[276](index=276&type=chunk)

Press Release For Immediate Release • 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 improvemen ...

Guaranty Bancshares Inc. (GNTY) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.73%. A quarter ago, it was expected that this company would post earnings of $0.47 per share when it actually produced earnings of $0.51, delivering a surprise of 8.51%.Over the last four quarters, the ...

In its upcoming report, Guaranty Bancshares Inc. (GNTY) is predicted by Wall Street analysts to post quarterly earnings of $0.51 per share, reflecting a decline of 40% compared to the same period last year. Revenues are forecasted to be $28.4 million, representing a year-over-year decrease of 5.6%.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a c ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Guaranty Bancshares Inc. (GNTY) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 15, 2024, might help the stock move higher if these key numbers are better ...

Table of Contents 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 (Exact name of registrant as specified in its charter) Yes ☐ No ☒ (Address of principal exe ...