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) (State or Other Jurisdiction of Incorporation ...

Guaranty Bancshares, Inc. (NYSE:GNTY) Q3 2023 Earnings Conference Call October 16, 2023 11:00 AM ET Company Participants Ty Abston - Chairman and Chief Executive Officer Cappy Payne - Senior Executive Vice President and Chief Financial Officer Shalene Jacobson - Executive Vice President and Chief Financial Officer Conference Call Participants Tim Mitchell - Raymond James Graham Dick - Piper Sandler Brady Gailey - KBW Matt Olney - Stephens, Inc. Operator Good morning and welcome to Guaranty Bancshares Third ...

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-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation) (Co ...

Guaranty Bancshares, Inc. (NYSE:GNTY) Q2 2023 Earnings Conference Call July 17, 2023 11:00 AM ET Company Participants Ty Abston - Chairman and Chief Executive Officer Cappy Payne - Senior Executive Vice President and Chief Financial Officer Shalene Jacobson - Executive Vice President and Chief Financial Officer of the Bank Conference Call Participants Matt Olney - Stephens, Inc. Michael Rose - Raymond James Graham Dick - Piper Sandler Brady Gailey - KBW Operator Good morning. Welcome to Guaranty Bancshares ...

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 March 31, 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) (State or Other Jurisdiction of Incorporation) (C ...

Financial Data and Key Metrics Changes - Total assets at the end of Q1 2023 were $3.356 billion, showing minimal change from $3.351 billion at the beginning of the year [5] - Net interest margin decreased to 3.24%, down 33 basis points from the previous quarter, primarily due to increased interest expenses on deposits [8] - Net earnings for Q1 2023 were $8.3 million, with a return on average assets of 1.01% and a return on average equity of 11.18% [18] - Noninterest income decreased by 4%, amounting to $217,000, attributed to lower mortgage volume compared to 2022 [19] - Noninterest expense decreased by approximately $930,000, or 4.5%, quarter-over-quarter [9] Business Line Data and Key Metrics Changes - Loan portfolio remained stable, ending the quarter at $2.380 billion, with an average of $2.388 billion for the quarter [6] - Federal Home Loan Bank advances increased by $50 million, totaling $340 million at quarter-end [7] - The average rate on interest-bearing deposits rose to 1.91%, up 83 basis points from the linked quarter [37] Market Data and Key Metrics Changes - Noninterest-bearing deposits averaged 38% of total deposits, slightly down from 39% in the previous year [17] - Total deposits decreased by $57.8 million, or 2.2%, during the quarter, with a notable shift from noninterest-bearing to interest-bearing deposits [35] Company Strategy and Development Direction - The company aims to maintain a stable core deposit base while being competitive in deposit rates to attract customers [50][62] - The management emphasized a conservative investment strategy, focusing on government agency securities and closely monitoring municipal bonds [41] - The company plans to utilize cash flows from its bond portfolio to pay down borrowings rather than reinvesting in bonds [16] Management's Comments on Operating Environment and Future Outlook - The CEO noted an unusual environment for banks, with heightened uncertainty among depositors, which may require regulatory attention in the second half of the year [13] - The Texas economy remains strong, but a slowdown is anticipated in the latter half of the year, with credit issues expected to be geographically concentrated [14] - Management expressed confidence in maintaining net interest margin above 3% despite potential deposit outflows [49] Other Important Information - The company has a solid liquidity ratio of 14.7% at quarter-end and over $1.3 billion in contingent liability sources available [27] - Uninsured deposits were reported at 30.8% at quarter-end, with measures taken to educate customers on FDIC insurance [40] Q&A Session Summary Question: What is the outlook for net interest margin given the higher deposit costs? - Management expects to defend the net interest margin and maintain it above 3%, despite potential shifts in deposit types [49] Question: Should we expect continued deposit outflows? - Some deposit outflows are anticipated, but management does not expect them to be significant, as they are competitive in rates [50] Question: What is the expense base outlook? - The company aims to keep expenses at about 2.5% of assets, projecting around $83 million to $84 million for the year [51] Question: How did the margin trend throughout the quarter? - The margin trended down from approximately 3.30% in January to about 3.20% by the end of the quarter [78] Question: What is the strategy regarding stock buybacks? - The company plans to be active in stock buybacks, potentially repurchasing 1% to 10% of the bank depending on market conditions [98]

[PART I](index=5&type=section&id=PART%20I) [Item 1. Business](index=5&type=section&id=Item%201.%20Business) A Texas-based bank holding company with $3.35 billion in assets, focusing on community banking and pursuing growth through organic means and strategic acquisitions Financial Snapshot as of December 31, 2022 | Metric | Amount (Billion $) | | :--- | :--- | | Total Assets | $3.35 | | Total Net Loans | $2.34 | | Total Deposits | $2.68 | | Total Shareholders' Equity | $0.296 | - The company's growth strategy is multifaceted, focusing on **Organic Growth**, **Strategic Acquisitions**, **De Novo Banking Locations**, and increasing earnings streams[25](index=25&type=chunk) - Key competitive strengths include an experienced management team, a strong employee ownership mentality with the **Employee Stock Ownership Plan (KSOP) owning 9.1%** of outstanding shares, and a stable core deposit base[30](index=30&type=chunk) - The company operates in a highly regulated environment, subject to supervision by the Federal Reserve, FDIC, OCC, and CFPB, which impacts capital, activities, and costs[47](index=47&type=chunk)[49](index=49&type=chunk) [Item 1A. Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, regulatory, and investment risks, including credit concentration, economic dependency on Texas, and regulatory compliance - The company's loan portfolio has significant real estate concentration, with **60.1% in nonresidential real estate loans** and **15.9% in construction and land development loans** as of December 31, 2022[127](index=127&type=chunk) - A substantial portion of the loan portfolio is comprised of loans to small- to medium-sized businesses, which may have fewer resources to withstand economic downturns[125](index=125&type=chunk) - The business is highly dependent on the economic conditions of its primary markets in Texas, including potential volatility in the energy sector[157](index=157&type=chunk) - Operating in a highly regulated environment means changes in laws or non-compliance could adversely affect operations and impose significant costs[189](index=189&type=chunk)[192](index=192&type=chunk)[195](index=195&type=chunk) - As of December 31, 2022, company directors and executive officers beneficially owned approximately **19.8% of outstanding common stock**, giving them significant influence[214](index=214&type=chunk) [Item 2. Properties](index=43&type=section&id=Item%202.%20Properties) The company operates 32 banking locations across Texas, of which 21 are owned and 11 are leased or on leased land - The company operates **32 banking locations** in Texas, including in Austin, Dallas/Fort Worth, Houston, and East Texas[228](index=228&type=chunk) - The property portfolio consists of **21 owned** branch locations, 1 owned building on leased land, and **10 leased** locations[229](index=229&type=chunk) [Item 3. Legal Proceedings](index=43&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal proceedings that are not expected to have a material adverse financial impact - The company is involved in routine legal claims and litigation, and management currently assesses the likelihood of a **material adverse effect from these proceedings as remote**[230](index=230&type=chunk)[231](index=231&type=chunk) [PART II](index=44&type=section&id=PART%20II) [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=44&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock moved to the NYSE and it executed a share repurchase program, buying back 250,625 shares in 2022 - The company's common stock listing was transferred from the Nasdaq to the **New York Stock Exchange (NYSE) on March 7, 2023**, continuing to trade under the symbol "GNTY"[234](index=234&type=chunk) - A stock repurchase program authorizing the repurchase of up to **1,000,000 shares** was adopted on April 21, 2022, effective until April 21, 2024[240](index=240&type=chunk) - In 2022, **250,625 shares were repurchased** at a weighted-average price of $35.26 per share, with 805,612 shares remaining available for repurchase[241](index=241&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net earnings rose to $40.4 million in 2022, driven by loan growth and higher net interest income, despite increased credit provisions and expenses [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Net interest income grew 12.8% to $107.8 million, but higher credit provisions and expenses moderated net earnings growth to 1.5% Year-over-Year Performance Summary (2022 vs. 2021) | Metric | 2022 | 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $107.8M | $95.6M | +$12.2M | +12.8% | | Provision for Credit Losses | $2.2M | ($1.7M) | +$3.9M | N/A | | Noninterest Income | $23.5M | $24.6M | -$1.1M | -4.4% | | Noninterest Expense | $79.9M | $73.3M | +$6.6M | +9.0% | | Net Earnings | $40.4M | $39.8M | +$0.6M | +1.5% | | Basic EPS | $3.38 | $3.30 | +$0.08 | +2.4% | - The increase in net interest income was primarily due to a **$321.8 million (11.7%) increase in average interest-earning assets**, driven by organic loan growth[279](index=279&type=chunk) - A provision for credit losses of **$2.2 million** was recorded in 2022, mainly to incorporate economic forecasts for a recession into the CECL model[294](index=294&type=chunk) - The decrease in noninterest income was primarily driven by a **$3.1 million (56.0%) decline in gain on sale of loans**, reflecting a slowdown in the mortgage market[299](index=299&type=chunk)[304](index=304&type=chunk) - The rise in noninterest expense was mainly due to a **$5.1 million (12.1%) increase in employee compensation and benefits**[313](index=313&type=chunk)[314](index=314&type=chunk) [Financial Condition](index=60&type=section&id=Financial%20Condition) Total assets grew 8.6% to $3.35 billion, fueled by a 24.6% increase in gross loans, while shareholders' equity slightly decreased Balance Sheet Highlights (as of Dec 31) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Assets | $3.35B | $3.09B | +8.6% | | Gross Loans | $2.38B | $1.91B | +24.6% | | Total Deposits | $2.68B | $2.67B | +0.4% | | Total Shareholders' Equity | $295.6M | $302.2M | -2.2% | - Loan growth was primarily organic, with commercial real estate loans increasing by **$264.7 million (42.5%)** and 1-4 family residential loans increasing by **$82.4 million (20.1%)**[329](index=329&type=chunk)[331](index=331&type=chunk) - **Nonperforming assets as a percentage of total loans rose to 0.46%** from 0.15% in 2021, mainly due to four acquired SBA 7(a) loans placed on nonaccrual status[338](index=338&type=chunk) - The allowance for credit losses (ACL) stood at **$32.0 million, or 1.34% of total loans**, compared to $30.4 million, or 1.59% of total loans, at year-end 2021[354](index=354&type=chunk) - The company and its bank subsidiary remained **"well capitalized"** under all regulatory capital requirements as of December 31, 2022[392](index=392&type=chunk) [Non-GAAP Financial Measures](index=78&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics show a slight decrease in tangible book value per share but an improvement in core earnings and the efficiency ratio Key Non-GAAP Metrics | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Tangible Book Value per Common Share | $21.85 | $22.09 | | Net Core Earnings | $50.2M | $39.0M | | Efficiency Ratio (net of PPP effects) | 61.45% | 65.43% | - The company presents these non-GAAP measures to help investors evaluate performance exclusive of intangible assets and temporary items like the PPP program[412](index=412&type=chunk)[415](index=415&type=chunk)[418](index=418&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=82&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate volatility, with simulations showing a slight liability-sensitive position at year-end 2022 - The primary component of market risk for the company is **interest rate volatility**, which affects net interest income and the fair value of assets and liabilities[431](index=431&type=chunk)[432](index=432&type=chunk) Simulated Change in Net Interest Income (12-Month Horizon) | Change in Interest Rates (bps) | % Change in NII (Dec 31, 2022) | % Change in NII (Dec 31, 2021) | | :--- | :--- | :--- | | +200 | 0.17% | 8.38% | | +100 | (0.21%) | 2.66% | | -100 | 0.34% | (5.11%) | [Item 8. Financial Statements and Supplementary Data](index=83&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements, which received an unqualified opinion from the independent auditor - The report includes the **unqualified opinion** from the independent registered public accounting firm, Whitley Penn LLP, on both the financial statements and internal controls[447](index=447&type=chunk)[476](index=476&type=chunk) - The critical audit matter identified by the auditor was the **qualitative factors used in determining the Allowance for Credit Losses (ACL)** for loans[481](index=481&type=chunk)[483](index=483&type=chunk) - The notes provide detailed disclosures on accounting policies, including the adoption of the **Current Expected Credit Loss (CECL) model** on January 1, 2020[502](index=502&type=chunk)[567](index=567&type=chunk) [Item 9A. Controls and Procedures](index=83&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal controls over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[439](index=439&type=chunk)[440](index=440&type=chunk) - Based on the 2013 COSO framework, management determined that the company maintained **effective internal control over financial reporting** as of December 31, 2022[443](index=443&type=chunk) - The independent registered public accounting firm issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting[444](index=444&type=chunk)[447](index=447&type=chunk) [PART III](index=86&type=section&id=PART%20III) [Items 10, 11, 12, 13 and 14](index=86&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%20and%2014) Required information on governance, compensation, and ownership is incorporated by reference from the company's Definitive Proxy Statement - Information for Part III (Items 10-14) is not included directly in this Form 10-K but is incorporated by reference from the registrant's **Definitive Proxy Statement**[455](index=455&type=chunk)[456](index=456&type=chunk)[457](index=457&type=chunk)[458](index=458&type=chunk)[459](index=459&type=chunk) [PART IV](index=86&type=section&id=PART%20IV) [Item 15. Exhibits and Financial Statement Schedules](index=86&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed with the report, including financial statements and required exhibits - This section provides an index to the **Consolidated Financial Statements**, which begin on page F-1 of the report[460](index=460&type=chunk) - An index of all **exhibits** filed with the report is provided, including corporate governance documents, material contracts, and required certifications[462](index=462&type=chunk)

Guaranty Bancshares, Inc. (NYSE:GNTY) Q4 2022 Earnings Conference Call January 17, 2023 11:00 AM ET Company Participants Ty Abston - Chairman & CEO Cappy Payne - Senior Executive Vice President & CFO Shalene Jacobson - EVP & CFO of the Bank Conference Call Participants Michael Rose - Raymond James Brady Gailey - KBW Matt Olney - Stephens Brad Milsaps - Piper Sandler Operator Good morning, and welcome to the Guaranty Bancshares' Fourth Quarter 2022 Earnings Call. My name is Nona Branch, and I will be your op ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from to . Commission File Number: 001-38087 GUARANTY BANCSHARES, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) Texas 001-38087 75-1656431 16475 Dallas Parkway, Suite 600 Addison, Texas 75001 (Address of Principal Executive Offices) (Zip Code) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 ...

Guaranty Bancshares, Inc. (NYSE:GNTY) Q3 2022 Earnings Conference Call October 17, 2022 11:00 AM ET Company Participants Ty Abston - Chairman & CEO Cappy Payne - Senior Executive Vice President & CFO Shalene Jacobson - EVP & Chief Financial Officer of the Bank Conference Call Participants Brad Milsaps - Piper Sandler Matt Olney - Stephens Michael Rose - Raymond James Brady Gailey - KBW Operator Good morning, and welcome to the Guaranty Bancshares' Third Quarter 2022 Earnings Call. My name is Nona Branch, an ...