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Guaranty Bancshares, Inc. Reports Third Quarter 2021 Financial Results

Guaranty Bancshares, Inc. (NASDAQ: GNTY), the parent company of Guaranty Bank & Trust, N.A. (the "Bank"), today reported financial results for the fiscal quarter ended September 30, 2021. The Company's net income available to common shareholders was $9.3 million, or $0.77 per basic share, for the quarter ended September 30, 2021, compared to $10.4 million, or $0.87 per basic share, for the quarter ended June 30, 2021 and $10.1 million, or $0.84 per basic share, for the quarter ended September 30, 2020. Return on average assets and average equity for the third quarter of 2021 were 1.24% and 12.44%, respectively, compared to 1.42% and 14.64%, respectively, for the second quarter of 2021 and 1.53% and 15.21%, respectively, for the third quarter of 2020. The decrease in earnings during the third quarter of 2021, compared to the second quarter of 2021, was primarily due to lower origination fee income during the quarter for the Paycheck Protection Program - round one (“PPP1”) and round two (“PPP2”) loans and higher noninterest expense, which was partially offset by a reverse provision for credit losses of $700,000. Our net core earnings, excluding provisions for credit losses, income taxes and PPP1/PPP2 net income, as well as our core net interest margin, adjusted to exclude the effects of PPP1/PPP2 loans, are described further in tables below.

"We are very pleased with third quarter and year-to-date financial results. Our loan pipeline was robust and, excluding PPP loans, resulted in 7.5% loan growth during the third quarter and 9.8% year-to-date. Our pipeline continues to be strong with increased demand across most loan types and regions. PPP loan forgiveness is progressing well with a remaining portfolio of $75.3 million from the total $310.4 million that we loaned under the program. Our non-performing assets are very low and all of our borrowers who received a COVID-related deferral are back on contractual payment schedules. Like all banks, we have experienced some headwinds in our net interest margin but we have been able to defend our margin and provide a strong earnings stream that we expect will only improve in the future as rates start to normalize," commented Ty Abston, the Company's Chairman and Chief Executive Officer.

QUARTERLY HIGHLIGHTS

  • Solid Net Earnings and Core Earnings. Net earnings have remained solid for the past four quarters. Net core earnings, which exclude provisions for credit losses and income tax, net PPP income, and interest on PPP-related borrowings, have also remained strong over the last four quarters, demonstrating consistent core earnings stream. Net core earnings were $9.7 million for the third quarter, compared to $9.8 million for the second quarter of 2021, and $11.1 million during the third quarter of 2020.
  • Producing Loan Pipeline. During 2020 and early 2021, we added new loan producers throughout our footprint and continued to experience strong loan demand within our loan pipeline. Excluding PPP loans, our loans grew $132.8 million, or 7.5%, during the third quarter and have grown $168.6 million, or 9.8%, since December 31, 2020. Our loan growth is a result of internally generated sources and is not from loan purchases from other originators.
  • Strong Credit Quality. Non-performing assets as a percentage of total assets were 0.11% at September 30, 2021, compared to 0.13% at June 30, 2021 and 0.53% at September 30, 2020. Net charge-offs to average loans (annualized) were 0.05% for the quarter ended September 30, 2021, compared to 0.05% for the quarter ended June 30, 2021, and 0.01% for the quarter ended September 30, 2020. The decrease in non-performing assets during the third quarter of 2021 compared to the same period of 2020 resulted primarily from the resolution of three problem loans, made to two borrowers, with outstanding combined book balances of $8.7 million at December 31, 2020, that were acquired during the Westbound acquisition and which were fully reserved prior to the onset of COVID-19.
  • Paycheck Protection Program. As of September 30, 2021, there are outstanding PPP2 balances of $71.4 million to 664 borrowers, down from the $100.8 million to 1,349 borrowers originally extended loans under the PPP2 program during 2021. Those PPP2 loans have resulted in recognition of $3.7 million of net origination fees for the nine months ended September 30, 2021. The Bank also recognized $2.1 million in PPP1 deferred origination fees for the nine months ended September 30, 2021 through both amortization and forgiveness of the related PPP1 loans. As of September 30, 2021, there are outstanding PPP1 balances of $4.0 million to 109 borrowers, down from the $209.6 million to 1,944 borrowers that was originated under the PPP1 program. Net deferred origination fees remaining as of September 30, 2021 are $47,000 and $1.8 million for PPP1 and PPP2, respectively.

RESULTS OF OPERATIONS

Participation in the PPP1 and PPP2 program, as well as large provisions for credit losses in the second quarter of 2020 resulting from effects of COVID-19, have created temporary extraordinary results in the calculation of net earnings and related performance ratios. With some continued uncertainty as a result of COVID-19 and other economic factors, the following table illustrates net earnings and net core earnings results, which are pre-tax, pre-provision and pre-extraordinary PPP1/PPP2 income, as well as performance ratios for the prior five quarters:

Quarter Ended

2021

2020

(dollars in thousands, except per share data)

September 30

June 30

March 31

December 31

September 30

Net earnings

$

9,253

$

10,432

$

10,962

$

9,915

$

10,134

Adjustments:

Provision for credit losses

(700

)

(1,000

)

(300

)

Income tax provision

2,179

2,312

2,336

2,290

2,350

PPP loan interest and fees

(1,005

)

(1,954

)

(3,905

)

(2,654

)

(1,076

)

Net interest expense on PPP-related borrowings

3

Net core earnings

$

9,727

$

9,790

$

9,393

$

9,551

$

11,111

Total average assets

$

2,953,181

$

2,938,944

$

2,775,567

$

2,659,725

$

2,639,335

Adjustments:

PPP loans average balance

(107,931

)

(155,417

)

(137,251

)

(179,240

)

(209,506

)

Excess fed funds sold due to PPP-related borrowings

(8,152

)

Total average assets, adjusted

$

2,845,250

$

2,783,527

$

2,638,316

$

2,480,485

$

2,421,677

Total average equity

$

295,076

$

285,803

$

277,612

$

271,397

$

265,027

PERFORMANCE RATIOS

Net earnings to average assets (annualized)

1.24

%

1.42

%

1.60

%

1.48

%

1.53

%

Net earnings to average equity (annualized)

12.44

14.64

16.01

14.53

15.21

Net core earnings to average assets, as adjusted (annualized)

1.36

1.41

1.44

1.53

1.83

Net core earnings to average equity (annualized)

13.08

13.74

13.72

14.00

16.68

PER COMMON SHARE DATA*

Weighted-average common shares outstanding, basic

12,067,769

12,056,550

12,038,638

12,063,154

12,113,266

Earnings per common share, basic

$

0.77

$

0.87

$

0.91

$

0.82

$

0.84

Net core earnings per common share, basic

0.81

0.81

0.78

0.79

0.92

* Adjusted retroactively for all quarters presented to give effect to the 10% dividend issued during the first quarter of 2021.

† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

Net interest income, before the provision for credit losses, in the third quarter of 2021 and 2020 was $23.6 million and $22.3 million, respectively, an increase of $1.3 million, or 5.8%. The increase was primarily due to a decrease in interest expense of $1.0 million, or 37.8%, compared to an increase in interest income of $279,000, or 1.1%. The decrease in interest expense is primarily attributable to lower deposit-related interest expense of $937,000, or 41.0%, compared to the same quarter of the prior year.

Net interest margin, on a taxable equivalent basis, for the third quarter of 2021 and 2020 was 3.40% and 3.61%, respectively. Net interest margin decreased 21 basis points despite increases in loan yield from 4.59% for the third quarter of 2020 to 4.67% for the third quarter of 2021, a change of eight basis points, and decreases in the cost of interest-bearing deposits from 0.63% to 0.33% during the same period, a change of 30 basis points. The decrease in net interest margin was due to a decrease in the average yield on interest-bearing deposits in other banks, which consists of fed funds sold, from 0.12% in the third quarter of 2020 to 0.10% in the current quarter, while the average balance increased 228.3% from the prior year average balance. The decrease in average deposit rate was primarily due to continued reductions in interest rates for interest-bearing deposits as market conditions have allowed.

The increase in loan yield was primarily due to higher recognized PPP origination fee income during the current quarter. Loan yield, excluding the effect of PPP loans, was 4.73% in the third quarter of 2021, compared to 4.90% in the same quarter of the prior year, a decrease of 17 basis points. In addition, 66.3% of the loan portfolio, or $1.26 billion, has interest rate floors and 60.8% of those loans are currently at their floors. The weighted average interest rate of loans currently at their floor is 4.33%.

Net interest income in the second quarter of 2021 was $23.5 million, resulting in an increase of $93,000, or 0.4%, from the prior quarter through the current quarter. The increase resulted primarily from a decrease in interest expense of $142,000 during the quarter.

Net interest margin, on a taxable equivalent basis, decreased from 3.44% for the second quarter of 2021 to 3.40% for the third quarter of 2021. Loan yield decreased from 4.79% for the second quarter of 2021 to 4.67% for the third quarter of 2021, a change of 12 basis points. Loan yield, excluding the effect of PPP loans, decreased nine basis points from 4.82% in the second quarter of 2021 to 4.73% in the current quarter. The average yield on interest-bearing deposits in other banks increased four basis points from 0.06% in the second quarter of 2021, while the average balance decreased by $14.0 million or 3.3%, in the current quarter. The cost of interest-bearing deposits decreased from 0.37% to 0.33% during the same period, a change of four basis points. The decrease was due primarily to the maturity of higher-rate CDs during the third quarter of 2021, as well as continued reductions in interest rates for non-maturing deposits as market conditions have allowed.

The Bank’s continued participation in the PPP program has created temporary extraordinary results in the calculation of net interest margin. To illustrate core net interest margin, the table below excludes PPP1 and PPP2 loans and their associated fees and costs for the three and nine months ended September 30, 2021:

For the Three Months Ended
September 30, 2021

For the Nine Months Ended
September 30, 2021

(dollars in thousands)

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Total loans

$

1,921,005

$

22,605

4.67

%

$

1,906,989

$

69,664

4.88

%

Adjustments:

PPP1 loans average balance and net fees(1)

(14,399

)

(344

)

9.48

(57,716

)

(2,564

)

5.94

PPP2 loans average balance and net fees(2)

(93,532

)

(661

)

2.80

(75,593

)

(3,701

)

6.55

Total PPP loans(3)

$

(107,931

)

$

(1,005

)

3.69

%

$

(133,309

)

$

(6,265

)

6.28

%

Total loans, excluding PPP

$

1,813,074

$

21,600

4.73

%

$

1,773,680

$

63,399

4.78

%

Total interest-earning assets

2,780,081

25,235

3.60

2,720,103

77,032

3.79

Total interest-earning assets, net of PPP effects

$

2,672,150

$

24,230

3.60

%

$

2,586,794

$

70,767

3.66

%

Net interest income

$

23,570

$

71,538

Net interest margin(4)

3.36

%

3.52

%

Net interest margin, FTE(5)

3.40

3.56

Net interest income, net of PPP effects

22,565

65,273

Net interest margin, net of PPP effects†(6)

3.35

3.37

Net interest margin, FTE, net of PPP effects†(7)

3.39

3.41

Efficiency ratio(8)

64.25

60.28

Efficiency ratio, net of PPP effects†(9)

66.47

65.51

† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

(1) Interest earned on PPP1 loans consists of interest income of $36,000 and $424,000, and net origination fees recognized in earnings of $308,000 and $2.1 million for the three and nine months ended September 30, 2021, respectively.

(2) Interest earned on PPP2 loans consists of interest income of $234,000 and $566,000, and net origination fees recognized in earnings of $427,000 and $3.1 million for the three and nine months ended September 30, 2021, respectively.

(3) Interest earned consists of interest income of $270,000 and $990,000, and net origination fees recognized in earnings of $661,000 and $5.3 million for the three and nine months ended September 30, 2021, respectively.

(4) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized. Taxes are not a part of this calculation.

(5) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.

(6) Net interest margin is equal to net interest income, net of PPP effects, divided by average interest-earning assets, excluding average PPP loans, annualized. Taxes are not a part of this calculation.

(7) Net interest margin on a taxable equivalent basis is equal to net interest income, net of PPP effects, adjusted for nontaxable income divided by average interest-earning assets, excluding average PPP loans, annualized, using a marginal tax rate of 21%.

(8) 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.

(9) The efficiency ratio was calculated by dividing total noninterest expense, net of PPP-related deferred costs, by net interest income, net of PPP effects, plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

During the year ended December 31, 2020, a total allowance for credit losses provision of $13.2 million was recorded primarily to account for the estimated impact of COVID-19 on credit quality and resulted largely from changes to individual loan risk ratings, as well as COVID-specific qualitative factors. We recorded no provision in the first quarter, a $1.0 million reverse provision in the second quarter and a $700,000 reverse provision in the third quarter of 2021. These provision reversals capture the improvements that have occurred to macro-economic factors evaluated at the onset of the pandemic as part of the aforementioned COVID-specific qualitative factors, as well as risk rating upgrades for specific loans, which impact the reserve calculations within our model, offset by growth in our overall loan portfolio. Although management is cautiously optimistic about improving vaccination and hospitalization rates and economic trends, it is very likely that the economic effects of the pandemic will continue into 2022.

Noninterest income decreased $214,000, or 3.2%, in the third quarter of 2021 to $6.4 million, compared to $6.7 million for the third quarter of 2020. The decrease from the same quarter in 2020 was due primarily to a decrease in the gain on sale of loans of $355,000, or 16.8%, a $127,000, or 46.7%, decrease in mortgage fee income and a $92,000, or 31.9%, decrease in warehouse lending fees compared to the same quarter of the prior year. These decreases were partially offset by an increase in service charges of $286,000, or 39.9%.

Noninterest expense increased $2.5 million, or 15.1%, in the third quarter of 2021 to $19.3 million, compared to the third quarter of 2020. The increase in noninterest expense in the third quarter of 2021 was driven primarily by a $1.6 million, or 16.5%, increase in employee compensation and benefits due to increased salaries, higher insurance expense accruals due to increased claims experienced, higher payroll tax expense due to bonuses paid in July and bonus accruals. Additionally, there was a one-time expense of $434,000 included in other non-interest expense to terminate two swap agreements associated with our trust preferred securities, a $194,000, or 64.5%, increase in advertising and promotions expense, a $165,000, or 15.1%, increase in software and technology expense, and a $141,000, or 5.4%, increase in occupancy expenses compared to the third quarter of 2020.

Noninterest income in the third quarter of 2021 increased by $479,000, or 8.0%, from $6.0 million in the second quarter of 2021 due primarily to an increase in gains on sales of loans of $515,000, or 41.4%, an increase in service charges of $148,000, or 17.3%, partially offset by decrease in merchant and debit card fees of $302,000, or 15.7%.

Noninterest expense increased $1.6 million, or 8.9%, in the third quarter of 2021, from $17.7 million in the quarter ended June 30, 2021. The increase was primarily due to a $794,000, or 7.8%, increase in employee compensation and benefits primarily related to bonuses paid during July 2021, a one-time expense of $434,000, included in other non-interest expense, to terminate two swap agreements associated with our trust preferred securities, a $203,000, or 19.2%, increase in software and technology expense and a $157,000, or 46.4%, increase in advertising and promotion expense during the quarter. These were partially offset by a $95,000, or 3.4%, decrease in occupancy expenses, a $103,000, or 13.8%, decrease in legal and professional fees and an $83,000, or 24.7%, decrease in amortization expense during the third quarter of 2021.

The company’s efficiency ratio in the third quarter of 2021 was 64.25%, compared to 60.12% in the prior quarter and 57.90% in the third quarter of 2020. Adjusted to remove the effects of PPP-related transactions, the company’s efficiency ratio for the third quarter of 2021 was 66.47%, was 64.66% for the second quarter of 2021 and was 60.22% for the third quarter of 2020.

Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

FINANCIAL CONDITION

Consolidated assets for the company totaled $2.97 billion at September 30, 2021, compared to $2.93 billion at June 30, 2021 and $2.66 billion at September 30, 2020.

Gross loans increased 4.3%, or $80.7 million, to $1.97 billion at September 30, 2021, compared to loans of $1.89 billion at June 30, 2021. The increase in gross loans from the second to the third quarter of 2021 is primarily due to increased loan originations and advances, and were partially offset by continued forgiveness of PPP loans, which decreased $52.1 million during the quarter. Excluding PPP loans, gross loans increased $132.8 million, or 7.5%, from the prior quarter.

Gross loans increased 0.6%, or $12.2 million, from $1.96 billion at September 30, 2020. The increase in gross loans during the third quarter of 2021 compared to the third quarter of 2020 resulted primarily from organic loan growth and was partially offset by a $134.3 million reduction in PPP loan balances during the period. Excluding PPP loans, gross loans increased $146.6 million, or 8.4%, from the same quarter of the prior year.

Total deposits increased by 1.2%, or $30.0 million, to $2.56 billion at September 30, 2021, compared to $2.53 billion at June 30, 2021, and increased 15.3%, or $340.0 million, from $2.22 billion at September 30, 2020. Changes in deposits during these periods were heavily impacted by the deposit of PPP loan proceeds into demand accounts at the Bank, as well as apparent changes in depositor spending habits in these periods resulting from economic and other uncertainties due to COVID-19.

Shareholders' equity totaled $297.4 million as of September 30, 2021, compared to $287.7 million at June 30, 2021 and $266.9 million at September 30, 2020. The increase from the previous quarter resulted primarily from net income of $9.3 million, offset by the payment of dividends of $2.4 million and an increase in other comprehensive income of $2.2 million during the third quarter of 2021 resulting from the transfer of securities from available-for-sale to held-to-maturity accounting classifications during the period.

Nonperforming assets as a percentage of total assets were 0.11% at September 30, 2021 compared to 0.13% at June 30, 2021, and 0.53% at September 30, 2020. The Bank’s nonperforming assets consist primarily of nonaccrual loans. During 2020, nonperforming assets included three SBA 7(a), partially guaranteed (75%) loans that were acquired in the June 2018 acquisition of Westbound Bank, with combined book balances of $8.7 million as of September 30, 2020. During the first quarter of 2021, one of these loans was resolved when the underlying collateral, a hotel, was sold to a third party. The bank charged off $475,000 in connection with the sale, all of which had previously been specifically reserved within the allowance for credit losses, or ACL. The other two loans, both to one borrower and collateralized by the same hotel, were resolved through a bankruptcy judgement during the first quarter of 2021 that allows the borrower to adequately service their debt coverage. The bankruptcy order resulted in a charge-off of $270,000, which had previously been fully reserved in the ACL. These loans were internally identified as problem assets prior to COVID-19 and were properly reserved.

As of

2021

2020

(dollars in thousands)

September 30

June 30

March 31

December 31

September 30

ASSETS

Cash and due from banks

$

34,741

$

37,611

$

38,534

$

47,836

$

35,714

Federal funds sold

346,500

385,075

356,750

218,825

101,300

Interest-bearing deposits

27,634

24,532

28,188

85,130

56,357

Total cash and cash equivalents

408,875

447,218

423,472

351,791

193,371

Securities available for sale

269,070

446,636

407,736

380,795

368,887

Securities held to maturity

173,676

Loans held for sale

1,903

5,088

4,663

5,542

9,148

Loans, net

1,938,268

1,856,277

1,876,985

1,831,737

1,921,234

Accrued interest receivable

7,673

8,801

8,064

9,834

8,361

Premises and equipment, net

53,834

54,405

54,903

55,212

55,468

Other real estate owned

40

227

312

404

310

Cash surrender value of life insurance

36,582

36,367

35,836

35,510

35,304

Core deposit intangible, net

2,426

2,573

2,786

2,999

3,213

Goodwill

32,160

32,160

32,160

32,160

32,160

Other assets

43,761

43,207

44,383

34,848

35,228

Total assets

$

2,968,268

$

2,932,959

$

2,891,300

$

2,740,832

$

2,662,684

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Noninterest-bearing

$

972,854

$

928,416

$

878,883

$

779,740

$

776,364

Interest-bearing

1,590,217

1,604,610

1,596,327

1,506,650

1,446,718

Total deposits

2,563,071

2,533,026

2,475,210

2,286,390

2,223,082

Securities sold under agreements to repurchase

11,195

15,336

24,007

15,631

20,520

Accrued interest and other liabilities

26,284

28,058

28,080

25,257

25,814

Line of credit

3,000

15,000

12,000

7,000

Federal Home Loan Bank advances

47,500

49,000

49,096

109,101

99,105

Subordinated debentures

19,810

19,810

19,810

19,810

20,310

Total liabilities

2,670,860

2,645,230

2,611,203

2,468,189

2,395,831

Total shareholders' equity

297,408

287,729

280,097

272,643

266,853

Total liabilities and shareholders' equity

$

2,968,268

$

2,932,959

$

2,891,300

$

2,740,832

$

2,662,684

Quarter Ended

2021

2020

(dollars in thousands)

September 30

June 30

March 31

December 31

September 30

STATEMENTS OF EARNINGS

Interest income

$

25,235

$

25,284

$

26,513

$

26,253

$

24,956

Interest expense

1,665

1,807

2,022

2,301

2,677

Net interest income

23,570

23,477

24,491

23,952

22,279

Provision for credit losses

(700

)

(1,000

)

(300

)

Net interest income after provision for credit losses

24,270

24,477

24,491

23,952

22,579

Noninterest income

6,449

5,970

6,119

6,426

6,663

Noninterest expense

19,287

17,703

17,312

18,173

16,758

Income before income taxes

11,432

12,744

13,298

12,205

12,484

Income tax provision

2,179

2,312

2,336

2,290

2,350

Net earnings

$

9,253

$

10,432

$

10,962

$

9,915

$

10,134

PER COMMON SHARE DATA*

Earnings per common share, basic

$

0.77

$

0.87

$

0.91

$

0.82

$

0.84

Earnings per common share, diluted(1)

0.76

0.85

0.90

0.82

0.84

Cash dividends per common share

0.20

0.20

0.20

0.18

0.18

Book value per common share - end of quarter

24.62

23.86

23.24

22.67

22.08

Tangible book value per common share - end of quarter(2)

21.75

20.98

20.34

19.74

19.15

Common shares outstanding - end of quarter

12,081,477

12,057,937

12,053,597

12,028,957

12,087,063

Weighted-average common shares outstanding, basic

12,067,769

12,056,550

12,038,638

12,063,154

12,113,266

Weighted-average common shares outstanding, diluted(1)

12,211,389

12,251,587

12,177,776

12,121,221

12,113,266

PERFORMANCE RATIOS

Return on average assets (annualized)

1.24

%

1.42

%

1.60

%

1.48

%

1.53

%

Return on average equity (annualized)

12.44

14.64

16.01

14.53

15.21

Net interest margin, fully taxable equivalent (annualized)(3)

3.40

3.44

3.85

3.85

3.61

Efficiency ratio(4)

64.25

60.12

56.56

59.82

57.90

* Periods prior to the stock dividend issued during the first quarter of 2021 have been adjusted to give effect to the 10% stock dividend.

(1) Outstanding options and the closing price of the company's stock as of September 30, 2020 had an anti-dilutive effect on the quarter end's weighted-average common shares outstanding; therefore, the effect of their conversion has been excluded from the calculation of the diluted weighted-average common shares outstanding for those periods. The diluted EPS for that quarter has been calculated using the basic weighted-average shares outstanding in order to comply with GAAP. There was not an anti-dilutive effect for the quarters ended September 30, June 30 and March 31, 2021 and December 31, 2020.

(2) See Reconciliation of non-GAAP Financial Measures table.

(3) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.

(4) 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.

As of

2021

2020

(dollars in thousands)

September 30

June 30

March 31

December 31

September 30

LOAN PORTFOLIO COMPOSITION

Commercial and industrial

$

308,647

$

352,042

$

373,678

$

356,291

$

416,680

Real estate:

Construction and development

309,746

264,002

257,886

270,407

269,101

Commercial real estate

633,353

608,464

630,479

594,216

602,664

Farmland

135,413

94,525

76,867

78,508

80,197

1-4 family residential

403,403

389,616

389,542

389,096

385,783

Multi-family residential

40,810

42,086

32,090

21,701

19,499

Consumer

52,992

51,795

49,780

51,044

52,855

Agricultural

14,199

14,608

14,905

15,734

17,004

Warehouse lending

71,823

72,582

86,813

89,480

114,472

Overdrafts

495

444

327

342

379

Total loans(1)(2)

$

1,970,881

$

1,890,164

$

1,912,367

$

1,866,819

$

1,958,634

Quarter Ended

2021

2020

(dollars in thousands)

September 30

June 30

March 31

December 31

September 30

ALLOWANCE FOR CREDIT LOSSES

Balance at beginning of period

$

31,548

$

32,770

$

33,619

$

33,757

$

34,119

Loans charged-off

(244

)

(283

)

(875

)

(159

)

(101

)

Recoveries

17

61

26

21

39

Provision for credit loss expense

(700

)

(1,000

)

(300

)

Balance at end of period

$

30,621

$

31,548

$

32,770

$

33,619

$

33,757

Allowance for credit losses / period-end loans

1.55

%

1.67

%

1.71

%

1.80

%

1.72

%

Allowance for credit losses / nonperforming loans

976.7

878.0

968.7

264.6

245.0

Net charge-offs / average loans (annualized)

0.05

0.05

0.18

0.03

0.01

NON-PERFORMING ASSETS

Non-accrual loans(3)

$

3,135

$

3,593

$

3,383

$

12,705

$

13,780

Other real estate owned

40

227

312

404

310

Repossessed assets owned

63

9

4

6

3

Total non-performing assets

$

3,238

$

3,829

$

3,699

$

13,115

$

14,093

Non-performing assets as a percentage of:

Total loans(1)(2)

0.16

%

0.20

%

0.19

%

0.70

%

0.72

%

Total loans, excluding PPP(1)(2)

0.17

0.22

0.21

0.76

0.81

Total assets

0.11

0.13

0.13

0.48

0.53

TDR loans - nonaccrual

$

84

$

86

$

87

$

90

$

92

TDR loans - accruing

9,522

9,535

9,598

9,626

7,891

(1) Excludes outstanding balances of loans held for sale of $1.9 million, $5.1 million, $4.7 million, $5.5 million, and $9.1 million as of September 30, June 30 and March 31, 2021 and December 31, and September 30, 2020, respectively.

(2) Excludes deferred loan fees of $(2.0) million, $(2.3) million, $(2.6) million, $(1.5) million, and $(3.6) million as of September 30, June 30 and March 31, 2021 and December 31, and September 30, 2020, respectively.

(3) TDR loans - nonaccrual are included in nonaccrual loans, which are a component of nonperforming loans.

Quarter Ended

2021

2020

(dollars in thousands)

September 30

June 30

March 31

December 31

September 30

NONINTEREST INCOME

Service charges

$

1,003

$

855

$

829

$

868

$

717

Net realized gain on sale of loans

1,759

1,244

1,398

2,023

2,114

Fiduciary and custodial income

599

570

549

513

511

Bank-owned life insurance income

215

206

212

205

208

Merchant and debit card fees

1,620

1,922

1,506

1,396

1,654

Loan processing fee income

164

164

153

167

181

Warehouse lending fees

196

211

241

262

288

Mortgage fee income

145

157

177

197

272

Other noninterest income

748

641

1,054

795

718

Total noninterest income

$

6,449

$

5,970

$

6,119

$

6,426

$

6,663

NONINTEREST EXPENSE

Employee compensation and benefits

$

10,998

$

10,204

$

9,943

$

10,211

$

9,439

Occupancy expenses

2,738

2,833

2,687

2,596

2,597

Legal and professional fees

644

747

604

968

574

Software and technology

1,258

1,055

1,114

1,127

1,093

Amortization

253

336

343

340

338

Director and committee fees

197

167

255

251

211

Advertising and promotions

495

338

455

356

301

ATM and debit card expense

646

616

540

545

509

Telecommunication expense

197

180

234

244

231

FDIC insurance assessment fees

214

168

169

252

252

Other noninterest expense

1,647

1,059

968

1,283

1,213

Total noninterest expense

$

19,287

$

17,703

$

17,312

$

18,173

$

16,758

For the Three Months Ended September 30,

2021

2020

(dollars in thousands)

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

ASSETS

Interest-earning assets:

Total loans(1)

$

1,921,005

$

22,605

4.67

%

$

1,964,894

$

22,681

4.59

%

Securities available for sale

320,476

1,199

1.48

378,735

2,125

2.23

Securities held to maturity

116,527

1,054

3.59

Nonmarketable equity securities

10,040

268

10.59

12,332

111

3.58

Interest-bearing deposits in other banks

412,033

109

0.10

125,492

39

0.12

Total interest-earning assets

2,780,081

25,235

3.60

2,481,453

24,956

4.00

Allowance for credit losses

(31,133

)

(34,083

)

Noninterest-earning assets

204,233

191,965

Total assets

$

2,953,181

$

2,639,335

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Interest-bearing deposits

$

1,599,012

$

1,348

0.33

%

$

1,448,117

$

2,285

0.63

%

Advances from FHLB and fed funds purchased

48,609

107

0.87

79,580

141

0.70

Line of credit

2,641

25

3.76

4,989

44

3.51

Subordinated debentures

19,810

182

3.64

20,310

192

3.76

Securities sold under agreements to repurchase

12,171

3

0.10

20,568

15

0.29

Total interest-bearing liabilities

1,682,243

1,665

0.39

1,573,564

2,677

0.68

Noninterest-bearing liabilities:

Noninterest-bearing deposits

950,574

775,341

Accrued interest and other liabilities

25,288

25,403

Total noninterest-bearing liabilities

975,862

800,744

Shareholders’ equity

295,076

265,027

Total liabilities and shareholders’ equity

$

2,953,181

$

2,639,335

Net interest rate spread(2)

3.21

%

3.32

%

Net interest income

$

23,570

$

22,279

Net interest margin(3)

3.36

%

3.57

%

Net interest margin, fully taxable equivalent(4)

3.40

%

3.61

%

(1) Includes average outstanding balances of loans held for sale of $3.7 million and $9.3 million for the three months ended September 30, 2021 and 2020, 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.

(4) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.

For the Nine Months Ended September 30,

2021

2020

(dollars in thousands)

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/
Rate

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/
Rate

ASSETS

Interest-earning assets:

Total loans(1)

$

1,906,989

$

69,664

4.88

%

$

1,851,209

$

69,337

5.00

%

Securities available for sale

372,707

5,481

1.97

326,472

5,711

2.34

Securities held to maturity

39,269

1,054

3.59

48,001

956

2.66

Nonmarketable equity securities

10,042

612

8.15

11,145

333

3.99

Interest-bearing deposits in other banks

391,096

221

0.08

136,684

452

0.44

Total interest-earning assets

2,720,103

77,032

3.79

2,373,511

76,789

4.32

Allowance for credit losses

(32,338

)

(27,552

)

Noninterest-earning assets

202,117

195,255

Total assets

$

2,889,882

$

2,541,214

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Interest-bearing deposits

$

1,594,219

$

4,444

0.37

%

$

1,467,838

$

9,746

0.89

%

Advances from FHLB and fed funds purchased

49,581

308

0.83

79,166

346

0.58

Line of credit

6,506

174

3.58

5,394

119

2.95

Subordinated debentures

19,810

558

3.77

16,261

511

4.20

Securities sold under agreements to repurchase

16,044

10

0.08

17,179

37

0.29

Total interest-bearing liabilities

1,686,160

5,494

0.44

1,585,838

10,759

0.91

Noninterest-bearing liabilities:

Noninterest-bearing deposits

892,260

670,947

Accrued interest and other liabilities

25,234

23,224

Total noninterest-bearing liabilities

917,494

694,171

Shareholders’ equity

286,228

261,205

Total liabilities and shareholders’ equity

$

2,889,882

$

2,541,214

Net interest rate spread(2)

3.35

%

3.41

%

Net interest income

$

71,538

$

66,030

Net interest margin(3)

3.52

%

3.72

%

Net interest margin, fully taxable equivalent(4)

3.56

%

3.75

%

(1) Includes average outstanding balances of loans held for sale of $3.7 million and $6.1 million for the nine months ended September 30, 2021 and 2020, 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.

(4) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.

NON-GAAP RECONCILING TABLES

Tangible Book Value per Common Share

As of

2021

2020

(dollars in thousands, except per share data)

September 30

June 30

March 31

December 31

September 30

Total shareholders’ equity

$

297,408

$

287,729

$

280,097

$

272,643

$

266,853

Adjustments:

Goodwill

(32,160

)

(32,160

)

(32,160

)

(32,160

)

(32,160

)

Core deposit intangible, net

(2,426

)

(2,573

)

(2,786

)

(2,999

)

(3,213

)

Total tangible common equity

$

262,822

$

252,996

$

245,151

$

237,484

$

231,480

Common shares outstanding - end of quarter*(1)

12,081,477

12,057,937

12,053,597

12,028,957

12,087,063

Book value per common share

$

24.62

$

23.86

$

23.24

$

22.67

$

22.08

Tangible book value per common share

21.75

20.98

20.34

19.74

19.15

* Periods prior to the stock dividend issued during the first quarter of 2021 have been adjusted to give effect to the 10% stock dividend.

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

Net Core Earnings and Net Core Earnings per Common Share

Quarter Ended

2021

2020

(dollars in thousands, except per share data)

September 30

June 30

March 31

December 31

September 30

Net earnings

$

9,253

$

10,432

$

10,962

$

9,915

$

10,134

Adjustments:

Provision for credit losses

(700

)

(1,000

)

(300

)

Income tax provision

2,179

2,312

2,336

2,290

2,350

PPP loans, including fees

(1,005

)

(1,954

)

(3,905

)

(2,654

)

(1,076

)

Net interest expense on PPP-related borrowings

3

Net core earnings

$

9,727

$

9,790

$

9,393

$

9,551

$

11,111

Weighted-average common shares outstanding, basic*

12,067,769

12,056,550

12,038,638

12,063,154

12,113,266

Earnings per common share, basic*

$

0.77

$

0.87

$

0.91

$

0.82

$

0.84

Net core earnings per common share, basic*

0.81

0.81

0.78

0.79

0.92

* Periods prior to the stock dividend issued during the first quarter of 2021 have been adjusted to give effect to the 10% stock dividend.

Net Core Earnings to Average Assets, as Adjusted, and Average Equity

Quarter Ended

2021

2020

(dollars in thousands)

September 30

June 30

March 31

December 31

September 30

Net core earnings

$

9,727

$

9,790

$

9,393

$

9,551

$

11,111

Total average assets

$

2,953,181

$

2,938,944

$

2,775,567

$

2,659,725

$

2,639,335

Adjustments:

PPP loan average balance

(107,931

)

(155,417

)

(137,251

)

(179,240

)

(209,506

)

Excess fed funds sold due to PPP-related borrowings

(8,152

)

Total average assets, adjusted

$

2,845,250

$

2,783,527

$

2,638,316

$

2,480,485

$

2,421,677

Net core earnings to average assets, as adjusted (annualized)

1.36

1.41

1.44

1.53

1.83

Total average equity

$

295,076

$

285,803

$

277,612

$

271,397

$

265,027

Net core earnings to average equity (annualized)

13.08

13.74

13.72

14.00

16.68

NON-GAAP RECONCILING TABLES

Total Non-Performing Assets to Total Loans, Excluding PPP

Quarter Ended

2021

2020

(dollars in thousands)

September 30

June 30

March 31

December 31

September 30

Total loans(1)(2)

$

1,970,881

$

1,890,164

$

1,912,367

$

1,866,819

$

1,958,634

Adjustments:

PPP loans balance

(75,304

)

(127,390

)

(158,236

)

(139,808

)

(209,609

)

Total loans, excluding PPP(1)(2)

$

1,895,577

$

1,762,774

$

1,754,131

$

1,727,011

$

1,749,025

Total non-performing assets

$

3,238

$

3,829

$

3,699

$

13,115

$

14,093

Non-performing assets as a percentage of:

Total loans(1)(2)

0.16

%

0.20

%

0.19

%

0.70

%

0.72

%

Total loans, excluding PPP(1)(2)

0.17

0.22

0.21

0.76

0.81

(1) Excludes outstanding balances of loans held for sale of $1.9 million, $5.1 million, $4.7 million, $5.5 million, and $9.1 million as of September 30, June 30 and March 31, 2021 and December 31, and September 30, 2020, respectively.

(2) Excludes deferred loan fees of $(2.0) million, $(2.3) million, $(2.6) million, $(1.5) million, and $(3.6) million as of September 30, June 30 and March 31, 2021 and December 31, and September 30, 2020, respectively.

Total Interest-Earning Assets, Net of PPP Effects

For the Three Months Ended
September 30, 2021

For the Nine Months Ended
September 30, 2021

(dollars in thousands)

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Total interest-earning assets

$

2,780,081

$

25,235

3.60

%

$

2,720,103

$

77,032

3.79

%

Total loans

1,921,005

22,605

4.67

1,906,989

69,664

4.88

Adjustments:

PPP loan average balance and net fees(1)

(107,931

)

(1,005

)

3.69

(133,309

)

(6,265

)

6.28

Total loans, net of PPP effects

1,813,074

21,600

4.73

1,773,680

63,399

4.78

Total interest-earning assets, net of PPP effects

$

2,672,150

$

24,230

3.60

%

$

2,586,794

$

70,767

3.66

%

(1) Interest earned consists of interest income of $270,000 and $990,000, and net origination fees recognized in earnings of $661,000 and $5.3 million for the three and nine months ended September 30, 2021, respectively.

NON-GAAP RECONCILING TABLES

Net Interest Income and Net Interest Margin, Net of PPP Effects

(dollars in thousands)

Three Months Ended
September 30, 2021

Nine Months Ended
September 30, 2021

Three Months Ended
June 30, 2021

Three Months Ended
September 30, 2020

Net interest income

$

23,570

$

71,538

$

23,477

$

22,279

Adjustments:

PPP-related interest income

(270

)

(990

)

(385

)

(527

)

PPP-related net origination fees

(735

)

(5,275

)

(1,362

)

(549

)

PPP-related borrowings

3

Net interest income, net of PPP effects

$

22,565

$

65,273

$

21,730

$

21,206

Total average interest-earning assets

$

2,780,081

$

2,720,103

$

2,769,054

$

2,481,453

Total average interest-earning assets, net of PPP effects

2,672,150

2,586,794

2,613,637

2,263,795

Net interest margin(1)

3.36

%

3.52

%

3.40

%

3.57

%

Net interest margin, net of PPP effects(2)

3.35

3.37

3.33

3.73

Net interest income

$

23,570

$

71,538

$

23,477

$

22,279

Interest income tax adjustments

278

798

269

233

Net interest income, fully taxable equivalent ("FTE")

$

23,848

$

72,336

$

23,746

$

22,512

Net interest income, FTE, net of PPP effects

22,843

66,071

21,999

21,439

Net interest margin, FTE(3)

3.40

3.56

3.44

3.61

Net interest margin, FTE, net of PPP effects(4)

3.39

3.41

3.38

3.77

(1) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.

(2) Net interest margin is equal to net interest income, net of PPP effects, divided by average interest-earning assets, excluding average PPP loans, annualized. Taxes are not a part of this calculation.

(3) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.

(4) Net interest margin on a taxable equivalent basis is equal to net interest income, net of PPP effects, adjusted for nontaxable income divided by average interest-earning assets, excluding average PPP loans, annualized, using a marginal tax rate of 21%.

Efficiency Ratio, Net of PPP Effects

(dollars in thousands)

Three Months Ended
September 30, 2021

Nine Months Ended
September 30, 2021

Three Months Ended
June 30, 2021

Three Months Ended
September 30, 2020

Total noninterest expense

$

19,287

$

54,302

$

17,703

$

16,758

Adjustments:

PPP-related deferred costs

599

207

24

Total noninterest expense, net of PPP effects

$

19,287

$

54,901

$

17,910

$

16,782

Net interest income

23,570

71,538

23,477

22,279

Net interest income, net of PPP effects

22,565

65,273

21,730

21,206

Total noninterest income

$

6,449

$

18,538

$

5,970

$

6,663

Efficiency ratio(1)

64.25

%

60.28

%

60.12

%

57.90

%

Efficiency ratio, net of PPP effects(2)

66.47

65.51

64.66

60.22

(1) 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.

(2) The efficiency ratio, net of PPP effects, was calculated by dividing total noninterest expense, net of PPP-related deferred costs, by net interest income, net of PPP effects, plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

NON-GAAP RECONCILING TABLES

Loan Yield, Net of PPP Effects

Three Months Ended September 30, 2021

Three Months Ended June 30, 2021

(dollars in thousands)

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Total loans

$

1,921,005

$

22,605

4.67

%

$

1,912,722

$

22,864

4.79

%

Adjustments:

PPP loans average balance and net fees

(107,931

)

(1,005

)

3.69

(155,417

)

(1,747

)

4.51

Total loans, net of PPP effects

$

1,813,074

$

21,600

4.73

%

$

1,757,305

$

21,117

4.82

%

Effect of removing PPP loans on loan yield

0.06

%

0.03

%

Three Months Ended September 30, 2021

Three Months Ended September 30, 2020

(dollars in thousands)

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Average
Outstanding
Balance

Interest
Earned/
Interest
Paid

Average
Yield/ Rate

Total loans

$

1,921,005

$

22,605

4.67

%

$

1,964,894

$

22,681

4.59

%

Adjustments:

PPP loans average balance and net fees

(107,931

)

(1,005

)

3.69

(209,506

)

(1,076

)

2.04

Total loans, net of PPP effects

$

1,813,074

$

21,600

4.73

%

$

1,755,388

$

21,605

4.90

%

Effect of removing PPP loans on loan yield

0.06

%

0.31

%

ACL to Total Loans, Excluding PPP

(dollars in thousands)

As of
September 30, 2021

As of
June 30, 2021

As of
September 30, 2020

Total loans

$

1,970,881

$

1,890,164

$

1,958,634

Adjustments:

PPP loans

(75,304

)

(127,390

)

(209,609

)

Total loans, excluding PPP

$

1,895,577

$

1,762,774

$

1,749,025

Allowance for credit losses

$

30,621

$

31,548

$

33,757

Allowance for credit losses / period-end loans

1.55

%

1.67

%

1.72

%

Allowance for credit losses / period-end loans. excluding PPP

1.62

1.79

1.93

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per share”, “net core earnings,” “core net interest margin,” and PPP-adjusted metrics 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.

Conference Call Information

The Company will hold a conference call to discuss third quarter 2021 financial results on Monday, October 18, 2021 at 10:00 am Central time. The conference call will be hosted by Ty Abston, Chairman and CEO, Cappy Payne, SEVP and CFO, and Shalene Jacobson, EVP and CRO. All conference attendees must register before the call at gnty.com/register. The conference materials will be available by accessing the Investor Relations page on our website, gnty.com. A recording of the conference call will be available by 1:00 pm Central time the day of the call and remain available through October 31, 2021 on our Investor Relations webpage.

About Guaranty Bancshares, Inc.

Guaranty Bancshares, Inc. is a bank holding company that conducts commercial 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 services. Guaranty Bank & Trust has 32 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, greater Houston and Central Texas regions of the state. As of September 30, 2021, Guaranty Bancshares, Inc. had total assets of $2.97 billion, total loans of $1.97 billion and total deposits of $2.56 billion. Visit 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. Actual results may also be significantly impacted by the effects of the ongoing COVID-19 pandemic, including, among other effects: the impact of the public health crisis; the operation of financial markets; global supply chain disruption; employment levels; market liquidity; the impact of various actions taken in response by the U.S. federal government, the Federal Reserve, other banking regulators, state and local governments; and the impact that all of these factors have on our borrowers, other customers, vendors and counterparties. 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 most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission ("SEC"). 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:

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

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