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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, 2022

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)

 

 

Texas

001-38087

75-1656431

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

16475 Dallas Parkway, Suite 600

Addison, Texas

 

75001

(Address of Principal Executive Offices)

 

(Zip Code)

 

(888) 572 - 9881

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

GNTY

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the

Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No

 

 

 

As of May 2, 2022, there were 12,000,490 outstanding shares of the registrant’s common stock, par value $1.00 per share.


 

GUARANTY BANCSHARES, INC.

 

 

 

PART I — FINANCIAL INFORMATION

 

Page

 

 

 

 

 

Item 1.

 

Financial Statements – (Unaudited)

 

1

 

 

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

 

1

 

 

Consolidated Statements of Earnings for the Three Months Ended March 31, 2022 and 2021

 

2

 

 

Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2022 and 2021

 

3

 

 

Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2022 and 2021

 

4

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

 

5

 

 

Notes to Consolidated Financial Statements

 

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

66

Item 4.

 

Controls and Procedures

 

67

 

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

68

Item 1A.

 

Risk Factors

 

68

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

69

Item 3.

 

Defaults Upon Senior Securities

 

69

Item 4.

 

Mine Safety Disclosures

 

69

Item 5.

 

Other Information

 

69

Item 6.

 

Exhibits

 

70

 

 

 

 

 

SIGNATURES

 

71

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GUARANTY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

(Unaudited)

 

 

(Audited)

 

 

 

March 31,
2022

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

58,788

 

 

$

42,979

 

Federal funds sold

 

 

139,300

 

 

 

431,975

 

Interest-bearing deposits

 

 

24,003

 

 

 

24,651

 

Total cash and cash equivalents

 

 

222,091

 

 

 

499,605

 

Securities available for sale

 

 

306,704

 

 

 

342,206

 

Securities held to maturity

 

 

494,289

 

 

 

184,263

 

Loans held for sale

 

 

1,166

 

 

 

4,129

 

Loans, net of allowance for credit losses of $29,096 and $30,433, respectively

 

 

1,983,449

 

 

 

1,876,076

 

Accrued interest receivable

 

 

8,961

 

 

 

8,901

 

Premises and equipment, net

 

 

54,316

 

 

 

53,470

 

Cash surrender value of life insurance

 

 

37,352

 

 

 

37,141

 

Core deposit intangible, net

 

 

2,199

 

 

 

2,313

 

Goodwill

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

47,142

 

 

 

45,806

 

Total assets

 

$

3,189,829

 

 

$

3,086,070

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

1,065,789

 

 

$

1,014,518

 

Interest-bearing

 

 

1,731,621

 

 

 

1,656,309

 

Total deposits

 

 

2,797,410

 

 

 

2,670,827

 

Securities sold under agreements to repurchase

 

 

11,090

 

 

 

14,151

 

Accrued interest and other liabilities

 

 

27,803

 

 

 

26,568

 

Line of credit

 

 

 

 

 

5,000

 

Federal Home Loan Bank advances

 

 

7,500

 

 

 

47,500

 

Subordinated debt

 

 

54,146

 

 

 

19,810

 

Total liabilities

 

 

2,897,949

 

 

 

2,783,856

 

Commitments and contingencies (see Note 11)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Preferred stock, $5.00 par value, 15,000,000 shares authorized, no shares issued

 

 

 

 

 

 

Common stock, $1.00 par value, 50,000,000 shares authorized, 14,138,978 shares issued, and 12,066,480 and 12,122,717 shares outstanding, respectively

 

 

14,139

 

 

 

14,139

 

Additional paid-in capital

 

 

225,700

 

 

 

225,544

 

Retained earnings

 

 

115,727

 

 

 

107,645

 

Treasury stock, 2,072,498 and 2,016,261 shares at cost

 

 

(53,412

)

 

 

(51,419

)

Accumulated other comprehensive (loss) income

 

 

(10,872

)

 

 

6,305

 

Equity attributable to Guaranty Bancshares, Inc.

 

 

291,282

 

 

 

302,214

 

Noncontrolling interest

 

 

598

 

 

 

 

Total equity

 

 

291,880

 

 

 

302,214

 

Total liabilities and equity

 

$

3,189,829

 

 

$

3,086,070

 

 

See accompanying notes to consolidated financial statements.

1.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended
March 31,

 

 

 

2022

 

 

2021

 

Interest income

 

 

 

 

 

 

Loans, including fees

 

$

22,272

 

 

$

24,195

 

Securities

 

 

 

 

 

 

Taxable

 

 

1,953

 

 

 

1,052

 

Nontaxable

 

 

1,150

 

 

 

1,039

 

Federal funds sold and interest-bearing deposits

 

 

518

 

 

 

227

 

Total interest income

 

 

25,893

 

 

 

26,513

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

Deposits

 

 

1,242

 

 

 

1,603

 

FHLB advances and federal funds purchased

 

 

46

 

 

 

99

 

Subordinated debt

 

 

246

 

 

 

188

 

Other borrowed money

 

 

36

 

 

 

132

 

Total interest expense

 

 

1,570

 

 

 

2,022

 

 

 

 

 

 

 

 

Net interest income

 

 

24,323

 

 

 

24,491

 

(Reversal of) provision for credit losses

 

 

(1,250

)

 

 

 

Net interest income after provision for credit losses

 

 

25,573

 

 

 

24,491

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

Service charges

 

 

976

 

 

 

829

 

Net realized gain on sale of loans

 

 

905

 

 

 

1,398

 

Merchant and debit card fees

 

 

1,611

 

 

 

1,506

 

Other income

 

 

2,987

 

 

 

2,386

 

Total noninterest income

 

 

6,479

 

 

 

6,119

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

Employee compensation and benefits

 

 

11,532

 

 

 

9,943

 

Occupancy expenses

 

 

2,711

 

 

 

2,687

 

Other expenses

 

 

4,836

 

 

 

4,682

 

Total noninterest expense

 

 

19,079

 

 

 

17,312

 

 

 

 

 

 

 

 

Income before income taxes

 

 

12,973

 

 

 

13,298

 

Income tax provision

 

 

2,235

 

 

 

2,336

 

Net earnings

 

$

10,738

 

 

$

10,962

 

Basic earnings per share

 

$

0.89

 

 

$

0.91

 

Diluted earnings per share

 

$

0.88

 

 

$

0.90

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

2.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended
March 31,

 

 

 

2022

 

 

2021

 

Net earnings

 

$

10,738

 

 

$

10,962

 

Other comprehensive loss:

 

 

 

 

 

 

Unrealized losses on securities, net of tax

 

 

(16,989

)

 

 

(2,235

)

 

 

 

 

 

 

 

Unrealized (losses) gains on interest rate swaps:

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

497

 

 

 

449

 

Reclassification of realized gains on interest rate swap termination from accumulated other comprehensive income

 

 

(685

)

 

 

 

Unrealized (losses) gains on interest rate swaps

 

 

(188

)

 

 

449

 

 

 

 

 

 

 

 

Total other comprehensive loss

 

 

(17,177

)

 

 

(1,786

)

 

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(6,439

)

 

$

9,176

 

 

 

See accompanying notes to consolidated financial statements.

3.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Attributable to Guaranty Bancshares, Inc.

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Noncontrolling Interest

 

 

Total
Equity

 

For the Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

$

 

 

$

14,139

 

 

$

225,544

 

 

$

107,645

 

 

$

(51,419

)

 

$

6,305

 

 

$

 

 

$

302,214

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

10,738

 

 

 

 

 

 

 

 

 

 

 

 

10,738

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,177

)

 

 

 

 

 

(17,177

)

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,993

)

 

 

 

 

 

 

 

 

(1,993

)

Stock based compensation

 

 

 

 

 

 

 

 

156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

156

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.22 per share

 

 

 

 

 

 

 

 

 

 

 

(2,656

)

 

 

 

 

 

 

 

 

 

 

 

(2,656

)

Equity attributable to Guaranty Bancshares, Inc. at March 31, 2022

 

$

 

 

$

14,139

 

 

$

225,700

 

 

$

115,727

 

 

$

(53,412

)

 

$

(10,872

)

 

$

 

 

$

291,282

 

Contributions from noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

598

 

 

 

598

 

Total equity at March 31, 2022

 

$

 

 

$

14,139

 

 

$

225,700

 

 

$

115,727

 

 

$

(53,412

)

 

$

(10,872

)

 

$

598

 

 

$

291,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Accumulated
Other
Comprehensive
Income

 

 

Total
Shareholders’
Equity

 

For the Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

 

 

$

12,952

 

 

$

188,032

 

 

$

113,449

 

 

$

(51,419

)

 

$

9,629

 

 

$

272,643

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

10,962

 

 

 

 

 

 

 

 

 

10,962

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,786

)

 

 

(1,786

)

10% stock dividend

 

 

 

 

 

1,094

 

 

 

34,853

 

 

 

(35,947

)

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

 

 

 

24

 

 

 

503

 

 

 

 

 

 

 

 

 

 

 

 

527

 

Stock based compensation

 

 

 

 

 

 

 

 

162

 

 

 

 

 

 

 

 

 

 

 

 

162

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.20 per share

 

 

 

 

 

 

 

 

 

 

 

(2,411

)

 

 

 

 

 

 

 

 

(2,411

)

Balance at March 31, 2021

 

$

 

 

$

14,070

 

 

$

223,550

 

 

$

86,053

 

 

$

(51,419

)

 

$

7,843

 

 

$

280,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

4.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

 

For the Quarter Ended
March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net earnings

 

$

10,738

 

 

$

10,962

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

1,069

 

 

 

1,108

 

Amortization

 

 

219

 

 

 

343