PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

NOTE 23 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Guaranty Bancshares, Inc. follows:


	December 31,
	2022		2021
ASSETS
Cash and cash equivalents	$	6,848	$	2,709
Investment in banking subsidiary		339,168		326,489
Other assets		1,351		627
Total assets	$	347,367	$	329,825

LIABILITIES AND EQUITY
Line of credit	$	—	$	5,000
Subordinated debt, net		49,153		19,810
Accrued expenses and other liabilities		3,230		2,801
Shareholders’ equity		294,984		302,214
Total liabilities and shareholders’ equity	$	347,367	$	329,825


	For the Years Ended December 31,
	2022			2021		2020
Interest income	$	8		$	7	$	10
Dividends from Guaranty Bank & Trust		—			18,000		—
		8			18,007		10
Expenses
Interest expense		1,755			916		939
Other expenses		1,974			2,520		2,000
		3,729			3,436		2,939
(Loss) income before income tax and equity in undistributed income of subsidiary		(3,721	)		14,571		(2,929	)
Income tax benefit		924			718		574
(Loss) income before equity in undistributed earnings of subsidiary		(2,797	)		15,289		(2,355	)
Equity in undistributed earnings of subsidiary		43,244			24,517		29,757
Net earnings	$	40,447		$	39,806	$	27,402
Comprehensive income	$	9,882		$	36,482	$	38,824


	For the Years Ended December 31,
	2022			2021			2020
Cash flows from operating activities
Net earnings	$	40,447		$	39,806		$	27,402
Adjustments:
Equity in undistributed subsidiary earnings		(43,244	)		(24,517	)		(29,757	)
Stock based compensation		688			733			749
Change in other assets		(724	)		(176	)		18
Change in other liabilities		226			44			(673	)
Net cash (used in) provided by operating activities		(2,607	)		15,890			(2,261	)

Cash flows from investing activities
Net cash provided by investing activities		—			—			—

Cash flows from financing activities
Proceeds of borrowings		35,436			10,000			40,000
Repayments of borrowings		(11,093	)		(17,000	)		(19,000	)
Purchase of treasury stock		(8,838	)		—			(16,927	)
Exercise of stock options		1,565			2,019			638
Cash dividends paid		(10,324	)		(9,427	)		(8,487	)
Net cash used in financing activities		6,746			(14,408	)		(3,776	)

Net change in cash and cash equivalents		4,139			1,482			(6,037	)
Beginning cash and cash equivalents		2,709			1,227			7,264
Ending cash and cash equivalents	$	6,848		$	2,709		$	1,227