PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

NOTE 23 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Guaranty Bancshares, Inc. follows:


	December 31,
	2023		2022
ASSETS
Cash and cash equivalents	$	2,987	$	6,848
Investment in banking subsidiary		351,367		339,168
Other assets		2,428		1,351
Total assets	$	356,782	$	347,367

LIABILITIES AND EQUITY
Line of credit	$	4,500	$	—
Subordinated debt, net		45,785		49,153
Accrued expenses and other liabilities		3,197		3,230
Shareholders’ equity		303,300		294,984
Total liabilities and shareholders’ equity	$	356,782	$	347,367


	For the Years Ended December 31,
	2023		2022			2021
Interest income	$	15	$	8		$	7
Dividends from Guaranty Bank & Trust		20,000		—			18,000
		20,015		8			18,007
Expenses
Interest expense		2,506		1,755			916
Other expenses		1,645		1,974			2,520
		4,151		3,729			3,436
Income (loss) before income tax and equity in undistributed income of subsidiary		15,864		(3,721	)		14,571
Income tax benefit		912		924			718
Income (loss) before equity in undistributed earnings of subsidiary		16,776		(2,797	)		15,289
Equity in undistributed earnings of subsidiary		13,261		43,244			24,517
Net earnings	$	30,037	$	40,447		$	39,806
Comprehensive income	$	28,975	$	9,882		$	36,482


	For the Years Ended December 31,
	2023			2022			2021
Cash flows from operating activities
Net earnings	$	30,037		$	40,447		$	39,806
Adjustments:
Equity in undistributed subsidiary earnings		(13,261	)		(43,244	)		(24,517	)
Stock based compensation		594			688			733
Change in other assets		(945	)		(724	)		(176	)
Change in other liabilities		(60	)		226			44
Net cash provided by (used in) operating activities		16,365			(2,607	)		15,890

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

Cash flows from financing activities
Proceeds from line of credit		17,500			35,436			10,000
Repayments of borrowings		(16,500	)		(11,093	)		(17,000	)
Purchase of treasury stock		(11,227	)		(8,838	)		—
Exercise of stock options		698			1,565			2,019
Cash dividends paid		(10,697	)		(10,324	)		(9,427	)
Net cash (used in) provided by financing activities		(20,226	)		6,746			(14,408	)

Net change in cash and cash equivalents		(3,861	)		4,139			1,482
Beginning cash and cash equivalents		6,848			2,709			1,227
Ending cash and cash equivalents	$	2,987		$	6,848		$	2,709