8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report:

(Date of earliest event reported)

July 15, 2024

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)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

In accordance with Item 2.02 of Form 8-K of the Securities and Exchange Commission (the “SEC”), Guaranty Bancshares, Inc., a Texas corporation (the “Company”), is furnishing to the SEC a press release that the Company issued on July 15, 2024 (the “Press Release”) announcing the Company’s financial results for the fiscal quarter ended June 30, 2024. A copy of the Press Release is attached as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

On July 15, 2024, the Company will host a conference call with respect to financial results for the fiscal quarter ended June 30, 2024. A copy of the Earnings Call Presentation materials is attached as Exhibit 99.2.

In accordance with the General Instruction B.2 of Form 8-K, the information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 hereto, which are furnished herewith pursuant to and relate to Item 2.02 and Item 7.01, respectively, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of Section 18 of the Exchange Act. The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 and Exhibit 99.2 hereto shall not be incorporated by reference into any filing or other document filed by the Company with the SEC pursuant to the Securities Act of 1933, as amended, the rules and regulations of the SEC thereunder, the Exchange Act, or the rules and regulations of the SEC thereunder, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following is furnished as an exhibit to this Current Report on Form 8-K:

Exhibit Number	Description of Exhibit
99.1	Press Release dated July 15, 2024, reporting second quarter 2024 financial results
99.2	Earnings Call Presentation materials, dated July 15, 2024
104	Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	July 15, 2024
	GUARANTY BANCSHARES, INC.
By:	/s/ Tyson T. Abston
Name:	Tyson T. Abston
Title:	Chairman of the Board and Chief Executive Officer

EX-99.1

Exhibit 99.1

Press Release

For Immediate Release

Guaranty Bancshares, Inc. Reports

Second Quarter 2024 Financial Results

Addison, Texas – July 15, 2024 / Business Wire / – Guaranty Bancshares, Inc. (NYSE: GNTY) (the "Company"), the parent company of Guaranty Bank & Trust, N.A. (the "Bank"), today reported financial results for the fiscal quarter ended June 30, 2024. The Company's net income available to common shareholders was $7.4 million, or $0.65 per basic share, for the quarter ended June 30, 2024, compared to $6.7 million, or $0.58 per basic share, for the quarter ended March 31, 2024 and $9.6 million, or $0.82 per basic share, for the quarter ended June 30, 2023. Return on average assets and average equity for the second quarter of 2024 were 0.95% and 9.91%, respectively, compared to 0.85% and 8.93%, respectively, for the first quarter of 2024 and 1.17% and 12.87%, respectively, for the second quarter of 2023. The increase in earnings during the second quarter of 2024 compared to the first quarter of 2024 was primarily due to the $1.2 million reversal of the provision for credit losses during the second quarter. The decrease in earnings in the second quarter of 2024 compared to the second quarter of 2023 was primarily due to a decrease in noninterest income in the current quarter compared to the prior year quarter.

"Second quarter 2024 results were good and consistent with our expectations. Net interest margin continued to improve from 3.16% in the first quarter to 3.26% in the second quarter. Deposit balances have remained stable as we've strategically shrunk the balance sheet and repaid an additional $30.0 million in FHLB advances during the quarter, as well as purchased some higher-yielding investment securities. Credit quality overall remains manageable with low past-due and charge-off percentages. That, along with lower loan balances, resulted in a $1.2 million reverse provision for credit losses during the quarter. However, we are closely monitoring and working with a handful of one-off borrowers that are experiencing financial difficulties and have adjusted their risk ratings and loss reserve amounts accordingly. We believe our balance sheet is strong and positioned to go on the offensive as the economy improves and the Bank continues to provide consistent earnings results for our shareholders," said Ty Abston, the Company's Chairman and Chief Executive Officer.

QUARTERLY HIGHLIGHTS

•Growing Earnings and Improving NIM. Net interest margin, on a fully taxable equivalent basis, continued to improve in the second quarter, increasing to 3.26%, compared to 3.16% in the first quarter and 3.19% in the prior year quarter. Earnings also improved compared to the prior quarter, due to the improved net interest margin, reverse credit loss provisions, and lower employee and compensation expenses. The net interest improvements resulted primarily from a slow-down in deposit cost increases, while earning assets have continued to reprice upward.

•Good Asset Quality. We have experienced some risk rating downgrades as we work with certain borrowers that are experiencing cash flow and other challenges. However, we believe overall credit quality remains strong and the expected losses on deteriorating credits are low primarily due to the Bank's equity position and/or strong guarantor support. Nonperforming assets as a percentage of total assets were 0.71% at June 30, 2024, compared to 0.68% at March 31, 2024 and 0.11% at June 30, 2023. Net charge-offs (annualized) to average loans were 0.01% for the quarter ended June 30, 2024, compared to 0.02% for the quarter ended March 31, 2024, and 0.03% for the quarter ended June 30, 2023.

There was a reverse provision to the allowance for credit losses of $1.2 million during the second quarter, in addition to the $250,000 reverse provision in the first quarter. Changes to historical and qualitative factors have been minimal during the first half of 2024, therefore the decrease in the allowance for credit losses is due primarily to the decreases in outstanding loan balances of $107.6 million, or 4.6%, since January 1, 2024, which were partially offset by an increase in special mention and substandard loans during the same period as we continue to work with some stressed borrowers.

Nonperforming assets consist of both nonaccrual loans and other real estate owned (ORE). Nonaccrual loans represent 0.28% of total outstanding loan balances as of June 30, 2024 and consist primarily of smaller dollar consumer and small business loans. In the first quarter, we foreclosed on a multi-purpose commercial real estate loan in a vibrant location in the South Austin area and recorded other real estate owned of $14.9 million. As the property was prepared for sale and marketing in the second quarter, management applied a more conservative capitalization rate to estimate current value and applied a $900,000 valuation allowance during the quarter, which is included in other noninterest income on the income statement and explains the quarter-over-quarter decrease in that balance. During the second quarter, we also foreclosed on a single-family residential property with a fair value of $1.2 million. At this time, we do not expect additional valuation allowances or losses on the ORE.

Commercial real estate (CRE) loans, particularly office related loans, have received increased scrutiny in recent months. As of June 30, 2024, our CRE loans and real estate C&D loans represent 40.6% and 10.4% of the total loan portfolio, respectively, and office-related loans represent 5.5% of the total loan portfolio with an average balance of $551,000.

•Granular and Consistent Core Deposit Base. As of June 30, 2024, we have 89,370 total deposit accounts with an average account balance of $29,385. We have a historically reliable core deposit base, with strong and trusted banking relationships.

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Total deposits decreased slightly by $1.7 million during the second quarter. DDA balances decreased $11.1 million, savings and MMDA balances decreased $21.9 million while time deposits increased $31.3 million. Excluding public funds and Bank-owned accounts, our uninsured deposits as of June 30, 2024 were 25.7% of total deposits.

Interest rates paid on deposits during the quarter stabilized with minimal increases. Despite the decrease in DDA during the quarter, noninterest-bearing deposits still represent 31.2% of total deposits. Our cost of interest-bearing deposits increased seven basis points during the quarter from 3.25% in the prior quarter to 3.32%. This increase was primarily due to renewals of maturing certificates of deposit into new CDs paying higher rates and the shift from noninterest-bearing balances to interest-bearing. Our cost of total deposits for the second quarter of 2024 increased five basis points from 2.23% in the prior quarter to 2.28%†.

•Healthy Capital and Liquidity. Our capital and liquidity ratios, as well as contingent liquidity sources, remain very healthy. During the second quarter of 2024, we repurchased 138,427 shares of our common stock, or 1.21% of our average shares outstanding during the period, at an average price of $29.56 per share. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was 13.6% as of June 30, 2024, compared to 12.9% as of June 30, 2023. Our total available contingent liquidity, net of current outstanding borrowings, was $1.3 billion, consisting of FHLB, FRB and correspondent bank fed funds and revolving lines of credit. Finally, our total equity to average quarterly assets as of June 30, 2024 was 9.9%. If we had to recognize our entire net unrealized losses on both AFS and HTM securities, our total equity to average assets ratio would be 9.1%†, which we believe represents a strong capital level under regulatory requirements.

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

RESULTS OF OPERATIONS

Net interest income, before the provision for credit losses, in the second quarter of 2024 and 2023 was $23.9 million and $24.7 million, respectively, a decrease of $823,000, or 3.3%. The decrease in net interest income resulted from an increase in interest expense of $2.8 million, or 20.0%, compared to the prior year quarter, which was partially offset by an increase in interest income of $2.0 million, or 5.1%, from the same quarter in the prior year. The increases in both interest income and expense resulted primarily from higher rates during the period. Interest expense was also somewhat impacted by a shift from noninterest-bearing to interest-bearing deposit accounts, which resulted in increased expense in the second quarter of 2024 compared to the prior year quarter. Our noninterest-bearing deposits to total deposits were 31.2% and 35.2% as of June 30, 2024 and 2023, respectively.

Net interest margin, on a fully taxable equivalent basis, for the second quarter of 2024 and 2023 was 3.26% and 3.19%, respectively. Net interest margin, on a fully taxable equivalent basis, increased seven basis points primarily due to increases in interest earned on loans and available for sale securities during the period. The cost of interest-bearing liabilities increased 61 basis points from the prior year quarter, while interest-earning asset yields increased 57 basis points. The increase in the cost of interest-bearing liabilities was due primarily to an increase in the cost of interest-bearing deposits from 2.41% to 3.32%, a change of 91 basis points, in the second quarter of 2024 compared to the same period in 2023. The increases in cost were partially offset by increases in yield on the loan portfolio from 5.70% to 6.29%, or 59 basis points, as well as 97 and 14 basis point increases in yield on AFS and HTM securities, respectively. Although the cost of interest-bearing liabilities have repriced more quickly during this period, the weighted average yield on $73.5 million in new loans originated in the second quarter was 8.26%.

Net interest income, before the provision for credit losses, increased $293,000, or 1.2%, from $23.6 million in the first quarter of 2024 to $23.9 million in the second quarter of 2024. The increase in net interest income resulted primarily from an decrease in interest expense of $332,000, or 1.9%, compared to a decrease in interest income of only $39,000, or 0.1%.

Net interest margin, on a fully taxable equivalent basis, increased from 3.16% for the first quarter of 2024 to 3.26% for the second quarter of 2024, an increase of 10 basis points. The increase in net interest margin, on a fully taxable equivalent basis, was primarily due to an increase in loan yields from 6.21% for the first quarter of 2024 to 6.29% for the second quarter of 2024, a change of eight basis points, and a decrease in total interest-earning assets during the second quarter of 2024. This increase was partially offset by an increase in the cost of interest-bearing deposits from 3.25% in the first quarter of 2024 to 3.32% in the second quarter of 2024, a change of seven basis points.

We recorded a reverse provision for credit losses of $1.2 million and $250,000 during the second and first quarters of 2024, respectively. Our gross loan balances decreased by $50.3 million during the second quarter and by $107.6 million during the first half of 2024, while overall credit quality trends and economic forecast assumptions remained relatively stable. As of June 30, 2024 and December 31, 2023, our allowance for credit losses as a percentage of total loans was 1.32% and 1.33%, respectively.

Noninterest income decreased $3.3 million, or 41.6%, in the second quarter of 2024 to $4.6 million, compared to $7.9 million for the second quarter of 2023. The decrease from the same quarter in 2023 was primarily due to a one-time gain on the sale of nonmarketable correspondent bank stock of $2.8 million in the prior year quarter and a $900,000 ORE valuation allowance during the second quarter of 2024 (described further in the Quarterly Highlights above).

Noninterest expense increased $131,000, or 0.6%, in the second quarter of 2024 to $20.6 million, compared to $20.5 million for the second quarter of 2023. The increase in noninterest expense in the second quarter of 2024 was driven primarily by an increase in other

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noninterest expense of $393,000, or 32.5%, due to $222,000 in ORE expenses during the current quarter, as well as a $123,000 increase in losses sustained due to fraudulent check activity during the current quarter. Additionally, the Bank saw an increase in software and technology expense of $122,000, or 8.0%. These were partially offset by a $216,000, or 1.8%, decrease in employee compensation and benefits and a $144,000, or 14.6%, decrease in legal and professional fees compared to the second quarter of 2023.

Noninterest income in the second quarter of 2024 decreased by $659,000, or 12.5%, from $5.3 million in the first quarter of 2024. The decrease was primarily due to a decrease in other noninterest income of $1.1 million, or 94.3%, primarily the result of a $900,000 ORE valuation allowance during the second quarter of 2024. Additionally, there was $499,000 in prior write-down recoveries on receivables related to SBA loans during the first quarter of 2024 that were not present in the second quarter of 2024.

Noninterest expense decreased $90,000, or 0.4%, in the second quarter of 2024, from $20.7 million for the quarter ended March 31, 2024. The decrease resulted primarily from a $714,000, or 5.7%, decrease in employee compensation and benefits. There was a $287,000 higher expense in the first quarter related to our executive compensation program, which is primarily funded by the Company during the first quarter of each year. Payroll tax-related expense decreased by $192,000 from the first quarter to the second quarter due to bonus-related taxes paid during the first quarter. Bonus expense was decreased in the second quarter compared to the first quarter by $125,000 as production-related incentives are expected to be lower than originally accrued for. These decreases were partially offset by a $177,000, or 6.4%, increase in occupancy expenses, a $176,000, or 28.9%, increase in ATM and debit card expense and a $164,000, or 11.4%, increase in other noninterest expense during the second quarter of 2024 compared to the first quarter of 2024.

The Company’s efficiency ratio in the second quarter of 2024 was 72.34%, compared to 62.84% in the prior year quarter and 71.74% in the first quarter of 2024.

FINANCIAL CONDITION

Consolidated assets for the Company totaled $3.08 billion at June 30, 2024, compared to $3.13 billion at March 31, 2024 and $3.21 billion at June 30, 2023.

Gross loans decreased by $50.3 million, or 2.2%, during the quarter resulting in a gross loan balance of $2.21 billion at June 30, 2024, compared to $2.27 billion at March 31, 2024. Our decline in loans resulted primarily from tighter underwriting due to the current economic environment and from lower demand from potential borrowers.

Gross loans decreased $118.9 million, or 5.1%, from $2.33 billion at June 30, 2023. The decrease in gross loans during the second quarter of 2024 compared to the second quarter of 2023 resulted from tightened credit underwriting standards and loan terms, along with fewer borrower requests in response to higher interest rates and project costs.

Total deposits decreased by $1.7 million, or 0.1%, to $2.63 billion at June 30, 2024, compared to $2.63 billion at March 31, 2024, and increased $23.3 million, or 0.9%, from $2.60 billion at June 30, 2023. The decrease in deposits during the second quarter of 2024 compared to the first quarter of 2024 was the result of a decrease in noninterest-bearing deposits of $8.4 million, offset by an increase in interest-bearing deposits of $6.7 million. The increase in deposits during the current quarter compared to the prior year quarter resulted primarily from an increase in interest-bearing deposits of $118.4 million, partially offset by a decrease in noninterest-bearing deposits of $95.0 million.

Nonperforming assets as a percentage of total loans were 0.98% at June 30, 2024, compared to 0.94% at March 31, 2024 and 0.15% at June 30, 2023. Nonperforming assets as a percentage of total assets were 0.71% at June 30, 2024, compared to 0.68% at March 31, 2024, and 0.11% at June 30, 2023. The Bank's nonperforming assets consist primarily of other real estate owned and nonaccrual loans. The increase in nonperforming assets compared to the prior year quarter was primarily due to the increase in other real estate owned, which is described in the Quarterly Highlights above.

Total equity was $308.6 million at June 30, 2024, compared to $305.9 million at March 31, 2024 and $297.4 million at June 30, 2023. The increase in total equity compared to the prior quarter and prior year quarter resulted primarily from net income of $7.4 million during the second quarter and a positive shift in our net unrealized losses on securities compared to the prior periods. These increases were somewhat offset by the payment of dividends of $2.7 million during the second quarter of 2024, and a higher volume of stock share repurchases of $4.1 million during the second quarter of 2024 compared to prior quarters.

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	As of
	2024				2023
(dollars in thousands)	June 30		March 31		December 31		September 30		June 30
ASSETS
Cash and due from banks	$	45,016	$	43,872	$	47,744	$	47,922	$	47,663
Federal funds sold		40,475		24,300		36,575		73,275		44,950
Interest-bearing deposits		4,721		4,921		5,205		8,980		4,738
Total cash and cash equivalents		90,212		73,093		89,524		130,177		97,351
Securities available for sale		242,662		228,787		196,195		178,644		166,596
Securities held to maturity		347,992		363,963		404,208		408,308		437,292
Loans held for sale		871		874		976		2,506		795
Loans, net		2,185,247		2,234,012		2,290,881		2,286,163		2,300,882
Accrued interest receivable		12,397		11,747		13,143		11,307		11,110
Premises and equipment, net		57,475		56,921		57,018		56,712		56,151
Other real estate owned		15,184		14,900		—		—		—
Cash surrender value of life insurance		42,369		42,119		42,348		42,096		41,830
Core deposit intangible, net		1,206		1,312		1,418		1,524		1,633
Goodwill		32,160		32,160		32,160		32,160		32,160
Other assets		53,842		67,550		56,920		80,816		60,396
Total assets	$	3,081,617	$	3,127,438	$	3,184,791	$	3,230,413	$	3,206,196
LIABILITIES AND EQUITY
Deposits
Noninterest-bearing	$	820,430	$	828,861	$	852,957	$	903,391	$	915,462
Interest-bearing		1,805,732		1,798,983		1,780,289		1,754,902		1,687,355
Total deposits		2,626,162		2,627,844		2,633,246		2,658,293		2,602,817
Securities sold under agreements to repurchase		25,173		39,058		25,172		19,366		20,532
Accrued interest and other liabilities		32,860		33,807		32,242		31,218		30,701
Line of credit		—		—		4,500		2,000		12,000
Federal Home Loan Bank advances		45,000		75,000		140,000		175,000		195,000
Subordinated debentures		43,852		45,819		45,785		47,752		47,719
Total liabilities		2,773,047		2,821,528		2,880,945		2,933,629		2,908,769
Equity attributable to Guaranty Bancshares, Inc.		308,043		305,371		303,300		296,226		296,862
Noncontrolling interest		527		539		546		558		565
Total equity		308,570		305,910		303,846		296,784		297,427
Total liabilities and equity	$	3,081,617	$	3,127,438	$	3,184,791	$	3,230,413	$	3,206,196

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	Quarter Ended
	2024						2023
(dollars in thousands, except per share data)	June 30			March 31			December 31			September 30			June 30
STATEMENTS OF EARNINGS
Interest income	$	40,713		$	40,752		$	40,796		$	39,818		$	38,734
Interest expense		16,833			17,165			16,983			16,516			14,031
Net interest income		23,880			23,587			23,813			23,302			24,703
Reversal of provision for credit losses		(1,200	)		(250	)		—			—			—
Net interest income after provision for credit losses		25,080			23,837			23,813			23,302			24,703
Noninterest income		4,599			5,258			4,796			4,939			7,873
Noninterest expense		20,602			20,692			21,402			20,514			20,471
Income before income taxes		9,077			8,403			7,207			7,727			12,105
Income tax provision		1,654			1,722			1,341			1,437			2,529
Net earnings	$	7,423		$	6,681		$	5,866		$	6,290		$	9,576
Net loss attributable to noncontrolling interest		12			7			12			7			5
Net earnings attributable to Guaranty Bancshares, Inc.	$	7,435		$	6,688		$	5,878		$	6,297		$	9,581
PER COMMON SHARE DATA
Earnings per common share, basic	$	0.65		$	0.58		$	0.51		$	0.54		$	0.82
Earnings per common share, diluted		0.65			0.58			0.51			0.54			0.81
Cash dividends per common share		0.24			0.24			0.23			0.23			0.23
Book value per common share - end of quarter		26.98			26.47			26.28			25.64			25.58
Tangible book value per common share - end of quarter(1)		24.06			23.57			23.37			22.72			22.67
Common shares outstanding - end of quarter(2)		11,417,270			11,534,960			11,540,644			11,554,094			11,603,167
Weighted-average common shares outstanding, basic		11,483,091			11,539,167			11,536,878			11,568,897			11,735,475
Weighted-average common shares outstanding, diluted		11,525,504			11,598,239			11,589,165			11,619,342			11,756,512
PERFORMANCE RATIOS
Return on average assets (annualized)		0.95	%		0.85	%		0.73	%		0.78	%		1.17	%
Return on average equity (annualized)		9.91			8.93			7.93			8.43			12.87
Net interest margin, fully taxable equivalent (annualized)(3)		3.26			3.16			3.11			3.02			3.19
Efficiency ratio(4)		72.34			71.74			74.81			72.64			62.84
(1) See Non-GAAP Reconciling Tables.
(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
(3) Net interest margin on a fully 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.

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	As of
	2024						2023
(dollars in thousands)	June 30			March 31			December 31			September 30			June 30
LOAN PORTFOLIO COMPOSITION
Commercial and industrial	$	264,058		$	269,560		$	287,565		$	292,410		$	295,864
Real estate:
Construction and development		231,053			273,300			296,639			317,484			345,127
Commercial real estate		899,120			906,684			923,195			901,321			891,883
Farmland		180,126			180,502			186,295			188,614			187,105
1-4 family residential		526,650			523,573			514,603			504,002			496,340
Multi-family residential		47,507			44,569			44,292			42,720			44,385
Consumer		53,642			54,375			57,059			58,294			59,498
Agricultural		12,506			12,418			12,685			13,076			13,447
Overdrafts		335			276			243			328			252
Total loans(1)(2)	$	2,214,997		$	2,265,257		$	2,322,576		$	2,318,249		$	2,333,901
	Quarter Ended
	2024						2023
(dollars in thousands)	June 30			March 31			December 31			September 30			June 30
ALLOWANCE FOR CREDIT LOSSES
Balance at beginning of period	$	30,560		$	30,920		$	31,140		$	31,759		$	31,953
Loans charged-off		(115	)		(310	)		(242	)		(644	)		(224	)
Recoveries		37			200			22			25			30
Reversal of provision for credit loss expense		(1,200	)		(250	)		—			—			—
Balance at end of period	$	29,282		$	30,560		$	30,920		$	31,140		$	31,759
Allowance for credit losses / period-end loans		1.32	%		1.35	%		1.33	%		1.34	%		1.36	%
Allowance for credit losses / nonperforming loans		470.4			496.0			552.9			1,148.2			894.6
Net charge-offs / average loans (annualized)		0.01			0.02			0.04			0.11			0.03
NONPERFORMING ASSETS
Nonaccrual loans	$	6,225		$	6,161		$	5,592		$	2,712		$	3,550
Other real estate owned		15,184			14,900			—			—			—
Repossessed assets owned		331			236			234			250			—
Total nonperforming assets	$	21,740		$	21,297		$	5,826		$	2,962		$	3,550
Nonaccrual loans as a percentage of total loans(1)(2)		0.28	%		0.27	%		0.24	%		0.12	%		0.15	%
Nonperforming assets as a percentage of:
Total loans(1)(2)		0.98	%		0.94	%		0.25	%		0.13	%		0.15	%
Total assets		0.71			0.68			0.18			0.09			0.11
(1) Excludes outstanding balances of loans held for sale of $871,000, $874,000, $976,000, $2.5 million, and $795,000 as of June 30 and March 31, 2024 and December 31, September 30, June 30, 2023, respectively.
(2) Excludes deferred loan fees of $468,000, $685,000, $775,000, $946,000, and $1.3 million as of June 30 and March 31, 2024 and December 31, September 30, June 30, 2023, respectively.

6

	Quarter Ended
	2024				2023
(dollars in thousands)	June 30		March 31		December 31		September 30		June 30
NONINTEREST INCOME
Service charges	$	1,098	$	1,069	$	1,123	$	1,131	$	1,056
Net realized loss on securities transactions		—		—		—		—		(322	)
Net realized gain on sale of loans		227		272		196		218		473
Fiduciary and custodial income		657		649		624		637		630
Bank-owned life insurance income		250		251		249		267		211
Merchant and debit card fees		2,122		1,706		1,760		1,752		2,121
Loan processing fee income		136		118		116		128		142
Mortgage fee income		43		41		30		46		50
Other noninterest income		66		1,152		698		760		3,512
Total noninterest income	$	4,599	$	5,258	$	4,796	$	4,939	$	7,873
NONINTEREST EXPENSE
Employee compensation and benefits	$	11,723	$	12,437	$	12,715	$	11,944	$	11,939
Occupancy expenses		2,924		2,747		2,757		2,960		2,754
Legal and professional fees		841		772		954		902		985
Software and technology		1,653		1,642		1,740		1,490		1,531
Amortization		142		143		145		147		149
Director and committee fees		198		200		186		192		201
Advertising and promotions		208		169		352		288		269
ATM and debit card expense		785		609		763		803		739
Telecommunication expense		159		173		175		178		171
FDIC insurance assessment fees		365		360		321		363		522
Other noninterest expense		1,604		1,440		1,294		1,247		1,211
Total noninterest expense	$	20,602	$	20,692	$	21,402	$	20,514	$	20,471

7

	Quarter Ended June 30,
	2024								2023
(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)	$	2,237,469		$	35,009		6.29	%	$	2,363,158		$	33,591		5.70	%
Securities available for sale		245,309			2,267		3.72			175,447			1,205		2.75
Securities held to maturity		356,922			2,332		2.63			455,626			2,831		2.49
Nonmarketable equity securities		23,243			280		4.85			28,931			301		4.17
Interest-bearing deposits in other banks		58,341			825		5.69			62,165			806		5.20
Total interest-earning assets		2,921,284			40,713		5.61			3,085,327			38,734		5.04
Allowance for credit losses		(30,407	)							(31,909	)
Noninterest-earning assets		240,707								219,532
Total assets	$	3,131,584							$	3,272,950
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing deposits	$	1,795,958		$	14,824		3.32	%	$	1,653,237		$	9,946		2.41	%
Advances from FHLB and fed funds purchased		90,055			1,207		5.39			262,088			3,349		5.13
Line of credit		—			—		—			7,352			64		3.49
Subordinated debt		44,489			511		4.62			48,192			535		4.45
Securities sold under agreements to repurchase		44,059			291		2.66			24,823			137		2.21
Total interest-bearing liabilities		1,974,561			16,833		3.43			1,995,692			14,031		2.82
Noninterest-bearing liabilities:
Noninterest-bearing deposits		818,290								948,083
Accrued interest and other liabilities		36,931								30,480
Total noninterest-bearing liabilities		855,221								978,563
Equity		301,802								298,695
Total liabilities and equity	$	3,131,584							$	3,272,950
Net interest rate spread(2)							2.18	%							2.22	%
Net interest income				$	23,880							$	24,703
Net interest margin(3)							3.29	%							3.21	%
Net interest margin, fully taxable equivalent(4)							3.26	%							3.19	%
(1) Includes average outstanding balances of loans held for sale of $817,000 and $1.4 million for the quarter ended June 30, 2024 and 2023, 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 fully 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%.

8

	Six Months Ended June 30,
	2024								2023
(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)	$	2,268,323		$	70,500		6.25	%	$	2,375,533		$	65,748		5.58	%
Securities available for sale		230,803			4,118		3.59			179,984			2,273		2.55
Securities held to maturity		375,158			4,865		2.61			479,063			5,881		2.48
Nonmarketable equity securities		23,840			528		4.45			28,658			720		5.07
Interest-bearing deposits in other banks		52,007			1,454		5.62			48,650			1,256		5.21
Total interest-earning assets		2,950,131			81,465		5.55			3,111,888			75,878		4.92
Allowance for credit losses		(30,643	)							(31,922	)
Noninterest-earning assets		235,769								218,868
Total assets	$	3,155,257							$	3,298,834
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing deposits	$	1,792,538		$	29,283		3.29	%	$	1,639,003		$	17,601		2.17	%
Advances from FHLB and fed funds purchased		115,824			3,127		5.43			285,963			7,123		5.02
Line of credit		420			18		8.62			3,696			64		3.49
Subordinated debt		45,143			1,028		4.58			48,675			1,075		4.45
Securities sold under agreements to repurchase		42,665			542		2.55			17,937			150		1.69
Total interest-bearing liabilities		1,996,590			33,998		3.42			1,995,274			26,013		2.63
Noninterest-bearing liabilities:
Noninterest-bearing deposits		820,964								977,738
Accrued interest and other liabilities		36,201								28,706
Total noninterest-bearing liabilities		857,165								1,006,444
Equity		301,502								297,116
Total liabilities and equity	$	3,155,257							$	3,298,834
Net interest rate spread(2)							2.13	%							2.29	%
Net interest income				$	47,467							$	49,865
Net interest margin(3)							3.24	%							3.23	%
Net interest margin, fully taxable equivalent(4)							3.21	%							3.22	%
(1) Includes average outstanding balances of loans held for sale of $761,000 and $1.5 million for the six months ended June 30, 2024 and 2023, 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 fully 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%.

9

NON-GAAP RECONCILING TABLES

Tangible Book Value per Common Share

	As of
	2024						2023
(dollars in thousands, except per share data)	June 30			March 31			December 31			September 30			June 30
Equity attributable to Guaranty Bancshares, Inc.	$	308,043		$	305,371		$	303,300		$	296,226		$	296,862
Adjustments:
Goodwill		(32,160	)		(32,160	)		(32,160	)		(32,160	)		(32,160	)
Core deposit intangible, net		(1,206	)		(1,312	)		(1,418	)		(1,524	)		(1,633	)
Total tangible common equity attributable to Guaranty Bancshares, Inc.	$	274,677		$	271,899		$	269,722		$	262,542		$	263,069
Common shares outstanding(1)		11,417,270			11,534,960			11,540,644			11,554,094			11,603,167
Book value per common share	$	26.98		$	26.47		$	26.28		$	25.64		$	25.58
Tangible book value per common share(1)		24.06			23.57			23.37			22.72			22.67

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

Net Unrealized Loss on Securities, Tax Effected, as a Percentage of Total Equity

(dollars in thousands)	June 30, 2024
Total equity(1)	$	308,570
Less: net unrealized loss on HTM securities, tax effected		(25,019	)
Total equity, including net unrealized loss on AFS and HTM securities	$	283,551
Net unrealized loss on AFS securities, tax effected		15,110
Net unrealized loss on HTM securities, tax effected		25,019
Net unrealized loss on AFS and HTM securities, tax effected	$	40,129
Net unrealized loss on securities as % of total equity(1)		13.0	%
Total equity before impact of unrealized losses	$	323,680
Net unrealized loss on securities as % of total equity before impact of unrealized losses		12.4	%
Total average assets	$	3,131,584
Total equity to average assets		9.9	%
Total equity, adjusted for tax effected net unrealized loss, to average assets		9.1	%
(1) Includes the net unrealized loss on AFS securities, tax effected, of $15.1 million.

Cost of Total Deposits

	Quarter Ended
(dollars in thousands)	June 30, 2024			March 31, 2024			June 30, 2023
Average interest-bearing deposits
Certificates and other time deposits	$	736,394		$	724,248		$	556,022
Other interest-bearing deposits		1,059,564			1,064,871			1,097,215
Total average interest-bearing deposits	$	1,795,958		$	1,789,119		$	1,653,237
Adjustments:
Noninterest-bearing deposits		818,290			823,638			948,083
Total average deposits	$	2,614,248		$	2,612,757		$	2,601,320
Deposit-related interest expense
Certificates and other time deposits	$	8,215		$	7,820		$	4,511
Other interest-bearing deposits		6,609			6,639			5,435
Total deposit-related interest expense	$	14,824		$	14,459		$	9,946
Average cost of certificates and other time deposits		4.49	%		4.34	%		3.25	%
Average cost of other interest-bearing deposits		2.51	%		2.51	%		1.99	%
Average cost of interest-bearing deposits		3.32	%		3.25	%		2.41	%
Average cost of total deposits		2.28			2.23			1.53

10

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per common share”, "net unrealized loss on securities, tax effected, as a percentage of total equity" and "cost of total deposits" 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.

11

Conference Call Information

The Company will hold a conference call to discuss second quarter 2024 financial results on Monday, July 15, 2024 at 10:00 am Central Time. The conference call will be hosted by Ty Abston, Chairman and CEO, and Shalene Jacobson, EVP and CFO. All conference attendees must register before the call at www.gnty.com/earningscall. The conference materials will be available by accessing the Investor Relations page on our website, www.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 July 31, 2024 on our Investor Relations webpage.

About Guaranty Bancshares, Inc.

Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. Guaranty Bank & Trust has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of June 30, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.2 billion and total deposits of $2.6 billion. Visit www.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. 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, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. 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.

Contact Information:

Shalene Jacobson

Executive Vice President and Chief Financial Officer

Guaranty Bancshares, Inc.

(888) 572-9881

investors@gnty.com

12

EX-99.2

INVESTOR PRESENTATION NYSE: GNTY 2ND QUARTER 2024

SAFE HARBOR STATEMENT ABOUT GUARANTY BANCSHARES, INC. Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. Guaranty Bank & Trust has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of June 30, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.2 billion and total deposits of $2.6 billion. Visit www.gnty.com for more information. NON-GAAP FINANCIAL MEASURES Guaranty reports its results in accordance with United States generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures used in managing its business may provide meaningful information about underlying trends in its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Guaranty’s reported results prepared in accordance with GAAP. Please see “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation for a reconciliation to the nearest GAAP financial measure.

SAFE HARBOR STATEMENT This presentation 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. 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, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. 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 presentation, 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.

QUARTERLY HIGHLIGHTS Ty Abston CEO and Chairman of the Board Shalene Jacobson EVP and Chief Financial Officer

Q2 2024 – FINANCIAL RESULTS EARNINGS, ROAA AND NIM BALANCE SHEET NONINTEREST INCOME AND EXPENSE Total assets were $3.08 billion at Jun 30, 2024, compared to $3.18 billion at Dec 31, 2023 Total gross loans were $2.21 billion at Jun 30, 2024, compared to $2.32 billion at Dec 31, 2023 Gross loans decreased $50.3 million (2.2%) in 2Q24 Purchased $18.6 million in AFS securities in 2Q24 at a weighted average yield to maturity of 5.3% Total deposits were $2.63 billion at both Jun 30, 2024 and Dec 31, 2023 Reduced FHLB borrowings by $30.0 million in 2Q24 and $95.0 million since Dec 31, 2023 Total equity was $308.6 million at Jun 30, 2024 compared to $303.8 million at Dec 31, 2023 Paid cash dividend of $0.24/share in 2Q24 and 1Q24, compared to $0.23 in each quarter in 2023 Noninterest income decreased by $659,000, or 12.5%, from $5.3 million in 1Q24. The decrease resulted primarily from a $900,000 ORE valuation allowance during 2Q24 Noninterest expense decreased $90,000, or 0.4%, from 1Q24, due primarily to decreases in employee compensation and related expenses, which were offset by increases in occupancy expense, debit card expenses and other noninterest expense Efficiency ratio of 72.34% for 2Q24, compared to 71.74% for 1Q24 and 62.84% for 2Q23 Net earnings of $7.4 million, compared to $ 6.7 million in 1Q24 and $9.6 million in 2Q23 Net earnings per basic share of $0.65, compared to $0.58 in 1Q24 and $0.82 in 2Q23 ROAA of 0.95% and ROAE of 9.91%, compared to 0.85% and 8.93%, respectively, in 1Q24 Net interest margin (FTE) was 3.26%, compared to 3.16% in 1Q24 and 3.19% in 2Q23 Loan yield was 6.29%, compared to 6.21% in 1Q24 and 5.70% in 2Q23 Cost of total deposits was 2.28%, compared to 2.23 % in 1Q24 and 1.53% in 2Q23** **Non-GAAP financial metrics. Calculations of these metrics and reconciliations to GAAP are included in the Reconciliation of Non-GAAP Financial Measures pages at the end of this presentation.

ACL Reverse provision for credit losses of $1.2 million in 2Q24; $1.45 million in the first half of 2024 Reduction in gross loan balances and stable credit trends Minimal qualitative factor adjustments in 2Q24 Allowance for credit losses (ACL) coverage is 1.32% at Jun 30, 2024 and 1.33% at Dec 31, 2023 LOAN PORTFOLIO & CREDIT QUALITY Gross loans decreased $50.3 million, or 2.2%, in 1Q24, and $107.6 million in the first half of 2024 Weighted average yield on new loan originations in 2Q24 was 8.26%, compared to 8.39% in 1Q24 Nonperforming assets to total assets were 0.71% as of Jun 30, 2024 and 0.68% as of Mar 31, 2024. The increase is due primarily to the addition of $1.2 million in other real estate owned for a single family residential property in the Fort Worth area during 2Q24 Net charge-offs were $78,000 in 2Q24, compared to $110,000 in 1Q24 and $194,000 in 2Q23 Net charge-offs to average loans were 0.01% in 2Q24, compared to 0.02% in 1Q24 and 0.03% in 2Q23 Loan portfolio quality remains strong and we expect credit metrics to continue to benefit from good economic conditions in Texas CRE and real estate C&D represent 40.6% and 10.4% of our total loan portfolio, respectively. Office-related loans represent 5.5% of the total loan portfolio and have an average balance of $551,000 Nonaccrual loans were $6.2 million, or 0.28% and 0.27% of total loans, as of Jun 30, 2024 and Mar 31, 2024, respectively Substandard loans at Jun 30, 2024 were $23.5 million, up from $17.5 million at Mar 31, 2024. The increase is primarily due to two large loan relationships ($3.5 million construction and $4.4 million owner occupied CRE) that were downgraded to substandard during 2Q24. There were 131 substandard loans with an average balance of $179,000 at Jun 30, 2024 Q2 2024 – CREDIT & ACL INFO

DEPOSITS Granular deposits: 89,370 total deposit accounts with an average balance of $29,385 Uninsured deposits, excluding public funds and GNTY-owned accounts, are 25.70% of total deposits Total deposits decreased by $1.7 million during 2Q24. DDA balances decreased $11.1 million, savings and MMDA balances decreased $21.9 million while time deposits increased $31.3 million Loan-to-deposit ratio of 84.3% as of Jun 30, 2024, 86.2% as of Mar 31, 2024 and 89.7% as of Jun 30, 2023 Noninterest-bearing deposits represent 31.2% of total deposits as of Jun 30, 2024, down from 32.4% as of Dec 31, 2023 and 35.2% as of Jun 30, 2023 Q2 2024 – Deposits, Liquidity & Capital LIQUIDITY & INVESTMENTS Liquidity ratio* was 13.6% at Jun 30, 2024 FHLB advances have decreased $150.0 million since 2Q23 Total available contingent liquidity from all sources is $1.3 billion at Jun 30, 2024 Total net unrealized loss on investment securities is $50.8 million, comprised of $19.1 million AFS and $31.7 million HTM. Net of tax, total unrealized loss is $40.1 million, which is 13.0% of total equity before losses** Capital ratios remain strong. Total equity to average assets as of Jun 30, 2024 is 9.9% If we had to recognize our entire unrealized losses on both AFS and HTM securities, the ratio would be 9.1%** During 2Q24, we repurchased 138,427 shares Company stock at an average price of $29.56 per share. During 1Q24, we repurchased 11,651 shares at an average price of $28.76 per share CAPITAL *Calculated as cash and cash equivalents and unpledged securities divided by total liabilities. **Non-GAAP financial metrics. Calculations of these metrics and reconciliations to GAAP are included in the Reconciliation of Non-GAAP Financial Measures pages at the end of this presentation.

Q & A

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Net Unrealized Loss on Securities, Tax Effected, as a Percentage of Total Equity (dollars in thousands) June 30, 2024 Total equity(1) $ 308,570 Less: net unrealized loss on HTM securities, tax effected (25,019) Total equity, including net unrealized loss on AFS and HTM securities $ 283,551 Net unrealized loss on AFS securities, tax effected 15,110 Net unrealized loss on HTM securities, tax effected 25,019 Net unrealized loss on AFS and HTM securities, tax effected $ 40,129 Net unrealized loss on securities as % of total equity(1) 13.0% Total equity before impact of unrealized losses $ 323,680 Net unrealized loss on securities as % of total equity before impact of unrealized losses 12.4% Total average assets $ 3,131,584 Total equity to average assets 9.9% Total equity, adjusted for tax effected net unrealized loss, to average assets 9.1% (1) Includes the net unrealized loss on AFS securities, tax effected, of $15.1 million.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cost of Total Deposits Quarter Ended (dollars in thousands) June 30, 2024 March 31, 2024 June 30, 2023 Total average interest-bearing deposits $ 1,795,958 $ 1,789,119 $ 1,653,237 Adjustments: Noninterest-bearing deposits 818,290 823,638 948,083 Total average deposits $ 2,614,248 $ 2,612,757 $ 2,601,320 Total deposit-related interest expense $ 14,824 $ 14,459 $ 9,946 Average cost of interest-bearing deposits 3.32% 3.25% 2.41% Average cost of total deposits 2.28 2.23 1.53

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Document Type	8-K
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Document Period End Date	Jul. 15, 2024
Entity Registrant Name	GUARANTY BANCSHARES, INC.
Entity Central Index Key	0001058867
Entity Emerging Growth Company	false
Securities Act File Number	001-38087
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-1656431
Entity Address, Address Line One	16475 Dallas Parkway
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Addison
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75001
City Area Code	888
Local Phone Number	572-9881
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	GNTY
Security Exchange Name	NYSE