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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 September 30, 2019

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 November 1, 2019, there were 11,531,943 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)

 

3

 

 

Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

 

3

 

 

Consolidated Statements of Earnings for the Three and Nine Months Ended September 30, 2019 and 2018

 

4

 

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018

 

5

 

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2019 and 2018

 

6

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018

 

8

 

 

Notes to Consolidated Financial Statements

 

10

Item 2.

 

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

 

38

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

68

Item 4.

 

Controls and Procedures

 

69

 

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

70

Item 1A.

 

Risk Factors

 

70

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

70

Item 3.

 

Defaults Upon Senior Securities

 

70

Item 4.

 

Mine Safety Disclosures

 

70

Item 5.

 

Other Information

 

70

Item 6.

 

Exhibits

 

71

 

 

 

 

 

SIGNATURES

 

72

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GUARANTY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

(Unaudited)

 

 

(Audited)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

42,051

 

 

$

44,471

 

Federal funds sold

 

 

14,250

 

 

 

20,275

 

Interest-bearing deposits

 

 

2,347

 

 

 

6,764

 

Total cash and cash equivalents

 

 

58,648

 

 

 

71,510

 

Securities available for sale

 

 

221,345

 

 

 

232,975

 

Securities held to maturity

 

 

156,925

 

 

 

163,164

 

Loans held for sale

 

 

3,841

 

 

 

1,795

 

Loans, net

 

 

1,720,595

 

 

 

1,645,444

 

Accrued interest receivable

 

 

7,825

 

 

 

9,292

 

Premises and equipment, net

 

 

52,956

 

 

 

52,227

 

Other real estate owned

 

 

551

 

 

 

751

 

Cash surrender value of life insurance

 

 

34,280

 

 

 

26,301

 

Deferred tax asset

 

 

2,363

 

 

 

3,209

 

Core deposit intangible, net

 

 

4,066

 

 

 

4,706

 

Goodwill

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

30,467

 

 

 

23,436

 

Total assets

 

$

2,326,022

 

 

$

2,266,970

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

528,301

 

 

$

489,789

 

Interest-bearing

 

 

1,435,012

 

 

 

1,381,691

 

Total deposits

 

 

1,963,313

 

 

 

1,871,480

 

Securities sold under agreements to repurchase

 

 

11,363

 

 

 

12,228

 

Accrued interest and other liabilities

 

 

23,508

 

 

 

10,733

 

Federal Home Loan Bank advances

 

 

60,623

 

 

 

115,136

 

Subordinated debentures

 

 

11,310

 

 

 

12,810

 

Total liabilities

 

 

2,070,117

 

 

 

2,022,387

 

Commitments and contingencies (see Note 12)

 

 

 

 

 

 

 

 

Shareholders' 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, 12,889,597 and 12,835,486 shares issued, and 11,534,393 and 11,829,868 shares outstanding, respectively

 

 

12,890

 

 

 

12,835

 

Additional paid-in capital

 

 

186,165

 

 

 

185,174

 

Retained earnings

 

 

92,947

 

 

 

80,088

 

Treasury stock, 1,355,204 and 1,005,618 shares at cost

 

 

(34,419

)

 

 

(24,352

)

Accumulated other comprehensive loss

 

 

(1,678

)

 

 

(9,162

)

Total shareholders' equity

 

 

255,905

 

 

 

244,583

 

Total liabilities and shareholders' equity

 

$

2,326,022

 

 

$

2,266,970

 

 

See accompanying notes to consolidated financial statements.

3.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

22,996

 

 

$

20,879

 

 

$

67,821

 

 

$

55,377

 

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,417

 

 

 

1,526

 

 

 

4,543

 

 

 

4,713

 

Nontaxable

 

 

955

 

 

 

966

 

 

 

2,871

 

 

 

2,812

 

Federal funds sold and interest-bearing deposits

 

 

485

 

 

 

304

 

 

 

1,478

 

 

 

837

 

Total interest income

 

 

25,853

 

 

 

23,675

 

 

 

76,713

 

 

 

63,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

5,304

 

 

 

4,670

 

 

 

16,681

 

 

 

11,948

 

FHLB advances and federal funds purchased

 

 

298

 

 

 

593

 

 

 

1,126

 

 

 

1,181

 

Subordinated debentures

 

 

156

 

 

 

173

 

 

 

495

 

 

 

516

 

Other borrowed money

 

 

12

 

 

 

10

 

 

 

35

 

 

 

34

 

Total interest expense

 

 

5,770

 

 

 

5,446

 

 

 

18,337

 

 

 

13,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

20,083

 

 

 

18,229

 

 

 

58,376

 

 

 

50,060

 

Provision for loan losses

 

 

100

 

 

 

500

 

 

 

1,250

 

 

 

1,750

 

Net interest income after provision for loan losses

 

 

19,983

 

 

 

17,729

 

 

 

57,126

 

 

 

48,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

978

 

 

 

921

 

 

 

2,693

 

 

 

2,661

 

Net realized gain (loss) on securities transactions

 

 

 

 

 

1

 

 

 

(22

)

 

 

(50

)

Net realized gain on sale of loans

 

 

910

 

 

 

637

 

 

 

2,070

 

 

 

1,871

 

Other income

 

 

2,728

 

 

 

1,990

 

 

 

7,547

 

 

 

6,648

 

Total noninterest income

 

 

4,616

 

 

 

3,549

 

 

 

12,288

 

 

 

11,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

8,896

 

 

 

8,156

 

 

 

26,575

 

 

 

23,723

 

Occupancy expenses

 

 

2,448

 

 

 

2,217

 

 

 

7,336

 

 

 

6,076

 

Other expenses

 

 

4,091

 

 

 

4,654

 

 

 

12,388

 

 

 

12,431

 

Total noninterest expense

 

 

15,435

 

 

 

15,027

 

 

 

46,299

 

 

 

42,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9,164

 

 

 

6,251

 

 

 

23,115

 

 

 

17,210

 

Income tax provision

 

 

1,634

 

 

 

1,160

 

 

 

4,205

 

 

 

3,126

 

Net earnings

 

$

7,530

 

 

$

5,091

 

 

$

18,910

 

 

$

14,084

 

Basic earnings per share

 

$

0.65

 

 

$

0.43

 

 

$

1.62

 

 

$

1.23

 

Diluted earnings per share

 

$

0.65

 

 

$

0.42

 

 

$

1.62

 

 

$

1.22

 

 

 

See accompanying notes to consolidated financial statements.

4.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net earnings

 

$

7,530

 

 

$

5,091

 

 

$

18,910

 

 

$

14,084

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

1,232

 

 

 

(1,592

)

 

 

9,716

 

 

 

(6,104

)

Amortization of net unrealized gains on held to maturity securities

 

 

5

 

 

 

6

 

 

 

14

 

 

 

28

 

Reclassification adjustment for net (gains) losses included in net earnings

 

 

 

 

 

(1

)

 

 

22

 

 

 

50

 

Tax effect

 

 

(260

)

 

 

334

 

 

 

(2,065

)

 

 

1,271

 

Unrealized gains (losses) on securities, net of tax

 

 

977

 

 

 

(1,253

)

 

 

7,687

 

 

 

(4,755

)

Unrealized holding (losses) gains arising during the period on interest rate swaps

 

 

(29

)

 

 

67

 

 

 

(203

)

 

 

263

 

Total other comprehensive income (loss)

 

 

948

 

 

 

(1,186

)

 

 

7,484

 

 

 

(4,492

)

Reclassification of certain tax effects from accumulated other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

(486

)

Comprehensive income

 

$

8,478

 

 

$

3,905

 

 

$

26,394

 

 

$

9,106

 

 

 

 

See accompanying notes to consolidated financial statements.

5.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

Preferred

Stock

 

 

Common

Stock

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

Shareholders’

Equity

 

For the Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

$

 

 

$

12,835

 

 

$

185,174

 

 

$

80,088

 

 

$

(24,352

)

 

$

(9,162

)

 

$

244,583

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

18,910

 

 

 

 

 

 

 

 

 

18,910

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,484

 

 

 

7,484

 

Exercise of stock options

 

 

 

 

 

24

 

 

 

529

 

 

 

 

 

 

 

 

 

 

 

 

553

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,067

)

 

 

 

 

 

(10,067

)

Restricted stock grants

 

 

 

 

 

31

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

493

 

 

 

 

 

 

 

 

 

 

 

 

493

 

Dividends: