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Guaranty Bancshares(GNTY) - 2024 Q4 - Annual Report
2025-03-14 11:30
Interest Rate Risk - The company is subject to interest rate risk, which may adversely affect earnings due to fluctuations in interest rates [119]. - Interest rate fluctuations may adversely affect the company's earnings, particularly due to the sensitivity of its assets and liabilities to changes in market interest rates [168]. - The Federal Reserve raised interest rates by 525 basis points over 15 months, with the target federal funds interest rate at 4.25% to 4.50% as of December 31, 2024 [450]. - Under the company's internal policy, estimated net income at risk for the subsequent one-year period should not decline by more than 15.0% for a 100 basis point shift in interest rates [455]. - The simulated change in net interest income shows a decrease of 0.73% for a 300 basis point increase in interest rates as of December 31, 2024 [456]. - The company’s exposure to interest rate risk is managed by the asset-liability committee, which regularly reviews the sensitivity of assets and liabilities to interest rate changes [453]. Loan Portfolio and Credit Risk - A significant portion of the loan portfolio is comprised of real estate loans, making it vulnerable to negative changes in the economy affecting real estate values and liquidity [119]. - Real estate loans comprised approximately $1.83 billion, or 85.8%, of total loans, exposing the company to significant credit risk due to potential fluctuations in real estate values [144]. - The allowance for credit losses may prove insufficient to absorb potential losses in the loan portfolio [119]. - The allowance for credit losses totaled $28.3 million, representing approximately 1.33% of total loans, reflecting management's assessment of potential losses [149]. - The company may face increased delinquencies and loan losses in its mortgage warehouse lending business due to credit risks and market value fluctuations [177]. Operational and Compliance Risks - The ongoing implementation of the Dodd-Frank Act could adversely affect the company's business, financial condition, and results of operations [124]. - The company is exposed to operational risks, including customer fraud and data processing system failures, which could negatively impact its business [124]. - The complexity of quantitative models used in risk management may lead to suboptimal decision-making if misunderstood or misapplied [139]. - The company maintains a system of internal controls to mitigate operational risks, including fraud and data processing errors, but failures could adversely affect financial condition [194]. - Regulatory challenges related to consumer protection laws could result in sanctions that negatively impact the company's operations and financial condition [220]. Strategic Growth and Acquisitions - The company plans to pursue acquisition opportunities that complement its activities, but these acquisitions carry risks such as intense competition and potential integration challenges [127]. - The company may not be able to implement aspects of its expansion strategy, which could adversely affect its ability to maintain historical earnings trends [125]. - The company intends to continue de novo branching as part of its expansion strategy, which carries risks related to obtaining necessary regulatory approvals [216]. - The company plans to pursue strategic acquisitions of financial institutions, but these require federal regulatory approvals that may not be granted [214]. Market and Economic Conditions - Changes in U.S. trade policies, including tariffs, may adversely impact the company's financial condition and results of operations [134]. - Economic conditions in primary markets, including the energy sector and oil prices, significantly impact the company's operations and customer repayment ability [171]. - The company faces strong competition from various financial institutions, which may lead to higher interest rates for deposits and lower yields on loans [172]. - Disruptions in the secondary market for residential mortgage loans could limit the company's ability to maintain or grow income from these activities [157]. Financial Position and Capital Management - As of December 31, 2024, the company had approximately $1.56 billion in loans to small- to medium-sized businesses, representing about 73.0% of its total loan portfolio [140]. - As of December 31, 2024, approximately $1.94 billion, or 72.1%, of total deposits were demand, savings, and money market accounts [160]. - The remaining balance of deposits included $742.7 million in certificates of deposit, with $696.3 million, or 25.8%, due to mature within one year [161]. - The company may need to raise additional capital in the future, which may not be available on acceptable terms or at all [166]. - The company is subject to stringent capital requirements under Basel III, which may lead to lower returns on equity and limit share repurchases or dividend payments [213]. Reputational and Environmental Risks - Negative public opinion and reputational damage could hinder the company's ability to attract new customers and retain existing ones [180]. - A significant portion of the company's business is generated from markets susceptible to natural disasters, which could lead to decreased revenue and increased loan losses [197]. - The company may incur substantial environmental liabilities related to real estate properties it owns or forecloses on, potentially impacting financial results [198]. Management and Governance - The company relies heavily on its executive management team, and the unexpected loss of key employees could adversely affect its operations [119]. - As of December 31, 2024, the company's management and board of directors owned approximately 17.7% of the outstanding shares, giving them significant control over corporate decisions [235]. - The company is dependent on Guaranty Bank & Trust for cash distributions to meet its obligations and pay dividends [240].
Why Guaranty Bancshares (GNTY) Might be Well Poised for a Surge
ZACKS· 2025-01-27 18:20
Core Viewpoint - Guaranty Bancshares Inc. (GNTY) shows potential as a strong investment opportunity due to significant upward revisions in earnings estimates, indicating a positive earnings outlook [1][2]. Estimate Revisions - The current-quarter earnings estimate is $0.77 per share, reflecting a year-over-year increase of +32.76%. The Zacks Consensus Estimate has risen by 30.51% in the last 30 days, with one estimate increasing and no negative revisions [4]. - For the full year, the earnings estimate stands at $2.89 per share, representing a +5.47% change from the previous year. The consensus estimate has increased by 16.53%, with two estimates moving higher and no negative revisions [5]. Zacks Rank - Guaranty Bancshares holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts regarding the upward revisions in earnings estimates. This rank is associated with a historical average annual return of +25% for Zacks 1 Ranked stocks since 2008 [3][6]. Stock Performance - Over the past four weeks, Guaranty Bancshares shares have appreciated by 19.7%, suggesting that investor sentiment is positive regarding the company's earnings growth prospects [7].
Best Income Stocks to Buy for January 27th
ZACKS· 2025-01-27 12:06
Group 1 - HBT Financial, Inc. (HBT) has seen a Zacks Consensus Estimate for its current year earnings increase by 8.8% over the last 60 days and offers a dividend yield of 3.3%, above the industry average of 2.6% [1] - Guaranty Bancshares, Inc. (GNTY) has experienced a 16.5% increase in the Zacks Consensus Estimate for its current year earnings in the last 60 days, with a dividend yield of 2.3%, compared to the industry average of 0.7% [2] - Tyson Foods, Inc. (TSN) has had a modest increase of 0.6% in the Zacks Consensus Estimate for its current year earnings over the past 60 days [2]
Guaranty Bancshares(GNTY) - 2024 Q4 - Earnings Call Transcript
2025-01-21 23:36
Financial Data and Key Metrics - The company ended the year with strong performance metrics, including credit metrics, liquidity, capital, and earnings [3] - The company has the capacity to grow its loan portfolio in the current year, supported by a strong funding base of core deposits and good capacity in all lending buckets [3] Business Line Data and Key Metrics - Positive trends are observed across all markets and business lines, indicating strong performance throughout the company [2] Market Data and Key Metrics - The company sees significant opportunities for organic growth and further maturation of its expansion markets across Texas [3] Company Strategy and Industry Competition - The company aims to build shareholder value through continued organic growth and further development of its expansion markets in Texas [3] Management Commentary on Operating Environment and Future Outlook - The company had a good year in 2024 and anticipates an even stronger year in 2025 [2] - Management is optimistic about the opportunities for growth and the positive trends observed across the company [2][3] Other Important Information - The company's strong liquidity position and core deposit base provide a solid foundation for future growth [3] Q&A Session - No Q&A session details were provided in the content
Guaranty Bancshares Inc. (GNTY) Q4 Earnings and Revenues Beat Estimates
ZACKS· 2025-01-21 14:10
Core Insights - Guaranty Bancshares Inc. (GNTY) reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.61 per share, and showing an increase from $0.51 per share a year ago, resulting in an earnings surprise of 42.62% [1] - The company achieved revenues of $31.95 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 7.93% and increasing from $28.61 million year-over-year [2] - Guaranty Bancshares has consistently outperformed consensus EPS estimates over the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.59 on revenues of $29.3 million, while for the current fiscal year, the estimate is $2.49 on revenues of $121.5 million [7] - The estimate revisions trend for Guaranty Bancshares is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Banks - Southwest industry, to which Guaranty Bancshares belongs, is currently ranked in the top 5% of over 250 Zacks industries, suggesting strong performance potential [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]
Guaranty Bancshares(GNTY) - 2024 Q4 - Annual Results
2025-01-21 12:00
Financial Performance - Guaranty Bancshares, Inc. reported a net income of $10.0 million, or $0.88 per basic share, for Q4 2024, a 35.1% increase from $7.4 million, or $0.65 per share, in Q3 2024, and a 69.5% increase from $5.9 million, or $0.51 per share, in Q4 2023[2] - Net earnings for the quarter ended December 31, 2024, were $10.0 million, up from $7.4 million in the previous quarter[26] - Net earnings attributable to Guaranty Bancshares, Inc. rose to $31,537,000 in 2024, up from $30,037,000 in 2023, reflecting an increase of 4.99%[29] - Earnings per common share, basic, increased to $2.75 in 2024 from $2.57 in 2023, a growth of 7.01%[29] Asset and Deposit Management - Total deposits increased by $23.3 million, or 0.9%, to $2.69 billion at December 31, 2024, compared to $2.67 billion at September 30, 2024, and increased $58.9 million, or 2.2%, from $2.63 billion at December 31, 2023[22] - The bank's total deposits rose to $2,692.2 million at December 31, 2024, from $2,668.9 million at September 30, 2024[25] - The company’s total average deposits for the year ended December 31, 2024, were $2,698,368, an increase from $2,623,703 in 2023[41] Loan and Credit Quality - The total loan portfolio decreased to $2,131,137,000 as of December 31, 2024, down from $2,322,576,000 in 2023, a decline of 8.23%[32] - The company recorded a reversal of the provision for credit losses of $250,000 in Q4 2024, totaling $2.2 million for the year, due to a decline in gross loan balances of $191.4 million, or 8.2%, since January 1, 2024[5][14] - Nonperforming assets decreased significantly to $4,935,000 in 2024 from $20,433,000 in 2023, a reduction of 75.85%[32] - Nonperforming assets as a percentage of total assets were 0.16% at December 31, 2024, down from 0.66% at September 30, 2024, and 0.18% at December 31, 2023[6] - Nonperforming assets as a percentage of total loans decreased to 0.23% at December 31, 2024, from 0.96% at September 30, 2024[23] - Nonaccrual loans as a percentage of total loans improved to 0.17% in 2024 from 0.24% in 2023, indicating better asset quality[32] Interest Income and Margin - Net interest income increased by $2.4 million, or 10.1%, to $26.2 million in Q4 2024, driven by a $2.4 million increase in net interest income and a $930,000 increase in noninterest income[10][15] - The net interest margin improved to 3.54% in Q4 2024, up from 3.33% in Q3 2024 and 3.11% in Q4 2023, primarily due to a 21 basis point increase in interest-earning asset yields[11][13] - The net interest income for the year ended December 31, 2024, was $97,879, compared to $96,980 in 2023, with a net interest margin of 3.35%[37] - Total loans for the quarter ended December 31, 2024, were $2,126,414, with a net interest income of $26,221, representing a net interest margin of 3.56%[35] - The average cost of interest-bearing deposits was 3.07% for Q4 2024, compared to 3.17% in Q4 2023[41] - The company reported a net interest rate spread of 2.51% for Q4 2024, up from 2.03% in Q4 2023[35] Efficiency and Liquidity - The efficiency ratio for Q4 2024 improved to 62.23%, compared to 74.81% for the prior year quarter and 70.47% for Q3 2024[19] - The efficiency ratio slightly increased to 69.01% in 2024 from 68.92% in 2023, indicating a marginal decline in operational efficiency[29] - The liquidity ratio was 16.5% as of December 31, 2024, compared to 12.2% as of December 31, 2023, indicating improved liquidity management[6] Equity and Book Value - Total equity was $319.1 million at December 31, 2024, a slight decrease from $319.3 million at September 30, 2024, but an increase from $303.8 million at December 31, 2023[24] - The tangible book value per common share increased to $24.96 as of December 31, 2024, from $23.37 a year earlier[39] - Total equity attributable to Guaranty Bancshares, Inc. was $318,498 as of December 31, 2024, reflecting a slight increase from $303,300 in the previous year[39] Future Outlook and Events - The company will hold a conference call on January 21, 2025, to discuss fourth quarter and year-end 2024 financial results[45] - The company expects to fully resolve the remaining ORE property with a book balance of $1.2 million in the first quarter of 2025, with minimal expected losses[23] - Forward-looking statements reflect the company's current views on future events and financial performance, but actual results may differ[47] Non-GAAP Measures - The financial measures presented include non-GAAP measures such as "tangible book value per common share" and "cost of total deposits," which are useful for evaluating performance[42] - A reconciliation of non-GAAP financial measures to GAAP measures is provided at the end of the financial statement tables[44] - The company emphasizes that non-GAAP financial measures should not be considered a substitute for GAAP financial information[43] - The company has a commitment to providing meaningful supplemental information regarding performance through non-GAAP measures[42] Company Overview - Guaranty Bancshares, Inc. operates 33 banking locations across 26 Texas communities[46] - As of December 31, 2024, Guaranty Bancshares, Inc. had total assets of $3.1 billion, total loans of $2.1 billion, and total deposits of $2.7 billion[46] - The bank's total assets increased to $3,115.6 million at December 31, 2024, compared to $3,097.1 million at September 30, 2024[25]
Guaranty Bancshares(GNTY) - 2024 Q3 - Quarterly Report
2024-11-06 21:11
Financial Performance - Net earnings attributable to Guaranty Bancshares, Inc. for the nine months ended September 30, 2024, were $21.5 million, down from $24.2 million in the same period of 2023[143]. - Net earnings attributable to Guaranty Bancshares Inc. were $7.4 million for the three months ended September 30, 2024, compared to $6.3 million for the same period in 2023[182]. - Basic earnings per share increased to $0.65 for the three months ended September 30, 2024, from $0.54 in the same period in 2023[183]. - Noninterest income decreased by $2.7 million, or 15.3%, for the nine months ended September 30, 2024, compared to the same period in 2023[159]. - Noninterest income increased by $215,000, or 4.4%, to $5,154,000 for the three months ended September 30, 2024, compared to the same period in 2023[196]. Interest Income and Margin - Net interest margin improved to 3.33% in Q3 2024, up from 3.26% in Q2 2024 and 3.02% in Q3 2023[140]. - Net interest income before provision for credit losses was $71.7 million for the nine months ended September 30, 2024, a decrease of 2.1% from $73.2 million in 2023[145]. - Net interest income increased by $889,000, or 3.8%, to $24.2 million for the third quarter of 2024, driven by a $615,000 increase in interest income[184]. - The net interest margin for the nine months ended September 30, 2024, was 3.28%, compared to 3.17% for the same period in 2023[151]. Deposits and Liquidity - Total deposits increased by $42.8 million during Q3 2024, with noninterest-bearing deposits representing 31.5% of total deposits[141]. - Total deposits as of September 30, 2024, were $2.67 billion, an increase of $35.7 million, or 1.4%, compared to $2.63 billion as of December 31, 2023[251]. - Average total deposits for the nine months ended September 30, 2024, were $2.62 billion, a decrease of $7.4 million, or 6.1%, compared to the year ended December 31, 2023[248]. - Noninterest-bearing deposits as of September 30, 2024, were $839.6 million, a decrease of $13.4 million, or 1.6%, compared to $853.0 million as of December 31, 2023[251]. - The liquidity ratio was 17.1% as of September 30, 2024, up from 14.0% a year earlier[141]. Loans and Credit Quality - Total loans decreased by $186.0 million during the first nine months of 2024, with gross loan balances down by $78.5 million in the third quarter alone[155]. - The allowance for credit losses as a percentage of total loans was 1.34% as of September 30, 2024, compared to 1.33% as of December 31, 2023[155]. - Nonperforming assets as a percentage of total assets decreased to 0.66% as of September 30, 2024, compared to 0.71% at June 30, 2024[141]. - The total nonperforming assets increased to $20.4 million as of September 30, 2024, compared to $5.8 million as of December 31, 2023[219]. - The total allowance for credit losses was $28.5 million as of September 30, 2024, down from $30.9 million as of December 31, 2023[236]. Expenses and Cost Management - Noninterest expense totaled $62.0 million, an increase of $1.0 million, or 1.7%, compared to $61.0 million for the same period in 2023[171]. - Employee compensation and benefits decreased by $401,000, or 1.1%, primarily due to a reduction in bonus expenses during the nine months ended September 30, 2024[172]. - Noninterest expense totaled $20,678,000, an increase of $164,000, or 0.8%, compared to $20,514,000 for the same quarter in 2023[202]. Capital and Equity - As of September 30, 2024, total equity increased to $319.3 million, up $15.4 million or 5.1% from $303.8 million as of December 31, 2023[273]. - Total capital to risk-weighted assets ratio was 16.59% as of September 30, 2024, compared to 15.22% as of December 31, 2023[276]. - Tier 1 capital to risk-weighted assets ratio was 13.81% as of September 30, 2024, up from 12.53% as of December 31, 2023[276]. Market and Economic Conditions - Inflation in the U.S. remains elevated, but the company’s performance is more significantly impacted by interest rate changes than by inflation levels[286]. - The Federal Reserve raised interest rates by 525 basis points over 15 months, followed by a decrease of 50 basis points during the three months ended September 30, 2024[287]. - Future performance is subject to various risks, including interest rate volatility, asset quality deterioration, and competition in the financial services industry[303]. Risk Management - The company utilizes an interest rate risk simulation model to manage market risk and assess the impact of interest rate changes on net interest income and equity[306]. - The asset-liability committee regularly reviews the sensitivity of assets and liabilities to interest rate changes and adjusts strategies accordingly[290]. - The company does not engage in leveraged derivatives or financial options to manage interest rate risk, focusing instead on balance sheet structuring[289].
Guaranty Bancshares(GNTY) - 2024 Q3 - Earnings Call Transcript
2024-10-21 17:25
Financial Data and Key Metrics Changes - Total assets decreased by approximately $88 million year-to-date but increased by $15.5 million during Q3 2024, while total liabilities increased by about $4.8 million [5] - Net income for the quarter was $7.4 million, equating to $0.65 per basic share, consistent with Q2 and up from $0.54 per share in Q3 2023 [7] - Return on average assets was 0.96% for the quarter, compared to 0.95% in Q2, while return on average equity was 9.58%, down from 9.91% in Q2 [7] - Net interest margin (NIM) increased to 3.33% from 3.26% in Q2 and 3.02% in Q3 2023, driven by improvements in interest-earning assets [8] Business Line Data and Key Metrics Changes - Gross loans decreased by $78.5 million during the quarter and have decreased about $186 million year-to-date, primarily in C&I construction and development and CRE loan segments [10] - New loans originated during the quarter totaled $63.8 million with an average rate of 8.07% [10] - Non-performing assets remained low at 0.66% of total assets, down from 0.71% in the prior quarter [11] Market Data and Key Metrics Changes - The company reported a strong core deposit base, with total deposits growing by $42.8 million during the quarter [14] - Non-interest bearing deposits represented 31.5% of total deposits at quarter end [14] - The liquidity ratio was reported at 17.1%, indicating strong liquidity [15] Company Strategy and Development Direction - The company aims to grow by another $1 billion to $2 billion over the next three to four years through organic growth and bolt-on acquisitions [4] - The management is optimistic about growth opportunities in Texas, citing a vibrant economy and strong borrower capacity [4][22] - The company is starting to plan for 2025, focusing on both organic growth and potential acquisitions [4][23] Management's Comments on Operating Environment and Future Outlook - Management noted muted growth due to cautious behavior from key customers, but expects improvements as rates stabilize post-election and geopolitical tensions ease [2] - The overall economic outlook for Texas remains positive, with management confident in the company's positioning to capitalize on future opportunities [5][24] Other Important Information - The company repurchased nearly 60,000 shares during the quarter at an average price of $30.65 per share [16] - Non-interest income decreased by $555,000 primarily due to a prior quarter's ORE valuation allowance [10] Q&A Session Summary Question: Can you elaborate on the deposit repricing schedule and its impact on margin? - Management anticipates NIM will increase by about two basis points per month, with expectations of nearing 3.50% by the end of 2025 [18][19] Question: What are the organic and M&A growth opportunities? - Management emphasized a focus on organic growth while remaining open to bolt-on acquisitions, particularly among smaller banks in Texas [21][23] Question: How is the competitive landscape for deposit pricing? - Management noted reduced pressure on deposit pricing, with less aggressive competition compared to the previous year [31] Question: What is the expected repricing of CDs in the next quarter? - Approximately $254 million of the CD portfolio will reprice in Q4, which is about 34% of the total CD portfolio [29]
Guaranty Bancshares Inc. (GNTY) Q3 Earnings Beat Estimates
ZACKS· 2024-10-21 13:05
Company Performance - Guaranty Bancshares Inc. (GNTY) reported quarterly earnings of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.62 per share and up from $0.54 per share a year ago, representing an earnings surprise of 4.84% [1] - The company posted revenues of $29.35 million for the quarter ended September 2024, slightly missing the Zacks Consensus Estimate by 0.19%, compared to $28.14 million in the same quarter last year [1] - Over the last four quarters, Guaranty Bancshares has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [1] Market Outlook - Guaranty Bancshares shares have increased approximately 3.3% since the beginning of the year, while the S&P 500 has gained 23% [2] - The current consensus EPS estimate for the upcoming quarter is $0.59 on revenues of $29.6 million, and for the current fiscal year, it is $2.41 on revenues of $116.4 million [4] Industry Context - The Zacks Industry Rank for Banks - Southwest, which includes Guaranty Bancshares, is currently in the top 31% of over 250 Zacks industries, indicating a favorable industry outlook [5] - Another company in the same industry, Cullen/Frost Bankers (CFR), is expected to report quarterly earnings of $2.15 per share, reflecting a year-over-year decline of 9.7%, with revenues projected at $524.09 million, up 2.1% from the previous year [5]
Guaranty Bancshares(GNTY) - 2024 Q3 - Quarterly Results
2024-10-21 11:01
Financial Performance - Net income available to common shareholders for Q3 2024 was $7.4 million, or $0.65 per basic share, unchanged from Q2 2024 and up from $6.3 million, or $0.54 per basic share, in Q3 2023[2] - Net interest income for Q3 2024 was $24.2 million, an increase of $889,000, or 3.8%, compared to Q3 2023[5] - Noninterest income increased by $215,000, or 4.4%, to $5.2 million in Q3 2024 compared to Q3 2023[9] - The efficiency ratio for Q3 2024 improved to 70.47%, compared to 72.64% for the prior year quarter[12] - The company reported a return on average assets of 0.96% and a return on average equity of 9.58% for the quarter[19] - Total noninterest income for the quarter ended September 30, 2023, was $5,154, an increase from $4,599 in the previous quarter[22] - Total noninterest expense for the quarter was $20,678, slightly up from $20,602 in the previous quarter[23] Asset and Deposit Management - Total deposits increased by $42.8 million, or 1.6%, to $2.67 billion at September 30, 2024, compared to $2.63 billion at June 30, 2024[14] - Total assets reached $3,097.1 million, a slight increase from $3,081.6 million in the prior quarter[17] - Total equity increased to $319.3 million as of September 30, 2024, up from $308.6 million in the previous quarter and $296.8 million year-over-year, primarily due to net income of $7.4 million[16] - Total average deposits remained stable at $2,621,968 thousand compared to $2,614,248 thousand in the prior quarter[27] - Noninterest-bearing deposits decreased to $800,573 thousand from $818,290 thousand in the previous quarter[27] Loan Performance - Gross loans decreased by $78.5 million, or 3.5%, during Q3 2024, resulting in a gross loan balance of $2.14 billion[13] - Total loans as of September 30, 2023, amounted to $2,318,249, a slight decrease from $2,322,576 as of June 30, 2024[20] - Total loans for the nine months ended September 30, 2024, were $2,234,538, generating interest income of $105,115, with an average yield of 6.28%[25] Credit Quality - Nonperforming assets as a percentage of total assets were 0.66% at September 30, 2024, down from 0.71% at June 30, 2024[15] - The allowance for credit losses as a percentage of total loans was 1.34% as of September 30, 2024, compared to 1.33% at December 31, 2023[9] - The net charge-offs to average loans (annualized) ratio was 0.04% for the quarter, indicating stable credit quality[21] - Nonaccrual loans were $5,095 as of September 30, 2023, compared to $6,225 as of June 30, 2024, indicating a decrease in nonperforming loans[21] - Total nonperforming assets were $20,433, a decrease from $21,740 in the previous quarter[21] Interest Rates and Margins - Net interest margin increased to 3.33% in Q3 2024, up 7 basis points from Q2 2024 and 31 basis points from Q3 2023[3] - Net interest income for the third quarter was $24.2 million, compared to $23.9 million in the previous quarter, reflecting a net interest margin of 3.33%[19] - The net interest margin improved to 3.28% in 2024 compared to 3.17% in 2023, reflecting a stronger interest rate spread of 2.17%[25] - Interest-bearing deposits increased to $1,802,228 in 2024, with interest expense rising to $44,526, resulting in an average yield of 3.30%[25] Stock and Equity - The company repurchased stock totaling $1.8 million during the third quarter of 2024[16] - Total equity attributable to Guaranty Bancshares, Inc. was $303,418 as of September 30, 2024, compared to $298,656 in 2023[26] - Tangible book value per common share increased to $27.94 in 2024 from $26.98 in 2023[26] Future Outlook - The company will hold a conference call on October 21, 2024, to discuss third quarter 2024 financial results[30] - Guaranty Bancshares, Inc. operates 33 banking locations across 26 Texas communities[31] - The company emphasizes the importance of non-GAAP financial measures for evaluating performance and making operational decisions[28]