Form 8-K - Current report

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)

January 21, 2025

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 January 21, 2025 (the “Press Release”) announcing the Company’s financial results for the fiscal quarter and year ended December 31, 2024. A copy of the Press Release is attached as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

On January 21, 2025, the Company will host a conference call with respect to financial results for the fiscal quarter and year ended December 31, 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 January 21, 2025, reporting fourth quarter and year-end 2024 financial results
99.2		Earnings Call Presentation materials, dated January 21, 2025
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:		January 21, 2025

		GUARANTY BANCSHARES, INC.

By:		/s/ Tyson T. Abston
Name:		Tyson T. Abston
Title:		Chairman of the Board and Chief Executive Officer

Exhibit 99.1

Press Release

For Immediate Release

Guaranty Bancshares, Inc. Reports

Fourth Quarter and Year-End 2024 Financial Results

Addison, Texas – January 21, 2025 / 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 and year ended December 31, 2024. The Company's net income available to common shareholders was $10.0 million, or $0.88 per basic share, for the quarter ended December 31, 2024, compared to $7.4 million, or $0.65 per basic share, for the quarter ended September 30, 2024 and $5.9 million, or $0.51 per basic share, for the quarter ended December 31, 2023. Return on average assets and average equity for the fourth quarter of 2024 were 1.27% and 12.68%, respectively, compared to 0.96% and 9.58%, respectively, for the third quarter of 2024 and 0.73% and 7.93%, respectively, for the fourth quarter of 2023. The increase in earnings during the fourth quarter of 2024 compared to the fourth quarter of 2023 was primarily due to a $2.4 million, or 10.1%, increase in net interest income, a $930,000, or 19.4%, increase in noninterest income, and a decrease in noninterest expense of $1.5 million, or 7.1%, compared to the prior year quarter. The increase in earnings as compared to the third quarter of 2024 was primarily driven by a $2.0 million, or 8.4%, increase in net interest income.

"We are very satisfied with our fourth quarter and year-end 2024 financial results. The decreases in Federal interest rates coupled with continued repricing of our loan and securities portfolio at higher yields allowed our net interest margin to grow to 3.54% for the fourth quarter of 2024 and 3.32% for the year ended December 31, 2024. We strategically shrunk our balance sheet during 2024 to build liquidity and capital, and to reduce credit risk, while maintaining our core deposits. As a result, we ended 2024 with strong key performance metrics and very low non-performing assets. We believe we are well positioned for loan growth and continued favorable results for our shareholders during 2025," said Ty Abston, the Company's Chairman and Chief Executive Officer.

QUARTERLY AND ANNUAL HIGHLIGHTS

•

Increasing NIM and Stable Earnings. Net interest margin, on a fully taxable equivalent basis, continued to improve in the fourth quarter, increasing to 3.54%, compared to 3.33% in the third quarter and 3.11% in the prior year quarter. Net interest margin improved to 3.32% for the year compared to 3.15% in 2023. With our net earnings of $10.0 million in the fourth quarter, total net income for 2024 was $31.5 million, compared to $30.0 million in 2023, an increase of 5.0%. The improvements to net earnings resulted primarily from the decrease in interest bearing liability costs, while earning assets have repriced upward.

•

Solid Balance Sheet, Capital and Liquidity. During the past year, we have strategically shrunk our balance sheet primarily by paying off debt and allowing transactional/non-relationship loans to pay off. We believe this strategy positions us to be on the offense when strong opportunities for growth or M&A are presented. Our capital and liquidity ratios, as well as contingent liquidity sources, remain very healthy. Our liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was 16.5% as of December 31, 2024, compared to 12.2% as of December 31, 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 December 31, 2024 was 10.2%. 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 9.4%†, which we believe represents a strong capital level under regulatory requirements.

•

Excellent Asset Quality. Overall credit quality remains excellent and the expected losses on deteriorated credits are low due to the Bank's equity position and/or strong guarantor support. Nonperforming assets as a percentage of total assets were 0.16% at December 31, 2024, compared to 0.66% at September 30, 2024 and 0.18% at December 31, 2023. Net charge-offs (annualized) to average loans were 0.00% for the quarter ended December 31, 2024, compared to 0.04% for the quarter ended September 30, 2024, and 0.04% for the quarter ended December 31, 2023.

There was a reversal of the provision for credit losses of $250,000 during the fourth quarter, in addition to the $1.95 million reversal of provision for credit losses during the first three quarters of the year. Changes to historical and qualitative factors have been minimal during 2024, therefore the decrease in the allowance for credit losses was due primarily to the decreases in outstanding loan balances of $191.4 million, or 8.2%, since January 1, 2024. We continue to work with a relatively small number of stressed borrowers, which is reflected in the low $3.7 million and $2.4 million balances of nonaccrual loans and loans that are risk-rated Substandard, respectively, as of December 31, 2024.

Nonperforming assets consist of both nonaccrual loans and other real estate owned (ORE). Nonaccrual loans represented 0.17% of total outstanding loan balances as of December 31, 2024 and consisted primarily of smaller dollar consumer and small business loans. ORE at year end consisted of one real estate property, which we expect to resolve and sell in the first quarter of 2025 with minimal, if any, losses. Nonaccrual loans represented 0.24% of total outstanding loan balances as of both September 30, 2024 and December 31, 2023.

•

Granular and Consistent Core Deposit Base. As of December 31, 2024, we have 90,215 total deposit accounts with an average account balance of $29,842. We have a historically reliable core deposit base, with strong and trusted banking

relationships. Total deposits increased by $23.3 million during the fourth quarter. Savings and money market account balances increased $29.1 million and DDA account balances increased $3.4 million, while time deposit balances decreased $9.2 million during the fourth quarter of 2024. Excluding public funds and Bank-owned accounts, our uninsured deposits as of December 31, 2024 were 26.3% of total deposits.

Interest rates paid on deposits during the quarter decreased as a result of lower federal funds rates. Our cost of interest-bearing deposits decreased 26 basis point during the quarter from 3.33% in the prior quarter to 3.07%. Our cost of total deposits for the fourth quarter of 2024 decreased 20 basis points from 2.31% in the prior quarter to 2.11%†. Noninterest-bearing deposits represent 31.1% of total deposits as of December 31, 2024.

† 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 reversal of the provision for credit losses, for the fourth quarter of 2024 and 2023 was $26.2 million and $23.8 million, respectively, an increase of $2.4 million, or 10.1%. The increase in net interest income resulted from an increase in interest income of $466,000, or 1.1%, and a decrease in interest expense of $1.9 million, or 11.4%, compared to the prior year quarter. The increase in interest income resulted primarily from a $1.2 million, or 29.9%, increase in interest income on securities and a $605,000, or 75.6%, increase in interest income on federal funds sold, and was offset somewhat by a decrease in loan interest income of $1.3 million, or 3.5%. The decrease in interest expense resulted primarily from a $1.8 million decrease in interest paid on FHLB borrowings. Our noninterest-bearing deposits to total deposits were 31.1% and 32.4% as of December 31, 2024 and 2023, respectively.

Net interest margin, on a fully taxable equivalent (FTE) basis, for the fourth quarter of 2024 and 2023 was 3.54% and 3.11%, respectively. The increase of 43 basis points was primarily due to a 21 basis point increase in interest-earning asset yields and a decrease of 27 basis points in the cost of interest-bearing liabilities from the prior year quarter. The increase in yield on interest-earning assets was primarily due to increases in loan portfolio yield from 6.06% to 6.42%, or 36 basis points, as well as a 54 basis point increase in yield on AFS securities during the period. The decrease in the cost of interest-bearing liabilities was due primarily to a decrease in the cost of interest-bearing deposits from 3.17% to 3.07%, a change of 10 basis points, along with a decrease in the average balance of advances from the FHLB and fed funds purchased since December 31, 2023.

Net interest income, before the reversal of the provision for credit losses, increased $2.0 million, or 8.4%, from $24.2 million in the third quarter of 2024 to $26.2 million for the fourth quarter of 2024. The increase in net interest income resulted primarily from an increase in interest income of $829,000, or 2.1%, combined with a decrease in interest expense of $1.2 million, or 7.4%, compared to the prior quarter.

Net interest margin, on an FTE basis, increased from 3.33% for the third quarter of 2024 to 3.54% for the fourth quarter of 2024, an increase of 21 basis points. The increase in net interest margin, on an FTE basis, was primarily due to a 26 basis point decrease in rates paid on interest-bearing deposits in the fourth quarter of 2024 compared to the prior quarter.

We recorded a reversal of the provision for credit losses of $250,000 during the fourth quarter of 2024, for a total reversal of provision for credit losses in 2024 of $2.2 million. The reversal of provision for credit losses resulted from a decline in gross loan balances of $5.4 million during the fourth quarter and of $191.4 million for the year ended December 31, 2024, while overall credit quality trends and economic forecast assumptions remained relatively stable during the year. As of both December 31, 2024 and 2023, our allowance for credit losses as a percentage of total loans was 1.33%.

Noninterest income increased $930,000, or 19.4%, for the fourth quarter of 2024 to $5.7 million, compared to $4.8 million for the fourth quarter of 2023. The increase from the same quarter in 2023 was primarily due to higher other noninterest income, resulting partially from a gain of $467,000 on the sale of the commercial ORE property in Austin, Texas, for which a valuation reserve of $900,000 had been recorded in the second quarter of 2024. Other noninterest income also increased due to rental income received during the fourth quarter from the ORE property sold during the fourth quarter and from our investment in an apartment/commercial building in Bryan, Texas which was not present in the prior year quarter.

Noninterest income for the fourth quarter of 2024 increased by $572,000, or 11.1%, from $5.2 million in the third quarter of 2024. The increase was primarily due to an increase in other noninterest income of $507,000, or 52.0%, resulting from the gain on the sale of the above mentioned ORE property during the fourth quarter of 2024.

Noninterest expense decreased $1.5 million, or 7.1%, during the fourth quarter of 2024 to $19.9 million, compared to $21.4 million for the fourth quarter of 2023. The decrease in noninterest expense during the fourth quarter of 2024 was driven primarily by a $1.7 million, or 13.1%, decrease in employee compensation and benefits and a $238,000, or 24.9%, decrease in legal and professional fees compared to the fourth quarter of 2023. These decreases were partially offset by a $366,000, or 13.3%, increase in occupancy expenses in the fourth quarter of 2024 compared to the same period in 2023. The decrease in employee compensation expense from the prior quarter is due to primarily to lower officer salaries, healthcare and bonus costs in the current year quarter. Legal expense decreased due to fewer loan and other items in the normal course of business, while the occupancy expense increased primarily due to depreciation, property taxes and a new lease for our location in Georgetown, Texas.

Noninterest expense decreased $798,000, or 3.9%, during the fourth quarter of 2024, from $20.7 million for the quarter ended September 30, 2024. The decrease resulted primarily from a $538,000, or 4.6%, decrease in employee compensation and benefits due to lower healthcare and salary expenses, as well as a $371,000, or 21.3%, decrease in other noninterest expense. This decrease was due to $360,000 in additional ORE-related holding costs incurred during the third quarter that were not present in the fourth quarter of 2024.

The Company’s efficiency ratio for the fourth quarter of 2024 was 62.23%, compared to 74.81% for the prior year quarter and 70.47% for the third quarter of 2024.

FINANCIAL CONDITION

Consolidated assets for the Company totaled $3.12 billion at December 31, 2024, compared to $3.10 billion at September 30, 2024 and $3.18 billion at December 31, 2023.

Gross loans decreased by $5.4 million, or 0.3%, during the quarter resulting in a gross loan balance of $2.13 billion at December 31, 2024, compared to $2.14 billion at September 30, 2024. The decline in loans resulted primarily from tighter underwriting and from lower demand from potential borrowers.

Gross loans decreased $191.4 million, or 8.2%, from $2.32 billion at December 31, 2023. The decrease in gross loans during the year resulted from tightened credit underwriting standards and loan terms, strategic non-renewal decisions and fewer borrower requests in response to higher interest rates and project costs.

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. The increase in deposits during the fourth quarter of 2024 compared to the third quarter of 2024 was the result of an increase in interest-bearing deposits of $25.4 million, partially offset by a decrease in noninterest-bearing deposits of $2.1 million. The increase in deposits during the year resulted primarily from an increase in interest-bearing deposits of $74.4 million, offset by a decrease in noninterest-bearing deposits of $15.5 million.

Nonperforming assets as a percentage of total loans were 0.23% at December 31, 2024, compared to 0.96% at September 30, 2024 and 0.25% at December 31, 2023. Nonperforming assets as a percentage of total assets were 0.16% at December 31, 2024, compared to 0.66% at September 30, 2024, and 0.18% at December 31, 2023. The Bank's nonperforming assets consist primarily of ORE and nonaccrual loans. The decrease in nonperforming assets compared to the prior quarter was primarily due to the resolution and sale of an ORE property in Austin, Texas. There is one remaining single family ORE property with a book balance of $1.2 million which is expected to be fully resolved in the first quarter of 2025, with minimal, if any, expected losses.

Total equity was $319.1 million at December 31, 2024, compared to $319.3 million at September 30, 2024 and $303.8 million at December 31, 2023. The decrease in total equity compared to the prior quarter resulted primarily from an increase in other comprehensive loss due to unrealized losses on investment securities of $8.1 million and $2.7 million of dividends paid, which was offset by net income of $10.0 million. The increase in total equity from the prior year was primarily due to net earnings of $31.5 million and was partially offset by $11.0 million in dividends paid, $6.4 million in treasury stock repurchases and $1.8 million in other comprehensive loss during 2024.


	As of
	2024								2023
(dollars in thousands)	December 31		September 30		June 30		March 31		December 31
ASSETS
Cash and due from banks	$	47,417	$	50,623	$	45,016	$	43,872	$	47,744
Federal funds sold		94,750		108,350		40,475		24,300		36,575
Interest-bearing deposits		3,797		3,973		4,721		4,921		5,205
Total cash and cash equivalents		145,964		162,946		90,212		73,093		89,524
Securities available for sale		340,304		277,567		242,662		228,787		196,195
Securities held to maturity		334,732		341,911		347,992		363,963		404,208
Loans held for sale		143		770		871		874		976
Loans, net		2,102,565		2,107,597		2,185,247		2,234,012		2,290,881
Accrued interest receivable		12,016		10,927		12,397		11,747		13,143
Premises and equipment, net		56,010		56,964		57,475		56,921		57,018
Other real estate owned		1,184		15,184		15,184		14,900		—
Cash surrender value of life insurance		42,883		42,623		42,369		42,119		42,348
Core deposit intangible, net		994		1,100		1,206		1,312		1,418
Goodwill		32,160		32,160		32,160		32,160		32,160
Other assets		46,599		47,356		53,842		67,550		56,920
Total assets	$	3,115,554	$	3,097,105	$	3,081,617	$	3,127,438	$	3,184,791
LIABILITIES AND EQUITY
Deposits
Noninterest-bearing	$	837,432	$	839,567	$	820,430	$	828,861	$	852,957
Interest-bearing		1,854,735		1,829,347		1,805,732		1,798,983		1,780,289
Total deposits		2,692,167		2,668,914		2,626,162		2,627,844		2,633,246
Securities sold under agreements to repurchase		31,075		31,164		25,173		39,058		25,172
Accrued interest and other liabilities		31,320		33,849		32,860		33,807		32,242
Line of credit		—		—		—		—		4,500
Federal Home Loan Bank advances		—		—		45,000		75,000		140,000
Subordinated debentures		41,918		43,885		43,852		45,819		45,785
Total liabilities		2,796,480		2,777,812		2,773,047		2,821,528		2,880,945

Equity attributable to Guaranty Bancshares, Inc.		318,498		318,784		308,043		305,371		303,300
Noncontrolling interest		576		509		527		539		546
Total equity		319,074		319,293		308,570		305,910		303,846
Total liabilities and equity	$	3,115,554	$	3,097,105	$	3,081,617	$	3,127,438	$	3,184,791


	Quarter Ended
	2024												2023
(dollars in thousands, except per share data)	December 31			September 30			June 30			March 31			December 31
STATEMENTS OF EARNINGS
Interest income	$	41,262		$	40,433		$	40,713		$	40,752		$	40,796
Interest expense		15,041			16,242			16,833			17,165			16,983
Net interest income		26,221			24,191			23,880			23,587			23,813
Reversal of provision for credit losses		(250	)		(500	)		(1,200	)		(250	)		—
Net interest income after reversal of provision for credit losses		26,471			24,691			25,080			23,837			23,813
Noninterest income		5,726			5,154			4,599			5,258			4,796
Noninterest expense		19,880			20,678			20,602			20,692			21,402
Income before income taxes		12,317			9,167			9,077			8,403			7,207
Income tax provision		2,309			1,788			1,654			1,722			1,341
Net earnings	$	10,008		$	7,379		$	7,423		$	6,681		$	5,866
Net loss attributable to noncontrolling interest		9			18			12			7			12
Net earnings attributable to Guaranty Bancshares, Inc.	$	10,017		$	7,397		$	7,435		$	6,688		$	5,878

PER COMMON SHARE DATA
Earnings per common share, basic	$	0.88		$	0.65		$	0.65		$	0.58		$	0.51
Earnings per common share, diluted		0.87			0.65			0.65			0.58			0.51
Cash dividends per common share		0.24			0.24			0.24			0.24			0.23
Book value per common share - end of quarter		27.86			27.94			26.98			26.47			26.28
Tangible book value per common share - end of quarter(1)		24.96			25.03			24.06			23.57			23.37
Common shares outstanding - end of quarter(2)		11,431,568			11,408,908			11,417,270			11,534,960			11,540,644
Weighted-average common shares outstanding, basic		11,422,063			11,383,027			11,483,091			11,539,167			11,536,878
Weighted-average common shares outstanding, diluted		11,490,834			11,443,324			11,525,504			11,598,239			11,589,165

PERFORMANCE RATIOS
Return on average assets (annualized)		1.27	%		0.96	%		0.95	%		0.85	%		0.73	%
Return on average equity (annualized)		12.68			9.58			9.91			8.93			7.93
Net interest margin, fully taxable equivalent (annualized)(3)		3.54			3.33			3.26			3.16			3.11
Efficiency ratio(4)		62.23			70.47			72.34			71.74			74.81

(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.


	For the Years Ended
	December 31,
(dollars in thousands, except per share data)	2024			2023
STATEMENTS OF EARNINGS
Interest income	$	163,160		$	156,492
Interest expense		65,281			59,512
Net interest income		97,879			96,980
Reversal of provision for credit losses		(2,200	)		—
Net interest income after reversal of provision for credit losses		100,079			96,980
Noninterest income		20,737			22,513
Noninterest expense		81,852			82,354
Income before income taxes		38,964			37,139
Income tax provision		7,473			7,130
Net earnings	$	31,491		$	30,009
Net loss attributable to noncontrolling interest		46			28
Net earnings attributable to Guaranty Bancshares, Inc.	$	31,537		$	30,037

PER COMMON SHARE DATA
Earnings per common share, basic	$	2.75		$	2.57
Earnings per common share, diluted		2.74			2.56
Cash dividends per common share		0.96			0.92
Book value per common share - end of period		27.86			26.28
Tangible book value per common share - end of period(1)		24.96			23.37
Common shares outstanding - end of period(2)		11,431,568			11,540,644
Weighted-average common shares outstanding, basic		11,456,540			11,693,761
Weighted-average common shares outstanding, diluted		11,502,683			11,738,605

PERFORMANCE RATIOS
Return on average assets		1.01	%		0.92	%
Return on average equity		10.30			10.10
Net interest margin, fully taxable equivalent(3)		3.32			3.15
Efficiency ratio(4)		69.01			68.92

(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, 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.


	As of
	2024												2023
(dollars in thousands)	December 31			September 30			June 30			March 31			December 31
LOAN PORTFOLIO COMPOSITION
Commercial and industrial	$	254,702		$	245,738		$	264,058		$	269,560		$	287,565
Real estate:
Construction and development		218,617			213,014			231,053			273,300			296,639
Commercial real estate		866,684			866,112			899,120			906,684			923,195
Farmland		147,191			169,116			180,126			180,502			186,295
1-4 family residential		529,006			524,245			526,650			523,573			514,603
Multi-family residential		51,538			54,158			47,507			44,569			44,292
Consumer		51,394			52,530			53,642			54,375			57,059
Agricultural		11,726			11,293			12,506			12,418			12,685
Overdrafts		279			331			335			276			243
Total loans(1)(2)	$	2,131,137		$	2,136,537		$	2,214,997		$	2,265,257		$	2,322,576

	Quarter Ended
	2024												2023
(dollars in thousands)	December 31			September 30			June 30			March 31			December 31
ALLOWANCE FOR CREDIT LOSSES
Balance at beginning of period	$	28,543		$	29,282		$	30,560		$	30,920		$	31,140
Loans charged-off		(281	)		(272	)		(115	)		(310	)		(242	)
Recoveries		278			33			37			200			22
Reversal of provision for credit losses		(250	)		(500	)		(1,200	)		(250	)		—
Balance at end of period	$	28,290		$	28,543		$	29,282		$	30,560		$	30,920

Allowance for credit losses / period-end loans		1.33	%		1.34	%		1.32	%		1.35	%		1.33	%
Allowance for credit losses / nonperforming loans		758.6			560.2			470.4			496.0			552.9
Net charge-offs / average loans (annualized)		0.00			0.04			0.01			0.02			0.04

NONPERFORMING ASSETS
Nonaccrual loans	$	3,729		$	5,095		$	6,225		$	6,161		$	5,592
Other real estate owned		1,184			15,184			15,184			14,900			—
Repossessed assets owned		22			154			331			236			234
Total nonperforming assets	$	4,935		$	20,433		$	21,740		$	21,297		$	5,826

Nonaccrual loans as a percentage of total loans(1)(2)		0.17	%		0.24	%		0.28	%		0.27	%		0.24	%

Nonperforming assets as a percentage of:
Total loans(1)(2)		0.23	%		0.96	%		0.98	%		0.94	%		0.25	%
Total assets		0.16			0.66			0.71			0.68			0.18

(1) Excludes outstanding balances of loans held for sale of $143,000, $770,000, $871,000, $874,000, and $976,000 as of December 31, September 30, June 30 and March 31, 2024, and December 31, 2023, respectively.
(2) Excludes deferred loan fees of $282,000, $397,000, $468,000, $685,000, and $775,000 as of December 31, September 30, June 30 and March 31, 2024, and December 31, 2023, respectively.


	Quarter Ended
	2024								2023
(dollars in thousands)	December 31		September 30		June 30		March 31		December 31
NONINTEREST INCOME
Service charges	$	1,142	$	1,165	$	1,098	$	1,069	$	1,123
Net realized gain on sale of loans		240		252		227		272		196
Fiduciary and custodial income		661		542		657		649		624
Bank-owned life insurance income		258		255		250		251		249
Merchant and debit card fees		1,775		1,817		2,122		1,706		1,760
Loan processing fee income		131		102		136		118		116
Mortgage fee income		37		46		43		41		30
Other noninterest income		1,482		975		66		1,152		698
Total noninterest income	$	5,726	$	5,154	$	4,599	$	5,258	$	4,796

NONINTEREST EXPENSE
Employee compensation and benefits	$	11,048	$	11,586	$	11,723	$	12,437	$	12,715
Occupancy expenses		3,123		3,026		2,924		2,747		2,757
Legal and professional fees		716		775		841		772		954
Software and technology		1,733		1,649		1,653		1,642		1,740
Amortization		142		142		142		143		145
Director and committee fees		185		188		198		200		186
Advertising and promotions		267		239		208		169		352
ATM and debit card expense		819		791		785		609		763
Telecommunication expense		153		178		159		173		175
FDIC insurance assessment fees		320		359		365		360		321
Other noninterest expense		1,374		1,745		1,604		1,440		1,294
Total noninterest expense	$	19,880	$	20,678	$	20,602	$	20,692	$	21,402


	Quarter Ended December 31,
	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)	$	2,126,414		$	34,319		6.42	%	$	2,329,227		$	35,573		6.06	%
Securities available for sale		332,903			3,185		3.81			187,119			1,540		3.27
Securities held to maturity		338,296			2,218		2.61			406,553			2,619		2.56
Nonmarketable equity securities		19,173			135		2.80			26,314			264		3.98
Interest-bearing deposits in other banks		115,669			1,405		4.83			56,207			800		5.65
Total interest-earning assets		2,932,455			41,262		5.60			3,005,420			40,796		5.39
Allowance for credit losses		(28,511	)							(30,996	)
Noninterest-earning assets		225,152								223,204
Total assets	$	3,129,096							$	3,197,628
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing deposits	$	1,855,713		$	14,301		3.07	%	$	1,788,863		$	14,311		3.17	%
Advances from FHLB and fed funds purchased		6,522			85		5.18			140,761			1,915		5.40
Line of credit		—			—		—			4,255			95		8.86
Subordinated debt		42,570			513		4.79			46,438			534		4.56
Securities sold under agreements to repurchase		29,959			142		1.89			23,860			128		2.13
Total interest-bearing liabilities		1,934,764			15,041		3.09			2,004,177			16,983		3.36
Noninterest-bearing liabilities:
Noninterest-bearing deposits		842,655								865,817
Accrued interest and other liabilities		37,308								33,496
Total noninterest-bearing liabilities		879,963								899,313
Equity		314,369								294,138
Total liabilities and equity	$	3,129,096							$	3,197,628
Net interest rate spread(2)							2.51	%							2.03	%
Net interest income				$	26,221							$	23,813
Net interest margin(3)							3.56	%							3.14	%
Net interest margin, fully taxable equivalent(4)							3.54	%							3.11	%

(1) Includes average outstanding balances of loans held for sale of $820,000 and $799,000 for the quarter ended December 31, 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%.


	Year Ended December 31,
	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)	$	2,207,359		$	139,434		6.32	%	$	2,352,154		$	136,086		5.79	%
Securities available for sale		264,683			9,787		3.70			182,277			5,159		2.83
Securities held to maturity		358,418			9,325		2.60			449,097			11,210		2.50
Nonmarketable equity securities		21,536			857		3.98			27,371			1,288		4.71
Interest-bearing deposits in other banks		71,673			3,757		5.24			51,507			2,749		5.34
Total interest-earning assets		2,923,669			163,160		5.58			3,062,406			156,492		5.11
Allowance for credit losses		(29,720	)							(31,601	)
Noninterest-earning assets		232,391								220,230
Total assets	$	3,126,340							$	3,251,035
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing deposits	$	1,815,672		$	58,827		3.24	%	$	1,698,758		$	44,981		2.65	%
Advances from FHLB and fed funds purchased		64,699			3,498		5.41			226,214			11,626		5.14
Line of credit		275			24		8.73			4,168			363		8.71
Subordinated debt		44,175			2,047		4.63			47,873			2,143		4.48
Securities sold under agreements to repurchase		37,386			885		2.37			20,635			399		1.93
Total interest-bearing liabilities		1,962,207			65,281		3.33			1,997,648			59,512		2.98
Noninterest-bearing liabilities:
Noninterest-bearing deposits		821,291								924,945
Accrued interest and other liabilities		36,672								30,924
Total noninterest-bearing liabilities		857,963								955,869
Equity		306,170								297,518
Total liabilities and equity	$	3,126,340							$	3,251,035
Net interest rate spread(2)							2.25	%							2.13	%
Net interest income				$	97,879							$	96,980
Net interest margin(3)							3.35	%							3.17	%
Net interest margin, fully taxable equivalent(4)							3.32	%							3.15	%

(1) Includes average outstanding balances of loans held for sale of $806,000 and $1.2 million for the years ended December 31, 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.
(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, using a marginal tax rate of 21%.

NON-GAAP RECONCILING TABLES

Tangible Book Value per Common Share


	As of
	2024												2023
(dollars in thousands, except per share data)	December 31			September 30			June 30			March 31			December 31
Equity attributable to Guaranty Bancshares, Inc.	$	318,498		$	318,784		$	308,043		$	305,371		$	303,300
Adjustments:
Goodwill		(32,160	)		(32,160	)		(32,160	)		(32,160	)		(32,160	)
Core deposit intangible, net		(994	)		(1,100	)		(1,206	)		(1,312	)		(1,418	)
Total tangible common equity attributable to Guaranty Bancshares, Inc.	$	285,344		$	285,524		$	274,677		$	271,899		$	269,722
Common shares outstanding(1)		11,431,568			11,408,908			11,417,270			11,534,960			11,540,644
Book value per common share	$	27.86		$	27.94		$	26.98		$	26.47		$	26.28
Tangible book value per common share(1)		24.96			25.03			24.06			23.57			23.37

(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)	December 31, 2024
Total equity(1)	$	319,074
Less: net unrealized loss on HTM securities, tax effected		(24,875	)
Total equity, including net unrealized loss on AFS and HTM securities	$	294,199

Net unrealized loss on AFS securities, tax effected		16,398
Net unrealized loss on HTM securities, tax effected		24,875
Net unrealized loss on AFS and HTM securities, tax effected	$	41,273

Net unrealized loss on securities as % of total equity(1)		12.9	%
Total equity before impact of unrealized losses	$	335,472
Net unrealized loss on securities as % of total equity before impact of unrealized losses		12.3	%

Total average assets	$	3,129,096
Total equity to average assets		10.2	%
Total equity, adjusted for tax effected net unrealized loss, to average assets		9.4	%

(1) Includes the net unrealized loss on AFS securities of $16.4 million, tax effected.

Cost of Total Deposits


	Quarter Ended									Year Ended
(dollars in thousands)	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Total average interest-bearing deposits	$	1,855,713		$	1,821,395		$	1,788,863		$	1,815,672		$	1,698,758
Adjustments:
Noninterest-bearing deposits		842,655			800,573			865,817			821,291			924,945
Total average deposits	$	2,698,368		$	2,621,968		$	2,654,680		$	2,636,963		$	2,623,703

Total deposit-related interest expense	$	14,301		$	15,243		$	14,311		$	58,827		$	44,981

Average cost of interest-bearing deposits		3.07	%		3.33	%		3.17	%		3.24	%		2.65	%
Average cost of total deposits		2.11	%		2.31	%		2.14	%		2.23	%		1.71	%

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.

Conference Call Information

The Company will hold a conference call to discuss fourth quarter and year-end 2024 financial results on Tuesday, January 21, 2025 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 January 31, 2025 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 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. 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

   

INVESTOR PRESENTATION NYSE: GNTY 4TH 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 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. 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

Q4 2024 – FINANCIAL RESULTS EARNINGS, ROAA AND NIM BALANCE SHEET NONINTEREST INCOME AND EXPENSE Total assets were $3.12 billion at Dec 31, 2024, compared to $3.18 billion at Dec 31, 2023 Total gross loans were $2.13 billion at Dec 31, 2024, compared to $2.32 billion at Dec 31, 2023 Gross loans decreased $5.4 million (0.3%) in 4Q24 and decreased $191.4 million (8.2%) in 2024 Total deposits were $2.69 billion at Dec 31, 2024, compared to $2.63 billion at Dec 31, 2023 Total deposits increased $23.3 million (0.9%) in 4Q24 and increased $58.9 million (2.2%) in 2024 Total equity was $319.1 million at Dec 31, 2024, compared to $303.8 million at Dec 31, 2023 Paid cash dividend of $0.24/share in each quarter in 2024, compared to $0.23 in each quarter in 2023 Noninterest income increased by $572,000, or 11.1%, from $5.2 million in 3Q24 to $5.7 million in 4Q24, primarily due to an increase in other noninterest income of $507,000, or 52.0%, resulting primarily from a gain on the sale of a commercial ORE property in Austin, Texas during 4Q24 Noninterest expense decreased $798,000, or 3.9%, from 3Q24 primarily from a $538,000, or 4.6%, decrease in employee compensation and benefits due to lower healthcare and salary expenses, and a $371,000, or 21.3%, decrease in other noninterest expense due to $360,000 in additional ORE-related holding costs incurred during 3Q24 that were not present in 4Q24 Efficiency ratio of 62.23% for 4Q24 compared to 70.47% for 3Q24 and 74.81% for 4Q23 Net earnings of $10.0 million during the quarter and $31.5 million for the year Net earnings per basic share of $0.88 in 4Q24 and $2.75 for the year ROAA of 1.27% and ROAE of 12.68% in 4Q24 compared to 0.96% and 9.58%, respectively, in 3Q24 and 1.01% and 10.30%, respectively, for the year Net interest margin (FTE) was 3.54% in 4Q24, compared to 3.33% in 3Q24 and 3.32% for the year Loan yield was 6.42% in 4Q24, compared to 6.35% in 3Q24 and 6.32% for the year Cost of total deposits was 2.11% in 4Q24, compared to 2.31% in 3Q24 and 2.23% for the year** **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 Reversal of provision for credit losses of $250,000 in 4Q24 and a $2.2 million reversal for the year ending Dec 31, 2024 Reversals in provision due to a reduction in gross loan balances and stable credit trends No qualitative factor adjustments in 4Q24 Allowance for credit losses (ACL) coverage was 1.33% at both Dec 31, 2024 and Dec 31, 2023 LOAN PORTFOLIO & CREDIT QUALITY Gross loans decreased $5.4 million, or 0.3%, in 4Q24 and $191.4 million YTD Weighted average yield on new loan originations in 4Q24 was 7.36%, compared to 8.07% in 3Q24 and 7.94% for the year Nonperforming assets to total assets were 0.16% as of Dec 31, 2024, compared to 0.66% as of Sep 30, 2024 Net charge-offs were $3,000 in 4Q24, compared to $239,000 in 3Q24, $220,000 in 4Q23 and $430,000 for the year Net charge-offs to average loans were 0.00% in 4Q24, compared to 0.04% in both 3Q24 and 4Q23 and 0.02% for the year 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 40.7% and 10.3% of our total loan portfolio, respectively. Office-related loans represent 5.9% of the total loan portfolio and have an average balance of $530,000 Nonaccrual loans were $3.7 million as of Dec 31, 2024 and $5.1 million as of Sep 30, 2024, or 0.17% and 0.24% of total loans, respectively Substandard loans at Dec 31, 2024 were $2.4 million, down from $12.3 million at Sep 30, 2024 and $24.6 million at Dec 31, 2023 Q4 2024 – CREDIT & ACL INFO

DEPOSITS Granular deposits: 90,215 total deposit accounts with an average balance of $29,842 Uninsured deposits, excluding public funds and GNTY-owned accounts, are 26.3% of total deposits Total deposits increased by $23.3 million during 4Q24, savings and money market account balances increased $29.1 million and DDA account balances increased $3.4 million, while time deposit balances decreased $9.2 million. Total deposits increased $58.9 million during the year Loan-to-deposit ratio of 79.2% as of Dec 31, 2024, 80.05% as of Sep 30, 2024 and 88.20% as of Dec 31, 2023 Noninterest-bearing deposits represent 31.1% of total deposits as of Dec 31, 2024, down from 31.5% as of Sep 30, 2024 and 32.4% as of Dec 31, 2023 Q4 2024 – Deposits, Liquidity & Capital LIQUIDITY & INVESTMENTS Liquidity ratio* was 16.5% at Dec 31, 2024, compared to 12.2% at Dec 31, 2023 FHLB advances decreased from $140.0 million at Dec 31, 2023 to no advances at Dec 31, 2024 Total available contingent liquidity from all sources was $1.3 billion at Dec 31, 2024 Total net unrealized loss on investment securities was $52.2 million, comprised of $20.7 million AFS and $31.5 million HTM. Net of tax, total unrealized loss was $41.3 million, which was 12.3% of total equity before losses** Capital ratios remain strong. Total equity to average assets as of Dec 31, 2024 was 10.2% If we had to recognize our entire unrealized losses on both AFS and HTM securities, the ratio would be 9.4%** During 2024, we repurchased 210,074 shares, or 1.8% of average shares outstanding during the year, at an average price of $29.83 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) December 31, 2024 Total equity(1) $ 319,074 Less: net unrealized loss on HTM securities, tax effected (24,875) Total equity, including net unrealized loss on AFS and HTM securities $ 294,199 Net unrealized loss on AFS securities, tax effected 16,398 Net unrealized loss on HTM securities, tax effected 24,875 Net unrealized loss on AFS and HTM securities, tax effected $ 41,273 Net unrealized loss on securities as % of total equity(1) 12.9% Total equity before impact of unrealized losses $ 335,472 Net unrealized loss on securities as % of total equity before impact of unrealized losses 12.3% Total average assets $ 3,129,096 Total equity to average assets 10.2% Total equity, adjusted for tax effected net unrealized loss, to average assets 9.4% (1) Includes the net unrealized loss on AFS securities of $16.4 million, tax effected.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cost of Total Deposits Quarter Ended Year Ended (dollars in thousands) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Total average interest-bearing deposits $ 1,855,713 $ 1,821,395 $ 1,788,863 $ 1,815,672 $ 1,698,758 Adjustments: Noninterest-bearing deposits 842,655 800,573 865,817 821,291 924,945 Total average deposits $ 2,698,368 $ 2,621,968 $ 2,654,680 $ 2,636,963 $ 2,623,703 Total deposit-related interest expense $ 14,301 $ 15,243 $ 14,311 $ 58,827 $ 44,981 Average cost of interest-bearing deposits 3.07% 3.33% 3.17% 3.24% 2.65% Average cost of total deposits 2.11% 2.31% 2.14% 2.23% 1.71%

Document And Entity Information	Jan. 21, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 21, 2025
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