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Mar 31, 2021
Guaranty Bancshares Q1 2021 Earnings Report
Reported strong financial results for the first quarter of 2021, driven by PPP loan activity and a rebounding Texas economy.
Key Takeaways
Guaranty Bancshares reported a strong first quarter with net income of $11.0 million, up from $6.3 million in the same quarter of 2020. The increase was partly due to PPP loan forgiveness and origination fees, decreases in interest expense, and decreases in non-interest expense.
Net earnings for the quarter were $11.0 million, up from $9.9 million for the immediately prior quarter and up from $6.3 million for the same quarter of 2020.
The fully tax-equivalent (“FTE”) net interest margin was 3.85% for the first quarter of 2021, compared to 3.85% in the preceding quarter and 3.87% in the first quarter of 2020.
Non-performing assets as a percentage of total loans were 0.19% at March 31, 2021, compared to 0.70% at December 31, 2020 and 1.00% at March 31, 2020.
The Bank continued participation in the PPP2 program during the first quarter and as of March 31, 2021, has issued $84.5 million of PPP2 loans to 932 borrowers, which resulted in $1.8 million in net origination fees recognized by the Bank.
Forward Guidance
Management is cautiously optimistic about improving vaccination and economic trends and expects the credit impact of the pandemic to be largely understood and accounted for by the end of 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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