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Jun 30, 2020
Guaranty Bancshares Q2 2020 Earnings Report
Reported financial results for the fiscal quarter ended June 30, 2020.
Key Takeaways
Guaranty Bancshares, Inc. reported net income available to common shareholders of $1.1 million, or $0.10 per basic share, for the quarter ended June 30, 2020. Earnings were impacted by a large provision for loan loss reserves due to COVID-19, partially offset by loan origination fees from the SBA's Paycheck Protection Program (PPP).
Non-performing assets as a percentage of total loans decreased to 0.76% at June 30, 2020.
The bank had a $12.1 million provision for loan losses due to additional qualitative factors under CECL standard derived from COVID-19 impacts.
Net earnings for the quarter were $1.1 million, down from $6.3 million for the immediately prior quarter.
The Bank issued $208.8 million of PPP loans to 1,905 borrowers, resulting in $2.1 million in net origination fees recognized by the Bank and $4.9 million in net deferred origination fees.
Guaranty Bancshares
Guaranty Bancshares
Guaranty Bancshares Revenue by Segment
Revenue by Segment
Commercial & Industrial Revenue
CapyFin.comConstruction & Development Revenue
CapyFin.comCommercial Real Estate Revenue
CapyFin.comFarmland Revenue
CapyFin.com1-4 Family Residential Revenue
CapyFin.comMulti-Family Residential Revenue
CapyFin.comConsumer Revenue
CapyFin.comAgricultural Revenue
CapyFin.comOverdrafts Revenue
CapyFin.com Forward Guidance
Management believes the provisions made in both the first and second quarter, as a result of loan downgrades and qualitative factor adjustments in the CECL model, appropriately capture the current credit risks associated with COVID-19 and do not anticipate provisions at these levels during the second half of 2020 at this time. However, the outbreak could worsen in the short term, leading to possible changes in customer and consumer behavior and stronger response measures by government officials, and the long term economic impacts of COVID-19 are still very much unknown.