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Sep 30, 2020
Guaranty Bancshares Q3 2020 Earnings Report
Reported financial results for the fiscal quarter.
Key Takeaways
Guaranty Bancshares reported a strong third quarter, with net income available to common shareholders of $10.1 million, or $0.92 per basic share. The increase in earnings was largely due to a significant decline in loan loss provision, increased non-interest income, and decreases in interest expense relative to interest income.
Net earnings for the quarter were $10.1 million, up from $1.1 million for the immediately prior quarter and $7.5 million for the same quarter of 2019.
The Bank had a $300,000 provision reversal for loan losses during the quarter, compared to a $12.1 million provision expense in the second quarter of 2020 and $100,000 provision expense in the third quarter of 2019.
The fully tax-equivalent net interest margin was 3.61% for the third quarter of 2020, compared to 3.78% in the preceding quarter and 3.71% in the third quarter of 2019.
Non-performing assets as a percentage of total loans were 0.72% at September 30, 2020, compared to 0.76% at June 30, 2020 and 0.69% at September 30, 2019.