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Sep 30, 2024
Guaranty Bancshares Q3 2024 Earnings Report
Reported financial results for the third quarter of 2024.
Key Takeaways
Guaranty Bancshares, Inc. reported a net income available to common shareholders of $7.4 million, or $0.65 per basic share, for the quarter ended September 30, 2024. The increase in earnings was primarily due to an increase in net interest income and a reverse provision for credit losses.
Net interest margin improved, reaching 3.33%, up 7 basis points from the prior quarter and 31 basis points from the third quarter of 2023.
The company strategically shrunk its balance sheet by paying off debt and allowing transactional loans to pay off.
Credit quality remains strong with very low past-dues and charge-offs.
Total deposits increased by $42.8 million during the third quarter.
Forward Guidance
Guaranty Bancshares is positioning its balance sheet for loan growth and other opportunities as economic conditions improve and interest rates fall. The company anticipates resolutions for ORE on its balance sheet and expects solid capital and liquidity levels to drive positive strategic objectives and favorable results for shareholders in 2024 and 2025.
Positive Outlook
- Earnings and margin results were good and continue to show improvement as the Fed begins to lower interest rates.
- Net interest margin is now at 3.33%, up 7 basis points from the prior quarter and 31 basis points from the third quarter of 2023.
- Deposit balances increased during the quarter.
- The company purchased additional higher yielding AFS securities.
- The remaining $45.0 million in FHLB advances were repaid.
Challenges Ahead
- No specific negatives were mentioned in the provided text.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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