Guaranty Bancshares reports Q2 EPS 65c, consensus 54c

Reports Q2 tangible book value per share $24.06. Reports Q2 net charge-offs .01%. The increase in earnings during the second quarter compared to the first quarter of 2024 was primarily due to the $1.2M reversal of the provision for credit losses during the second quarter. “Second quarter 2024 results were good and consistent with our expectations. Net interest margin continued to improve from 3.16% in the first quarter to 3.26% in the second quarter. Deposit balances have remained stable as we’ve strategically shrunk the balance sheet and repaid an additional $30.0 million in FHLB advances during the quarter, as well as purchased some higher-yielding investment securities. Credit quality overall remains manageable with low past-due and charge-off percentages. That, along with lower loan balances, resulted in a $1.2 million reverse provision for credit losses during the quarter. However, we are closely monitoring and working with a handful of one-off borrowers that are experiencing financial difficulties and have adjusted their risk ratings and loss reserve amounts accordingly. We believe our balance sheet is strong and positioned to go on the offensive as the economy improves and the Bank continues to provide consistent earnings results for our shareholders,” said Ty Abston, the company’s chairman and CEO.