Guaranty Bancshares, Inc. Reports Fiscal Q3 2024 Financial Results
Guaranty Bancshares, Inc. (NYSE:GNTY), the parent company of Guaranty Bank & Trust, N.A., has announced its financial results for the fiscal quarter ended September 30, 2024.
Key Financial Metrics
The table below highlights the key financial metrics:
| Metric | Q3 2024 | Q2 2024 | Q3 2023 | YoY Change | QoQ Change | Consensus | Beat/Miss |
|---|---|---|---|---|---|---|---|
| Net Income (millions) | $7.4 | $7.4 | $6.3 | +17.5% | 0% | N/A | N/A |
| Earnings Per Share (EPS) | $0.65 | $0.65 | $0.54 | +20.4% | 0% | $0.6 | Beat |
| Total Revenue (millions) | $29.4 | N/A | N/A | N/A | N/A | $29.3 | Beat |
The company reported a consistent EPS of $0.65 per share compared to the previous quarter, and a year-over-year increase from $0.54, surpassing consensus estimates of $0.60. Additionally, revenue of $29.4 million slightly exceeded expectations.
Revenue by Segments
| Segment | Q3 2024 Revenue | Comparison to Guidance |
|---|---|---|
| Net Interest Income (millions) | $24.2 | Met guidance |
| Noninterest Income (millions) | $5.2 | Met guidance |
Net interest income of $24.2 million and noninterest income of $5.2 million reflect stable performance, aligned with previous guidance expectations.
Key Developments and Operational Highlights
- Net interest margin improved to 3.33%, a sequential increase of seven basis points.
- Completed repurchase of 59,996 shares at an average price of $30.65, equaling 0.53% of average shares outstanding.
- Total deposits increased by $42.8 million during the quarter.
Comments from Company Officers
Ty Abston, Chairman and CEO, stated: 'Our earnings and margin results were strong this quarter. We actively positioned for potential growth with the expectation of favorable economic conditions. Credit quality remained robust, and we anticipate resolving any outstanding real estate assets by year-end.'
Dividend Announcements and Share Repurchase Program
The company repurchased approximately 0.53% of its shares in Q3 2024. Dividend declarations were not specifically noted.
Forward Guidance
No specific forward guidance was provided in this release, though positive economic and strategic outlooks were noted by the CEO in the commentary.
Stock Price Movement
Following the earnings announcement, the company's stock experienced a decline of approximately 2.36%.
This comprehensive overview of Guaranty Bancshares, Inc.'s third-quarter results highlights stable earnings performance, enhanced credit quality, and judicious capital management.
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