ANNUAL REPORT
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A POSITIVE PERSPECTIVE
We can all agree that 2020 was a challenging year, but as we look
back we’re choosing to shift our perspective and focus on the good.
As you go though this annual report we hope your perspective will be
positive as well because at Guaranty Bank & Trust we’re committed
to helping our customers succeed.
Shareholder Letter
Guaranty Bancshares Board of Directors
2020 Year in Review
Charitable Donations
Small Business Contributions
Financial Highlights
5-Year Plan
Locations
In Memory of Weldon Miller
Guaranty Bank & Trust Board of Directors
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FROM OUR CEO
Dear Shareholders,
While our annual letter to shareholders typically focuses on our prior year results and
alignment with strategic plans, these are not typical times. 2020 will be remembered as one
of the more volatile and extraordinary years in recent history, and now that it has finished
we’d like to look back at it with some perspective. At its beginning, the year offered a good
economic environment overall and optimistic prospects for many.
In March, however, a global pandemic quickly spread across our country and almost
immediately affected just about everyone and everything. Our lives and daily routines were
suddenly disrupted in ways that none of us could have foreseen. For many companies,
employees began working from home, while others suffered widespread layoffs. Meanwhile,
government-mandated restrictions, slowed businesses or shut them down altogether.
In the following weeks, we began to see the devastating effects of COVID-19 and its
immediate and continuing impact on people’s health. While therapeutic options often
improved outcomes, the world has experienced an unprecedented level of sickness and
death. The virus has caused a devastating loss of life across the United States and in our
communities. Our thoughts and prayers go out to every family impacted by this pandemic.
When our management team first met in early March to develop a strategy for dealing
with the realities of the pandemic, our first priority was keeping our employees and our
customers safe. Next, we developed a daily operating plan to serve our customers with
the least amount of disruption. While we maintain several contingency plans for various
operating scenarios, we did not have a playbook for dealing with a global pandemic. As a
result, initial strategies and operating plans were generally unscripted and impromptu, as
additional information became available about the spread and effects of the virus.
Executive officers of the Bank met daily to understand and address related issues. The
Centers for Disease Control and Prevention (CDC) provided general guidance and identified
hot-spots in the counties we serve. In response to that information, we acquired additional
computer equipment to allow our employees to work remotely. We supplied the necessary
personal protective equipment (PPE) like facemasks to protect our staff working in the banks
and followed social distancing guidelines.
In March, we decided to open our lobbies by appointment only, a policy that remained in
place for more than three months. As a surge in positive virus cases increased late in 2020,
we again implemented an appointment-only policy. We’ll continue to rely on CDC guidance
to keep our employees and communities as safe as possible.
When Congress rolled out the Paycheck Protection Program (PPP) to get much needed
relief to impacted businesses, our staff mobilized from every department in the company
to help process over 1,950 PPP loans. This effort represented $210 million in funding for our
customers, directly affecting over 25,500 jobs. It was a monumental task, accomplished over
a 90-day period during a pandemic and a government-mandated shutdown. In all my years at
Guaranty, I think the response of our staff during this stressful period is one of our greatest
achievements. Everyone came together to do what was necessary to help each other and our
customers in their time of need.
We also looked for ways that we could help fight the pandemic in our communities.
WE CONTACTED NON-PROFIT ORGANIZATIONS IN ALL OF THE
COMMUNITIES WE SERVE AND DONATED MORE THAN A QUARTER OF
A MILLION DOLLARS TO HELP SUPPORT THEIR FRONT-LINE MISSIONS
AGAINST THE PANDEMIC.
Additionally, our employees donated hundreds of hours during the year, lending a hand and
helping wherever they could.
As we did during the financial crisis of 2008, we closely reviewed the strength of our balance
sheet at a holistic level. We consider it our primary responsibility to maintain a strong bank
that can withstand unexpected events. However, we had no historical baseline to help us
evaluate the possible impact of this pandemic on our bank. We remained confident that our
daily focus on a solid core balance sheet would allow us to fare better than most, yet we also
were unsure about how the government-mandated shutdown of the economy and the effects
of the global pandemic would affect our balance sheet.
Therefore, in late March and early April, we performed a deep analysis of our loan portfolio.
To prepare for potential loss exposures, we placed very conservative potential loss reserves
on every loan in the portfolio, setting aside $13.2 million. Although banking analysts were
modeling much larger possible credit losses for our industry as a whole, we remain confident
that the amount set aside will appropriately address any credit exposures resulting from
COVID-19. This reserve is the largest single-year loan loss reserve in our history, and is
significantly larger than those we set aside during the 2008 – 2010 financial crisis.
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However, given the unprecedented nature of the pandemic and the lack of clarity around
• We opened a new Deposit Operations Center in Pittsburg, Texas which added 15,000
future outcomes, we believed these reserves were prudent and further strengthened our
square feet of operations center space, providing room for a 170% increase in staffing
balance sheet.
levels to accommodate future growth, and results in a self-contained and secure
facility that has the capacity to service our banking network throughout the state.
Despite the challenges and uncertainty during 2020, Guaranty Bancshares had a good year
and has prospects for an even better year in 2021. Our net earnings for the year were $27.4
• We remodeled our Technology Operations Center in Mount Pleasant, allowing us to
million, up from $26.3 million in 2019. Our net core earnings (net earnings before provision
increase staffing by more than 80% with future growth.
for credit losses, income tax, and the effects of our PPP lending) were $40.3 million in
2020 compared to $33.3 million for 2019, an increase of $7.0 million or 21%, a record year
for core earnings. Total loans increased $160.4 million, or 9.4%, to $1.9 billion; total deposits
increased $330.0 million, or 16.8%, to $2.3 billion; and total assets ended the year at a record
high of $2.7 billion.
We continue to make significant investments in technology so our customers have access
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In May 2020, we relocated our main Denton bank to a prominent new location on
University Drive.
• We began planning for additional locations in the Austin market, which are expected to
be fully operational in early 2021.
to the same products and services as the large banks. Customers can now quickly open
Our commitment to the Guaranty Culture and our communities remains as strong as ever,
deposit accounts from any device at their convenience and conduct video calls with their
even as our face-to-face interactions are limited. Our locations and departments hold
banker should they choose not to come into the bank. These investments in technology
daily meetings with their teams to ensure that communication remains consistent and that
proved critical throughout the year as we set out to serve our customers and interact
we address any issues or questions posed by our customers and employees. Providing
internally with each other, while practicing social distancing.
transparency and frequent updates to our staff about what is going on with the bank’s
response to COVID-19, what we know as things develop, and just as importantly what we
To better serve our corporate customers, we made further enhancements to our treasury
do not know, is important during a period with so much uncertainty.
management solutions during the year. We implemented new software in our mortgage
warehouse department that allows those customers to more seamlessly interact with our
Guaranty’s talented team remains the heart of our company. We recently learned that for the
team and significantly improve process efficiencies within the department. To build further
12th consecutive year, Guaranty made Texas Monthly’s list of the Best Companies to Work
on opportunities across our footprint, we increased our commercial lender participation
For. The culture of our company and the strong ownership mentality of our team continues
in loan programs offered through our Small Business Administration (SBA) Department.
to be part of the unique character that defines our success.
We will continue to build out the SBA Department and the tools available to serve small
businesses in Texas.
WE MADE GREAT STRIDES IN THE EXPANSION OF OUR DIGITAL
MARKET PRESENCE BANKWIDE AND IMPROVED BRAND
AWARENESS IN OUR NEWER GROWTH MARKETS DURING 2020.
Our mascot, Cash, now has nearly 4,100 fans on Facebook, and our bank has over 13,300
fans. Marketing campaigns in 2021 and beyond will include television commercials, website
marketing, and an emphasis on digital marketing. Digital marketing includes targeted
content with relevant products and services for potential customers based on their digital
searches and website usage, as well as email, video, and social media channels.
We continue to deploy our capital in strategic ways that represent good long-term value for
our stakeholders. These strategies include the following:
• Repurchase of common stock at attractive prices as bank valuations fell during the
uncertainty of the pandemic. During 2020, we repurchased 658,600 shares, or 5.7%
of the Company, at prices we believed to be lower than the Company’s intrinsic value.
We look forward to 2021 and hope that vaccines will help the world return to a more normal
environment. We are very optimistic about the growth opportunities that lie ahead for the
overall economy, and particularly the Texas economy, on the other side of this pandemic.
We believe Guaranty is well positioned to benefit greatly from future economic growth and
opportunities in our state.
Thank you, fellow shareholders, for your continued investment, support, and confidence in
Guaranty Bancshares and Guaranty Bank & Trust.
TY ABSTON
Chairman of the Board & CEO
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ROW 1 – LEFT TO RIGHT
RICKY BAKER
TY ABSTON
MOLLY CURL
BILL PRIEFERT
KRB Investments, LLC
Chairman of the Board & CEO
Guaranty Bancshares, Inc.
Retired Partner
Grant Thorton, LLC
Chairman & CEO
Priefert Manufacturing, Inc.
ROW 2 – LEFT TO RIGHT
CAPPY PAYNE
Senior Executive Vice
President & CFO
Guaranty Bancshares, Inc.
KIRK LEE
President
JEFF BROWN
Managing Partner
RoseRock Capital Group
BRAD DRAKE
JIM BUNCH
President
Lamar Fabrication
President & CEO
BWI, Inc.
Guaranty Bancshares, Inc.
Baker & Johnson, CPA
CARL JOHNSON JR.
MIKE NOLAN
Principal
Principal
Proterra Properties, Inc.
CHRIS ELLIOTT
President
Elliott Auto Group
LOOKING BACK ON 2020
We weathered a global pandemic. Despite the many challenges of COVID-19, net
earnings were $27.4 million, up from $26.3 million in 2019.
Successfully navigated a true-life business continuity event with COVID-19,
allowing employees to safely and effectively work from their homes and to
communicate with customers through non-traditional methods.
Assisted our small-business customers and our communities through origination
of nearly $210 million of Paycheck Protection Program loans to nearly 1,950
borrowers and impacting more than 25,500 jobs.
Gave back to our communities through monetary and volunteer donations to
non-profits that support those impacted by COVID-19. Total contributions,
including those made to support COVID-19 related causes during 2020 totaled
$465,000 and employees volunteered nearly 1,500 hours.
Our net interest margin held steady and even improved slightly from 3.69% in
2019 to 3.73% (net of PPP effects) in 2020.
Continued to pay solid cash dividends on GNTY stock. Shareholders received
$0.78/share in 2020, up from $0.70/share in 2019.
GNTY stock outperformed the annual SNL Bank NASDAQ Index on stock returns.
We’ve increased tangible book value per share 107% in the past 10 years from
$10.50 in 2010 to $21.72 in 2020.
We were named one of Texas Monthly’s Best Companies to Work for in Texas for
the 12th year in-a-row.
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GUARANTY BANCSHARES
BOARD OF DIRECTORS
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CHARITY SPOTLIGHT
LOVEPACS, ADDISON
Lovepacs helps make sure no child goes hungry, by
providing children on the free and reduced lunch
program food during extended school breaks, including
COVID-related closures, when what they receive from
the local backpack programs is not enough.
TITUS COUNTY CARES FOOD PANTRY
TCC Food Pantry helped families struggling with food
insecurity by providing them with pre-boxed non-
perishable foods through a safe and socially distanced
drive through model. Their Food4kids program also
supplies nutritious and hearty snacks to school age
children during their weekends away from school.
SHELTERS TO SHUTTERS, HOUSTON
When COVID-19 hit, Shelters to Shutters ramped up
preventative case management to those in the program
ensuring they remained in good health, in stable housing
and kept good standing with their S2S employer.
Ultimately this ensured that no one served by S2S lost
their home or employment during 2020. Moving forward,
S2S is adding staff resources and increasing its capacity
to assist more at-risk individuals with their transition
from homelessness to economic self-sufficiency.
ALL TOGETHER ATX, AUSTIN
In an effort to support the community during the
COVID-19 pandemic, Austin Community Foundation
and United Way for Greater Austin partnered to create
All Together ATX. This community-led philanthropic
fund provided flexible resources to nonprofit
organizations working with communities who were
disproportionately impacted by COVID-19 and the
economic consequences of the outbreak. All Together
ATX was supported by 3,149 donors, raised more than
$7.7 million, and supported 210 local nonprofits.
COMMUNITY CHARITIES
As the economic effects of COVID-19 became clearer, we knew that we had to
do our part to help our communities get through this difficult time. Leaders at
each of our Bank locations identified a charity in their community that was going
above and beyond to help those in need as a result of COVID related hardships.
Together, the bank donated more than $250,000 to the following charities:
Denton Community Food Distribution Center
Lovepacs
Hallsville Outreach Center
Katy Christian Ministries
Denton
Addison
Hallsville
Katy
New Boston First Baptist Church for Community Kitchen
New Boston
Sulphur Springs Feeding Our Own
Sulphur Springs
Twin City Mission
United Way for Greater Austin
Austin Community Foundation
All Together ATX
United Way of Greater Texarkana
Titus County Cares Food Pantry
Neighbor’s House Grocery
Bogata Food Pantry
Camp County Cares dba God’s Closet
Community Food Bank of Franklin County
Community Assistance Center
Commerce Food Pantry
Cypress Assistance Ministries
Shelters to Shutters
Downtown Food Pantry
Rockwall Helping Hands
Luna Burke and Associates Paw Packs Program
Bryan
Austin
Austin
Austin
Texarkana
Titus County
Fort Worth
Bogata
Pittsburg
Mount Vernon
Conroe
Commerce
Houston
Houston
Paris
Rockwall
Royse City
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MOVING
SMALL BUSINESSES
At Guaranty Bank & Trust, we’ve always prided ourselves on helping small
businesses not only survive but thrive. Our dedication to this group of passionate,
hardworking Americans has never been more important than in 2020. It’s been our
privledge to serve our small business community through the many challenges
of 2020, and we look forward to seeing them succeed for years to come.
LOANED TO SMALL BUSINESSES
under the Paycheck Protection Program (PPP)
BATES AIR CONDITIONING & SERVICE CO, INC.
Houston, TX
TECH QUALLED LLC
Lewisville, TX
SMALL BUSINESSES HELPED
Impacting over
25,500
25,500
25,500
25,500
JOBS
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ROCKWALL SCHOOL OF MUSIC
Rockwall, TX
CARING FOR WOMEN
Denton, TX
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FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
2016
2017
2018
2019
2020
O P E R AT I N G R E S U LT S
Net interest income
Provision for loan losses
Non-interest income
Net realized gain (loss) on securities
Non-interest expense
Earnings before provision for income taxes
Income tax provision
Net earnings
Net core earnings (1)
AT Y E A R E N D
Total assets
$53,840
$59,630
$68,916
$78,870
$89,982
3,640
13,016
82
46,380
16,836
4,715
12,121
20,394
2,850
14,279
167
48,832
22,677
8,238
14,439
25,360
2,250
15,303
(50)
56,774
25,195
4,599
20,596
27,495
1,250
16,973
(22)
62,536
32,057
5,778
26,279
33,307
13,200
23,037
–
66,522
33,297
5,895
27,402
40,261
$1,828,336
$1,962,624
$2,266,970
$2,318,970
$2,740,832
$3.00
Investments in securities
346,296
407,056
396,139
368,174
Loans and loans held for sale, net of allowance
1,236,214
1,349,675
1,647,239
1,693,162
1,837,279
380,795
Total deposits
Stockholders’ equity
Common shares outstanding
8,752
11,059
11,830
1,576,791
1,676,320
1,871,480
1,956,804
2,286,390
141,914
207,345
244,583
261,551
11,534
272,643
10,935
OT H E R F I N A N C I A L DATA
Return on average total assets
Return on average stockholders’ equity
Loans to deposits
Loan loss reserves to loans
Net yield on interest earning assets
Tier 1 capital to average assets
Efficiency ratio (2)
Charge-offs, net of recoveries
P E R S H A R E DATA
Net income
Market price (based on year end numbers)
Tangible book value per common share (1)
Cash dividends
0.68%
8.34%
78.97%
0.92%
3.27%
7.71%
69.46%
$1,419
$1.35
26.00
13.70
0.52
0.76%
7.78%
81.10%
0.95%
3.38%
10.53%
65.61%
$1,475
$1.41
30.65
16.81
0.53
0.97%
9.03%
88.68%
0.88%
3.49%
10.16%
67.37%
$458
$1.78
29.82
17.56
0.60
1.13%
10.37%
87.2%
0.95%
3.69%
10.24%
65.23%
$(301)
$2.26
32.88
19.53
0.70
1.07%
10.39%
81.65%
1.80%
3.74%
9.13%
58.86%
$331
$2.47
29.95
21.72
0.78
(1) Net core earnings is pre-tax, pre-provision, pre-PPP effects and pre-securities gain (loss). Net core earnings and tangible book value per common share
are financial measures that are not recognized by, or calculated in accordance with, U.S. generally accepted accounting principles, of GAAP. The most directly
comparable GAAP financial measures for these two calculations are net earnings and total shareholders’ equity per common share. See our reconciliation...
(2) The efficiency ratio was calculated by dividing total noninterest expenses by net interest income plus noninterest income, excluding securities losses or gains.
Taxes are not part of this calculation.
ON THE NUMBERS
GNTY STOCK PRICE,
EARNINGS PER SHARE AND DIVIDENDS
$35.00
30.00
25.00
20.00
15.00
10.00
5.00
-
2.50
2.00
1.50
1.00
0.50
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Stock Price
Earnings per Share
Dividends
*Note: 2014 dividends paid excludes a $1.00 special dividend paid to shareholders in connection with the
termination of subchapter S election.
** Pre-IPO stock prices are based on third-party valuations as of December 31 of each respective year.
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LOOKING
TO THE
In 2018, we developed a new five-year strategic plan that
Our commitment to the Guaranty Culture and our communities remains strong, even as we are
began in 2019 and continues through 2023. While 2020 and
limited with our face-to-face interactions. We hold frequent meetings to ensure that we are
the global pandemic caused us to pause some of the strategies
offering our employees and customers the fullest level of support throughout the pandemic.
and to accelerate others, significant investments were made in
technology that allows safe and secure remote work.
We consistently evaluate and reevaluate new and existing products to ensure they meet the ever-
changing needs of our customers. We strive to enhance sources of non-interest income through
Customers have increased their use of mobile and online
new products that help provide our customers with value.
banking. We’ve developed robust treasury management
services and products, as well as new technology and software
that provides efficient deposit account opening for new and
existing customers. We plan to continue to expand this new
technology to loans and business customers.
We implemented new software in our mortgage warehouse
department that allows customers to seamlessly interact with
our team and significantly improve process efficiencies. This
created notable mortgage warehouse volume growth that can
be serviced with existing personnel—an impossible feat with
our previous systems.
Government benefits and stimulus packages, particularly from
the Small Business Administration, have caused us to place
greater focus on our SBA department, which we plan to further
develop to best serve small businesses in Texas.
During 2020, we expanded the professional education offerings
provided to our employees via Guaranty University. Additionally,
the second class of our Leadership Development Program
graduated in November. In 2021, we plan to launch the Emerging
Leaders Program, an in-depth year long leadership and team
building course, for our Vice Presidents in all departments.
TEN YEAR ASSET GROWTH CHART
TOTAL ASSETS
(Dollars in thousands)
$2,800,000
$2,600,000
$2,400,000
$2,200,000
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ENTERED BRYAN/COLLEGE STATION MARKETENTERED DFW METROPLEX MARKETENTERED AUSTIN AND FORT WORTH MARKETSENTERED GREATER HOUSTON MARKET FIVE YEAR GROWTH TRENDS
TOTAL ASSETS (Dollars in millions)
$1,963
$2,287
$1,828
$2,319
$2,741
TOTAL LOANS 1 (Dollars in millions)
$1,709 $1,872
$1,661
$1,361
$1,246
2016 2017 2018 2019 2020
2016 2017 2018 2019 2020
TOTAL DEPOSITS (Dollars in millions)
$1,957 $2,286
$1,676 $1,871
$1,577
CORE EARNINGS 2 (Dollars in millions)
$27.5
$33.3
$40.3
$25.4
$20.4
2016 2017 2018 2019 2020
2016 2017 2018 2019 2020
1 Total loans, including loans held for sale
2 Core earnings defined as pre-tax, pre-provision, pre-PPP effects and pre-securities gain (loss)
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WE’RE GROWING
DALLAS/FORT WORTH
METROPLEX
Addison
Dallas
Denton
Fort Worth
Rockwall
Royse City
EAST TEXAS
Bogata
Commerce
Hallsville
Longview
Mount Pleasant
Mount Vernon
New Boston
Paris
Pittsburg
Sulphur Springs
Texarkana
CENTRAL TEXAS
HOUSTON
Austin
Lakeway
Bryan
Conroe
Houston
Katy
College Station
Houston Galleria
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I N M E M O RY O F
W E L D O N M I L L E R
1 9 3 5 – 2 0 2 1
Weldon Miller was on the Board of Directors and part
of the Guaranty Bank & Trust family for over 50 years,
serving many of those years as our Lead Independent
Director.
Weldon was a person of strong principles and character
who always believed in doing what was right regardless
of how difficult the circumstances. His support and
expertise over the last five decades was crucial in
providing management the confidence to make decisions
that were always in the best interest of our Company,
customers, and stakeholders.
Weldon’s influence on the culture at Guaranty cannot be
overstated and he played a big part of making us the
Company we are today. His 50 years of service leaves
shoes that are hard to fill and while he will be missed, his
impact on our Company and the people he influenced will
be felt for many years to come.
GUARANTY BANK & TRUST BOARD OF DIRECTORS
TY ABSTON
Chairman of
the Board & CEO
KIRK LEE
Vice Chairman & Chief
Credit Officer
CHUCK COWELL
Vice Chairman
RICKY BAKER
KRB Investments LLC
JOSH BRAY
District Manager
Sanitation Solutions
JEFF BROWN
Managing Partner
RoseRock Capital Group
JIM BUNCH
President & CEO
BWI, Inc.
BRAD DRAKE
President
Lamar Fabrication
CHRIS ELLIOTT
President
Elliott Auto Group
CARL JOHNSON JR.
Principal
Baker & Johnson, CPA
BRIAN MASON
Investments
MIKE NOLAN
Principal
Proterra Properties
BILL PRIEFERT
Chairman & CEO
Priefert Manufacturing Inc.
CARL SMITH
President
Heritage Constructors
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DELIVERY OF ANNUAL REPORT
This Annual Report is being delivered to shareholders of
Guaranty Bancshares, Inc. (the “Company”) in connection
with the 2021 Annual Meeting of Shareholders and should
be read with the Company’s proxy statement for the
meeting and Annual Report on Form 10-K, copies of which
accompany this Annual Report and have been filed with
the Securities and Exchange Commission (“SEC”). This
Annual Report is also available on our website www.gnty.
com under the heading “Investors – Financial Information.”
The Company will mail additional copies of this Annual
Report to its shareholders upon request.
FORWARD-LOOKING STATEMENTS
Th i s A n n u a l Re p o r t m ay co n t a i n fo r wa rd - l o o k i n g
statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking
statements reflect our current views with respect to, among
other things, future events and our results of operations,
financial condition and financial performance. These
statements are often, but not always, made through the
use of words or phrases such as “may,” “should,” “could,”
“predict,” “potential,” “believe,” “will likely result,” “expect,”
“continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,”
“plan,” “projection,” “would” and “outlook,” or the negative
version of those words or other comparable words of a
future or forward-looking nature. These forward-looking
statements are not historical facts, and are based on
current expectations, estimates and projections about our
industry, management’s beliefs and certain assumptions
made by management, many of which, by their nature, are
inherently uncertain and beyond our control. Accordingly,
we caution you that any such forward-looking statements
are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although we believe that the expectations reflected
cyber-attacks, an outbreak of hostilities, a public health
outbreak (such as COVID-19) or other international or
domestic calamities, and other matters beyond our
control; the composition of our loan portfolio, including
deteriorating asset quality and higher loan charge-offs;
the laws and regulations applicable to our business; our
ability to achieve organic loan and deposit growth and the
composition of such growth; increased competition in the
financial services industry, nationally, regionally or locally;
our ability to maintain our historical earnings trends; our
ability to raise additional capital to execute our business
plan; acquisitions and integrations of acquired businesses;
systems failures or interruptions involving our information
technology and telecommunications systems or third-
party services; the composition of our management team
and our ability to attract and retain key personnel; the
fiscal position of the U.S. federal government and the
soundness of other financial institutions; and the amount
of nonperforming and classified assets we hold. We can
give no assurance that any goal or plan or expectation
set forth in forward-looking statements can be achieved
and readers are cautioned not to place undue reliance
on such statements. The forward-looking statements are
made as of the date of this Annual Report, and we do not
intend, and assume no obligation, to update any forward-
looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the
occurrence of unanticipated events or circumstances,
except as required by applicable law.
DIVIDENDS CALENDAR
Dividends on Guaranty Bancshares, Inc. common stock are
payable, if paid, quarterly.
INDEPENDENT AUDITORS
Whitley Penn
in these forward-looking statements are reasonable as of
8343 Douglas Avenue
the date made, actual results may prove to be materially
Suite 400
different from the results expressed or implied by the
Dallas, Texas 75225
forward-looking statements. Such factors include, without
limitation, the “Risk Factors” referenced in our most recent
Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q, other risks and uncertainties listed
from time to time in our reports and documents filed with
the SEC, and the following factors: business and economic
conditions generally and in the financial services industry,
nationally and within our current and future geographic
market areas; economic, market, operational, liquidity,
credit and interest rate risks associated with our business;
natural disasters and adverse weather, acts of terrorism,
TRANSFER AGENT
Computer Investor Services
P. O. Box 50500
Louisville, KY 40233
Shareholder Services
800-962-4284
22
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