Q3 2024 Guaranty Bancshares Inc Earnings Call Transcript
Key Points
- Guaranty Bancshares Inc (GNTY) reported a net income of $7.4 million for the third quarter, equating to $0.65 per basic share, which is an increase from $0.54 per share in the third quarter of 2023.
- The company's net interest margin improved to 3.33% this quarter, up from 3.26% in the second quarter and 3.02% during the same quarter last year.
- Nonperforming assets remain at historically low levels, with nonperforming loans as a percentage of total loans at 0.25% and as a percentage of total assets at 0.17%.
- Guaranty Bancshares Inc (GNTY) has a strong core deposit base, with noninterest-bearing deposits representing 31.5% of total deposits at quarter end.
- The company has a robust liquidity position, with a liquidity ratio of 17.1% and total contingent liquidity of about $1.4 billion available through various channels.
- Total assets decreased by $88 million year-to-date, although there was a slight increase of $15.5 million during the third quarter.
- Gross loans decreased by $78.5 million in the third quarter, contributing to a year-to-date decrease of about $186 million.
- Noninterest income decreased by $555,000 during the quarter, primarily due to the absence of a $900,000 ORE valuation allowance present in the prior quarter.
- The efficiency ratio was relatively high at 70.47% for the quarter, indicating potential inefficiencies in operations.
- The company experienced extraordinary expenses related to properties in ORE, although these are expected to be resolved soon.
Good morning and welcome to the Guaranty Bancshares third-quarter 2024 earnings call. My name is Nona Branch, and I will be your operator for today's call. I would like to remind everyone that this call is being recorded.
After our prepared remarks, there will be a Q&A session. Our host for today's call will be Ty Abston, Chairman and Chief Executive Officer; Shalene Jacobson, Executive Vice President and Chief Financial Officer. To begin our call, I will now turn it over to our CEO, Ty Abston.
Thank you, Nona. Good morning, everyone and again, welcome to our third-quarter earnings call. Our company did have a good quarter. We did have some extraordinary expenses related to a couple of properties we have in ORE where we capitalized expenses on those properties. We feel like those will be resolved in the next few weeks as we have both those properties under contract. So that will kind of resolve itself and we'll recoup some of those expenses.
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