Guaranty Bancshares, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. The company recorded net earnings of $7.4 million for Q3 2024, an increase from $6.3 million in Q3 2023. However, net earnings for the nine months ended September 30, 2024, were $21.5 million, down from $24.2 million in the same period last year.
Total interest income for Q3 2024 was $40.4 million, slightly up from $39.8 million in Q3 2023. Net interest income increased to $24.2 million from $23.3 million year-over-year, driven by a rise in interest income on securities. The net interest margin improved to 3.36% from 3.06% in Q3 2023, reflecting a decrease in interest-bearing liability costs. However, net interest income for the nine months decreased to $71.7 million from $73.2 million in the prior year, attributed to an increase in interest expense, particularly on deposits.
Noninterest income for Q3 2024 totaled $5.2 million, a modest increase from $4.9 million in Q3 2023. The company experienced a decline in certain fee-based revenues, including a 20.3% drop in loan processing fee income, while service charges increased due to growth in demand deposit accounts.
The total loan portfolio decreased to $2.14 billion as of September 30, 2024, down from $2.32 billion at the end of 2023, with notable declines in commercial and industrial loans as well as construction and development loans. The allowance for credit losses was $28.5 million, representing 1.34% of total loans, slightly up from 1.33% at the end of 2023.
On the balance sheet, total assets decreased to $3.07 billion from $3.18 billion at the end of 2023. Total deposits increased to $2.67 billion, up from $2.63 billion, with noninterest-bearing deposits decreasing slightly. The company maintained a strong liquidity position, with cash and cash equivalents rising significantly to $162.9 million from $89.5 million at the end of 2023.
Guaranty Bancshares also announced a new stock repurchase program, authorizing the repurchase of up to 1.25 million shares of common stock, effective from April 2024. The company continues to focus on monitoring its loan portfolio and capital levels to remain compliant with regulatory standards, maintaining its classification as "well capitalized" under prompt corrective action regulations.
About GUARANTY BANCSHARES INC /TX/
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