Guaranty Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 26, 2018 at 08:30 am
Share
Guaranty Bancshares, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net earnings were $2,808,000 against $3,574,000 a year ago. Interest income was $18,689,000 against $16,717,000 a year ago. Net interest income was $15,488,000 against $14,025,000 a year ago. Earnings per common share, diluted were $0.25 against $0.40 a year ago. Book value per common share was $18.75 against $16.22 a year ago. Tangible book value per common share was $16.81 against $13.70 a year ago. Return on average assets was 0.58% against 0.79% a year ago. Return on average equity was 5.36% against 9.68% a year ago. The decrease in net earnings during the fourth quarter of 2017, compared to the same period in 2016, was primarily attributable to a one-time, non-cash charge to income tax provision of $1.7 million, or $0.17 per basic share, to reduce the value of net deferred tax assets due to a tax rate reduction from 35% to 21%.
For the full year, the company reported net earnings were $14,439,000 against $12,121,000 a year ago. Interest income was $71,782,000 against $64,708,000 a year ago. Net interest income was $59,630,000 against $53,840,000 a year ago. Earnings per common share, diluted were $1.40 against $1.35 a year ago. Book value per common share was $18.75 against $16.22 a year ago. Return on average assets was 0.76% against 0.68% a year ago. Return on average equity was 7.78% against 8.34% a year ago.
Guaranty Bancshares, Inc. is a bank holding company of Guaranty Bank & Trust, N.A. (the Bank). The Bank provides a range of relationship-driven commercial and consumer banking, as well as trust and wealth management products and services that are tailored to meet the needs of small- and medium-sized businesses, professionals and individuals. Its lending activities provide a range of loans, including commercial lines of credit, working capital loans, commercial real estate-backed loans, term loans, equipment financing, acquisition, expansion and development loans, borrowing base loans, real estate construction loans, homebuilder loans, letters of credit and other loan products. It also offers various consumer loans to individuals and professionals, including residential real estate loans, home equity loans, installment loans, unsecured and secured personal lines of credit, and standby letters of credit. The Bank operates 33 full-service banking locations.