UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005. |
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OR |
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o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO ____________ |
COMMISSION FILE NUMBER: 000-24235
GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
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TEXAS |
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75-16516431 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
100 W. ARKANSAS
MT. PLEASANT, TEXAS 75455
(Address of principal executive offices, including zip code)
903-572-9881
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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x Yes |
o No |
Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 126-2 of the Exchange Act).
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o Yes |
x No |
As of May 12, 2005, there were 2,825,012 shares of the registrant’s Common Stock, par value $1.00 per share, outstanding.
GUARANTY BANCSHARES, INC.
INDEX TO FORM 10-Q
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Page |
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PART I - |
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Item 1. |
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3 |
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4 |
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Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity |
5 |
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6 |
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7 |
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8 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
12 |
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Item 3. |
23 |
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Item 4. |
23 |
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PART II - |
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Item 1. |
23 |
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Item 2. |
24 |
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Item 3. |
24 |
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Item 4. |
24 |
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Item 5. |
24 |
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Item 6. |
24 |
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25 |
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2
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GUARANTY BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT PAR VALUE)
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March 31, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Cash and due from banks |
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$ |
16,055 |
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$ |
14,949 |
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Federal funds sold |
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5,395 |
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9,075 |
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Interest-bearing deposits |
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206 |
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210 |
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Total cash and cash equivalents |
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21,656 |
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24,234 |
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Interest-bearing time deposits |
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12,823 |
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12,823 |
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Securities available for sale |
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111,842 |
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103,751 |
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Loans held for sale |
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2,666 |
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1,749 |
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Loans, net of allowance for loan losses of $4,418 and $4,154 |
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375,388 |
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371,431 |
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Premises and equipment, net |
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13,501 |
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13,471 |
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Other real estate |
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617 |
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692 |
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Accrued interest receivable |
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2,849 |
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2,794 |
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Goodwill |
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2,338 |
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2,338 |
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Cash surrender value of life insurance |
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5,304 |
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5,260 |
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Other assets |
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3,528 |
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3,423 |
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Total assets |
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$ |
552,512 |
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$ |
541,966 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Liabilities |
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Deposits |
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Noninterest-bearing |
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$ |
86,600 |
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$ |
82,302 |
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Interest-bearing |
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357,431 |
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351,441 |
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Total deposits |
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444,031 |
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433,743 |
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Accrued interest and other liabilities |
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4,169 |
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4,736 |
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Federal Home Loan Bank advances |
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55,459 |
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54,553 |
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Junior subordinated debentures |
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10,310 |
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10,310 |
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Total liabilities |
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513,969 |
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503,342 |
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Commitments and Contingencies |
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— |
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— |
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Shareholders’ equity |
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Preferred stock, $5.00 par value, 15,000,000 shares authorized, no shares issued |
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— |
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— |
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Common stock, $1.00 par value, 50,000,000 shares authorized, 3,252,016 shares issued |
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3,252 |
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3,252 |
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Additional paid-in capital |
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12,864 |
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12,882 |
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Retained earnings |
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27,388 |
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26,405 |
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Treasury stock, 332,291 and 339,339 shares at cost |
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(4,101 |
) |
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(4,179 |
) |
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Accumulated other comprehensive (loss) income |
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(860 |
) |
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264 |
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Total shareholders’ equity |
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38,543 |
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38,624 |
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Total liabilities and shareholders’ equity |
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$ |
552,512 |
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$ |
541,966 |
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See accompanying notes to interim consolidated financial statements.
3
GUARANTY BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
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Three Months Ended |
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2005 |
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2004 |
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Interest income |
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Loans, including fees |
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$ |
5,909 |
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$ |
5,688 |
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Securities |
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Taxable |
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970 |
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958 |
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Nontaxable |
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150 |
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14 |
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Federal funds sold and interest-bearing deposits |
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113 |
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40 |
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Total interest income |
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7,142 |
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6,700 |
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Interest expense |
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Deposits |
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1,877 |
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1,399 |
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FHLB advances and federal funds purchased |
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516 |
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500 |
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Junior subordinated debentures |
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250 |
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251 |
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Total interest expense |
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2,643 |
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2,150 |
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Net interest income |
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4,499 |
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4,550 |
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Provision for loan losses |
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200 |
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250 |
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Net interest income after provision for loan losses |
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4,299 |
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4,300 |
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Noninterest income |
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Service charges |
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700 |
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724 |
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Net realized gain on securities transactions |
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— |
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42 |
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Other operating income |
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691 |
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462 |
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Total noninterest income |
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1,391 |
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1,228 |
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Noninterest expense |
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Employee compensation and benefits |
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2,556 |
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2,476 |
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Occupancy expenses |
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537 |
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504 |
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Other operating expenses |
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1,154 |
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1,134 |
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Total noninterest expenses |
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4,247 |
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4,114 |
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Earnings before provision for income taxes |
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1,443 |
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1,414 |
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Provision for income taxes |
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460 |
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382 |
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Net Earnings |
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$ |
983 |
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$ |
1,032 |
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Basic earnings per common share |
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$ |
0.34 |
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$ |
0.35 |
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Diluted earnings per common share |
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$ |
0.33 |
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$ |
0.35 |
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See accompanying notes to interim consolidated financial statements.
4
GUARANTY BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS’ EQUITY
(DOLLARS IN THOUSANDS)
(UNAUDITED)
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Three Months Ended |
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2005 |
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2004 |
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Balance at beginning of period |
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$ |
38,624 |
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$ |
36,448 |
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Net earnings |
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983 |
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1,032 |
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Exercise of stock options |
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81 |
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— |
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Purchases of treasury stock |
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(21 |
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— |
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Change in unrealized (loss) gain on securities available for sale, net of tax |
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(1,124 |
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149 |
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Balance at end of period |
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$ |
38,543 |
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$ |
37,629 |
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See accompanying notes to interim consolidated financial statements.
5
GUARANTY BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
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Three Months |
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2005 |
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2004 |
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Net cash provided by operating activities |
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$ |
550 |
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$ |
1,277 |
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Cash flows from investing activities |
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Securities available for sale: |
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Purchases |
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(14,601 |
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(2,004 |
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Sales |
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— |
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1,542 |
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Proceeds from maturities and principal repayments |
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4,621 |
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7,324 |
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Net increase in loans |
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(4,173 |
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(2,711 |
) |
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Net purchases of premises and equipment |
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(311 |
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(226 |
) |
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Net proceeds from sale of other real estate |
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82 |
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63 |
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Net cash used in investing activities |
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(14,382 |
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3,988 |
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Cash flows from financing activities |
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Net change in deposits |
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10,288 |
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8,008 |
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Proceeds from FHLB advances |
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3,000 |
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— |
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Repayment of FHLB advances |
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(2,094 |
) |
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(89 |
) |
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Net change in federal funds purchased |
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— |
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(7,295 |
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Exercise of stock options |
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81 |
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— |
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Purchase of treasury stock |
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(21 |
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— |
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Net cash provided by financing activities |
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11,254 |
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|
624 |
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Net change in cash and cash equivalents |
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