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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | Condensed financial information of Guaranty Bancshares, Inc. follows:
|  | December 31, |
|  | 2021 |  |  | 2020 |
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,709 |  |  | $ | 1,227 |
Investment in banking subsidiaries |  |  | 326,489 |  |  |  | 305,926 |
Other assets |  |  | 627 |  |  |  | 451 |
Total assets |  | $ | 329,825 |  |  | $ | 307,604 |
LIABILITIES AND EQUITY |  |  |  |  |  |
Line of credit |  | $ | 5,000 |  |  | $ | 12,000 |
Subordinated debentures |  |  | 19,810 |  |  |  | 19,810 |
Accrued expenses and other liabilities |  |  | 2,801 |  |  |  | 3,151 |
Shareholders’ equity |  |  | 302,214 |  |  |  | 272,643 |
Total liabilities and shareholders’ equity |  | $ | 329,825 |  |  | $ | 307,604 |
Condensed Income Statement |
|  | For the Years Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Interest income |  | $ | 7 |  |  | $ | 10 |  |  | $ | 15 |
Dividends from Guaranty Bank & Trust |  |  | 18,000 |  |  |  | — |  |  |  | 23,000 |
|  |  | 18,007 |  |  |  | 10 |  |  |  | 23,015 |
Expenses |  |  |  |  |  |  |  |  |
Interest expense |  |  | 916 |  |  |  | 939 |  |  |  | 653 |
Other expenses |  |  | 2,520 |  |  |  | 2,000 |  |  |  | 1,819 |
|  |  | 3,436 |  |  |  | 2,939 |  |  |  | 2,472 |
Income (loss) before income tax and equity in undistributed income of subsidiary |  |  | 14,571 |  |  |  | (2,929 | ) |  |  | 20,543 |
Income tax benefit |  |  | 718 |  |  |  | 574 |  |  |  | 639 |
Income (loss) before equity in undistributed earnings of subsidiary |  |  | 15,289 |  |  |  | (2,355 | ) |  |  | 21,182 |
Equity in undistributed earnings of subsidiary |  |  | 24,517 |  |  |  | 29,757 |  |  |  | 5,097 |
Net earnings |  | $ | 39,806 |  |  | $ | 27,402 |  |  | $ | 26,279 |
Comprehensive income |  | $ | 36,482 |  |  | $ | 38,824 |  |  | $ | 33,648 |
Condensed Cash Flow Statement |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 39,806 |  |  | $ | 27,402 |  |  | $ | 26,279 |
Adjustments: |  |  |  |  |  |  |  |  |
Equity in undistributed subsidiary earnings |  |  | (24,517 | ) |  |  | (29,757 | ) |  |  | (5,097 | )
Stock based compensation |  |  | 733 |  |  |  | 749 |  |  |  | 663 |
Change in other assets |  |  | (176 | ) |  |  | 18 |  |  |  | 85 |
Change in other liabilities |  |  | 44 |  |  |  | (673 | ) |  |  | 503 |
Net cash (used in) provided by operating activities |  |  | 15,890 |  |  |  | (2,261 | ) |  |  | 22,433 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Net cash provided by investing activities |  |  | — |  |  |  | — |  |  |  | — |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds of borrowings |  |  | 10,000 |  |  |  | 40,000 |  |  |  | — |
Repayments of borrowings |  |  | (17,000 | ) |  |  | (19,000 | ) |  |  | (2,000 | )
Purchase of treasury stock |  |  | — |  |  |  | (16,927 | ) |  |  | (10,140 | )
Exercise of stock options |  |  | 2,019 |  |  |  | 638 |  |  |  | 925 |
Cash dividends paid |  |  | (9,427 | ) |  |  | (8,487 | ) |  |  | (8,065 | )
Net cash used in financing activities |  |  | (14,408 | ) |  |  | (3,776 | ) |  |  | (19,280 | )
Net change in cash and cash equivalents |  |  | 1,482 |  |  |  | (6,037 | ) |  |  | 3,153 |
Beginning cash and cash equivalents |  |  | 1,227 |  |  |  | 7,264 |  |  |  | 4,111 |
Ending cash and cash equivalents |  | $ | 2,709 |  |  | $ | 1,227 |  |  | $ | 7,264 |

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