PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2018

Condensed financial information of Guaranty Bancshares, Inc. follows:



	2018		2017
ASSETS
Cash and cash equivalents	$	4,111	$	14,009
Investment in banking subsidiaries	255,637		208,995
Other assets	384		511
Total assets	$	260,132	$	223,515

LIABILITIES AND EQUITY
Debt	$	12,810	$	13,810
Accrued expenses and other liabilities	2,739		2,360
KSOP-owned shares	—		—
Shareholders’ equity	244,583		207,345
Total liabilities and shareholders’ equity	$	260,132	$	223,515



	2018		2017			2016
Interest income	$	13	$	11		$	19
Dividends from Guaranty Bank & Trust	10,000		—			12,000
	10,013		11			12,019
Expenses
Interest expense	687		1,024			1,417
Other expenses	2,590		1,682			1,406
	3,277		2,706			2,823
Income (loss) before income tax and equity in undistributed income of subsidiary	6,736		(2,695		)	9,196
Income tax benefit	482		354			900
Income (loss) before equity in undistributed earnings of subsidiary	7,218		(2,341		)	10,096
Equity in undistributed earnings of subsidiary	13,378		16,780			2,025
Net earnings	$	20,596	$	14,439		$	12,121
Comprehensive income	$	18,047	$	14,799		$	12,207



	2018			2017			2016
Cash flows from operating activities
Net earnings	$	20,596		$	14,439		$	12,121
Adjustments:
Equity in undistributed subsidiary earnings	(13,378		)	(16,780		)	(2,025		)
Stock based compensation	592			355			211
Change in other assets	127			1,270			89
Change in other liabilities	557			1,589			(227		)
Net cash provided by operating activities	8,494			873			10,169

Cash flows from investing activities
Cash paid in connection with acquisitions	(6,423		)	—			—
Investment in Guaranty Bank & Trust	—			(15,000		)	—
Net cash used in investing activities	(6,423		)	(15,000		)	—

Cash flows from financing activities
Proceeds of borrowings	—			2,000			19,000
Repayments of borrowings	(1,000		)	(25,786		)	(20,714		)
Sale of common stock	—			55,755			—
Purchase of treasury stock	(4,265		)	—			(12,218		)
Sale of treasury stock	—			—			8,557
Exercise of stock options	327			84			36
Dividends paid	(7,031		)	(5,562		)	(4,615		)
Net cash (used in) provided by financing activities	(11,969		)	26,491			(9,954		)

Net change in cash and cash equivalents	(9,898		)	12,364			215
Beginning cash and cash equivalents	14,009			1,645			1,430
Ending cash and cash equivalents	$	4,111		$	14,009		$	1,645