BUILT
TO
LAST
An nua l R E p o r t 2 017
Bancshares, Inc.
(in thousands, except per share data) 2013 2014 2015 2016 2017
Operating Results
Net interest income 35,368$ 39,123$ 47,759$ 53,840$ 59,630$
Provision for loan losses 1,745 1,322 2,175 3,640 2,850
Non-interest income 11,562 10,792 11,483 13,016 14,279
Net realized gain (loss) on securities 578 (212) 77 82 167
Non-interest expense 31,400 34,854 42,594 46,380 48,832
Earnings before provision for income taxes 13,785 13,739 14,473 16,836 22,677
Income tax provision (2) 4,009 4,023 4,362 4,715 8,238
Net earnings (2) 9,776 9,716 10,111 12,121 14,439
Core earnings (3) 14,952 15,273 16,571 20,394 25,360
At year end
Total assets 1,246,451$ 1,334,068$ 1,682,640$ 1,828,336$ 1,962,624$
Loans, net of allowance 699,192 784,423 1,063,271 1,236,214 1,349,675
Investments in securities 386,966 358,090 397,975 346,296 407,056
Total deposits 1,001,813 1,076,792 1,466,197 1,576,791 1,676,320
Stockholders' equity (1) 97,095 112,289 137,736 141,914 207,345
Common shares outstanding 7,375 8,016 8,901 8,752 11,059
Other financial data
Return on average total assets (2) 0.83% 0.76% 0.65% 0.68% 0.76%
Return on average stockholders' equity (2) 10.13% 8.69% 7.44% 8.34% 7.78%
Loans to deposits 69.79% 73.20% 72.89% 78.97% 81.10%
Loan loss reserves to loans 1.01% 0.98% 0.87% 0.92% 0.95%
Net yield on interest earning assets 3.23% 3.33% 3.33% 3.27% 3.38%
Tier 1 capital to average assets 8.80% 9.05% 8.33% 7.71% 10.53%
Efficiency ratio 67.74% 69.53% 71.99% 69.46% 65.61%
Charge-offs net of recoveries 1,006$ 694$ 633$ 1,419$ 1,475$
Per share data (adjusted for a 2 for 1 stock split done August 2014)
Net income (2) 1.35$ 1.25$ 1.15$ 1.35$ 1.41$
Market price (value based on year end numbers) 22.50 23.00 24.00 26.00 30.65
Tangible Book value 11.84 12.89 12.95 13.70 16.81
Cash dividends, not including tax as a S Corp 0.47 1.50 0.50 0.52 0.53
Company was a S Corporation during 2013
(1)Reflects the total shareholders equity of the Company after giving effect to the KSOP Repurchase Right Termination
(2)Numbers adjusted as if a C Corporation in 2013
Guaranty Bancshares, Inc. 2017 Annual Report Summary
Financial Highlights
(in thousands, except per share data) 2010 2011 2012 2013 2014 2015 2016 2017
Operating Results
Net interest income 28,753$ 33,492$ 31,843$ 35,368$ 39,123$ 47,759$ 53,840$ 59,630$
Guaranty Bancshares, Inc. 2017 Annual Report Summary
Financial Highlights
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Ear
nings Pe
r Shar
e
Stock Price
GNTY STOCK PRICE and
EARNINGS PER SHARE
Stock Price Earnings Per Share
GNTY STOCK PRICE AND EARNINGS PER SHARE4
Guaranty Bancshares, Inc. 2017 Annual Report Summary - FINANCIAL HIGHLIGHTS
OPERATING RESULTS
T YEAR END
OTHER FINANCIAL DATA
PER SHARE DATA (adjusted for a 2 for stock split done August 2014)
Company was a S Corporation during 2013
(1) Reflects the total shareholders’ equity of the Company after giving effect to the KSOP Repurchase Right Termination
(2) Numbers adjusted as if a C Corporation in 2013
(3) Pre-tax pre-provision pre-securities gain (loss)
(4) Pre-IPO stock prices are based on third-party valuations as of December 31 of each respective year.
2017_Guaranty_AR_FINAL.indd 2 3/15/18 2:29 PM
Guaranty’s legacy dates back to
1913 when Guaranty State Bank
was formed. Today our sound
financial principles and strong
business ethics have provided a
solid foundation for our success.
As we enter a new era as a public
company and expand into new
markets, our commitment to the
value of offering our customers
strength and stability will
never waver.
Guaranty is built to last.
GNTY STOCK PRICE AND EARNINGS PER SHAR
2017_Guaranty_AR_FINAL.indd 3 3/14/18 9:41 AM
2017_Guaranty_AR_FINAL.indd 4 3/14/18 9:41 AM
LETTER TO SHAREHOLDERS ............... 6
YEAR IN REVIEW ................................. 8
OUR STORY ......................................... 10
Our Culture is Our Strength .......................... 11
Employee Ownership .................................... 11
Growing Our Leaders .................................... 11
Empowering Locally ....................................... 11
Brand and Reputation Strength ................... 12
OUTLOOK FOR THE FUTURE ............... 13
Pending Acquisition of Westbound Bank ... 14
Investing in Technology ................................. 14
BOARD OF DIRECTORS ....................... 16
Annual Report 2017
TABLE OF
CONTENTS
5
2017_Guaranty_AR_FINAL.indd 5 3/14/18 9:41 AM
BUILT TO LAST
A LETTER TO
OUR SHAREHOLDERS
Guaranty Bancshares had a very good year in 2017,
with prospects of an even better year in 2018. We
achieved record core earnings of $25.4 million, a 25%
increase over 2016 core earnings of $20.4 million. Our
reported 2017 earnings of $14.4 million reflect a one-
time adjustment in our deferred tax assets related to the
new corporate tax rates signed into law in December,
which before the write-down, would have resulted in
net earnings of $16.1 million. In addition, Guaranty’s
new corporate tax rate in 2018 will be 21%, down
from the prior 35%. This lower tax rate represents a
projected boost in annual earnings of nearly $3 million.
Although the change did require a one-time write-down
in our deferred tax assets of $1.7 million, the net effect
will be very positive for Guaranty’s future earnings and
financial results.
We completed a successful Initial Public Offering
(IPO) in May 2017, taking Guaranty public under the
NASDAQ ticker symbol GNTY. While we offered only
2.3 million shares in our IPO, we received subscriptions
for many times that amount. As part of the IPO launch,
we completed a road show over several days in New
York, Boston, Chicago, and Dallas. Our story and
strategy were well received, and we gained several new
institutional investors in Guaranty that will not only be
good owners, but also good partners. The total return on
GNTY stock for 2017 was almost 20%, which includes
a dividend payment of 53 cents per share. 2017 is the
31st consecutive year Guaranty has paid dividends to
our shareholders.
As a public company, we have a readily available
market both for our shareholders’ liquidity needs and
for additional investment in Guaranty as desired. In the
past we always maintained liquidity for shareholders, but
we often received requests to buy stock and had none
available to sell. We now have available stock that can
be purchased on the open market, as well as liquidity
available for those wishing to sell shares. We also have a
strong currency in the form of GNTY stock to use for future
acquisitions, as the right opportunities come along. The
recently announced Westbound Bank acquisition is an
example of a good strategic move we can make as a
public company.
Guaranty continues to maintain a strong balance sheet,
disciplined expense management, and a healthy capital
position. While we announced no acquisitions in 2017,
the Company expanded into two new markets, Austin
and Fort Worth. Corporately, total loans grew $115.0
million (9.2%) to a record $1.36 billion. Deposits grew
by over $99.5 million (6.3%) to a record $1.68 billion.
Organic growth remains the bread and butter of our
corporate strategy. As our banks mature in expansion
markets, they will further contribute to growth over the
coming years.
Our new banks in the thriving markets of Austin and
Fort Worth are led by bankers with local experience
and roots. Travis Brown leads our Austin team as
market president, and Casey Tibbets leads our new
bank in the Fort Worth market. We are excited to have
both of these fine bankers join Guaranty, and we’re
very optimistic about our future prospects in these
new markets.
2013 2014 2015 2016 2017
$706
$790
$1,071
$1,246
$1,361TOTAL LOANS
(Dollars in Millions)
2013 2014 2015 2016 2017
$1,002
$1,077
$1,466
$1,577 $1,676
TOTAL DEPOSITS
(Dollars in Millions)
2013 2014 2015 2016 2017
$97.1
$112.3
$137.7 $141.9
$207.3TOTAL SHAREHOLDERS
EQUITY
(Dollars in Millions)
2013 2014 2015 2016 2017
$706
$790
$1,071
$1,246
$1,361TOTAL LOANS
(Dollars in Millions)
2013 2014 2015 2016 2017
$1,002
$1,077
$1,466
$1,577 $1,676
TOTAL DEPOSITS
(Dollars in Millions)
2013 2014 2015 2016 2017
$97.1
$112.3
$137.7 $141.9
$207.3TOTAL SHAREHOLDERS
EQUITY
(Dollars in Millions)
6
2017_Guaranty_AR_FINAL.indd 6 3/14/18 9:41 AM
In January 2018, we announced our expansion into
the growing and dynamic Houston market with the
acquisition of Westbound Bank. Westbound has an
attractive banking footprint within the Houston area
market, with locations in Katy, Conroe, Bellaire, and
Houston. Troy England, Westbound’s CEO, has over 30
years’ experience in the Houston market and will join
Guaranty as our Houston Area Chairman. We welcome
Westbound’s shareholders and staff into the Guaranty
family. Expected to close in June 2018, this transaction
is immediately accretive to earnings and provides
Guaranty with a platform to further grow and diversify
our banking franchise, while expanding our brand into
the Houston region. We are excited about the long-term
prospects this expansion brings to our Company.
Guaranty will soon have a state-wide banking franchise,
operating within four regions: East Texas, Dallas-Fort
Worth, Central Texas, and Houston. This platform not
only positions Guaranty to benefit from future growth
across our great state; it further strengthens our franchise
by creating additional diversification within our balance
sheet. Guaranty’ strong brand and reputation will benefit
from this expanded footprint, making us a premier Texas
banking franchise.
In addition to our growth, we also realized operating
efficiencies in 2017 which helped drive our profitability
closer to our historic norms. More improvements in this
area are projected in 2018 as we mature new banks and
continue adding scale to our fi?ed overhead and bank
operations. The scalability of our banking platforms,
with the organic growth model to add earning assets
without significant stock dilution, represents real value
for Guaranty shareholders over the coming years. Our
recent years of expansion, corporate relocations and
fi?ed asset investments are starting to bear fruit.
Guaranty’s talented team continues to be the heart of
our Company. For the 9th consecutive year, Guaranty
made Texas Monthly’s list of the Best Companies to
Work for in Texas. The culture of Guaranty and the
strong ownership mentality of our team will always be
part of the unique character that defines our success.
As we build a larger organization, we are constantly
looking to add talent at all levels. Last year, Mrs. Molly
Curl joined our Company Board of Directors and Audit
?ommittee. ?ith over 40 years of financial e?perience
in public accounting, bank management, and service
on the Texas Finance Commission, she brings valuable
skills and insight to our Company. We are excited to
have Molly join our team. We will continue to recruit
talented people to our team that fit Guaranty’s culture
and add additional bandwidth to our Company.
2018 will likely be another transformational year as
several multi-year plans come together. Our current
models project a very good year for the bank, both in
terms of growth and profitability. ?e will focus on the
continued execution of our expansion into Austin and
Fort Worth. We will work hard to achieve additional
growth in our existing markets, both legacy and newer
expansion markets. We will fully integrate the Westbound
Bank and team into our system and develop long-term
plans for that market. To give our growing Company
needed space and better visibility, we plan to look for
new corporate office space in ?allas. ?e will remain
vigilant in our risk management practices and continue
to protect our strong balance sheet. 2018 should be a
successful and productive year.
Our whole team feels fortunate to have the opportunity
to lead such a great company. We look forward to the
coming year, and we’re excited about what lies ahead
for our Company. Thank you, fellow shareholders, for
your continued investment, support, and confidence in
Guaranty Bancshares and Guaranty Bank & Trust.
Ty A bs ton
? ? ? ? ? ? ? ? ? ?
? ?
2013 2014 2015 2016 2017
$706
$790
$1,071
$1,246
$1,361TOTAL LOANS
(Dollars in Millions)
2013 2014 2015 2016 2017
$1,002
$1,077
$1,466
$1,577 $1,676
TOTAL DEPOSITS
(Dollars in Millions)
2013 2014 2015 2016 2017
$97.1
$112.3
$137.7 $141.9
$207.3TOTAL SHAREHOLDERS
EQUITY
(Dollars in Millions)
?
2017_Guaranty_AR_FINAL.indd 7 3/14/18 9:41 AM
2017
YEAR IN REVIEW
While 2017 was an important year throughout, here are some of
our most notable achievements:
Successfully completed IPO
launch and public offering in
May 2017
Launched a new and enhanced
website at www.gnty.com
Added GNTY to the Russell 2000
Index in June 2017
Named by Texas Monthly, for the
9th consecutive year, as one of
the Best Companies to Work
for in Texas
Opened a new bank in Austin
Maintained strong asset quality
ratios and metrics
Opened a new bank in Fort Worth
Started a Small Business
Administration (SBA)
department to add lending
products to our credit menu
that will help facilitate new
growth opportunities
Achieved record loan, deposit,
and net income results
8
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9
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OUR STORY
STRONG ROOTS
Guaranty Bank & Trust was originally chartered as a Texas state banking association in 1913 and converted
its charter to a national banking association in 2012. Guaranty Bancshares, Inc. was incorporated in 1990 to
serve as the holding company for Guaranty Bank & Trust. During our more than 100-year operating history, we
have forged long-standing relationships with our customers and employees and deep ties to the communities
we serve. Our growth until 2013 was exclusive to the East Texas region, where we gained market share by
building lending and deposit relationships with existing customers and fostered new relationships to help all of
our customers achieve success. Our recent expansion strategy has included markets that can further enhance
growth and leverage operating efficiencies, while maintaining a conservative credit culture. The expansion into
new markets has consisted of both acquisitions and de novo banking locations, resulting in successful strategic
asset growth as illustrated below.
Source: S&P Global Market Intelligence - SNL
TOTAL ASSETS
(Dollars in thousands)
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Entere
d Brya
n
/ Colleg
e
Statio
n marke
t
Entere
d D/F
W
m
etrople
x
regio
n
Entere
d Austi
n an
d For
t Wort
h market
s
10
2017_Guaranty_AR_FINAL.indd 10 3/15/18 2:30 PM
Our Culture is Our Strength
?e ?elieve a great ?an? re?uires the right amount of two forms of capital? financial and human. ?e recogni?e that our
a?ilit? to successfull? deplo? our financial capital is directl? related to our a?ilit? to ?ring the right people together
and to nurture an ownership mentalit? within our ?ompan?. This understanding has rewarded us with a cohesive
group of emplo?ees whose interests align with our shareholders? interests.
Employee Ownership
We believe that offering our employees an ownership
sta?e in the ?ompan? enhances our emplo?ees?
dedication to our organi?ation and focused commitment
on executing our strateg?. ?s of ?ecem?er ??, ????,
our emplo?ees owned ??.?? of our outstanding shares
of common stock through our employee retirement
plan. ?mplo?ee ownership is also an attractive
?enefit for recruiting top talent that adds to our
competitive strength.
Growing Our Leaders
?uarant? invests in our people. ?ne such investment
is a ro?ust management training program designed
to develop comprehensive ?an?ers who understand
all aspects of our operations and our core values.
?an? successful graduates of our program have ?een
promoted to leadership positions, ensuring that ?uarant?
continues to focus on succession planning.
Empowering Locally
?mpowering our local ?an?ers with decision?ma?ing
authorit? is another competitive strength. ?ur teams
are e?uipped to implement our operating strateg?,
expand our ?rand locall?, and provide high levels
of customer service, while supporting communit?
charities and volunteer efforts. ?ur ?an?ers have
the ?exi?ilit? to serve the needs of our customers
in a personali?ed wa? while ?eing supported
with industr??leading technolog? and centrali?ed
operational support.
11
2017_Guaranty_AR_FINAL.indd 11 3/15/18 2:31 PM
Brand and Reputation Strength
Guaranty has built a strong brand and reputation by being a reliable partner, by having the capacity to meet our
customers’ needs, and by being actively involved in the communities we serve. We are continuously building our
brand and reputation in our newer markets by developing teams that complement our culture and core values.
RECENT FRANCHISE EXPANSION
2017_Guaranty_AR_FINAL.indd 12 3/15/18 2:31 PM
OUTLOOK
FOR THE FUTURE
The principles on which the Company was built have provided the solid foundation for our success. In the coming
years, we look forward to strengthening our presence in our legacy markets, while developing long-term relationships
in our recently expanded markets. Our management team will continue to explore expansion opportunities while
staying true to our commitment to operate as a community bank and generate shareholder value.
The table below illustrates recent expansion strategies that will contribute to our growth and development of
new relationships.
Whole Bank Acquisitions
Target Completion Date Market Target Total Assets ($000)
June 2018 (Anticipated) Houston $ 228,037
April 2015 Dallas / Fort Worth $ 76,415
March 2015 Dallas / Fort Worth $ 130,170
July 2013 East Texas $ 32,027
De Novo Locations
Location Opening Date Market
Fort Worth November 2017 Dallas / Fort Worth
Austin November 2017 Central Texas
College Station December 2016 Central Texas
Denton May 2016 Dallas / Fort Worth
Rockwall September 2015 Dallas / Fort Worth
Bryan June 2014 Central Texas
College Station South June 2013 Central Texas
Paris Loop March 2013 East Texas
Branch Acquisitions
Target Completion Date Branches Target Total Assets ($000)
Dallas / Fort Worth- based Bank August 2016 1 - Denton $ 4,600
13
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Pending Acquisition of
Westbound Bank
In January 2018, the Company entered into a definitive
agreement to acquire Westbound Bank. Established
in 2007, Westbound Bank has an attractive market
footprint, including four locations in the Houston
area. As of December 31, 2017, Westbound reported
total assets of $228.0 million, total loans of $160.3
million and total deposits of $188.5 million.
Investing in Technology
Further fueling our ability to grow, Guaranty has built
a scalable operational platform that we believe is
stronger than required for our size, that enables us to
easily absorb and integrate mid-sized acquisitions and
new de novo locations without a commensurate need
to expand our back-office capabilities. This allows
us to focus on growing the bank while maintaining
operational efficiencies, resulting in improved
profitability and increased value to shareholders.
Fraud mitigation and information security continues
to be a key focus. In 2017, we implemented a new
fraud detection platform that incorporates various
compliance functions into a single, more efficient
solution. We improved ATM security by installing chip
readers and anti-skimming technology on our ATM
fleet. Furthermore, we introduced a surcharge-free
ATM network to include over 55,000 ATMs worldwide.
Finally, we are making significant investments
in business analytics and data aggregation that
allow us to make intelligent decisions and identify
opportunities for improved customer service.
14
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1?
2017_Guaranty_AR_FINAL.indd 15 3/14/18 9:41 AM
WELDON MILLER
PRESIDENT
EVERYBODY’S FURNITURE
MOLLY CURL
RETIRED PARTNER
GRANT THORNTON, LLP
TY ABSTON
CHAIRMAN OF THE BOARD & CEO
GUARANTY BANCSHARES, INC.
ART SCHARLACH
INVESTMENTS
BILL PRIEFERT
CHAIRMAN & CEO
PRIEFERT MANUFACTURING, INC.
RICKY BAKER
KRB INVESTMENTS, LLC
CHRIS ELLIOTT
PRESIDENT
ELLIOTT AUTO GROUP
BRAD DRAKE
PRESIDENT
LAMAR FABRICATION
JOHNNY CONROY
INVESTMENTS
CAPPY PAYNE
SENIOR EXECUTIVE VICE PRESIDENT
& CFO
GUARANTY BANCSHARES, INC.
JIM BUNCH
PRESIDENT & CEO
BWI, INC.
CARL JOHNSON, JR.
PRINCIPAL
BAKER & JOHNSON, CPA
KIRK LEE
PRESIDENT
GUARANTY BANCSHARES, INC.
GUARANTY BANCSHARES, INC.
BOARD OF DIRECTORS
INDEPENDENT AUDITORS
Whitley Penn
8343 Douglas Avenue, Suite 400
Dallas, Texas 75225
TRANSFER AGENT
Computershare Investor Services
P.O. Box 505000
Louisville, KY 40233
Shareholder Services
800-962-4284
DIVIDENDS CALENDAR
Dividends on Guaranty Bancshares, Inc.
common stock are payable,
if paid, quarterly.
ROW 1 - left to right ROW 2 - left to right ROW 3 - left to right
16
2017_Guaranty_AR_FINAL.indd 16 3/14/18 9:41 AM
TY ABSTON
CEO & CHAIRMAN OF
THE BOARD
BRIAN MASON
CHAIRMAN
LOOK CINEMAS
JEFF BROWN
CFO & MANAGING PARTNER
ROSEROCK
CHUCK COWELL
VICE CHAIRMAN
BILL PRIEFERT
CHAIRMAN & CEO
PRIEFERT MANUFACTURING
JOHNNY CONROY
INVESTMENTS
KIRK LEE
VICE CHAIRMAN &
CHIEF CREDIT OFFICER
MIKE NOLAN
PRINCIPAL
PROTERRA PROPERTIES
JIM BUNCH
PRESIDENT & CEO
BWI, INC.
RICKY BAKER
KRB INVESTMENTS, LLC
CARL SMITH
PRESIDENT
HERITAGE CONSTRUCTORS
BRAD DRAKE
PRESIDENT
LAMAR FABRICATION
CHRIS ELLIOTT
PRESIDENT
ELLIOTT AUTO GROUP
JOSH BRAY
PRESIDENT
SANITATION SOLUTIONS
CARL JOHNSON, JR.
PRINCIPAL
BAKER & JOHNSON, CPA
BRIAN LEE
INVESTMENTS
TITUS COUNTY JUDGE
GUARANTY BANK & TRUST
BOARD OF DIRECTORS
17
2017_Guaranty_AR_FINAL.indd 17 3/14/18 9:41 AM
DELIVERY OF ANNUAL REPORT
This Annual Report is being delivered to shareholders of Guaranty Bancshares, Inc. (the “Company”) in connection with the
2018 Annual Meeting of Shareholders and should be read with the Company’s proxy statement for the meeting and Annual
Report on Form 10-K, copies of which accompany this Annual Report and have been filed with the Securities and Exchange
Commission (“SEC”).
FORWARD-LOOKING STATEMENTS
This Annual Report may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,”
“expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” and other words and terms of similar meaning. Forward-
looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. The
Company cautions readers that any forward-looking statement is not a guarantee of future performance and that actual
results could differ materially from those contained in the forward-looking statements. Such forward-looking statements
include, but are not limited to, statements about the benefits of the proposed merger involving the Company and Westbound
Bank (“Westbound”), including future financial and operating results; the Company’s plans, objectives, expectations and
intentions; the expected timing of completion of the transaction and other statements that are not historical facts. Important
factors that could cause actual results to differ materially from those indicated by such forward-looking statements include
risks and uncertainties relating to: (i) the ability to obtain the requisite shareholder approvals; (ii) the risk that the Company
may be unable to obtain governmental and regulatory approvals required to consummate the proposed merger, or required
governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the
parties to abandon the merger; (iii) the risk that a condition to closing may not be satisfied; (iv) the timing to consummate
the proposed merger; (v) the risk that the businesses will not be integrated successfully; (vi) the risk that the cost savings
and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; (vii)
disruption from the transaction making it more difficult to maintain relationships with customers, employees or vendors;
(viii) the diversion of management time on merger-related issues; and (ix) other factors which the Company discusses or
refers to in the “Risk Factors” section of its registration statement on Form S-1 and Annual Report on Form 10-K filed with the
SEC. Each forward-looking statement speaks only as of the date of the particular statement and the Company undertakes
no obligation to update or revise its forward-looking statements, whether as a result of new information, future events
or otherwise.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell, a solicitation of an offer to sell, the solicitation of an offer to buy any
securities or a solicitation of any vote or approval. There will be no sale of securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No
offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
In connection with the proposed merger of the Company’s wholly-owned subsidiary, Guaranty Bank & Trust, N.A., and
Westbound, the Company will file with the SEC a registration statement on Form S-4 that will include a proxy statement
of Westbound and a prospectus of the Company, as well as other relevant documents and information concerning the
proposed merger. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4
AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4, AS WELL AS
ANY AMENDMENT OR SUPPLEMENTS TO THESE DOCUMENTS, AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH
THE SEC IN CONNECTION WITH THE MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GUARANTY,
WESTBOUND AND THE MERGER. Investors and security holders will be able to obtain free copies of the registration statement
on Form S-4 and the related proxy statement/prospectus, when filed, as well as other documents filed with the SEC by the
Company through the website maintained by the SEC at www.sec.gov. Documents filed with the SEC by the Company
will also be available free of charge upon written request at the following address: Guaranty Bancshares, Inc., 201 South
Jefferson Avenue, Mount Pleasant, Texas 75455, Attn: Investor Relations.
PARTICIPANTS IN THE TRANSACTION
The Company, Westbound and certain of their respective directors and executive officers may be deemed to be participants
in the solicitation of proxies from the shareholders of Westbound in connection with the proposed merger. Certain
information regarding the interests of these participants and a description of their direct and indirect interests, by security
holdings or otherwise, will be included in the proxy statement/prospectus regarding the proposed merger when it becomes
available. Information about the Company and its directors and executive officers may be found in the Company’s proxy
statement relating to its 2018 Annual Meeting of Shareholders that accompanies this Annual Report and has been filed with
the SEC. Additional copies of the proxy statement can be obtained free of change from the sources described above.
18
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Bancshares, Inc.
Temple
Texarkana
San Antonio
banking,
with a capital
Garland
Richardson Royse City
Rockwall
Mesquite
Plano
Denton
Irving
Dallas
Arlington
Coming Soon...
Ft. Worth
Richardson
Austin
Hallsville
Houston
Garland
Royse City
Rockwall
Mesquite
Plano
Ft. Worth
Irving
New Boston
Sulphur Springs
Commerce
Longview
Bryan College Station
Waco
Bogata
Mt. Vernon
Tyler
Paris
Atlanta
Pittsburg
Dallas
Arlington
Mt. PleasantDenton
6
Texarkana
Hallsville
New Boston
Sulphur
Springs
Commerce
Longview
Bogata
Mt. Vernon
Paris
Atlanta
Mt. Pleasant
Pittsburg
6
Austin
Bryan
College Station
Conroe
Katy
Bellaire
Houston
19
2017_Guaranty_AR_FINAL.indd 19 3/14/18 10:57 AM
LENDER
EQUAL HOUSING
Guaranty Bank & Trust N.A. | Member FDIC
2017_Guaranty_AR_FINAL.indd 20 3/14/18 9:41 AM