Market Newsdesk

April 19, 2021 7:03 am

Westwater Resources to Present at the Planet MicroCap Showcase: VIRTUAL on Thursday, April 22, 2021

Westwater Resources to Present at the Planet MicroCap Showcase: VIRTUAL on Thursday, April 22, 2021

CENTENNIAL, Colo.–(BUSINESS WIRE)–Westwater Resources, Inc. (NYSE American: WWR), an energy materials development company, today announced it will be presenting at the Planet MicroCap Showcase: VIRTUAL on Thursday, April 22, 2021 at 12:00 PM EDT. Chris Jones, CEO of Westwater Resources, will host the presentation and answer questions from investors.

To access the live presentation, please use the following information:

Planet MicroCap Showcase: VIRTUAL 2021

Date: Thursday, April 22, 2021

Time: 12:00 PM Eastern Time (9:00 AM Pacific Time)

Webcast: https://www.webcaster4.com/Webcast/Page/2059/40749

Westwater Resources (NYSE American: WWR) is focused on developing battery-grade graphite. The Company’s projects include the Coosa Graphite Project — the most advanced natural flake graphite project in the contiguous United States — and the associated Coosa Graphite Deposit located across 41,900 acres (~17,000 hectares) in east-central Alabama.

If you would like to book 1-on-1 investor meetings with Westwater Resources and/or watch the Westwater Resources presentation, please make sure you are registered for the virtual event here: https://planetmicrocapshowcase.com/signup.

1-on-1 meetings will be scheduled and conducted via private, secure video conference through the conference event platform.

The Planet MicroCap Showcase: VIRTUAL website is available here: https://planetmicrocapshowcase.com/. If you can’t attend the live presentation, all Company presentations (“webcasts”) will be available directly on the conference event platform on this link under the tab “Agenda”: https://planetmicrocapshowcase.com/agenda

About Westwater Resources

View source version on businesswire.com: https://www.businesswire.com/news/home/20210419005249/en/

Westwater Resources

Christopher M. Jones, President & CEO

Phone: 303.531.0480

Jeff Vigil, VP Finance & CFO

Phone: 303.531.0481

Email: [email protected]

Product Sales Contact:

Jay Wago, Vice President – Sales and Marketing

Phone: 303.531.0472

Email: [email protected]

Investor Relations

Porter, LeVay & Rose

Michael Porter, President

Phone: 212.564.4700

Email: [email protected]

KEYWORDS: Colorado Africa Australia/Oceania United States Canada North America Australia

INDUSTRY KEYWORDS: Natural Resources Other Natural Resources Mining/Minerals

MEDIA:

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April 19, 2021 7:03 am

Guaranty Bancshares, Inc. Reports First Quarter 2021 Financial Results

Guaranty Bancshares, Inc. Reports First Quarter 2021 Financial Results

ADDISON, Texas–(BUSINESS WIRE)–
Guaranty Bancshares, Inc. (NASDAQ: GNTY), the parent company of Guaranty Bank & Trust, N.A., today reported financial results for the fiscal quarter ended March 31, 2021. The Company’s net income available to common shareholders was $11.0 million, or $0.95 per basic share, for the quarter ended March 31, 2021, compared to $9.9 million, or $0.90 per basic share, for the quarter ended December 31, 2020 and $6.3 million, or $0.55 per basic share, for the quarter ended March 31, 2020. Return on average assets and average equity for the first quarter of 2021 were 1.60% and 16.01%, respectively, compared to 1.48% and 14.53%, respectively, for the fourth quarter of 2020 and 1.09% and 9.94%, respectively, for the first quarter of 2020. The increase in earnings during the first quarter of 2021, compared to the fourth quarter of 2020, was partly due to the forgiveness and amortization of Paycheck Protection Program – round one (“PPP1”) loans and recognition of associated loan origination fees for both PPP1 and round two (“PPP2”) loans, decreases in interest expense relative to interest income, decreases in non-interest expense resulting from PPP origination costs and lower legal and professional expenses. Net core earnings^†, excluding provisions for credit losses, income taxes and PPP1/PPP2 net origination income, as well as our core net interest margin, adjusted to exclude the effects of PPP1/PPP2 loans, are described further in tables below.

“We are very pleased with our operating and financial results for the first quarter of 2021. The Texas economy appears to be rebounding nicely from many of the prior year’s concerns resulting from COVID-19 and we’re glad to see people in our communities receiving vaccinations and continuing to work at stopping the spread of the virus. All of our lobbies are back open at normal business hours, and many of our employees have returned to normal working conditions with the remainder expected to during the second quarter. Our borrowers have generally weathered the downturn well over the last year and we’re pleased that only a handful of credits remain in an interest-only deferral period. We anticipate that these borrowers will return to their normal contractual payment schedules during the second quarter of 2021. As our first quarter results indicate, we’ve sustained our net interest margin at good levels compared to industry trends and continue to have excellent asset quality and strong net core earnings. Additionally, during the first quarter of 2021 we issued a 10% stock dividend and declared a cash dividend of $0.20/share, which is an increase over last year on a split-adjusted basis of over 12%. We continue to view our multi-decade history of providing a growing dividend to our shareholders as a big part of the value proposition to our shareholder’s total return,” commented Ty Abston, the Company’s Chairman and Chief Executive Officer.

QUARTERLY HIGHLIGHTS

Strong Net Earnings. Net earnings for the quarter were $11.0 million, up from $9.9 million for the immediately prior quarter and up from $6.3 million for the same quarter of 2020. Net core earnings^†, which exclude provisions for credit losses and income tax, net PPP income, and interest on PPP-related borrowings, were $9.8 million for the first quarter, compared to $9.6 million for the fourth quarter of 2021, and $9.1 million during the first quarter of 2020.
Solid Net Interest Margin. The fully tax-equivalent (“FTE”) net interest margin was 3.85% for the first quarter of 2021, compared to 3.85% in the preceding quarter and 3.87% in the first quarter of 2020. Net interest income increased $539,000, or 2.3%, from $24.0 million in the fourth quarter of 2020 to $24.5 million in the first quarter of 2021. Interest expense decreased $279,000, or 12.1%, from $2.3 million in the fourth quarter of 2020 to $2.0 million in first quarter of 2021. The Bank continues to decrease cost of funds as higher rate CDs mature and to reduce interest rates on non-maturing deposits as market conditions allow. In addition, 63.0% of the loan portfolio, or $1.2 billion, has interest rate floors and 55% of those loans are currently at their floors. The weighted average interest rate of loans currently at their floor is 4.43%.
Steady Credit Quality and Reduced Deferrals. Non-performing assets as a percentage of total loans were 0.19% at March 31, 2021, compared to 0.70% at December 31, 2020 and 1.00% at March 31, 2020. Net charge-offs to average loans (annualized) were 0.18% at March 31, 2021, compared to 0.03% at December 31, 2020, and 0.05% at March 31, 2020. The decrease in non-performing assets and the increase in charge-offs during the quarter resulted primarily from the resolution of three problem loans, made to two borrowers, with outstanding combined book balances of $8.7 million at December 31, 2020, that were acquired during the Westbound acquisition and which were fully reserved prior to the onset of COVID-19.
The level of COVID-related loan deferrals provided by the Bank has declined significantly from the levels in the first and second quarters of 2020. Information about subsequent deferrals made on those loans described further in the Financial Condition section below.

Paycheck Protection Program. The Bank continued participation in the PPP2 program during the first quarter and as of March 31, 2021, has issued $84.5 million of PPP2 loans to 932 borrowers, which resulted in $1.8 million in net origination fees recognized by the Bank. The Bank also recognized $1.4 million in deferred origination fees during the quarter from PPP1 loans through both amortization and forgiveness of the related PPP1 loans. As of March 31, 2021, there are 530 PPP1 loans with outstanding balances of $73.7 million remaining in our loan portfolio, a reduction of 64.8% from the $209.6 million to 1,944 borrowers that was originated under the PPP1 program. Net deferred origination income as of March 31, 2021 is $784,000 and $2.1 million from PPP1 and PPP2, respectively.

RESULTS OF OPERATIONS

Large provisions for credit losses in the second quarter of 2020 resulting from effects of COVID-19 and participation in the PPP1 and PPP2 program have created temporary extraordinary results in the calculation of net earnings and related performance ratios. With the credit outlook still uncertain as a result of COVID-19 and other economic factors, the following table illustrates net earnings and net core earnings results, which are pre-tax, pre-provision and pre-extraordinary PPP1/PPP2 income, as well as performance ratios for the prior five quarters:

	Quarter Ended
	2021			2020
$ in thousands (‘000s)	March 31				December 31			September 30			June 30			March 31
Net earnings	$	10,962			$	9,915		$	10,134		$	1,075		$	6,278
Adjustments:
Provision for credit losses		—				—			(300	)		12,100			1,400
Income tax provision (benefit)		2,336				2,290			2,350			(190	)		1,445
PPP loans, including fees		(3,513	)			(2,654	)		(1,076	)		(2,540	)		—
Net interest expense on PPP-related borrowings		—				—			3			31			—
Net core earnings^†	$	9,785			$	9,551		$	11,111		$	10,476		$	9,123

Total average assets	$	2,775,567			$	2,659,725		$	2,639,335		$	2,657,609		$	2,325,618
Adjustments:
PPP loans average balance		(137,251	)			(179,240	)		(209,506	)		(163,184	)		—
Excess fed funds sold due to PPP-related borrowings		—				—			(8,152	)		(84,066	)		—
Total average assets, adjusted^†	$	2,638,316			$	2,480,485		$	2,421,677		$	2,410,359		$	2,325,618
Total average equity	$	277,612			$	271,397		$	265,027		$	258,225		$	253,919

PERFORMANCE RATIOS
Net earnings to average assets (annualized)		1.60	%			1.48	%		1.53	%		0.16	%		1.09	%
Net earnings to average equity (annualized)		16.01				14.53			15.21			1.67			9.94
Net core earnings to average assets, as adjusted (annualized)^†		1.50				1.53			1.83			1.75			1.58
Net core earnings to average equity (annualized)^†		14.29				14.00			16.68			16.32			14.45

PER COMMON SHARE DATA
Weighted-average common shares outstanding, basic		11,528,140				10,966,504			11,012,060			11,025,924			11,432,391
Earnings per common share, basic	$	0.95			$	0.90		$	0.92		$	0.10		$	0.55
Net core earnings per common share, basic^†		0.85				0.87			1.01			0.95			0.80

† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

Net interest income, before the provision for credit losses, in the first quarter of 2021 and 2020 was $24.5 million and $20.6 million, respectively, an increase of $3.9 million, or 19.1%, as a result of PPP origination income of $3.5 million recorded in the first quarter of 2021 that did not occur in the first quarter of 2020 partially offset by a $1.8 million decline in loan interest income, excluding PPP-related income, due to the continued repricing of variable rate loans to lower interest rates. The increase in net interest income was also due to a decrease in deposit-related interest expense of $2.8 million, or 63.7%, compared to the same quarter of the prior year. Net interest income, before the provision for credit losses, in the fourth quarter of 2020 and first quarter of 2021 was $24.0 million and $24.5 million, respectively, an increase of $539,000, or 2.3%, resulting primarily from a decrease in deposit-related interest expense of $275,000, or 14.6%, and an increase in loan income of $197,000, or 0.8%, during the current quarter driven primarily by $3.5 million of PPP origination income compared to $2.7 million in the fourth quarter of 2020.

Net interest margin, on a taxable equivalent basis, for the first quarter of 2021 and 2020 was 3.85% and 3.87%, respectively. Loan yield decreased from 5.32% for the first quarter of 2020 to 5.20% for the first quarter of 2021, a change of 12 basis points, while the cost of interest-bearing deposits decreased from 1.21% to 0.42% during the same period, a change of 79 basis points. The decrease in loan yield was primarily due to the repricing of variable rate loans to lower interest rates during the period. The decrease in average deposit rate was primarily due to continued reductions in interest rates for non-maturing deposits as market conditions have allowed.

Net interest margin, on a taxable equivalent basis, stayed at 3.85% from the fourth quarter of 2020 to the first quarter of 2021. Loan yield increased from 4.93% for the fourth quarter of 2020 to 5.20% for the first quarter of 2021, a change of 27 basis points. Loan yield, excluding the effect PPP loans, was 4.79% in the first quarter of 2021, compared to 4.83% in the fourth quarter of 2020, a decrease of four basis points, due to the continued repricing of variable rate loans to lower interest rates. The cost of interest-bearing deposits decreased from 0.51% to 0.42% during the same period, a change of nine basis points. The decrease was due primarily to the maturity of higher-rate CDs during the first quarter of 2021, as well as continued reductions in interest rates for non-maturing deposits as market conditions have allowed.

The Bank’s continued participation in the PPP program has created temporary extraordinary results in the calculation of net interest margin. To illustrate core net interest margin, the table below excludes PPP1 and PPP2 loans and their associated fees and costs for the three months ended March 31, 2021:


	For the Three Months Ended March 31, 2021
$ in thousands (‘000s)	Average Outstanding Balance			Interest Earned/ Interest Paid			Average Yield/ Rate
Total loans	$	1,886,863		$	24,195			5.20	%
Adjustments:
PPP1 loans average balance and net fees⁽¹⁾		(101,689	)		(1,651	)		6.58
PPP2 loans average balance and net fees⁽²⁾		(35,562	)		(1,862	)		21.23
Total PPP loans⁽³⁾	$	(137,251	)	$	(3,513	)		10.38	%

Total loans, excluding PPP	$	1,749,612		$	20,682			4.79	%

Total interest-earning assets		2,609,299			26,513			4.12
Total interest-earning assets, net of PPP effects^†	$	2,472,048		$	23,000			3.77	%

Net interest income				$	24,491
Net interest margin⁽⁴⁾								3.81	%
Net interest margin, FTE⁽⁵⁾								3.85

Net interest income, net of PPP effects^†					20,978
Net interest margin, net of PPP effects^†(6)								3.44
Net interest margin, FTE, net of PPP effects^†(7)								3.48

Efficiency ratio⁽⁸⁾								56.56
Efficiency ratio, net of PPP effects^†(9)								65.34

† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.
(1) Interest earned on PPP1 loans consists of interest income of $247,000 and net origination fees recognized in earnings of $1.4 million for the three months ended March 31, 2021.
(2) Interest earned on PPP2 loans consists of interest income of $88,000 and net origination fees recognized in earnings of $1.8 million for the three months ended March 31, 2021.
(3) Interest earned consists of interest income of $335,000 and net origination fees recognized in earnings of $3.2 million for the three months ended March 31, 2021.
(4) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized. Taxes are not a part of this calculation.
(5) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.
(6) Net interest margin is equal to net interest income, net of PPP effects, divided by average interest-earning assets, annualized. Taxes are not a part of this calculation.
(7) Net interest margin on a taxable equivalent basis is equal to net interest income, net of PPP effects, adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.
(8) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.
(9) The efficiency ratio was calculated by dividing total noninterest expense, net of PPP-related deferred costs, by net interest income, net of PPP effects, plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

During the year ended December 31, 2020, a total allowance for credit losses provision of $13.2 million was recorded primarily to account for the estimated impact of COVID-19 on credit quality and resulted largely from changes to individual loan risk ratings, as well as COVID-specific qualitative factors primarily derived from changes in national GDP, Texas unemployment rates and national industry related CRE trends, all of which were impacted by the effects of COVID-19. There was no provision for ACL during the first quarter of 2021, partially due to the aforementioned COVID-specific qualitative factors established during 2020 being reduced during the quarter from 55 basis points across the loan portfolio to 42 basis points in order to begin to capture the improvements that have occurred to macro-economic factors evaluated at the onset of the pandemic. Despite our current quarter loan growth, ex-PPP, of 1.6%, we did not record a provision because our reductions in the COVID-specific qualitative factors, as well as increases in our standard qualitative factors during the quarter, outweigh the effects of the loan growth. Although management is cautiously optimistic about improving vaccination and economic trends, it is possible that the economic effects of the pandemic could continue beyond 2021, although we expect the credit impact of the pandemic to be largely understood and accounted for by the end of 2021.

Noninterest income increased $1.2 million, or 23.3%, in the first quarter of 2021, to $6.1 million, compared to $5.0 million for the first quarter of 2020. The increase from the same quarter in 2020 was due primarily to an increase in the gain on sale of loans of$209,000, or17.6%, and anincreasein merchant and debit card fees of $375,000, or 33.2%, from the same quarter of the prior year. The remaining increase resulted from a $277,000 gain on bank-owned life insurance proceeds resulting from the death of a former bank officer, a $156,000 increase in mortgage and warehouse fee income, a $57,000 increase in SBA income due to a fair value adjustment and a $48,000 increase on gains on sale of ORE.

Noninterest income in the first quarter of 2021 decreased by $307,000, or 4.8%, from $6.4 million in fourth quarter of 2020 due primarily to a decrease in gains on sales of mortgage and SBA loans of $625,000, or 30.9%. Of the decrease in gains on sales of loans, $497,000 was attributable to lower mortgage related gains and $127,000 was attributable to the sale of SBA loans during the fourth quarter of 2020, and no SBA loan sales in the first quarter of 2021. The decrease was partially offset by a $277,000 gain from bank-owned life insurance proceeds.

Noninterest expense increased $905,000, or 5.5%, in the first quarter of 2021, compared to the first quarter of 2020. The increase in noninterest expense in the first quarter of 2021 was primarily driven by an increase in employee compensation and benefits expense of $477,000, or 5.0%, to $9.9 million, from the same quarter of the prior year, as well as an increase in occupancy expenses of $210,000, or 8.5%, from the same quarter of the prior year and an increase in ATM and debit card expense of $122,000, or 29.2%, resulting from increased usage of ATM and debit cards during the period. Software and technology expense also increased $175,000, or 18.6%, as a result of new software and hardware investments to allow employees to securely work from home and to improve online deposit account opening.

Noninterest expense decreased $861,000, or 4.7%, in the first quarter of 2021 to $17.3 million, compared to the quarter ended December 31, 2020. The decrease was primarily due to a $364,000, or 37.6%, decrease in legal and professional fees, primarily recruiter and audit fees incurred in fourth quarter of 2020 that were not incurred during the first quarter of 2021, and a $268,000, or 2.6%, decrease in employee compensation and benefits, primarily attributable to PPP2 origination costs deferred of $392,000. The remaining decrease was due to a $315,000 decrease in other noninterest expense, which includes a $93,000 decrease in stock compensation expense from the prior quarter. The company’s efficiency ratio in the first quarter of 2021 was 56.56%, compared to 59.82% in the prior quarter and 64.27% in the same quarter last year. Adjusted to remove the effects of PPP-related transactions, the company’s efficiency ratio^† for the first quarter of 2021 was 65.34% and for the fourth quarter of 2020 was 65.55%.

† Non-GAAP financial metric. Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release.

FINANCIAL CONDITION

Consolidated assets for the company totaled $2.89 billion at March 31, 2021, compared to $2.74 billion at December 31, 2020 and $2.39 billion at March 31, 2020. Gross loans increased 2.4%, or $45.5 million, to $1.91 billion at March 31, 2021, compared to loans of $1.87 billion at December 31, 2020. Gross loans increased 11.3%, or $194.0 million, from $1.72 billion at March 31, 2020. The increase in gross loans during the first quarter of 2021 compared to the first quarter of 2020 included outstanding PPP loan balances of $158.2 million, to 1,462 borrowers, as of March 31, 2021. Excluding the outstanding PPP balances as of March 31, 2021, gross loans increased $35.8 million, or 2.08%, from the same quarter of the prior year. The increase in gross loans from the fourth quarter of 2020 to the first quarter of 2021 is primarily due to organic growth, but also due to the $18.4 million, or 13.2%, growth in outstanding PPP loan balances in the first quarter of 2021. Excluding the increase in the balance of PPP loans, gross loans increased by 1.57%, or $27.1 million, from the prior quarter.

Deposits increased by 8.3%, or $188.8 million, to $2.48 billion at March 31, 2021, compared to $2.29 billion at December 31, 2020. Total deposits increased 23.7%, or $474.8 million, from $2.00 billion at March 31, 2020. Changes in deposits during these periods were heavily impacted by the deposit of PPP loan proceeds into demand accounts at the Bank, as well as apparent changes in depositor spending habits in these periods resulting from economic and other uncertainties due to COVID-19. Shareholders’ equity totaled $280.1 million as of March 31, 2021, compared to $272.6 million at December 31, 2020 and $253.6 million at March 31, 2020. The increase from the previous quarter resulted primarily from net income of $11.0 million, offset by the payment of dividends of $2.4 million and $1.8 million of other comprehensive expense during the first quarter of 2021.

Nonperforming assets as a percentage of total loans were 0.19% at March 31, 2021, compared to 0.70% at December 31, 2020 and 1.00% at March 31, 2020. The Bank’s nonperforming assets consist primarily of nonaccrual loans. During 2020, nonperforming assets included three Small Business Administration (SBA) 7(a), partially guaranteed (75%) loans that were acquired in the June 2018 acquisition of Westbound Bank, with combined book balances of $8.7 million as of December 31, 2020. During the first quarter of 2021, one of these loans was resolved when the underlying collateral, a hotel, was sold to a third party. The bank charged off $475,000 in connection with the sale, all of which had previously been specifically reserved within the ACL. The other two loans, collateralized by a hotel and both to one borrower, were resolved through a bankruptcy judgement that allows the borrower to adequately service their debt coverage. The bankruptcy order resulted in a charge-off of $270,000, which was fully reserved in the ACL. These loans were internally identified as problem assets prior to COVID-19 and were properly reserved.

During the first and second quarters of 2020, the Bank provided financial relief to many of its customers due to the COVID-19 outbreak through either 3-month principal and interest (“P&I”) payment deferrals or through 6-month interest-only (“I/O”) deferrals. Under the initial deferral program, the Bank provided 3-month P&I deferrals on 658 loans with principal balances of $247.8 million and provided up to 6-month I/O deferrals on 336 loans with principal balances of $183.7 million. As of March 31, 2021, there are no loans remaining in the P&I deferral program and there are 11 loans totaling $49.8 million that remain in a subsequent I/O deferral program. We anticipate that all of these borrowers, who are primarily in the hotel, restaurant and hospitality industries, will return to their contractual payment schedules at the end of their I/O deferral period with no additional subsequent deferrals.

Finally, management continues to closely monitor loans and concentrations in COVID-19 affected industries. Social distancing and other measures as a result of the virus have particularly affected the restaurant, hospitality and retail commercial real estate (“CRE”) sectors. Although all capacity and other restrictions in Texas have been removed, some local and business-specific restrictions remain in place. Excluding SBA partially guaranteed (75%) loans, the Bank has direct exposure, through total loan commitments with weighted average loan-to-values (“LTV”), as of March 31, 2021, of $24.9 million with 59.7% weighted average LTV to restaurants, $51.4 million with 51.5% weighted average LTV to retail CRE and $68.5 million with 56.3% weighted average LTV to hotel/hospitality borrowers.

Guaranty Bancshares, Inc.

Consolidated Financial Summary (Unaudited)

(In thousands, except share and per share data)

As of

2021

2020

March 31

December 31

September 30

June 30

March 31

ASSETS

Cash and due from banks

$

38,534

$

47,836

$

35,714

$

35,490

$

40,354

Federal funds sold

356,750

218,825

101,300

104,375

81,250

Interest-bearing deposits

28,188

85,130

56,357

51,129

25,324

Total cash and cash equivalents

423,472

351,791

193,371

190,994

146,928

Securities available for sale

407,736

380,795

368,887

376,381

377,062

Securities held to maturity

—

—

—

—

—

Loans held for sale

4,663

5,542

9,148

7,194

4,024

Loans, net

1,876,985

1,831,737

1,921,234

1,919,201

1,696,861

Accrued interest receivable

8,064

9,834

8,361

11,864

8,148

Premises and equipment, net

54,903

55,212

55,468

55,251

54,496

Other real estate owned

312

404

310

402

605

Cash surrender value of life insurance

35,836

35,510

35,304

34,920

34,713

Core deposit intangible, net

2,786

2,999

3,213

3,426

3,639

Goodwill

32,160

32,160

32,160

32,160

32,160

Other assets

44,383

34,848

35,228

35,402

32,348

Total assets

$

2,891,300

$

2,740,832

$

2,662,684

$

2,667,195

$

2,390,984

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

Noninterest-bearing

$

878,883

$

779,740

$

776,364

$

772,179

$

528,817

Interest-bearing

1,596,327

1,506,650

1,446,718

1,469,847

1,471,609

Total deposits

2,475,210

2,286,390

2,223,082

2,242,026

2,000,426

Securities sold under agreements to repurchase

24,007

15,631

20,520

17,414

11,843

Accrued interest and other liabilities

28,080

25,257

25,814

25,960

23,645

Line of credit

15,000

12,000

7,000

2,000

20,000

Federal Home Loan Bank advances

49,096

109,101

99,105

100,610

70,614

Subordinated debentures

19,810

19,810

20,310

20,310

10,810

Total liabilities

2,611,203

2,468,189

2,395,831

2,408,320

2,137,338

Total shareholders’ equity

280,097

272,643

266,853

258,875

253,646

Total liabilities and shareholders’ equity

$

2,891,300

$

2,740,832

$

2,662,684

$

2,667,195

$

2,390,984

Guaranty Bancshares, Inc.

Consolidated Financial Summary (Unaudited)

(In thousands, except share and per share data)

Quarter Ended

2021

2020

March 31

December 31

September 30

June 30

March 31

STATEMENTS OF EARNINGS

Interest income

$

26,513

$

26,253

$

24,956

$

26,581

$

25,252

Interest expense

2,022

2,301

2,677

3,399

4,683

Net interest income

24,491

23,952

22,279

23,182

20,569

Provision for credit losses

—

—

(300

)

12,100

1,400

Net interest income after provision for credit losses

24,491

23,952

22,579

11,082

19,169

Noninterest income

6,119

6,426

6,663

4,987

4,961

Noninterest expense

17,312

18,173

16,758

15,184

16,407

Income before income taxes

13,298

12,205

12,484

885

7,723

Income tax provision (benefit)

2,336

2,290

2,350

(190

)

1,445

Net earnings

$

10,962

$

9,915

$

10,134

$

1,075

$

6,278

PER COMMON SHARE DATA

Earnings per common share, basic

$

0.95

$

0.90

$

0.92

$

0.10

$

0.55

Earnings per common share, diluted⁽¹⁾

0.94

0.90

0.92

0.10

0.55

Cash dividends per common share

0.20

0.20

0.20

0.19

0.19

Book value per common share – end of quarter

23.24

24.93

24.29

23.50

22.79

Tangible book value per common share – end of quarter⁽²⁾

20.34

21.72

21.07

20.27

19.58

Common shares outstanding – end of quarter

12,053,597

10,935,415

10,988,239

11,013,804

11,128,556

Weighted-average common shares outstanding, basic

11,528,140

10,966,504

11,012,060

11,025,924

11,432,391

Weighted-average common shares outstanding, diluted⁽¹⁾

11,667,278

11,019,292

11,012,060

11,025,924

11,432,391

PERFORMANCE RATIOS

Return on average assets (annualized)

1.60

%

1.48

%

1.53

%

0.16

%

1.09

%

Return on average equity (annualized)

16.01

14.53

15.21

1.67

9.94

Net interest margin, fully taxable equivalent (annualized)⁽³⁾

3.85

3.85

3.61

3.78

3.87

Efficiency ratio⁽⁴⁾

56.56

59.82

57.90

53.90

64.27

(1) Outstanding options and the closing price of the company’s stock as of September 30, June 30 and March 31, 2020 had an anti-dilutive effect on each respective quarter end’s weighted-average common shares outstanding; therefore, the effect of their conversion has been excluded from the calculation of the diluted weighted-average common shares outstanding for those periods. The diluted EPS for those quarters has been calculated using the basic weighted-average shares outstanding in order to comply with GAAP. There was not an anti-dilutive effect for the quarters ended March 31, 2021 and December 31, 2020.

(2) See Reconciliation of non-GAAP Financial Measures table.

(3) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.

(4) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

Guaranty Bancshares, Inc.

Selected Financial Data (Unaudited)

(In thousands)

As of

2021

2020

March 31

December 31

September 30

June 30

March 31

LOAN PORTFOLIO COMPOSITION

Commercial and industrial

$

460,491

$

445,771

$

531,152

$

522,248

$

297,163

Real estate:

Construction and development

257,886

270,407

269,101

265,982

263,973

Commercial real estate

630,479

594,216

602,664

606,061

584,883

Farmland

76,867

78,508

80,197

77,625

78,635

1-4 family residential

389,542

389,096

385,783

383,590

400,605

Multi-family residential

32,090

21,701

19,499

29,692

20,430

Consumer

49,780

51,044

52,855

52,986

52,996

Agricultural

14,905

15,734

17,004

18,981

19,314

Overdrafts

327

342

379

275

354

Total loans⁽¹⁾⁽²⁾

$

1,912,367

$

1,866,819

$

1,958,634

$

1,957,440

$

1,718,353

Quarter Ended

2021

2020

March 31

December 31

September 30

June 30

March 31

ALLOWANCE FOR CREDIT LOSSES

Balance at beginning of period

$

33,619

$

33,757

$

34,119

$

21,948

$

20,750

Loans charged-off

(875

)

(159

)

(101

)

(59

)

(224

)

Recoveries

26

21

39

130

22

Provision for credit loss expense

—

—

(300

)

12,100

1,400

Balance at end of period

$

32,770

$

33,619

$

33,757

$

34,119

$

21,948

Allowance for credit losses / period-end loans

1.71

%

1.80

%

1.72

%

1.74

%

1.28

%

Allowance for credit losses / nonperforming loans

968.7

264.6

245.0

235.6

135.2

Net charge-offs (recoveries) / average loans (annualized)

0.18

0.03

0.01

(0.02

)

0.05

NON-PERFORMING ASSETS

Non-accrual loans⁽³⁾

$

3,383

$

12,705

$

13,780

$

14,480

$

16,232

Other real estate owned

312

404

310

402

605

Repossessed assets owned

4

6

3

38

292

Total non-performing assets

$

3,699

$

13,115

$

14,093

$

14,920

$

17,129

Non-performing assets as a percentage of:

Total loans⁽¹⁾⁽²⁾

0.19

%

0.70

%

0.72

%

0.76

%

1.00

%

Total loans, excluding PPP⁽¹⁾⁽²⁾

0.21

0.76

0.81

0.85

1.00

Total assets

0.13

0.48

0.53

0.56

0.72

TDR loans – nonaccrual

$

87

$

90

$

92

$

95

$

97

TDR loans – accruing

9,598

9,626

7,891

7,216

7,220

(1) Excludes outstanding balances of loans held for sale of $4.7 million, $5.5 million, $9.1 million, $7.2 million, and $4.0 million as of March 31, 2021, December 31, September 30, June 30 and March 31, 2020, respectively.

(2) Excludes deferred loan (fees) costs of $(2.6) million, $(1.5) million, $(3.6) million, $(4.1) million, and $456,000 as of March 31, 2021, December 31, September 30, June 30 and March 31, 2020, respectively.

(3) TDR loans – nonaccrual are included in nonaccrual loans, which are a component of nonperforming loans.

Guaranty Bancshares, Inc.

Selected Financial Data (Unaudited)

(In thousands)

Quarter Ended

2021

2020

March 31

December 31

September 30

June 30

March 31

NONINTEREST INCOME

Service charges

$

829

$

868

$

717

$

571

$

908

Net realized gain on sale of loans

1,398

2,023

2,114

1,508

1,189

Fiduciary and custodial income

549

513

511

474

514

Bank-owned life insurance income

212

205

208

207

218

Merchant and debit card fees

1,506

1,396

1,654

1,334

1,131

Loan processing fee income

153

167

181

130

150

Warehouse lending fees

241

262

288

243

164

Mortgage fee income

177

197

272

204

98

Other noninterest income

1,054

795

718

316

589

Total noninterest income

$

6,119

$

6,426

$

6,663

$

4,987

$

4,961

NONINTEREST EXPENSE

Employee compensation and benefits

$

9,943

$

10,211

$

9,439

$

8,077

$

9,466

Occupancy expenses

2,687

2,596

2,597

2,550

2,477

Legal and professional fees

604

968

574

589

519

Software and technology

1,114

1,127

1,093

945

939

Amortization

343

340

338

338

333

Director and committee fees

255

251

211

165

219

Advertising and promotions

455

356

301

408

433

ATM and debit card expense

540

545

509

479

418

Telecommunication expense

234

244

231

209

180

FDIC insurance assessment fees

169

252

252

122

195

Other noninterest expense

968

1,283

1,213

1,302

1,228

Total noninterest expense

$

17,312

$

18,173

$

16,758

$

15,184

$

16,407

Guaranty Bancshares, Inc.

Selected Financial Data (Unaudited)

(In thousands)

For the Three Months Ended March 31,

2021

2020

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

ASSETS

Interest-earning assets:

Total loans⁽¹⁾

$

1,886,863

$

24,195

5.20

%

$

1,701,525

$

22,517

5.32

%

Securities available for sale

378,076

2,091

2.24

220,303

1,313

2.40

Securities held to maturity

—

—

—

144,531

956

2.66

Nonmarketable equity securities

10,031

101

4.08

9,221

114

4.97

Interest-bearing deposits in other banks

334,329

126

0.15

75,677

352

1.87

Total interest-earning assets

2,609,299

26,513

4.12

2,151,257

25,252

4.72

Allowance for loan losses

(33,242

)

(20,781

)

Noninterest-earning assets

199,510

195,142

Total assets

$

2,775,567

$

2,325,618

LIABILITIES AND SHAREHOLDERS’ EQUITY

Interest-bearing liabilities:

Interest-bearing deposits

$

1,559,865

$

1,603

0.42

%

$

1,475,507

$

4,421

1.21

%

Advances from FHLB and fed funds purchased

51,098

99

0.79

23,236

82

1.42

Line of credit

14,633

128

3.55

3,407

—

—

Subordinated debentures

19,810

188

3.85

10,810

171

6.36

Securities sold under agreements to repurchase

21,173

4

0.08

12,827

9

0.28

Total interest-bearing liabilities

1,666,579

2,022

0.49

1,525,787

4,683

1.23

Noninterest-bearing liabilities:

Noninterest-bearing deposits

808,007

524,263

Accrued interest and other liabilities

23,369

21,649

Total noninterest-bearing liabilities

831,376

545,912

Shareholders’ equity

277,612

253,919

Total liabilities and shareholders’ equity

$

2,775,567

$

2,325,618

Net interest rate spread⁽²⁾

3.63

%

3.49

%

Net interest income

$

24,491

$

20,569

Net interest margin⁽³⁾

3.81

%

3.85

%

Net interest margin, fully taxable equivalent⁽⁴⁾

3.85

%

3.87

%

(1) Includes average outstanding balances of loans held for sale of $4.2 million and $2.4 million for the three months ended March 31, 2021 and 2020, respectively.

(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.

(4) Net interest margin on a taxable equivalent basis is equal to net interest income adjusted for nontaxable income divided by average interest-earning assets, annualized, using a marginal tax rate of 21%.

Guaranty Bancshares, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

Tangible Book Value per Common Share

As of

2021

2020

March 31

December 31

September 30

June 30

March 31

Total shareholders’ equity

$

280,097

$

272,643

$

266,853

$

258,875

$

253,646

Adjustments:

Goodwill

(32,160

)

(32,160

)

(32,160

)

(32,160

)

(32,160

)

Core deposit intangible, net

(2,786

)

(2,999

)

(3,213

)

(3,426

)

(3,639

)

Total tangible common equity

$

245,151

$

237,484

$

231,480

$

223,289

$

217,847

Common shares outstanding – end of quarter⁽¹⁾

12,053,597

10,935,415

10,988,239

11,013,804

11,128,556

Book value per common share

$

23.24

$

24.93

$

24.29

$

23.50

$

22.79

Tangible book value per common share

20.34

21.72

21.07

20.27

19.58

(1) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.

Net Core Earnings and Net Core Earnings per Common Share

Quarter Ended

2021

2020

March 31

December 31

September 30

June 30

March 31

Net earnings

$

10,962

$

9,915

$

10,134

$

1,075

$

6,278

Adjustments:

Provision for credit losses

—

—

(300

)

12,100

1,400

Income tax provision (benefit)

2,336

2,290

2,350

(190

)

1,445

PPP loans, including fees

(3,513

)

(2,654

)

(1,076

)

(2,540

)

—

Net interest expense on PPP-related borrowings

—

—

3

31

—

Net core earnings

$

9,785

$

9,551

$

11,111

$

10,476

$

9,123

Weighted-average common shares outstanding, basic

11,528,140

10,966,504

11,012,060

11,025,924

11,432,391

Earnings per common share, basic

$

0.95

$

0.90

$

0.92

$

0.10

$

0.55

Net core earnings per common share, basic

0.85

0.87

1.01

0.95

0.80

Net Core Earnings to Average Assets, as Adjusted, and Average Equity

Quarter Ended

2021

2020

March 31

December 31

September 30

June 30

March 31

Net core earnings

$

9,785

$

9,551

$

11,111

$

10,476

$

9,123

Total average assets

$

2,775,567

$

2,659,725

$

2,639,335

$

2,657,609

$

2,325,618

Adjustments:

PPP loan average balance

(137,251

)

(179,240

)

(209,506

)

(163,184

)

—

Excess fed funds sold due to PPP-related borrowings

—

—

(8,152

)

(84,066

)

—

Total average assets, adjusted

$

2,638,316

$

2,480,485

$

2,421,677

$

2,410,359

$

2,325,618

Net core earnings to average assets, as adjusted (annualized)

1.50

1.53

1.83

1.75

1.58

Total average equity

$

277,612

$

271,397

$

265,027

$

258,225

$

253,919

Net core earnings to average equity (annualized)

14.29

14.00

16.68

16.32

14.45

Guaranty Bancshares, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

Total Non-Performing Assets to Total Loan, Excluding PPP

Quarter Ended

2021

2020

March 31

December 31

September 30

June 30

March 31

Total loans⁽¹⁾⁽²⁾

$

1,912,367

$

1,866,819

$

1,958,634

$

1,957,440

$

1,718,353

Adjustments:

PPP loans balance

(158,236

)

(139,808

)

(209,609

)

(208,793

)

—

Total loans, excluding PPP⁽¹⁾⁽²⁾

$

1,754,131

$

1,727,011

$

1,749,025

$

1,748,647

$

1,718,353

Total non-performing assets

$

3,699

$

13,115

$

14,093

$

14,920

$

17,129

Non-performing assets as a percentage of:

Total loans⁽¹⁾⁽²⁾

0.19

%

0.70

%

0.72

%

0.76

%

1.00

%

Total loans, excluding PPP⁽¹⁾⁽²⁾

0.21

0.76

0.81

0.85

1.00

(1) Excludes outstanding balances of loans held for sale of $4.7 million, $5.5 million, $9.1 million, $7.2 million, and $4.0 million as of March 31, 2021, December 31, September 30, June 30 and March 31, 2020, respectively.

(2) Excludes deferred loan (fees) costs of $(2.6) million, $(1.5) million, $(3.6) million, $(4.1) million, and $456,000 as of March 31, 2021, December 31, September 30, June 30 and March 31, 2020, respectively.

Total Interest-Earning Assets, net of PPP Effects

For the Three Months Ended

March 31, 2021

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

Total interest-earning assets

$

2,609,299

$

26,513

4.12

%

Total loans

1,886,863

24,195

5.20

Adjustments:

PPP loan average balance and net fees⁽¹⁾

(137,251

)

(3,513

)

10.38

Total loans, net of PPP effects

1,749,612

20,682

4.79

Total interest-earning assets, net of PPP effects

$

2,472,048

$

23,000

3.77

%

(1) Interest earned consists of interest income of $335,000 and net origination fees recognized in earnings of $3.2 million for the three months ended March 31, 2021.

Net Interest Income and Net Interest Margin, Net of PPP Effects

For the Three Months Ended

March 31, 2021

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

Net interest income

$

24,491

Adjustments:

PPP-related interest income

(335

)

PPP-related net origination fees

(3,178

)

Net interest income, net of PPP effects

$

20,978

Total interest-earning assets

$

2,609,299

Total interest-earning assets, net of PPP effects

2,472,048

Net interest margin⁽¹⁾

3.81

%

Net interest margin, net of PPP effects

3.44

%

(1) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.

Guaranty Bancshares, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

Efficiency Ratio, Net of PPP Effects

Three Months Ended

March 31, 2021

Three Months Ended

December 31, 2020

Total noninterest expense

$

17,312

$

18,173

Adjustments:

PPP-related deferred costs

392

—

Total noninterest expense, net of PPP effects

$

17,704

$

18,173

Net interest income

24,491

23,952

Net interest income, net of PPP effects

20,978

21,298

Noninterest income

$

6,119

$

6,426

Efficiency ratio⁽¹⁾

56.56

%

59.82

%

Efficiency ratio, net of PPP effects⁽²⁾

65.34

65.55

(1) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

(2) The efficiency ratio, net of PPP effects, was calculated by dividing total noninterest expense, net of PPP-related deferred costs, by net interest income, net of PPP effects, plus noninterest income, excluding securities gains or losses. Taxes are not part of this calculation.

Loan Yield, Net of PPP Effects

Three Months Ended March 31, 2021

Three Months Ended December 31, 2020

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

Total loans

$

1,886,863

$

24,195

5.20

%

$

1,937,556

$

23,998

4.93

%

Adjustments:

PPP loans average balance and net fees

(137,251

)

(3,513

)

10.38

(179,240

)

(2,654

)

5.89

Total loans, net of PPP effects

$

1,749,612

$

20,682

4.79

%

$

1,758,316

$

21,344

4.83

%

Effect of removing PPP loans on loan yield

0.41

%

0.10

%

Three Months Ended March 31, 2021

For the Three Months Ended March 31, 2020

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

Average

Outstanding

Balance

Interest

Earned/

Interest

Paid

Average

Yield/ Rate

Total loans

$

1,886,863

$

24,195

5.20

%

$

1,701,525

$

22,517

5.32

%

Adjustments:

PPP loans average balance and net fees

(137,251

)

(3,513

)

10.38

—

—

—

Total loans, net of PPP effects

$

1,749,612

$

20,682

4.79

%

$

1,701,525

$

22,517

5.32

%

Effect of removing PPP loans on loan yield

0.41

%

0.00

%

Guaranty Bancshares, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

ACL to Total Loans, Excluding PPP

Three Months Ended

March 31, 2021

Three Months Ended

December 31, 2020

Three Months Ended

March 31, 2020

Total loans

$

1,912,367

$

1,866,819

$

1,718,353

Adjustments:

PPP loans

(158,236

)

(139,808

)

—

Total loans, excluding PPP

$

1,754,131

$

1,727,011

$

1,718,353

Allowance for credit losses

$

32,770

$

33,619

$

21,948

Allowance for credit losses / period-end loans

1.71

%

1.80

%

1.28

%

Allowance for credit losses / period-end loans. excluding PPP

1.87

1.95

1.28

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per share”, “net core earnings,” “core net interest margin,” and PPP-adjusted metrics are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

Conference Call Information

The Company will hold a conference call to discuss first quarter 2021 financial results on Tuesday, April 19, 2021 at 10:00 am CST. The conference call will be hosted by Ty Abston, Chairman and CEO, Cappy Payne, SEVP and CFO, and Shalene Jacobson, EVP and CRO. All conference attendees must register before the call at https://www.gnty.com/register. The conference materials will be available by accessing the Investor Relations page on our website, gnty.com. A recording of the conference call will be available by 1:00 pm CST the day of the call and remain available through April 31, 2021 on our Investor Relations webpage.

About Guaranty Bancshares, Inc.

Guaranty Bancshares, Inc. is a bank holding company that conducts commercial banking activities through its wholly-owned subsidiary, Guaranty Bank & Trust, N.A. As one of the oldest regional community banks in Texas, Guaranty Bank & Trust provides its customers with a full array of relationship-driven commercial and consumer banking products and services, as well as mortgage, trust, and wealth management services. Guaranty Bank & Trust has 31 banking locations across 24 Texas communities located within the East Texas, Dallas/Fort Worth, greater Houston and Central Texas regions of the state. As of March 31, 2021, Guaranty Bancshares, Inc. had total assets of $2.9 billion, total loans of $1.9 billion and total deposits of $2.5 billion. Visit gnty.com for more information.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Actual results will also be significantly impacted by the effects of the ongoing COVID-19 pandemic, including, among other effects: the impact of the public health crisis; the extent and duration of closures of businesses, including our branches, vendors and customers; the operation of financial markets; employment levels; market liquidity; the impact of various actions taken in response by the U.S. federal government, the Federal Reserve, other banking regulators, state and local governments; the adequacy of our allowance for credit losses in relation to potential losses in our loan portfolio; and the impact that all of these factors have on our borrowers, other customers, vendors and counterparties. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission (“SEC”). We can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and we do not intend, and assume no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210419005228/en/

Cappy Payne

Senior Executive Vice President and Chief Financial Officer

Guaranty Bancshares, Inc.

(888) 572-9881

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Banking Professional Services

MEDIA:

Logo

Posted on April 19, 2021 7:03 am
Bunker Hill Mining to Announce PEA Results on Tuesday, April 20; Host 6ix Virtual Investor Event on Wednesday, April 21

TORONTO, April 19, 2021 (GLOBE NEWSWIRE) — Bunker Hill Mining Corp. (the “Company”) (CSE: BNKR) announces that it will be releasing its Preliminary Economic Assessment (“PEA”) results on Tuesday, April 20, 2021 prior to markets opening.

On Wednesday, April 21, 2021 at 11:00 a.m. EST / 8:00 a.m. PST, Executive Chairman Richard Williams, CEO Sam Ash, and CFO David Wiens will discuss the results and next steps in a live interactive 6ix virtual investor event.

The virtual investor event can be accessed by registering with the following link: https://my.6ix.com/Heq9Km3U

About Bunker Hill Mining Corp.

Under new Idaho-based leadership, Bunker Hill Mining Corp. intends to sustainably restart and develop the Bunker Hill Mine as the first step in consolidating a portfolio of North American precious-metal assets with a focus on silver. Information about the Company is available on its website, www.bunkerhillmining.com, or under the Company’s profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

For additional information contact: [email protected]

Cautionary Statements

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the timing of the release of the Company’s PEA and live interactive 6ix virtual investor event. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Posted on April 19, 2021 7:03 am
BioElectronics Corporation Reports Double Digit Quarterly Sales Growth, KT Health and DJO Launches Outpacing Forecasts

FREDERICK, MD, April 19, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — BioElectronics Corporation (https://www.bielcorp.com/ OTC PINK: BIEL) is pleased to report Q1 2021 revenue figures, the progress on three different product launches into the OTC and medical markets, ongoing efforts to expand international distribution, and finally, new initiatives into strengthening R&D/manufacturing capabilities.

First quarter sales were $605,675 which is 18% higher than Q4 2020 sales, and an impressive 73% of total 2020 revenue; these percentage increases not only document the Company’s strong growth, but also serve as objective evidence of effectiveness for the Company’s strategic repositioning as an OEM manufacturer. The Q1 2021 sales figure is robust, as there is over $306,000 of deferred sales incoming from signed contracts, for products that have yet to be shipped.

Looking ahead, the Company is now working with their three major channel partners, i.e., KT Health and Scott Specialties in the OTC space, and Medi-Launch in the prescription medical market, to solidify new orders after strong initial product launches that took place in Q1 2021. Kelly Whelan, President & CEO, expressed enthusiasm, “Initial OTC feedback has been very positive, as witnessed by strong consumer reviews (averaging over 4.5 out of 5 on Amazon.com and their company websites) for both the KT Recovery+ Wave™ and DonJoy® EME products. The launch into the medical channel was slowed by the pandemic but has recently accelerated as hospitals are resuming non-emergency surgical procedures.”

The Company is also pushing forward on the international sales front. In addition to re-acquiring their CE mark (which allows the Company to sell in most international countries) in late 2020, it also obtained MDSAP certification in Q1 2021, which now allows for product distribution in Canada, Australia, and New Zealand. Ms. Whelan also said, “We are now exploring expanding our OTC sales into more countries in the EU using the same strategy of identifying firms with strong retail experience selling their branded products into the retail market. We hope to be able to announce the results of these conversations in the near future. In addition, through Medi-Launch, we have signed four new international distributorships contracts for our RecoveryRx line.”

Mr. Richard Staelin, Chairman of the Board, commented, “We believe it is important to keep investing in one of our core capabilities, i.e., designing and manufacturing Pulsed Short Wave Therapy medical devices. With this in mind, we are in active talks to conduct new clinical trials both with our RecoveryRx product and extensions of our OTC devices. We are also working with our contract manufacturer to strengthen our manufacturing capabilities to accommodate for increased production, amid international volatility in raw material costs.”

Disclosure

Certain information set forth in this email contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Although forward-looking statements contained in this email are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Contact: Paul Knopick
[email protected]
940.262.3584

Posted on April 19, 2021 7:03 am
AGTC licenses Promoter Technology to SparingVision SAS

-Technology To
Be Incorporated In Multiple SparingVision SAS Programs-

ALACHUA, Fla. and CAMBRIDGE, Mass., April 19, 2021 (GLOBE NEWSWIRE) — Applied Genetic Technologies Corporation (Nasdaq: AGTC), a biotechnology company conducting human clinical trials of adeno-associated virus (AAV)-based gene therapies for the treatment of rare diseases, today announced a licensing agreement that provides its proprietary cone specific promoter technology to SparingVision SAS, a genomic medicine company developing vision saving treatments for ocular diseases.

AGTC’s proprietary PR1.7 cone specific promoter helps drive increased gene expression in cone photoreceptors only, thereby allowing enhanced targeting of gene therapies for indications in which the gene defect is cone specific and limiting expression of the gene in other cells that could be undesirable.

“AGTC and SparingVision SAS share a common mission to improve the health and vision of those patients suffering from inherited retinal disorders,” said Sue Washer, President and CEO of AGTC. “We are pleased to license access to AGTC’s proprietary promoter technology to SparingVision SAS to support the development of their ophthalmology gene therapy pipeline and give them an important tool in their efforts to bring much needed therapies to patients.”

Under the terms of the agreement, SparingVision SAS receives nonexclusive rights to AGTC’s PR1.7 promoter for use in the development of two non-competing products with an opportunity to obtain rights to use the promoter for one additional product in the future. AGTC will receive an upfront fee and be eligible to receive milestone payments for successful clinical development and royalties on future sales on a per product basis.

Forward-Looking Statements
This release contains forward-looking statements including statements regarding potential milestone payments and royalties pursuant to the licensing agreement between AGTC and SparingVision SAS. Forward-looking statements include information concerning possible or assumed future results of operations, financial guidance, business strategies and operations, preclinical and clinical product development and regulatory progress, potential growth opportunities, potential market opportunities, the effects of competition and the impact of the COVID-19 pandemic, including the impact on its ability to enroll patients. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Actual results could differ materially from those discussed in the forward-looking statements, due to a number of important factors. Risks and uncertainties that may cause actual results to differ materially include, among others: gene therapy is still novel with only a few approved treatments so far; AGTC cannot predict when or if it will obtain regulatory approval to commercialize a product candidate or receive reasonable reimbursement; uncertainty inherent in clinical trials and the regulatory review process; risks and uncertainties associated with drug development and commercialization; the direct and indirect impacts of the ongoing COVID-19 pandemic on our business, results of operations, and financial condition; factors that could cause actual results to differ materially from those described in the forward-looking statements are set forth under the heading “Risk Factors” in our most recent annual or quarterly report and in other reports we have filed with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent management’s plans, estimates, assumptions, and beliefs only as of the date of this release. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

About AGTC

AGTC is a clinical-stage biotechnology company developing genetic therapies for people with rare and debilitating ophthalmic, otologic and central nervous system (CNS) diseases. AGTC is a leader in designing and constructing all critical gene therapy elements and bringing them together to develop customized therapies that address real patient needs. AGTC’s most advanced clinical programs leverage its best-in-class technology platform to potentially improve vision for patients with an inherited retinal disease. AGTC has active clinical trials in X-linked retinitis pigmentosa (XLRP) and achromatopsia (ACHM CNGB3 and ACHM CNGA3). Its preclinical programs build on the Company’s industry leading AAV manufacturing technology and scientific expertise. AGTC is advancing multiple important pipeline candidates to address substantial unmet clinical need in optogenetics, otology and CNS disorders. In recent years AGTC has entered into strategic partnerships with companies including Otonomy, a biopharmaceutical company dedicated to the development of innovative therapeutics for neurotology, and Bionic Sight, an innovator in the emerging field of optogenetics and retinal coding.

About SparingVision
SparingVision is a genomic medicines company, translating pioneering science into vision saving treatments. Founded to advance over 20 years of world-leading ophthalmic research from its scientific founders at the Paris Vision Institute, SparingVision is leading a step shift in how ocular diseases are treated, moving beyond single gene correction therapies. At the heart of this is SPVN06, a gene independent treatment for retinitis pigmentosa (RP), the most common inherited retinal disease affecting two million people worldwide. SPVN06 could form the basis of a suite of new sight saving treatments as it could be applicable to many other retinal diseases, regardless of genetic cause.

AGTC IR/PR CONTACTS:

David Carey (IR) or Glenn Silver (PR)
Lazar FINN Partners
T: (212) 867-1768 or (646) 871-8485
[email protected] or [email protected]

AGTC Corporate Contacts:

Bill Sullivan
Chief Financial Officer
Applied Genetic Technologies Corporation
T: (617) 843-5728
[email protected]

Stephen Potter
Chief Business Officer
Applied Genetic Technologies Corporation
T: (617) 413-2754
[email protected]

Posted on April 19, 2021 7:03 am
Hopebridge Continues Pediatric Autism Therapy Center Expansion in Arizona

Autism service provider adds 6 new locations, bringing total to 12 centers in the state

Indianapolis, April 19, 2021 (GLOBE NEWSWIRE) — To meet the growing need for autism services in Arizona, Hopebridge Autism Therapy Centers is expanding its innovative interdisciplinary care across the state. As one of the largest autism therapy networks in the nation backed by more than fifteen years of experience, Hopebridge is increasing its presence to 12 locations in Arizona. These new centers are located in Flagstaff, Mesa, North Tucson, Phoenix Central, Surprise and Tempe.

“We recognize that there continues to be a great need for autism services in Arizona,” said Chris Sutton, Hopebridge VP of Marketing and Business Development. “These new centers will provide hundreds of families with faster access to autism diagnostics and our 360 Care services, all closer to home. Every moment counts, and we’re dedicated to helping children live their best lives.”

Hopebridge centers in Arizona will ensure hundreds of children touched by autism spectrum disorder (ASD) and other developmental delays will have the chance to receive the life-changing care they need, beginning with diagnostic assessments and applied behavior analysis (ABA therapy). Hopebridge is currently scheduling diagnostic and ABA evaluations at all centers.

Additionally, the new Hopebridge Arizona centers will ultimately create more than 300 new jobs throughout the state to ensure every child receives one-on-one, personalized therapy. The coordinated, complementary teams will consist of top Board Certified Behavioral Analysts (BCBA), registered behavior technicians (RBT), clinical psychologists, occupational therapists, speech language pathologists and other industry professionals. Positions are available to apply at hopebridge.com/jobs.

Hopebridge offers a unique, interdisciplinary approach, Hopebridge360^TM, which allows the team to create personalized plans of care aimed at meeting the needs of each child through diagnostics, applied behavioral analysis (ABA) therapy, occupational therapy, and speech therapy.

Hopebridge’s individualized center-based care offers a wide range of benefits to Arizona’s families living with autism, including:

Diagnostic and ABA evaluations scheduled – Now Scheduling!

State-of-the-art facilities designed specifically to enhance pediatric therapy for a spectrum of functioning levels

Socialization with peers to target specific social and pragmatic goals

Interdisciplinary collaboration between ABA, occupational and speech therapists

A full-service insurance support team to help families navigate coverage options

Parent training and education to maximize the effects of therapy outside center walls

“Our 360 Care model places early intervention and early diagnosis at the forefront, so we can equip families with the services they need to succeed sooner,” said Dr. Adam Hahs, Hopebridge VP of Clinical Services. “Our growing team of interdisciplinary therapists receive the highest level of training, supervision and collaboration, so we can provide the utmost clinical quality to families in Arizona.”

The six new centers serving Arizona are now accepting appointments for diagnostic evaluations:

Flagstaff Hopebridge
:
3480 East Route 66, Flagstaff, AZ

Mesa Hopebridge
:
6550 E Broadway Rd, Suite 110, Mesa AZ

North Tucson Hopebridge
:
2001 West Orange Grove Road BLDG 5, Tucson, AZ

Phoenix Central
:
2001 N. 3rd Street, Suite 100, Phoenix, AZ

Surprise Hopebridge
:
14510 W Shumway Drive Suite 200, Sun City West, Arizona

Tempe Hopebridge
:
8915 S Harl Ave, Tempe AZ

Hopebridge also operates centers in Gilbert, Glendale, Litchfield Park, North Phoenix, Scottsdale and Tucson East. To schedule a diagnostic appointment or a private tour of a Hopebridge center, please visit hopebridge.com/contact.

For a complete list of Hopebridge centers and services, visit hopebridge.com/centers.

About Hopebridge

Hopebridge was founded in 2005 to serve the growing need for autism treatment services and to improve the lives of affected children and families. Hopebridge is committed to providing personalized outpatient ABA, occupational, speech and feeding therapies for children touched by autism spectrum disorder and behavioral, physical, social, communication and sensory challenges. Hopebridge provides a trusted place where they can receive the care, support and hope they deserve.

More than a decade later, Hopebridge continues to open state-of-the-art autism therapy centers in new communities to reach patients and families who need services. Headquartered in Indianapolis, Hopebridge operates in six states: Arizona, Colorado, Georgia, Indiana, Kentucky and Ohio.

###

Attachment

Scottsdale-Hopebridge

Mikaela Malott Hopebridge 317.794.3231 ext. 1003 [email protected]

Posted on April 19, 2021 7:03 am
American Oncology Network & Sarah Cannon Research Institute Expand Cancer Research Collaboration with Addition of Zangmeister Cancer Center

Fort Myers, Fla. & Nashville, Tenn., April 19, 2021 (GLOBE NEWSWIRE) — American Oncology Network, LLC (AON) and Sarah Cannon Research Institute announced today the addition of AON partner practice Zangmeister Cancer Center (Zangmeister), as a strategic research site. Hematology/Oncology Clinic in Baton Rouge, La., and Messino Cancer Centers in Asheville, N.C., both partner practices of AON, are also strategic research sites under this partnership.

Clinical trials will now be offered as a part of Zangmeister’s oncology services at its cancer center in Columbus, Ohio. Zangmeister physicians deliver the most advanced cancer treatments customized for each patient so they can achieve the best possible outcome. Zangmeister Medical Oncologists serving patients in Columbus are Dr. Tarek Chidiac, Dr. Patrick Elwood, Dr. Mark Knapp, Dr. Jeanna Knoble, Dr. Sameh Mikhail, Dr. Timothy Moore, Dr. Taral Patel, Dr. Jorge Rios, Dr. Mark Segal, Dr. Kothai Sundaram, Dr. Emily Whitman, Dr. Jeffrey Zangmeister and Gynecologic Oncologist Dr. Luis Vaccarello.

“The physicians at Zangmeister Cancer Center are truly dedicated to improving the lives and the health of their patients,” said AON CEO Todd Schonherz. “Their partnership with Sarah Cannon Research Institute enables access to a broader range of innovative research studies within the community, matching patients with potentially life-saving treatments.”

AON is currently comprised of an expanding network of partner practices across 16 states. AON practices offer in-house laboratory, pathology and oral pharmacy services all under one roof so that patients can receive the care they need in one location. Research has shown that having easy and convenient access to expert physician care and a comprehensive range of treatments and support services close to home is vital to a patient’s well-being. By collaborating with Sarah Cannon Research Institute, which is a global leader in offering community-based clinical trials, AON is expanding opportunities for patients to participate in cutting-edge cancer research, while reducing the need to drive long distances or travel out of state for care.

Sarah Cannon Research Institute pioneered the first community-based oncology drug development program in the United States and has grown to become a global leader in early phase research, conducting more than 500 first-in-human studies to date. Through its efforts to advance therapies for patients, Sarah Cannon Research Institute has been a clinical trial leader in the majority of approved cancer therapies over the last decade and enrolls thousands of patients on clinical trials annually throughout its network of strategic research sites.

“By expanding our collaboration with AON, we will further advance our mission to bring the latest therapies through clinical trials into the Columbus, Ohio community,” said Howard A. “Skip” Burris, III, MD, President of Clinical Operations and Chief Medical Officer at Sarah Cannon. “We look forward to working together with the experts at Zangmeister Cancer Center to provide even greater access to cutting-edge therapies that patients vitally need, close to home.”

About American Oncology Network, LLC:
American Oncology Network, LLC (AON) is an alliance of physicians and seasoned healthcare leaders partnering to ensure the long-term success of community oncology. Launched in 2018, the rapidly expanding AON network currently represents 92 physicians and 62 nurse practitioners and physician assistants practicing across 16 states. The executive management team of AON encompasses more than three decades of oncology practice management experience, enabling physicians to focus on what matters most – providing the highest quality care for patients.

The organization provides unique and comprehensive protocols for managing administrative procedures and enhancing ancillary services for its affiliates. AON is able to aggregate volume and attain economies of scale, as it guides its member physicians and practices through the transition to value-based reimbursement models that improve the patient experience and help to reduce the per capita cost of cancer care.

AON also provides a unique model of physician led, community-based oncology management. With services such as a centralized specialty pharmacy, diagnostics, pathology, fully integrated electronic medical records, a care management team and a variety of financial assistance programs, an alliance with AON ensures that patients’ experiences will be at the very pinnacle of cancer care today.

About Sarah Cannon Research Institute
Sarah Cannon Research Institute is the research arm of HCA Healthcare’s Cancer Institute, Sarah Cannon. Focused on advancing therapies for patients, it is one of the world’s leading clinical research organizations conducting community-based clinical trials throughout the United States and United Kingdom. A leader in drug development, Sarah Cannon has led more than 500 first-in-human clinical trials since its inception in 1993, and has been a clinical trial leader in the majority of approved cancer therapies over the last 10 years. Additionally, Sarah Cannon offers management, regulatory, and other research support services for drug development and industry sponsors as well as strategic investigator sites through its contract research organization (CRO), Sarah Cannon Development Innovations.

Attachment

SCRI ZCC PR Headshots

Caroline Hewitt American Oncology Network, LLC (239) 789.2341 [email protected]

Posted on April 19, 2021 7:03 am
Mesa Air Group Announces Second Quarter Fiscal Year 2021 Earnings Release and Conference Call Date

PHOENIX, April 19, 2021 (GLOBE NEWSWIRE) — Mesa Air Group, Inc. (NASDAQ: MESA) will release its second quarter earnings for fiscal year 2021 after the market closes on Monday, May 10. The company will also host a conference call to discuss the results on May 10th at 4:30 pm Eastern Time.

The call can be accessed by dialing 888-469-2054 and entering the passcode: PHOENIX (7463649).

There will also be a listen-only webcast on Mesa’s website (http://investor.mesa-air.com/events-and-presentations/events). A recorded version will be available on Mesa’s website approximately two hours after the call (http://investor.mesa-air.com).

About Mesa Air Group, Inc.

Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 112 cities in 38 states, the District of Columbia, and Mexico as well as cargo services out of Cincinnati/Northern Kentucky International Airport. As of March 31st, 2021, Mesa operated a fleet of 163 aircraft with approximately 440 daily departures and 3,100 employees. Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of capacity purchase agreements entered into with American Airlines, Inc., United Airlines, Inc., and DHL.

Investor Relations
Susan Donofrio
[email protected]

Media
Megan Bilbao
[email protected]

Posted on April 19, 2021 7:03 am
Points expands partnership with Southwest Airlines®, as carrier launches Rapid Rewards® Points Subscription Plan

New Subscription service by Points gives Rapid Rewards Members a flexible and convenient way to fast track rewards

TORONTO, April 19, 2021 (GLOBE NEWSWIRE) — Global leader in powering loyalty commerce, Points, (TSX:PTS) (Nasdaq:PCOM) has strengthened its ongoing partnership with Southwest Airlines Co. once more to introduce the Rapid Rewards Points Subscription Plan. Southwest Airlines is one of the first carriers to leverage the latest addition to Points’ product and services offering, Subscription, which enables Members to easily build towards their reward goals. The introduction of this new option is a first for Southwest’s Rapid Rewards program.

Starting today, Members can choose between three different subscription plans enabling them to build a balance of either 30, 40 or, 80k points over 12 months. Once Members choose a plan, their Rapid Rewards points will then automatically be deposited into their account monthly, with quarterly bonus points awarded along the way.

“Our Rapid Rewards Members appreciate the value, flexibility, and ease of our program,” said Corbitt Burns, Director of Rapid Rewards at Southwest Airlines. “Southwest Airlines is excited to offer a new way for our Members to reach their travel goals with the Rapid Rewards Points Subscription Plan.”

Consumer demand for subscription-based products and services has not been adversely affected by the pandemic; in fact, the sector is one of the few that has experienced growth. By capitalizing on this emerging consumer trend with the introduction of this new service, Points can help loyalty programs drive ongoing member engagement, build long-term member lifetime value, and generate an additional revenue stream.

Rob MacLean, CEO of Points, also commented on the news, “We are proud to have been a longstanding partner with Southwest Airlines for over nine years and to be strengthening our collaboration once more with the introduction of this new product. Innovating ways to drive member engagement and provide valuable revenue to our partners has never been as important as it is now during this period of reduced travel.”

Recent research
by Points revealed that members have continued to forward buy points/miles since the outset of the pandemic; with over three quarters of those surveyed stating that their purchase was motivated by the desire to stock up on points/miles to meet a medium or long term travel goal. The introduction of a new service that lets them do this with ease is sure to be of interest to loyalty members.

The Rapid Rewards program is designed around a simple concept—make earning reward flights faster and easier. With Rapid Rewards, Members qualify for unlimited reward seats for every available seat, no blackout dates, and points do not expire. Members can access their account by going to My Account> Rapid Rewards> Rapid Rewards points and more.

To enroll in Rapid Rewards, visit Southwest.com/RapidRewards. For more information on how Points can help loyalty programs unlock their full potential, visit Points.com.

ABOUT SOUTHWEST AIRLINES CO.

In its 50^th year of service, Dallas-based Southwest Airlines Co. continues to differentiate itself from other air carriers with exemplary Customer Service delivered by more than 56,000 Employees to a Customer base that topped 130 million Passengers in 2019. Southwest has a robust network of point-to-point service with a strong presence across top leisure and business markets. In peak travel seasons during 2019, Southwest operated more than 4,000 weekday departures among a network of 101 destinations in the United States and 10 additional countries. In 2020, the carrier added service to Hilo, Hawaii; Cozumel, Mexico; Miami; Palm Springs, Calif.; Steamboat Springs; and Montrose (Telluride/Crested Butte), Colo. Thus far in 2021, Southwest has initiated service to Chicago (O’Hare) and Sarasota/Bradenton, both on Feb. 14; Savannah/Hilton Head and Colorado Springs, both on March 11; as well as Houston (Bush) and Santa Barbara, Calif., both on April 12; and will begin service to Fresno, Calif. on April 25; Destin/Fort Walton Beach on May 6; Myrtle Beach S.C. on May 23; Bozeman, Mont. on May 27; Jackson, Miss. on June 6; and Eugene, Ore. on Aug. 29. The Company also has announced an intention to initiate new service to Bellingham, Wash., later this year.

Book Southwest Airlines’ low fares online at Southwest.com or by phone at 800-I-FLY-SWA.

Media Contacts:

Visit the Southwest Newsroom at swamedia.com for multimedia assets and other Company news.

Media Relations Team: (214) 792-4847, option 1

About Points International

Points
, (TSX: PTS) (NASDAQ: PCOM) is a trusted partner to the world’s leading loyalty programs, leveraging its unique Loyalty Commerce Platform to build, power, and grow a network of ways members can get and use their favourite loyalty currency. Our platform combines insights, technology, and resources to make the movement of loyalty currency simpler and more intelligent for nearly 60 reward programs worldwide. Founded in 2000, Points is headquartered in Toronto with teams operating around the globe.

For more information, visit Points.com.

POINTS CONTACT

Points Media Relations

Rachel Goldrick

[email protected]

+1 416 454 7120

Posted on April 19, 2021 7:03 am
Independent Proxy Advisory Firm Glass Lewis Joins ISS in Recommending that Boston Private Shareholders Vote “FOR” the Proposed Transaction with SVB Financial

Independent Proxy Advisory Firm Glass Lewis Joins ISS in Recommending that Boston Private Shareholders Vote “FOR” the Proposed Transaction with SVB Financial

Boston Private Reminds Shareholders To Vote “FOR” the Financially and Strategically Compelling Transaction with SVB Financial

BOSTON–(BUSINESS WIRE)–
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (“Boston Private”), a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits, today announced that independent proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) has joined Institutional Shareholder Services (“ISS”) in recommending that Boston Private shareholders vote “FOR” the proposed transaction with SVB Financial Group (NASDAQ: SIVB) (“SVB Financial”) at Boston Private’s upcoming special meeting scheduled for April 27, 2021. Both Glass Lewis and ISS have recommended that shareholders vote “FOR” each proposal to be presented at the special meeting, in accordance with the unanimous recommendation of the Boston Private Board (the “Board”).

“We welcome the favorable recommendations from Glass Lewis and ISS and are pleased that both proxy advisory firms recognize the financially and strategically compelling merits of the transaction with SVB Financial,” said Anthony DeChellis, Boston Private Chief Executive Officer and President. “The Glass Lewis and ISS recommendations reaffirm the Board’s determination that the transaction with SVB Financial provides the best path for maximizing value for Boston Private shareholders.”

The Boston Private Board believes that the financially and strategically compelling transaction with SVB Financial will deliver significant immediate value and ongoing upside participation through a best-in-class premium and a best-in-class partner, and is the clear value-maximizing alternative for Boston Private shareholders. In contrast, HoldCo’s proposed alternative is illusory, and amounts to a reckless gamble fraught with risk that would destroy substantial value for shareholders.

The Board unanimously recommends that shareholders vote “FOR” the proposed transaction with SVB Financial and “FOR” the other matters to be considered at the April 27, 2021 special meeting by following the instructions on the WHITE proxy card to vote via Internet or with a toll-free telephone call to ensure votes are received in time to be counted at the special meeting.

If shareholders have any questions or need assistance in voting shares, please contact Innisfree M&A Incorporated, Boston Private’s proxy solicitor, by calling toll-free at (877) 800-5187, or for banks and brokers, collect at (212) 750-5833.

About Boston Private

Boston Private is a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits. For more than 30 years, Boston Private has delivered comprehensive advice coupled with deep technical expertise to help clients simplify their lives and achieve their goals. The firm offers the capabilities of a large institution with the superior service of a boutique firm to clients across the United States. Boston Private is the corporate brand of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH). For more information, visit www.bostonprivate.com.

Advisors

Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Boston Private and Morgan Stanley & Co. LLC is acting as financial advisor to Boston Private.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to SVB Financial’s and/or Boston Private’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could” or “may,” or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to update forward-looking statements. Actual results may differ materially from current projections. In addition to factors previously disclosed in SVB Financial’s and Boston Private’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by Boston Private’s shareholders on the expected terms and schedule; delay in closing the merger; the outcome of any legal proceedings that have been or may be instituted against SVB Financial or Boston Private; the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the merger agreement providing for the merger; difficulties and delays in integrating Boston Private’s business or fully realizing cost savings and other benefits; business disruption following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; the inability to retain existing Boston Private clients; the inability to retain Boston Private employees; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; and the impact of the global COVID-19 pandemic on SVB Financial’s and/or Boston Private’s businesses, the ability to complete the proposed merger and/or any of the other foregoing risks. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Important Additional Information and Where to Find It

In connection with the proposed merger, SVB Financial has filed with the SEC a registration statement on Form S-4 that includes the proxy statement of Boston Private and a prospectus of SVB Financial. The registration statement on Form S-4, as amended, was declared effective by the SEC on March 17, 2021, and Boston Private commenced mailing of the definitive proxy statement/prospectus to its shareholders on or about March 19, 2021. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS AND SHAREHOLDERS OF BOSTON PRIVATE ARE URGED TO READ THE REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

A free copy of the definitive proxy statement/prospectus, as well as other filings containing information about SVB Financial and Boston Private, may be obtained at the SEC’s Internet site (http://www.sec.gov). Copies of documents filed with the SEC by SVB Financial will be made available free of charge on SVB Financial’s website at http://ir.svb.com or by contacting SVB Financial’s Investor Relations department at 408.654.7400; 3005 Tasman Drive, Santa Clara, CA 95054; or [email protected]. Copies of documents filed with the SEC by Boston Private will be made available free of charge on Boston Private’s website at http://ir.bostonprivate.com or by contacting Boston Private’s Investor Relations department at 617.912.4386; 10 Post Office Square, Boston, MA 02109; or [email protected].

Participants in the Solicitation

SVB Financial, Boston Private and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Boston Private in connection with the proposed merger. Information about the directors and executive officers of SVB Financial is set forth in the proxy statement for SVB Financial’s 2021 Annual Meeting of Stockholders, which was filed with the SEC on March 4, 2021, and other documents filed by SVB Financial with the SEC. Information about the directors and executive officers of Boston Private is set forth in Boston Private’s Form 10-K for the year ended December 31, 2020, as amended, and other documents filed by Boston Private with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive proxy statement/prospectus regarding the proposed merger. Free copies of this document may be obtained as described in the preceding paragraph.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210419005223/en/

Investor Relations

Adam Bromley

(617) 912-4386

[email protected]

Media

Lucy Muscarella

(617) 912-4402

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Banking Professional Services Finance

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