Guaranty Bancshares, Inc. Reports First Quarter 2019 Financial Results

ADDISON, Texas--()--Guaranty Bancshares, Inc. (NASDAQ: GNTY), the holding company for Guaranty Bank & Trust, N.A., today reported financial results for the fiscal quarter ended March 31, 2019. The company's net income available to common shareholders was $5.3 million, or $0.45 per basic share, for the quarter ended March 31, 2019, compared to $6.5 million, or $0.55 per basic share, for the quarter ended December 31, 2018 and $4.4 million, or $0.39 per basic share, for the quarter ended March 31, 2018. The earnings per basic share during the first quarter of 2019, compared to the same period in 2018, were impacted by the issuance of 899,816 shares of common stock in connection with the completion of the Westbound Bank ("Westbound") acquisition on June 1, 2018 and by our repurchase of 219,030 shares of common stock between April 1, 2018 and March 31, 2019. Return on average assets and average equity for the first quarter were 0.94% and 9.11%, respectively, compared to 1.15% and 10.67%, respectively, for the fourth quarter of 2018 and 0.89% and 8.35%, respectively, for the same period during 2018.

"We are very pleased with our strong core deposit growth, continued expansion in our net interest margin, and strong asset quality metrics this quarter. We will continue to execute on our strategic plan of organic growth of loan and deposit relationships in our expansion markets, which will further improve our efficiencies and performance as we add additional scale. While loan demand was softer in Q1 than previous quarters, we still see overall positive trends and opportunities in our markets and Texas as a whole. Our company’s stock valuation remains at what we see as a very attractive level, so we expect to continue executing on our previously announced stock repurchase plan," commented Ty Abston, the company's Chairman and Chief Executive Officer.

The company’s growth in net earnings in the first quarter of 2019, as compared to the first quarter of 2018, was primarily attributable to an increase in net interest income, before the provision for loan losses, of $3.6 million. These items were partially offset by an increase in noninterest expense of $2.3 million, of which $1.8 million related to higher employee compensation and benefits and occupancy expenses during the quarter. The increase in employee compensation and benefits and occupancy expenses resulted from an increase of 44 full-time equivalent employees, from 419 as of March 31, 2018 to 463 as of March 31, 2019, of which 28 new employees were related to the Westbound acquisition, 11 were related to our two de novo locations in Austin and Fort Worth, Texas that were opened in the fourth quarter of 2017, and other employees that were added to support operational growth.

Net interest income in the first quarter of 2019 and 2018 was $19.0 million and $15.4 million, respectively, an increase of $3.6 million, or 23.65%. Net interest margin for the first quarter of 2019 and 2018 was 3.64% and 3.41%, respectively. Net interest income and net interest margin, on a taxable equivalent basis, were $19.0 million and 3.75%, respectively, for the first quarter of 2019. Our net interest income was positively affected by achieving higher increases in loan yields than for deposit costs. During the period, our loan yield increased from 4.83% as of March 31, 2018 to 5.46% as of March 31, 2019, a change of 0.63% while our interest bearing deposit costs increased from 1.06% to 1.58% during the same period, a change of 0.52%.

The provision for loan losses was $575,000 in the first quarter of 2019, compared to $500,000 in the fourth quarter of 2018 and $600,000 in the first quarter of 2018. The provision for loan losses is primarily reflective of organic growth during the respective periods. Nonperforming assets as a percentage of total loans were 0.31% at March 31, 2019, compared to 0.46% at December 31, 2018, and 0.64% at March 31, 2018.

Noninterest income decreased $611,000, or 14.64%, in the first quarter of 2019 to $3.6 million, compared to $4.2 million for the quarter ended December 31, 2018. The decrease was primarily attributable to $601,000 recognized in the prior quarter as other noninterest income from the sale of our Atlanta, Texas bank location and former Longview, Texas bank location. Further contributing to the decrease was a decline in service charges income of $113,000, or 12.03% from the prior quarter, partially offset by an increase in the net realized gain on sale of loans of $40,000, or 9.15% from the prior quarter.

Noninterest income decreased $103,000, or 2.81%, in the first quarter of 2019, compared to $3.7 million for the quarter ended March 31, 2018. The decrease was primarily attributable to a decrease in the net realized gain on sale of loans of $79,000, or 14.21%, from the same quarter in the prior year. Other noninterest income decreased $133,000, or 18.40%, from the same quarter in 2018 due primarily to a $263,000 negative adjustment in our SBA servicing asset fair value. These decreases were partially offset by increases in merchant and debit card fees and bank owned life insurance of $130,000 and $32,000, respectively.

Noninterest expense increased 6.37% in the first quarter of 2019 to $15.5 million, compared to $14.5 million for the quarter ended December 31, 2018. The increase resulted primarily from a $587,000, or 6.99%, increase in employee compensation and benefits and a $129,000 increase in software and technology expenses in the current quarter. These increases were partially offset by a $44,000, or 10.58%, decrease in advertising and promotions expense, from $416,000 in the previous quarter to $372,000 in the first quarter of 2019.

Noninterest expense increased $2.3 million, or 17.79%, in the first quarter of 2019, compared to the first quarter of 2018. The increase in noninterest expense in the first quarter of 2019 was primarily driven by an increase in employee compensation and benefits expense to $9.0 million, up $1.2 million from the same quarter of the prior year due in part to the Westbound acquisition during the second quarter of 2018 and to new employees at our two de novo locations in Austin and Fort Worth, Texas. Occupancy expenses also increased $598,000, from $1.9 million in the first quarter of 2018, to $2.5 million in the first quarter of 2019. The increase in occupancy expense is primarily due to an increase in depreciation expense, ad valorum taxes, janitor expense and building maintenance, a combined expense increase of $310,000, resulting mainly from the Westbound acquisition and new Austin and Fort Worth locations. Other increases are due to commencement of leases in Austin and Fort Worth and adoption of the new Accounting Standards Codification 842, Leases. The company’s efficiency ratio in the first quarter of 2019 was 68.55%, compared to 68.99% in the same quarter last year.

Consolidated assets for the company totaled $2.31 billion at March 31, 2019, compared to $2.27 billion at December 31, 2018, and $2.00 billion at March 31, 2018. Gross loans decreased 0.23%, or $3.8 million, to $1.66 billion at March 31, 2019, compared to loans of $1.66 billion at December 31, 2018. Gross loans increased 18.15%, or $254.4 million, from $1.40 billion at March 31, 2018. Excluding the $154.7 million of loans acquired from Westbound, and the $10.2 million in loans sold with the Atlanta bank location, organic loan growth from March 31, 2018 to March 31, 2019 was $95.2 million, or 6.36%. Deposits increased by 4.85%, or $90.8 million, to $1.96 billion at March 31, 2019, compared to $1.87 billion at December 31, 2018. Total deposits increased 16.00%, or $270.7 million, from $1.69 billion at March 31, 2018. Excluding the $181.4 million of deposits acquired from Westbound, and the $32.4 million in deposits sold with the Atlanta bank location, organic deposit growth from March 31, 2018 to March 31, 2019 was $121.7 million, or 6.71%. Shareholders' equity totaled $250.3 million as of March 31, 2019, compared $244.6 million at December 31, 2018 and $207.4 million at March 31, 2018. The increases from the previous quarter and from March 31, 2018 were primarily the result of operating earnings and the issuance of common stock related to the Westbound acquisition on June 1, 2018.

   

Guaranty Bancshares, Inc.

Consolidated Financial Summary (Unaudited)

(In thousands, except share and per share data)

 
As of
2019   2018
March 31 December 31   September 30   June 30   March 31
ASSETS
Cash and due from banks $ 40,915 $ 44,471 $ 38,483 $ 37,944 $ 33,021
Federal funds sold 58,000 20,275 10,700 56,850 43,875
Interest-bearing deposits   9,389   6,764   4,868   4,186   9,715
Total cash and cash equivalents 108,304 71,510 54,051 98,980 86,611
Securities available for sale 236,979 232,975 232,378 243,490 235,075
Securities held to maturity 160,980 163,164 164,839 167,239 170,408
Loans held for sale 1,222 1,795 826 1,731 1,477
Loans, net 1,640,979 1,645,444 1,638,149 1,580,441 1,388,913
Accrued interest receivable 8,245 9,292 7,760 8,667 6,719
Premises and equipment, net 52,378 52,227 52,660 53,396 45,095
Other real estate owned 632 751 1,783 1,926 2,076
Cash surrender value of life insurance 26,458 26,301 25,747 25,590 19,468
Deferred tax asset 2,167 3,209 3,237 2,902 3,354
Core deposit intangible, net 4,493 4,706 4,919 5,133 2,578
Goodwill 32,160 32,160 32,160 32,019 18,742
Other assets   33,994   23,436   24,071   23,126   17,369
Total assets $ 2,308,991 $ 2,266,970 $ 2,242,580 $ 2,244,640 $ 1,997,885
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 490,206 $ 489,789 $ 479,405 $ 464,236 $ 421,255
Interest-bearing   1,472,095   1,381,691   1,357,934   1,384,189   1,270,327
Total deposits 1,962,301 1,871,480 1,837,339 1,848,425 1,691,582
Securities sold under agreements to repurchase 11,542 12,228 11,107 12,588 12,395
Accrued interest and other liabilities 22,396 10,733 10,187 9,515 7,575
Federal Home Loan Bank advances 50,131 115,136 129,140 120,644 65,149
Subordinated debentures   12,310   12,810   12,810   13,810   13,810
Total liabilities 2,058,680 2,022,387 2,000,583 2,004,982 1,790,511
 
Total shareholders' equity   250,311   244,583   241,997   239,658   207,374
Total liabilities and shareholders' equity $ 2,308,991 $ 2,266,970 $ 2,242,580 $ 2,244,640 $ 1,997,885
 
     

Guaranty Bancshares, Inc.

Consolidated Financial Summary (Unaudited)

(In thousands, except share and per share data)

 
Quarter Ended
2019   2018
March 31 December 31   September 30   June 30   March 31
INCOME STATEMENTS
Interest income $ 25,307 $ 24,719 $ 23,675 $ 21,026 $ 19,038
Interest expense   6,300     5,863     5,446     4,567     3,666  
Net interest income 19,007 18,856 18,229 16,459 15,372
Provision for loan losses   575     500     500     650     600  
Net interest income after provision for loan losses 18,432 18,356 17,729 15,809 14,772
Noninterest income 3,562 4,173 3,549 3,916 3,665
Noninterest expense   15,470     14,544     15,027     14,069     13,134  
Income before income taxes 6,524 7,985 6,251 5,656 5,303
Income tax provision   1,187     1,473     1,160     1,022     944  
Net earnings $ 5,337   $ 6,512   $ 5,091   $ 4,634   $ 4,359  
PER COMMON SHARE DATA
Earnings per common share, basic $ 0.45 $ 0.55 $ 0.43 $ 0.41 $ 0.39
Earnings per common share, diluted 0.45 0.55 0.42 0.41 0.39
Cash dividends per common share 0.17 0.17 0.15 0.14 0.14
Book value per common share - end of quarter 21.19 20.68 20.23 20.04 18.75
Tangible book value per common share - end of quarter(1) 18.09 17.56 17.13 16.81 16.82
Common shares outstanding - end of quarter 11,813,586 11,829,868 11,964,472 11,960,772 11,058,956
Weighted-average common shares outstanding, basic 11,816,347 11,888,817 11,962,654 11,327,363 11,058,956
Weighted-average common shares outstanding, diluted 11,907,287 11,951,271 12,033,434 11,440,103 11,177,579
PERFORMANCE RATIOS
Return on average assets (annualized) 0.94 % 1.15 % 0.91 % 0.90 % 0.89 %
Return on average equity (annualized) 9.11 10.67 8.39 8.58 8.35
Net interest margin (annualized) 3.64 3.58 3.50 3.44 3.41
Efficiency ratio(2) 68.55 63.16 69.00 68.88 68.99
 

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

(2) 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
2019   2018
March 31 December 31   September 30   June 30   March 31
LOAN PORTFOLIO COMPOSITION
Commercial and industrial $ 246,176 $ 261,779 $ 248,758 $ 234,396 $ 206,308
Real estate:
Construction and development 250,852 237,503 229,307 211,745 193,909
Commercial real estate 581,926 582,519 599,153 570,448 450,076
Farmland 72,274 67,845 65,209 68,272 63,971
1-4 family residential 390,618 393,067 392,456 392,940 377,278
Multi-family residential 37,430 38,386 38,523 39,023 37,992
Consumer 56,158 54,777 53,947 52,949 48,982
Agricultural 19,994 23,277 24,184 23,362 22,545
Overdrafts   275     382     326     339     273  

Total loans(1)(2)

$ 1,655,703   $ 1,659,535   $ 1,651,863   $ 1,593,474   $ 1,401,334  
 
Quarter Ended
2019 2018
March 31 December 31 September 30 June 30 March 31
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 14,651 $ 14,441 $ 13,890 $ 13,375 $ 12,859
Loans charged-off (78 ) (507 ) (94 ) (201 ) (116 )
Recoveries 42 217 145 66 32
Provision for loan losses   575     500     500     650     600  
Balance at end of period $ 15,190   $ 14,651   $ 14,441   $ 13,890   $ 13,375  
 
Allowance for loan losses / period-end loans 0.92 % 0.88 % 0.87 % 0.87 % 0.95 %
Allowance for loan losses / nonperforming loans 419.2 248.7 166.8 162.3 282.4
Net charge-offs / average loans (annualized) 0.01 0.07 (0.01 ) 0.04 0.02
 
NON-PERFORMING ASSETS
Non-accrual loans (3) $ 3,624 $ 5,891 $ 8,657 $ 8,557 $ 4,737
Other real estate owned 632 751 1,783 1,926 2,076
Repossessed assets owned   948     971     986     1,624     2,107  
Total non-performing assets $ 5,204   $ 7,613   $ 11,426   $ 12,107   $ 8,920  
 
Non-performing assets as a percentage of:
Total loans(1)(3) 0.31 % 0.46 % 0.69 % 0.76 % 0.64 %
Total assets 0.23 0.34 0.51 0.54 0.45
 
Restructured loans-nonaccrual $ 487 $ 335 $ $ $
Restructured loans-accruing 671 861 727 737 746
 

(1) Excludes outstanding balances of loans held for sale of $1.2 million, $1.8 million, $826,000, $1.7 million, and $1.5 million as of March 31, 2019, and December 31, September 30, June 30, and March 31, 2018, respectively.

(2) Excludes deferred loan fees of $466,000, $560,000, $727,000, $857,000, and $1.0 million as of March 31, 2019, and December 31, September 30, June 30, and March 31, 2018, respectively.

(3) Restructured 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
2019   2018
March 31 December 31   September 30   June 30   March 31
NONINTEREST INCOME
Service charges $ 826 $ 939 $ 921 $ 852 $ 888
Net realized gain (loss) on securities transactions 1 (51 )
Net realized gain on sale of loans 477 437 637 678 556
Fiduciary income 425 408 402 379 398
Bank-owned life insurance income 158 152 157 135 126
Merchant and debit card fees 959 1,005 937 871 829
Loan processing fee income 128 131 158 155 145
Other noninterest income   589   1,101   336   897     723
Total noninterest income $ 3,562 $ 4,173 $ 3,549 $ 3,916   $ 3,665
 
NONINTEREST EXPENSE
Employee compensation and benefits $ 8,986 $ 8,399 $ 8,156 $ 7,789 $ 7,778
Occupancy expenses 2,451 2,322 2,217 2,006 1,853
Legal and professional fees 626 531 948 1,033 568
Software and technology 782 653 636 657 556
Amortization 349 347 349 275 257
Director and committee fees 239 227 255 268 279
Advertising and promotions 385 416 335 380 279
ATM and debit card expense 278 270 289 259 309
Telecommunication expense 174 173 170 154 152
FDIC insurance assessment fees 33 146 164 159 156
Other noninterest expense   1,167   1,060   1,508   1,089     947
Total noninterest expense $ 15,470 $ 14,544 $ 15,027 $ 14,069   $ 13,134
 
     

Guaranty Bancshares, Inc.

Selected Financial Data (Unaudited)

(In thousands)

 
For the Three Months Ended March 31,
2019   2018
Average

Outstanding

Balance

  Interest

Earned/

Interest

Paid

  Average

Yield/ Rate

Average

Outstanding

Balance

  Interest

Earned/

Interest

Paid

  Average

Yield/ Rate

ASSETS
Interest-earnings assets:
Total loans(1) $ 1,651,608 $ 22,244 5.46 % $ 1,364,724 $ 16,256 4.83 %
Securities available for sale 233,625 1,530 2.66 238,233 1,442 2.45
Securities held to maturity 162,121 1,028 2.57 172,679 1,061 2.49
Nonmarketable equity securities 12,128 170 5.68 7,508 89 4.81
Interest-bearing deposits in other banks   57,240     335 2.37     43,547     190 1.77  
Total interest-earning assets 2,116,722   25,307 4.85   1,826,691   19,038 4.23  
Allowance for loan losses (14,906 ) (12,989 )
Noninterest-earnings assets   188,917     142,343  
Total assets $ 2,290,733   $ 1,956,045  
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing deposits $ 1,458,261 $ 5,673 1.58 % $ 1,255,975 $ 3,274 1.06 %
Advances from FHLB and fed funds purchased 74,700 447 2.43 59,979 214 1.45
Subordinated debentures 12,310 169 5.57 13,810 167 4.90
Securities sold under agreements to repurchase   11,065     11 0.40     11,621     11 0.38  

Total interest-bearing liabilities

1,556,336   6,300 1.64   1,341,385   3,666 1.11  
Noninterest-bearing liabilities:
Noninterest-bearing deposits 475,890 400,347
Accrued interest and other liabilities   20,893     5,589  
Total noninterest-bearing liabilities 496,783 405,936
Shareholders’ equity   237,614     208,724  
Total liabilities and shareholders’ equity $ 2,290,733   $ 1,956,045  

Net interest rate spread(2)

3.21 % 3.12 %
Net interest income $ 19,007 $ 15,372
Net interest margin(3) 3.64 % 3.41 %
 

(1) Includes average outstanding balances of loans held for sale of $1.3 million and $1.7 million for the three months ended March 31, 2019 and 2018, 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.

     

Guaranty Bancshares, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In thousands, except share and per share data)

 
As of
2019   2018  
March 31 December 31   September 30   June 30   March 31
Total shareholders’ equity $ 250,311 $ 244,583 $ 241,997 $ 239,658 $ 207,374
Adjustments:
Goodwill (32,160 ) (32,160 ) (32,160 ) (32,019 ) (18,742 )
Core deposit intangible   (4,493 )   (4,706 )   (4,919 )   (5,133 )   (2,578 )
Total tangible common equity $ 213,658   $ 207,717   $ 204,918   $ 202,506   $ 186,054  

Common shares outstanding - end of quarter(1)

11,813,586 11,829,868 11,964,472 11,960,772 11,058,956
Book value per common share $ 21.19 $ 20.68 $ 20.23 $ 20.04 $ 18.75
Tangible book value per common share 18.09 17.56 17.13 16.93 16.82
 

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

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per share” 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.

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 products and services. Guaranty Bank & Trust has 30 banking locations across 23 Texas communities located within the East Texas, Dallas/Fort Worth, Greater Houston and Central Texas regions of the state. Visit www.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. 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"), and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; the composition of our loan portfolio, including deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to execute our business plan; acquisitions and integrations of acquired businesses; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; and the amount of nonperforming and classified assets we hold. 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.

Contacts

Cappy Payne
Senior Executive Vice President and Chief Financial Officer
(888) 572-9881
investors@gnty.com

Release Summary

Guaranty Bancshares, Inc. reports First Quarter 2019 financial results.

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Contacts

Cappy Payne
Senior Executive Vice President and Chief Financial Officer
(888) 572-9881
investors@gnty.com