{"product_id":"gnty-vrio-analysis","title":"Guaranty Bancshares, Inc. (GNTY): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlock the secrets to Guaranty Bancshares, Inc. (GNTY)'s success! This VRIO analysis distills whether its core assets truly offer a sustainable competitive advantage, as summarized in \u0026amp;O4\u0026amp;. Read on to see the hard truth about its Value, Rarity, Inimitability, and Organization and what it means for its future market position.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Granular Core Deposit Base\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at Guaranty Bancshares, Inc.’s (GNTY) deposit structure, and honestly, it’s a quiet strength that deserves attention, especially given the recent merger news with Glacier Bancorp, Inc. effective October 1, 2025. This granular core deposit base is what kept their funding costs low and their net interest margin improving to \u003cstrong\u003e3.70%\u003c\/strong\u003e in Q1 2025.\u003c\/p\u003e\n\n\u003ch3\u003eGranular Core Deposit Base Assessment\u003c\/h3\u003e\n\u003cp\u003eThis analysis focuses on the resource of a deeply embedded, small-balance deposit base, which is a classic source of durable competitive advantage in banking if managed right.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: Stable, Low-Cost Funding\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis resource is definitely valuable because it provides cheap, sticky funding. As of March 31, 2025, a significant portion of their funding came from these low-cost sources. Here’s the quick math on that stability:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNoninterest-bearing deposits represented \u003cstrong\u003e31.3%\u003c\/strong\u003e of total deposits.\u003c\/li\u003e\n\u003cli\u003eTotal deposits stood at \u003cstrong\u003e$2.70 billion\u003c\/strong\u003e at that time.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eA high percentage of noninterest-bearing deposits (DDA) means less interest expense, which directly boosts the Net Interest Margin (NIM). What this estimate hides is the cost savings realized when rates are high; this base insulates them better than peers relying on higher-cost wholesale funding.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: The Power of Small Balances\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eMany regional banks fight for core deposits, but GNTY’s specific composition is rare. It’s not just the volume; it’s the fragmentation. This granularity suggests deep, long-term community relationships rather than just chasing large corporate cash balances.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (as of March 31, 2025)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposit Accounts\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e91,105\u003c\/strong\u003e accounts\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Deposit Balance\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$29,684\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNoninterest-Bearing Deposits \/ Total Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e31.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThat average balance of under \u003cstrong\u003e$30,000\u003c\/strong\u003e is a key differentiator from many larger competitors.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: Relationship Banking Moat\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eYou can’t buy this overnight. Imitating this base requires years of relationship banking, local presence, and trust - it’s not something a competitor can replicate by simply raising their CD rates for a quarter. It’s baked into the bank’s operational DNA.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Trust and Stickiness\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe bank is organized to protect and maintain this base, which shows up in the low level of uninsured deposits. Strong customer trust means less flight risk when economic uncertainty rises. The data point here is telling:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eUninsured deposits (excluding public\/bank funds) were only \u003cstrong\u003e26.7%\u003c\/strong\u003e of total deposits on March 31, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eIf onboarding takes 14+ days, churn risk rises; GNTY’s structure suggests low immediate risk from deposit migration.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis sticky, low-cost funding base is a \u003cstrong\u003esustained competitive advantage\u003c\/strong\u003e. It directly translates to a structural advantage in managing funding costs, allowing GNTY to maintain a healthy NIM, like the \u003cstrong\u003e3.70%\u003c\/strong\u003e reported for Q1 2025, even in shifting rate environments.\u003c\/p\u003e\n\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Texas-Centric Branch Network \u0026amp; Local Market Knowledge\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eTexas-Centric Branch Network \u0026amp; Local Market Knowledge\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003eValue: Allows for deep understanding of local credit cycles and customer needs across key Texas metros, supporting a robust loan pipeline.\u003c\/p\u003e\n\n\u003cp\u003eRarity: The specific footprint of \u003cstrong\u003e33\u003c\/strong\u003e locations across \u003cstrong\u003e26\u003c\/strong\u003e Texas communities (DFW, Houston, Central\/East Texas) is unique to Guaranty Bancshares, Inc.\u003c\/p\u003e\n\n\u003cp\u003eImitability: High imitability barrier due to the time and capital required to establish physical presence and local goodwill.\u003c\/p\u003e\n\n\u003cp\u003eOrganization: The local management structure is organized to deploy this knowledge effectively in underwriting and relationship management.\u003c\/p\u003e\n\n\u003cp\u003eCompetitive Advantage: Sustained; local expertise is hard for out-of-state competitors to replicate quickly.\u003c\/p\u003e\n\n\u003cp\u003eThe geographic concentration and historical presence within Texas provide quantifiable metrics supporting the VRIO framework components:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (as of Dec 31, 2024)\u003c\/th\u003e\n\u003cth\u003eContextual Data Point\u003c\/th\u003e\n\u003cth\u003eSource Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Consolidated Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.12 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTotal Assets as of September 30, 2023: $3.23 billion\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.13 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eGross Loans as of September 30, 2024: $2.14 billion\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.69 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTotal Deposits as of December 31, 2023: $2.757 trillion (likely typo in source, using $2.69B from 10-K)\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBranch Locations\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e33\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNetwork grew from \u003cstrong\u003e18\u003c\/strong\u003e locations in 2013\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunities Served\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e26\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNetwork grew from \u003cstrong\u003e11\u003c\/strong\u003e communities in 2013\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ4 2024 Net Interest Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.54%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2024 Net Interest Margin: 3.33%\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Shareholders' Equity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$319.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNet Income Q4 2024: $10.0 million\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe specific Texas markets served by the branch network include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eEast Texas\u003c\/li\u003e\n\u003cli\u003eDallas\/Fort Worth (DFW) region, including Dallas and Fort Worth\u003c\/li\u003e\n\u003cli\u003eHouston region, including Houston, Conroe, and Katy\u003c\/li\u003e\n\u003cli\u003eCentral Texas, including Austin and Georgetown\u003c\/li\u003e\n\u003cli\u003eOther specific communities: Paris, Texarkana, Sulphur Springs, Bogata, Commerce, Pittsburg, New Boston, Mount Pleasant, Mount Vernon, Longview, Hallsville, College Station, and Royse City\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\n\u003cp\u003eThe community-based relationship model is a core organizational element:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFocus on a community-based relationship model, as opposed to a line of business model.\u003c\/li\u003e\n\u003cli\u003eCulture emphasizes employee ownership.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Improved Net Interest Margin (NIM) Management\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Directly boosts profitability; NIM improved to \u003cstrong\u003e3.70%\u003c\/strong\u003e in Q1 2025, up from \u003cstrong\u003e3.16%\u003c\/strong\u003e in Q1 2024.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ1 2025\u003c\/th\u003e\n\u003cth\u003eQ1 2024\u003c\/th\u003e\n\u003cth\u003eQ4 2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (FTE Basis)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.70%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.16%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.54%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Cost of Interest-Bearing Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.83%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.07%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Cost of Total Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.96%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.11%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (Pre-Provision)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$26.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e While NIM improved across the sector, achieving this level through effective asset repricing and deposit cost control is a sign of superior execution.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet interest margin, on an FTE basis, increased 54 basis points from Q1 2024 to Q1 2025.\u003c\/li\u003e\n\u003cli\u003eThe Q1 2025 NIM increase was due to a 10 basis point increase in interest-earning asset yield and a 58 basis point decrease in the cost of interest-bearing liabilities.\u003c\/li\u003e\n\u003cli\u003eNoninterest-bearing deposits represented \u003cstrong\u003e31.3%\u003c\/strong\u003e of total deposits as of March 31, 2025.\u003c\/li\u003e\n\u003cli\u003eThe latest reported NIM for Q2 2025 was \u003cstrong\u003e3.71%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; competitors can copy strategies, but the timing and execution effectiveness are harder to match.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet Interest Income (Pre-Provision) increased \u003cstrong\u003e3.5%\u003c\/strong\u003e from $26.7 million in Q1 2025 to \u003cstrong\u003e$27.7 million\u003c\/strong\u003e in Q2 2025.\u003c\/li\u003e\n\u003cli\u003eThe Q2 2025 NIM increase of one basis point to 3.71% was primarily due to a seven basis point decrease in the rate on interest-bearing deposits.\u003c\/li\u003e\n\u003cli\u003eThe Q2 2025 increase in Net Interest Income resulted from an \u003cstrong\u003e868,000 USD\u003c\/strong\u003e, or \u003cstrong\u003e2.2%\u003c\/strong\u003e, increase in interest income due to a \u003cstrong\u003e$6.8 million\u003c\/strong\u003e increase in the average balance of loans.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The bank's systematic approach to bond portfolio management and loan repricing shows strong organizational discipline here.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet income in Q1 2025 was \u003cstrong\u003e$8.6 million\u003c\/strong\u003e, a \u003cstrong\u003e28%\u003c\/strong\u003e increase year-over-year compared to Q1 2024's \u003cstrong\u003e$6.7 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eReturn on average assets for Q1 2025 was \u003cstrong\u003e1.13%\u003c\/strong\u003e, compared to \u003cstrong\u003e0.85%\u003c\/strong\u003e for Q1 2024.\u003c\/li\u003e\n\u003cli\u003eReturn on average equity for Q1 2025 was \u003cstrong\u003e10.83%\u003c\/strong\u003e, compared to \u003cstrong\u003e8.93%\u003c\/strong\u003e for Q1 2024.\u003c\/li\u003e\n\u003cli\u003eThe company repurchased \u003cstrong\u003e127,537\u003c\/strong\u003e shares at an average price of \u003cstrong\u003e$40.56\u003c\/strong\u003e per share during Q1 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; while strong now, margin compression is always a risk if market rates shift unfavorably.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal deposits grew by \u003cstrong\u003e$12.2 million\u003c\/strong\u003e to \u003cstrong\u003e$2.70 billion\u003c\/strong\u003e by the end of Q1 2025.\u003c\/li\u003e\n\u003cli\u003eGross loans decreased by \u003cstrong\u003e$23.0 million\u003c\/strong\u003e to a total of \u003cstrong\u003e$2.11 billion\u003c\/strong\u003e in Q1 2025.\u003c\/li\u003e\n\u003cli\u003eNonperforming assets to total assets was \u003cstrong\u003e0.15%\u003c\/strong\u003e at the end of Q1 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Integration into Glacier Bancorp, Inc. (Post-Oct 2025)\n\u003c\/h2\u003e\n\n\u003cp\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nAccess to a much larger capital base, broader risk management resources, and potential for operational efficiencies post-merger effective October \u003cstrong\u003e1, 2025\u003c\/strong\u003e. The transaction was valued at an aggregate of \u003cstrong\u003e$476.2 million\u003c\/strong\u003e in an all-stock deal.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nThis is a new resource, rare for Guaranty Bancshares, Inc. specifically, as it represents a step-change in scale and backing. Guaranty Bancshares, Inc. had total assets of \u003cstrong\u003e$3.1 billion\u003c\/strong\u003e as of June 30, 2025.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nNot applicable to the new entity, as it is a result of a completed M\u0026amp;A transaction. The acquisition was executed at \u003cstrong\u003e1.65 times\u003c\/strong\u003e Guaranty Bancshares\\' tangible book value.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\n\u003c\/p\u003e\n\u003cp\u003e\nThe organization is currently undergoing integration, which is the key test to realize this value. The deal is projected to generate an internal rate of return of approximately \u003cstrong\u003e20%\u003c\/strong\u003e by the end of the first year after closing and is expected to be \u003cstrong\u003eimmediately accretive\u003c\/strong\u003e to Glacier Bancorp\\'s earnings per share.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nSustained; being part of a larger, well-capitalized holding company offers a long-term structural advantage.\n\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eGuaranty Bancshares, Inc. (Pre-Merger)\u003c\/th\u003e\n\u003cth\u003eGlacier Bancorp, Inc. (Post-Merger Context - Q3 2025)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.1 billion\u003c\/strong\u003e (as of 06\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003eLoan Portfolio of \u003cstrong\u003e$18.791 billion\u003c\/strong\u003e (as of 09\/30\/2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$2.7 billion\u003c\/strong\u003e (as of 06\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003eTotal Deposits of \u003cstrong\u003e$21.871 billion\u003c\/strong\u003e (as of 09\/30\/2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Loans\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$2.1 billion\u003c\/strong\u003e (as of 06\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003eNet Income for Q3 2025: \u003cstrong\u003e$67.9 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBanking Locations\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e33\u003c\/strong\u003e locations in Texas\u003c\/td\u003e\n\u003ctd\u003eDiluted EPS for 9 months 2025: \u003cstrong\u003e$1.51\u003c\/strong\u003e per share\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTransaction Value\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eDeal value: \u003cstrong\u003e$476.2 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003e\nGuaranty Bancshares, Inc. common stock converted at a ratio of \u003cstrong\u003e1.0000\u003c\/strong\u003e share of Glacier Bancorp common stock per share.\n\u003c\/li\u003e\n\u003cli\u003e\nGuaranty Bancshares, Inc. declared a special cash dividend of \u003cstrong\u003e$2.30\u003c\/strong\u003e per share, paid on September \u003cstrong\u003e23, 2025\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nGuaranty Bank \u0026amp; Trust, N.A. merged with Glacier Bank and now operates as 'Guaranty Bank \u0026amp; Trust, Division of Glacier Bank,' becoming Glacier Bancorp\\'s \u003cstrong\u003e18th\u003c\/strong\u003e bank division.\n\u003c\/li\u003e\n\u003cli\u003e\nGuaranty Bancshares, Inc. delivered a \u003cstrong\u003e49.17%\u003c\/strong\u003e year-to-date return prior to the merger completion on October \u003cstrong\u003e1, 2025\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nThe acquisition expands Glacier Bancorp\\'s presence into Texas markets including East Texas, Dallas\/Fort Worth, Houston, Bryan\/College Station, and Austin.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Strong Asset Quality Metrics\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Minimizes credit losses and the need for large provisions, supporting earnings stability. Nonperforming Assets (NPAs) were only \u003cstrong\u003e0.15%\u003c\/strong\u003e of total assets in Q1 2025. Net charge-offs (annualized) to average loans were a low \u003cstrong\u003e0.02%\u003c\/strong\u003e for the quarter ended March 31, 2025. Net income available to common shareholders for Q1 2025 was \u003cstrong\u003e$8.6 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e While many banks boast good credit quality, maintaining such low levels while growing assets to \u003cstrong\u003e$3.15 billion\u003c\/strong\u003e as of March 31, 2025, is noteworthy. The Net Interest Margin (NIM) also improved to \u003cstrong\u003e3.70%\u003c\/strong\u003e in Q1 2025, up from 3.16% in Q1 2024.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ1 2025 (Mar 31)\u003c\/td\u003e\n\u003ctd\u003eQ4 2024 (Dec 31)\u003c\/td\u003e\n\u003ctd\u003eQ1 2024 (Mar 31)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNonperforming Assets \/ Total Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.15%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.16%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.68%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Charge-offs \/ Avg Loans (Annualized)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.02%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.00%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.02%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.15 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.12 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.13 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.11 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.13 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.27 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; underwriting standards can be copied, but consistent, low historical loss rates are built over time. The NPA ratio of \u003cstrong\u003e0.15%\u003c\/strong\u003e in Q1 2025 compares favorably to the \u003cstrong\u003e0.68%\u003c\/strong\u003e reported at March 31, 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The robust loan pipeline and management's assurance on credit quality suggest disciplined lending processes are in place. Management noted the loan pipeline is 'very full right now'. The organization demonstrated commitment to shareholder value through capital actions, including increasing the quarterly dividend from $0.24 to \u003cstrong\u003e$0.25\u003c\/strong\u003e per share.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet Interest Margin (NIM) reached \u003cstrong\u003e3.70%\u003c\/strong\u003e in Q1 2025.\u003c\/li\u003e\n\u003cli\u003eNet Income for Q1 2025 was \u003cstrong\u003e$8.6 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal Deposits were \u003cstrong\u003e$2.70 billion\u003c\/strong\u003e at March 31, 2025, an increase of $12.2 million during the quarter.\u003c\/li\u003e\n\u003cli\u003eDuring Q1 2025, the company repurchased \u003cstrong\u003e127,537\u003c\/strong\u003e shares at an average price of \u003cstrong\u003e$40.56\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; credit quality is cyclical, and a macro downturn could quickly erode this advantage.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Robust Liquidity Position\n\u003c\/h2\u003e\n\u003cp\u003e\nThe analysis of Guaranty Bancshares, Inc.'s liquidity position through the VRIO framework highlights a resource that is currently valuable and rare, stemming from deliberate organizational actions.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eValue:\u003c\/strong\u003e The liquidity position provides a buffer against unexpected deposit outflows and funding market stress. The liquidity ratio, calculated as cash and cash equivalents and unpledged investments divided by total liabilities, was reported at \u003cstrong\u003e19.8%\u003c\/strong\u003e as of \u003cstrong\u003eMarch 31, 2025\u003c\/strong\u003e. The total available contingent liquidity, net of current outstanding borrowings, stood at \u003cstrong\u003e$1.3 billion\u003c\/strong\u003e, consisting of FHLB, FRB, and correspondent bank fed funds and revolving lines of credit.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eRarity:\u003c\/strong\u003e A liquidity ratio of \u003cstrong\u003e19.8%\u003c\/strong\u003e as of \u003cstrong\u003eMarch 31, 2025\u003c\/strong\u003e is strong, especially when compared to the \u003cstrong\u003e10.6%\u003c\/strong\u003e reported as of \u003cstrong\u003eMarch 31, 2024\u003c\/strong\u003e, demonstrating proactive management over the year.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eImitability:\u003c\/strong\u003e Low; this high ratio is a direct result of balance sheet management decisions, such as allowing loans to pay off or actively shrinking the balance sheet, which competitors can choose to emulate.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eOrganization:\u003c\/strong\u003e The organization actively managed its balance sheet to achieve this high ratio, indicating a clear strategic focus on safety. This is evidenced by specific actions taken in prior periods to build liquidity, such as repaying \u003cstrong\u003e$25.0 million\u003c\/strong\u003e of brokered CDs in Q1 2024 and repaying \u003cstrong\u003e$45.0 million\u003c\/strong\u003e in FHLB advances in Q3 2024. Furthermore, management demonstrated confidence in the current position by repurchasing \u003cstrong\u003e127,537 shares\u003c\/strong\u003e, or \u003cstrong\u003e1.12%\u003c\/strong\u003e of average shares outstanding, at an average price of \u003cstrong\u003e$40.56\u003c\/strong\u003e per share during Q1 2025.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; liquidity levels fluctuate based on asset growth and funding strategy execution. The quarterly dividend was increased from \u003cstrong\u003e$0.24\u003c\/strong\u003e in the prior quarter to \u003cstrong\u003e$0.25\u003c\/strong\u003e in the current quarter as of Q1 2025.\n\u003c\/p\u003e\n\n\u003cp\u003e\nKey Liquidity and Balance Sheet Metrics Comparison:\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAs of March 31, 2025\u003c\/th\u003e\n\u003cth\u003eAs of March 31, 2024\u003c\/th\u003e\n\u003cth\u003eAs of December 31, 2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLiquidity Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e19.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.70 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.69 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.11 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.13 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContingent Liquidity (Net of Borrowings)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\nAdditional Context on Balance Sheet Management and Capital Strength:\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet interest margin (FTE basis) for Q1 2025 was \u003cstrong\u003e3.70%\u003c\/strong\u003e, up from \u003cstrong\u003e3.16%\u003c\/strong\u003e in Q1 2024.\u003c\/li\u003e\n\u003cli\u003eNonperforming assets as a percentage of total assets were \u003cstrong\u003e0.15%\u003c\/strong\u003e at \u003cstrong\u003eMarch 31, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet income available to common shareholders for Q1 2025 was \u003cstrong\u003e$8.6 million\u003c\/strong\u003e, or \u003cstrong\u003e$0.76\u003c\/strong\u003e per basic share.\u003c\/li\u003e\n\u003cli\u003eThe company maintains a low debt-to-equity ratio of approximately \u003cstrong\u003e0.13\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Diversified Loan Portfolio Mix\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Spreads risk across different economic sectors, including commercial lending, consumer, mortgage, and agricultural loans.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Most regional banks have some diversification, but the specific mix and concentration levels within the Texas market are unique.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low; the loan book composition is a function of market demand and the bank's historical lending appetite.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The bank is organized to service these varied loan types through specialized lending teams.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; a well-balanced portfolio is a structural feature that resists single-sector shocks.\u003c\/p\u003e\n\u003cp\u003eThe loan portfolio yield as of the third quarter of 2024 was \u003cstrong\u003e6.35%\u003c\/strong\u003e, an increase from 5.91% in the prior year period. The gross loan balance was \u003cstrong\u003e\\$2.11 billion\u003c\/strong\u003e as of the first quarter of 2025.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eLoan Category (As of 12\/31\/2022)\u003c\/th\u003e\n\u003cth\u003eAmount (in thousands)\u003c\/th\u003e\n\u003cth\u003ePercentage of Total Loans (As of 12\/31\/2022)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$1,138,546\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e100.0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Real Estate Loans\u003c\/td\u003e\n\u003ctd\u003e\\$854,069\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e74.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConstruction, Land Development, and Other Land Loans (Component of Real Estate)\u003c\/td\u003e\n\u003ctd\u003e(Not explicitly stated as a separate line item percentage, but a component)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e30.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAgricultural Loans\u003c\/td\u003e\n\u003ctd\u003e(Data not explicitly available in latest reports)\u003c\/td\u003e\n\u003ctd\u003e(Qualitatively stated as a major category after Commercial)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe bank's loan portfolio composition, as described in its Community Reinvestment Act Public File, emphasizes commercial loans as the largest category, followed by agricultural loans and home mortgage loans.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal assets as of December 31, 2024, were \u003cstrong\u003e\\$3.12 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eGross loans as of December 31, 2024, were \u003cstrong\u003e\\$2.13 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNew loans originated during the third quarter of 2024 had an average rate of \u003cstrong\u003e8.07%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNoninterest-bearing deposits represented \u003cstrong\u003e31.5%\u003c\/strong\u003e of total deposits as of September 30, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Community Reinvestment Act (CRA) Performance and Goodwill\n\u003c\/h2\u003e\n\u003ch3\u003eValue: Supports regulatory compliance and deepens community ties, which is crucial for local deposit gathering and reputation.\u003c\/h3\u003e\n\u003cp\u003eThe institution's CRA performance was rated “\u003cstrong\u003eSatisfactory\u003c\/strong\u003e” in the last public evaluation dated January 2018, and this rating was maintained in a subsequent evaluation referencing 2021 data. As of December 31, 2022, total assets totaled approximately \u003cstrong\u003e$1.9 billion\u003c\/strong\u003e, total deposits equaled \u003cstrong\u003e$1.4 billion\u003c\/strong\u003e, and total loans equaled \u003cstrong\u003e$1.1 billion\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ch3\u003eRarity: A documented 'Satisfactory' lending test rating and active provision of financial expertise are tangible assets.\u003c\/h3\u003e\n\u003cp\u003eThe most recent CRA rating was “\u003cstrong\u003eSatisfactory\u003c\/strong\u003e”. The Investment Test rating was based on an overall \u003cstrong\u003eexcellent\u003c\/strong\u003e level of investments, with a \u003cstrong\u003esignificant\u003c\/strong\u003e level of qualified Community Development (CD) investments and grants across rating areas, statewide, and nationally. The bank employs several bilingual Spanish speaking employees, including in mortgage lending.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003ePerformance Metric\u003c\/th\u003e\n\u003cth\u003eRating\/Status\u003c\/th\u003e\n\u003cth\u003eData Point\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eOverall CRA Rating (Latest Public Evaluation)\u003c\/td\u003e\n\u003ctd\u003eSatisfactory\u003c\/td\u003e\n\u003ctd\u003eRating maintained as of evaluation referencing 2021 data\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLending Test Rating\u003c\/td\u003e\n\u003ctd\u003eSatisfactory\u003c\/td\u003e\n\u003ctd\u003eBased on relatively high level of CD lending\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestment Test Rating\u003c\/td\u003e\n\u003ctd\u003eGood\u003c\/td\u003e\n\u003ctd\u003eBased on performance of full scope areas\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCD Loans Impact on Lending Test\u003c\/td\u003e\n\u003ctd\u003eNeutral\u003c\/td\u003e\n\u003ctd\u003eLow level of CD loans\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGeographic Lending Distribution\u003c\/td\u003e\n\u003ctd\u003eExcellent\u003c\/td\u003e\n\u003ctd\u003eReflects reasonable dispersion throughout AAs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoans Originated\/Purchased Inside AAs\u003c\/td\u003e\n\u003ctd\u003e6.6 percent\u003c\/td\u003e\n\u003ctd\u003eOf total loans during the evaluation period (Oct 2017 - Dec 2019)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eImitability: High barrier; this is built through years of consistent, non-profit-driven community engagement and local leadership.\u003c\/h3\u003e\n\u003cp\u003eThe bank originated and purchased \u003cstrong\u003e6.6 percent\u003c\/strong\u003e of its total loans inside its Assessment Areas (AAs) during the evaluation period. The bank originated \u003cstrong\u003e2,847\u003c\/strong\u003e Paycheck Protection Program (PPP) loans totaling approximately \u003cstrong\u003e$202.5 million\u003c\/strong\u003e during the evaluation period. Since the previous evaluation, on average per year, total assets increased \u003cstrong\u003e74.4 percent\u003c\/strong\u003e, net loans increased \u003cstrong\u003e52.2 percent\u003c\/strong\u003e, and total deposits increased \u003cstrong\u003e82.0 percent\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ch3\u003eOrganization: The bank's structure supports community development lending, investments, and services, as evidenced by their actions.\u003c\/h3\u003e\n\u003cp\u003eThe bank operates through its wholly-owned subsidiary, Guaranty Bank \u0026amp; Trust, N.A., and has \u003cstrong\u003e31\u003c\/strong\u003e banking locations across \u003cstrong\u003e24\u003c\/strong\u003e Texas communities. The bank received the Community Development Financial Institution (CDFI) designation. The bank launched the 'Guaranty CommunityFirst Mortgage and Development Program' in December 2023, which involves three pillars: affordable financing, closing cost assistance, and local expertise.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eSubsidized mortgage loans commitment: \u003cstrong\u003e$1,000,000\u003c\/strong\u003e for residents in majority-minority census tracts in South Dallas and the Dallas MSA.\u003c\/li\u003e\n\u003cli\u003eClosing cost assistance and subsidies commitment: An additional \u003cstrong\u003e$100,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFinancial support for South Dallas community partnerships: Up to \u003cstrong\u003e$100,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eCompetitive Advantage: Sustained; regulatory compliance and community goodwill are sticky assets that take a decade to build.\u003c\/h3\u003e\n\u003cp\u003eThe bank maintains a low debt-to-equity ratio of approximately \u003cstrong\u003e0.13\u003c\/strong\u003e. As of June 30, 2020, total assets were \u003cstrong\u003e$2.7 billion\u003c\/strong\u003e, total loans were \u003cstrong\u003e$1.9 billion\u003c\/strong\u003e, and total deposits were \u003cstrong\u003e$2.2 billion\u003c\/strong\u003e. The company reported Q1 2025 revenue of approximately \u003cstrong\u003e$31.76 million\u003c\/strong\u003e and net income available to common shareholders of \u003cstrong\u003e$8.6 million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGuaranty Bancshares, Inc. (GNTY) - VRIO Analysis: Established Digital\/Alternative Delivery Systems\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eVRIO Analysis: Established Digital\/Alternative Delivery Systems\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003e\u003ch\u003eValue\u003c\/h\u003e\u003c\/p\u003e\n\u003cp\u003eMeets modern customer expectations for convenience, reducing reliance on expensive physical branch transactions. General consumer preference for digital channels is high, with \u003cstrong\u003e77 percent\u003c\/strong\u003e of consumers preferring to manage accounts via mobile app or computer. \u003cstrong\u003e83 percent\u003c\/strong\u003e of customers state digital innovations make banking services more accessible.\u003c\/p\u003e\n\n\u003cp\u003e\u003ch\u003eRarity\u003c\/h\u003e\u003c\/p\u003e\n\u003cp\u003eOffering standard tools like mobile banking and Zelle is common, but the adoption and integration within their specific customer base is the key. General customer satisfaction with existing digital offerings is high, with \u003cstrong\u003e96 percent\u003c\/strong\u003e rating their mobile and online banking experience as “excellent,” “very good” or “good.”\u003c\/p\u003e\n\n\u003cp\u003e\u003ch\u003eImitability\u003c\/h\u003e\u003c\/p\u003e\n\u003cp\u003eLow; technology platforms are widely available, but seamless integration into a regional bank's workflow is not guaranteed. Opportunities for enhancement exist, as \u003cstrong\u003e60 percent\u003c\/strong\u003e of customers rate advanced mobile banking features as only “average.”\u003c\/p\u003e\n\n\u003cp\u003e\u003ch\u003eOrganization\u003c\/h\u003e\u003c\/p\u003e\n\u003cp\u003eThe bank has clearly invested in and deployed these systems, showing organizational commitment to modern delivery. For the combined entity, the goal of digital investment aligns with industry focus, where \u003cstrong\u003e77%\u003c\/strong\u003e of executives prioritize revenue generation as the main goal of digital initiatives.\u003c\/p\u003e\n\n\u003cp\u003e\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary; technology parity is the goal, so this advantage erodes as competitors catch up on digital experience. The combined entity's scale post-merger may allow for greater investment in proprietary technology to sustain differentiation.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinance: Pro-Forma Balance Sheet Incorporating October 1, 2025 Merger with Glacier Bancorp, Inc. (Based on Q3 2025 Data)\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003eThe following table provides a simplified pro-forma balance sheet structure, combining key figures from Guaranty Bancshares, Inc. (GNTY) as of September 30, 2025, with Glacier Bancorp, Inc. (GBCI) as of September 30, 2025, to illustrate the scale post-merger. Specific merger adjustments (e.g., goodwill, purchase accounting) are excluded.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eBalance Sheet Item\u003c\/th\u003e\n\u003cth\u003eGuaranty Bancshares, Inc. (GNTY) Q3 2025 (USD Millions)\u003c\/th\u003e\n\u003cth\u003eGlacier Bancorp, Inc. (GBCI) Q3 2025 (USD Millions)\u003c\/th\u003e\n\u003cth\u003ePro-Forma (Combined Estimate) (USD Millions)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3,800.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$29,016.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$32,816.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Loans\u003c\/td\u003e\n\u003ctd\u003eN\/A (Implied \u0026lt; $3,800.0)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18,791.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A (Estimated \u0026gt; $18,791.0)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$21,871.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A (Estimated \u0026gt; $21,871.0)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Shareholder Equity\u003c\/td\u003e\n\u003ctd\u003eN\/A (Reported Net Loss of $45.0M in Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3,600.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (Taxable Equivalent)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.34%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.39%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eKey financial metrics for the pre-merger entities:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eGuaranty Bancshares, Inc. (GNTY) reported a net loss of \u003cstrong\u003e$45.0 million\u003c\/strong\u003e for the third quarter of 2025.\u003c\/li\u003e\n\u003cli\u003eGNTY recognized a provision for credit losses of \u003cstrong\u003e$47.9 million\u003c\/strong\u003e in Q3 2025.\u003c\/li\u003e\n\u003cli\u003eGNTY's risk-weighted capital ratio improved to \u003cstrong\u003e12.34%\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eGlacier Bancorp, Inc. (GBCI) reported total deposits of \u003cstrong\u003e$21.871 billion\u003c\/strong\u003e at September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eGBCI's loan portfolio stood at \u003cstrong\u003e$18.791 billion\u003c\/strong\u003e at September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eGBCI's net interest margin (tax-equivalent) for Q3 2025 was \u003cstrong\u003e3.39 percent\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516174262421,"sku":"gnty-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/gnty-vrio-analysis.png?v=1740179878","url":"https:\/\/dcf-model.com\/fr\/products\/gnty-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}