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Guaranty Bancorp (GBNK): 2012 Annual and Fourth Quarter Financial Results

Guaranty Bancorp (NASDAQ: GBNK) is a bank holding company with $1.8 billion in assets as of September 30, 2012, with one wholly owned bank subsidiary, Guaranty Bank and Trust Company.

Guaranty Bank and Trust Company provides banking and other financial services, including commercial and industrial, real estate, construction, energy, consumer and agriculture loans, to consumers and small and medium-sized businesses, including the owners and employees of those businesses, through 30 community banking branches in the Colorado Front Range.

Guaranty Bancorp today announced 4th quarter and annual 2012 financial results:


  • Loan growth of $60.6 million , or 5.5% during 2012
  • Increase in pre-tax net income of $5.5 million , or 87.2%, as compared to 2011
  • Reduction in classified assets of $24.7 million , or 29.6%, during 2012, further reduced by an additional $10.9 million due to the sale of our largest classified asset in January 2013
  • Previously announced redemption of $15.0 million of our trust preferred securities scheduled for first quarter 2013 will reduce interest expense by $1.6 million annually
  • Net income of $3.1 million , or $0.03 earnings per basic and diluted common share, compared to net income of $2.3 million , or $0.02 earnings per basic and diluted common share in the fourth quarter 2011.

Paul W. Taylor , Guaranty Bancorp’s President and CEO, stated:
We could not be more pleased with our performance in 2012. We successfully executed on our business plans to grow loans, increase deposits, and improve our credit quality. Our 2012 loan growth was $60.6 million , or 5.5%, despite a $71.5 million reduction in our purchased loan participations. We also grew our core deposits by $153.6 million , or 13.8% during 2012, further enhancing our high liquidity level. Continued focus on improving our credit quality metrics resulted in a substantial reduction in our classified asset ratio to 25.2% at the end of 2012 as compared to 36.6% at the end of the previous year. On a proforma basis, our classified asset ratio at December 31, 2012 improved to 20.5% after consideration of the sale of our largest classified asset on January 28, 2013.Private Capital Management , the Colorado based investment management firm we acquired in July of 2012, also delivered outstanding results in just five short months. Assets under management grew by $14.5 million , or 8.7%, since the close of the acquisition. Additionally, the firm contributed $0.5 million to noninterest income in 2012. These accomplishments, in addition to a continued focus on enhancing profitability, make Guaranty Bancorp well positioned for further growth in 2013.