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Exhibit 99.1 Press Release For Immediate Release Guaranty Bancshares , Inc. Reports Third Quarter 2021 Financial Results Addison , Texas - October 18 , 2021 / Business Wire / - Guaranty Bancshares , Inc. ( NASDAQ : GNTY ) , the parent company of Guaranty Bank & Trust , N.A. ( the " Bank " ) , today reported financial results for the fiscal quarter ended September 30 , 2021. The Company's net income available to common shareholders was $ 9.3 million , or $ 0.77 per basic share , for the quarter ended September 30 , 2021 , compared to $ 10.4 million , or $ 0.87 per basic share , for the quarter ended June 30 , 2021 and $ 10.1 million , or $ 0.84 per basic share , for the quarter ended September 30 , 2020. Return on average assets and average equity for the third quarter of 2021 were 1.24 % and 12.44 % , respectively , compared to 1.42 % and 14.64 % , respectively , for the second quarter of 2021 and 1.53 % and 15.21 % , respectively , for the third quarter of 2020. The decrease in earnings during the third quarter of 2021 , compared to the second quarter of 2021 , was primarily due to lower origination fee income during the quarter for the Paycheck Protection Program - round one ( " PPP1 " ) and round two ( " PPP2 " ) loans and higher noninterest expense , which was partially offset by a reverse provision for credit losses of $ 700,000 . Our net core earnings * , excluding provisions for credit losses , income taxes and PPP1 / PPP2 net 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 third quarter and year - to - date financial results . Our loan pipeline was robust and , excluding PPP loans , resulted in 7.5 % loan growth during the third quarter and 9.8 % year - to - date . Our pipeline continues to be strong with increased demand across most loan types and regions . PPP loan forgiveness is progressing well with a remaining portfolio of $ 75.3 million from the total $ 310.4 million that we loaned under the program . Our non - performing assets are very low and all of our borrowers who received a COVID - related deferral are back on contractual payment schedules . Like all banks , we have experienced some headwinds in our net interest margin but we have been able to defend our margin and provide a strong earnings stream that we expect will only improve in the future as rates start to normalize , " commented Ty Abston , the Company's Chairman and Chief Executive Officer . QUARTERLY HIGHLIGHTS ☐ Solid Net Earnings and Core Earnings . Net earnings have remained solid for the past four quarters . Net core earnings , which exclude provisions for credit losses and income tax , net PPP income , and interest on PPP - related borrowings , have also remained strong over the last four quarters , demonstrating consistent core earnings stream . Net core earnings were $ 9.7 million for the third quarter , compared to $ 9.8 million for the second quarter of 2021 , and $ 11.1 million during the third quarter of 2020 . ☐ ☐ ☐ Producing Loan Pipeline . During 2020 and early 2021 , we added new loan producers throughout our footprint and continued to experience strong loan demand within our loan pipeline . Excluding PPP loans , our loans grew $ 132.8 million , or 7.5 % , during the third quarter and have grown $ 168.6 million , or 9.8 % , since December 31 , 2020. Our loan growth is a result of internally generated sources and is not from loan purchases from other originators . Strong Credit Quality . Non - performing assets as a percentage of total assets were 0.11 % at September 30 , 2021 , compared to 0.13 % at June 30 , 2021 and 0.53 % at September 30 , 2020. Net charge - offs to average loans ( annualized ) were 0.05 % for the quarter ended September 30 , 2021 , compared to 0.05 % for the quarter ended June 30 , 2021 , and 0.01 % for the quarter ended September 30 , 2020. The decrease in non - performing assets during the third quarter of 2021 compared to the same period of 2020 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 . Paycheck Protection Program . As of September 30 , 2021 , there are outstanding PPP2 balances of $ 71.4 million to 664 borrowers , down from the $ 100.8 million to 1,349 borrowers originally extended loans under the PPP2 program during 2021. Those PPP2 loans have resulted in recognition of $ 3.7 million of net origination fees for the nine months ended September 30 , 2021. The Bank also recognized $ 2.1 million in PPP1 deferred origination fees for the nine months ended September 30 , 2021 through both amortization and forgiveness of the related PPP1 loans . As of September 30 , 2021 , there are outstanding PPP1 balances of $ 4.0 million to 109 borrowers , down from the $ 209.6 million to 1,944 borrowers that was originated under the PPP1 program . Net deferred origination fees remaining as of September 30 , 2021 are $ 47,000 and $ 1.8 million for PPP1 and PPP2 , respectively . RESULTS OF OPERATIONS Participation in the PPP1 and PPP2 program , as well as large provisions for credit losses in the second quarter of 2020 resulting from effects of COVID - 19 , have created temporary extraordinary results in the calculation of net earnings and related performance ratios . With some continued uncertainty 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 : † Non - GAAP financial metric . Calculations of this metric and reconciliations to GAAP are included in the schedules accompanying this release . 1