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GUARANTY BANCORP AND SUBSIDIARIES Unaudited Consolidated Balance Sheets December 31, September 30, December 31, 2012 2012 2011 ------------- ------------- ------------- (In thousands)AssetsCash and due from banks $ 121,217 $ 127,823 $ 109,225Time deposits with banks 50,000 40,000 -Securities available for sale, at fair value 413,382 395,632 353,152Securities held to maturity 31,283 26,286 18,424Bank stocks, at cost 14,262 14,468 14,565 ------------- ------------- ------------- Total investments 458,927 436,386 386,141 ------------- ------------- -------------Loans, net of unearned discount 1,158,749 1,118,968 1,098,140 Less allowance for loan losses (25,142) (28,597) (34,661) ------------- ------------- ------------- Net loans 1,133,607 1,090,371 1,063,479 ------------- ------------- -------------Premises and equipment, net 46,918 47,083 53,851Other real estate owned and foreclosed assets, net 19,580 23,532 29,027Other intangible assets, net 9,348 10,161 9,963Securities sold, not yet settled 5,878 15,628 -Other assets 41,463 43,994 37,982 ------------- ------------- ------------- Total assets $ 1,886,938 $ 1,834,978 $ 1,689,668 ============= ============= =============Liabilities and Stockholders' EquityLiabilities: Deposits: Noninterest-bearing demand $ 564,215 $ 514,912 $ 450,451 Interest-bearing demand and NOW 285,679 286,888 289,987 Money market 312,724 290,520 277,997 Savings 100,704 99,654 91,260 Time 191,434 203,122 204,091 ------------- ------------- ------------- Total deposits 1,454,756 1,395,096 1,313,786 ------------- ------------- -------------Securities sold under agreements to repurchase and federal funds purchased 67,040 83,734 16,617Borrowings 110,163 110,166 110,177Subordinated debentures 41,239 41,239 41,239Securities purchased, not yet settled 16,943 12,311 20,800Interest payable and other liabilities 8,597 7,359 16,038 ------------- ------------- -------------Total liabilities 1,698,738 1,649,905 1,518,657 ------------- ------------- -------------Stockholders' equity: Common stock and additional paid-in capital-common stock 705,389 705,238 704,698 Accumulated deficit (417,957) (421,077) (433,016) Accumulated other comprehensive income 3,165 3,277 1,683 Treasury stock (102,397) (102,365) (102,354) ------------- ------------- ------------- Total stockholders' equity 188,200 185,073 171,011 ------------- ------------- ------------- Total liabilities and stockholders' equity $ 1,886,938 $ 1,834,978 $ 1,689,668 ============= ============= ============= GUARANTY BANCORP AND SUBSIDIARIES Unaudited Consolidated Statements of Operations Quarter Ended December 31, Year Ended December 31, -------------------------- -------------------------- 2012 2011 2012 2011 ------------ ------------ ------------ ------------ (Dollars in thousands, except share and per share data)Interest income: Loans, including fees $ 14,303 $ 14,552 $ 57,326 $ 59,985 Investment securities: Taxable 2,127 2,441 8,746 11,277 Tax-exempt 691 582 2,558 2,066 Dividends 156 158 631 653 Federal funds sold and other 99 71 304 332 ------------ ------------ ------------ ------------ Total interest income 17,376 17,804 69,565 74,313 ------------ ------------ ------------ ------------Interest expense: Deposits 693 878 2,878 6,746 Securities sold under agreement to repurchase and federal funds purchased 22 14 67 74 Borrowings 836 836 3,327 4,727 Subordinated debentures 608 751 2,882 2,872 ------------ ------------ ------------ ------------ Total interest expense 2,159 2,479 9,154 14,419 ------------ ------------ ------------ ------------ Net interest income 15,217 15,325 60,411 59,894Provision (credit) for loan losses (3,500) 1,000 (2,000) 5,000 ------------ ------------ ------------ ------------ Net interest income, after provision for loan losses 18,717 14,325 62,411 54,894Noninterest income: Customer service and other fees 2,640 2,320 9,909 9,413 Gain on sale of securities 817 283 2,527 3,703 Gain on sale of SBA loans - - 203 - Other 309 197 952 829 ------------ ------------ ------------ ------------ Total noninterest income 3,766 2,800 13,591 13,945Noninterest expense: Salaries and employee benefits 6,832 6,716 26,769 26,059 Occupancy expense 1,550 1,967 7,253 7,513 Furniture and equipment 760 846 3,143 3,508 Amortization of intangible assets 812 1,017 3,138 4,091 Other real estate owned, net 3,209 240 4,370 1,559 Insurance and assessments 677 845 3,137 4,053 Professional fees 1,543 690 4,089 3,528 Prepayment penalty on long term debt - - - 2,672 Impairment of long- lived assets - - 2,750 - Other general and administrative 2,539 2,528 9,465 9,504 ------------ ------------ ------------ ------------ Total noninterest expense 17,922 14,849 64,114 62,487 ------------ ------------ ------------ ------------ Income before income taxes 4,561 2,276 11,888 6,352Income tax expense (benefit) 1,441 - (3,171) - ------------ ------------ ------------ ------------ Net Income $ 3,120 $ 2,276 $ 15,059 $ 6,352 ============ ============ ============ ============Net income (loss) applicable to common stockholders $ 3,120 $ 2,276 $ 15,059 $ (13,454) ============ ============ ============ ============Earnings (loss) per common share-basic: $ 0.03 $ 0.02 $ 0.14 $ (0.21)Earnings (loss) per common share- diluted: 0.03 0.02 0.14 (0.21)Weighted average common shares outstanding-basic 103,988,407 103,840,990 103,934,009 64,941,731Weighted average common shares outstanding-diluted 104,337,595 104,060,096 104,391,256 64,941,731
