Guaranty Bancorp posts $13.3M profit in second quarter

DENVER — Guaranty Bancorp, a Denver-based bank-holding company that is in the process of being acquired, on Wednesday posted $13.3 million in profits for the second quarter that ended June 30.

The bank posted a profit of $10.1 million in the first quarter of this year.

Guaranty Bancorp (Nasdaq: GBNK) is on track to be acquired by Texas-based Independent Bank Group Inc. (Nasdaq: IBTX) in a $1 billion deal expected to close during the fourth quarter of this year.

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Guaranty has 32 branches in Colorado, including Berthoud, Boulder, Fort Collins, Greeley, Longmont and Loveland.

Guaranty’s second quarter 2018 return on average assets was 1.52 percent compared with 1.21 percent for the same quarter in 2017.

Paul W. Taylor, president and chief executive of Guaranty Bancorp, said gross loan production was up 18 percent,  $42.4 million quarter-over-quarter to $275.5 million.

“We are excited to build upon this success by joining together with Independent Bank Group Inc.,” Taylor said.