SECURITIES
AND EXCHANGE COMMISSIION
|
(X) | ANNUAL REPORT PURSANT TO SECTION 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2001 OR |
(_) | TRANSITION REPORT PURSUANT TO SECTION 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___________ to _____________. Commission File Number: 000-23113 |
A. | FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW: |
GUARANTY BANCSHARES,
INC. |
B. | NAME OF ISSUER OF THE SECURITIES HEL PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE: |
GUARANTY BANCSHARES,
INC. |
GUARANTY BANCSHARES,
INC.
|
Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental Schedule of Assets Held for Investment Purposes (Schedule I) as of December 31, 2001 and Schedule of Reportable Transactions (Schedule II) for the year ended December 31, 2001 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but is supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plans management. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. /s/ McGladrey & Pullen, LLPDallas, Texas (2) |
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
December 31, 2001 | |||||||
---|---|---|---|---|---|---|---|
Participant Directed |
Non- Participant Directed |
Total | |||||
ASSETS | |||||||
Investments, at fair value: | |||||||
Guaranty Bancshares, Inc. Stock Fund | $1,944,076 | $3,932,896 | $5,876,972 | ||||
Other collective investment funds | 2,536,812 | | 2,536,812 | ||||
Loans to participants | 1,555 | | 1,555 | ||||
Net assets available for plan benefits | $4,482,443 | $3,932,896 | $8,415,339 | ||||
The accompanying notes are an integral part of these financial statements. (3) |
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
December 31, 2000 | |||||||
---|---|---|---|---|---|---|---|
Participant Directed |
Non- Participant Directed |
Total | |||||
ASSETS | |||||||
Investments, at fair value: | |||||||
Guaranty Bancshares, Inc. Stock Fund | $1,562,545 | $3,058,835 | $4,621,380 | ||||
Other collective investment funds | 2,672,172 | | 2,672,172 | ||||
Net assets available for plan benefits | $4,234,717 | $3,058,835 | $7,293,552 | ||||
The accompanying notes are an integral part of these financial statements. (4) |
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
December 31, 2001 | |||||||
---|---|---|---|---|---|---|---|
Participant Directed |
Non- Participant Directed |
Total | |||||
Additions to net assets attributed to: | |||||||
Investment income: | |||||||
Net appreciation in fair value of | |||||||
investments | $ 146,990 | $ 634,678 | $ 781,668 | ||||
Net investment gains | 117,685 | 126,559 | 244,244 | ||||
264,675 | 761,237 | 1,025,912 | |||||
Contributions: | |||||||
Participant | 413,042 | | 413,042 | ||||
Rollover | 64,500 | | 64,500 | ||||
Employer | | 392,583 | 392,583 | ||||
477,542 | 392,583 | 870,125 | |||||
Total additions | 742,217 | 1,153,820 | 1,896,037 | ||||
Deductions from net assets attributed to: | |||||||
Benefits paid to or for participants | 494,491 | 229,329 | 723,820 | ||||
Administrative expenses and other | | 50,430 | 50,430 | ||||
Total deductions | 494,491 | 279,759 | 774,250 | ||||
Net increase in net assets available for | |||||||
benefits | 247,726 | 874,061 | 1,121,787 | ||||
Net assets available for benefits at | |||||||
beginning of year | 4,234,717 | 3,058,835 | 7,293,552 | ||||
Net assets available for benefits at | |||||||
end of year | $4,482,443 | $3,932,896 | $8,415,339 | ||||
The accompanying notes are an integral part of these financial statements. (5) |
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
Participants Years of Service |
Vested Percentage | ||||
---|---|---|---|---|---|
Less than three years | 0 | % | |||
Three years | 20 | % | |||
Four years | 40 | % | |||
Five years | 60 | % | |||
Six years | 80 | % | |||
Seven or more years | 100 | % |
Upon death, retirement, or total disability, participants are 100% vested in all employer contributions. Participant Accounts Each participants account is credited with any salary deferrals as well as an allocation of the Companys contributions, Plan earnings and forfeitures of terminated participants non-vested accounts, and charged with an allocation of administrative expenses. Allocations of the Company basic and optional contributions are based on a participants compensation. Company matching contributions are allocated based on a participants salary deferrals. A participant must be employed by the Company on December 31 of the Plan year to be eligible to receive an allocation of Company basic or optional contributions. The benefit to which a participant is entitled is the benefit that can be provided from the vested portion of the participants account. (7) |
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
Investments in Collective Investment Funds: | ||||
Participant directed: | ||||
Shares | 426,171 | |||
Cost | $2,450,664 | |||
Fair value (including loans of $1,555) | $2,538,268 | |||
Investments in Guaranty Bancshares, Inc. Stock Fund: | ||||
Participant directed: | ||||
Shares | 138,131 | |||
Cost | $1,124,641 | |||
Fair value | $1,944,076 | |||
Non-participant directed: | ||||
Shares | 279,442 | |||
Cost | $2,267,756 | |||
Fair value | $3,932,896 |
(10) |
GUARANTY BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN(WITH 401(k) PROVISIONS)The fair values of investments at December 31, 2001 and 2000 are summarized below. Investments that represent 5% or more of the Plans net assets are separately identified. |
2001 |
2000 | |||||
---|---|---|---|---|---|---|
Guaranty Bancshares, Inc. Stock Fund* | $5,876,972 | $4,621,380 | ||||
Money Market Fund | 258,948 | 236,591 | ||||
Stable Value Fund | 201,138 | 183,838 | ||||
Government Bond Fund | 148,368 | 111,718 | ||||
S&P 500 Stock Fund | 549,911 | 562,261 | ||||
S&P 400 MidCap Stock Fund | 347,778 | 350,918 | ||||
International Stock Fund | 33,215 | 35,186 | ||||
Income Plus Fund | 160,945 | 164,415 | ||||
Growth & Income Fund | 273,714 | 247,718 | ||||
Growth Fund | 399,188 | 657,503 | ||||
S&P 500/Value Stock Fund | 60,138 | 25,049 | ||||
S&P 500/Growth Stock Fund | 77,192 | 76,030 | ||||
Russell 2000 Stock Fund | 26,277 | 20,945 | ||||
Total other collective investment funds | 2,536,812 | 2,672,172 | ||||
Loans to participants (maturing in 2004 with | ||||||
interest rate of 10.5%) | 1,555 | | ||||
Total | $8,415,339 | $7,293,552 | ||||
* | A portion of which is non-participant directed (see Note 1). |
4. Tax StatusThe Internal Revenue Service ruled on August 24, 1993, that the Plan qualifies under Section 401(a) of the IRC, and is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan has been amended since the IRS ruling. The plan administrator believes the Plans design continues to qualify under the IRC and is not aware of any course of action or series of events that have occurred that might adversely affect the Plans qualified status. (11) |
(a) |
(b) Issue |
(c) Description of Investment |
(d) Cost |
(e) Market Value | |||||
---|---|---|---|---|---|---|---|---|---|
Guaranty Bancshares, Inc. | |||||||||
* | Guaranty Bancshares, Inc. Stock Fund | 417,573 units | $3,392,397 | $5,876,972 | |||||
Pentegra Group: | |||||||||
* | Money Market Fund | 258,948 units | 258,948 | 258,948 | |||||
* | Stable Value Fund | 15,165 units | 175,207 | 201,138 | |||||
* | Government Bond Fund | 10,100 units | 129,024 | 148,368 | |||||
* | S&P 500 Stock Fund | 35,918 units | 560,191 | 549,911 | |||||
* | S&P 400 MidCap Stock Fund | 18,647 units | 289,828 | 347,778 | |||||
* | International Stock Fund | 3,499 units | 39,991 | 33,215 | |||||
* | Income Plus Fund | 12,258 units | 139,144 | 160,945 | |||||
* | Growth & Income Fund | 21,039 units | 261,272 | 273,714 | |||||
* | Growth Fund | 31,808 units | 401,500 | 399,188 | |||||
* | S&P 500/Value Stock Fund | 5,966 units | 64,399 | 60,138 | |||||
* | S&P 500/Growth Stock Fund | 9,018 units | 103,539 | 77,192 | |||||
* | Russell 2000 Stock Fund | 2,250 units | 26,065 | 26,277 | |||||
2,449,108 | 2,536,812 | ||||||||
* | Loans to participants (maturing in 2004 with (and interest rate of 10.5%) | 1,555 | 1,555 | ||||||
Total Investments | $5,841,505 | $8,415,339 | |||||||
* | Parties-in-interest to the Plan. |
(12) |
GUARANTY
BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN
|
(a)/(b) Identity of Party Involved and Description of Assets |
(c) Purchase Price |
(d) Selling Price |
(e) Lease Rental |
(f) Expense Incurred with Transaction |
(g) Cost of Asset |
(h) Current Value of Asset on Transaction Date |
(i) Net Gain (Loss) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Guaranty Bancshares, Inc. StockFund | |||||||||||||||
60 Purchases | $641,021 | $ | $N/A | $ | $ | $641,021 | $ | ||||||||
44 Sales | | 517,389 | N/A | | 452,374 | 517,389 | 65,065 |
(13) |
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed in its behalf by the undersigned hereunto duly authorized. June 21, 2002 |
GUARANTY BANCSHARES, INC. EMPLOYEE OWNERSHIP PLAN (WITH 401(K) PROVISIONS) |
/s/ Kirk Lee Kirk Lee Trustee |
/s/ Bill G. Jones Bill G. Jones Trustee |
/s/ Weldon Miller Weldon Miller Trustee |
/s/ Clifton A. Payne Clifton A. Payne Trustee |
/s/ Richard Perryman Richard Perryman Trustee |
INDEX TO EXHIBITS |
NUMBER | EXHIBIT |
23.1 | Consent to McGladrey & Pullen, LLP |