8. Guaranty Bancorp Shares of Guaranty Bancorp ( GBNK) of Denver closed at $1.40 Monday, down 1% year-to-date. The shares were 12% ahead of the consensus price target of $1.25 at the end of last year. The company had $1.7 billion in total assets as of Sept. 30, with 34 branches in and around Denver. Guaranty Bancorp reported a third-quarter net loss applicable to common stockholders of $14.6 million, or 28 cents a share, which "included a non-cash adjustment of approximately $16.8 million, or $0.32 per basic and diluted common share, related to the regular quarterly paid-in-kind dividend on the Company's Series A Convertible Preferred Stock and the previously announced transaction that accelerated the conversion of the Series A Convertible Preferred Stock into common stock. Excluding the preferred stock conversion, third-quarter net income was $2.2 million, improving from a net loss of $4.0 million a year earlier. A decline in third-quarter net interest income to $15.1 million from $16.2 million a year earlier, was more than offset by a decline in the provision for loan losses to $1 million from $2.5 million. The earnings improvement also reflected a $3.0 million gain on the sale of securities during the third quarter. The third-quarter ROA was 0.49% according to SNL. With the preferred stock conversion, Guaranty Bancorp reported a tangible common equity ratio of 9.4% as of Sept. 30, improving from 5.0% the previous quarter. The company's ratio of nonperforming assets to total assets improved to 3.20% as of Sept. 30, from 6.00% a year earlier. KBW analyst Brian Klock took over his firm's coverage of Guaranty Bancorp on Oct. 27, keeping the neutral rating reiterated by Aaron Jacobson on Oct. 21, with a price target of $1.60. Jacobson said Guaranty Bancorp had made "progress on many fronts" during the fourth quarter, "with capital, credit, and the NIM looking a lot better than a year ago." The shares trade for 27 times the consensus 2012 EPS estimate of 5 cents among analysts polled by FactSet, and for 0.9 times tangible book value, according to SNL.