**EXHIBIT 31.1 CERTIFICATIONS**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF GUARANTY BANCSHARES, INC. PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Arthur B. Scharlach, Jr., certify that:

|   | 1.        I have   reviewed this quarterly report on Form 10-Q of Guaranty Bancshares, Inc.;                                                                                                                                                                                                                                                                                                                                                      |
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|   | 2.       Based on   my knowledge, this report does not contain any untrue statement of a material   fact or omit to state a material fact necessary to make the statements made,   in light of the circumstances under which such statements were made, not   misleading with respect to the period covered by this report;                                                                                                                       |
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|   | 3.        Based   on my knowledge, the financial statements, and other financial information   included in this report, fairly present in all material respects the   financial condition, results of operations and cash flows of the registrant   as of, and for, the periods presented in this report;                                                                                                                                         |
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|   | 4.        The   registrant’s other certifying officer and I are responsible for establishing   and maintaining disclosure controls and procedures (as defined in Exchange   Act Rules 13(a)-15(e) and 15(d)-15(e)) for the registrant and we have:                                                                                                                                                                                           |
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|   |           a)     designed such   disclosure controls and procedures, or caused such disclosure controls and   procedures to be designed under our supervision, to ensure that material   information relating to the registrant, including its consolidated   subsidiaries, is made known to us by others within those entities,   particularly during the period in which this report is being prepared; |
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|   |           b)     evaluated the   effectiveness of the registrant’s disclosure controls and procedures and   presented in this report our conclusions about the effectiveness of the   disclosure controls and procedures, as of the end of the period covered by   this report based on such evaluation; and                                                                                         |
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|   |           c)     disclosed in this   report any change in the registrant’s internal control over financial   reporting that occurred during the registrant’s most recent fiscal quarter   that has materially affected, or is reasonably likely to materially affect,   the registrant’s internal control over financial reporting.                                                        |
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|   | 5.       The   registrant’s other certifying officer and I have disclosed, based on our most   recent evaluation of internal control over financial reporting, to the   registrant’s auditors and the audit committee of the registrant’s board of   directors:                                                                                                                                                                    |
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|   |           a)     all significant   deficiencies and material weaknesses in the design or operation of internal   control over financial reporting which are reasonably likely to adversely   affect the registrant’s ability to record, process, summarize and report   financial information; and                                                                                                   |
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|   |           b)     any fraud, whether   or not material, that involves management or other employees who have a   significant role in the registrant’s internal control over financial   reporting.                                                                                                                                                                                                    |