First Guaranty Bancshares ( (FGBI) ) has released its Q3 earnings. Here is a breakdown of the information First Guaranty Bancshares presented to its investors.
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First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank that offers a wide range of financial services across 35 locations in Louisiana, Texas, Kentucky, and West Virginia. Founded in 1934, the bank focuses on building client relationships and providing exceptional customer service, with its common stock trading on NASDAQ under the symbol FGBI.
In its third quarter earnings report for 2024, First Guaranty Bancshares, Inc. highlighted significant growth in total assets, which reached $3.9 billion, marking an increase of $371.2 million since the end of 2023. The company also reported a rise in total deposits to $3.4 billion, reflecting a growth of 14%. Additionally, net income for the third quarter rose to $1.9 million, an 8.7% increase from the same period in 2023.
Key financial metrics show that the company experienced a solid increase in net income for the first nine months of 2024, totaling $11.4 million, a 44.5% increase compared to the same period last year. Earnings per share also improved, with $0.78 achieved over the nine-month period compared to $0.56 in 2023. Despite these gains, the bank faced a significant rise in its provision for credit losses, which reached $14 million through September 2024, up from $1.5 million in the previous year, along with an increase in charge-offs.
The report also noted a decrease in the net interest margin for both the third quarter and the first nine months of 2024, attributed to higher market interest rates impacting liability costs. On a positive note, the bank saw gains on the sale of loans amounting to $1.5 million for the quarter, with investment securities increasing significantly due to Treasury purchases.
Looking forward, First Guaranty Bancshares remains focused on maintaining its growth trajectory while managing risks associated with credit losses and market interest rates. The management is committed to leveraging its strong asset base and expanding its customer relationships across its service regions.
