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First Guaranty Bancshares Inc (FGBI) has been a cornerstone of Louisiana's banking sector for over 80 years. With a steadfast commitment to its customers, First Guaranty Bancshares Inc provides personalized commercial banking services through numerous facilities across the state. The company specializes in attracting deposits and utilizing these funds, along with operational earnings and borrowings, to invest in securities and support various lending activities that address the credit needs of its customer base.
First Guaranty Bancshares Inc offers a comprehensive range of loan products, including commercial real estate loans, commercial and industrial loans, construction and land development loans, agricultural and farmland loans, and multifamily loans. These services ensure that the diverse financial needs of their clients are met, from small businesses to large enterprises and individual consumers.
With local decision-making power, First Guaranty Bancshares Inc stands out in the crowded banking industry as a trusted institution. This capability allows the bank to respond swiftly and effectively to the needs and expectations of its customers. The bank's commitment is further evidenced by its enduring presence, spanning three generations of trust in the financial landscape of Louisiana.
Recent achievements of the company include consistent financial growth, strategic partnerships, and new product offerings that enhance customer experience. The company continues to prioritize providing high-quality banking services, maintaining a robust financial condition, and expanding its reach and impact within the community.
As the economy evolves, First Guaranty Bancshares Inc remains a stable and reliable banking partner, dedicated to fostering long-term relationships with its customers and contributing to the economic well-being of Louisiana.
First Guaranty Bancshares (NASDAQ: FGBI) reported its Q3 2024 financial results with notable growth in key metrics. Total assets increased to $3.9 billion, up $371.2 million from December 2023. Total deposits grew 14% to $3.4 billion, while loans increased 0.8% to $2.8 billion. Net income for Q3 2024 was $1.9 million, up 8.7% year-over-year, with earnings per share of $0.11. For the nine months ended September 30, 2024, net income reached $11.4 million, a 44.5% increase from the previous year. The company maintained its dividend streak, declaring $0.08 per common share in Q3 2024.
First Guaranty Bancshares, Inc. (NASDAQ: FGBI) announced key developments and Q2 2024 financial results. The company is implementing strategic changes, including slowing asset growth, increasing capital position, and reducing staff by 15%. These changes are expected to generate annual pre-tax savings of $12 million. The company completed a sale-leaseback transaction resulting in a pre-tax gain of $13.2 million. Financial highlights include:
- Total assets increased to $3.6 billion
- Total loans increased by 3.1% to $2.8 billion
- Net income for Q2 2024 was $7.2 million, up 169.1% YoY
- Earnings per share for Q2 2024 were $0.53, up from $0.19 in Q2 2023
- Net interest margin decreased to 2.48% in Q2 2024 from 2.74% in Q2 2023
- Nonaccrual loans increased to $62.3 million from $25.2 million at year-end 2023
On June 14, 2024, First Guaranty Bancshares declared a quarterly cash dividend of $0.16 per share for its common stockholders.
The dividend, marking the 124th consecutive quarterly payout, will be payable to shareholders of record as of June 25, 2024, with distribution expected on June 28, 2024.
First Guaranty Bancshares, the parent company of First Guaranty Bank, operates 35 locations across Louisiana, Texas, Kentucky, and West Virginia.
The company's common stock trades on NASDAQ under the symbol FGBI.
First Guaranty Bancshares has announced the appointment of Michael Mineer as President and CEO, following the retirement of Alton Lewis in May. Mineer, who has been with First Guaranty since 2021 as Mideast Area President, brings over 35 years of banking experience. He previously served as President and CEO of Citizens Deposit Bank, growing its assets from $89 million to $650 million. Additionally, as Senior Vice President of Premier Financial Bancorp, he digitalized processes and helped expand the company's assets from $500 million to $2.2 billion. Mineer aims to leverage technology to enhance efficiency, reduce costs, and boost revenue, focusing on improving operating efficiency and shareholder value.
First Guaranty Bancshares announced the retirement of Alton Lewis as President and CEO in May 2024, after over three decades with the company. During his tenure, Lewis grew the institution's assets from $931 million to $3.6 billion and coordinated the 2015 IPO of FGBI stock. Despite the COVID pandemic, he maintained consistent operations and focused on leadership development. Lewis will continue to contribute as Vice Chairman of the Holding Company and Bank Board.
Michael Mineer, currently the Mideast Area President with over 35 years of banking experience, will succeed Lewis. Mineer aims to enhance the bank's capital risk profile and operational efficiency to boost shareholder value.
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