First Guaranty Bancshares, Inc. Announces Fourth Quarter 2023 Results
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Insights
The reported growth in loan volume and assets by First Guaranty Bancshares, Inc. is a positive indicator of the company's performance, particularly in the context of the challenging economic environment marked by the Federal Reserve's interest rate hikes. The increase from approximately $2.5 billion to $2.7 billion in loan volume suggests a robust demand for loans, which is a critical revenue driver for banks. Additionally, the growth in assets from $3.1 billion to $3.5 billion reflects a solid balance sheet expansion. Investors should consider the potential for increased net interest income due to the higher loan volume, which could translate to improved profitability in the upcoming quarters.
First Guaranty's focus on expense management and cleaning its loan portfolio indicates strategic moves to enhance operational efficiency and credit quality. This proactive approach could be seen as a competitive advantage, especially when compared to industry peers who might be slower in adapting to the economic shifts. Streamlining operations and maintaining a healthy loan portfolio are essential for sustainability and can lead to increased investor confidence. Market trends show that banks with a disciplined approach to cost control and risk management tend to perform better in the long term.
The mention of 'surviving the Fed interest rate adventure' suggests that First Guaranty has navigated the tightening monetary policy well. In an environment where higher interest rates can lead to increased borrowing costs and potential credit risks, the bank's performance is noteworthy. The ability to grow under such conditions may indicate a resilient business model and a potentially favorable risk-adjusted return profile. However, investors should remain vigilant about the broader economic implications of continued rate hikes, such as slower economic growth and its impact on loan demand and default rates in the future.
HAMMOND, La., Feb. 05, 2024 (GLOBE NEWSWIRE) -- First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the quarter and year ending December 31, 2023.
2024!!!!!!! Happy New Year!!!!! We are happy to see 2023 in our rearview mirror. We survived the Silicon Valley adventure and now we have survived the Fed interest rate adventure. And we didn’t just survive, we made money. Our loan volume continued to be strong and continues to be strong. The loan volume grew year over year from
What does this mean? It means that we are completing our 90th year and we are completing it with new heights in capital, with new heights in assets. Assets grew year over year from
We have taken everything that can be thrown at us and we have not only survived, we have continued to grow and we have continued to make money, not as much as we want to, but we continue to make money. So now, in 2024 we are ready to move forward. We are ready to make our 91st year a year of new heights for First Guaranty Bancshares, Inc. and for the shareholders of First Guaranty Bancshares, Inc.
About First Guaranty Bancshares, Inc.
First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank. Founded in 1934, First Guaranty Bank offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. First Guaranty Bank currently operates thirty-six locations throughout Louisiana, Texas, Kentucky and West Virginia. First Guaranty’s common stock trades on the NASDAQ under the symbol FGBI. For more information, visit www.fgb.net.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact which represent our current judgement about possible future events. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or otherwise revise any forward-looking statements.
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CONTACT: ALTON LEWIS, CEO AND ERIC DOSCH, CFO
985.375.0350 / 985.375.0308
FAQ
What are the unaudited financial results announced by First Guaranty Bancshares, Inc. for the quarter and year ending December 31, 2023?
How much did the loan volume grow year over year for First Guaranty Bancshares, Inc.?
How much did the assets grow year over year for First Guaranty Bancshares, Inc.?
What did First Guaranty Bancshares, Inc. do to position itself for continued growth and profitability in 2024?
