First Guaranty Bancshares, Inc. Announces Second Quarter 2023 Results

Rhea-AI Summary

First Guaranty Bancshares, Inc. (NASDAQ: FGBI) announced unaudited financial results for the quarter ending June 30, 2023. Despite challenges, the company showed resilience, with increased interest income and stabilized interest expense. The company also managed to make over $2,000,000 for shareholders even after the FDIC assessment.

Positive

• Increased interest income and stabilized interest expense demonstrate financial resilience and effective management of costs and margins.

Negative

• The PR lacks specific details on net income, total assets, and other key financial metrics that would provide a more comprehensive view of the company's performance.

HAMMOND, La., Aug. 09, 2023 (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 ending June 30, 2023.

Resilient: Springing back, rebounding. Returning to the original form for position after being bent, compressed or stretched. Recovering readily from illness, depression, adversity, or the like; buoyant. Random House Webster’s Unabridged Dictionary Second Edition.

Another good word is strong. An even better word is tough. These are words that describe what First Guaranty has been during a six month period in which we have survived wound after wound, not of our own causing as we continue to deliver to our shareholders, customers, and our staff members extraordinary results.

The latest of these have been the FDIC deposit insurance adjustment which was $450,000 for the second quarter.

Enough crying over spilt milk. This is what we did to make it better. Our interest income for the second quarter of 2023 increased to $43,781,000 compared to $32,540,000 for the second quarter of 2022. For the six months ending June 30, 2023, our interest income totaled $85,068,000 compared to $63,019,000. Our interest expense stabilized at $22,868,000 for the quarter compared to $41,854,000 for the six month period ending June 30, 2023.

We have significantly increased our loan interest income to offset the increased cost of deposits which are set by the Federal Reserve. For the quarter, we made over $2,000,000 for our shareholders even after the FDIC assessment.

Basically, we have and will continue to make a lot of money for our shareholders. We are working very hard to control non-interest expense. We are working very hard to expand our interest margin. Our lenders have done a great job working to increase the rates we receive for our loans.

Let’s keep moving forward. Let’s be resilient. Let’s be TOUGH.

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 ending June 30, 2023?

First Guaranty Bancshares, Inc. announced its unaudited financial results, showing increased interest income and stabilized interest expense.

How much did the company make for shareholders in the second quarter of 2023?

The company made over $2,000,000 for shareholders even after the FDIC assessment, demonstrating resilience and profitability despite challenges.

What efforts is the company making to control non-interest expense and expand interest margin?

The company is working very hard to control non-interest expense and expand interest margin, showcasing a commitment to cost management and profitability.