First Guaranty Bancshares, Inc. Announces Third Quarter 2023 Results

Rhea-AI Summary

First Guaranty Bancshares, Inc. (NASDAQ: FGBI) announced unaudited financial results for Q3 2023. The loan portfolio grew to $2,707,669,000, with total interest income of $47,627,000. Total non-interest expense was $19,996,000. The company is focused on reducing expenses and obtaining new loans.

HAMMOND, La., Oct. 31, 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 September 30, 2023.

We are making progress. In a time in which all banks have been battling the squeeze between loan interest rates and the rates to be paid for deposits, it appears that, in the second half of the third quarter, we passed the bottom and began to climb upward. Our loan portfolio before unearned income continued to grow as it grew to $2,707,669,000 as of September 30, 2023 compared to $2,599,099,000 as of June 30, 3023 and $2,526,720,000 as of December 31, 2022. Total interest income for the quarter ending September 30, 2023 was $47,627,000 compared to $43,781,000 for the quarter ending June 30, 2023 and $41,287,000 for the quarter ending March 31, 2023 and $38,307,000 for the quarter ending December 31, 2022. Our total non-interest expense for the quarter ending September 30, 2023 was $19,996,000 compared to $19,735,000 for quarter ending June 30, 2023 and $20,166,000 for quarter ending March 31, 2023.

We are making progress. This is not to say that the struggles are over. Our entire staff has reacted positively and strongly to reduce expenses. Everyone involved in Loan Production, Credit, and Loan Processing has been and continues to work very diligently to obtain new loans and get them expedited, approved, and earning.

We appreciate the patience and understanding of our shareholders. We are making progress. We will prevail and continue to build First Guaranty into a profitable investment with a fortress balance sheet.

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.?

First Guaranty Bancshares, Inc. announced unaudited financial results for the quarter ending September 30, 2023.

What is the loan portfolio of First Guaranty Bancshares, Inc.?

The loan portfolio of First Guaranty Bancshares, Inc. grew to $2,707,669,000 as of September 30, 2023.

What was the total interest income for First Guaranty Bancshares, Inc. in Q3 2023?

The total interest income for First Guaranty Bancshares, Inc. in Q3 2023 was $47,627,000.

What was the total non-interest expense for First Guaranty Bancshares, Inc. in Q3 2023?

The total non-interest expense for First Guaranty Bancshares, Inc. in Q3 2023 was $19,996,000.

What is First Guaranty Bancshares, Inc. focused on?

First Guaranty Bancshares, Inc. is focused on reducing expenses and obtaining new loans.