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First Guaranty Bancshares, Inc. Announces Third Quarter 2024 Financial Results

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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 (NASDAQ: FGBI) ha riportato i risultati finanziari per il terzo trimestre 2024, evidenziando una crescita significativa nei principali indicatori. Il totale degli attivi è aumentato a 3,9 miliardi di dollari, con un incremento di 371,2 milioni rispetto a dicembre 2023. I depositi totali sono cresciuti del 14% raggiungendo i 3,4 miliardi di dollari, mentre i prestiti sono aumentati dello 0,8% a 2,8 miliardi di dollari. L'utile netto per il terzo trimestre 2024 è stato di 1,9 milioni di dollari, con un incremento dell'8,7% rispetto all'anno precedente, con utili per azione di 0,11 dollari. Nei nove mesi terminati il 30 settembre 2024, l'utile netto ha raggiunto 11,4 milioni di dollari, con un aumento del 44,5% rispetto all'anno precedente. L'azienda ha mantenuto la sua striscia di dividendi, dichiarando 0,08 dollari per azione ordinaria nel terzo trimestre 2024.

First Guaranty Bancshares (NASDAQ: FGBI) reportó sus resultados financieros del tercer trimestre de 2024, destacando un crecimiento notable en los principales indicadores. Los activos totales aumentaron a 3.9 mil millones de dólares, un incremento de 371.2 millones desde diciembre de 2023. Los depósitos totales crecieron un 14% hasta alcanzar los 3.4 mil millones de dólares, mientras que los préstamos aumentaron un 0.8% a 2.8 mil millones de dólares. La utilidad neta para el tercer trimestre de 2024 fue de 1.9 millones de dólares, un aumento del 8.7% interanual, con ganancias por acción de 0.11 dólares. Para los nueve meses finalizados el 30 de septiembre de 2024, la utilidad neta alcanzó los 11.4 millones de dólares, un incremento del 44.5% con respecto al año anterior. La empresa mantuvo su racha de dividendos, declarando 0.08 dólares por acción ordinaria en el tercer trimestre de 2024.

퍼스트 보증 은행(FGBI, NASDAQ)는 2024년 3분기 재무 결과를 발표하며 주요 지표에서显눈부신 성장을 보였습니다. 총 자산은 39억 달러로 증가했으며, 2023년 12월보다 3억 7120만 달러 증가했습니다. 총 예금은 14% 증가하여 34억 달러에 달했고, 대출은 0.8% 증가하여 28억 달러에 이르렀습니다. 2024년 3분기 순이익은 190만 달러로,前年比 8.7% 증가했으며 주당 수익은 0.11달러입니다. 2024년 9월 30일로 종료된 9개월 동안 순이익은 1140만 달러에 도달하여 지난해에 비해 44.5% 증가했습니다. 회사는 배당금 지급을 유지하며 2024년 3분기 보통주당 0.08달러를 선언했습니다.

First Guaranty Bancshares (NASDAQ: FGBI) a annoncé ses résultats financiers pour le troisième trimestre 2024, montrant une croissance remarquée dans les principaux indicateurs. L'actif total a augmenté pour atteindre 3,9 milliards de dollars, soit une hausse de 371,2 millions par rapport à décembre 2023. Les dépôts totaux ont crû de 14 % à 3,4 milliards de dollars, tandis que les prêts ont progressé de 0,8 % à 2,8 milliards de dollars. Le résultat net pour le troisième trimestre 2024 s'élevait à 1,9 million de dollars, en hausse de 8,7 % par rapport à l'année précédente, avec un bénéfice par action de 0,11 dollar. Pour les neuf mois se terminant le 30 septembre 2024, le résultat net a atteint 11,4 millions de dollars, soit une augmentation de 44,5 % par rapport à l'année précédente. L'entreprise a maintenu sa série de dividendes en déclarant 0,08 dollar par action ordinaire au troisième trimestre 2024.

First Guaranty Bancshares (NASDAQ: FGBI) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und bemerkenswertes Wachstum in den wichtigsten Kennzahlen verzeichnet. Die Gesamtaktiva stiegen auf 3,9 Milliarden US-Dollar, was einem Anstieg von 371,2 Millionen seit Dezember 2023 entspricht. Die Gesamtmittel betrugen 3,4 Milliarden US-Dollar und wuchsen um 14%, während die Kredite um 0,8% auf 2,8 Milliarden US-Dollar anstiegen. Der Nettogewinn für das dritte Quartal 2024 betrug 1,9 Millionen US-Dollar, was einer Steigerung von 8,7% im Jahresvergleich entspricht, mit einem Gewinn pro Aktie von 0,11 US-Dollar. Für die neun Monate bis zum 30. September 2024 erreichte der Nettogewinn 11,4 Millionen US-Dollar, ein Anstieg von 44,5% im Vergleich zum Vorjahr. Das Unternehmen setzte seine Dividendenzahlung fort und erklärte 0,08 US-Dollar pro Stammaktie im dritten Quartal 2024.

Positive
  • Total assets increased by $371.2 million to $3.9 billion
  • Total deposits grew 14% to $3.4 billion
  • Net income increased 44.5% to $11.4 million for nine months ended September 2024
  • Book value per share increased to $17.86 from $17.36
  • Sale-leaseback transaction resulted in $13.2 million pre-tax gain
Negative
  • Net interest margin decreased to 2.51% from 2.54% year-over-year
  • Nonaccrual loans increased by $40.6 million to $65.8 million
  • Charge-offs increased to $13.7 million from $2.0 million year-over-year
  • Provision for credit losses increased to $4.9 million from $0.6 million in Q3

Insights

Q3 2024 results show mixed performance with some concerning trends. While total assets grew 10.3% to $3.9B and deposits increased 14.0%, loan quality metrics deteriorated significantly. Nonaccrual loans surged by $40.6M to $65.8M, primarily due to a $37M troubled commercial real estate relationship. Net charge-offs increased substantially to $13.7M from $2.0M year-over-year.

The net interest margin compressed to 2.51% from 2.54% YoY, reflecting pressure from higher funding costs. While net income improved 44.5% YoY to $11.4M for the nine months, this was partially supported by a one-time $13.2M pre-tax gain from a sale-leaseback transaction. Core profitability metrics remain modest with ROA at 0.42% and ROE at 5.87%.

HAMMOND, La., Oct. 31, 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 third quarter and nine months ending September 30, 2024.

Financial Highlights for the third quarter and nine months ended September 30, 2024, are as follows:

  • Total assets increased $371.2 million and were $3.9 billion at September 30, 2024 and $3.6 billion at December 31, 2023. Total loans at September 30, 2024 were $2.8 billion, an increase of $20.9 million, or 0.8%, compared with December 31, 2023. Total deposits were $3.4 billion at September 30, 2024, an increase of $420.8 million, or 14.0%, compared with December 31, 2023. Retained earnings were $72.7 million at September 30, 2024, an increase of $4.7 million compared to $68.0 million at December 31, 2023. Shareholders' equity was $256.4 million and $249.6 million at September 30, 2024 and December 31, 2023, respectively.

  • Net income for the third quarter of 2024 and 2023 was $1.9 million and $1.8 million, respectively, an increase of $0.2 million or 8.7%. Net income for the nine months ended September 30, 2024 and 2023 was $11.4 million and $7.9 million, respectively, an increase of $3.5 million or 44.5%.

  • Earnings per common share were $0.11 and $0.10 for the third quarter of 2024 and 2023, respectively, and $0.78 and $0.56 for the nine months ended September 30, 2024 and 2023, respectively. Total weighted average shares outstanding were 12,504,717 and 11,431,083 for the third quarter of 2024 and 2023, respectively, and 12,499,799 and 11,022,919 for the nine months ended September 30, 2024 and 2023, respectively. The change in shares was due to the issuance of 44,341 and 29,293 shares of common stock under the Equity Bonus Plan during the fourth quarter of 2023 and the first quarter of 2024, respectively, and the issuance of 1,714,287 shares of common stock under private placement in 2023.

  • The allowance for credit losses was 1.20% of total loans at September 30, 2024 compared to 1.13% at December 31, 2023.

  • Net interest income for the third quarter of 2024 was $22.7 million compared to $20.4 million for the same period in 2023. Net interest income for the nine months ended September 30, 2024 was $65.9 million compared to $63.7 million for the nine months ended September 30, 2023.

  • The provision for credit losses for the third quarter of 2024 was $4.9 million compared to $0.6 million for the same period in 2023. The provision for credit losses for the nine months ended September 30, 2024 was $14.0 million compared to $1.5 million for the nine months ended September 30, 2023.

  • Charge-offs were $13.7 million during the first nine months ended September 30, 2024 and $2.0 million during the same period in 2023. Recoveries totaled $0.7 million during the first nine months ended September 30, 2024 and $1.2 million during the same period in 2023.

  • Net gains on the sale of loans for the third quarter of 2024 was $1.5 million compared to $0 for the same period in 2023. Net gains on the sale of loans for the nine months ended September 30, 2024 was $1.5 million compared to $12,000 for the nine months ended September 30, 2023.

  • First Guaranty had $1.2 million of other real estate owned as of September 30, 2024 compared to $1.3 million at December 31, 2023.

  • The net interest margin for the three months ended September 30, 2024 was 2.51% which was a decrease of 3 basis points from the net interest margin of 2.54% for the same period in 2023. The net interest margin for the nine months ended September 30, 2024 was 2.52% which was a decrease of 23 basis points from the net interest margin of 2.75% for the same period in 2023. First Guaranty attributed the decrease in the net interest margin to the increase in market interest rates that began in 2022 and continued through 2023 that increased the cost of liabilities. Loans as a percentage of average interest earning assets decreased to 80.0% at September 30, 2024 compared to 83.2% at September 30, 2023.

  • Investment securities totaled $664.0 million at September 30, 2024, an increase of $259.9 million when compared to $404.1 million at December 31, 2023. At September 30, 2024, available for sale securities, at fair value, totaled $342.6 million, an increase of $259.1 million when compared to $83.5 million at December 31, 2023. The increase in available for sale securities was primarily due to purchase of Treasury securities. At September 30, 2024, held to maturity securities, at amortized cost and net of the allowance for credit losses totaled $321.4 million, an increase of $0.8 million when compared to $320.6 million at December 31, 2023. The allowance for credit losses for HTM securities was $0.1 million at September 30, 2024 and December 31, 2023.

  • Total loans net of unearned income were $2.8 billion at September 30, 2024, a net increase of $20.9 million from December 31, 2023. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $33.3 million at September 30, 2024 and $30.9 million at December 31, 2023, respectively.

  • Nonaccrual loans increased $40.6 million to $65.8 million at September 30, 2024 compared to $25.2 million at December 31, 2023. The increase in total nonaccrual loans was concentrated primarily in one commercial real estate relationship that totaled $37.0 million. This relationship is comprised of five loans secured by real estate located in the Midwest. $13.9 million of this relationship was previously reported in 90 day plus but still accruing at December 31, 2023.

  • At September 30, 2024, our largest non-performing assets were comprised of the following nonaccrual loans: (1) a $37.0 million non-farm non-residential loan relationship comprised of five loans with a specific reserve of $4.1 million; (2) a $3.3 million one- to four-family loan relationship; (3) a $1.8 million commercial real estate loan; (4) a commercial lease loan that totaled $1.7 million; (5) a commercial lease loan that totaled $1.6 million; (6) a $1.3 million one- to four-family loan relationship; and (7) a $1.3 million loan relationship that is classified as purchased credit deteriorated.

  • First Guaranty charged off $2.6 million in loan balances during the third quarter of 2024. The details of the $2.6 million in charged-off loans were as follows:
  1. First Guaranty charged off $0.5 million in consumer loans during the third quarter of 2024. The consumer loan charge offs included $0.1 million in credit card loans, $0.1 million of loans secured by automobiles or equipment, and $0.3 million in unsecured loans.
  2. First Guaranty charged off $1.0 million on a loan relationship that is classified as purchased credit deteriorated during the third quarter of 2024. This relationship had remaining principal balance of $1.3 million at September 30, 2024.
  3. First Guaranty charged off $0.1 million on a commercial and industrial loan relationship during the third quarter of 2024. This relationship had a remaining principal balance of $1.0 million at September 30, 2024.
  4. First Guaranty charged off $0.1 million on a one- to four-family loan during the third quarter of 2024. This loan had no remaining principal balance at September 30, 2024.
  5. Smaller loans and overdrawn deposit accounts comprised the remaining $0.9 million of charge-offs for the third quarter of 2024.
  • Return on average assets for the three months ended September 30, 2024 and 2023 was 0.21%, for each period. Return on average assets for the nine months ended September 30, 2024 and 2023 was 0.42% and 0.33%, respectively. Return on average common equity for the three months ended September 30, 2024 and 2023 was 2.40% and 2.27%, respectively. Return on average common equity for the nine months ended September 30, 2024 and 2023 was 5.87% and 4.06% respectively. Return on average assets is calculated by dividing annualized net income by average assets. Return on average common equity is calculated by dividing annualized net income by average common equity.

  • Book value per common share was $17.86 as of September 30, 2024 compared to $17.36 as of December 31, 2023. The increase was due primarily to the recent issuance of new shares and changes in accumulated other comprehensive income ("AOCI"). AOCI is comprised of unrealized gains and losses on available for sale securities, including unrealized losses on available for sale securities at the time of transfer to held to maturity.

  • First Guaranty's Board of Directors declared cash dividends of $0.08 and $0.16 per common share in the third quarter of 2024 and 2023. First Guaranty has paid 125 consecutive quarterly dividends as of September 30, 2024.

  • First Guaranty paid preferred stock dividends of $1.7 million during the first nine months of 2024 and 2023.

  • As previously announced, on June 28, 2024, the Bank consummated a sale-leaseback transaction relating to two stand-alone branches and a portion of the headquarters building which also contains a branch (collectively, the “Properties”). The aggregate cash purchase price was $14.7 million. The sale-leaseback transaction resulted in a pre-tax gain of approximately $13.2 million, or $10.4 million after tax. Aggregate first full year of rent expense under the Lease Agreements will be approximately $1.3 million pre-tax, or $1.0 million after tax.

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.

For full release click here.

CONTACT: ERIC DOSCH, CFO

985.375.0308


FAQ

What was First Guaranty Bancshares (FGBI) earnings per share in Q3 2024?

First Guaranty Bancshares reported earnings per share of $0.11 for Q3 2024, compared to $0.10 in Q3 2023.

How much did FGBI's total deposits grow in Q3 2024?

FGBI's total deposits increased by $420.8 million or 14.0% to $3.4 billion compared to December 31, 2023.

What was FGBI's net income for Q3 2024?

FGBI reported net income of $1.9 million for Q3 2024, an increase of $0.2 million or 8.7% compared to Q3 2023.

What is FGBI's current book value per share as of September 30, 2024?

FGBI's book value per share was $17.86 as of September 30, 2024, an increase from $17.36 as of December 31, 2023.

FIRST GUARANTY BANCSHARES INC

NASDAQ:FGBI

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168.69M
6.02M
51.89%
6.81%
0.11%
Banks - Regional
Savings Institution, Federally Chartered
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United States of America
HAMMOND