Welcome to our dedicated page for First Gty Bancsh news (Ticker: FGBIP), a resource for investors and traders seeking the latest updates and insights on First Gty Bancsh stock.
First Guaranty Bancshares Inc (FGBIP) maintains its position as Louisiana's trusted community banking partner through eight decades of localized financial services. This dedicated news hub provides investors and stakeholders with essential updates about the institution's operations, financial health, and community impact.
Access real-time information on quarterly earnings disclosures, leadership appointments, and regulatory compliance matters. Our curated collection features official SEC filings, press releases about agricultural lending programs, and updates on commercial real estate financing initiatives. Bookmark this page for immediate access to strategic partnership announcements and market position analyses.
Key coverage areas include commercial loan portfolio updates, deposit service enhancements, and regional economic development projects. All content undergoes strict verification to ensure alignment with financial reporting standards. Return regularly for insights into how FGBIP continues to balance traditional banking values with modern financial practices across its 14-branch network.
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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