First Guaranty Bancshares, Inc. 6.75% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock - FGBIP STOCK NEWS

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.

First Guaranty Bank has officially opened its Bridgeport, West Virginia branch in a new location, offering complete banking solutions and small business services. The branch features lobby and drive-up services, with plans for Interactive Teller Machines with live bankers in the future. The bank aims to serve the community with a local and dedicated team, led by President and CEO Alton B. Lewis.

First Guaranty Bancshares, Inc. announced its unaudited financial results for the quarter and year ending December 31, 2023. The loan volume grew year over year from $2,519,077,000 to $2,748,708,000. Assets also grew year over year from $3,151,347,000 to $3,552,772,000. The company tightened expenses and cleaned its loan portfolio, positioning itself for continued growth and profitability in 2024.

First Guaranty Bancshares, Inc. (FGBI) declared a quarterly cash dividend of $0.16 per share on November 16, 2023. The dividend will be payable to shareholders of record as of December 22, 2023, marking the 122nd consecutive quarterly dividend paid to common shareholders.

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.

First Guaranty Bancshares, Inc. announces a quarterly distribution for its depositary shares of its Series A Preferred Stock. Holders of record as of November 15, 2023 will receive a $0.421875 per Depositary Share dividend on December 1, 2023.