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,
2022.
In sports, fans get excited by the offense. When
a team scores 5 touchdowns or if a player hits 40 points on the
court in basketball, there is much excitement and much positive
comment. However, the adage in sports, is defense wins
championships.
For the last nine consecutive quarters, First
Guaranty Bank has created tremendous excitement by its offensive
performance. Loan production has consistently exceeded
expectations.
Earnings have also consistently exceeded
expectations. The quarter ending June 30, 2022, continued the
streak of outstanding financial performance. For the quarter,
income available to common shareholders totaled $7,542,000 compared
to $6,214,000 for the same quarter of 2021, an increase of 21.4%.
For the six months ending June 30, 2022, income available to common
shareholders totaled $14,545,000 compared to $11,237,000 for the
same period of 2021, an increase of 29.4%.
The loan portfolio rose to $2,295,738,000
compared to $2,066,408,000 as of June 30, 2021. As of June 30,
2022, our new Mideast region (Kentucky and West Virginia) had
contributed a total of $171,500,000 in new loans closed.
These are the exciting numbers. At the same time
these exciting numbers were being put up, First Guaranty Bank was
playing some strong defense. In the second quarter of 2022, First
Guaranty Bank was able to get several big, longstanding problem
loans out of the loan portfolio. First Guaranty Bank was also able
to improve the handling and renewal of loans reaching maturity so
that past due loans were significantly reduced. As a result of
these efforts, as of June 30, 2022, the Texas capital ratio has
been reduced to 3.86%, a significant reduction on the 13.54% level
as of January 2021.
For the six-month period ending June 30, 2022,
interest expense increased only $446,000 an increase of only 4.0%
during a time of rapidly rising interest rates.
In addition to the financial accomplishments in
the first six months of 2022 we also significantly improved the
strength of our Management team with the addition of a highly
qualified individual to oversee our various construction and
maintenance projects, an extremely well qualified Chief Information
Officer, an extremely well qualified Chief Information Security
Officer, and a Chief Technology Officer. These changes make us
extremely capable of continuing our growth and our success.
Our aim is to increase our shareholder value
while continuing to build a fortress balance sheet. We appreciate
your support in our endeavors.
If you have any questions, please do not
hesitate to contact me. Thank you for your attention.
Sincerely,
Alton B. Lewis
President and CEO
First Guaranty, Bancshares, Inc.
About First Guaranty
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.
Certain statements contained herein are "forward
looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward looking statements may be identified by
reference to a future period or periods, or by the use of forward
looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms. Forward
looking statements are subject to numerous risks and uncertainties,
as described in our SEC filings, including, but not limited to,
those related to the real estate and economic environment,
particularly in the market areas in which First Guaranty operates,
competitive products and pricing, fiscal and monetary policies of
the U.S. Government, changes in government regulations affecting
financial institutions, including regulatory fees and capital
requirements, changes in prevailing interest rates, acquisitions
and the integration of acquired businesses, credit risk management,
asset-liability management, the financial and securities markets
and the availability of and costs associated with sources of
liquidity.
First Guaranty wishes to caution readers not to
place undue reliance on any such forward looking statements, which
speak only as of the date made. First Guaranty wishes to advise
readers that the factors listed above could affect First Guaranty's
financial performance and could cause First Guaranty's actual
results for future periods to differ materially from any opinions
or statements expressed with respect to future periods in any
current statements. First Guaranty does not undertake and
specifically declines any obligation to publicly release the
results of any revisions, which may be made to any forward looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events.
For full release click
here.
Eric J. Dosch, CFO 985.375.0308
First Guaranty Bancshares (NASDAQ:FGBI)
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