Core Viewpoint - The articles emphasize that the content provided is opinion-based and does not constitute investment advice, urging readers to conduct their own research before making investment decisions [1][3][4]. Group 1 - The author has a beneficial long position in FGBI shares, indicating a personal investment interest in the company [2]. - The articles clarify that the opinions expressed are solely those of the author and may change without notice [1][3]. - There is a disclaimer that past performance does not guarantee future results, and no specific investment recommendations are made [4].

Financial Performance - Net income for the second quarter of 2024 was $7.2 million, a 169.1% increase from $2.7 million in the same period of 2023[85]. - For the first six months of 2024, net income was $9.5 million, up 54.8% from $6.1 million in the same period of 2023[136]. - Noninterest income surged to $15.5 million in the second quarter of 2024, compared to $2.8 million in the same period of 2023[87]. - Interest income for Q2 2024 rose by $9.9 million, or 22.5%, to $53.7 million compared to Q2 2023[143]. - Net interest income for Q2 2024 was $21.2 million, slightly up from $20.9 million in Q2 2023[140]. - Total interest-earning assets increased to $3.45 billion for the three months ended June 30, 2024, with a net interest income of $21.24 million[154]. - Total interest-earning assets increased to $3,432,979 thousand for the six months ended June 30, 2024, compared to $3,047,468 thousand for the same period in 2023, reflecting a growth of 12.6%[1]. Asset and Loan Growth - Total assets increased by $62.8 million, reaching $3.6 billion as of June 30, 2024, representing a 1.8% increase from December 31, 2023[94]. - Total loans were $2.8 billion at June 30, 2024, an increase of $84.6 million or 3.1% compared to December 31, 2023[85]. - The average balance of interest-earning assets increased by $383.4 million to $3.4 billion for Q2 2024, reflecting strong loan portfolio growth[140]. - Loans maturing within one year decreased to $341.8 million at June 30, 2024, from $357.7 million at December 31, 2023[169]. Credit Losses and Nonperforming Assets - The provision for credit losses for the second quarter of 2024 was $6.8 million, significantly higher than $0.5 million in the same period of 2023[87]. - The allowance for credit losses was 1.07% of total loans at June 30, 2024, compared to 1.13% at December 31, 2023[86]. - As of June 30, 2024, nonperforming assets totaled $63.6 million, representing 1.76% of total assets, an increase of $21.8 million or 52.3% from $41.7 million (1.17%) at December 31, 2023[108]. - Nonaccrual loans increased from $25.2 million at December 31, 2023, to $62.3 million at June 30, 2024, with significant concentrations in non-farm non-residential and commercial loans[109]. - The provision for credit losses was $9.1 million for the first six months of 2024, compared to $0.9 million for the same period in 2023[100]. Deposits and Funding - Total deposits increased by $34.4 million, or 1.1%, to $3.0 billion from December 31, 2023, to June 30, 2024[123]. - Noninterest-bearing demand deposits decreased by $35.1 million, or 7.9%, to $407.6 million at June 30, 2024[123]. - Time deposits increased by $78.1 million, or 9.5%, to $898.8 million at June 30, 2024, primarily due to increases in consumer and business time deposits[123]. - The total amount of uninsured deposits was estimated at $277.4 million at June 30, 2024[125]. - Public funds deposits totaled $1.2 billion at June 30, 2024, remaining stable compared to December 31, 2023[128]. Shareholder Equity and Dividends - Book value per common share increased to $17.76 as of June 30, 2024, from $17.36 at December 31, 2023[92]. - Total shareholders' equity increased to $255.1 million at June 30, 2024, from $249.6 million at December 31, 2023, driven by a $4.3 million rise in retained earnings[134]. - First Guaranty plans to pay a quarterly cash dividend of $0.08 per share for the third and fourth quarters of 2024[83]. Interest Rates and Margins - The net interest margin decreased to 2.48% for the three months ended June 30, 2024, down 26 basis points from 2.74% in the same period of 2023[88]. - The average rate of total interest-bearing liabilities increased by 75 basis points to 4.53% for Q2 2024, from 3.78% in Q2 2023[140]. - The average yield on loans increased by 52 basis points to 6.81% for Q2 2024, compared to 6.29% in Q2 2023[145]. - The average rate of interest-bearing demand deposits rose to 4.47% for the six months ended June 30, 2024, compared to 3.84% for the same period in 2023[151]. Noninterest Expenses - Noninterest expense increased to $20.6 million for the three months ended June 30, 2024, compared to $19.7 million for the same period in 2023[165]. - Salaries and benefits expense rose to $10.4 million for the three months ended June 30, 2024, from $9.9 million for the same period in 2023[165]. - Noninterest expense for the six months ended June 30, 2024, totaled $39.5 million, a slight decrease from $39.9 million in the same period of 2023[166]. - Salaries and benefits expense increased to $20.3 million for the six months ended June 30, 2024, compared to $19.9 million for the same period in 2023[166].

Key developments are as follows: Financial Highlights for the second quarter and six months ended June 30, 2024, are as follows: Total assets increased $62.8 million and were $3.6 billion at June 30, 2024 and December 31, 2023. Total loans at June 30, 2024 were $2.8 billion, an increase of $84.6 million, or 3.1%, compared with December 31, 2023. Total deposits were $3.0 billion at June 30, 2024, an increase of $34.4 million, or 1.1%, compared with December 31, 2023. Retained earnings were $72.3 million at J ...

Core Insights - First Guaranty Bancshares, Inc. reported significant financial improvements for the second quarter and first half of 2024, with net income increasing by 169.1% year-over-year for the second quarter and 54.8% for the first half [8][10]. Financial Performance - Total assets increased by $62.8 million to $3.6 billion as of June 30, 2024, compared to December 31, 2023 [10]. - Total loans reached $2.8 billion, reflecting a net increase of $84.6 million or 3.1% from the end of 2023 [10]. - Total deposits were $3.0 billion, up $34.4 million or 1.1% from December 31, 2023 [10]. - Net interest income for the second quarter was $21.2 million, slightly up from $20.9 million in the same period of 2023 [10]. - The net interest margin decreased to 2.48% for the second quarter of 2024, down 26 basis points from 2.74% in 2023 [10]. Loan and Credit Quality - The allowance for credit losses was 1.07% of total loans as of June 30, 2024, down from 1.13% at the end of 2023 [10]. - Nonaccrual loans increased by $37.1 million to $62.3 million, primarily due to one commercial real estate relationship totaling $36.9 million [3][10]. - First Guaranty charged off $8.8 million in loan balances during the second quarter, with significant charge-offs related to a restaurant supply business and other loans [12]. Business Strategy and Operational Changes - The company is implementing a new business strategy aimed at slowing asset growth, increasing capital, and reducing staff by 71 positions, which is about 15% of its workforce [9]. - Anticipated annual noninterest expense reductions of approximately $12.0 million pre-tax are expected, with $2.0 million savings impacting the fourth quarter of 2024 [9]. - A sale-leaseback transaction involving two branches and part of the headquarters generated a pre-tax gain of approximately $13.2 million [9]. Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.08 per share for the third and fourth quarters of 2024 [9]. - Book value per common share increased to $17.76 as of June 30, 2024, compared to $17.36 at the end of 2023 [13].

Company Performance - First Guaranty Bancshares (FGBI) reported quarterly earnings of $0.53 per share, significantly exceeding the Zacks Consensus Estimate of $0.20 per share, and up from $0.19 per share a year ago, indicating strong performance [2][4] - The earnings surprise for the quarter was 165%, with a previous expectation of $0.10 per share resulting in a 40% surprise when actual earnings were $0.14 [3] - The company achieved revenues of $36.77 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 47.90%, compared to $23.73 million in the same quarter last year [4] Earnings Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [5] - The current estimate revisions trend for First Guaranty Bancshares is mixed, leading to a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [8] Industry Context - The Zacks Industry Rank for Banks - Southeast, to which First Guaranty Bancshares belongs, is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges ahead [6] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [9]

Core Points - First Guaranty Bancshares, Inc. declared a quarterly cash dividend of $0.16 per share on June 14, 2024, marking the 124th consecutive quarterly dividend paid to common shareholders [1] Company Overview - First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, which was founded in 1934 and offers a wide range of financial services [5] - The bank operates thirty-five locations across Louisiana, Texas, Kentucky, and West Virginia, focusing on building client relationships and providing exceptional customer service [5] - First Guaranty's common stock is traded on NASDAQ under the symbol FGBI [5]

Core Viewpoint - First Guaranty Bancshares, Inc. has appointed Michael Mineer as the new President and CEO, succeeding Alton Lewis, who retired at the end of May [1] Group 1: Leadership Transition - Michael Mineer has been with First Guaranty since 2021 as the Mideast Area President and has over 35 years of banking experience [2] - Mineer previously served as President and CEO of Citizens Deposit Bank, growing its assets from $89 million to $650 million [2] - He also played a key role at Premier Financial Bancorp, helping to grow the company from $500 million to $2.2 billion [2] Group 2: Strategic Focus - Mineer aims to enhance First Guaranty Bank by leveraging technological solutions to improve operational efficiencies, reduce costs, and increase speed in delivering financial products [3] - The bank's growth has established a strong asset revenue engine, and the focus will now be on fine-tuning the capital to risk profile and improving operating efficiency to enhance shareholder value [3] Group 3: Company Overview - First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, which was founded in 1934 and offers a variety of financial services [4] - The bank operates 35 locations across Louisiana, Texas, Kentucky, and West Virginia, and its common stock trades on NASDAQ under the symbol FGBI [4]

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- five locations throughout Louisiana, Texas, Kentucky, and West Virginia. The Company's common stock trades on the NASDAQ under the symbol FGBI an ...

HAMMOND, La., May 29, 2024 (GLOBE NEWSWIRE) -- First Guaranty Bancshares, Inc. announced today that Alton Lewis will retire from his role as President and Chief Executive Officer of First Guaranty Bancshares, Inc. and First Guaranty Bank in May, 2024, after a dynamic and successful tenure. Mr. Lewis has been a part of the First Guaranty family for over three decades. He began his service as Board member in 1988 and became President and CEO in 2009. Under his leadership, First Guaranty grew from a $931 milli ...

HAMMOND, La., May 29, 2024 (GLOBE NEWSWIRE) -- First Guaranty Bancshares, Inc. announced today that Alton Lewis will retire from his role as President and Chief Executive Officer of First Guaranty Bancshares, Inc. and First Guaranty Bank in May, 2024, after a dynamic and successful tenure. Mr. Lewis has been a part of the First Guaranty family for over three decades. He began his service as Board member in 1988 and became President and CEO in 2009. Under his leadership, First Guaranty grew from a $931 milli ...