Financial Performance - Total assets increased by $62.8 million to $3.6 billion as of June 30, 2024, compared to December 31, 2023 [1] - Total loans reached $2.8 billion, an increase of $84.6 million or 3.1% from December 31, 2023 [1] - Total deposits were $3.0 billion, up by $34.4 million or 1.1% from December 31, 2023 [1] - Net income for Q2 2024 was $7.2 million, a significant increase of $4.5 million or 169.1% compared to Q2 2023 [1] - Earnings per common share for Q2 2024 were $0.53, compared to $0.19 for Q2 2023 [1] Credit Quality - The allowance for credit losses was 1.07% of total loans as of June 30, 2024, down from 1.13% at December 31, 2023 [1] - Nonaccrual loans increased by $37.1 million to $62.3 million as of June 30, 2024, primarily due to one commercial real estate relationship [4] - Total charge-offs during Q2 2024 amounted to $8.8 million, with significant amounts related to a restaurant supply business and other loans [13] Investment Securities - Investment securities totaled $358.6 million as of June 30, 2024, a decrease of $45.6 million from December 31, 2023 [3] - Available for sale securities decreased to $37.4 million, down by $46.1 million from December 31, 2023 [3] Business Strategy Changes - The company is implementing a new business strategy that includes slowing asset growth and increasing capital position, resulting in a reduction of 71 positions, approximately 15% of the workforce [12] - Anticipated annual noninterest expense reduction of approximately $12.0 million, with quarterly savings expected to impact Q4 2024 and 2025 [12] - A sale-leaseback transaction was completed for two branches and part of the headquarters, generating a pre-tax gain of approximately $13.2 million [12] Shareholder Returns - Book value per common share increased to $17.76 as of June 30, 2024, from $17.36 at December 31, 2023 [6] - The Board of Directors declared cash dividends of $0.16 per common share for Q2 2024, maintaining a record of 124 consecutive quarterly dividends [6]

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 ...

Core Insights - Alton Lewis will retire as President and CEO of First Guaranty Bancshares, Inc. in May 2024 after over three decades with the company, during which he led significant growth from $931 million to $3.6 billion [1][2] - Michael Mineer, currently the Mideast Area President, will succeed Lewis as the new President and CEO, bringing over 35 years of banking experience [3] Company Overview - First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank founded in 1934, offering a wide range of financial services and focusing on client relationships [4] - The bank operates thirty-five locations across Louisiana, Texas, Kentucky, and West Virginia, with its common stock trading on NASDAQ under the symbol FGBI [4]

Louisiana 001-37621 26-0513559 (State or other jurisdiction (Commission File Number) (I.R.S. Employer incorporation or organization) Identification Number) 400 East Thomas Street Hammond, Louisiana 70401 (Address of principal executive offices) (Zip Code) (985) 345-7685 (Registrant's telephone number, including area code) Not Applicable UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT For the transition period from __________ to __________ Commission File Number: 001-37621 FIRST GUARANTY BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 26-0513559 (State or ...