First Guaranty Bank(FGBI) - 2024 Q4 - Annual Results

Total Assets and Deposits - Total assets increased to $3,972,728 thousand in 2024 from $3,552,772 thousand in 2023, reflecting a growth of 11.8%[8] - Total deposits grew to $3,476,260 thousand in 2024 from $3,009,094 thousand in 2023, an increase of 15.5%[8] Net Loans and Loan Portfolio Composition - Net loans decreased slightly to $2,658,969 thousand in 2024 from $2,717,782 thousand in 2023, a decline of 2.2%[8] - Loans, net of unearned income, grew to $2,776,990 thousand in 2024, up from $2,607,074 thousand in 2023, with a yield of 6.86% compared to 6.41% in 2023[16] - Real estate loans accounted for 79.2% of the total loan portfolio as of December 31, 2024, with non-farm non-residential loans making up the largest portion at 42.9%[19] - Non-real estate loans represented 20.8% of the total loan portfolio as of December 31, 2024, with commercial and industrial loans being the largest segment at 9.5%[19] Net Interest Income and Margin - Net interest income for the year ended December 31, 2024, was $88,438 thousand, up 4.4% from $84,705 thousand in 2023[10] - Net interest income rose to $88,438 thousand in 2024 from $84,705 thousand in 2023, with a net interest margin of 2.47% compared to 2.69% in 2023[16] - Net interest margin decreased to 2.32% in Q4 2024 from 2.53% in Q4 2023[12] - The tax-adjusted net interest margin was 2.47% for the period ended December 31, 2024, compared to 2.69% for the same period in 2023[17] Provision for Credit Losses - Provision for credit losses increased significantly to $20,034 thousand in 2024 from $3,714 thousand in 2023, a rise of 439.5%[10] Net Income and Shareholder Returns - Net income available to common shareholders rose to $10,119 thousand in 2024 from $6,890 thousand in 2023, an increase of 46.9%[10] Interest-Earning Assets and Liabilities - Average interest-earning assets grew to $3,875,261 thousand in Q4 2024 from $3,304,950 thousand in Q4 2023, a 17.3% increase[12] - Total interest-earning assets increased to $3,586,790 thousand in 2024, up from $3,148,369 thousand in 2023, with a yield of 6.18% compared to 5.81% in 2023[16] - Total interest-bearing liabilities increased to $3,290,692 thousand in Q4 2024 from $2,692,441 thousand in Q4 2023, a 22.2% rise[12] - Total interest-bearing liabilities increased to $3,014,012 thousand in 2024, up from $2,518,302 thousand in 2023, with a cost of 4.42% compared to 3.90% in 2023[16] - Net interest-earning assets decreased to $572,778 thousand in 2024 from $630,067 thousand in 2023[16] - The average interest-earning assets to interest-bearing liabilities ratio was 119.00% in 2024, down from 125.02% in 2023[16] Loan Fees - Loan fees contributed $7.1 million in 2024, up from $6.0 million in 2023[18] Net Interest Rate Spread - Net interest rate spread declined to 1.68% in Q4 2024 from 1.73% in Q4 2023[12]