Financial Performance - Net income for the first quarter of 2024 was $2.3 million, a decrease of $1.2 million or 33.4% compared to $3.5 million in 2023[93]. - Earnings per common share decreased to $0.14 from $0.27 year-over-year[93]. - Net income for the three months ended March 31, 2024, was $2.3 million, a decrease of $1.2 million, or 33.4%, from $3.5 million for the same period in 2023[144]. - Earnings per common share for the three months ended March 31, 2024, was $0.14, a decrease of 48.1% from $0.27 for the same period in 2023[144]. Asset and Loan Growth - Total assets increased by $3.0 million, reaching $3.6 billion as of March 31, 2024, compared to December 31, 2023[93]. - Total loans were $2.8 billion, an increase of $3.5 million or 0.1% from December 31, 2023[93]. - One-to four-family residential loans increased by $11.8 million during the first three months of 2024[128]. - Multifamily loans increased by $46.2 million during the first three months of 2024[128]. - Non-farm non-residential loans increased by $87.7 million during the first three months of 2024[128]. Deposit Changes - Total deposits rose by $54.8 million, or 1.8%, to $3.1 billion at March 31, 2024[93]. - Total public funds deposits increased to $1.24 billion at March 31, 2024, from $1.19 billion at December 31, 2023[138]. - Noninterest-bearing demand deposits decreased by $27.6 million, or 6.2%, to $415.1 million at March 31, 2024[129]. Credit Quality and Losses - The provision for credit losses increased to $2.3 million in the first quarter of 2024, compared to $0.3 million in the same period of 2023[93]. - Nonaccrual loans increased by $3.4 million to $28.6 million at March 31, 2024[93]. - Nonperforming assets totaled $44.5 million, or 1.25% of total assets, an increase of $2.8 million, or 6.8%, from $41.7 million, or 1.17%, at December 31, 2023[111]. - The allowance for credit losses on loans was $31.5 million, or 1.14% of total loans, and covered 72.7% of nonperforming loans as of March 31, 2024[122]. - Total charge-offs were $2.3 million for the three months ended March 31, 2024, compared to $1.0 million for the same period in 2023[158]. Interest Income and Expense - Net interest income decreased by $0.4 million, or 1.8%, to $21.9 million for the three months ended March 31, 2024, compared to $22.3 million for the same period in 2023[147]. - Interest income increased by $11.6 million, or 28.1%, to $52.9 million for the three months ended March 31, 2024, primarily due to growth in loan originations and repricing of existing loans[148]. - Interest expense increased by $12.0 million, or 63.2%, to $31.0 million for the three months ended March 31, 2024, due to higher market interest rates and increased average balance of interest-bearing liabilities[151]. - Average yield of interest-earning assets rose by 70 basis points to 6.23% for the three months ended March 31, 2024, compared to 5.53% for the same period in 2023[148]. Equity and Capital Ratios - Total shareholders' equity increased to $250.3 million at March 31, 2024, from $249.6 million at December 31, 2023[143]. - The Tier 1 Risk-based Capital Ratio for the Bank was 10.40% as of March 31, 2024, compared to 10.31% at December 31, 2023[175]. - The capital conservation buffer was 3.39% as of March 31, 2024, exceeding the minimum requirement of 2.50%[171]. Securities and Investments - Investment securities totaled $358.7 million, a decrease of $45.5 million from $404.1 million at December 31, 2023[103]. - The available for sale securities portfolio decreased by $45.7 million, or 54.8%, to $37.8 million as of March 31, 2024, primarily due to the maturity of U.S. Treasury securities[105]. - The held to maturity securities portfolio increased by $0.3 million, or 0.1%, to $320.9 million as of March 31, 2024[105]. - The held to maturity securities portfolio was $320.9 million, or 89.5% of the investment portfolio, as of March 31, 2024, compared to 79.3% at December 31, 2023[166]. Noninterest Income and Expenses - Noninterest income totaled $2.3 million for the three months ended March 31, 2024, a decrease of $0.4 million from $2.7 million for the same period in 2023[161]. - Noninterest expense decreased to $18.9 million for the three months ended March 31, 2024, from $20.2 million for the same period in 2023, representing a reduction of approximately 6.4%[162]. - The total other noninterest expense decreased to $6.8 million for the three months ended March 31, 2024, down from $8.0 million in the same period of 2023, a reduction of 15%[163]. Cash and Liquidity - Cash and cash equivalents rose to $332.1 million at March 31, 2024, compared to $286.5 million at December 31, 2023, an increase of 15.9%[166]. - Loans maturing within one year increased to $393.8 million at March 31, 2024, from $357.7 million at December 31, 2023, a growth of 10.1%[166]. - Demand deposits are $1,556,257,000, representing a significant source of funds[182].
FIRST GTY BANCSH(FGBIP) - 2024 Q1 - Quarterly Report